Document:

Exhibit 10.11

 

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

 

EXPLORER
III NEW BUILD, LLC

as Borrower

 

and

 

NCL
CORPORATION LTD.

as Guarantor

 

and

 

SEVEN SEAS CRUISES S. DE R.L.

as Shareholder

 

and

 

NORWEGIAN CRUISE LINE HOLDINGS LTD.

as the Holding

 

and

 

THE
Banks and FINANCIAL INSTITUTIONS listed IN Schedule 1

as Lenders

 

and

 

CRÉDIT AGRICOLE CORPORATE AND
INVESTMENT BANK

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

HSBC BANK PLC

KFW IPEX-BANK GMBH

CASSA DEPOSITI E PRESTITI S.P.A.

BANCO SANTANDER, S.A.

SOCIÉTÉ GÉNÉRALE

as Joint Mandated Lead Arrangers

 

and

 

BNP
PARIBAS

as Facility Agent

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

as SACE Agent

 

and

 

HSBC
CORPORATE TRUSTEE COMPANY (UK) LIMITED

 

 

 

as Security Trustee

 

AMENDMENT
AND RESTATEMENT AGREEMENT

 

relating to a facility agreement originally
dated 19 December 2018

in respect of the part financing of the 740 passenger cruise ship newbuilding

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

 

    

     

    

 

Index

 

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

 

Schedules

 

	Schedule 1 The Lenders	8
	Schedule 2 Conditions Precedent	10
	Schedule 3 Form of Effective Date
    Certificate	12
	Schedule 4 Information Package	13

 

Execution

 

Execution Pages

 

Appendices

 

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

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

 

    

     

    

 

THIS
AGREEMENT is made on 17 February 2021

 

Parties

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Background

 

		(A)	By the Facility Agreement, the Lenders agreed to make available to the Borrower a facility of (originally)
the Dollar Equivalent of up to €378,800,000 and the amount of the SACE Premium (but not exceeding $565,154,668.05) for the
purpose of assisting the Borrower in financing (a) the payment or reimbursement under the Shipbuilding Contract of all or
part of 80% of the Final Contract Price up to the Eligible Amount and (b) reimbursement to the Borrower of 100% of the First
Instalment of the SACE Premium paid by it to SACE and payment to SACE of 100% of the Second Instalment of the SACE Premium (as
defined therein).

 

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

 

    

     

    

 

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

 

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

 

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

 

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

 

Operative
Provisions

 

		1	Definitions and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

"Party" means
a party to this Agreement.

 

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

 

		1.2	Defined expressions

 

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

 

		1.3	Application of construction and interpretation provisions of Facility Agreement

 

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

 

		1.4	Designation as a Finance Document

 

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

 

		1.5	Third party rights

 

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

 

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

 

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

 

    3

     

    

 

		2	Conditions Precedent and Conditions Subsequent

 

		2.1	The Effective Date cannot occur unless:

 

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

 

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

 

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

 

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

 

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

 

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

 

		3	Representations

 

		3.1	Facility Agreement representations

 

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

 

		3.2	Finance Document representations

 

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

 

    4

     

    

 

		4	Acknowledgment and Acceptance of the Principles

 

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

 

		5	Amendment and Restatement of Facility Agreement and
Other Finance Documents

 

		5.1	Specific amendments to the Facility Agreement

 

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

 

		5.2	Specific amendments to the Guarantee

 

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

 

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

 

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

 

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

 

		5.3	Security Confirmation

 

On the Effective Date, each Obligor
confirms that:

 

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

 

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

 

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

 

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

 

    5

     

    

 

		5.4	Finance Documents to remain in full force and effect

 

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

 

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

 

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

 

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

 

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

 

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

 

		6	Further Assurance

 

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

 

		7	Costs, Expenses and Fees

 

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

 

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

 

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

 

		8	Notices

 

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

 

		9	Counterparts

 

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

 

    6

     

    

  

		10	Signing Electronically

 

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

 

		11	Governing Law

 

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

 

		12	Enforcement

 

		12.1	Jurisdiction

 

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

 

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

 

		12.2	Service of process

 

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

 

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

 

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

 

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

 

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

 

    7

     

    

 

Explorer
III (Regent)

Amendment
and Restatement Agreement

 

Execution
Pages

 

BORROWER

 

	SIGNED by	)	/s/ Daniel S. Farkas
	duly authorised	)	Daniel S. Farkas 
	for and on behalf of	)	 
	EXPLORER III NEW BUILD, LLC	)	 

 

GUARANTOR

 

	SIGNED by	)	/s/ Daniel S. Farkas
	duly authorised	)	Daniel S. Farkas
	for and on behalf of	)	 
	NCL CORPORATION LTD.	)	 

 

SHAREHOLDER

 

	SIGNED by	)	/s/ Daniel S. Farkas
	for and on behalf of	)	Daniel S. Farkas
	SEVEN SEAS CRUISES S. DE R.L.	)	 
	as its duly appointed attorney-in-fact	)	 
	in the presence of:	)	/s/ Jared S. Silberhorn
	 	)	Jared
G. Silberhorn
	 	)	7665
Corporate Center Drive
	 	)	Miami,
FL 33126 USA

 

HOLDING

 

	SIGNED by	)	/s/ Daniel S. Farkas
	for and on behalf of	)	Daniel S. Farkas 
	NORWEGIAN CRUISE LINE	)	 
	HOLDINGS LTD.	)	 
	as its duly appointed attorney-in-fact	)	 
	in the presence of:	)	/s/ Jared S. Silberhorn
	 	)	Jared
G. Silberhorn
	 	)	7665
Corporate Center Drive
	 	)	Miami,
FL 33126 USA

 

     

    

    

 

Explorer
III (Regent)

Amendment
and Restatement Agreement

 

LENDERS

 

	SIGNED by	)	/s/ Alexia Russell
	duly authorised	)	Alexia Russell
	for and on behalf of	)	Attorney-in-Fact
	CRÉDIT AGRICOLE CORPORATE	)	 
	AND INVESTMENT BANK	)	 

 

	SIGNED by	)	/s/ Michel Froidebise
	duly authorised	)	Michel Froidebise
	for and on behalf of	)	Head of Export Finance Nordic Origination
	BNP PARIBAS FORTIS S.A./N.V.	)	 
	 	)	/s/
Bruno Cloquet
	 	)	Bruno
Cloquet
	 	)	Global
Head of Exporters & ECAs Origination
	 	 	 
	SIGNED by	)	/s/ Mark Looi
	duly authorised	)	Mark Looi
	for and on behalf of	)	 
	HSBC BANK PLC	)	 
	 	 	 
	SIGNED by	)	/s/ Maria Gazi
	duly authorised	)	Maria Gazi
	for and on behalf of	)	Attorney-in-fact
	KFW IPEX-BANK GMBH	)	 

 

	SIGNED by	)	/s/ Antonella Coppola
	duly authorised	)	Antonella Coppola
	for and on behalf of	)	Responsabile Gestione Operazioni
	CASSA DEPOSITI E PRESTITI S.P.A.	)	Imprese & Istituzioni Finanziarie
	 	 	 
	SIGNED by	)	/s/ José Luis Vicent
	duly authorised	)	José Luis Vicent
	for and on behalf of	)	
	BANCO SANTANDER S.A.	)	/s/ Remedios Cantalapiedra
	 	)	Remedios Cantalapiedra
	 	 	 
	SIGNED by	)	/s/ Oliver Baines
	duly authorised	)	Oliver Baines
	for and on behalf of	)	Attorney-in-fact
	SOCIETE GENERALE	)	 

 

     

    

    

 

Explorer
III (Regent)

Amendment
and Restatement Agreement

 

MANDATED LEAD ARRANGERS

 

	SIGNED by	)	/s/ Alexia Russell
	duly authorised	)	Alexia Russell
	for and on behalf of	)	Attorney-in-Fact
	CRÉDIT AGRICOLE CORPORATE	)	 
	AND INVESTMENT BANK	)	 
	 	 	 
	SIGNED by	)	/s/ Michel Froidebise
	duly authorised	)	Michel Froidebise
	for and on behalf of	)	Head of Export Finance Nordic Origination
	BNP PARIBAS FORTIS S.A./N.V.	)	 
	 	)	/s/
Bruno Cloquet
	 	)	Bruno
Cloquet
	 	)	Global
Head of Exporters & ECAs Origination

 

	SIGNED by	)	/s/ Mark Looi
	duly authorised	)	Mark Looi
	for and on behalf of	)	 
	HSBC BANK PLC	)	 
	 	 	 
	SIGNED by	)	/s/ Maria Gazi
	duly authorised	)	Maria Gazi
	for and on behalf of	)	Attorney-in-fact
	KFW IPEX-BANK GMBH	)	 
	 	 	 
	SIGNED by	)	/s/ Antonella Coppola
	duly authorised	)	Antonella Coppola
	for and on behalf of	)	Responsabile Gestione Operazioni
	CASSA DEPOSITI E PRESTITI S.P.A.	)	Imprese& Istituzioni Finanziarie
	 	 	 
	SIGNED by	)	/s/ José Luis Vicent
	duly authorised	)	José Luis Vicent
	for and on behalf of	)	
	BANCO SANTANDER S.A.	)	/s/ Remedios Cantalapiedra
	 	)	Remedios Cantalapiedra

 

     

    

    

 

Explorer
III (Regent)

Amendment
and Restatement Agreement

 

	SIGNED by	)	/s/ Oliver Baines
	duly authorised	)	Oliver Baines
	for and on behalf of	) 	Attorney-in-fact
	SOCIETE GENERALE	)	 
	 	 	 
	FACILITY AGENT	 	 
	 	 	 
	SIGNED by	) 	/s/ Luca Lunari
	duly authorised	)	Luca Lunari
	for and on behalf of	)	Head of Export Finance Italy
	BNP PARIBAS	)	 
	 	)	/s/ Stefano Leo
	 	)	Stefano Leo
	 	) 	Deputy Head of Export
	 	)	Finance Italy

 

SACE AGENT

 

	SIGNED by	)	/s/ Alexia Russell
	duly authorised	) 	Alexia Russell
	for and on behalf of	)	Attorney-in-fact
	CRÉDIT AGRICOLE CORPORATE	)	 
	AND INVESTMENT BANK	)	 
	 	 	 
	SECURITY TRUSTEE	 	 
	 	 	 
	SIGNED by	)	/s/ Daisuke Takekawa
	duly authorised	)	Daisuke Takekawa
	for and on behalf of	)	Authorized Signatory
	HSBC CORPORATE TRUSTEE	)	 
	COMPANY (UK) LIMITED	)	 

 

     

    

    

 

APPENDIX 1

 

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
Vversion

 

DATED __________________
2018

Originally
dated 19 December 2018

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

 

explorer
III NEW BUILDiii new
build, LLC

as Borrower

 

and

 

THE
BANKS AND FINANCIAL INSTITUTIONS

LISTED IN SCHEDULE 1

as Lenders

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

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

HSBC BANK PLC

KFW IPEX-BANK GMBH

CASSA DEPOSITI E PRESTITI S.P.A.

Banco Santander, S.A.

Société Générale

as Joint Mandated Lead Arrangers

 

and

 

BNP
PARIBAS

as Facility Agent

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

as SACE Agent

 

and

 

HSBC
CORPORATE TRUSTEE COMPANY (UK) LIMITED

as Security Trustee

 

with the support of

 

SACE
S.P.A.

 

LOANAmended
and restated Facility AGREEMENT

 

relating to

the part financing of the 740 passenger cruise ship

newbuilding presently designated as

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

 

 

 

    

     

    

 

Index

 

	Clause	Page

 

	1	Interpretation	23
	2	Facility	339
	3	Conditions Precedent	314
	4	Drawdown	3842
	5	Repayment	404
	6	Interest	414
	7	Interest Periods	562
	8	SACE
    Premium and Italian Authorities	563
	9	Fees	4956
	10	Taxes, Increased
    Costs, Costs and related Charges	507
	11	Representations
    and Warranties	5764
	12	General
    Undertakings	731
	13	Ship
    Undertakings	812
	14	Insurance
    Undertakings	789
	15	Security
    Value Maintenance	923
	16	Cancellation,
    Prepayment and Mandatory Prepayment	8394
	17	Interest
    on Late Payments	8697
	18	Events of Default	8697
	19	Application of Sums Received	1013
	20	Indemnities	92104
	21	Illegality, etc.	95106
	22	Set-Off	96108
	23	Bail-In	97109
	24	Changes
    to the Lenders	97109
	25	Changes
    to the Obligors	10415
	26	Role
    of the Facility Agent, the Joint Mandated Lead Arrangers, the SACE Agent and the Reference Banks	10415
	27	The
    Security Trustee	1213
	28	Conduct
    of Business by the Creditor Parties	12435
	29	Sharing
    among the Creditor Parties	1364
	30	Payment
    Mechanics	12637
	31	Variations
    and Waivers	12839
	32	Notices	12941
	33	Confidentiality	1413
	34	Confidentiality of FUNDING RATES AND Reference Bank Quotations	136
	354	Legal
    Independence and Unconditional Obligations of the Borrower	1497
	365	SACE
    Subrogation and Reimbursement	13850
	376	Supplemental	1502
	387	Governing
    Law	1513
	398	Enforcement	1524
	4039	Waiver
    of Immunity	1524
	410	Effective
    Date	1535
	41	Confidentiality
    of Funding Rates and Reference Bank Quotations	155

 

Schedules

 

	Schedule
    1 Lenders and Commitments	144157
	Schedule
    2 Form of Drawdown Notice	145158
	Schedule
    3 Documents to be produced by the Builder to the Facility Agent on Delivery	147160
	Schedule
    4 Form of Transfer Certificate	148161
	Schedule
    5 Qualifying Certificate	152165
	 	 
	Execution	 
	 	 
	Execution Pages	

 

    

     

    

 

Execution
Vversion

 

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

 

PARTIES

 

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

 

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

 

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

 

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

 

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

 

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

 

BACKGROUND

 

		(A)	By a shipbuilding contract dated as of 25 May 2018 (as amended or supplemented from time to
time, the "Shipbuilding Contract") entered into between (i) Fincantieri S.p.A., a company incorporated in
Italy with registered office in Trieste, via Genova, 1, and having fiscal code 00397130584 (the "Builder") and
(ii) the Borrower, the Builder agreed to design, construct and deliver, and the Borrower agreed to purchase, a 740 -
passenger cruise ship currently having hull number [*] as more particularly described in the Shipbuilding Contract
to be delivered on or about [*] subject to any adjustments of such delivery date in accordance with the Shipbuilding Contract.

 

		(B)	The total price payable by the Borrower to the Builder under the Shipbuilding Contract is four
hundred seventy-threeand
seventy three million and five hundred thousand
Euros (€473,500,000) (the "Initial Contract Price"). The Initial Contract Price is payable on the following
terms and:

 

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

 

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

 

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

 

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

 

    

     

    

 

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

 

as each such event is described
in the Shipbuilding Contract.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    2

     

    

 

 

OPERATIVE
PROVISIONS

 

		1	Interpretation

 

		1.1	Definitions

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    3

     

    

 

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

 

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

 

		(a)	the earlier to occur of (i) the Delivery Date and (ii) 27 June 2024 (or such later
date as the Facility Agent may, with the authorisation of the Lenders, agree with the Borrower); or

 

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

 

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

 

"Bail-In Legislation"
means:

 

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

 

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

 

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

 

"Base Rate"
means one Euro for [*] Dollars.

 

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

 

"Business Day"
means a day (other than a Saturday or a Sunday) on which banks are open in New York, Milan, Frankfurt, Brussels, Madrid, Paris,
Rome and London; and

 

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

 

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

 

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

 

    4

     

    

 

"CIRR" means,
in relation to the Loan, the applicable Commercial Interest Reference Rate determined in accordance with the OECD Arrangement on
Guidelines for Officially Supported Export Credits, to be notified by SIMEST to the Facility Agent (through the SACE Agent) and
expected to be three point thirty two per cent. (3.32% p.a.)
per annum.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

		(d)	(iv) any Reference Bank Quotation.

 

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

 

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

 

"Conversion Rate"
means the rate determined by the Facility Agent on the Conversion Rate Fixing Date and notified to the Borrower as being the lower
of:

 

		(a)	the Base Rate; or

 

		(b)	the FOREX Contracts Weighted Average Rate.

 

"Conversion Rate Fixing
Date" means the date falling [*] days before the Intended Delivery Date.

 

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

 

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

 

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

 

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

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Effective Date"
means the earlier of:

 

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

 

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

 

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

 

		(a)	the Dollar Equivalent of four hundred seventy-three million five hundred thousand Euros (€473,500,000);
and

 

		(b)	the Dollar Equivalent of the Final Contract Price.

 

    7

     

    

 

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

 

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

 

"Environmental Incident"
means:

 

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

 

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

 

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

 

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

 

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

 

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

 

"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.

 

    8

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"FATCA" means:

 

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

 

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

 

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

 

"FATCA Application Date"
means:

 

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

 

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

 

    9

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Finance Documents"
means:

 

		(a)	the 2021 Amendment and Restatement Agreement;

 

		(b)	the 2021 Deferral Fee Letters;

 

		(c)	(a) this Agreement;

 

		(d)	(b) any Fee Letter;

 

		(e)	(c) the Guarantee;

 

		(f)	(d) the General Assignment;

 

		(g)	(e) the Mortgage;

 

		(h)	the Pledge Agreement;

 

    10

     

    

 

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

 

		(j)	(g) any Subordinated Debt Security;

 

(h) the
Pledge Agreement;

 

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

 

		(l)	(j) any Transfer Certificate;

 

		(m)	(k) any Compliance Certificate;

 

		(n)	(l) any Drawdown Notice;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(a)	the applicable Margin; and

 

		(b)	the CIRR.

 

    11

     

    

 

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

 

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

 

		(a)	the applicable Margin; and

 

		(b)	LIBOR for the relevant period.

 

"Floating Rate Margin"
means one point forty fiveforty-five
per cent. (1.45%).

 

"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)	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)	is entered into by the Borrower or the Guarantor 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 the Guarantor, purchases or
may purchase Euro with Dollars at a pre-agreed rate; and

 

		(c)	is notified to the Facility 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
Facility Agent at such time.

 

"FOREX Contracts Weighted
Average Rate" means the rate determined by the Facility Agent 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)	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)	the difference between the Euro amount available under (a) 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 Bloomberg Fx Fixings
for the purchase of Euro with Dollars as displayed on World Markets Reuters (or such other pages as may replace that page on
that service or a successor service) at or around 1 p.m. (London time) on the Conversion Rate Fixing Date;

 

		(c)	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)	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.

 

    12

     

    

 

Any marked to market valuation,
as required in paragraph (c) above, shall be performed by BNP Paribas'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 Facility Agent pursuant to sub-paragraph
(i) of paragraph (e) of Clause 6.11(b)6.9
(Cost of funds).

 

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

 

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

 

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

 

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

 

"Group" means
the Guarantor and its Subsidiaries.

 

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

 

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

 

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

 

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

 

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

 

    13

     

    

 

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

 

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

 

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

 

"Insurances"
means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    14

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

		(a)	the applicable Screen Rate as of the Quotation DateSpecified
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 6.6 (Unavailability of Screen Rate).

 

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

 

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

 

"Majority Lenders"
means:

 

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

 

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

 

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

 

    15

     

    

 

"Margin" means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Maximum Loan Amount"
means the aggregate of:

 

		(a)	the Dollar Equivalent of three hundred and seventy eight million and eight hundred thousand Euros
(€378,800,000); and

 

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

 

provided that such amount shall
not, at any time, exceed five hundred and sixty five million, one hundred and fifty four thousand, six hundred and sixty eight
Dollars and five cents ($565,154,668.05).

 

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

 

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

 

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

 

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

 

    16

     

    

 

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

 

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

 

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

 

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

 

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

 

"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 Intercontinental Exchange 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 Facility
Agent may specify another page or service displaying the appropriate rate after consultation with the Borrower, provided that
if the rate is less than zero, Overnight LIBOR shall be deemed to be zero (except with respect to the Interest Make-up Agreement).

 

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

 

"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 6.6 (Unavailability
of Screen Rate),

 

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

 

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

 

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

 

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

 

"Permitted Financial
Indebtedness" means any Financial Indebtedness:

 

		(a)	incurred under the Finance Documents; or

 

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

 

    17

     

    

 

"Permitted Security Interests"
means:

 

		(a)	in the case of the Borrower:

 

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

 

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

 

		(b)	in the case of the Guarantor:

 

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

 

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

 

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

 

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

 

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

 

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

 

    18

     

    

 

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

 

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

 

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

 

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

 

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

 

"Pertinent Document"
means:

 

		(a)	any Finance Document;

 

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

 

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

 

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

 

"Pertinent Matter"
means:

 

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

 

    19

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Prohibited Payment"
means:

 

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

 

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

 

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

 

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

 

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

 

    20

     

    

 

"Quotation DateDay"
means, in relation to any Interest Period (or
any period for which an interest rate is to be determined under any provision
of a Finance Document), the day which is 2, two
Business Days before the first day of that period, unless market practice differs
in the Relevant Interbank Market for a currency, in which case the Quotation DateDay
will be determined by the Facility Agent in accordance with market practice in the Relevant Interbank Market (and if quotations
would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation DateDay
will be the last of those days).

 

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

 

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

 

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

 

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

 

		(a)	if:

 

		(i)	the Reference Bank is a contributor to the applicable 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

 

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

 

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

 

"Relevant Interbank Market"
means the London Interbank Market.

 

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

 

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

 

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

 

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

 

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

 

    21

     

    

 

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

 

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

 

"Replacement Benchmark"
means a benchmark rate which is:

 

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

 

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

 

		(ii)	any Relevant Nominating Body,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    22

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(c)	otherwise imposed by any law or regulation.

 

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

 

"Screen Rate"
means, in relation to a particular period, the London interbank offered rate administered
by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate)
for Dollars at or about 11 a.m (London time) on the Quotation Date for suchfor
the relevant period as displayed (before
any correction, recalculation or republication by the administrator) on page LIBOR01 or
LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or
on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson
Reuters (and if. If
such page or service ceases to be available, the Facility
Agent may specify another page or service displaying the relevant rate after consultationg
with the Borrower).

 

    23

     

    

 

 

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

 

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

 

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

 

		(b)	

 

		(i)	

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    24

     

    

 

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

 

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

 

"Security Interest"
means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Security Property"
means:

 

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

 

    25

     

    

 

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

 

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

 

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

 

except:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    26

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Subsidiary"
has the following meaning:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Total Loss"
means:

 

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

 

    27

     

    

 

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

 

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

 

"Total Loss Date"
means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"US" means the
United States of America.

 

    28

     

    

 

"VAT" means:

 

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

 

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

 

"Write-down and Conversion
Powers" means:

 

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

 

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

 

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

 

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

 

		(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:

 

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

 

    29

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    30

     

    

 

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

 

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

 

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

 

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

 

		1.3	Construction of Insurance Terms

 

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

 

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

 

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

 

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

 

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

 

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

 

		1.4	Meaning of "month"

 

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

 

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

 

    31

     

    

 

		(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.

 

		1.5	General Interpretation

 

In this Agreement:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		1.6	Headings

 

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

 

		1.7	Schedules

 

The schedules form an integral
part of this Agreement.

 

    32

     

    

 

		2	Facility

 

		2.1	Amount of facility

 

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

 

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

 

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

 

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

 

		2.2	Lenders' participations in Loan

 

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

 

		2.3	Purpose of Loan

 

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

 

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

 

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

 

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

 

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

 

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

 

		2.4	Creditor Parties' rights and obligations

 

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

 

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

 

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

 

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

 

		2.5	Monitoring

 

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

 

		2.6	Obligations of Lenders several

 

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

 

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

 

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

 

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

 

		3	Conditions Precedent

 

		3.1	General

 

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

 

		3.2	No later than the Effective Date

 

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

 

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

 

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

 

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

 

    34

     

    

 

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

 

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

 

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

 

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

 

		(h)	a confirmation from Hannaford Turner LLP of 4th Floor,
15 Old Bailey9 Cloak Lane, London EC4M
7EFR 2RU, United Kingdom that it will act
for the Borrower and the Guarantor as agent for service of process in England in respect of thisthe
Original Facility Agreement and any other Finance Document;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(b)	notification of the Approved Manager;

 

    35

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(a)	notification of the Intended Delivery Date;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		3.10	No later than the Delivery Date

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    37

     

    

 

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

 

		3.11	At Delivery

 

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

 

		(a)	evidence that immediately following delivery:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    38

     

    

 

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

 

		(g)	a confirmation from Hannaford Turner LLP of 4th Floor,
15 Old Bailey9 Cloak Lane, London EC4M
7EFR 2RU, United Kingdom (or any replacement
process agent satisfactory to the Facility Agent acting reasonably) that it will act for each of the relevant Obligors as agent
for service of process in England in respect of the deed of covenants constituting part of the Mortgage (if applicable), the General
Assignment and the Post-Delivery Assignment.

 

		3.12	Immediately following Delivery

 

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

 

		(a)	a duly executed original of the Mortgage;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    39

     

    

 

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

 

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

 

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

 

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

 

		3.13	Notification of satisfaction of conditions precedent

 

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

 

		3.14	Waiver of conditions precedent

 

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

 

		3.15	Changes to SACE's or SIMEST's requirements

 

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

 

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

 

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

 

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

 

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

 

    40

     

    

 

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

 

		3.16	No claim against the Creditor Parties

 

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

 

		3.17	Examination and reliance on documents by the Facility Agent

 

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

 

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

 

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

 

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

 

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

 

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

 

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		4	Drawdown

 

		4.1	Borrower's irrevocable payment instructions

 

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

 

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

 

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

 

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

 

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

 

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

 

Save as contemplated in Clause
4.3 4.2 (Modification
of payment terms) below, the payment instruction contained in this Clause 4.1 (Borrower's irrevocable payment instructions)
is irrevocable.

 

		4.1	4.2 Conversion Rate for Loan

 

The Dollar amount to be drawn
down under paragraph (a) of Clause 4.1 (Borrower's irrevocable payment instructions) shall be calculated by the Facility
Agent on the Conversion Rate Fixing Date in accordance with the definitions of "Eligible Amount" and "Conversion
Rate" in Clause 1.1 (Definitions).

 

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		4.2	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 Italian Authorities, the Facility
Agent, the Security Trustee, the Lenders and the Borrower in the case of paragraph (a) of Clause 4.1 (Borrower's irrevocable
payment instructions) and with the agreement of the Italian Authorities, the Facility Agent, the Lenders and the Borrower in
the case of paragraphs (b) and (c) of Clause 4.1 (Borrower's irrevocable payment instructions);
provided that it is the intention of the Borrower, the Lenders, the Security Trustee and the Facility Agent that prior to
the Conversion Rate Fixing 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 Facility Agent for holding in escrow and to be released by the Facility 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 paragraph (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 Facility Agent before the Drawdown Date,
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.

 

		4.3	4.4 Availability and conditions

 

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

 

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

 

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

 

		4.4	4.5 Notification to Lenders of receipt
of a Drawdown Notice

 

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

 

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

 

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

 

		(c)	the duration of the first Interest Period.

 

		4.5	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 Facility Agent the amount due
from that Lender under Clause 2.2 (Lenders' participations in Loan).

 

		4.6	4.7 Disbursement of Loan

 

Subject to the provisions of
this Agreement, the Facility Agent shall on the Drawdown Date pay the amounts which the Facility Agent receives from the Lenders
under Clause 4.6 4.5
(Lenders to make available Contributions) in the like funds as the Facility Agent received the payments from
the Lenders:

 

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

 

    43

     

    

 

 

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

 

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

 

		4.7	4.8 Disbursement of Loan to third party

 

The payment by the Facility Agent
under Clause 4.7 4.6
(Disbursement of Loan) shall constitute the making of the Loan and the Borrower shall at that time become indebted,
as principal and direct obligor, to each Lender in an amount equal to that Lender's Contribution.

 

		5	Repayment

 

		5.1	Number of repayment instalments

 

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

 

		5.2	Repayment Dates

 

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

 

		5.3	Amount of repayment instalments

 

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

 

		5.4	Final Repayment Date

 

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

 

		6	Interest

 

		6.1	Fixed or Floating Interest Rate

 

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

 

		6.2	Fixed Interest Rate

 

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

 

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		6.3	Floating Interest Rate

 

If:

 

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

 

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

 

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

 

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

 

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

 

		6.4	Payment of Floating Interest Rate

 

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

 

		6.5	Notification of Interest Periods and Floating Interest Rate

 

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

 

		6.6	Unavailability of Screen Rate

 

(a) Market
disruption: If, on a Quotation Date, no Screen Rate is available for LIBOR, LIBOR shall be the rate quoted to the Facility
Agent by the Lenders who are able to quote such rate at the request of the Facility Agent as those Lenders' offered rate for deposits
of 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.

 

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

 

		(i)	Dollars;

 

    45

     

    

 

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

 

(i) no
Screen Rate is quoted and the Lenders do not (pursuant to paragraph 6.6 above), before 1.00 p.m. (London time) on the Quotation
Date for an Interest Period, provide quotations to the Facility Agent in order to fix LIBOR; or

 

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

 

		(iii)	at least 1 Business Day before the start of an Interest Period,
the Facility Agent is notified by a Lender (the "Affected Lender") that for any reason it is unable to obtain
Dollars in the London Interbank Market in order to fund its Contribution (or any part of it) duringthe
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.

 

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

 

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

 

		6.7	Notification of market disruption Calculation
of Reference Bank Rate

 

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

 

		(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.

 

		6.8	Suspension
                                         of drawdownMarket
                                         disruption

 

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

 

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

 

    46

     

    

 

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

 

		6.9	Costs of funds

 

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

 

		(i)	the Margin; and

 

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

 

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

 

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

 

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

 

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

 

		(i)	a Lender's Funding Rate is less than 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 6.9 (Cost of funds) applies
but any Lender does not supply a quotation by the time specified in sub-paragraph (ii) of paragraph (a) above, the rate
of interest shall be calculated on the basis of the quotations of the remaining Lenders.

 

		6.10	Replacement of Screen Rate

 

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

 

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

 

    47

     

    

 

		(ii)	

 

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

 

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

 

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

 

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

 

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

 

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

 

		(b)	in a case falling within sub-paragraph (iii) of paragraph
(b) of Clause 6.6 (Unavailability of Screen Rate), the Affected Lender's obligation to participate in the Loan;If,
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 Facility 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.

 

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

 

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

 

    48

     

    

 

6.9
Negotiation of alternative rate of interest

 

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

 

6.10
Application of agreed alternative rate of interest

 

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

 

6.11
Alternative rate of interest in absence of agreement

 

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

 

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

 

		6.11	6.12 Notice of prepayment

 

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

 

		6.12	6.13 Prepayment; termination of Commitments

 

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

 

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

 

    49

     

    

 

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

 

		6.13	6.14 Application of prepayment

 

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

 

		6.14	6.15 Certain Circumstances

 

Notwithstanding anything to the
contrary in this Agreement:

 

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

 

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

 

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

 

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

 

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

 

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		6.15	6.16 Change of currency

 

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

 

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

 

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

 

6.17
Modification and/or discontinuation of certain benchmarks

 

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

 

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

 

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

 

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

 

6.18
Replacement rate

 

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

 

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

 

		(ii)	

 

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

 

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

 

    51

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		7	Interest Periods

 

		7.1	Commencement of Interest Periods

 

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

 

		7.2	Duration of Interest Periods

 

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

 

		7.3	Duration of Interest Periods for Repayment Instalments

 

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

 

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		8	SACE Premium and Italian Authorities

 

		8.1	SACE Premium

 

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

 

		(a)	the first instalment of the SACE Premium being an amount of [*] (calculated as being [*] per cent.
([*]%) of the SACE Premium) (the "First Instalment") shall be paid by the Borrower to SACE (provided that the
Borrower and the Lenders have been notified by the SACE Agent that the SACE Insurance Policy has been issued) on the earlier of
(i) the date falling 30 days after the issuance of the SACE Insurance Policy and (ii) 5 April 2019, being the date
falling 6 months after the date of SACE's board approval or any other later date as communicated by SACE; and

 

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

 

		8.2	Reimbursement by the Borrower of the SACE Premium

 

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

 

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

 

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

 

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

 

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

 

		8.3	Italian Authorities

 

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

 

    53

     

    

 

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

 

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

 

		8.4	Refund

 

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

 

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

 

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

 

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

 

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

 

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

 

		(g)	In no event shall the SACE Agent be liable for any refund of the SACE Premium to be made by SACE
at the European Central Bank EUR/USD exchange rate or for
the calculation of any Refund and/or withholding thereof.

 

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		8.5	Additional premium

 

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

 

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

 

		(ii)	no later than the Delivery Date, and unless the Guarantor's
highest unsecured corporate credit rating is, 60 days before the Intended Delivery Date, BB+ or above at Standard & Poor's
or Ba1 or above at Moody's, an amount of $[*], corresponding to the second instalment of the Additional SACE Premium; it being
understood that if 60 days before the Intended Delivery Date, the Guarantor's highest unsecured corporate credit rating is between
B+ at Standard & Poor's or B1 at Moody's and BB at Standard & Poor's or Ba2 at Moody's, this second instalment
of the Additional SACE Premium shall correspond to a) [*]% of (x) $565,154,668.05 being the undrawn amount under the Loan
as at 31 December 2020 times (y) the percentage applicable to the Guarantor's highest unsecured corporate credit rating
between Standard & Poor's and Moody's in the table set out below (the "Revised SACE Premium Rate") less
b) the Second Instalment of the original SACE Premium to be paid no later than the Delivery Date. The amount of the second instalment
of the Additional SACE Premium shall be  recalculated by the SACE Agent in accordance with the SACE Insurance Policy and communicated
by the SACE Agent to SACE no later than 60 days prior to the Intended Delivery Date for verification and then forwarded to the
Borrower as soon as practically possible following approval by SACE.

 

 

	Rating S&P and Moody's	pricing
	BB / Ba2	[*]%
	BB- / Ba3	[*]%

 

 

		(b)	The Additional SACE Premium is not financed.

 

		(c)	If (i) the Guarantor's highest unsecured corporate
credit rating is equal to or higher than BB+ at Standard & Poor's and Ba1 at Moody's at the time of the Intended Delivery
Date (as such term is defined in the facility agreement originally dated 19 December 2018 (as amended from time to time) and
entered into between, amongst others, (i) Leonardo Six, Ltd. as borrower, (ii) the lenders and mandated lead arrangers
as stated therein, (iii) BNP Paribas as facility agent, (iv) Credit Agricole Corporate and Investment Bank as SACE agent
and (v) HSBC Corporate Trustee Company (UK) Limited as security trustee in relation to the ship currently under construction
and to be delivered to Leonardo Six, Ltd., such date, currently estimated to be 30 June 2027, the "Leonardo Six
Intended Delivery Date"), and (ii) no event of default (howsoever defined) is continuing and no Loss has been incurred
by SACE in respect of any Financial Indebtedness granted to any company within the Group and supported by SACE, the Borrower may
request in writing through the SACE Agent a one-off refund of a portion of the second instalment of the Additional SACE Premium,
calculated in accordance with the SACE Insurance Policy and the following formula.

 

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		(d)	The refund pursuant to paragraph (c) above
will be paid by SACE to the SACE Agent within 30 days in
accordance with the terms and conditions of the SACE Insurance
Policy and subsequently paid by the SACE Agent to the Borrower.

 

SACE
Premium refund = Loan amount outstanding at the time of the Leonardo Six Intended Delivery Date x [*]% x ((TTMi + 0.5)/2)/6.25)
x (Revised SACE Premium Rate – p%),

 

where:

 

		(i)	TTMi means Time To Maturity at the date of the Leonardo
Six Intended Delivery Date being the number of years, with two decimals, between the Leonardo Six Intended Delivery Date and the
final Repayment Date.

 

		(ii)	p% equals to [*]%.

 

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

 

		9	Fees

 

9.1
Fees

 

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

 

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

 

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

 

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

 

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

 

		(iii)	from 1 January 2021 to and including 28 February 2022, [*] per cent. ([*]% p.a.)
per annum; and

 

		(iv)	from 1 March 2022 to and including the Delivery Date, [*] per cent. ([*]% p.a.)
per annum,

 

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and calculated on the undrawn
amount of the Maximum Loan Amount and payable in arrears on the date falling six (6) months after the Effective Date and on
each date falling at the end of each following consecutive six (6) month period, with the exception of the commitment fee
due in respect of the last period, which shall be paid on the Delivery Date, or the date of receipt by the Facility Agent of the
written cancellation notice (as described in paragraph (a) of
Clause 16.1(a)) or written termination notice (as described in paragraph
(b) of Clause 16.1(b)) (as applicable) sent by the Borrower, whichever
is the earliest, such commitment fee to be calculated on the actual number of days elapsed divided by three hundred and sixty (360).
For the purpose of the computation of the periodical commitment fee payable to the Lenders, the Maximum Loan Amount is assumed
to be five hundred and sixty five million, one hundred and fifty four thousand, six hundred and sixty eight Dollars and five cents
($565,154,668.05);

 

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

 

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

 

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

 

		10	Taxes, Increased Costs, Costs and related Charges

 

		10.1	Definitions

 

		(a)	In this Agreement:

 

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

 

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

 

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

 

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

 

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

 

		10.2	Tax gross-up

 

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

 

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

 

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

 

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

 

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

 

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

 

		10.3	Tax indemnity

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		10.4	Tax Credit

 

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

 

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

 

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

 

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

 

		10.5	Stamp taxes

 

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

 

		10.6	VAT

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		10.7	Lender Status

 

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

 

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

 

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		10.8	FATCA Deduction

 

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

 

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

 

		10.9	FATCA Information

 

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

 

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

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party;

 

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

 

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

 

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

 

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

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

		(iii)	any duty of confidentiality.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		10.10	Increased Costs

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		10.11	Transaction Costs

 

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

 

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

 

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

 

		(b)	the Borrower further undertakes to pay:

 

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

 

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

 

		10.12	Costs of delayed Delivery Date

 

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

 

		10.13	SACE obligations

 

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

 

		11	Representations and Warranties

 

		11.1	Timing and repetition

 

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

 

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

 

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

 

		11.2	Continuing representations and warranties

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(ii)	the constitutional documents of any Obligor; or

 

		(iii)	any agreement or document to which any Obligor is a party or which is binding upon such Obligor
or any of its assets, nor result in the creation or
imposition of any Security Interest on the Borrower or its assets pursuant to the provisions of any such agreement or document,
except for Security Interests which qualify as Permitted Security Interests with respect to the Borrower;

 

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		(h)	except for:

 

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

 

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

 

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

 

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

 

		(i)	it is disregarded as an entity separate from its owner for U.S. federal Tax purposes;

 

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

 

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

 

		(l)	the obligations of the Borrower, the Member and the Guarantor under the Finance Documents rank
at least pari passu with all its other present unsecured and unsubordinated indebtedness with the exception of any obligations
which are mandatorily preferred by law;

 

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

 

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

 

		(o)	(in relation to any date on which this representation and warranty is deemed to be repeated pursuant
to paragraph (a) of Clause 11.1 (Timing and repetition)) the latest available annual consolidated audited accounts
of the Guarantor at the date of repetition (which accounts have been prepared in accordance with GAAP) fairly represent the financial
condition of the Guarantor as shown in such audited accounts;

 

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		(p)	none of the Obligors nor any of their respective assets enjoys any right of immunity (sovereign
or otherwise) from set-off, any legal action or proceeding including, without limitation, suit, attachment prior to judgment, execution
or other enforcement in respect of their obligations under this Agreement or any of the other Transaction Documents or by any relevant
or applicable law;

 

		(q)	all of the limited liability company interest in the Borrower and all shares or limited liability
company interest in any Approved Manager which is a member of the Group shall be legally and beneficially owned directly or indirectly
by (in the case of the Borrower), the Member and (in the case of such Approved Manager) the Guarantor and such structure shall
remain so throughout the Security Period;

 

		(r)	the copy of the Shipbuilding Contract is a true and complete copy of such document constituting
valid and binding obligations of the parties thereto enforceable in accordance with its terms and, subject to Clause 12.23
12.23 (Shipbuilding Contract), no
amendments thereto or variations thereof have been agreed nor has any action been taken by the parties thereto which would in any
way render such document inoperative or unenforceable;

 

		(s)	the Borrower is the sole legal and beneficial owner of all rights and interests which the Shipbuilding
Contract creates in favour of the Borrower;

 

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

 

		(u)	no Obligor:

 

		(i)	nor to its knowledge, any director, manager, officer or Affiliate of any Obligor or any member
of the Group, is a Prohibited Person;

 

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

 

		(iii)	owns or controls a Prohibited Person;

 

		(v)	no proceeds of the Loan shall be made available directly or indirectly to or for the benefit of
a Prohibited Person or in a Prohibited Jurisdiction nor shall they be otherwise directly or indirectly applied in a manner or for
a purpose prohibited by Sanctions or in any other manner that would result in a violation of any Sanctions by any Obligor or any
Creditor Party;

 

		(w)	the choice of governing law of each Transaction Document to which it is a party will be recognised
and enforced in its Relevant Jurisdictions and any judgment obtained in relation to a Transaction Document to which it is a party
in the jurisdiction of the governing law of that Transaction Document will be recognised and enforced in its Relevant Jurisdictions;

 

		(x)	for the purposes of The Council of the European Union Regulation No. 2015/848 on Insolvency
Proceedings (recast) (the "Regulation"), its centre of main interest (as that term is used in Article 3(1) of
the Regulation) is situated outside of the European Union and it has no "establishment" (as that term is used in Article 2(10) of
the Regulation) in a European Union country;

 

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		(y)	no investments made and no payments made, received or to be made by the Borrower, the Member or
the Guarantor under this Agreement, the Transaction Documents or any Finance Document have been or shall be funded, whether directly
or, to the knowledge of the Borrower, indirectly, out of funds of Illicit Origin or otherwise derived from any activity with a
Prohibited Person or in a Prohibited Jurisdiction or which would otherwise cause any Party to be in breach of any Sanctions and
none of the sources of funds to be used by the Borrower, the Member or the Guarantor in connection with the Transaction Documents,
the construction of the Ship or its business are, whether directly or, to the knowledge of the Borrower, indirectly, of Illicit
Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction;

 

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

 

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

 

		(bb)	none of the assets or rights of the Borrower is subject to any Security Interest except any Security
Interest which (i) qualifies as a Permitted Security Interest with respect to the Borrower or (ii) is permitted by Clause
12.8 (Negative pledge) of this Agreement;

 

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

 

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

 

		(ee)	it is not required to make any deduction for or on account of Tax from any payment it may make
under any Finance Document to which it is a party with respect to any Lender that provides the documentation described in paragraph
(b) of Clause 10.7 (Lender Status) indicating that it is not subject to tax withholding;

 

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		(ff)	under the laws of its Relevant Jurisdictions it is not necessary that any stamp or similar taxes
or fees be paid on or in relation to the Finance Documents to which it is a party or the transactions contemplated by those Finance
Documents;

 

		(gg)	each member of the Group has good and marketable title to all its assets which are reflected in
the audited accounts referred to in paragraph (o) of Clause 11.2 (Continuing representations and warranties);

 

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

 

		(ii)	the Borrower does not have a place of business in any country (except as already disclosed) other
than that of its Original Jurisdiction;

 

		(jj)	the Borrower is in all material respects (except in the case of compliance with Sanctions which
the Borrower complies with in all respects) compliant with all laws or regulations relating to it and its business generally;

 

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

 

		(i)	is in compliance with all Environmental Laws and Environmental Approvals provided that any non-compliance
would not be expected to result in a Material Adverse Effect;

 

		(ii)	has not received any notice or threat of any Environmental Claim against any member of the Group
and no person has claimed that an Environmental Incident has occurred in each case that would reasonably be expected to result
in a Material Adverse Effect;

 

		(iii)	confirms that no Environmental Incident has occurred and no person has claimed that an Environmental
Incident has occurred in each case that would reasonably be expected to result in a Material Adverse Effect;

 

		(ll)	the Borrower has read and acknowledged the principles provided under the Code of Ethics and Model;

 

		(mm)	the Borrower has implemented adequate internal procedures aimed at preventing commission of crimes
provided under Legislative Decree 231/01;

 

		(nn)	no litigation is pending against the Borrower in relation to administrative liability provided
under Legislative Decree 231/01;

 

		(oo)	no final judgment under Legislative Decree 231/01 has been issued against the Borrower and no plea
bargain (also known as patteggiamento under Italian law) has been agreed by the Borrower pursuant to article 444 of the
Italian code of criminal procedure; and

 

		(pp)	neither the Borrower nor any of its assets are subject to any precautionary measure provided under
Legislative Decree 231/01.

 

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		11.3	Representations on the Delivery Date

 

The Borrower further represents
and warrants to each of the Secured Parties at the Delivery Date that:

 

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

 

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

 

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

 

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

 

		(e)	the Ship is in compliance with the ISM Code, the ISPS Code and Annex VI as they relate to the Borrower,
any Approved Manager and the Ship;

 

		(f)	the Ship is insured in accordance with the provisions of Clause 14 (Insurance Undertakings)
and in compliance with the requirements therein in respect of such insurances;

 

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

 

		(h)	there is no agreement or understanding to allow or pay any rebate, premium, inducement, commission,
discount or other benefit or payment (however described) to the Borrower or any other member of the Group, the Builder or a third
party in connection with the purchase by the Borrower of the Ship, other than as disclosed to the Facility Agent in writing on
or before the date of this Agreement;

 

		(i)	no Obligor has delivered particulars, whether in its name stated in the Finance Documents or any
other name, of any UK Establishment to the Registrar of Companies as required under the Overseas Regulations or, if it has so registered,
it has provided to the Facility Agent sufficient details to enable an accurate search against it to be undertaken by the Lenders
at the Companies Registry;

 

		(j)	the Borrower is in all material respects (except in the case of compliance with Sanctions which
the Borrower complies with in all respects) compliant with all laws or regulations relating to the Ship, its ownership, employment,
operation, management and registration; and

 

		(k)	the copies of any Management Agreement, any charter and any charter guarantee which require a notice
of assignment to be served under the terms of the General Assignment (if any) and any other relevant third party agreements including
but without limitation the copies of any documents in respect of the Insurances delivered to the Facility Agent are true and complete
copies of each such document constituting valid and binding obligations of the parties thereto enforceable in accordance with their
respective terms and, subject to Clause 13.2 (Management and employment), no amendments thereto or variations thereof
have been agreed nor has any action been taken by the parties thereto which would in any way render such document inoperative or
unenforceable.

 

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		12	General Undertakings

 

		12.1	General

 

The Borrower undertakes with
each Secured Party to comply with the following undertakings during the Security Period:

 

		12.2	Information

 

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

 

		(a)	as soon as practicable (and in any event within one hundred and twenty (120) days after the close
of its financial year) a Certified Copy of the audited consolidated accounts of the Guarantor and its subsidiaries for that year
(commencing with accounts made up to 31 December 2018 in the case of the consolidated accounts of the Guarantor);

 

(b) as
soon as practicable (and in any event within ninety (90) days of the commencement of each financial year) the budgetary forecast
(profit and loss statement, balance sheet statement and cash flow statement) for the two following years for the Guarantor;

 

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

 

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

 

		(d)	(e) details of any material litigation, arbitration
or administrative proceedings (including proceedings relating to any alleged or actual breach of Sanctions, the ISM Code of the
ISPS Code) which affect any company in the Group as soon as the same are instituted and served, or, to the knowledge of the Borrower,
threatened (and for this purpose proceedings shall be deemed to be material if they involve a claim in an amount exceeding twenty
million Dollars ($20,000,000) or the equivalent in another currency provided that this threshold shall not apply to any proceedings
relating to Sanctions).

 

All accounts required under this
Clause 12.2 (Information) shall be prepared in accordance with GAAP and shall fairly represent the financial condition of
the relevant company.

 

		12.3	Equator Principles Compliance

 

Upon the request of the Facility
Agent, the Borrower shall provide to the Facility Agent information as may be reasonably requested by the Lenders for the purposes
of monitoring that the Borrower conducts its operations in all material respects in accordance with the Equator Principles.

 

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		12.4	Sanctions and Illicit Payments

 

		(a)	The Borrower shall not directly or indirectly use or make available any of the proceeds of the
Loan to or for the benefit of a Prohibited Person or in a Prohibited Jurisdiction nor shall they be otherwise directly or indirectly
applied in a manner or for a purpose prohibited by Sanctions or in any other manner that would result in a violation of any Sanctions
by any Obligor or any Creditor Party.

 

		(b)	No payments made or received by the Borrower, the Member, the Guarantor or any Approved Manager
which is a member of the Group under this Agreement or any Finance Document shall be funded directly or, to the knowledge of the
Borrower, indirectly out of funds of Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction
or which would otherwise cause any Party to be in breach of any Sanctions, and none of the sources of funds to be used by the Borrower,
the Member, the Guarantor or any Approved Manager which is a member of the Group in connection with the Transaction Documents or
the construction of the Ship or its business shall be of directly or, to the knowledge of the Borrower, indirectly Illicit Origin
or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction.

 

		(c)	Without limiting the generality of the foregoing, no Loan nor any proceeds of the Loan shall be
used to finance trade of equipment or any other kind of activity in relation to goods, technologies or sectors in a manner or for
a purpose prohibited by Sanctions.

 

		12.5	Prohibited Payments

 

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

 

		12.6	Notification of default

 

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

 

		12.7	Consents and registrations

 

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

 

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		12.8	Negative pledge

 

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

 

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

 

		(b)	Security Interests qualifying as Permitted Security Interests with respect to the Borrower and
described in paragraphs (a) and (b) of
the definition of "Permitted Security Interests" in Clause 1.1 (Definitions); or

 

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

 

		12.9	Disposals

 

Except in the case of a sale
of the Ship if the completion of the sale is contemporaneous with prepayment of the Loan in accordance with the provisions of Clause
16.3 (Mandatory prepayment – Sale and Total Loss) and except for charters and other arrangements complying with Clause
13.1 (Pooling of earnings and charters) the Borrower shall not without the consent of the Majority Lenders and SACE, either
in a single transaction or in a series of transactions whether related or not and whether voluntarily or involuntarily:

 

		(a)	sell, transfer, lease or otherwise dispose of the Ship or any of the Ship's equipment except in
the case of items:

 

		(i)	being replaced (by an equivalent or superior item) or renewed; or

 

		(ii)	that are being disposed of in the ordinary course of business,

 

provided that in the case
of both sub-paragraphs (i) and (ii) above the net impact does not reduce the value of the Ship and, in the case of sub-paragraph
(ii), the value of any such disposals during the term of this Agreement do not, in aggregate, exceed ten million Dollars ($10,000,000);

 

		(b)	sell, transfer or otherwise dispose of any of its receivables on recourse terms;

 

		(c)	enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set off or made subject to a combination of accounts; or

 

		(d)	enter into any other preferential arrangement having the same effect in circumstances where the
arrangement or transaction is entered into primarily as a method of raising financial indebtedness or of financing the acquisition
of an asset.

 

		12.10	Change of business

 

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

 

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		12.11	Mergers

 

Except with the prior consent
of the Lenders and SACE and subject to compliance with all necessary "know your customer" requirements, the Borrower
will not enter into any amalgamation, restructure, substantial reorganisation, merger, de-merger or consolidation or anything analogous
to the foregoing nor will it acquire any equity, share capital or obligations of any corporation or other entity.

 

		12.12	Maintenance of status and franchises

 

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

 

		12.13	Financial records

 

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

 

		12.14	Financial Indebtedness and subordination of indebtedness

 

The following restrictions shall
apply:

 

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

 

		(b)	the Borrower shall procure that:

 

		(i)	any and all indebtedness (and in particular with any other Obligor) is at all times fully subordinated
to the Finance Documents and the obligations of the Borrower hereunder; and

 

		(ii)	if required by any applicable laws, the subordinated liabilities created pursuant to such indebtedness
shall be subject to security (in form and substance satisfactory to the Secured Parties) in favour of the Security Trustee ("Subordinated
Debt Security") and any related legal opinions shall be issued if so required by the Secured Parties; and

 

		(iii)	upon the occurrence of an Event of Default, the Borrower shall not make any repayments of principal,
payments of interest or of any other costs, fees, expenses or liabilities arising from or representing such indebtedness. In this
paragraph (b) of Clause 12.14 (Financial Indebtedness and subordination of indebtedness) "fully subordinated"
shall mean that any claim of the lender against the Borrower in relation to such indebtedness shall rank after and be in all respects
subordinate to all of the rights and claims of the Secured Parties under this Agreement and the other Finance Documents and that
the lender shall not take any steps to enforce its rights to recover any monies owing to it by the Borrower and in particular but
without limitation the lender will not institute any legal or quasi-legal proceedings under any jurisdiction at any time against
the Ship, her Earnings or Insurances or the Borrower and it will not compete with the Secured Parties or any of them in a liquidation
or other winding-up or bankruptcy of the Borrower or in any proceedings in connection with the Ship, her Earnings or Insurances.

 

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		12.15	Investments

 

The Borrower shall not:

 

		(a)	be the creditor in respect of any loan or any form of credit to any person other than another Obligor
and where such loan or form of credit is Permitted Financial Indebtedness;

 

		(b)	give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person
in respect of any obligation of any other person or enter into any document under which the Borrower assumes any liability of any
other person other than any guarantee or indemnity given under the Finance Documents.

 

		(c)	enter into any material agreement other than:

 

		(i)	the Transaction Documents;

 

		(ii)	any other agreement expressly allowed under any other term of this Agreement; and

 

		(d)	enter into any transaction on terms which are, in any respect, less favourable to the Borrower
than those which it could obtain in a bargain made at arms' length; or

 

		(e)	acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit
issued by major North American or European banks.

 

		12.16	Unlawfulness, invalidity and ranking; security imperilled

 

No Obligor shall do (or fail
to do) or cause or permit another person to do (or omit to do) anything which is likely to:

 

		(a)	make it unlawful for an Obligor to perform any of its obligations under the Transaction Documents;

 

		(b)	cause any obligation of an Obligor under the Finance Documents to cease to be legal, valid, binding
or enforceable if that cessation individually or together with any other cessations materially or adversely affects the interests
of the Secured Parties under the Transaction Documents;

 

		(c)	cause any Transaction Document to cease to be in full force and effect;

 

		(d)	cause any Security Interest to rank after, or lose its priority to, any other Security Interest;
and

 

		(e)	imperil or jeopardise any Security Interest.

 

		12.17	DistributionsDividends
and dividend restriction

 

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		(a)	TheSubject
to paragraph (b) below, the Borrower shall not make or pay any dividend
or other distribution (in cash or in kind) in respect of its equity interestsshare
capital other than dividends and distributions
that are transferred to the MemberShareholder
or the Guarantor provided that no Event of Default has occurred or is continuing or would result from the payment of any distributiondividend.

 

		(b)	During the Deferral Period, the Borrower shall not,
and shall procure that the Guarantor, the Shareholder and the Holding shall not:

 

		(i)	declare, make or pay any dividend or other distribution
(or interest on any unpaid dividend or other distribution) (whether in cash or in kind) on or in respect of its share capital (or
any class of its share capital);

 

		(ii)	repay or distribute any dividend or share premium
reserve;

 

		(iii)	make any repayment of any kind under any shareholder
loan; or

 

		(iv)	redeem, repurchase (whether by way of share buy-back
program or otherwise), defease, retire or repay any of its share capital or resolve to do so,

 

except
that:

 

		(A)	any Obligor other than the Guarantor may pay dividends
and other distributions, directly or indirectly, to the Guarantor for the purpose of providing liquidity to the Guarantor to enable
the Guarantor to satisfy payment obligations for which the Guarantor is an obligor;

 

		(B)	any Obligor may pay dividends in respect of the Tax
liability to each relevant jurisdiction in respect of consolidated, combined, unitary or affiliated Tax returns for each relevant
jurisdiction of the Group or the Holding or holder of the Guarantor's capital stock with respect to income taxable as a result
of any member of the Group or the Holding being taxed as a pass-through entity for U.S. Federal, state and local income tax purposes
or attributable to any member of the Group;

 

		(C)	the Guarantor and the Holding may pay dividends and
other distributions (x) in respect of a conversion, exchange, or repurchase of convertible or exchangeable notes and any conversion
of preference shares to ordinary shares in connection therewith, provided that the cash portion of a repurchase of convertible
or exchangeable notes is limited to the amount of interest that would otherwise be payable through maturity on the amount of such
convertible or exchangeable notes being repurchased plus any amount in lieu of fractional shares, and (y) to the extent contractually
owed to holders of equity in the Guarantor or the Holding; and

 

		(D)	the Guarantor may pay dividends and other distributions
to the Holding for the purposes of providing cash to the Holding for the payment of any Tax payable in connection with the Holding's
equity plan,

 

provided
that the actions in paragraphs (B) and (C) above shall only be permitted if there is no Event of Default which is continuing
under this Agreement and no Event of Default would arise from the payment of such dividend.

 

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		12.18	Loans and guarantees by the Borrower

 

Otherwise than in the ordinary
course of business in its ownership and operation of the Ship following the Delivery Date, the Borrower will not make any loan
or advance or extend credit to any person, firm or corporation (other than as permitted pursuant to paragraph (a) of Clause 12.15
(Investments)), or issue or enter into any guarantee or indemnity or otherwise become directly or contingently liable for
the obligations of any other person, firm or corporation.

 

		12.19	Acquisition of shares

 

The Borrower will not:

 

		(a)	acquire any equity, share capital, assets or obligations of any corporation or other entity; or

 

		(b)	permit any of its limited liability company interests to be directly held other than by the Member.

 

		12.20	Further assurance

 

The Borrower will, from time
to time on being required to do so by the Facility Agent, do or procure the doing of all such acts and/or execute or procure the
execution of all such documents in a form satisfactory to the Facility Agent as the Facility Agent may reasonably consider necessary
for giving full effect to any of the Transaction Documents, the Interest Make-up Agreement or the SACE Insurance Policy or securing
to the Secured Parties the full benefit of the rights, powers and remedies conferred upon the Secured Parties or any of them in
any such Transaction Document, the Interest Make-up Agreement or the SACE Insurance Policy.

 

		12.21	Irrevocable payment instructions

 

The Borrower shall not modify,
revoke or withhold the payment instructions set out in Clause 4.1 (Borrower's irrevocable payment instructions) without
the agreement of the Builder (in the case of paragraph (a) of Clause 4.1 (Borrower's irrevocable payment instructions)
only), the Facility Agent, SACE and the Lenders.

 

		12.22	"Know your customer" checks

 

		(a)	If:

 

		(i)	the introduction of or any change in (or in the interpretation, administration or application of)
any law or regulation made after the date of thisthe
Original Facility Agreement;

 

		(ii)	any change in the status of the Borrower after the date of thisthe
Original Facility Agreement; or

 

		(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement
to a party that is not a Lender prior to such assignment or transfer,

 

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obliges the Facility Agent or
any Lender (or, in the case of sub-paragraph (iii) of
paragraph (a)(iii) of Clause 12.22 ("Know your customer" checks),
any prospective new Lender) to comply with "know your customer" or similar identification procedures in circumstances
where the necessary information is not already available to it or the Lenders (acting reasonably) require any additional documents
to supplement those already provided, the Borrower shall promptly upon the request of the Facility Agent or any Lender supply,
or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or
on behalf of any Lender) or any Lender (for itself or, in the case of the event described in sub-paragraph
(iii) of paragraph (a)(iii) of Clause 12.22 ("Know
your customer" checks), on behalf of any prospective new Lender) in order for the Facility Agent and, such Lender to carry
out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable
laws and regulations pursuant to the transactions contemplated in the Finance Documents.

 

		(b)	Each Lender shall promptly upon the request of a Servicing Party supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Servicing Party (for itself) in order for that Servicing
Party to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

 

		12.23	Shipbuilding Contract

 

		(a)	The Shipbuilding Contract constitutes legal, valid and binding and enforceable obligations of the
Builder and accordingly the Borrower shall not modify the Shipbuilding Contract, directly or indirectly, in such a manner that
would result in a change of the type, principal dimensions or class of the Ship or decrease the value of the Ship by equal to or
greater than 5 per cent. (in aggregate) without the prior written consent of the Lenders and SACE.

 

		(b)	The Borrower will, therefore, submit to the Facility Agent any proposals for any such modification
and SACE and the Facility Agent on behalf of the Lenders will indicate in a timely manner whether the modification proposed will
allow the Loan to be maintained.

 

		(c)	The Borrower also undertakes to notify the Facility Agent of any change in the Intended Delivery
Date as soon as practicable after each change has occurred.

 

		(d)	The Borrower shall notify the Facility Agent promptly, and in any event within ten (10) Business
Days of any other changes to the Shipbuilding Contract (other than Minor Modifications) and provide copies of the same to the Facility
Agent.

 

		(e)	The Borrower undertakes to notify the Facility Agent promptly of any termination and/or repudiation
of the Shipbuilding Contract (including a termination and/or repudiation pursuant to article 32 of the Shipbuilding Contract).

 

		(f)	For the avoidance of doubt, all modifications not falling under paragraph (a) (a) above
shall be permitted and the Borrower shall not be obliged to seek or obtain any consent from the Lenders and/or SACE in respect
of any such modifications subject to the notification requirements as set out in paragaphs (d)paragraphs
(d) and (e) (e) above.

 

		12.24	FOREX Contracts

 

The Borrower shall:

 

		(a)	provide the Facility Agent with a copy of all FOREX Contracts together with all relevant details
within ten (10) days of their execution; and

 

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		(b)	inform the Facility Agent, when requested by the Facility Agent, of its intended hedging policy
for purchasing Euro with Dollars.

 

The Facility Agent shall inform
the Lenders within ten (10) days of receipt of such information from the Borrower.

 

		12.25	Compliance with laws etc.

 

The Borrower shall:

 

		(a)	comply, or procure compliance with:

 

		(i)	in all material respects (except in the case of compliance with Sanctions which the Borrower shall
comply with in all respects), all laws and regulations relating to it and its business generally; and

 

		(ii)	in all material respects (except in the case of compliance with Sanctions which the Borrower shall
comply with in all respects), all laws or regulations relating to the Ship, its ownership, employment, operation, management and
registration,

 

including the ISM Code, the ISPS
Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag;

 

		(b)	obtain, comply with and do all that is necessary to maintain in full force and effect any Environmental
Approvals which are applicable to it; and

 

		(c)	without limiting paragraph (a) above, not employ the Ship nor allow its employment, operation
or management in any Prohibited Jurisdiction or in any manner contrary to any law or regulation including but not limited to the
ISM Code, the ISPS Code, all Environmental Laws and all Sanctions and applicable anti-corruption laws.

 

		12.26	Most favoured nations

 

		(a)	The Borrower shall procure that if at any time after the date of thisthe
Original Facility Agreement the Guarantor enters into any financial contract or financial document relating to any Financial
Indebtedness with or which has the support of any export credit agency and which contains pari passu provisions or cross
default provisions which are more favourable to the lenders than those contained in paragraph (l) of Clause 11.2 (Continuing
representations and warranties) and Clause 18.6 (Cross default) respectively, the Borrower or the Guarantor shall immediately
notify the Facility Agent of such provisions and the relevant provisions contained in this Agreement shall be deemed amended so
that such more favourable pari passu provisions or cross default provisions are granted to the Creditor Parties pursuant
to this Agreement.

 

		(b)	The Borrower undertakes that if at any time after
the date of this Agreement, it or any other member of the Group is required to grant additional security in relation to a financial
contract or financial document relating to any existing Financial Indebtedness:

 

		(i)	with the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall be granted on a pari passu
basis to the Lenders (and the Security Trustee agrees to enter and/or procure the entry by the relevant Secured Parties into such
intercreditor documentation to reflect such pari passu ranking (in form and substance reasonably satisfactory to the Secured Parties)
as may be required in connection with such arrangements); or

 

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		(ii)	without the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall (without prejudice to any of the
Obligors' other obligations under the Finance Documents), subject to the provisions of clause 11.11 (Negative pledge) of
the Guarantee and Clause 12.8 (Negative pledge), be permitted provided that it shall not have an adverse effect on any Security
Interests or other rights granted to the Secured Parties under the Finance Documents.

 

		(c)	In respect of any new Financial Indebtedness (other
than Permitted Financial Indebtedness), or any extensions, increases or changes to the terms and conditions of any existing Financial
Indebtedness, in each case with or which has the support of any export credit agency, the Borrower shall enter into good faith
negotiations with the Security Trustee to grant additional security for the purpose of further securing the Loan, provided that
any failure to reach agreement under this paragraph (c) following such good faith negotiations shall not constitute an Event
of Default.

 

		12.27	Code of Ethics and Model

 

		(a)	The Borrower shall not behave so as to cause any of the following persons to violate the principles
set out in the Code of Ethics and/or Model:

 

		(i)	persons who are representatives, administrators or managers of CDP or of any of its organizational
units with financial and functional independence;

 

		(ii)	persons who are managed or supervised by one of the persons referred to in paragraph (i) above;
or

 

		(iii)	external advisors of CDP.

 

		(b)	The Borrower shall maintain adequate internal procedures aimed at preventing liabilities provided
under Legislative Decree 231/01.

 

		(c)	The Borrower shall inform CDP of any (i) new pending litigation against it in relation to
administrative liability provided under Legislative Decree 231/01; (ii) new final judgment under Legislative Decree 231/01,
including, without limitation, any plea bargain (also known as patteggiamento under Italian law) pursuant to article 444
of the Italian code of criminal procedure; and (iii) new precautionary measures under Legislative Decree 231/01.

 

		12.28	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

 

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		(iii)	no additional Security Interests securing existing
Financial Indebtedness will be created or permitted to subsist by any Obligor (unless the Lenders benefit from this new security
on a pari passu basis),

 

during
the Deferral Period.

 

		(b)	The restrictions in paragraph (a) of Clause
12.28 (New capital raises or financing) above shall not apply in relation to:

 

		(i)	any refinancing of any bond issuance of, or loan
entered into by, the Group (A) which matures during such period or (B) where not maturing during such period, shall be
on terms which include any of the following (evidence of which shall be provided to the Facility Agent by the Guarantor) resulting,
when taken as a whole, in an improvement of the ability of the Obligors to meet their obligations under the Finance Documents:
an extension of the repayment terms; a decrease in the interest rate; or the conversion of such Financial Indebtedness from secured
to unsecured or first to second priority;

 

		(ii)	any debt or equity issuance provided prior to 31
December 2022 to provide the Group with crisis and/or recovery related funding in respect of the impact of the Covid-19 pandemic;

 

		(iii)	any debt or equity issuance being raised on or after
31 December 2022 to support the Group with the impact of the Covid-19 pandemic, made with the prior written consent of SACE;

 

		(iv)	any debt or equity issuance being raised to finance
any instalment of a cruise vessel already contracted for or contracted for during such period or any refurbishment, maintenance,
upgrade or lengthening of a cruise ship during such period (including without limitation any costs incurred by the owner of a cruise
ship in connection therewith);

 

		(v)	any debt or equity issuance being raised to finance
capital expenditure for projects which are already contracted for but in respect of which committed financing has not yet been
obtained, and which, in each case has been (or will be) listed in the Information Package submitted to the Facility Agent prior
to the 2021 Deferral Effective Date;

 

		(vi)	any extension or renewal of revolving credit facilities,
and made with the prior written consent of SACE if any additional security is to be granted;

 

		(vii)	any new debt or equity issuance otherwise agreed
by SACE; or

 

		(viii)	any inter-company loan or operating arrangement which
from an accounting perspective has the effect of an intercompany loan (an "intercompany arrangement") which:

 

		(A)	is existing as at the date of the 2021 Amendment
and Restatement Agreement;

 

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		(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 sub-paragraph (2) of sub-paragraph (B) of sub-paragraph (viii) of paragraph
(b) of Clause 12.28 (New capital raises or financing) does not exceed [*] Dollars ($[*]) at any time; or

 

		(C)	has been approved with the prior written consent
of SACE;

 

		(i)	any Permitted Security Interest;

 

		(ii)	any Security Interest otherwise approved with the
prior written consent of SACE;

 

		(iii)	any Financial Indebtedness incurred in the ordinary
course of business which in the aggregate does not exceed USD [*] during any twelve-month period; and

 

		(iv)	without prejudice to Clauses 12.11 (Mergers)
and 12.15 (Investments) and clause 11.13 (No merger etc.) of the Guarantee, the issuance of share capital by any
Group member to another Group member.

 

		13	Ship Undertakings

 

		13.1	Pooling of earnings and charters

 

The Borrower will not without
the prior written consent of the Facility Agent or SACE enter into in respect of the Ship (such consent for the purposes of paragraph
(e) of Clause 13.1 (Pooling of earnings and charters) shall not be unreasonably withheld or delayed), nor permit to
exist at any time following the Delivery Date:

 

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

 

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

 

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

 

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

 

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

 

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

 

		(e)	any time charter of the Ship with a company outside the Group (other than a time charter entered
into in the ordinary course of business which does not exceed [*] provided that (x) any such time charter is assigned
to the Security Trustee and (y) during the period of such time charter, the Ship continues to be managed by the existing Approved
Manager), provided however that such consent shall not be unreasonably withheld in the event that:

 

		(i)	such time charter is assigned to the Security Trustee and the Borrower agrees to:

 

		(A)	serve a notice of assignment of any time charter, the Earnings therefrom and any guarantee of the
charterer's obligations on the time charterer and any time charter guarantor; and

 

		(B)	use commercially reasonable endeavours to obtain an acknowledgement of such assignment,

 

and each of the notice of assignment
and acknowledgement of assignment being substantially in the form appended to the General Assignment;

 

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

 

		(iii)	during the term of such time charter, the Ship continues to be managed by the existing Approved
Manager.

 

		13.2	Management and employment

 

The Borrower will not as from
the Delivery Date:

 

		(a)	permit any person other than an Approved Manager to be the manager of, including providing crewing
services to, the Ship, at all times acting upon terms approved in writing by the Facility Agent and having entered into (in the
case of the Approved Manager) an Approved Manager's Undertaking;

 

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

 

		(c)	permit the Ship to be employed other than within the Norwegian Cruise Line brand unless the Borrower
notifies the Lenders that they intend to employ the Ship within another brand of the Group and the ship remains employed within
the Group.

 

		13.3	Trading with the United States of America

 

The Borrower shall in respect
of the Ship take all reasonable precautions as from the Delivery Date to prevent any infringements of the Anti-Drug Abuse Act of
1986 of the United States of America (as the same may be amended and/or re-enacted from time to time hereafter) or any similar
legislation applicable to the Ship in any other jurisdiction in which the Ship shall trade (a "Trading Jurisdiction")
where the Ship trades in the territorial waters of the United States of America or a Trading Jurisdiction.

 

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		13.4	Valuation of the Ship

 

The following shall apply in
relation to the valuation of the Ship:

 

		(a)	the Borrower will on or before 31 May of each year that commences after the delivery of the
Ship and at annual intervals thereafter, unless an Event
of Default has occurred and remains unremedied, at the Borrower's expense, procure that the Ship is valued by an Approved Broker
(such valuation to be made without taking into account the benefit or otherwise of any fixed employment relating to the Ship);

 

		(b)	the Borrower shall procure that forthwith upon the issuance of any valuation obtained pursuant
to this Clause 13.4 (Valuation of the Ship) a copy thereof is sent directly to the Facility Agent and the Security Trustee
for review; and

 

		(c)	in the event that the Borrower fails to procure a valuation in accordance with paragraph (a) of
Clause 13.4 (Valuation of the Ship), the Facility Agent shall be entitled to procure a valuation of the Ship on the same
basis.

 

		13.5	Earnings

 

The Borrower will procure that
the Earnings (if any) are paid in full without set off and free and clear of and without deduction for any taxes, levies, duties,
imposts, charges, fees, restrictions or conditions of any nature whatsoever.

 

		13.6	Operation and maintenance of the Ship

 

From the Delivery Date until
the end of the Security Period at its own expense the Borrower will keep the Ship in a good and efficient state of repair so as
to maintain it to the highest classification notation available for the Ship of its age and type free of all recommendations and
qualifications with Bureau Veritas. On the Delivery Date and annually thereafter, it will furnish to the Facility Agent (with copy
to the Security Trustee) a statement by such classification society that such classification notation is maintained. It will comply
with all recommendations, regulations and requirements (statutory or otherwise) from time to time applicable to the Ship and shall
have on board as and when required thereby valid certificates showing compliance therewith and shall procure that all repairs to
or replacements of any damaged, worn or lost parts or equipment are carried out (both as regards workmanship and quality of materials)
so as not to diminish the value or class of the Ship. It will not make any substantial modifications or alterations to the Ship
or any part thereof which would reduce the market and commercial value of the Ship determined in accordance with Clause 13.4 (Valuation
of the Ship).

 

		13.7	Surveys and inspections

 

The Borrower will:

 

		(a)	submit the Ship to continuous survey in respect of its machinery and hull and such other surveys
as may be required for classification purposes and, if so required by the Facility Agent, supply to the Facility Agent (with copy
to the Security Trustee) copies in English of the survey reports;

 

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		(b)	permit surveyors or agents appointed by the Facility Agent to board the Ship to inspect its condition
or satisfy themselves as to repairs proposed or already carried out and afford all proper facilities for such inspections provided
that, unless an Event of Default has occurred or there is an accident to the Ship involving repairs the cost of which will
or is likely to exceed [*], such inspections shall be limited to one a year and shall all be at reasonable times.

 

		13.8	ISM Code

 

The Borrower will comply, or
procure that the Approved Manager will comply, with the ISM Code (as the same may be amended from time to time) or any replacement
of the ISM Code (as the same may be amended from time to time) and in particular, without prejudice to the generality of the foregoing,
as and when required to do so by the ISM Code and at all times thereafter:

 

		(a)	hold, or procure that the Approved Manager holds, a valid Document of Compliance duly issued to
the Borrower or the Approved Manager (as the case may be) pursuant to the ISM Code and a valid Safety Management Certificate duly
issued to the Ship pursuant to the ISM Code;

 

		(b)	provide the Facility Agent (with copy to the Security Trustee) with copies of any such Document
of Compliance and Safety Management Certificate as soon as the same are issued; and

 

		(c)	keep, or procure that there is kept, on board the Ship a copy of any such Document of Compliance
and the original of any such Safety Management Certificate.

 

		13.9	ISPS Code

 

The Borrower will comply, or
procure that the Approved Manager will comply, with the ISPS Code (as the same may be amended from time to time) or any replacement
of the ISPS Code (as the same may be amended from time to time) and in particular, without prejudice to the generality of the foregoing,
as and when required to do so by the ISPS Code and at all times thereafter:

 

		(a)	keep, or procure that there is kept, on board the Ship the original of the International Ship Security
Certificate required by the ISPS Code; and

 

		(b)	keep, or procure that there is kept, on board the Ship a copy of the ship security plan prepared
pursuant to the ISPS Code.

 

		13.10	Annex VI

 

The Borrower will comply with
Annex VI (as the same may be amended from time to time) or any replacement of Annex VI (as the same may be amended from time to
time) and in particular, without limitation, to:

 

		(a)	procure that the Ship's master and crew are familiar with, and that the Ship complies with, Annex
VI; and

 

		(b)	maintain for the Ship throughout the Security Period a valid and current IAPPC and provide a copy
to the Facility Agent (with copy to the Security Trustee); and

 

		(c)	notify the Facility Agent (with copy to the Security Trustee) immediately in writing of any actual
or threatened withdrawal, suspension, cancellation or modification of the IAPPC.

 

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		13.11	Employment of Ship

 

The Borrower shall:

 

		(a)	not employ the Ship or permit its employment in any trade or business which is forbidden by any
applicable law or is otherwise illicit or in carrying illicit or prohibited goods or in any manner whatsoever which may render
it liable to condemnation in a prize court or to destruction, seizure or confiscation or that may expose the Ship to penalties.
In the event of hostilities in any part of the world (whether war be declared or not) it will not employ the Ship or permit its
employment in carrying any contraband goods; and

 

		(b)	promptly provide the Facility Agent (with copy to the Security Trustee) with (i) all information
which the Facility Agent may reasonably require regarding the Ship, its employment, earnings, position and engagements (ii) particulars
of all towages and salvages and (iii) copies of all charters and other contracts for its employment and otherwise concerning
it.

 

		13.12	Provision of information

 

The Borrower shall give notice
to the Facility Agent and the Security Trustee promptly and in reasonable detail upon the Borrower or any other Obligor becoming
aware of:

 

		(a)	accidents to the Ship involving repairs the cost of which will or is likely to exceed [*];

 

		(b)	the Ship becoming or being likely to become a Total Loss;

 

		(c)	any recommendation or requirement made by any insurer or classification society or by any competent
authority which is not complied with, or cannot be complied with, within any time limit relating thereto and that might reasonably
affect the maintenance of either the Insurances or the classification of the Ship;

 

		(d)	any writ or claim served against or any arrest of the Ship or the exercise of any lien or purported
lien on the Ship, her Earnings or Insurances;

 

		(e)	the Ship ceasing to be registered under the flag of the Maritime Registry or anything which is
done or not done whereby such registration may be imperilled;

 

		(f)	it becoming impossible or unlawful for it to fulfil any of its obligations under the Finance Documents;
and

 

		(g)	anything done or permitted or not done in respect of the Ship by any person which is likely to
imperil the security created by the Finance Documents.

 

		13.13	Payment of liabilities

 

The Borrower shall promptly pay
and discharge:

 

		(a)	all debts, damages and liabilities, taxes, assessments, charges, fines, penalties, tolls, dues
and other outgoings in respect of the Ship and keep proper books of account in respect thereof provided always that the Borrower
shall not be obliged to compromise any debts, damages and liabilities as aforesaid which are being contested in good faith subject
always that full details of any such contested debt, damage or liability which, either individually or in aggregate exceeds [*]
shall forthwith be provided to the Facility Agent (with copy to the Security Trustee). As and when the Facility Agent may so require
the Borrower will make such books available for inspection on behalf of the Facility Agent and provide evidence satisfactory to
the Facility Agent that the wages and allotments and the insurance and pension contributions of the master and crew are being regularly
paid, that all deductions of crew's wages in respect of any tax liability are being properly accounted for and that the master
has no claim for disbursements other than those incurred in the ordinary course of trading on the voyage then in progress or completed
prior to such inspection;

 

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		(b)	all liabilities which have given rise, or may give rise, to liens or claims enforceable against
the Ship under the laws of all countries to whose jurisdiction the Ship may from time to time be subject and in particular the
Borrower hereby agrees to indemnify and hold the Secured Parties, their successors, assigns, directors, officers, shareholders,
employees and agents harmless from and against any and all claims, losses, liabilities, damages, expenses (including attorneys,
fees and expenses and consultant fees) and injuries of any kind whatsoever asserted against the Secured Parties, with respect to
or as a result of the presence, escape, seepage, spillage, release, leaking, discharge or migration from the Ship or other properties
owned or operated by the Borrower of any hazardous substance, including without limitation, any claims asserted or arising under
any applicable environmental, health and safety laws, codes and ordinances, and all rules and regulations promulgated thereunder
of all governmental agencies, regardless of whether or not caused by or within the control of the Borrower subject to the following:

 

		(i)	it is the parties' understanding that the Secured Parties do not now, have never and do not intend
in the future to exercise any operational control or maintenance over the Ship or any other properties and operations owned or
operated by the Borrower, nor in the past, presently, or intend in the future to, maintain an ownership interest in the Ship or
any other properties owned or operated by the Borrower except as may arise upon enforcement of the Lenders' rights under the Mortgage;

 

		(ii)	unless and until an Event of Default shall have occurred and without prejudice to the right of
each Lender to be indemnified pursuant to this paragraph (b) of Clause 13.13 (Payment of liabilities):

 

		(A)	each Lender will, if it is reasonably practicable to do so, notify the Borrower upon receiving
a claim in respect of which the relevant Lender is or may become entitled to an indemnity under this paragraph (b) of Clause
13.13 (Payment of liabilities); and

 

		(B)	subject to the prior written approval of the relevant Lender which the Lender shall have the right
to withhold, the Borrower will be entitled to take, in the name of the relevant Lender, such action as the Borrower may see fit
to avoid, dispute, resist, appeal, compromise or defend any such claims, losses, liabilities, damages, expenses and injuries as
are referred to above in this paragraph (b) of Clause 13.13 (Payment of liabilities) or to recover the same from any
third party, subject to the Borrower first ensuring that the relevant Lender is secured to its reasonable satisfaction against
all expenses thereby incurred or to be incurred,

 

provided always that the Borrower
shall not be obliged to compromise any liabilities as aforesaid which are being contested in good faith subject always that full
details of any such contested liabilities which, either individually or in aggregate, exceed [*] shall be forthwith provided to
the Facility Agent (with copy to the Security Trustee). If the Ship is arrested or detained for any reason it will procure its
immediate release by providing bail or taking such other steps as the circumstances may require.

 

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		13.14	Certificate as to liabilities

 

The Borrower shall give to the
Facility Agent (with copy to the Security Trustee) at such times as it may from time to time reasonably require a certificate,
duly signed on its behalf, as to the total amount of any debts, damages and liabilities relating to the Ship and details of such
of those debts, damages and liabilities as are over a certain amount to be specified by the Facility Agent at the relevant time
and, if so required by the Facility Agent, forthwith discharge such of those debts, damages and liabilities as the Facility Agent
shall require other than those being contested in good faith.

 

		13.15	Modifications

 

The Borrower shall maintain the
type of the Ship as at the Delivery Date and not put the Ship into the possession of any person for the purpose of work being done
on it in an amount exceeding or likely to exceed [*] unless such person shall first have given to the Facility Agent a written
undertaking addressed to the Facility Agent in terms satisfactory to the Facility Agent agreeing not to exercise a lien on the
Ship or her Earnings for the cost of such work or for any other reason (or the Borrower is able to demonstrate to the reasonable
satisfaction of the Facility Agent that the Borrower or the relevant Group company has set aside and will have funds readily available
for payment when due of the cost of the work (to the extent not fully covered by insurance proceeds in the case of a partial loss)).

 

		13.16	Registration of Ship

 

The Borrower shall maintain the
registration of the Ship under and fly the flag of the Maritime Registry and not do or permit anything to be done whereby such
registration may be forfeited or imperilled.

 

		13.17	Environmental Law

 

The Borrower shall comply with
all Environmental Laws, obtain, maintain and ensure compliance with all requisite Environmental Approvals, and implement procedures
to monitor compliance with and to prevent liability under any Environmental Law.

 

		13.18	Notice of Mortgage

 

The Borrower shall keep the Mortgage
registered against the Ship as a valid first preferred mortgage, carry on board the Ship a certified copy of the Mortgage and place
and maintain in a conspicuous place in the navigation room and the master's cabin of the Ship a framed printed notice stating that
the Ship is mortgaged by the Borrower to the Security Trustee.

 

		13.19	Environmental claims

 

Each Obligor shall, (through
the Guarantor), promptly upon becoming aware of the same, inform the Facility Agent in writing of:

 

		(a)	any Environmental Claim which is likely to result in a Material Adverse Effect against any member
of the Group which is current, pending or threatened; and

 

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		(b)	any facts or circumstances which are reasonably likely to result in any Environmental Claim being
commenced or threatened against any member of the Group which is likely to result in a Material Adverse Effect.

 

		13.20	Trading in war zones

 

In the event of hostilities in
any part of the world (whether war is declared or not), the Borrower shall not cause or permit the Ship to enter or trade to any
zone which is declared a war zone by the Ship's war risks insurers unless:

 

		(a)	the prior written consent of the Security Trustee has been given; and

 

		(b)	the Borrower has (at its expense) effected any special, additional or modified insurance cover
which the Security Trustee may require.

 

		13.21	Poseidon Principles

 

The
Borrower shall, upon the request of the Facility Agent and at the cost of the Borrower, on or before 31st July in each calendar
year, supply to the Facility Agent all information necessary in order for the Lenders to comply with their obligations under the
Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required
to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance, in each case relating
to the Ship for the preceding calendar year provided always that, for the avoidance of doubt, such information shall be "Confidential
Information" for the purposes of Clause 33 (Confidentiality) but the Borrower acknowledges that, in accordance with
the Poseidon Principles, such information will form part of the information published regarding the Lenders' portfolio climate
alignment.

 

		14	Insurance Undertakings

 

		14.1	General

 

The undertakings in this Clause
14 (Insurance Undertakings) remain in force on and from the Delivery Date and throughout the rest of the Security Period
except as the Facility Agent may otherwise permit.

 

		14.2	Maintenance of obligatory insurances

 

The Borrower shall insure the
Ship in its name and keep the Ship insured on an agreed value basis for an amount in the currency in which the Loan is denominated
approved by the Facility Agent (acting on the instructions of the Majority Lenders) but not being less than the greater of (x) [*]
per cent. ([*]%) of the amount of the Loan; and (y) the full market and commercial value of the Ship determined in accordance
with Clause 13.4 (Valuation of the Ship) from time to time through internationally recognised independent first class insurance
companies, underwriters, war risks and protection and indemnity associations acceptable to the Facility Agent (acting on the instruction
of the Majority Lenders), acting reasonably, in each instance on terms and conditions approved by the Facility Agent including
as to deductibles but at least in respect of:

 

		(a)	fire and marine risks including but without limitation hull and machinery and all other risks customarily
and usually covered by first-class and prudent shipowners in the global insurance markets under English or Norwegian marine policies
or Facility Agent-approved policies containing the ordinary conditions applicable to similar Ships;

 

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		(b)	war risks (including terrorism, piracy, blocking and trapping and protection and indemnity war
risks) up to the insured amount;

 

		(c)	excess risks that is to say the proportion of claims for general average and salvage charges and
under the running down clause not recoverable in consequence of the value at which the Ship is assessed for the purpose of such
claims exceeding the insured value;

 

		(d)	protection and indemnity risks with full standard coverage as offered by first-class protection
and indemnity associations which are a member of the International Group of P&I Association and up to the highest limit of
liability available (for oil pollution risk the highest limit currently available is one billion Dollars ($1,000,000,000) and this
to be increased if reasonably requested by the Facility Agent and the increase is possible in accordance with the standard protection
and indemnity cover for Ships of its type and is compatible with prudent insurance practice for first class cruise shipowners or
operators in waters where the Ship trades from time to time from the Delivery Date until the end of the Security Period);

 

		(e)	when and while the Ship is laid-up, in lieu of hull insurance, normal port risks; and

 

		(f)	such other risks as the Facility Agent may from time to time reasonably require;

 

and in any event in respect of
those risks and at those levels covered by first class and prudent owners and/or financiers in the international market in respect
of similar tonnage provided that if any of such insurances are also effected in the name of any other person (other than the Borrower
and/or a Secured Party) such person shall if so required by the Facility Agent execute a first priority assignment of its interest
in such insurances in favour of the Secured Parties in similar terms mutatis mutandis to the relevant provisions of the
General Assignment.

 

		14.3	Mortgagee's interest and pollution risks insurances

 

The Facility Agent shall take
out mortgagee interest insurance on such conditions as the Facility Agent may reasonably require and mortgagee interest insurance
for pollution risks as from time to time agreed each for an amount in the currency in which the Loan is denominated of [*] per
cent. ([*]%) of the amount of the Loan, the Borrower having no interest or entitlement in respect of such policies; the Borrower
shall upon demand of the Facility Agent reimburse the Facility Agent for the costs of effecting and/or maintaining any such insurance(s).

 

		14.4	Trading in the United States of America

 

If the Ship shall trade in the
United States of America and/or the Exclusive Economic Zone of the United States of America (the "EEZ") as such
term is defined in the US Oil Pollution Act 1990 ("OPA"), to comply strictly with the requirements of OPA and
any similar legislation which may from time to time be enacted in any jurisdiction in which the Ship presently trades or may or
will trade at any time during the existence of this Agreement and in particular before such trade is commenced and during the entire
period during which such trade is carried on:

 

		(a)	to pay any additional premiums required to maintain full standard protection and indemnity cover
for oil pollution up to the highest limit available to it for the Ship in the market;

 

		(b)	to make all such quarterly or other voyage declarations as may from time to time be required by
the Ship's protection and indemnity association and to comply with all obligations in order to maintain such cover, and promptly
to deliver to the Facility Agent (with copy to the Security Trustee) copies of such declarations;

 

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		(c)	to submit the Ship to such additional periodic, classification, structural or other surveys which
may be required by the Ship's protection and indemnity insurers to maintain cover for such trade and promptly to deliver to the
Facility Agent copies of reports made in respect of such surveys;

 

		(d)	to implement any recommendations contained in the reports issued following the surveys referred
to in paragraph (c) of Clause 14.4 (Trading in the United States of America) within the time limit specified therein
and to provide evidence satisfactory to the Facility Agent that the protection and indemnity insurers are satisfied that this has
been done;

 

		(e)	in particular strictly to comply with the requirements of any applicable law, convention, regulation,
proclamation or order with regard to financial responsibility for liabilities imposed on the Borrower or the Ship with respect
to pollution by any state or nation or political subdivision thereof, including but not limited to OPA, and to provide the Facility
Agent on demand with such information or evidence as it may reasonably require of such compliance;

 

		(f)	to procure that the protection and indemnity insurances do not contain a clause excluding the Ship
from trading in waters of the United States of America and the EEZ or any other provision analogous thereto and to provide the
Facility Agent with evidence that this is so; and

 

		(g)	strictly to comply with any operational or structural regulations issued from time to time by any
relevant authorities under OPA so that at all times the Ship falls within the provisions which limit strict liability under OPA
for oil pollution.

 

		14.5	Protections for Secured Parties

 

		(a)	The Borrower shall give notice forthwith of any assignment of its interest in the Insurances to
the relevant brokers, insurance companies, underwriters and/or associations in the form approved by the Facility Agent.

 

		(b)	The Borrower shall execute and deliver all such documents and do all such things as may be necessary
to confer upon the Secured Parties legal title to the Insurances in respect of the Ship and to procure that the interest of the
Secured Parties is at all times filed with all slips, cover notes, policies and certificates of entry and to procure (a) that
a loss payable clause in the form approved by the Facility Agent shall be filed with all the hull, machinery and equipment and
war risks policies in respect of the Ship and (b) that a loss payable clause in the form approved by the Facility Agent shall
be endorsed upon the protection and indemnity certificates of entry in respect of the Ship.

 

		(c)	In the event of the Borrower making default in insuring and keeping insured the Ship as hereinbefore
provided then the Facility Agent may (but shall not be bound to) insure the Ship or enter the Ship in such manner and to such extent
as the Facility Agent in its discretion thinks fit and in such case all the cost of effecting and maintaining such insurance together
with interest thereon at the interest rate shall be paid on demand by the Borrower to the Facility Agent.

 

		14.6	Copies of policies; letters of undertaking

 

The Borrower will procure that
each of the relevant brokers and associations furnishes the Facility Agent with a letter of undertaking in the standard form available
in the relevant insurance market or otherwise in such form as may be required by the Facility Agent and waives any lien for premiums
or calls except in relation to premiums or calls solely attributable to the Ship.

 

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		14.7	Payment of premiums

 

The Borrower shall punctually
pay all premiums, calls, contributions or other sums payable in respect of the Insurances on the Ship and to produce all relevant
receipts when so required by the Facility Agent.

 

		14.8	Renewal of obligatory insurances

 

The Borrower shall notify the
Facility Agent (with copy to the Security Trustee) of the renewal of the obligatory insurances at least five (5) days before
the expiry thereof and shall procure that the relevant brokers or associations shall promptly confirm in writing to the Facility
Agent (with copy to the Security Trustee) that such renewal is effected, it being understood by the Borrower that any failure to
renew the Insurances on the Ship at least two (2) days before the expiry thereof or to give or procure the relevant notices
of such renewal shall constitute an Event of Default.

 

		14.9	Guarantees

 

The Borrower shall arrange for
the execution of such guarantees as may from time to time be required by any protection and indemnity and/or war risks association.

 

		14.10	Provision of insurances information

 

The Borrower will furnish the
Facility Agent (with copy to the Security Trustee) from time to time on request with full information about all Insurances maintained
on the Ship and the names of the offices, companies, underwriters, associations or clubs with which such Insurances are placed.

 

		14.11	Alteration to terms of insurances

 

The Borrower shall not make or
agree to any variation in the terms of any of the Insurances on the Ship without the prior approval of the Facility Agent nor to
do any act or voluntarily suffer or permit any act to be done whereby any Insurances shall or may be rendered invalid, void, voidable,
suspended, defeated or unenforceable and not to suffer or permit the Ship to engage in any voyage nor to carry any cargo not permitted
under any of the Insurances without first obtaining the consent of the insurers or reinsurers concerned and complying with such
requirements as to payment of extra premiums or otherwise as the insurers or reinsurers may impose.

 

		14.12	Settlement of claims

 

The Borrower shall not settle,
compromise or abandon any claim in respect of any of the Insurances on the Ship other than a claim of less than [*] ($[*]) or the
equivalent in any other currency and not being a claim arising out of a Total Loss.

 

		14.13	Application of insurance proceeds

 

The Borrower shall apply or ensure
the appliance of all such sums receivable in respect of the Insurances on the Ship for the purpose of making good the loss and
fully repairing all damage in respect whereof the insurance monies shall have been received.

 

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		14.14	Insurance advisers

 

The Facility Agent shall be entitled,
immediately prior to the Delivery Date and thereafter no more frequently than annually on renewals but also additionally at any
time when there is a proposed change of underwriters or the terms of any Insurances, to instruct independent reputable insurance
advisers for the purpose of obtaining any advice or information regarding any matter concerning the Insurances which the Facility
Agent shall deem necessary, it being hereby specifically agreed that the Borrower shall reimburse the Facility Agent on demand
for the costs and expenses incurred by the Facility Agent in connection with the instruction of such advisers subject to a limit
of ten thousand Dollars ($10,000) at the time of delivery of the Ship or in the event of a change of underwriters or of terms of
any Insurances and otherwise ten thousand Dollars ($10,000) annually thereafter.

 

		15	Security Value Maintenance

 

		15.1	Security Shortfall

 

If, upon receipt of a valuation
of the Ship in accordance with Clause 13.4 (Valuation of the Ship), the Security Value shall be less than the Security Requirement,
the Facility Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless
the Ship has become a Total Loss) either:

 

		(a)	prepay within a period of 30 days of the date of receipt by the Borrower of the Facility Agent's
said notice such sum in 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 Facility Agent's said notice constitute
to the reasonable satisfaction of the Facility Agent such further security for the Loan as shall be reasonably acceptable to the
Facility Agent having a value for security purposes (as determined by the Facility Agent in its absolute discretion) at the date
upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Security
Requirement as at such date.

 

Clauses 15.2 (Costs) and
15.4 (Documents and evidence) and paragraph (c) of Clause 16.2 (Voluntary prepayment) shall apply to prepayments
under paragraph (a) of Clause 15.1 (Security Shortfall).

 

		15.2	Costs

 

All costs in connection with
the Facility Agent obtaining any valuation of the Ship referred to in Clause 13.4 (Valuation of the Ship), and obtaining
any valuation either of any additional security for the purposes of ascertaining the Security Value at any time or necessitated
by the Borrower electing to constitute additional security pursuant to paragraph (b) of Clause 15.1 (Security Shortfall)
shall be borne by the Borrower.

 

		15.3	Valuation of additional security

 

For the purpose of this Clause
15 (Security Value Maintenance), the market value of any additional security provided or to be provided to the Facility
Agent and/or the Security Trustee shall be determined by the Facility Agent and the Security Trustee in their absolute discretion
without any necessity for the Facility Agent or the Security Trustee assigning any reason thereto.

 

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		15.4	Documents and evidence

 

In connection with any additional
security provided in accordance with this Clause 15 (Security Value Maintenance), the Facility Agent shall be entitled to
receive such evidence and documents of the kind referred to in Clause 3 (Conditions Precedent) in respect of other Finance
Documents as may in the Facility Agent's opinion be appropriate.

 

		15.5	Valuations binding

 

Any valuation under this Clause
15 (Security Value Maintenance) shall be binding and conclusive as regards the Borrower.

 

		15.6	Provision of information

 

		(a)	The Borrower shall promptly provide the Facility Agent (with copy to the Security Trustee) and
any shipbroker acting under this Clause 15 (Security Value Maintenance) with any information which the Facility Agent or
the shipbroker may reasonably request for the purposes of the valuation.

 

		(b)	If the Borrower fails to provide the information referred to in paragraph (a) above by the
date specified in the request, the valuation may be made on any basis and assumptions which the shipbroker or the Facility Agent
considers prudent.

 

		16	Cancellation, Prepayment and Mandatory Prepayment

 

		16.1	Cancellation

 

		(a)	Subject to paragraph (b) (b) below,
at any time between the Effective Date and prior to the end of the Availability Period, the Borrower may give notice to the Facility
Agent in writing that it wishes to cancel the whole or any part of the available Commitments whereupon (without penalty to the
Borrower but without prejudice to any liabilities of the Borrower including, without limitation, in respect of fees payable or
accrued under this Agreement, arising on or prior to the date of such cancellation) such available Commitments shall terminate
upon the date specified in such notice. Any cancellation under this paragraph
(a) of Clause 16.1(a) shall reduce the remaining Commitments
of the Lenders rateably.

 

		(b)	If the SBC Effective Date has not occurred by 31 January 2019, then at any time thereafter,
the Borrower may, by written notice (signed by the Borrower, the Member and the Guarantor) to the Facility Agent, terminate this
Agreement and the other Finance Documents and, except for this Clause, Clause 10.11 (Transaction Costs), Clause 33 (Confidentiality)
and the Fee Letter in relation to the Structuring Fee, this Agreement and the other Finance Documents shall, with effect from such
termination, be null and void and no party nor any of its respective parents, subsidiaries, affiliates, officers or employees of
any of the foregoing shall have any further liability or obligation whatsoever (including payment of fees and expenses other than
in respect of fees payable or accrued under this Agreement, arising on or prior to the date of such termination) under or in connection
with this Agreement and/or any other Finance Document or their termination and clause 4(c) of the Fee Letter in relation to
the Structuring Fee shall apply.

 

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		16.2	Voluntary prepayment

 

		(a)	The Borrower may prepay all or part of the Loan (but if in part being an amount that reduces the
Loan by a minimum amount of one (1) repayment instalment of principal of the Loan) together with interest thereon. Such prepayment
shall, regardless of the date on which such prepayment is made, be made together with all of the amounts that SIMEST is entitled
to charge, whether for taxes, costs, expenses, indemnities, penalties, losses or liabilities whatsoever, under and in accordance
with the Interest Make-up Agreement and Clause 20.2 (Breakage costs and SIMEST arrangements) but without any other penalty
provided that the prepayment is made on the last day of an Interest Period and thirty-five (35) days prior written notice indicating
the intended date of prepayment is given to the Facility Agent and the SACE Agent. However, the following amounts shall be payable
to the Facility Agent if any prepayment made pursuant to this Clause 16.2 (Voluntary prepayment) is not made on the last
day of an Interest Period:

 

		(i)	for the account of the Lenders, whether the Borrower elected a Floating Interest Rate or a Fixed
Interest Rate pursuant to Clause 6.1 (Fixed or Floating Interest Rate), the difference (if positive), calculated by the
Lenders and notified by them to the Facility Agent, between the actual cost for the Lenders of the funding for the Loan and the
rate of interest for the monies to be invested by the Lenders, applied to the amounts so prepaid for the period from the said prepayment
until the last day of the Interest Period during which the prepayment occurs (if prepayment does not occur on the last day of that
Interest Period), details of any such calculation being supplied to the Borrower by the Facility Agent on behalf of the Lenders;
or

 

		(ii)	for the account of SIMEST, if the Borrower elected a Fixed Interest Rate pursuant to Clause 6.1
(Fixed or Floating Interest Rate), the sum of charges (if any) imposed by SIMEST representing funding or breakage costs
of the Italian Authorities as more specifically set out in Clause 20 (Indemnities).

 

		(b)	For the avoidance of doubt, regardless of the date on which a voluntary prepayment is made, such
prepayment shall be paid together with all amounts payable in accordance with Clause 20.2 (Breakage costs and SIMEST arrangements)
and if a voluntary prepayment is made other than on the last day of an Interest Period, the prepayment shall be paid together with
such other amounts payable in accordance with Clauses 20.1 (Indemnities regarding borrowing and repayment of Loan) and 20.2
(Breakage costs and SIMEST arrangements).

 

		(c)	If the Borrower has selected the Fixed Interest Rate pursuant to Clause 6.1 (Fixed or Floating
Interest Rate), the SACE Agent shall give SIMEST thirty (30) days written notice of the intended date of prepayment.

 

		16.3	Mandatory prepayment – Sale and Total Loss

 

The Borrower shall be obliged
to prepay the whole of the Loan if the Ship is sold (without prejudice to Clause 12.9 (Disposals)) or becomes a Total Loss:

 

		(a)	in the case of a sale, on or before the date on which the sale is completed by delivery of the
Ship to the buyer; or

 

		(b)	in the case of a Total Loss, on the earlier of the date falling 120 days after the Total Loss Date
and the date of receipt by the Facility Agent or the Security Trustee (as the case may be) of the proceeds of insurance relating
to such Total Loss.

 

		16.4	Mandatory prepayment – SACE Insurance Policy

 

		(a)	The Borrower shall be obliged to prepay the whole of the Loan if it is or becomes unlawful for
SACE to perform or comply with any or all of its payment obligations pursuant to the SACE Insurance Policy, if the SACE Insurance
Policy is revoked, rescinded, cancelled, terminated, suspended or otherwise becomes unenforceable or ceases to be valid, binding
or in full force and effect.

 

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		(b)	In the event that any other event occurs or any other circumstances arise or develop which would
have a material adverse effect on SACE's ability to perform its obligations under the SACE Insurance Policy, the Borrower and the
Lenders shall, provided that no Event of Default has occurred and is continuing, negotiate in good faith for a period of not less
than 30 days with a view to agreeing such revised terms and conditions as the Lenders may require to enable the Lenders to maintain
the entire Loan (and during such 30 day period, no Lender shall be obliged to make available to the Borrower their portion of the
Loan to the extent such amounts have not already been drawn). In the event that following such negotiations the Borrower and the
Lenders fail to agree on such revised terms, the Borrower shall be obliged to prepay, on demand by the Facility Agent, the outstanding
principal amount of the Loan to the extent of the amount covered pursuant to the SACE Insurance Policy. If, during the period while
negotiations are on-going pursuant to this paragraph (b) (a) of
Clause 16.4 (Mandatory prepayment – SACE Insurance Policy) the events described in paragraph (b) of Clause 16.4
(Mandatory prepayment – SACE Insurance Policy) should occur, the Borrower shall be obliged to prepay the Loan in full
as required by paragraph (a) of Clause 16.4 (Mandatory prepayment – SACE Insurance Policy).

 

		16.5	Breach of new covenants or the Principles

 

		(a)	Failure to comply, until the end of the Deferral
Period, with the provisions of Clause 12.17 (Dividends and dividend restriction) and Clause 12.28 (New capital raises
or financing) or the provisions of paragraph (f) of clause 11.3 (Additional financial reporting), paragraph (c) of
clause 11.17 (Dividend restriction), clause 11.19 (New capital raises or financing) and clause 11.20 (Payments
under the Shipbuilding contacts) of the Guarantee, or to otherwise duly perform and observe the other requirements and obligations
set out in the Principles shall, in each case, not constitute an Event of Default under this Agreement but (in the case of any
failure that is capable of remedy (in the opinion of the Facility Agent, at its sole discretion) including any failure to comply
with such provisions, only if such failure is not remedied within the Relevant Period pursuant to Clause 18.4 (Breach of other
obligations) from the date of such failure to comply) shall result in the reinstatement by the Facility Agent from the date
of such breach of the requirement to comply with the financial covenants set out in paragraphs (b) and (c) of clause
11.15 (Financial covenants) of the Guarantee which was otherwise suspended during the Deferral Period.

 

		(b)	Save as permitted by Clause 12.28 (New capital
raises or financing), if at any time after the 2021 Deferral Effective Date:

 

		(i)	the Guarantor or any other Group member enters into
any financial contract or financial document relating to any Financial Indebtedness and which contains any debt deferral or covenant
waivers of existing debt, or the raising of any new debt intended to reimburse existing debt that benefits from additional security
or more favourable terms than those available to the Lenders (unless they are granted to the Lenders on a pari passu basis),
the requirement to comply with the financial covenants set out in paragraphs (b) and (c) of clause 11.15 (Financial
covenants) of the Guarantee which was otherwise suspended during the Deferral Period shall be reinstated; or

 

		(ii)	the Guarantor or any other Group member makes a prepayment
(save for any mandatory prepayment necessary to avoid an event of default (however defined)) of any Financial Indebtedness (unless
this is done on a pari passu basis with the obligations owed to the Lenders hereunder), the requirement to comply with the
financial covenants set out in paragraphs (b) and (c) of clause 11.15 (Financial covenants) of the Guarantee which
was otherwise suspended during the Deferral Period shall be reinstated.

 

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		16.6	16.5 Other amounts

 

Any prepayment of the whole of
the Loan shall be made together with all other sums due under this Agreement (including, without limitation, the compensation calculated
in accordance with Clause 16.2 (Voluntary prepayment)).

 

		16.7	16.6 Application of partial prepayment

 

Amounts prepaid shall be applied
in accordance with paragraph (b) of Clause 19.1 (Receipts).

 

		16.8	16.7 No reborrowing

 

Amounts prepaid may not be reborrowed.

 

		17	Interest on Late Payments

 

		17.1	Default rate of interest

 

Without prejudice to the provisions
of Clause 18 (Events of Default) and without this Clause in any way constituting a waiver of terms of payment, all sums
due by the Borrower under this Agreement will automatically bear interest on a day to day basis from the date when they are payable
until the date of actual payment at a rate per annum equal to the higher of:

 

		(a)	where the Floating Interest Rate is applicable, the aggregate of:

 

		(i)	Overnight LIBOR;

 

		(ii)	the applicable Margin; and

 

		(iii)	[*] per cent. ([*]% p.a.)
per annum; or

 

		(b)	where the Fixed Interest Rate is applicable, the higher of:

 

		(i)	the Fixed Interest Rate plus [*] per cent. ([*]% p.a.)
per annum; and

 

		(ii)	Overnight LIBOR plus the applicable Margin plus [*] per cent. ([*]% p.a.)
per annum.

 

		17.2	Compounding of default interest

 

To the extent permitted by applicable
law, any such interest will itself bear interest at the above rate if it is due for at least three (3) months and thereafter
at three monthly intervals.

 

		18	Events of Default

 

		18.1	Events of Default

 

An Event of Default occurs if
any of the events or circumstances described in Clauses 18.2 (Non-payment) to 18.20 (Material Adverse Change) occur.

 

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		18.2	Non-payment

 

Any Obligor fails to pay when
due or (if so payable) on demand any sum payable under a Finance Document or under any document relating to a Finance Document
and such failure is not remedied within three (3) Business Days of the due date or (if payable on demand) within three (3) Business
Days of receiving the demand.

 

		18.3	Non-remediable breaches

 

The Borrower fails to comply
with the provisions of Clauses 12.4 (Sanctions and Illicit payments), 12.5 (Prohibited payments) 12.8 (Negative
pledge), 12.9 (Disposals), 12.11 (Mergers) or 12.18 (Loans and guarantees by the Borrower).

 

		18.4	Breach of other obligations

 

		(a)	Any Obligor fails to comply with any provision of any Finance Document (other than a failure to
comply covered by any of the other provisions of Clauses 18.2 (Non-payment) to 18.20 (Material Adverse Change)) and
in particular but without limitation the Guarantor fails to comply with the provisions of clause 11 (Undertakings) of its
Guarantee or there is any material breach in the opinion of the Majority Lenders and SACE of any of the Underlying Documents provided
that (save in respect of Clause 12.27 (Code of Ethics and Model)) no Event of Default shall be deemed to have occurred if,
in the opinion of the Majority Lenders and SACE, such failure or material breach is capable of remedy and is remedied within the
Relevant Period (as defined below) from the date of its occurrence, if the failure or material breach was known to that Obligor,
or from the date the relevant Obligor is notified by the Facility Agent of the failure or material breach, if the failure or material
breach was not known to that Obligor, unless in any such case as aforesaid the Majority Lenders and SACE consider that the failure
or material breach is or could reasonably be expected to become materially prejudicial to the interests, rights or position of
the Lenders, "Relevant Period" meaning for the purposes of this Clause fifteen (15) days in respect of a remedy
period commencing after the date of thisthe
Original Facility Agreement.

 

		(b)	There is a repudiation or termination of any Transaction Document (save for the Shipbuilding Contract
and, to the extent replaced, any Management Agreement and any charter) or any of the parties thereto becomes entitled to terminate
or repudiate any of them and evidences an intention so to do.

 

		18.5	Misrepresentation

 

Any representation, warranty
or statement made or repeated in, or in connection with, any Transaction Document or the SACE Insurance Policy or in any accounts,
certificate, statement or opinion delivered by or on behalf of any Obligor thereunder or in connection therewith is materially
incorrect or misleading when made or would, if repeated at any time hereafter by reference to the facts subsisting at such time,
no longer be materially correct.

 

		18.6	Cross default

 

		(a)	Any event of default occurs under any financial contract or financial document relating to any
Financial Indebtedness of the Borrower.

 

		(b)	Any such Financial Indebtedness or any sum payable in respect thereof is not paid when due (after
the expiry of any applicable grace period(s)) whether by acceleration or otherwise.

 

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		(c)	Any other Financial Indebtedness of any member of the Group is not paid when due or is or becomes
capable of being declared due prematurely by reason of default or any Security Interest securing the same becomes enforceable by
reason of default provided that no Event of Default will arise if the aggregate amount of the relevant Financial Indebtedness and
liabilities secured by the relevant Security Interests is less than [*] Dollars ($[*]) or its equivalent in other currencies.;
or

 

		(d)	Any other Security Interest over any assets of any member of the Group securing any alleged liability
that does not qualify as Financial Indebtedness becomes enforceable where the alleged liability is in respect of a sum of, or sum
aggregating, [*] Dollars ($[*]) or its equivalent in other currencies, unless the alleged liability is being contested in good
faith by appropriate means by the relevant Group member and the Facility Agent is reasonably satisfied that the relevant member
of the Group has reasonable grounds for succeeding in its action.;

 

		(e)	No Event of Default will occur, or be deemed to have
occurred, under this Clause 18.6 (Cross default) if such Event of Default occurs during the Deferral Period (but without
prejudice to the rights of the Lenders in respect of any further breach that may occur following the expiry of the Deferral Period)
and is caused solely as a result of a breach of the financial covenants in respect of the Group equivalent to those set out in
paragraphs (b) and (c) of clause 11.15 (Financial Covenants) of the Guarantee, under, or in relation to, any other
SACE-backed facility agreement to which a Guarantor is a Party or has executed a guarantee and to which the Principles apply, unless
at the time of such Event of Default, an event resulting in mandatory prepayment of the Loan pursuant to Clause 16.3 (Mandatory
prepayment – sale and total loss) or Clause 16.4 (Mandatory prepayment – SACE insurance policy) has occurred.

 

		18.7	Winding-up

 

Any order is made or an effective
resolution passed or other action taken for the suspension of payments or reorganisation, dissolution, termination of existence,
liquidation, winding-up or bankruptcy of any Obligor.

 

		18.8	Appointment of liquidators etc.

 

A liquidator, trustee, administrator,
receiver, administrative receiver, manager or similar officer is appointed in respect of any Obligor or in respect of all or any
substantial part of the assets of any Obligor.

 

		18.9	Enforcement of any security

 

Any corporate action, legal proceeding
or other procedure or step is taken in relation to enforcement of any security interests over any assets of the Borrower.

 

		18.10	Insolvency

 

		(a)	An Obligor is unable or admits inability to pay its debts as they fall due, is deemed to or declared
to be unable to pay its debts under applicable law, suspends or threatens to suspend making payments on any of its debts.

 

		(b)	The value of the assets of any Obligor is less than its liabilities (taking into account contingent
liabilities).

 

		(c)	A moratorium in respect of all or any debts of any Obligor or a compromise, composition, assignment
or an arrangement with creditors of any Obligor or any similar proceeding or arrangement by which the assets of any Obligor are
submitted to the control of its creditors is applied for, ordered or declared or any Obligor commences negotiations with any one
or more of its creditors with a view to the general readjustment or rescheduling of all or a significant part of its Financial
Indebtedness. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

 

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		18.11	Legal process

 

Any corporate action, legal proceeding,
distress, execution, attachment or other process affects the whole or any substantial part of the assets of any Obligor and remains
undischarged for a period of thirty (30) days, any step is taken in relation to enforcement of any security interests over any
assets of any Obligor (other than the Borrower) or any uninsured judgment which, in each case, is in excess of [*] Dollars ($[*])
following final appeal, remains unsatisfied for a period of ten (10) days.

 

		18.12	Analogous events

 

Anything analogous to or having
a substantially similar effect to any of the events specified in Clauses 18.7 (Winding-up) to 18.11 (Legal process)
shall occur under the laws of any applicable jurisdiction.

 

		18.13	Cessation of business

 

Any Obligor ceases to carry on
all or a substantial part of its business.

 

		18.14	Revocation of consents

 

Any authorisation, approval,
consent, licence, exemption, filing, registration or notarisation or other requirement necessary to enable any Obligor to comply
with any of its obligations under any of the Transaction Documents is materially adversely modified, revoked or withheld or does
not remain in full force and effect and within ninety (90) days of the date of its occurrence such event is not remedied to the
satisfaction of the Facility Agent consider that such failure is or might be expected to become materially prejudicial to the interests,
rights or position of the Lenders provided that the Borrower shall not be entitled to the aforesaid ninety (90) day period if the
modification, revocation or withholding of the authorisation, approval or consent is due to an act or omission of any Obligor and
the Majority Lenders and SACE are satisfied that the Lenders' interests might reasonably be expected to be materially adversely
affected.

 

		18.15	Unlawfulness

 

At any time it is unlawful or
impossible for any Obligor to perform any of its material (to the Secured Parties or any of them) obligations under any Transaction
Document to which it is a party or it is unlawful or impossible for the Secured Parties or any Lender to exercise any of their
or its rights under any of the Transaction Documents provided that no Event of Default shall be deemed to have occurred where the
unlawfulness or impossibility does not relate to the payment obligation of any Obligor under any Transaction Document and is cured
within the period of twenty one (21) days of the date of occurrence of the event giving rise to the unlawfulness or impossibility
and the affected Obligor performs its obligation within such period.

 

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		18.16	Insurances

 

The Borrower fails to insure
the Ship in the manner specified in Clause 14 (Insurance Undertakings) or fails to renew the Insurances at least five (5) days
prior to the date of expiry thereof and produce prompt confirmation of such renewal to the Facility Agent provided that if the
insurers withdraw their cover an Event of Default shall be deemed to have occurred upon issue of the insurer's notice of withdrawal.

 

		18.17	Disposals

 

If the Borrower or any other
Obligor shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder,
delay or defraud its creditors or any of them, or made or suffered a transfer of any of its property which may be fraudulent under
any bankruptcy, fraudulent conveyance or similar law, or shall have made any transfer of its property to or for the benefit of
a creditor with the intention of preferring such creditor over any other creditor.

 

		18.18	Prejudice to security

 

Anything is done or suffered
or omitted to be done by any Obligor which in the reasonable opinion of the Facility Agent would or might be expected to imperil
the security created by any of the Finance Documents.

 

		18.19	Governmental intervention

 

The authority of any Obligor
in the conduct of its business is wholly or substantially curtailed by any seizure or intervention by or on behalf of any authority
and within ninety (90) days of the date of its occurrence any such seizure or intervention is not relinquished or withdrawn and
the Facility Agent reasonably considers that the relevant occurrence is or might be expected to become materially prejudicial to
the interests, rights or position of the Lenders provided that the Borrower shall not be entitled to the aforesaid ninety (90)
day period if the seizure or intervention executed by any authority is due to an act or omission of any Obligor and the Majority
Lenders and SACE are satisfied that the Lenders' interest might reasonably be expected to be materially adversely affected.

 

		18.20	Material Adverse Change

 

		(a)	Any event or circumstance occurs which results in a Material Adverse Effect.

 

		(b)	Any event or circumstance occurs (including, without limitation, following the sending of a notice
by the Borrower under paragraph (c) of Clause 12.27 (Code of Ethics and Model)), which results in a material adverse
effect on the ability of the Borrower, also under an economic and/or financial standpoint, to perform its obligations under this
Agreement.

 

		18.21	Actions following an Event of Default

 

On, or at any time after, the
occurrence of an Event of Default the Facility Agent may, and if so instructed by the Majority Lenders and SACE (acting through
the SACE Agent), the Facility Agent shall:

 

		(a)	serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender
to the Borrower under this Agreement are terminated; and/or

 

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		(b)	serve on the Borrower a notice stating that the Loan (including but without limitation the amount
representing the financed First Instalment and Second Instalment of the SACE Premium), all accrued interest and all other amounts
accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or

 

		(c)	take any other action which, as a result of the Event of Default or any notice served under paragraph
(a) or (b), the Facility Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.

 

		18.22	Termination of Commitments

 

On the service of a notice under
paragraph (a) of Clause 18.21 (Actions following an Event of Default), the Commitments and all other obligations of
each Lender to the Borrower under this Agreement shall terminate.

 

		18.23	Acceleration of Loan

 

On the service of a notice under
paragraph (b) of Clause 18.21 (Actions following an Event of Default), the Loan, all accrued interest and all other
amounts accrued or owing from the Borrower or any Obligor under this Agreement and every other Finance Document shall become immediately
due and payable or, as the case may be, payable on demand.

 

		18.24	Further amounts payable

 

Upon an acceleration of repayment
of the Loan following an Event of Default the Borrower shall be liable to pay compensation calculated in accordance with Clause
16.2 (Voluntary prepayment).

 

		18.25	Multiple notices; action without notice

 

The Facility Agent may serve
notices under paragraphs (a) and (b) of Clause 18.21 (Actions following an Event of Default) simultaneously or
on different dates and it may take any action referred to in paragraph (c) of Clause 18.21 (Actions following an Event
of Default) if no such notice is served simultaneously with or at any time after the service of both or either of such notices.

 

		18.26	Notification of Secured Parties and Obligors

 

The Facility Agent shall send
to the Italian Authorities, each Lender and each Obligor a copy or the text of any notice which the Facility Agent serves on the
Borrower under Clause 18.21 (Actions following an Event of Default); but the notice shall become effective when it
is served on the Borrower, and no failure or delay by the Facility Agent to send a copy or the text of the notice to any other
person shall invalidate the notice or provide any Obligor with any form of claim or defence.

 

		18.27	Lender's rights unimpaired

 

Nothing in this Clause 18 (Events
of Default) shall be taken to impair or restrict the exercise of any right given to individual Lenders under a Finance Document
or the general law; and, in particular, this Clause is without prejudice to Clauses 2.4 (Creditor Parties' rights and obligations)
and 2.6 (Obligations of Lenders several).

 

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	18.28	Exclusion of Secured Party liability

 

No Secured Party, and no receiver
or manager appointed by the Facility Agent, shall have any liability to an Obligor:

 

		(a)	for any loss caused by an exercise of rights under, or enforcement of a Security Interest created
by, a Finance Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or

 

		(b)	as mortgagee in possession or otherwise, for any income or principal amount which might have been
produced by or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the value
of such an asset.

 

	19	Application of Sums Received

 

	19.1	Receipts

 

	(a)	Except as any Finance Document may otherwise provide, all sums received under this Agreement or
any other Finance Document by the Facility Agent, on behalf of the Lenders, the SACE Agent, the Security Trustee, Receiver, Delegate
or by any of the Lenders for any reason whatsoever will be applied in the following order of priority:

 

		(i)	first, in discharging any unpaid fees, costs and expenses of, and any amounts owed to the Facility
Agent, SACE Agent, Security Trustee, any Receiver or any Delegate on a pro rata basis;

 

		(ii)	second, to payments of any kind due or in arrears in the order of their due payment dates due to
the Lenders and Joint Mandated Lead Arrangers in the following order of priority:

 

		(A)	first, to interest payable pursuant to Clause 17 (Interest on Late Payments);

 

		(B)	second, to interest payable pursuant to Clause 6 (Interest);

 

		(C)	third, to the principal of the Loan payable pursuant to Clause 5 (Repayment);

 

		(D)	fourth, to any sums due pursuant to Clause 20.2 (Breakage costs and SIMEST arrangements);
and

 

		(E)	fifth, to any other sums due under this Agreement or any other Finance Document,

 

and, if relevant, payments under
sub-paragraphs (a)(ii)(A) to
(a)(ii)(E)of sub-paragraph (ii) of paragraph (a) to
sub-paragraph (E) of sub-paragraph (ii) of paragraph (a) above, shall be made pro rata to each
of the Lenders and Joint Mandated Lead Arrangers as applicable.

 

		(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.

 

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		(c)	The Facility Agent shall, if so directed by the Lenders and subject to SACE’'s
prior written consent, vary the order set out in sub-paragraphs
(A) of sub-paragraph (ii) of paragraph (a)(ii)(A) to
sub-paragraph (D) of sub-paragraph (ii) of paragraph
(a)(ii)(D) above.

 

		(d)	Paragraphs (a), (b) and (c) above will override any appropriation made by an Obligor.

 

		20	Indemnities

 

		20.1	Indemnities regarding borrowing and repayment of Loan

 

		(a)	The Borrower shall fully indemnify the Facility Agent, SACE Agent, Security Trustee, any Delegate,
any Receiver, each Lender, SACE and SIMEST (but without double counting to the extent that a Lender is making a claim in respect
of amounts owing to SIMEST) on the Facility Agent's demand in respect of all costs, claims, expenses, liabilities and losses which
are made or brought against or incurred by that Secured Party, or which that Secured Party reasonably and with due diligence estimates
that it will incur, as a result of or in connection with:

 

		(i)	the Loan not being borrowed on the date specified in the Drawdown Notice for any reason other than
a default by the Lender claiming the indemnity;

 

		(ii)	the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the
last day of an Interest Period or other relevant period;

 

		(iii)	any failure (for whatever reason) by the Borrower to comply with its obligations to make payment
of any amount due under a Finance Document on the due date or, if so payable, on demand (after giving credit for any default interest
paid by the Borrower on the amount concerned under Clause 17 (Interest on Late Payments));

 

		(iv)	the occurrence and/or continuance of an Event of Default and/or the acceleration of repayment of
the Loan under Clause 18 (Events of Default);

 

		(v)	the taking, holding, protection or enforcement of a Security Interest;

 

		(vi)	the exercise of any of the rights, powers, discretions, authorities and remedies vested in the
Security Trustee, each Receiver and each Delegate by a Finance Document or by law;

 

		(vii)	any default by any Obligor in the performance of any of the obligations expressed to be assumed
by it in the Finance Documents; and

 

		(viii)	acting as Facility Agent, SACE Agent, Security Trustee, Receiver or Delegate under the Finance
Documents or which otherwise relates to any of the Security Interests or Security Property (otherwise, in each case, excluding
sub-paragraphs (v) and (vi) above, than by reason of the relevant Facility Agent's, Security Trustee's, Receiver's or
Delegate's Gross Negligence or wilful misconduct).

 

		(b)	The Security Trustee and every Receiver and Delegate may, in priority to any payment to the Secured
Parties, indemnify itself out of the Security Property in respect of, and pay and retain, all sums necessary to give effect to
the indemnity in this Clause 20.1 (Indemnities regarding borrowing and repayment of Loan) and shall have a lien on the Security
Interests and the proceeds of the enforcement of the Security Interests for all moneys payable to it.

 

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		20.2	Breakage costs and SIMEST arrangements

 

Without limiting its generality,
Clause 20.1 (Indemnities regarding borrowing and repayment of Loan) covers:

 

		(a)	any claim, expense, liability or loss, including a loss of a prospective profit, incurred by a
Lender in liquidating or employing deposits from third parties acquired or arranged to fund or maintain all or any part of its
Contribution and/or any overdue amount (or an aggregate amount which includes its Contribution or any overdue amount);

 

		(b)	if the Borrower has selected the Fixed Interest Rate in accordance with Clause 6.1 (Fixed or
Floating Interest Rate), the CIRR Break Costs; and

 

		(c)	any other costs whatsoever or howsoever arising under or in respect of the Interest Make-up Agreement
which are passed to the SACE Agent,

 

and any such costs imposed by
SIMEST shall be paid by the Borrower to SIMEST through the SACE Agent.

 

		20.3	Miscellaneous indemnities

 

The Borrower shall fully indemnify
each Secured Party severally on their respective demands in respect of all claims, expenses, liabilities and losses which may be
made or brought against or incurred by a Secured Party, in any country, as a result of or in connection with:

 

		(a)	any action taken, or omitted or neglected to be taken, under or in connection with any Finance
Document by the Facility Agent or any other Secured Party or by any receiver appointed under a Finance Document;

 

		(b)	any other Pertinent Matter,

 

other than claims, expenses,
liabilities and losses which are shown to have been directly and mainly caused by the relevant Secured Party’'s
(or its officers’'
or employees’')
Gross Negligence or wilful misconduct.

 

Without prejudice to its generality,
this Clause 20.3 (Miscellaneous indemnities) covers (i) any claims, expenses, liabilities and losses which arise, or
are asserted, under or in connection with any law relating to safety at sea, the ISM Code or any Environmental Laws or any Sanctions
and (ii) any claims, expenses, liabilities (including, without limitation, under a reputational standpoint) and losses which
arise, or are asserted, against CDP under or in connection with any breach by the Borrower of any of the provisions of paragraphs
(ll) to (pp) of Clause 11.2 (Continuing representations and warranties) and/or of Clause 12.27 (Code of Ethics and Model).

 

		20.4	Currency indemnity

 

If any sum due from an Obligor
to a Secured Party under a Finance Document or under any order or judgment relating to a Finance Document has to be converted from
the currency in which the Finance Document provided for the sum to be paid (the "Contractual Currency") into another
currency (the "Payment Currency") for the purpose of:

 

		(a)	making or lodging any claim or proof against an Obligor, whether in its liquidation, any arrangement
involving it or otherwise; or

 

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		(b)	obtaining an order or judgment from any court or other tribunal; or

 

		(c)	enforcing any such order or judgment, the Borrower shall indemnify
the Secured Party concerned against the loss arising when the amount of the payment actually received by that Secured Party is
converted at the available rate of exchange into the Contractual Currency.

 

In this Clause 20.4 (Currency
indemnity) the "available rate of exchange" means the rate at which the Secured Party concerned is able at
the opening of business (Paris time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency
with the Payment Currency.

 

This Clause 20.4 (Currency
indemnity) creates a separate liability of the Borrower which is distinct from its other liabilities under the Finance Documents
and which shall not be merged in any judgment or order relating to those other liabilities.

 

		20.5	Certification of amounts

 

A notice which is signed by 2
officers of a Secured Party, which states that a specified amount, or aggregate amount, is due to that Secured Party under this
Clause 20 (Indemnities) and which indicates (without necessarily specifying a detailed breakdown) the matters in respect
of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due.

 

		20.6	Sums deemed due to a Lender

 

For the purposes of this Clause
20 (Indemnities), a sum payable by the Borrower to the Facility Agent for distribution to a Lender shall be treated as a
sum due to that Lender.

 

		20.7	SACE obligations

 

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

 

		21	Illegality, etc.

 

		21.1	Illegality and Sanctions

 

This Clause 21 (Illegality, etc.)
applies if:

 

		(a)	a Lender (the "Notifying Lender") notifies the Facility Agent that:

 

		(i)	it is or becomes unlawful or contrary to any law, regulation (including Sanctions) – including
by way of civil, administrative or criminal liability - in any applicable jurisdiction for the Notifying Lender to perform any
of its obligations as contemplated by the Finance Documents or to fund its participation in the Loan; and/or

 

		(ii)	it is or becomes unlawful or contrary to any law, regulation (including Sanctions) – including
by way of civil, administrative or criminal liability - in any applicable jurisdiction for the Notifying Lender to maintain its
participation in the Loan; or

 

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		(b)	an Obligor is or becomes a Prohibited Person,

                                                                                 

                                                                                (such event, an "Illegality or Sanctions Event").

 

		21.2	Notification of illegality

 

The Borrower shall promptly notify
the Facility Agent of the occurrence of an event under paragraph (b) of
Clause 21.1(b) 21.1
above and the Facility Agent shall promptly notify the Lenders. The Facility Agent shall promptly notify the Borrower,
the Obligors and the other Lenders of the notice under Clause 21.1(a)paragraph
(a) of 21.1 which the Facility Agent receives from the Notifying Lender.

 

		21.3	Prepayment; termination of Commitment

 

		(a)	Upon the Facility Agent notifying the Borrower of an event under Clause
21.1(a)(i)sub-paragraph (i) of paragraph (a) of
Clause 21.1 (Illegality and Sanctions) above, the Notifying Lender’'s
Commitment will be immediately suspended and that Lender shall act in accordance with Clause 21.4 (Mitigation). To the extent
no alternative arrangements have been agreed in accordance with Clause 21.4 (Mitigation) within the earlier of (i) the
grace period permitted by law and (ii) a period of 15 Business Days from the date on which the Facility Agent became aware
of the event (or if the mitigation or grace period described above is not permissible under applicable Sanctions, immediately upon
the Facility Agent becoming aware of that event), the Notifying Lender may cancel, by notice to the Facility Agent (which notice
the Facility Agent shall promptly send to the Borrower), its available Commitment;

 

		(b)	upon the Facility Agent notifying the Borrower of an event under sub-paragraph
(ii) of paragraph (a) of Clause 21.1(a)(ii) (Illegality
and Sanctions) above, the Notifying Lender shall act in accordance with Clause 21.4 (Mitigation). To the
extent no alternative arrangements have been agreed in accordance with Clause 21.4 (Mitigation), within the earlier of (i) the
grace period permitted by law and (ii) a period of 15 Business Days from the date on which the Facility Agent became aware
of the event (or if the mitigation or grace period described above is not permissible under applicable Sanctions, immediately upon
the Facility Agent becoming aware of that event) the Notifying Lender may require prepayment of its share of any Loan, in which
case, that Lender's share of such Loan shall be prepaid in accordance with paragraph (d) below;

 

		(c)	upon the Borrower notifying the Facility Agent and the Facility Agent notifying the Lenders of
an event under paragraph (b) of Clause 21.1(b21.1
(Illegality and Sanctions) above, the Lenders shall act in accordance with Clause 21.4 (Mitigation). To
the extent no alternative arrangements have been agreed in accordance with Clause 21.4 (Mitigation), within the earlier
of (i) the grace period permitted by law and (ii) a period of 15 Business Days from the date on which the Facility Agent
became aware of the event (or if the mitigation or grace period described above is not permissible under applicable Sanctions,
immediately upon the Facility Agent becoming aware of that event) any Lender may cancel, by notice to the Facility Agent (which
notice the Facility Agent shall promptly send to the Borrower), its available Commitment and may require prepayment of its share
of any Loan, in which case, that Lender's share of such Loan shall be prepaid in accordance with paragraph (d) below;

 

		(d)	The date for repayment or prepayment of a Lender's share in the Loan will be:

 

		(i)	the date specified by the Facility Agent in the notification under Clause 21.2
21.2 (Notification of illegaility)
above; or

 

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		(ii)	the last day of the current Interest Period for the Loan or, if earlier, the date specified by
the Lender in the notification under paragraph (a) (a) above
and which must not be earlier than the last day of any applicable grace period allowed by law.

 

		21.4	Mitigation

 

		(a)	Each Creditor Party shall, in consultation with the Borrower, take all reasonable steps to mitigate
any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant
to Clause 21.1 (Illegality and Sanctions) or Clause 10 (Taxes, Increased Costs, Costs and related Charges) including
(but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.

 

		(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance
Documents.

 

		22	Set-Off

 

		22.1	Application of credit balances

 

Each Creditor Party may without
prior notice:

 

		(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account
in the name of the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due
from the Borrower to that Creditor Party under any of the Finance Documents; and

 

		(b)	for that purpose:

 

		(i)	break, or alter the maturity of, all or any part of a deposit of the Borrower;

 

		(ii)	convert or translate all or any part of a deposit or other credit balance into 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 22.1 (Application of credit balances); and those rights shall be without prejudice
and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party
is entitled (whether under the general law or any document).

 

		22.3	Sums deemed due to a Lender

 

For the purposes of this Clause
22 (Set-Off), a sum payable by the Borrower to the Facility Agent for distribution to, or for the account of, a Lender shall
be treated as a sum due to that Lender; and each Lender's proportion of a sum so payable for distribution to, or for the account
of, the Lenders shall be treated as a sum due to such Lender.

 

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		22.4	No Security Interest

 

This Clause 22 (Set-Off)
gives the Creditor Parties a contractual right of set-off only, and does not create any equitable charge or other Security Interest
over any credit balance of the Borrower.

 

		23	Bail-In

 

Notwithstanding any other term
of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each Party
acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents
may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

 

		(a)	any Bail-In Action in relation to any such liability, including (without limitation):

 

		(i)	a reduction, in full or in part, in the principal amount, or outstanding amount due (including
any accrued but unpaid interest) in respect of any such liability;

 

		(ii)	a conversion of all, or part of, any such liability into shares or other instruments of ownership
that may be issued to, or conferred on, it; and

 

		(iii)	a cancellation of any such liability; and

 

		(b)	a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-in
Action in relation to any such liability.

 

		24	Changes to the Lenders

 

		24.1	Transfer by a Lender

 

Subject to Clause 24.2 (Conditions
of assignment or transfer), Clause 24.5 (No transfer without Transfer Certificate), Clause 24.17 (Assignment or transfer
to SACE) and Clause 24.14 (Change of Facility Office), a Lender (the "Transferor Lender") may at any
time provided they have obtained the prior written consent of the Italian Authorities cause:

 

		(a)	its rights in respect of all or part of its Contribution; or

 

		(b)	its obligations in respect of all or part of its Commitment; or

 

		(c)	a combination of (a) and (b),

                                                                                 

                                                                                to be (in the case of its rights) transferred to, or (in the case of its obligations) assumed by, in whole or in part any of its Affiliates or another bank or financial institution or a trust, fund, insurance or reinsurance company or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (a "Transferee Lender") by delivering to the Facility Agent a completed certificate in the form set out in Schedule 4 (Form of Transfer Certificate) with any modifications approved or required by the Facility Agent (a "Transfer Certificate") executed by the Transferor Lender and the Transferee Lender.

 

However any rights and obligations
of the Transferor Lender in its capacity as Facility Agent or Security Trustee will have to be dealt with separately in accordance
with the provisions of Clauses 26 (Role of the Facility Agent and the Joint Mandated Lead Arrangers) and 27 (The Security
Trustee) respectively.

 

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		24.2	Conditions of assignment or transfer

 

		(a)	The consent of the Borrower is required at all times (subject to the provisions of Clauses 24.5
(No transfer without Transfer Certificate) and 24.17 (Assignment or transfer to SACE))
for an assignment or transfer by an Transferor Lender, unless (i) there is an Event of Default or (ii) the assignment
or transfer is to another Lender or an Affiliate of a Lender or a vehicle (including trusts or funds) whose majority shares or
notes are held by a Lender or an Affiliate of a Lender.

 

		(b)	The consent of the Borrower to an assignment or transfer must not be unreasonably withheld or delayed.
The Borrower will be deemed to have given its consent ten (10) Business Days after the Transferor Lender has requested it
unless consent is expressly refused by that Borrower within that time.

 

		(c)	The assignment or transfer must be with respect to a minimum Commitment of [*] Dollars ($[*]) or,
if less, the Transferor Lender's full Commitment.

 

		24.3	Transfer Certificate, delivery and notification

 

As soon as reasonably practicable
after a Transfer Certificate is delivered to the Facility Agent, it shall (unless it has reason to believe that the Transfer Certificate
may be defective):

 

		(a)	sign the Transfer Certificate on behalf of itself, the Borrower, any other Obligors, the Security
Trustee and each of the other Lenders;

 

		(b)	on behalf of the Transferee Lender, send to the Borrower and each Obligor letters or faxesemails
notifying them of the Transfer Certificate and attaching a copy of it; and

 

		(c)	send to the Transferee Lender copies of the letters or faxesemails
sent under paragraph (b) above, but the Facility Agent shall
only be obliged to execute a Transfer Certificate delivered to it by the Transferor Lender and the Transferee Lender once it is
satisfied that itself and the Security Trustee have complied with all necessary "know your customer" or other similar
checks under all applicable laws and regulations in relation to the transfer to that Transferee Lender.

 

		24.4	Effective Date of Transfer Certificate

 

A Transfer Certificate becomes
effective on the date, if any, specified in the Transfer Certificate as its effective date, provided that it is signed by the Facility
Agent under Clause 24.3 (Transfer Certificate, delivery and notification) on or before that date.

 

		24.5	No transfer without Transfer Certificate

 

Except as provided in Clause
24.16 (Security over Lenders' rights), no assignment or transfer of any right or obligation of a Lender under any Finance
Document is binding on, or effective in relation to, the Borrower, any Obligor, the Facility Agent or the Security Trustee unless
it is effected, evidenced or perfected by a Transfer Certificate.

 

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		24.6	Lender re-organisation; waiver of Transfer Certificate

 

However, if a Lender enters
into any merger, de-merger or other reorganisation as a result of which all its rights or obligations vest in another person (the
 "successor"), the Facility Agent may, if it sees fit, by notice to the successor and the Borrower and the Security
Trustee waive the need for the execution and delivery of a Transfer Certificate; and, upon service of the Facility Agent's notice,
the successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender.

 

		24.7	Effect of Transfer Certificate

 

A Transfer Certificate takes
effect in accordance with English law as follows:

 

		(a)	to the extent specified in the Transfer Certificate, all rights and interests (present, future
or contingent) which the Transferor Lender has under or by virtue of the Finance Documents are assigned to the Transferee Lender
absolutely, free of any defects in the Transferor Lender's title and of any rights or equities which the Borrower or any Obligor
had against the Transferor Lender;

 

		(b)	the Transferor Lender's Commitment is discharged to the extent specified in the Transfer Certificate;

 

		(c)	the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor
Lender and a Commitment of an amount specified in the Transfer Certificate;

 

		(d)	the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable
to the Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and the indemnification
of, the Facility Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions
(other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them;

 

		(e)	any part of the Loan which the Transferee Lender advances after the Transfer Certificate's effective
date ranks in point of priority and security in the same way as it would have ranked had it been advanced by the Transferor Lender,
assuming that any defects in the Transferor Lender’'s
title and any rights or equities of the Borrower or any Obligor against the Transferor Lender had not existed;

 

		(f)	the Transferee Lender becomes entitled to all the rights under the Finance Documents which are
applicable to the Lenders generally, including but not limited to those relating to the Majority Lenders and those under paragraph
(b) of Clause 6.6 (Unavailability of Screen RateClause
6.8 (Market Disruption) and Clause 9 (Fees), and to the extent that the Transferee Lender becomes entitled
to such rights, the Transferor Lender ceases to be entitled to them; and

 

		(g)	in respect of any breach of a warranty, undertaking, condition or other provision of a Finance
Document or any misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to
recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether
the original Lender would have incurred a loss of that kind or amount.

 

The rights and equities of the
Borrower or any Obligor referred to above include, but are not limited to, any right of set off and any other kind of cross-claim.

 

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		24.8	Maintenance of register of Lenders

 

During the Security Period the
Facility Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative details
(including the Facility Office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance
with Clause 24.4 (Effective Date of Transfer Certificate)) of the Transfer Certificate; and the Facility Agent shall make
the register available for inspection by any Lender, the Security Trustee and the Borrower during normal banking hours, subject
to receiving at least 3 Business Days' prior notice.

 

		24.9	Reliance on register of Lenders

 

The entries on that register
shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the amounts of their Commitments
and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Facility Agent and the other parties
to the Finance Documents for all purposes relating to the Finance Documents.

 

		24.10	Authorisation of Facility Agent to sign Transfer Certificates

 

The Borrower, the Security Trustee
and each Lender irrevocably authorise the Facility Agent to sign Transfer Certificates on its behalf.

 

		24.11	Fees and Costs

 

In respect of any Transfer Certificate:

 

		(a)	the Facility Agent shall be entitled to recover a registration fee of five thousand Euros (€5,000)
from the Transferor Lender or (at the Facility Agent's option) the Transferee Lender;

 

		(b)	the Transferee Lender shall pay to the Facility Agent, upon demand, all reasonable costs and expenses,
duties and fees, including but without limitation legal costs and out of pocket expenses, incurred by the Facility Agent or the
Lenders in connection with any necessary amendment to or supplementing of the Transaction Documents or any of them or the SACE
Insurance Policy as a consequence of the assignment or transfer; and

 

		(c)	the Transferee Lender shall pay to the Facility Agent, upon demand, such amount as is payable to
the Italian Authorities to cover its costs of giving its approval under Clause 24.1 (Transfer by a Lender).

 

		24.12	Sub-participation; subrogation assignment

 

A Lender may sub-participate
all or any part of its rights and/or obligations under or in connection with the Finance Documents without the consent of, or any
notice to, the Borrower, any Obligor, the Facility Agent or the Security Trustee but with the prior written consent of SACE.

 

		24.13	Disclosure of information

 

A Lender may disclose to a potential
Transferee Lender or sub participant any information which the Lender has received in relation to the Borrower, any Obligor or
their affairs under or in connection with any Finance Document, unless the information is clearly of a confidential nature.

 

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		24.14	Change of Facility Office

 

Subject to the prior written
consent of SACE, a Lender may change its Facility Office by giving notice to the Facility Agent and the change shall become effective
on the later of:

 

		(a)	the date on which the Facility Agent receives the notice; and

 

		(b)	the date, if any, specified in the notice as the date on which the change will come into effect,
provided that if (i) a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes
its Facility Office, and (ii) as a result of circumstances existing at the date the assignment, transfer or change occurs,
an Obligor would be obliged to make a payment or an increased payment to the new Lender or Lender acting through its new Facility
Office under Clause 10 (Taxes, Increased Costs, Costs and related Charges), then the new Lender or Lender acting through
its new Facility Office is only entitled to receive payment under that Clause to the same extent as the existing Lender or Lender
acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.

 

		24.15	Notification

 

On receiving such a notice, the
Facility Agent shall notify the Borrower and the Security Trustee; and, until the Facility Agent receives such a notice, it shall
be entitled to assume that a Lender is acting through the Facility Office of which the Facility Agent last had notice.

 

		24.16	Security over Lenders' rights

 

In addition to the other rights
provided to Lenders under this Clause 24 (Changes to the Lenders) each Lender may without consulting with or obtaining consent
from the Borrower or any Obligor but subject to the prior written consent of SACE, at any time charge, assign or otherwise create
a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document
to secure obligations of that Lender (i) to the benefit of any Affiliate and/or (ii) within the framework of its, or
its Affiliates’',
direct or indirect funding operations including, without limitation:

 

		(a)	any charge, assignment or other Security Interest to secure obligations to a federal reserve, central
bank or a multilateral development bank (including the European Investment Bank and the European Investment Fund); and

 

		(b)	in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted
to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security
for those obligations or securities;

 

except that no such charge, assignment
or Security Interest shall:

 

		(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
of the relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents; or

 

		(ii)	alter the obligations of the Obligor or require any payments to be made by the Borrower or any
Obligor or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under
the Finance Documents.

 

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Notwithstanding any provision
to the contrary, upon the enforcement of any charge, assignment or other Security Interest referred to in paragraph (a) (a) above,
the beneficiary thereof (the “"Beneficiary”")
shall deliver a notice of that enforcement to the Facility Agent (such notice to take effect in accordance with its terms) and
the Beneficiary shall, upon fulfilment of the conditions referred to in Clauses 24.2 and 24.3, become party as a new Lender in
respect of the rights which are subject to that charge, assignment or Security Interest.

 

The Borrower shall comply with
all necessary formalities, if any, and take all steps necessary in order to ensure the enforceability, recognition, priority and
enforcement of the charge, assignment or Security Interest granted pursuant to this Clause 24.16.

 

		24.17	Assignment or transfer to SACE or as directed by SACE

 

		(a)	Notwithstanding the above provisions of this Clause 24 (Changes to the Lenders) each Lender
and the Facility Agent may, if so requested by SACE in accordance with the provisions of the SACE Insurance Policy and without
any requirement for the consent of any Obligor, assign its rights or (as the case may be) transfer its rights and obligations to
SACE or to any person specified by SACE (but for the avoidance of doubt, SACE will not assume any of the Lenders' obligations (if
any) under this Agreement), which assignment or transfer shall take effect upon the date stated in the relevant documentation subject
to the relevant parties being satisfied that they have complied with all necessary “"know
your customer”"
requirements in relation to such assignment or transfer.

 

		(b)	The Facility Agent shall promptly notify the Borrower of any such assignment or transfer to SACE
(or as directed by SACE) and, following an Event of Default, the Borrower shall pay to the Facility Agent, upon demand, all reasonable
costs and expenses, duties and fees, including but without limitation, legal costs and out of pocket expenses, incurred by SACE,
the Facility Agent or the Lenders in connection with any such assignment or transfer.

 

		24.18	Assignment or transfer by SACE

 

		(a)	SACE may, without any requirement for the consent of any Obligor, assign its rights or (as the
case may be) transfer its rights under this Agreement, the Finance Documents or the SACE Insurance Policy to:

 

		(i)	providers of reinsurance, counter-guarantee or any form of risk enhancement (in each case, in favour
of SACE);

 

		(ii)	pursuant to article 32 of the Italian law decree no. 91/2014 converted into law 116/2014; or

 

		(iii)	following any payment under the SACE Insurance Policy, any person.

 

		(b)	The Facility Agent shall promptly notify the Obligors of such assignment or transfer by SACE and,
following an Event of Default, the Obligors shall pay to the Facility Agent, within three (3) Business Days of a demand, all
reasonable costs and expenses, duties and fees, including but without limitation, legal costs and out of pocket expenses, incurred
by SACE, the Facility Agent or the Lenders in connection with any such assignment or transfer.

 

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		24.19	No prejudice to SACE rights

 

Nothing in the Finance Documents
shall prejudice or otherwise limit:

 

		(a)	the rights of any Lender to assign its rights or transfer its rights and obligations, under or
in connection with, any Finance Document, to SACE or as directed by SACE, or the rights of SACE to assign its rights or (as the
case may be) transfer its rights and obligations pursuant to Clause 24.18 (Assignment or transfer by SACE); and

 

		(b)	the right of SACE to be subrogated to any Lender's rights under, or in connection with, any Finance
Document.

 

		24.20	SACE's power to direct

 

		(a)	The Creditor Parties agree and the Obligors acknowledge that SACE has the right to direct the decision
making of the Facility Agent, including (without limitation) following an Event of Default; and

 

		(b)	to the extent SACE makes any payment to the Creditor Parties under the SACE Insurance Policy in
respect of principal and/or following an assignment or transfer pursuant to Clause 24.17 (Assignment or transfer to SACE or
as directed by SACE) or Clause 24.18 (Assignment or transfer by SACE), SACE shall be entitled to exercise all voting
rights with respect to the relevant principal as if the relevant corresponding Commitment had been transferred to it.

 

		24.21	Definition of Affiliate

 

For the purposes of this Clause
24 (Changes to the Lenders), the definition of "Affiliate" in respect of Crédit Agricole Corporate and
Investment Bank shall, for the avoidance of doubt, include any other member of Crédit Agricole Group, and in particular:

 

		(a)	Crédit Agricole S.A.;

 

		(b)	Caisses Régionales de Crédit Agricole;

 

		(c)	Crédit Agricole Assurances;

 

		(d)	LCL SA; and/or

 

		(e)	any company or legal entity in which one or more of the companies or entities referred to in paragraphs
(a) to (d) above, together or separately, owns a direct majority interest.

 

		25	Changes to the Obligors

 

		25.1	No change without consent

 

No Obligor may assign any of
its rights or transfer any of its rights or obligations under the Finance Documents.

 

		26	Role of the Facility Agent, the Joint Mandated Lead
Arrangers, the SACE Agent and the Reference Banks

 

		26.1	Appointment of the Facility Agent

 

		(a)	Each other Creditor Party appoints the Facility Agent to act as its agent under and in connection
with this Agreement, the other Finance Documents and the Interest Make-Up Agreement.

 

		(b)	Each other Creditor Party authorises the Facility Agent to exercise the rights, powers, authorities
and discretions specifically given to the Facility Agent under or in connection with the Finance Documents together with any other
incidental rights, powers, authorities and discretions.

 

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		26.2	Duties of the Facility Agent

 

		(a)	The Facility Agent shall promptly forward to a Party the original or a copy of any document which
is delivered to the Facility Agent for that Party by any other Party.

 

		(b)	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged
to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(c)	If the Facility Agent receives notice from a Party referring to this Agreement, describing an Event
of Default and stating that the circumstance described is an Event of Default, it shall promptly notify the other Secured Parties.

 

		(d)	If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or
other fee payable to a Secured Party (other than the Facility Agent or a Joint Mandated Lead Arranger) under this Agreement it
shall promptly notify the other Secured Parties.

 

		(e)	The Facility Agent's duties under the Finance Documents are solely administrative in nature.

 

		26.3	Role of Joint Mandated Lead Arrangers

 

None of the Joint Mandated Lead
Arrangers has any obligations of any kind to any other Party under or in connection with any Transaction Document, the Interest
Make-Up Agreement or the SACE Insurance Policy.

 

		26.4	No fiduciary duties

 

		(a)	Nothing in this Agreement constitutes the Facility Agent or any of the Joint Mandated Lead Arrangers
as a trustee or fiduciary of any other person.

 

		(b)	Neither the Facility Agent nor any of the Joint Mandated Lead Arrangers shall be bound to account
to any Lender for any sum or the profit element of any sum received by it for its own account.

 

		26.5	Business with the Guarantor

 

The Facility Agent and each of
the Joint Mandated Lead Arrangers may accept deposits from, lend money to and generally engage in any kind of banking or other
business with any Affiliate or Subsidiary of the Guarantor.

 

		26.6	Rights and discretions of the Facility Agent

 

		(a)	The Facility Agent may rely on:

 

		(i)	any representation, notice or document believed by it to be genuine, correct and appropriately
authorised; and

 

		(ii)	any statement made by a director, manager, authorised signatory or employee of any person regarding
any matters which may reasonably be assumed to be within his knowledge or within his power to verify.

 

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		(b)	The Facility Agent may assume (unless it has received notice to the contrary in its capacity as
agent for the Lenders) that:

 

		(i)	no Event of Default has occurred (unless it has actual knowledge of an Event of Default); and

 

		(ii)	any right, power, authority or discretion vested in any Party or the Lenders has not been exercised.

 

		(c)	The Facility Agent may engage, pay for and rely on the advice or services of any lawyers, accountants,
surveyors or other experts.

 

		(d)	The Facility Agent may act in relation to the Finance Documents through its personnel and agents.

 

		(e)	The Facility Agent may disclose to any other Party any information it reasonably believes it has
received as the Facility Agent under this Agreement.

 

		(f)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility
Agent nor any of the Joint Mandated Lead Arrangers is obliged to do or omit to do anything if it would or might in its reasonable
opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

 

		26.7	Lenders' and SACE's instructions

 

		(a)	Unless a contrary indication appears in a Finance Document, the Facility Agent (and in the case
of SACE, the SACE Agent) shall:

 

		(i)	exercise any right, power, authority or discretion vested in it as Facility Agent (or as SACE Agent
as the case may be) in accordance with any instructions given to it by the Majority Lenders (or in the case of the SACE Agent,
by SACE) (or, if so instructed by the Majority Lenders or, in the case of the SACE Agent, by SACE, refrain from exercising any
right, power, authority or discretion vested in it as the Facility Agent or as the SACE Agent (as the case may be)); and

 

		(ii)	not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance
with an instruction of the Majority Lenders and/or SACE (as applicable).

 

		(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority
Lenders and SACE will be binding on all the Secured Parties.

 

		(c)	The Facility Agent (and the SACE Agent as regards SACE) may refrain from acting in accordance with
the instructions of the Majority Lenders and SACE until it has received such security as it may require for any cost, loss or liability
(together with any associated VAT) which it may incur in complying with the instructions.

 

		(d)	In the absence of instructions from the Majority Lenders and SACE, the Facility Agent (or the SACE
Agent as the case may be) may act (or refrain from taking action) as it considers to be in the best interest of the Secured Parties.

 

		(e)	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that
Lender's consent) in any legal or arbitration proceedings relating to any Finance Document.

 

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		(f)	Notwithstanding anything to the contrary, the Lenders agree that if the Facility Agent (acting
in its sole discretion) is of the opinion that or if any Lender notifies the Facility Agent that it is of the opinion that, the
prior approval of the Italian Authorities should be obtained in relation to the exercise or non-exercise by the Facility Agent
or the Lenders of any power, authority or discretion specifically given to them under or in connection with the Finance Documents
or in relation to any other incidental rights, powers, authorities or discretions, then the SACE Agent shall seek such approval
of the Italian Authorities prior to such exercise or non-exercise.

 

		26.8	Responsibility for documentation

 

The Facility Agent is not responsible
for:

 

		(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied
by the Facility Agent, a Joint Mandated Lead Arranger, an Obligor or any other person given in or in connection with any Transaction
Document, the SACE Insurance Policy or the Interest Make-Up Agreement; nor for

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document the
SACE Insurance Policy or the Interest Make-Up Agreement or any other agreement, arrangement or document entered into, made or executed
in anticipation of or in connection with any Transaction Document, the SACE Insurance Policy or the Interest Make-up Agreement.

 

		26.9	Exclusion of liability

 

		(a)	Without limiting paragraph (b) of Clause 26.9 (Exclusion of liability), the Facility
Agent will not be liable for any action taken by it under or in connection with any Finance Document, the SACE Insurance Policy
or the Interest Make-Up Agreement, unless directly caused by its Gross Negligence or wilful misconduct.

 

		(b)	No Party (other than the Facility Agent) may take any proceedings against any officer, employee
or agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission
of any kind by that officer, employee or agent in relation to any Finance Document, the SACE Insurance Policy or the Interest Make-Up
Agreement and any officer, employee or agent of the Facility Agent may rely on this Clause subject to Clause 37.4
36.4 (Third party rights) and the
provisions of the Third Party Act.

 

		(c)	The Facility Agent will not be liable for any delay (or any related consequences) in crediting
an account with an amount required under the Finance Documents, the SACE Insurance Policy or the Interest Make-Up Agreement to
be paid by the Facility Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with
the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that purpose.

 

		(d)	Nothing in this Agreement shall oblige the Facility Agent or a Joint Mandated Lead Arranger to
carry out any "know your customer" or other checks in relation to any person on behalf of any Lender and each Lender
confirms to the Facility Agent and the Joint Mandated Lead Arrangers that it is solely responsible for any such checks it is required
to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent or a Joint Mandated
Lead Arranger.

 

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		26.10	Lenders' indemnity to the Facility Agent

 

Each Lender shall (in proportion
to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately
prior to their reduction to zero) indemnify the Facility Agent, within three (3) Business Days of demand, against any cost,
loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent's Gross Negligence or wilful
misconduct) in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by an Obligor
pursuant to a Finance Document).

 

		26.11	Resignation of the Facility Agent

 

		(a)	The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to
the other Creditor Parties, the Borrower and SACE and with the consent of SACE.

 

		(b)	Alternatively the Facility Agent may resign by giving notice to the other Secured Parties and the
Borrower, in which case the Lenders (after consultation with the Borrower and the prior consent of SACE) may appoint a successor
Facility Agent.

 

		(c)	If the Lenders have not appointed a successor Facility Agent in accordance with paragraph (b) of
Clause 26.11 (Resignation of the Facility Agent) within thirty (30) days after notice of resignation was given, the
Facility Agent (after consultation with the Borrower and SACE) may appoint a successor Facility Agent.

 

		(d)	The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent
such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes
of performing its functions as Facility Agent under the Finance Documents.

 

		(e)	The Facility Agent's resignation notice shall only take effect upon the appointment of a successor.

 

		(f)	Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further
obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 26 (Role of the Facility
Agent and the Joint Mandated Lead Arrangers). Its successor and each of the other Parties shall have the same rights and obligations
amongst themselves as they would have had if such successor had been an original Party.

 

		(g)	After consultation with the Italian Authorities, the Majority Lenders may, subject to the prior
consent of the Italian Authorities, by notice to the Facility Agent, require it to resign in accordance with paragraph (b) of
Clause 26.11 (Resignation of the Facility Agent). In this event, the Facility Agent shall resign in accordance with paragraph
(b) of Clause 26.11 (Resignation of the Facility Agent) but the cost referred to in paragraph (d) above shall
be for the account of the Borrower.

 

		(h)	The appointment of a successor Facility Agent pursuant to this Clause 26.11 (Resignation of
the Facility Agent) shall be subject to compliance with all necessary "know your customer" requirements of the Lenders.

 

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		26.12	Confidentiality

 

		(a)	In acting as agent for the Secured Parties, the Facility Agent shall be regarded as acting through
its agency division which shall be treated as a separate entity from any other of its divisions or departments.

 

		(b)	If information is received by another division or department of the Facility Agent, it may be treated
as confidential to that division or department and the Facility Agent shall not be deemed to have notice of it.

 

		26.13	Relationship with the Lenders

 

The Facility Agent may treat
each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received
not less than five (5) Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

 

		26.14	Credit appraisal by the Lenders

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to
the Facility Agent and each of the Joint Mandated Lead Arrangers that it has been, and will continue to be, solely responsible
for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document
including but not limited to:

 

		(a)	the financial condition, status and nature of the Guarantor and each Subsidiary of the Guarantor;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any
other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document;

 

		(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance
Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Finance Document;

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Facility Agent, any
Party or by any other person under or in connection with any Finance Document, the transactions contemplated by the Finance Documents
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and

 

		(e)	the right or title of any person in or to or the value or sufficiency of any part of the Charged
Property, the priority of any Security Interests or the existence of any Security Interest affecting the Charged Property.

 

		26.15	Deduction from amounts payable by the Facility Agent

 

If any Party owes an amount to
the Facility Agent under the Finance Documents the Facility Agent may, after giving notice to that Party, deduct an amount not
exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the Finance
Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents
that Party shall be regarded as having received any amount so deducted.

 

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		26.16	Full freedom to enter into transactions

 

Notwithstanding any rule of
law or equity to the contrary, the Facility Agent shall be absolutely entitled:

 

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind
with or affecting any Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent
and/or security agent for, and/or participating in, other facilities to such Obligor or any person who is party to, or referred
to in, a Finance Document);

 

		(b)	to deal in and enter into and arrange transactions relating to:

 

		(i)	any securities issued or to be issued by any Obligor or any other person; or

 

		(ii)	any options or other derivatives in connection with such securities; and

 

		(c)	to provide advice or other services to the Borrower or any person who is a party to, or referred
to in, a Finance Document,

 

and, in particular, the Facility
Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and
in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing
legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from
disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its
sole benefit all profits and benefits derived from the dealings transactions or other matters.

 

		26.17	SACE Agent, SACE Insurance Policy and Interest Make-Up Agreement

 

With the prior written consent
of each of the Lenders, the SACE Agent (with a copy to the Facility Agent) may require SACE or SIMEST to amend or modify the SACE
Insurance Policy and the Interest Make-up Agreement provided that such amendments are not inconsistent with the commercial terms
of this Agreement, otherwise, the SACE Agent (with a copy to the Facility Agent) undertakes not to require SACE or SIMEST to amend
or modify the SACE Insurance Policy or the Interest Make-up Agreement.

 

		26.18	Resignation of the Facility Agent in relation to FATCA

 

The Facility Agent shall resign
in accordance with Clause 26.11 (Resignation of the Facility Agent) (and, to the extent applicable, shall use reasonable
endeavours to appoint a successor Facility Agent pursuant to paragraph (c) of Clause 26.11 (Resignation of the Facility
Agent)) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to
the Facility Agent under the Finance Documents, either:

 

		(a)	the Facility Agent fails to respond to a request under Clause 10.9 (FATCA Information) and
a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that
FATCA Application Date;

 

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		(b)	the information supplied by the Facility Agent pursuant to Clause 10.9 (FATCA Information)
indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date; or

 

		(c)	the Facility Agent notifies the Borrower and the Lenders that the Facility Agent will not be (or
will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;,

 

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

 

		26.19	No duty to monitor

 

The Facility Agent shall not
be bound to enquire:

 

		(a)	whether or not any Event of Default has occurred;

 

		(b)	as to the performance, default or any breach by any Party of its obligations under any Finance
Document; or

 

		(c)	whether any other event specified in any Finance Document has occurred.

 

		26.20	Appointment of the SACE Agent

 

		(a)	Each Lender and each Joint Mandated Lead Arranger irrevocably appoints the SACE Agent to act as
its agent under and in connection with:

 

		(i)	the SACE Insurance Policy; and

 

		(ii)	the Finance Documents in relation to matters involving SACE, SIMEST and the SACE Insurance Policy.

 

		(b)	Each Lender and each Joint Mandated Lead Arranger irrevocably authorises the SACE Agent to:

 

		(i)	perform the duties, obligation and responsibilities and exercise the rights, powers, authorities
and discretions specifically given to the SACE Agent under or in connection with the Finance Documents and the SACE Insurance Policy,
together with any other incidental rights, powers, authorities and discretions; and

 

		(ii)	execute the SACE Insurance Policy.

 

		26.21	Application of certain Clauses

 

The provisions of Clauses 26.2
(Duties of the Facility Agent), 26.4 (No fiduciary duties), 26.6 (Rights and discretions of the Facility Agent),
26.7 (Lenders' and SACE's instructions) 26.8 (Responsibility for documentation), 26.9 (Exclusion of liability),
26.10 (Lenders' indemnity to the Facility Agent), 26.11 (Resignation of the Facility Agent), 26.12 (Confidentiality),
26.13 (Relationship with the Lenders), 26.14 (Credit appraisal by the Lenders), 26.16 (Full freedom to enter into
transactions), 26.19 (No duty to monitor) and 27.23 (Business with the Group) shall apply in respect of the SACE
Agent in its capacity as such as if each reference to the Facility Agent (or Security Trustee in the case of Clause 27.23 (Business
with the Group)) were a reference to the SACE Agent and each reference to the Finance Documents or Transaction Documents included
a reference to the SACE Insurance Policy.

 

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		26.22	Role of Reference Banks

 

		(a)	No Reference Bank is under any obligation to provide a quotation or any other information to the
Facility Agent.

 

		(b)	No Reference Bank will be liable for any action taken by it under or in connection with any Finance
Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.

 

		(c)	No Party (other than the relevant Reference Bank) may take any proceedings against any officer,
employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any
act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation,
and any officer, employee or agent of each Reference Bank may rely on this Clause 26.22 (Role of Reference Banks) subject
to Clause 37.4 36.4
(Third party rights) and the provisions of the Third Parties Act.

 

		26.23	Third Party Reference Banks

 

A Reference Bank which is not
a Party may rely on Clause 26.22 (Role of Reference Banks) and Clause 34 41
(Confidentiality of Funding Rates and Reference Bank Quotations) subject to Clause 37.4
36.4 (Third party rights) and the
provisions of the Third Parties Act.

 

		27	The Security Trustee

 

		27.1	Trust

 

		(a)	The Security Trustee declares that it shall hold the Security Property on trust for the Secured
Parties on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause 27 (The
Security Trustee) and the other provisions of the Finance Documents.

 

		(b)	Each of the parties to this Agreement agrees that the Security Trustee shall have only those duties,
obligations and responsibilities expressly specified in this Agreement or in the Finance Documents (and no others shall be implied).

 

		(c)	The Security Trustee shall not have any liability to any person in respect of its duties, obligations
and responsibilities under this Agreement or the other Finance Documents except as expressly set out in paragraph (a) of Clause
27.1 (Trust) and as excluded or limited by this Clause 27 (The Security Trustee) including in particular Clause 27.8
(Instructions to Security Trustee and exercise of discretion), Clause 27.13 (Responsibility for documentation), Clause 27.14
(Exclusion of liability), Clause 27.16 (Lenders' indemnity to the Security Trustee), Clause 27.23 (Business with
the Group) and Clause 27.28 (Full freedom to enter into transactions).

 

		27.2	Parallel Debt (Covenant to pay the Security Trustee)

 

		(a)	Each Obligor irrevocably and unconditionally undertakes to pay to the Security Trustee its Parallel
Debt which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.

 

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		(b)	The Parallel Debt of an Obligor:

 

		(i)	shall become due and payable at the same time as its Corresponding Debt;

 

		(ii)	is independent and separate from, and without prejudice to, its Corresponding Debt.

 

		(c)	For purposes of this Clause 27.2 (Parallel Debt (Covenant to pay the Security Trustee)),
the Security Trustee:

 

		(i)	is the independent and separate creditor of each Parallel Debt;

 

		(ii)	acts in its own name and not as agent, representative or trustee of the Secured Parties and its
claims in respect of each Parallel Debt shall not be held on trust; and

 

		(iii)	shall have the independent and separate right to demand payment of each Parallel Debt in its own
name (including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications
for and voting in any kind of insolvency proceeding).

 

		(d)	The Parallel Debt of an Obligor shall be:

 

		(i)	decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid
or discharged; and

 

		(ii)	increased to the extent that its Corresponding Debt has increased,

 

and the Corresponding Debt of
an Obligor shall be:

 

		(A)	decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or
discharged; and

 

		(B)	increased to the extent that its Parallel Debt has increased,

 

in each case provided that the
Parallel Debt of an Obligor shall never exceed its Corresponding Debt.

 

		(e)	All amounts received or recovered by the Security Trustee in connection with this Clause 27.2
(Parallel Debt (Covenant to pay the Security Trustee)) to the extent permitted by applicable law, shall be applied in accordance
with Clause 19 (Application of sums received).

 

		(f)	This Clause 27.2 (Parallel Debt (Covenant to pay the Security Trustee)) shall apply, with
any necessary modifications, to each Finance Document.

 

		27.3	No independent power

 

The Secured Parties shall not
have any independent power to enforce, or have recourse to, any Security Interest created by any of the Finance Documents or to
exercise any rights or powers arising under the Finance Documents creating the Security Interest except through the Security Trustee.

 

		27.4	Application of receipts

 

		(a)	Except as expressly stated to the contrary in any Finance Document, any moneys which the Security
Trustee receives or recovers and which are, or are attributable to, Security Property (for the purposes of this Clause 27 (The
Security Trustee), the "Recoveries") shall be transferred to the Facility Agent for application in accordance
with Clause 19 (Application of sums received).

 

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		(b)	Paragraph (a) above is without prejudice to the rights of the Security Trustee, any Receiver
or any Delegate:

 

		(i)	under Clause 26.10 (Lenders' indemnity to the Facility Agent) to be indemnified out of the
Charged Property; and

 

		(ii)	under any Finance Document to credit any moneys received or recovered by it to any suspense account.

 

		(c)	Any transfer by the Security Trustee to the Facility Agent in accordance with paragraph (a) above
shall be a good discharge, to the extent of that payment, by the Security Trustee.

 

		(d)	The Security Trustee is under no obligation to make the payments to the Facility Agent under paragraph
(a) of this Clause 27.4 (Application of receipts) in the same currency as that in which the obligations and liabilities
owing to the relevant Secured Party are denominated.

 

		27.5	Deductions from receipts

 

		(a)	Before transferring any moneys to the Facility Agent under Clause 27.4 (Application of receipts),
the Security Trustee may, in its discretion:

 

		(i)	deduct any sum then due and payable under this Agreement or any other Finance Documents to the
Security Trustee or any receiver and retain that sum for itself or, as the case may require, pay it to another person to whom it
is then due and payable;

 

		(ii)	set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings
(on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment
made by it under this Agreement; and

 

		(iii)	pay all Taxes which may be assessed against it in respect of any of the Security Property, or as
a consequence of performing its duties, or by virtue of its capacity as Security Trustee under any of the Finance Documents or
otherwise (other than in connection with its remuneration for performing its duties under this Agreement).

 

		(b)	For the purposes of sub-paragraph (i) of
paragraph (a)(i) above, if the Security Trustee has become entitled to require
a sum to be paid to it on demand, that sum shall be treated as due and payable, even if no demand has yet been served.

 

		27.6	Prospective liabilities

 

Following acceleration of any
Security Interest, the Security Trustee may, in its discretion, or at the request of the Facility Agent, hold any recoveries in
an interest bearing suspense or impersonal account(s) in the name of the Security Trustee with such financial institution
(including itself) and for so long as the Security Trustee shall think fit (the interest being credited to the relevant account)
for later payment to the Facility Agent for application in accordance with Clause 19 (Application of sums received) in respect
of:

 

		(a)	any sum to the Security Trustee, any Receiver or Delegate; and

 

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		(b)	any part of the Secured Liabilities,

 

that the Security Trustee or,
in the case of paragraph (b) only, the Facility Agent, reasonably considers, in each case, might become due or owing at any
time in the future.

 

		27.7	Investment of proceeds

 

Prior to the payment of the proceeds
of the recoveries to the Facility Agent for application in accordance with Clause 27.4 (Application of receipts) the Security
Trustee may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in
the name of the Security Trustee with such financial institution (including itself) and for so long as the Security Trustee shall
think fit (the interest being credited to the relevant account) pending the payment from time to time of those moneys in the Security
Trustee's discretion in accordance with the provisions of this Clause 27.7 (Investment of proceeds).

 

		27.8	Instructions to Security Trustee and exercise of discretion

 

		(a)	Subject to paragraph (d) below, the Security Trustee shall act in accordance with any instructions
given to it by the Facility Agent (acting on the instructions of SACE and the Majority Lenders or all the Lenders (as appropriate))
or, if so instructed by the Facility Agent (acting on the instructions of SACE and the Majority Lenders or all the Lenders (as
appropriate)), refrain from exercising any right, power, authority or discretion vested in it as Security Trustee and shall be
entitled to assume that:

 

		(i)	any instructions received by it from the Facility Agent (acting on the instructions of SACE and
the Majority Lenders or all the Lenders (as appropriate)) are duly given in accordance with the terms of the Finance Documents;
and

 

		(ii)	unless it has received actual notice of revocation, that those instructions or directions have
not been revoked.

 

		(b)	The Security Trustee shall be entitled to request instructions, or clarification of any direction,
from the Facility Agent (acting on the instructions of SACE and the Majority Lenders or all the Lenders (as appropriate)) as to
whether, and in what manner, it should exercise or refrain from exercising any rights, powers, authorities and discretions and
the Security Trustee may refrain from acting unless and until those instructions or clarification are received by it.

 

		(c)	Any instructions given to the Security Trustee by the Facility Agent (acting on the instructions
of SACE and the Majority Lenders or all the Lenders (as appropriate)) shall override any conflicting instructions given by any
other Party.

 

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

 

		(i)	where a contrary indication appears in this Agreement;

 

		(ii)	where this Agreement requires the Security Trustee to act in a specified manner or to take a specified
action;

 

		(iii)	in respect of any provision which protects the Security Trustee's own position in its personal
capacity as opposed to its role of Security Trustee for the Secured Parties including, without limitation, the provisions set out
in Clauses 27.10 (Security Trustee's discretions) to Clause 27.28 (Full freedom to enter into transactions); and

 

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		(iv)	in respect of the exercise of the Security Trustee's discretion to exercise a right, power or authority
under any of Clause 27.5 (Deductions from receipts) and Clause 27.6 (Prospective liabilities).

 

		27.9	Security Trustee's Actions

 

Without prejudice to the provisions
of Clause 27.4 (Application of receipts), the Security Trustee may (but shall not be obliged to), in the absence of any
instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it
considers in its discretion to be appropriate.

 

		27.10	Security Trustee's discretions

 

		(a)	The Security Trustee may:

 

		(i)	assume (unless it has received actual notice to the contrary from the Facility Agent) that (i) no
Event of Default has occurred and no Obligor is in breach of or default under its obligations under any of the Finance Documents
and (ii) any right, power, authority or discretion vested by any Finance Document in any person has not been exercised;

 

		(ii)	assume that any notice or request made by the Borrower (other than a Drawdown Notice) is made on
behalf of and with the consent and knowledge of all the Obligors;

 

		(iii)	if it receives any instructions or directions to take any action in relation to a Security Interest
under the Finance Documents, assume that all applicable conditions under the Finance Documents for taking that action have been
satisfied;

 

		(iv)	engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers,
surveyors or other experts (whether obtained by the Security Trustee or by any other Secured Party) whose advice or services may
at any time seem necessary, expedient or desirable;

 

		(v)	act in relation to the Finance Documents through its personnel and agents;

 

		(vi)	disclose to any other Party any information it reasonably believes it has received as Security
Trustee under this Agreement;

 

		(vii)	rely upon any communication or document believed by it to be genuine and, as to any matters of
fact which might reasonably be expected to be within the knowledge of a Secured Party or an Obligor, upon a certificate signed
by or on behalf of that person; and

 

		(viii)	refrain from acting in accordance with the instructions of any Party (including bringing any legal
action or proceeding arising out of or in connection with the Finance Documents) until it has received any indemnification and/or
security that it may in its discretion require (which may be greater than that contained in the Finance Documents and which may
include payment in advance or otherwise) for all costs, losses and liabilities which it may incur in so acting.

 

		(b)	Notwithstanding any other provision of any Finance Document to the contrary, the Security Trustee
is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or
regulation or a breach of a fiduciary duty or duty of confidentiality.

 

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		(c)	Notwithstanding any provision of any Finance Document to the contrary, the Security Trustee is
not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations
or responsibilities or the exercise of any right, power, authority or discretion, if it has grounds for believing the repayment
of such funds or adequate indemnity against, or security for, such risk or liability is not assured to it.

 

		27.11	Security Trustee's obligations

 

The Security Trustee shall promptly:

 

		(a)	copy to the Facility Agent the contents of any notice or document received by it from any Obligor
under any Finance Document;

 

		(b)	forward to a Party the original or a copy of any document which is delivered to the Security Trustee
for that Party by any other Party provided that the Security Trustee is not obliged to review or check the adequacy, accuracy or
completeness of any document it forwards to another Party; and

 

		(c)	inform the Facility Agent of the occurrence of any Event of Default or any default by an Obligor
in the due performance of or compliance with its obligations under any Finance Document of which the Security Trustee has received
notice from any other party to this Agreement.

 

		27.12	Excluded obligations

 

Notwithstanding anything to the
contrary expressed or implied in the Finance Documents, the Security Trustee shall not:

 

		(a)	be bound to enquire as to (i) whether or not any Event of Default has occurred or (ii) the
performance, default or any breach by an Obligor of its obligations under any of the Finance Documents;

 

		(b)	be bound to account to any other Party for any sum or the profit element of any sum received by
it for its own account;

 

		(c)	be bound to disclose to any other person (including but not limited to any Secured Party) (i) any
confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute
a breach of any law or be a breach of fiduciary duty;

 

		(d)	be or be deemed to be an agent, trustee or fiduciary of any Obligor.

 

		27.13	Responsibility for documentation

 

None of the Security Trustee,
any Receiver or Delegate shall accept responsibility or be liable for:

 

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by
the Security Trustee or any other person in or in connection with any Finance Document or the transactions contemplated in the
Finance Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Finance Document;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the
Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document or the Security Property; or

 

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		(c)	any determination as to whether any information provided or to be provided to any Secured Party
is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing
or otherwise.

 

		27.14	Exclusion of liability

 

		(a)	Without limiting Clause 27.15 (No proceedings), (and without prejudice to any other provision
of any Finance Document excluding or limiting the liability of the Security Trustee, any Receiver or Delegate), none of the Security
Trustee or any Receiver nor any Delegate will be liable for:

 

		(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever
arising as a result of any action taken by it or not taken by it under or in connection with any Finance Document or any Security
Interest, unless directly caused by its Gross Negligence or wilful misconduct;

 

		(ii)	exercising or not exercising any right, power, authority or discretion given to it by or in connection
with any of the Finance Documents, the Security Property or any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with, the Finance Documents or the Security Property;

 

		(iii)	any shortfall which arises on the enforcement or realisation of the Security Property; or

 

		(iv)	without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs,
losses, any diminution in value or any liability whatsoever arising as a result of:

 

		(A)	any act, event or circumstance not reasonably within its control; or

 

		(B)	the general risks of investment in, or the holding of assets in, any jurisdiction,

 

including (in each case and without
limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation
or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the
execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport,
telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution;
or strikes or industrial action.

 

		(b)	Nothing in this Agreement shall oblige the Security Trustee to carry out any "know your customer"
or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Security Trustee that it is solely
responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks
made by the Security Trustee.

 

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		(c)	Without prejudice to any provision of any Finance Document excluding or limiting the liability
of the Security Trustee, any Receiver or Delegate, any liability of the Security Trustee, any Receiver or Delegate arising under
or in connection with any Finance Document or the Security Property shall be limited to the amount of actual loss which has been
finally judicially determined to have been suffered (as determined by reference to the date of default of the Security Trustee,
Receiver or Delegate (as the case may be) or, if later, the date on which the loss arises as a result of such default) but without
reference to any special conditions or circumstances known to the Security Trustee, Receiver or Delegate (as the case may be) at
any time which increase the amount of that loss. In no event shall the Security Trustee, any Receiver or Delegate be liable for
any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential
damages, whether or not the Security Trustee, Receiver or Delegate (as the case may be) has been advised of the possibility of
such loss or damages.

 

		27.15	No proceedings

 

No Party (other than the Security
Trustee or that Receiver or that Delegate (as applicable)) may take any proceedings against any officer, employee or agent of the
Security Trustee, Receiver or Delegate in respect of any claim it might have against the Security Trustee, Receiver or Delegate
in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Security
Property and any officer, employee or agent of the Security Trustee, Receiver or Delegate may rely on this Clause subject to Clause
37.4 36.4 (Third
party rights) and the provisions of the Third Party Act.

 

		27.16	Lenders' indemnity to the Security Trustee

 

Each Lender shall (in proportion
to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately
prior to their reduction to zero) indemnify the Security Trustee and every Receiver and every Delegate within three Business Days
of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the relevant Security Trustee's,
Receiver's or Delegate's Gross Negligence or wilful misconduct) in acting as Security Trustee, Receiver or Delegate under the Finance
Documents (unless the relevant Security Trustee, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document).

 

		27.17	Own responsibility

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Creditor Party confirms
to the Security Trustee that it has been, and will continue to be, solely responsible for making its own independent appraisal
and investigation of all risks arising under or in connection with any Finance Document including but not limited to:

 

		(a)	the financial condition, status and nature of each member of the Group;

 

		(b)	the legality, validity, effectiveness, adequacy and enforceability of any Finance Document, the
Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Finance Document or the Security Property;

 

		(c)	whether that Creditor Party has recourse, and the nature and extent of that recourse, against any
Party or any of its respective assets under or in connection with any Finance Document, the Security Property, the transactions
contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Finance Document or the Security Property;

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Security Trustee
or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and

 

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		(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged
Property, the priority of any of the Security Interests created by the Finance Documents or the existence of any Security Interest
affecting the Charged Property,

 

and each Creditor Party warrants
to the Security Trustee that it has not relied on and will not at any time rely on the Security Trustee in respect of any of these
matters.

 

		27.18	No responsibility to perfect Security Interests

 

The Security Trustee shall not
be liable for any failure to:

 

		(a)	require the deposit with it of any deed or document certifying, representing or constituting the
title of any Obligor to any of the Charged Property;

 

		(b)	obtain any licence, consent or other authority for the execution, delivery, legality, validity,
enforceability or admissibility in evidence of any of the Finance Documents or any Security Interest;

 

		(c)	register, file or record or otherwise protect any Security Interests (or the priority of any of
Security Interest) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of the
Finance Documents or of any Security Interest;

 

		(d)	take, or to require any of the Obligors to take, any steps to perfect its title to any of the Charged
Property or to render any Security Interest effective or to secure the creation of any ancillary Security Interest under the laws
of any jurisdiction; or

 

		(e)	require any further assurances in relation to any of the Finance Documents creating the Security
Interests.

 

		27.19	Insurance by Security Trustee

 

		(a)	The Security Trustee shall not be under any obligation to insure any of the Charged Property, to
require any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in the
Finance Documents. The Security Trustee shall not be responsible for any loss which may be suffered by any person as a result of
the lack of or inadequacy of any such insurance.

 

		(b)	Where the Security Trustee is named on any insurance policy as an insured party, it shall not be
responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any
material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Facility Agent shall
have requested it to do so in writing and the Security Trustee shall have failed to do so within fourteen (14) days after receipt
of that request.

 

		27.20	Custodians and nominees

 

The Security Trustee may appoint
and pay any person to act as a custodian or nominee on any terms in relation to any assets of the trust as the Security Trustee
may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created
under this Agreement and the Security Trustee shall not be responsible for any loss, liability, expense, demand, cost, claim or
proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement
or be bound to supervise the proceedings or acts of any person.

 

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		27.21	Acceptance of title

 

The Security Trustee shall be
entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any of the Obligors may have
to any of the Charged Property and shall not be liable for or bound to require any Obligor to remedy any defect in its right or
title.

 

		27.22	Refrain from illegality

 

Notwithstanding anything to the
contrary expressed or implied in the Finance Documents, the Security Trustee may refrain from doing anything which in its opinion
will or may be contrary to any relevant law, directive or regulation of any jurisdiction and the Security Trustee may do anything
which is, in its opinion, necessary to comply with any such law, directive or regulation.

 

		27.23	Business with the Group

 

The Security Trustee may accept
deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.

 

		27.24	Winding up of trust

 

If the Security Trustee, with
the approval of the Facility Agent determines that (a) all of the Secured Liabilities and all other obligations secured by
the Finance Documents creating the Security Interests have been fully and finally discharged and (b) none of the Secured Parties
is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation
to any Obligor pursuant to the Finance Documents:

 

		(a)	the trusts set out in this Agreement shall be wound up and the Security Trustee shall release,
without recourse or warranty, all of the Security Interests and the rights of the Security Trustee under each of the Finance Documents
creating the Security Interests; and

 

		(b)	any Retiring Security Trustee shall release, without recourse or warranty, all of its rights under
each of the Finance Documents creating the Security Interests.

 

		27.25	Powers supplemental

 

The rights, powers and discretions
conferred upon the Security Trustee by this Agreement shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and
in addition to any which may be vested in the Security Trustee by general law or otherwise.

 

		27.26	Trustee division separate

 

		(a)	In acting as trustee for the Secured Parties, the Security Trustee shall be regarded as acting
through its trustee division which shall be treated as a separate entity from any of its other divisions or departments.

 

		(b)	If information is received by another division or department of the Security Trustee, it may be
treated as confidential to that division or department and the Security Trustee shall not be deemed to have notice of it nor shall
it be obliged to disclose such information to any Party.

 

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		27.27	Disapplication

 

In addition to its rights under
or by virtue of this Agreement and the other Finance Documents, the Security Trustee shall have all the rights conferred on a trustee
by the Trustee Act 1925, the Trustee Delegation Act 1999, the Trustee Act 2000 and by general law or otherwise, provided that:

 

		(a)	section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Trustee in relation
to the trusts constituted by this Agreement and the other Finance Documents; and

 

		(b)	where there are any inconsistencies between (i) the Trustee Acts 1925 and 2000 and (ii) the
provisions of this Agreement and any other Finance Document, the provisions of this Agreement and any other Finance Document shall,
to the extent allowed by law, prevail and, in the case of any inconsistency with the Trustee Act 2000, such provisions shall constitute
a restriction or exclusion for the purposes of the Trustee Act 2000.

 

		27.28	Full freedom to enter into transactions

 

Notwithstanding any rule of
law or equity to the contrary, the Security Trustee shall be absolutely entitled:

 

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind
with or affecting any Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent
and/or security trustee for, and/or participating in, other facilities to such Obligor or any person who is party to, or referred
to in, a Finance Document);

 

		(b)	to deal in and enter into and arrange transactions relating to:

 

		(i)	any securities issued or to be issued by any Obligor or any other person; or

 

		(ii)	any options or other derivatives in connection with such securities; and

 

		(c)	to provide advice or other services to the Borrower or any person who is a party to, or referred
to in, a Finance Document,

 

and, in particular, each Servicing
Party shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and
in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing
legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from
disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its
sole benefit all profits and benefits derived from the dealings transactions or other matters.

 

		27.29	Resignation of the Security Trustee

 

		(a)	The Security Trustee may resign and appoint one of its affiliates as successor by giving notice
to the Borrower and each Secured Party.

 

		(b)	Alternatively the Security Trustee may resign by giving notice to the other Parties in which case
the Majority Lenders (with the prior consent of SACE) may appoint a successor Security Trustee.

 

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		(c)	If the Majority Lenders have not appointed a successor Security Trustee in accordance with paragraph
(b) above within 30 days after the notice of resignation was given, the Security Trustee (after consultation with the Facility
Agent and SACE) may appoint a successor Security Trustee.

 

		(d)	The retiring Security Trustee (the "Retiring Security Trustee") shall, at its
own cost, make available to the successor Security Trustee such documents and records and provide such assistance as the successor
Security Trustee may reasonably request for the purposes of performing its functions as Security Trustee under the Finance Documents.

 

		(e)	The Security Trustee's resignation notice shall only take effect upon (i) the appointment
of a successor and (ii) the transfer, by way of a document expressed as a deed, of all of the Security Property to that successor.

 

		(f)	Upon the appointment of a successor, the Retiring Security Trustee shall be discharged, by way
of a document executed as a deed, from any further obligation in respect of the Finance Documents (other than its obligations under
paragraph (b) of Clause 27.24 (Winding up of trust) and under paragraph (d) above) but shall, in respect of any
act or omission by it whilst it was the Security Trustee, remain entitled to the benefit of Clause 27 (The Security Trustee),
Clause 27.5 (Deductions from receipts), Clause 27.16 (Lenders' indemnity to the Security Trustee) and any other provisions
of a Finance Document which are expressed to limit or exclude its liability in acting as Security Trustee. Its successor and each
of the other Parties shall have the same rights and obligations amongst themselves as they would have had if that successor had
been an original Party.

 

		(g)	The Majority Lenders may, by notice to the Security Trustee, require it to resign in accordance
with paragraph (b) above. In this event, the Security Trustee shall resign in accordance with paragraph (b) above but
the cost referred to in paragraph (d) above shall be for the account of the Borrower.

 

		(h)	The consent of the Borrower (or any other Obligor) is not required for an assignment or transfer
of rights and/or obligations by the Security Trustee.

 

		(i)	The appointment of a successor Security Trustee pursuant to this Clause 27.29 (Resignation of
the Security Trustee) shall be subject to compliance with all necessary "know your customer" requirements of the
Lenders.

 

		27.30	Delegation

 

		(a)	Each of the Security Trustee, any Receiver or any Delegate may, at any time, delegate by power
of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any of
the Finance Documents.

 

		(b)	That delegation may be made upon any terms and conditions and subject to any restrictions that
the Security Trustee, that Receiver or that Delegate (as the case may be) considers in its discretion to be appropriate and it
shall not be bound to supervise, or be in any way responsible for any damages, costs or losses incurred by reason of any misconduct
or default on the part of any such delegate or sub delegate.

 

		(c)	The Security Trustee shall exercise reasonable care in the selection of any such delegate or sub
delegate.

 

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		27.31	Additional Security Trustee

 

		(a)	The Security Trustee may at any time appoint (and subsequently remove) any person to act as a separate
trustee or as a co-trustee jointly with it:

 

		(i)	if it considers that appointment to be appropriate; or

 

		(ii)	for the purposes of conforming to any legal requirements, restrictions or conditions which the
Security Trustee deems to be relevant; or

 

		(iii)	for obtaining or enforcing any judgment in any jurisdiction,

 

and the Security Trustee shall
give prior notice to the Borrower and the Facility Agent of that appointment.

 

		(b)	Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred
on the Security Trustee by this Agreement) and the duties and obligations that are conferred or imposed by the instrument of appointment.

 

		(c)	The remuneration that the Security Trustee may pay to that person, and any costs and expenses (together
with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes
of this Agreement, be treated as costs and expenses incurred by the Security Trustee.

 

		27.32	Financial Services and Markets Act 2000

 

		(a)	Notwithstanding anything in any Finance Document to the contrary, the Security Trustee shall not
do, or be authorised or required to do, anything which might constitute a regulated activity for the purpose of the Financial Services
and Markets Act 2000 ("FSMA"), unless it is authorised under FSMA to do so.

 

		(b)	The Security Trustee shall have the discretion at any time:

 

		(i)	to delegate any of the functions which fall to be performed by an authorised person under FSMA
to any other agent or person which also has the necessary authorisations and licences; and

 

		(ii)	to apply for authorisation under FSMA and perform any or all such functions itself if, in its absolute
discretion, it considers it necessary, desirable or appropriate to do so.

 

		28	Conduct of Business by the Creditor Parties

 

No provision of this Agreement
will:

 

		(a)	interfere with the right of any Creditor Party to arrange its affairs (Tax or otherwise) in whatever
manner it thinks fit;

 

		(b)	oblige any Creditor Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

 

		(c)	oblige any Creditor Party to disclose any information relating to its affairs (Tax or otherwise)
or any computations in respect of Tax.

 

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		29	Sharing among the Creditor Parties

 

		29.1	Payments to Creditor Parties

 

If a Creditor Party (a "Recovering
Creditor Party") receives or recovers any amount from an Obligor other than in accordance with this
Clause 29 (Sharing among the Creditor Parties) and applies that amount to a payment due under the Finance Documents then:

 

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

 

		(b)	the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the
Recovering Creditor Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed
in accordance with Clause 19 (Application of sums received) and Clause 30 (Payment Mechanics), without taking account
of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and

 

		(c)	the Recovering Creditor Party shall, within three (3) Business Days of demand by the Facility
Agent, pay to the Facility Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any
amount which the Facility Agent determines may be retained by the Recovering Creditor Party as its share of any payment to be made,
in accordance with Clause 19 (Application of sums received) and Clause 30 (Payment Mechanics).

 

		29.2	Redistribution of payments

 

The Facility Agent shall treat
the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Creditor Parties (other than the
Recovering Creditor Party) in accordance with Clause 19 (Application of sums received) and Clause 30 (Payment Mechanics).

 

		29.3	Recovering Creditor Party's rights

 

		(a)	On a distribution by the Facility Agent under Clause 29.2 (Redistribution of payments),
the Recovering Creditor Party will, if possible under the relevant applicable laws, be subrogated to the rights of the Creditor
Parties which have shared in the redistribution.

 

		(b)	If and to the extent that the Recovering Creditor Party is not able to rely on its rights under
paragraph (a) of Clause 29.3 (Recovering Creditor Party's rights), the relevant Obligor shall be liable to the Recovering
Creditor Party for a debt equal to the Sharing Payment which is immediately due and payable.

 

		29.4	Reversal of redistribution

 

If any part of the Sharing Payment
received or recovered by a Recovering Creditor Party becomes repayable and is repaid by that Recovering Creditor Party, then:

 

		(a)	each Lender which has received a share of the relevant Sharing Payment pursuant to Clause 29.2
(Redistribution of payments) shall, upon request of the Facility Agent, pay to the Facility Agent for account of that Recovering
Creditor Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary
to reimburse that Recovering Creditor Party for its proportion of any interest on the Sharing Payment which that Recovering Creditor
Party is required to pay); and

 

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		(b)	that Recovering Creditor Party's rights of subrogation in respect of any reimbursement shall be
cancelled and the relevant Obligor will be liable to the reimbursing Creditor Party for the amount so reimbursed.

 

		29.5	Exceptions

 

		(a)	This Clause 29 (Sharing among the Creditor Parties) shall not apply to the extent that the
Recovering Creditor Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against
the relevant Obligor.

 

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

 

		(i)	it notified that other Creditor Party of the legal or arbitration proceedings; and

 

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

 

		(c)	Following full indemnification by SACE of the SACE Agent (on behalf of the Lenders) under the SACE
Insurance Policy, the provisions relating to the sharing of proceeds among the Creditor Parties in this Clause 29 (Sharing among
the Creditor Parties) shall not apply to any payment made to SACE by a Lender or the Borrower following a payment by SACE to
any Lender under the SACE Insurance Policy.

 

		30	Payment Mechanics

 

		30.1	Payments to the Facility Agent

 

		(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document,
that Obligor or Lender shall make the same available to the Facility Agent (unless a contrary indication appears in a Finance Document)
for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement
of transactions in the relevant currency in the place of payment.

 

		(b)	Payment shall be made to such account in the principal financial centre of the country of that
currency (or, in relation to Euro, in a principal financial centre in a Participating Member State or London) with such bank as
the Facility 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 Facility Agent on the third Business Day
prior to the due date for payment that it will issue to its bank (which shall be named in such notification) to make the payment.

 

		30.2	Distributions by the Facility Agent or the SACE Agent

 

Each payment received by the
Facility Agent or the SACE Agent under the Finance Documents or the SACE Insurance Policy for another Party shall, subject to Clause
30.3 (Distributions to an Obligor), Clause 30.4 (Clawback) be made available by the Facility Agent or SACE Agent
(as the case may be) as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement
(in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent
(following which the Facility Agent shall promptly notify the SACE Agent, if relevant to it) by not less than five (5) Business
Days' notice with a bank in the principal financial centre of the country of that currency.

 

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		30.3	Distributions to an Obligor

 

The Facility Agent may in accordance
with Clause 22 (Set-Off) apply any amount received by it for that Obligor in or towards payment (on the date and in the
currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any
amount of any currency to be so applied.

 

		30.4	Clawback

 

		(a)	Where a sum is to be paid to the Facility Agent or the SACE Agent under the Finance Documents or
the SACE Insurance Policy for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter
into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received
that sum.

 

		(b)	If the Facility Agent pays an amount to another Party and it proves to be the case that the Facility
Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract)
was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from
the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.

 

		30.5	No set-off by Obligors

 

All payments to be made by an
Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or
counterclaim.

 

		30.6	Business Days

 

		(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next
Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

 

		(b)	During any extension of the due date for payment of any principal or unpaid sum under this Agreement
interest is payable on the principal or unpaid sum at the rate payable on the original due date.

 

		30.7	Currency of account

 

		(a)	Subject to paragraphs (b) and (c) of Clause 30.7 (Currency of account) 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.

 

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		30.8	Change of currency

 

		(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same
time recognised by the central bank of any country as the lawful currency of that country, then:

 

		(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents
in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated
by the Facility Agent (after consultation with the Lenders and the Borrower); and

 

		(ii)	any translation from one currency or currency unit to another shall be at the official rate of
exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down
by the Facility Agent (acting reasonably).

 

		(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Facility
Agent (acting reasonably and after consultation with the Lenders and the Borrower) specifies to be necessary, be amended to comply
with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change
in currency.

 

		30.9	Distributions under the Interest Make-up Agreement

 

Each payment received by the
Facility Agent under the Interest Make-up Agreement for a Lender shall be made available by the Facility Agent as soon as practicable
after receipt to the Lender entitled to receive such payment in accordance with this Agreement (for the account of its Facility
Office), to such account as that Lender may notify to the Facility Agent by not less than five (5) Business Days' notice with
a bank in the principal financial centre of the country of that currency (or, in relation to Euro, in the principal financial centre
of a Participating Member State).

 

		31	Variations and Waivers

 

		31.1	Variations, waivers etc. by Majority Lenders

 

Subject to Clause 31.2 (Variations,
waivers etc. requiring agreement of all Lenders), a document shall be effective to vary, waive, amend, suspend or limit any
provision of a Finance Document, or any Creditor Party's rights or remedies under such a provision or the general law, only if
the document is signed, or specifically agreed to by faxemail,
by the Borrower, by the Facility Agent on behalf of the Majority Lenders, by the Facility Agent and the Security Trustee in their
own rights, and, if the document relates to a Finance Document to which an Obligor is party, by an Obligor (provided that no amendment
or variation may be made to this Agreement or any other Finance Document without the consent of the Italian Authorities); provided,
further, that no amendment or variation may be made before the date falling ten Business Days after the terms of that amendment
or variation have been notified by the Facility Agent to the Lenders. The Facility Agent shall notify the Lenders reasonably promptly
of any amendments or variations proposed by the Borrower.

 

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		31.2	Variations, waivers etc. requiring agreement of all Lenders

 

However, as regards the following,
Clause 31.1 (Variations, waivers etc. by Majority Lenders) applies as if the words "by the Facility Agent on behalf
of the Majority Lenders" were replaced by the words "by or on behalf of every Lender":

 

		(a)	a reduction in the Margin;

 

		(b)	a postponement to the date for, or a reduction in the amount of, any payment of principal, interest,
fees, commission or other sum payable under this Agreement;

 

		(c)	an increase in or extension of any Lender's Commitment,
including, for the avoidance of doubt, any increase arising pursuant to the provisions of Clause 8.1 (SACE Premium), any
increase arising pursuant to the definition of Base Rate in Clause 1.1 (Definitions), any increase arising pursuant to the
definition of Maximum Loan Amount in Clause 1.1 (Definitions) or any requirement that a cancellation of Commitments
reduces the Commitments rateably under the Loan;

 

		(d)	a change to the definition of "Majority Lenders";

 

		(e)	a change to Clause 2 (Facility), Clause 6 (Interest), Clause 24 (Changes to the
Lenders) or this Clause 31 (Variations and Waivers);

 

		(f)	any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination
arrangement set out in a Finance Document; and

 

		(g)	any other change or matter as regards which this Agreement or another Finance Document expressly
provides that each Lender's consent is required.

 

		31.3	Exclusion of other or implied variations

 

Except for a document which satisfies
the requirements of Clauses 31.1 (Variations, waivers etc. by Majority Lenders) and 31.2 (Variations, waivers etc. requiring
agreement of all Lenders), no document, and no act, course of conduct, failure or neglect to act, delay or acquiescence on
the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties
or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being
precluded (permanently or temporarily) from enforcing, relying on or exercising:

 

		(a)	a provision of this Agreement or another Finance Document; or

 

		(b)	an Event of Default; or

 

		(c)	a breach by the Borrower or an Obligor of an obligation under a Finance Document or the general
law; or

 

		(d)	any right or remedy conferred by any Finance Document or by the general law,

 

and there shall not be implied
into any Finance Document any term or condition requiring any such provision to be enforced, or such right or remedy to be exercised,
within a certain or reasonable time.

 

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		32	Notices

 

		32.1	General

 

Unless otherwise specifically
provided, any notice under or in connection with any Finance Document shall be given by letter or fax; and references in the Finance
Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly.

 

		32.2	Addresses for communications

 

A notice shall be sent:

 

	(a)     to the Borrower:	
        7665 Corporate Center Drive

        Miami FL 33126 USA

        Fax
        No: (00) 1 305 436 4140Attention:
        Chief Financial Officer and General Counsel Email:
        [*] / [*]

	(b)     to a Lender:	At the address below its name in Schedule 1 (Lenders and Commitments) or (as the case may require) in the relevant Transfer Certificate.
	(c)     to the Facility Agent:	
        CIB- COO Office-TMEF

        Millénaire 4

        35 rue de la gare

        75019 Paris

        Fax No. (33) 1 43 16 81 84

        Attn: Attention: S. CASET-CARRICABURU/B.
        SOHIER

        Email: sylvie.casetcarricaburu@bnpparibas.com

        beatrice.sohier@bnpparibas.com

	(d)     to the SACE Agent:	
        12, place des Etats-Unis

        CS 70052

        92547 Montrouge cedex

        Paris

        Fax No. (33) 1 41 89 19 34

        Attn: Shipping Middle Office – Ms
        Clémentine Costil and Romy Roussel

        E-mail: clementine.costil@ca-cib.com

        romy.roussel@ca-cib.com

	(e)     to the Security Trustee:	
        8 Canada Square

        London

        E14 5HQ

        Fax:+44 20 7991 4350

        Email:Ctla.trustee.admin@hsbc.com

        Attention:CTLA
        TrusteeIssuer Services Administration–
        Security Trustee 

 

or to such other address as the
relevant party may notify the Facility Agent or, if the relevant party is the Facility Agent, the Borrower and the Lenders.

 

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		32.3	Effective date of notices

 

Subject to Clauses 32.4 (Service
outside business hours) and 32.5 (Electronic communication):

 

(a) 
a a notice
which is delivered personally or posted shall be deemed to be served, and shall take effect, at the time when it is delivered;

 

(b) a
notice which is sent by fax shall be deemed to be served,
and shall take effect, 2 hours after its transmission is completed.

 

		32.4	Service outside business hours

 

However, if under Clause 32.3
(Effective date of notices) a notice would be deemed to be served:

 

		(a)	on a day which is not a business day in the place of receipt; or

 

		(b)	on such a business day, but after 6 p.m. local time;

 

the notice shall (subject to
Clause 32.5 (Electronic communication)) be deemed
to be served, and shall take effect, at 9 a.m. on the next day which is such a business day.

 

		32.5	Electronic communication

 

		(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents
may be made by electronic mail or other electronic means, to the extent that those two Parties agree that, unless and until notified
to the contrary, this is to be an accepted form of communication and if those two Parties:

 

		(i)	notify each other in writing of their electronic mail address and/or any other information required
to enable the sending and receipt of information by that means; and

 

		(ii)	notify each other of any change to their address or any other such information supplied by them
by not less than five Business Days' notice.

 

		(b)	Any electronic communication made between those two Parties will be effective only when actually
received in readable form and in the case of any electronic communication made by a Party to the Facility Agent only if it is addressed
in such a manner as the Facility Agent shall specify for this purpose.

 

		(c)	Any electronic communication which becomes effective, in accordance with paragraph (b) above,
after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

		32.6	Illegible notices

 

Clauses 32.3 (Effective date
of notices) and 32.4 (Service outside business hours) do not apply if the recipient of a notice notifies the sender
within 1 hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a
form which is illegible in a material respect.

 

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		32.7	Valid notices

 

A notice under or in connection
with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply with the requirements
of this Agreement or, where appropriate, any other Finance Document under which it is served if:

 

		(a)	the failure to serve it in accordance with the requirements of this Agreement or other Finance
Document, as the case may be, has not caused any party to suffer any significant loss or prejudice; or

 

		(b)	in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the
party on which the notice was served what the correct or missing particulars should have been.

 

		32.8	English language

 

Any notice under or in connection
with a Finance Document shall be in English.

 

		32.9	Meaning of "notice"

 

In this Clause 32 (Notices),
 "notice" includes any demand, consent, authorisation, approval, instruction, waiver or other communication.

 

		33	Confidentiality

 

		33.1	Confidential Information

 

Each Creditor Party agrees to
keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 33.2 (Disclosure
of Confidential Information) and to ensure that all Confidential Information is protected with security measures and a degree
of care that would apply to its own confidential information.

 

		33.2	Disclosure of Confidential Information

 

Any Creditor Party may disclose:

 

		(a)	to the Italian Authorities, to any of its Affiliates and any of its or their officers, directors,
employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Creditor Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed
in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information
except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain
the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential
Information;

 

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		(b)	to any person:

 

		(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any
of its rights and/or obligations under one or more Finance Documents and to any of that person's Affiliates, Representatives and
professional advisers;

 

		(ii)	who is an insurer or reinsurer of any Creditor Party and requests such information;

 

		(iii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference
to, one or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Representatives and professional
advisers;

 

		(iv)	appointed by any Creditor Party or by a person to whom sub-paragraph
(i) of paragraph (b)(i) or (ii) above applies to receive
communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf;

 

		(v)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly
or indirectly, any transaction referred to in sub-paragraph (i) of
paragraph (b)(i) or (b)or
sub-paragraph (ii) of paragraph (b) above;

 

		(vi)	to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange
or pursuant to any applicable law or regulation;

 

		(vii)	which is a classification society or other entity
which a Lender has engaged to make the calculations necessary to enable that Lender to comply with its reporting obligations under
the Poseidon Principles;

 

		(viii)	(vii) to whom information is required to
be disclosed in connection with, and for the purposes of, any litigation, arbitrations, administrative or other investigations,
proceedings or disputes;

 

		(ix)	(viii) who is a Party, a member of the Group
or any related entity of an Obligor;

 

		(x)	(ix) as a result of the registration of any
Finance Document as contemplated by any Finance Document or any legal opinion obtained in connection with any Finance Document;
or

 

		(xi)	(x) with the consent of the Guarantor; or

 

		(xii)	(xi) any employee, officer, director or Representative
of any Italian Authorities to whom information is required to be disclosed in the course of such person's employment or duties;

 

		(xiii)	(xii) to whom or for whose benefit that Creditor
Party charges, assigns or otherwise creates a Security Interest (or may do so) pursuant to Clause 24.16 (Security over Lenders'
rights).

 

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in each case, such Confidential
Information as that Creditor Party shall consider appropriate if:

 

		(A)	in relation to sub-paragraphs
(b)(i), (b)(ii), (b)(iii) and
(ii)(iii) and (iv) of paragraph
(b)(iv) above, the person to whom the Confidential Information is to be given
has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the
recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential
Information;

 

		(B)	in relation to sub-paragraph (v) of
paragraph (b)(v) above, the person to whom the Confidential Information is
to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information;

 

		(C)	in relation to sub-paragraphs (vi),
(viii) and (xiii) of paragraphs (b)(vi) , (b)(vii) and (b)(xii) above,
the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such
Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion
of that Creditor Party, it is not practicable so to do in the circumstances;

 

		(c)	to any person appointed by that Creditor Party or by a person to whom sub-paragraphs (i) or
(ii) (ii) of
paragraph (b) above applies to provide administration or settlement services in respect of one or more of the Finance Documents
including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential
Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this
paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality
agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service
Providers or such other form of confidentiality undertaking agreed between the Borrower and the relevant Creditor Party;

 

		(d)	to any rating agency (including its professional advisers) such Confidential Information as may
be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents
and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature
and that some or all of such Confidential Information may be price-sensitive information.

 

		33.3	Entire agreement

 

This Clause 33 (Confidentiality)
constitutes the entire agreement between the Parties in relation to the obligations of the Creditor Parties under the Finance Documents
regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

 

		33.4	Disclosure to information services

 

		(a)	Any Creditor Party may disclose to any national or international information service company such
as Dealogic, TF, GTR, TXF, IFR and any other similar information service company appointed by that Creditor Party, the following
information:

 

		(i)	names of Parties;

 

		(ii)	country of domicile of Obligors;

 

    145

     

    

 

 

		(iii)	place of incorporation or formation, as the case may be,
of Obligors;

 

		(iv)	date of this Agreement and Effective Date;

 

		(v)	Clause 38 37
(Governing Law);

 

		(vi)	the name of the Facility Agent;

 

		(vii)	amount of Total Commitments;

 

		(viii)	currency of the Facility;

 

		(ix)	type of Facility;

 

		(x)	ranking of Facility; and

 

		(xi)	duration of Facility,

 

to enable such information service
company to provide its usual services.

 

		(b)	Each Obligor represents that none of the information set out in sub-paragraphs (i) to (xi) of
paragraph (a) above is, nor will at any time be, unpublished price-sensitive information.

 

		33.5	Inside information

 

Each of the Creditor Parties
acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such
information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market
abuse and each of the Creditor Parties undertakes not to use any Confidential Information for any unlawful purpose.

 

		33.6	Notification of disclosure

 

Each of the Creditor Parties
agrees (to the extent permitted by law and regulation) to inform the Borrower:

 

		(a)	of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph
(vi) of paragraph (b)(vi) of Clause 33.2 (Disclosure
of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during
the ordinary course of its supervisory or regulatory function; and

 

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 33
(Confidentiality).

 

		33.7	Continuing obligations

 

The obligations in this Clause
33 (Confidentiality) are continuing and, in particular, shall survive and remain binding on each Creditor Party for a period
of 12 months from the earlier of:

 

		(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement
have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

 

		(b)	the date on which such Creditor Party otherwise ceases to be a Creditor Party.

 

    146

     

    

 

		33.8	Disclosure by SACE

 

Notwithstanding any other provision
of this Agreement to the contrary, SACE may disclose any Confidential Information:

 

(a) as
required to be disclosed by applicable law, regulation, rule or order of a competent authority in the context of litigation,
arbitration or administrative proceedings to which SACE is subject or as required to be disclosed as a consequence of the participation
of SACE and/or the Republic of Italy to an international organisation of which SACE and/or the Republic of Italy is a member (and
in such event, upon notification from SACE, the SACE Agent shall inform the Obligors of such requirement as soon as reasonably
practicable to the extent permitted by law, regulation, rule or order of a competent authority and the person to whom such
Confidential Information is to be given is informed of its confidential nature);

 

		(a)	(b) to its ultimate shareholder, holding
company, subsidiary,
parent, subsidiaries and affiliates companies;

 

		(b)	to the Ministry of Economy and Finance of the Republic
of Italy and its departments, other Italian Ministries (including any of their department), Interministerial committees of
the Italian Government and any other Italian authority, committee, agency or governmental entity;

 

		(c)	to any providers of any
reinsurance, counter-guarantee/counter
guarantee or any form of risk enhancement (including but not limited to SACE'stheir
agents, brokers and consultants) subject to such persons entering intoundertaking
confidentiality arrangementsobligations
with SACE, unless such personsthey
are subject to professional obligationsduties
of confidentiality;

 

		(d)	if required for the purposes of the sState
guarantee in favour of SACE pursuant to article 32 of law-decree nolaw
decree n. 91/2014 converted into law 116/2014 in the Republic of Italyand
for the purposes of article 2 of law decree 23/2020 converted into law 40/2020; or

 

		(e)	following any payment due under the SACE Insurance Policy; or

 

		(f)	with the consent of the Borrower, such consent not to be unreasonably withheld.

 

		33.9	Disclosure by SIMEST

 

Notwithstanding any other provision
of this Agreement to the contrary, SACE may disclose any Confidential Information to SIMEST provided that SIMEST may, in turn,
disclose such Confidential Information:

 

		(a)	to its ultimate shareholder, holding company, parent, subsidiaries and affiliates;

 

		(b)	to its professional advisers provided that such advisers are under a professional duty to keep
such information confidential;

 

		(c)	to providers of hedging arrangements entered into by SIMEST in connection with the Facility (including
their agents, brokers and consultants) subject to such persons undertaking confidentiality obligations with SIMEST (unless they
are subject to professional duties of confidentiality) and with the written consent of the Borrower (such consent not to be unreasonably
withheld); or

 

		(d)	with the consent of the Borrower.

 

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		33.10	Press release

 

Neither SACE nor the Borrower
will issue any press release or make any public announcement in relation to the SACE Insurance Policy without the prior consent
of the other party (such consent not to be unreasonably withheld).

 

34
Confidentiality of FUNDING RATES AND Reference Bank Quotations

 

34.1
Confidentiality and disclosure

 

(a) The
Facility Agent and the Borrower agree to keep each Funding Rate (and, in case
of the Facility Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted
by paragraphs (b) and (c) below.

 

(b) The
Facility Agent may disclose any Funding Rate or Reference Bank Quotation
to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent
necessary to enable such service provider to provide those services if the service provider to whom that information is to be given
has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With
Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Facility Agent
and the relevant Lender or Reference Bank, as the case may be.

 

(c) The
Facility Agent may disclose any Funding Rate or any Reference Bank Quotation and the Borrower may
disclose any Funding Rate to:

 

(i) any
of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives,
if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this sub-paragraph (i) is
informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no such
requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding
Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;

 

(ii) any
person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental,
banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any
applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in
writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement to
so inform if, in the opinion of the Facility Agent or the Borrower,
as the case may be, it is not practicable to do so in the circumstances;

 

(iii) any
person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration,
administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation
is to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there
shall be no requirement to so inform if, in the opinion of the Facility Agent or the Borrrower,
as the case may be, it is not practicable to do so in the circumstances; and

 

(iv) any
person with the consent of the relevant Lender or Reference Bank, as the case may be.

 

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34.2
Related obligations

 

(a) The
Facility Agent and the Borrower acknowledge that each Funding Rate (and, in
the case of the Facility Agent, each Reference Bank Quotation) is or may be price sensitive information and that its use may be
regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the
Facility Agent and the Borrower undertake not to use any Funding
Rate (or, in the case of the Facility Agent, any Reference Bank
Quotation) for any unlawful purpose.

 

(b) The
Facility Agent and the Borrower agree (to the extent permitted by law and regulation)
to inform the relevant Lender or Reference Bank, as the case may be:

 

(i) of
the circumstances of any disclosure made pursuant to sub-paragraph (ii) of paragraph (c) of
Clause 34.1 (Confidentiality and disclosure) except where such disclosure is made to any
of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

 

(ii) upon
becoming aware that any information has been disclosed in breach of this Clause 34 (Confidentiality
of Funding Rates and Reference Bank Quotations).

 

		34	35 Legal
Independence and Unconditional Obligations of the Borrower

 

		34.1	35.1 Legal independence and Unconditional
Obligations of the Borrower

 

This Agreement is legally independent
from the Shipbuilding Contract. The obligations of the Borrower to make payments and to observe and perform its obligations under
the Transaction Documents are absolute, unconditional, irrevocable and several and such obligations shall not:

 

		(a)	in any way be affected or discharged by reason of any matter affecting the Shipbuilding Contract
including its performance, frustration or validity, the insolvency or dissolution of any party to the Shipbuilding Contract or
the destruction, non-completion or non-functioning of the goods and equipment supplied under the Shipbuilding Contract;

 

		(b)	in any way be affected or discharged by reason of any dispute under the Shipbuilding Contract or
any claim which it or any other person may have against, or consider that it has against, any person under the Shipbuilding Contract;

 

		(c)	in any way be affected or discharged by reason of unenforceability, illegality or invalidity of
any obligation of the Borrower or any other person under the Shipbuilding Contract or any documents or agreements relating to the
Shipbuilding Contract;

 

		(d)	in any way be affected by the fact that all or any part of the amount requested referred to in
the Drawdown Notice is not or was not due or payable to the Builder;

 

		(e)	be conditional on the performance by the Creditor Parties of any obligations (except as otherwise
stated herein) in order to give rise to a relevant obligation of the Borrower hereunder; or

 

		(f)	in any way be affected or discharged by the insolvency or dissolution of the Borrower.

 

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		35	36 SACE
Subrogation and Reimbursement

 

		35.1	36.1 Acknowledgement of Subrogation

 

Each of the Parties acknowledges
that, upon any payment being made by or on behalf of SACE of any amount under the SACE Insurance Policy, SACE will be immediately
and automatically subrogated to the rights of the Lenders in the amount of such payment under the Finance Documents in accordance
with the SACE Insurance Policy. Following such subrogation, the Creditor Parties shall provide all assistance required by SACE
to enforce its rights under this Agreement and the other Finance Documents.

 

		35.2	36.2 Reimbursement

 

		(a)	Without prejudice to Clause 36.1 35.1
(Acknowledgement of Subrogation), each Obligor, jointly and severally undertakes to pay to SACE, and keep SACE
indemnified from and against, each and every amount paid (whether by direct payment or set-off) by SACE to the Creditor Parties
or any person on any of their behalf under the SACE Insurance Policy;

 

		(b)	Each Obligor undertakes to pay SACE an amount in Dollars equal to:

 

		(i)	for each payment made by SACE to any of the Creditor Parties or any person on any of their behalf
under the SACE Insurance Policy, the amount of such payment; and

 

		(ii)	for each deduction or withholding imposed, levied, collected, withheld or assessed on any payment
by SACE to any of the Creditor Parties or any person on any of their behalf under the SACE Insurance Policy, the amount of such
deduction or withholding,

 

in each case together with interest
thereon (calculated in accordance with Clause 17.1 (Default rate of interest) of this Agreement).

 

		(c)	Each Obligor further agrees that its obligations under this Clause 36.2
35.2 (Reimbursement) are separate
from and in no way conditional upon the Obligor's obligations under this Agreement or any of the other Finance Documents and will
not be affected or discharged by any matter relating thereto including, but not limited to, whether or not the Obligor is itself
liable to make payment, or is disputing its liability to make payment, under this Agreement or any of the other Finance Documents.

 

		(d)	SACE will promptly inform the Obligors of any amounts to be reimbursed and indemnified under this
Clause 36.2 35.2 (Reimbursement).

 

		(e)	Each amount that is payable by the Obligors pursuant to Clause 36.2
35.2 (Reimbursement) is due and payable
to SACE in Dollars within five (5) Business Days of demand by SACE to the Obligors.

 

		35.3	36.3 Obligations Absolute

 

The obligations of the Obligors
under this Clause 36.2 35.2
(Reimbursement), to the extent permitted by applicable law:

 

		(a)	are absolute and unconditional;

 

		(b)	are to be discharged and/or performed strictly in accordance with this Agreement under all circumstances;

 

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		(c)	are continuing obligations and will extend to the ultimate balance of sums payable by SACE to any
Creditor Party or any person on any of their behalf under the SACE Insurance Policy, regardless of any intermediate payment or
discharge in whole or in part;

 

		(d)	will not be affected by an act, omission, matter or thing which, but for this Clause, would reduce,
release or prejudice any of its obligations under Clause 36.2 35.2
(Reimbursement) (without limitation and whether or not known to it or any Creditor Party) including:

 

		(i)	any time, waiver or consent granted to, or composition with any Obligor;

 

		(ii)	any lack of validity or enforceability of, or any amendment or other modifications of, or waiver
with respect to, any of the Finance Documents;

 

		(iii)	any reduction or release of any other obligations under this Agreement;

 

		(iv)	the release of any Obligor or any other person under the terms of any composition or arrangement;

 

		(v)	the taking, variation, compromise, exchange, renewal, discharge, substitution or release of, or
refusal or neglect to perfect, take up, realise or enforce, any rights against, or security over assets of, any Obligor or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise
the full value of any security;

 

		(vi)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of any Obligor, any Creditor Party or any other person;

 

		(vii)	any amendment (however fundamental) or replacement of a Finance Document, the SACE Insurance Policy
or any other document or security;

 

		(viii)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance
Document, the SACE Insurance Policy or any other document or security;

 

		(ix)	any insolvency or similar proceedings;

 

		(x)	the existence of any claim, set-off, defence, reduction, abatement or other right which any Obligor
may have at any time against SACE;

 

		(xi)	any document presented in connection with the SACE Insurance Policy proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;

 

		(xii)	any payment by SACE against presentation of a demand for payment substantially, on its face, in
the form of a claim under the SACE Insurance Policy where any certificate or other document required to be provided with such claim
in accordance with the terms of the SACE Insurance Policy either is not provided or does not comply with the terms of the SACE
Insurance Policy; and

 

		(xiii)	any other circumstances which might otherwise constitute a defence available to, or discharge of
any Obligor.

 

    151

     

    

 

		36	37 Supplemental

 

		36.1	37.1 Rights cumulative, non-exclusive

 

The rights and remedies which
the Finance Documents give to each Secured Party are:

 

		(a)	cumulative;

 

		(b)	may be exercised as often as appears expedient; and

 

		(c)	shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude
or limit any right or remedy conferred by any law.

 

		36.2	37.2 Severability of provisions

 

If any provision of a Finance
Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity, enforceability or legality
of the other provisions of that Finance Document or of the provisions of any other Finance Document.

 

		36.3	37.3 Counterparts

 

A Finance Document may be executed
in any number of counterparts.

 

		36.4	37.4 Third party rights

 

		(a)	Except for SACE, SIMEST and their successors, transferees and assignees or as otherwise provided
in a Finance Document, a person who is not a Party has no right under the Third Party Act to enforce or to enjoy the benefit of
any term of this Agreement.

 

		(b)	Notwithstanding any provision of any Finance Document, the consent of any person (other than SACE,
SIMEST or their successors, transferees and assignees) who is not a party to a Finance Document is not required to rescind, vary
or terminate any Finance Document at any time.

 

		(c)	Subject to the provisions of the Third Party Act, and without prejudice to the provisions of paragraphs
(a) and (b) above, each of SACE and/or SIMEST (as applicable) has the right to enforce and to enjoy the benefit of Clause 36
35 (SACE Subrogation and Reimbursement),
Clause 17 (Interest on Late Payments), Clause 8 (SACE Premium and Italian Authorities), Clause 10.2 (Tax gross-up),
Clause 10.3 (Tax indemnity), Clause 10.11 (Transaction Costs), Clause 20.1 (Indemnities regarding borrowing and
repayment of Loan), Clause 20.2 (Breakage costs and SIMEST arrangements), Clause 20.3 (Miscellaneous indemnities),
Clause 20.4 (Currency indemnity), Clause 22 (Set-Off), Clause 27 (The Security Trustee), Clause 10.6 (VAT),
Clause 10.13 (SACE obligations), Clauses 33.8 (Disclosure by SACE), Clause 33.9 (Disclosure by SIMEST),
33.10 33.10 (Press
release), Clause 39 38
(Enforcement) and any other provision of this Agreement which expressly confers rights on SACE and/or SIMEST
(as applicable).

 

		(d)	Any amendment or waiver which relates to the rights of SACE and/or SIMEST (as applicable) under
this Agreement, including under Clause 36 35
(SACE Subrogation and Reimbursement), Clause 17 (Interest on Late Payments), Clause 8 (SACE Premium
and Italian Authorities), Clause 10.2 (Tax gross-up), Clause 10.3 (Tax indemnity), Clause 20.4 (Currency
indemnity), Clause 22 (Set-Off), Clause 27 (The Security Trustee), Clause 20.3 (Miscellaneous indemnities),
Clause 10.6 (VAT), Clause 10.11 (Transaction Costs), Clause 20.1 (Indemnities regarding borrowing and repayment
of Loan), Clauses 33.8 (Disclosure by SACE), Clause 33.9 (Disclosure by SIMEST), 33.10
33.10 (Press release), Clause 39
38 (Enforcement) and any other provision
of this Agreement which expressly confers rights on SACE and/or SIMEST (as applicable) may not be effected without the consent
of SACE and/or SIMEST (as applicable).

 

    152

     

    

 

		36.5	37.5 No waiver

 

No failure or delay on the part
of a Secured Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single
or partial exercise thereof preclude any other or further exercise thereof by the Secured Parties or the exercise by the Secured
Parties of any other right, power or privilege. The rights and remedies of the Secured Parties herein provided are cumulative and
not exclusive of any rights or remedies provided by law.

 

		36.6	37.6 Writing required

 

This Agreement shall not be capable
of being modified otherwise than by an express modification in writing signed by the Borrower, the Facility Agent and the Lenders.

 

		36.7	37.7 Non-applicable provisions between
the Obligors, German Lenders and any Creditor Party subject to the EU Blocking Regulation

 

		(a)	A Creditor Party that is incorporated in the Federal Republic of Germany or is otherwise subject
to the EU Blocking Regulation may notify the Facility Agent in writing that it elects that any provisions with respect to Sanctions,
including, without limitation, the undertakings and covenants given under paragraph (e) (d) of
Clause 12.2 (Information), Clause 12.4 (Sanctions and Illicit Payments), Clause 12.5 (Prohibited Payments),
Clause 12.25 (Compliance with laws etc.) or provisions contained in Clause 20.3 (Miscellaneous indemnities) or Clause 21.1
(Illegality and Sanctions) and the representations and warranties given under paragraphs (u), (v), (y), (z) and (jj)
of Clause 11.2 (Continuing representations and warranties) and paragraph (j) of Clause 11.3 (Representations on
the Delivery Date) respectively (the "Sanctions Provisions") shall only enure to the benefit of, and be applicable
to, that Creditor Party to the extent that such provisions would not result in: (i) any violation of, conflict with or
liability under the EU Blocking Regulation; or (ii) in the case of a Creditor Party that is incorporated in the Federal
Republic of Germany only, a violation or conflict with the German Blocking Provisions.

 

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

 

		37	38 Governing
Law

 

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

 

    153

     

    

 

		38	39 Enforcement

 

		38.1	39.1 Jurisdiction of English Courts

 

The courts of England have exclusive
jurisdiction to settle any Dispute arising out of or in connection with this Agreement (including a dispute regarding the existence,
validity or termination of this Agreement) (a "Dispute"). Each Party agrees that the courts of England are the
most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

 

		38.2	39.2 Service of process

 

Without prejudice to any other
mode of service allowed under any relevant law, the Borrower:

 

		(a)	irrevocably appoints Hannaford Turner LLP of 4th Floor, 15 Old
Bailey, currently of 9 Cloak Lane, London,
EC4M 7EFR 2RU,
United Kingdom, as its agent for service of process in relation to any proceedings before the English courts in connection with
any Finance Document; and

 

		(b)	agrees that failure by a process agent to notify the Borrower of the process will not invalidate
the proceedings concerned.

 

If any person appointed as an
agent for service of process is unable for any reason to act as agent for service of process, the Borrower (on behalf of all the
Obligors) must immediately (and in any event within 15 days of such event taking place) appoint another agent on terms acceptable
to the Facility Agent. Failing this, the Facility Agent may appoint another agent for this purpose.

 

		39	40 Waiver
of Immunity

 

		39.1	40.1 To the fullest extent permitted by applicable
law, the Borrower hereby irrevocably and unconditionally:

 

		(a)	submits to the jurisdiction of the English courts in accordance with Clause 38
38 (Enforcement) and agrees not to
claim any sovereign or other immunity from the jurisdiction of any such court;

 

		(b)	submits to the jurisdiction of the English courts in respect of any proceedings arising out of
or connected with the enforcement and/or execution of any judgment made against it and waives and agrees not to claim any sovereign
or other immunity from the jurisdiction of the English courts or the courts of any other jurisdiction in relation to the recognition
of any such judgment or court order and agrees to ensure that no such claim is made on its behalf;

 

		(c)	consents generally in respect of any such proceedings to the giving of any relief in the English
courts and the courts of any other jurisdiction whether before or after a final judgment including, without limitation: suit, relief
by way of interim or final injunction or order for specific performance or recovery of any property, attachment of its assets prior
to judgment, other attachment, the obtaining of judgment and enforcement or execution against any property, revenues or other assets
whatsoever (irrespective of their use or intended use) and waives and agrees not to claim any sovereign or other immunity from
the jurisdiction of the English courts or the courts of any other jurisdiction in relation to such enforcement and the giving of
such relief (including to the extent that such immunity may be attributed to it) against itself or with respect to its assets,
and agrees to ensure that no such claim is made on its behalf or with respect to its assets;

 

    154

     

    

 

		(d)	waives any right of immunity which it or its assets now has or may subsequently acquire; and

 

		(e)	agrees not to claim any sovereign or other immunity from service of process against its assets
or revenues for the enforcement of a judgment or an action in rem, for the arrest, detention or sale of any of its assets and revenues.

 

		39.2	40.2 The Borrower agrees that in any proceedings
in the English courts this waiver shall have the fullest scope permitted by the English State Immunity Act 1978 (the “"Act”")
and that this waiver is intended to be irrevocable for the purposes of such Act.

 

		40	41 Effective
Date

 

This Agreement
and the other Finance Documents shall not come into force or have any legal effect until the occurrence of the Effective Date.

 

This
Agreement is effective from the 2021 Deferral Effective Date.

 

		41	Confidentiality of
Funding Rates and Reference Bank Quotations

 

		41.1	Confidentiality and disclosure

 

		(a)	The Facility Agent and each Obligor
agree to keep each Funding Rate (and, in the
case of the Facility Agent, each Reference Bank Quotation) confidential
and not to disclose it to anyone, save to the extent permitted by paragraphs (b),
(c) and (d) below.

 

		(b)	The Facility Agent may disclose:

 

		(i)	any Funding Rate (but not, for the avoidance of doubt,
any Reference Bank Quotation) to the Borrower pursuant to Clause 6.5 (Notification of Interest Periods and Floating Interest
Rate);

 

		(ii)	any Funding Rate or any Reference Bank
Quotation to any person appointed by it to provide administration services
in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services
if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the
form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form
of confidentiality undertaking agreed between the Facility Agent and the relevant Lender or Reference Bank, as the case may be.

 

		(c)	The Facility Agent may disclose any
Funding Rate or any Reference Bank Quotation, and each Obligor
may disclose any Funding Rate,
to:

 

		(i)	any of its Affiliates and any of its
or their officers, directors, employees, professional advisers, auditors, partners and representatives,
if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this sub-paragraph (i) is
informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no such
requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding
Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;

 

    155

     

    

 

		(ii)	any person to whom information is required
or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory
authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the
person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and
that it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Facility
Agent or the relevant Obligor,
as the case may be, it is not practicable to do so in the circumstances;

 

		(iii)	any person to whom information is required
to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations,
proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing
of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform
if, in the opinion of the Facility Agent or the relevant
Obligor, as the case may be, it is not practicable to do
so in the circumstances; and

 

		(iv)	any person with the consent of the
relevant Lender or Reference Bank, as the case may be.

 

		(d)	The Facility Agent’s obligations in this Clause
41 (Confidentiality of Funding Rates and Reference Bank Quotations) relating to Reference Bank Quotations are without prejudice
to its obligations to make notifications under Clause 6.5 (Notification of Interest Periods and Floating Interest Rate)
provided that (other than pursuant to sub-paragraph (i) of paragraph (b) above) the Facility Agent shall not include
the details of any individual Reference Bank Quotation as part of any such notification.

 

		41.2	Related Obligations

 

		(a)	The Facility Agent and each Obligor
acknowledge that each Funding Rate (and, in the case of the Facility Agent,
each Reference Bank Quotation) is or may be price sensitive information and that its use may be regulated or prohibited by applicable
legislation including securities law relating to insider dealing and market abuse and the Facility Agent and each
Obligor undertake not to use any Funding Rate or, in the
case of the Facility Agent, any Reference Bank Quotation for any unlawful purpose.

 

		(b)	The Facility Agent and each Obligor
agree (to the extent permitted by law and regulation) to inform the relevant
Lender or Reference Bank, as the case may be:

 

		(i)	of the circumstances of any disclosure
made pursuant to sub-paragraph (ii) of paragraph (c) of
Clause 41.1 (Confidentiality and disclosure) except
where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory
or regulatory function; and

 

		(ii)	upon becoming aware that any information
has been disclosed in breach of this Clause 41
(Confidentiality of Funding Rates and Reference Bank Quotations).

 

		41.3	No Event of Default

 

No
Event of Default will occur under Clause 18.4 (Breach of other obligations) by reason only of an Obligor’s failure
to comply with this Clause 41 (Confidentiality of Funding Rates and Reference Bank Quotations).

 

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

 

    156

     

    

 

Execution
Pages

 

	BORROWER	 	 
	 	 	 
	SIGNED
    by	 	)
	 	 	)
	for and on behalf of	 	)
	EXPLORER III NEW
    BUILD, LLC	 	)
	 	 	 
	in the presence of:	 	)

 

 

	LENDERS	 	 
	 	 	 
	SIGNED
    by	 	)
	 	 	)
	for and on behalf of	 	)
	CRÉDIT AGRICOLE
    CORPORATE	 	)
	AND INVESTMENT BANK	 	)
	in the presence of:	 	)

 

 

	SIGNED
    by	 	)
	 	 	)
	for and on behalf of	 	)
	BNP PARIBAS FORTIS
    S.A./N.V.	 	)
	in the presence of:	 	)

 

 

	SIGNED
    by	 	)
	 	 	)
	for and on behalf of	 	)
	KFW IPEX-BANK GMBH	 	)
	in the presence of:	 	)

 

 

	SIGNED
    by	 	)
	 	 	)
	for and on behalf of	 	)
	HSBC BANK PLC	 	)
	in the presence of:	 	)

 

     

    

    

 

	SIGNED
    by	 	)
	 	 	)
	for and on behalf of	 	)
	CASSA DEPOSITI E
    PRESTITI S.P.A.	 	)
	in the presence of:	 	)

 

 

	SIGNED
    by	 	)
		 	)
	for and on behalf of	 	)
	BANCO SANTANDER
    S.A.	 	)
	in the presence of:	 	)

 

 

	SIGNED
    by	 	)
	 	 	)
	for and on behalf of	 	)
	SOCIETE GENERALE	 	)
	in the presence of:	 	)

 

 

	JOINT MANDATED LEAD
    ARRANGERS	 	 
	 	 	 
	SIGNED
    by	 	)
	 	 	)
	for and on behalf of	 	)
	CRÉDIT AGRICOLE
    CORPORATE	 	)
	AND INVESTMENT BANK	 	)
	in the presence of:	 	)

 

 

	SIGNED
    by	 	)
	 	 	)
	for and on behalf of	 	)
	BNP PARIBAS FORTIS
    S.A./N.V.	 	)
	in the presence of:	 	)

 

     

    

    

 

	SIGNED by	 	)
	 	 	)
	for and on behalf of	 	)
	KFW IPEX-BANK GMBH	 	)
	in the presence of:	 	)

 

 

	SIGNED by	 	)
	 	 	)
	for and on behalf of	 	)
	HSBC BANK PLC	 	)
	in the presence of:	 	)

 

 

	SIGNED by	 	)
	 	 	)
	for and on behalf of	 	)
	CASSA DEPOSITI E PRESTITI S.P.A.	 	)
	in the presence of:	 	)

 

 

	SIGNED by	 	)
	 	 	)
	for and on behalf of	 	)
	BANCO SANTANDER S.A.	 	)
	in the presence of:	 	)

 

 

	SIGNED by	 	)
	 	 	)
	for and on behalf of	 	)
	SOCIETE GENERALE	 	)
	in the presence of:	 	)

 

     

    

    

 

	FACILITY AGENT	 	 
	 	 	 
	SIGNED
    by	 	)
	 	 	)
	for and on behalf of	 	)
	BNP PARIBAS	 	) 
	in the presence of:	 	)

 

 

	SACE AGENT	 	 
	 	 	 
	SIGNED
    by	 	)
	 	 	)
	for and on behalf of	 	) 
	CRÉDIT AGRICOLE
    CORPORATE	 	)
	AND INVESTMENT BANK	 	)
	in the presence of:	 	)

 

 

	SECURITY TRUSTEE	 	 
	 	 	 
	SIGNED
    by	 	)
	 	 	)
	for and on behalf of	 	)
	HSBC CORPORATE TRUSTEE	 	)
	COMPANY (UK) LIMITED	 	)
	in the presence of:	 	)

 

     

    

    

 

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

 

Amendments are indicated as follows:

 

		1	additions are indicated by underlined text in blue; and

 

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

 

     

    

    

 

Execution version

 

Dated _______________
2018

 

Originally
dated 19 December 2018

(as amended and restated pursuant to an amendment and restatement agreement dated _____ 

February 2021)

 

NCL
CORPORATION LTD.

as Guarantor

 

and

 

HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED

as Security Trustee

 

and

 

NORWEGIAN
CRUISE LINE HOLDINGS LTD.

 

as
the Holding

 

 

     

     

    

 

Amended
and restated Guarantee

 

relating to a Loanfacility
Aagreement
originally dated 19 December 2018 (as amended and restated by an
amendment and restatement agreement dated _______________________ February 20218)

in respect of

the part financing of the 740 passenger cruise ship newbuilding
presently designated as Hull No. [*] at Fincantieri S.p.A

 

    

     

    

 

Index

 

	Clause	Page

 

	1	Interpretation	32
	2	Guarantee	    54
	3	Liability as Principal and Independent Debtor	     54
	4	Expenses	  65
	5	Adjustment of Transactions 	    76
	6	Payments	     76
	7	Interest 	    98
	8	Subordination  	   98
	9	Enforcement 	    109
	10	Representations and Warranties  	   109
	11	Undertakings 	    122
	12 	Judgments and Currency Indemnity    	 225
	13 	Set-Off   	  226
	14	Supplemental  	   236
	15 	Assignment and Transfer	     2429
	16	Notices   	  2529
	17	Invalidity of Loan Agreement  	   2530
	18	Governing Law and Jurisdiction  	   306

 

Schedules

 

	Schedule 1 Form of Compliance Certificate	2732
	Schedule
                                         2
	34

 

Execution

 

	Execution Page	 

 

    

     

    

 

Execution version

 

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

 

parties

 

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

 

		(2)	HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED, a company incorporated in England and Wales
(with registered number 06447555) whose registered office is at 8 Canada Square, London E14 5HQ as security trustee on behalf of
the Secured Parties (the "Security Trustee", which expression includes its successors, transferees and assigns)

 

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

 

BACKGROUND

 

		(A)	By a shipbuilding contract dated 25 May 2018 (as amended from time to time) (the "Shipbuilding
Contract") entered into between (i) Fincantieri S.p.A, a company incorporated in Italy with registered office in
Trieste, via Genova, 1, and having fiscal code 00397130584 (the "Builder") and (ii)  Explorer III New Build,
LLC (the "Borrower"), the Builder has agreed to design, construct and deliver, and the Borrower has agreed to
purchase, a 740 passenger cruise ship currently having hull number [*] as more particularly described in the Shipbuilding Contract
to be delivered on [*] subject to any adjustments of such delivery date in accordance with the Shipbuilding Contract.

 

		(B)	By a loan agreement dated _______________ 2018 (as amended from
time to time19 December 2018 (the "Original
Loan Agreement"), and made between (i) the Borrower, (ii) the Lenders, (iii) the Joint Mandated
Lead Arrangers, (iv) the Facility Agent, (v) the SACE Agent and (vi) the Security Trustee, it was agreed that the
Lenders would make available to the Borrower, a facility of the Dollar Equivalent of up to three hundred and seventy eight million
and eight hundred thousand Euros (€ 378,800,000) and the amount of the SACE Premium (but not exceeding five hundred and sixty
five million, one hundred and fifty four thousand, six hundred and sixty eight Dollars and five cents ($ 565,154,668.05)) for the
purpose of assisting the Borrower, in financing (a) payment or reimbursement under the Shipbuilding Contract of all or part
of 80% of the Final Contract Price up to the Eligible Amount and (b) reimbursement to the Borrower of 100% of the First Instalment
of the SACE Premium paid by it to SACE and payment to SACE of 100% of the Second Instalment of the SACE Premium (as defined therein).

 

		(C)	The execution and delivery to the Security Trustee of thisa
guarantee by the Guarantor, which was executed on 19 December 2018 (the "Original Guarantee
is") was
one of the conditions precedent to the availability of the facility under the Original
Loan Agreement.

 

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

 

    

     

    

 

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

 

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

 

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

 

		(H)	This Guarantee sets out the terms and conditions
of the Original Guarantee as amended pursuant to the 2021 Amendment and Restatement Agreement.

 

	(I)	

 

OPERATIVE
PROVISIONS

 

		Interpretation	

 

		1.1	Defined expressions

 

Words and expressions defined
in the Loan Agreement shall have the same meanings when used in this Guarantee unless the context otherwise requires.

 

		1.2	Construction of certain terms

 

In this Guarantee:

 

"2021
Amendment and Restatement Agreement" means an amendment and restatement agreement to the Original Loan Agreement and the
Original Guarantee dated _____ February 2021 and made between, amongst others, the Borrower, the Guarantor, the Facility Agent
and the SACE Agent.

 

"Bankruptcy"
includes a liquidation, receivership or administration and any form of suspension of payments, arrangement with creditors or reorganisation
under any corporate or insolvency law of any country.

 

"Capital Stock"
means:

 

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

 

    2

     

    

 

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

 

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

 

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

 

"First Financial Quarter"
means the financial quarter ending immediately prior to or on the date falling forty five (45) days before the Intended Delivery
Date.

 

"Loan Agreement"
means the Original lLoan
aAgreement
dated _______________________ 2018 referred to in Recital (B) and includes any existing or
future amendments, restatements, or supplements, whether made with the Guarantor's consent or otherwise.as
amended and restated by the 2021 Amendment and Restatement Agreement.

 

"Management"
means the employees of the Guarantor and its subsidiaries or their dependants or any trust for which such persons are the intended
beneficiary.

 

"Party" means
a party to this Guarantee.

 

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

 

		1.3	Application of construction and interpretation provisions of Loan Agreement

 

Clauses 1.2 (Construction
of certain terms) to 1.5 (General Interpretation) of the Loan Agreement apply, with any necessary modifications, to
this Guarantee.

 

		1.4	Inconsistency between Loan Agreement and this
Guarantee

 

This
Guarantee shall be read together with the Loan Agreement, but in case of any conflict between the Loan Agreement and this Guarantee,
unless expressly provided to the contrary in this Guarantee, the provisions of the Loan Agreement shall prevail.

 

		1.5	1.4 Non-applicable provisions between
the Obligors, German Lenders and any Creditor Party subject to the EU Blocking Regulation

 

		(a)	A Creditor Party that is incorporated in the Federal Republic of Germany or is otherwise subject
to the EU Blocking Regulation may notify the Facility Agent in writing that it elects that any provisions with respect to Sanctions,
including, without limitation, the undertakings and covenants given under any of Clause 10.12 (Sanctions) or any undertakings
in Clause 11.19 11.22
(Sanctions and Illicit Payments), Clause 11.20 11.23
(Prohibited Payments) and Clause 11.21 11.24
(Sanctions) of this Guarantee respectively (the "Sanctions Provisions") shall only enure to
the benefit of, and be applicable to, that Creditor Party to the extent that such provisions would not result in: (i) any
violation of, conflict with or liability under the EU Blocking Regulation; or (ii) in the case of a Creditor Party that
is incorporated in the Federal Republic of Germany only, a violation or conflict with the German Blocking Provisions.

 

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

 

		2	Guarantee

 

		2.1	Guarantee and indemnity

 

The Guarantor unconditionally
and irrevocably:

 

		(a)	guarantees to the Security Trustee (acting on behalf of the Secured Parties) punctual performance
by the Borrower of all the Borrower's obligations under or in connection with the Loan Agreement and every other Finance Document;

 

		(b)	undertakes to the Security Trustee that whenever the Borrower does not pay any amount when due
under or in connection with the Loan Agreement and the other Finance Documents, the Guarantor shall immediately on demand pay that
amount as if it was the principal obligor;

 

		(c)	agrees that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal,
it will, as an independent and primary obligation, indemnify the Security Trustee and each other Secured Party immediately on demand
by the Security Trustee against any cost, loss or liability it incurs as a result of the Borrower not paying any amount which would,
but for such unenforceability, invalidity or illegality, have been payable by it under the Loan Agreement or any other Finance
Document on the date when it would have been due. Any such demand for indemnification shall be made through the Security Trustee,
for itself or on behalf of the Secured Parties. The amount payable by the Guarantor under this indemnity will not exceed the amount
it would have had to pay under this Clause 2.1 (Guarantee and indemnity) if the amount claimed had been recoverable on the
basis of a guarantee.

 

		2.2	No limit on number of demands

 

The Security Trustee may serve
any number of demands under Clause 2.1 (Guarantee and indemnity).

 

		3	Liability as Principal and Independent Debtor

 

		3.1	Principal and independent debtor

 

The Guarantor shall be liable
under this Guarantee as a principal and independent debtor and accordingly it shall not have, as regards this Guarantee, any of
the rights or defences of a surety.

 

		3.2	Waiver of rights and defences

 

Without limiting the generality
of Clause 3.1 (Principal and independent debtor), the obligations of the Guarantor under this Guarantee will not be affected
or discharged by an act, omission, matter or thing which,
but for this Clause, would reduce, release or prejudice any of its obligations under this Guarantee (without limitation and whether
or not known to it or any Secured Party) including:

 

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		(a)	any time, waiver or consent granted to, or composition with, the Borrower or other person;

 

		(b)	the release of the Borrower or any other person under the terms of any composition or arrangement
with any creditor of any affiliate of the Borrower;

 

		(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
or delay in perfecting, or refusal or neglect to take up
or enforce, or delay in taking or enforcing any rights against,
or security over assets of, the Borrower or other person or any non-presentation or non-observance of any formality or other requirement
in respect of any instrument or any failure to realise the full value of any security;

 

		(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of the Borrower or any other person;

 

		(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or
not more onerous) or replacement of any Finance Document or any other document or security including without limitation any change
in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document
or other document or security;

 

		(f)	any insolvency or similar proceedings;

 

		(g)	any arrangement or concession (including a rescheduling or acceptance of partial payments) relating
to, or affecting, the Finance Documents;

 

		(h)	any release or loss whatsoever of any guarantee, right or Security Interest created by the Finance
Documents;

 

		(i)	any failure whatsoever promptly or properly to exercise or enforce any such right or Security Interest,
including a failure to realise for its full market value an asset covered by such a Security Interest; or

 

		(j)	any other Finance Document or any Security Interest now being or later becoming void, unenforceable,
illegal or invalid or otherwise defective for any reason, including a neglect to register it.;
or

 

		(k)	any unenforceability, illegality or invalidity of
any obligation of any person under any Finance Document or any other document or security.

 

		4	Expenses

 

		4.1	Costs of preservation of rights, enforcement etc.

 

The Guarantor shall pay to the
Security Trustee on its demand the amount of all expenses incurred by the Security Trustee or any other Secured Party in connection
with any matter arising out of this Guarantee or any Security Interest connected with it, including any advice, claim or proceedings
relating to this Guarantee or such a Security Interest.

 

		4.2	Fees and expenses payable under Loan Agreement

 

Clause 4.1 (Costs of preservation
of rights, enforcement etc.) is without prejudice to the Guarantor's liabilities in respect of the Borrower's obligations under
clauses 9 (Fees) and 10 (Taxes, Increased Costs, Costs and Related Charges) of the Loan Agreement and under
similar provisions of other Finance Documents.

 

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		5	Adjustment of Transactions

 

		5.1	Reinstatement of obligation to pay

 

The Guarantor shall pay to the
Security Trustee on its demand any amount which any Secured Party is required, or agrees, to pay pursuant to any claim by, or settlement
with, a trustee in bankruptcy of the Borrower or of any other Obligor (or similar person) on the ground that the Loan Agreement
or any other Finance Document, or a payment by the Borrower or of such other Obligor, was invalid or on any similar ground.

 

		6	Payments

 

		6.1	Method of payments

 

Any amount due under this Guarantee
shall be paid:

 

		(a)	in immediately available funds;

 

		(b)	to such account as the Security Trustee may from time to time notify to the Guarantor;

 

		(c)	without any form of set-off, cross-claim or condition; and

 

		(d)	free and clear of any Tax Deduction except a Tax Deduction which the Guarantor is required by law
to make.

 

		6.2	Grossing-up for taxes

 

If the Guarantor is required
by law to make a Tax Deduction, the amount due to the Security Trustee shall be increased by the amount necessary to ensure that
the Security Trustee and (if the payment is not due to the Security Trustee for its own account) the Secured Party beneficially
interested in the payment receives and retains a net amount which, after the Tax

Deduction, is equal to the full amount that it would otherwise have received; provided that a payment shall not be increased under
this Clause 6.2 if clause 10.2paragraph
(d) of clause 10.2 of the Loan Agreement
applies mutatis mutandis.

 

		6.3	Tax Credits

 

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

 

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		6.4	FATCA Deduction

 

		(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required
in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such
a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

 

		(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there
is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in addition,
shall notify the Borrower, the Facility Agent and the other Secured Parties.

 

		6.5	FATCA Information

 

		(a)	Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable
request by another Party:

 

		(i)	confirm to that other Party whether it is:

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party.

 

		(ii)	supply to that other Party such forms, documentation and other information relating to its status
under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and

 

		(iii)	supply to that other Party such forms, documentation and other information relating to its status
as that other Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange
of information regime.

 

		(b)	If a Party confirms to another Party pursuant to sub-paragraph
(i) of paragraph (a)(i) above that it is a FATCA Exempt Party
and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party
reasonably promptly.

 

		(c)	Paragraph (a) above shall not oblige the Security Trustee to do anything, and sub-paragraph
(iii) of paragraph (a)(iii) above shall not oblige any other
Party to do anything, which would or might in its reasonable opinion constitute a breach of:

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

		(iii)	any duty of confidentiality.

 

		(d)	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
or other information requested in accordance with sub-paragraph (i) of
paragraph (a)(i) or (ii) above (including, for the avoidance of doubt,
where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments
under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation,
forms, documentation or other information.

 

    7

     

    

 

		6.6	No obligations on SACE

 

To the extent that this Clause
6 (Payments) imposes obligations or restrictions on a Secured Party, such obligations or restrictions shall not apply to
SACE and SACE shall have no obligations hereunder nor be constrained by such restrictions.

 

		7	Interest

 

		7.1	Accrual of interest

 

Any amount due under this Guarantee
shall carry interest after the date on which the Security Trustee demands payment of it until it is actually paid, unless interest
on that same amount also accrues under the Loan Agreement.

 

		7.2	Calculation of interest

 

Interest on sums payable under
this Guarantee shall be calculated and accrue in the same way as interest under clause 6 (Interest) of the Loan Agreement.

 

		7.3	Guarantee extends to interest payable under Loan Agreement

 

For the avoidance of doubt, it
is confirmed that this Guarantee covers all interest payable under the Loan Agreement, including that payable under clause 17 (Interest
on Late Payments) of the Loan Agreement.

 

		8	Subordination

 

		8.1	Subordination of rights of Guarantor

 

Until all amounts which may be
or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless
the Facility Agent otherwise directs, all rights which the Guarantor at any time has (whether in respect of this Guarantee or any
other transaction) against the Borrower, any other Obligor or their respective assets shall be fully subordinated to the rights
of the Secured Parties under the Finance Documents; and in particular, the Guarantor shall not:

 

		(a)	claim, or in a bankruptcy of the Borrower or any other Obligor prove for, any amount payable to
the Guarantor by the Borrower or any other Obligor, whether in respect of this Guarantee or any other transaction;

 

		(b)	take or enforce any Security Interest for any such amount;

 

		(c)	exercise any right to be indemnified by an Obligor;

 

		(d)	bring legal or other proceedings for an order requiring the Borrower or any other Obligor to make
any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under
this Guarantee;

 

		(e)	claim to set-off any such amount against any amount payable by the Guarantor to the Borrower or
any other Obligor; or

 

		(f)	claim any subrogation or right of contribution or other right in respect of any Finance Document
or any sum received or recovered by any Secured Party under a Finance Document.

 

    8

     

    

 

If the Guarantor receives any
benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary
to enable all amounts which may be or become payable to the Secured Parties by the Obligors under or in connection with the Finance
Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Security Trustee
or as the Security Trustee may direct for application in accordance with the Loan Agreement and the Finance Documents.

 

		9	Enforcement

 

		9.1	No requirement to commence proceedings against Borrower

 

The Guarantor waives any right
it may have of first requiring the Security Trustee or any other Secured Party to proceed against or enforce any other rights or
security or claim payment from any person before claiming from the Guarantor under this Guarantee. Neither the Security Trustee
nor any other Secured Party will need to make any demand under, commence any proceedings under, or enforce any guarantee or any
Security Interest contained in or created by, the Loan Agreement or any other Finance Document before claiming or commencing proceedings
under this Guarantee. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

 

		9.2	Conclusive evidence of certain matters

 

However, as against the Guarantor:

 

		(a)	any judgment or order of a court in England or the jurisdiction of the Approved Flag or Bermuda
or the United States of America in connection with the Loan Agreement; and

 

		(b)	any statement or admission by the Borrower in connection with the Loan Agreement,

 

shall be binding and conclusive
as to all matters of fact and law to which it relates.

 

		9.3	Suspense account

 

Until all amounts which may be
or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, the Security
Trustee and any Secured Party may:

 

		(a)	refrain from applying or enforcing any other moneys, security or rights held or received by it
(or any trustee or agent on its behalf which, in the case of a Secured Party, shall include the Facility Agent and the Security
Trustee) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those
amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and

 

		(b)	hold in an interest-bearing suspense account any moneys received from the Guarantor or on account
of the Guarantor's liability under this Guarantee.

 

		10	Representations and Warranties

 

		10.1	General

 

The Guarantor represents and
warrants to the Security Trustee as follows on the Effective Ddate
of this Guarantee, which representations and warranties shall
be deemed to be repeated, with reference mutatis mutandis to the facts and circumstances subsisting, as if made on each
day from the Effective Ddate
of this Guarantee to the end of the Security Period.

 

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		10.2	Status

 

The Guarantor is duly incorporated
and validly existing and in good standing under the laws of Bermuda as an exempted company.

 

		10.3	Corporate power

 

The Guarantor has the corporate
capacity, and has taken all corporate action and obtained all consents necessary for it:

 

		(a)	to execute this Guarantee; and

 

		(b)	to make all the payments contemplated by, and to comply with, this Guarantee.

 

		10.4	Consents in force

 

All the consents referred to
in Clause 10.3 (Corporate power) remain in force and nothing has occurred which makes any of them liable to revocation.

 

		10.5	Legal validity

 

This Guarantee constitutes the
Guarantor's legal, valid and binding obligations enforceable against the Guarantor in accordance with its terms subject to any
relevant insolvency laws affecting creditors' rights generally.

 

		10.6	No conflicts

 

The execution by the Guarantor
of this Guarantee and its compliance with this Guarantee will not involve or lead to a contravention of:

 

		(a)	any law or regulation; or

 

		(b)	the constitutional documents of the Guarantor; or

 

		(c)	any contractual or other obligation or restriction which is binding on the Guarantor or any of
its assets.

 

		10.7	No withholding taxes

 

All payments which the Guarantor
is liable to make under this Guarantee may be made without deduction or withholding for or on account of any tax payable under
any law of Bermuda or the United States of America (other than a FATCA Deduction).

 

		10.8	No default

 

To the knowledge of the Guarantor,
no Event of Default has occurred which is continuing.

 

		10.9	Information

 

All information which has been
provided in writing by or on behalf of the Guarantor to the Security Trustee or any other Secured Party in connection with any
Finance Document satisfied the requirements of Clause 11.2 (Information provided to be accurate); all audited and unaudited
accounts which have been so provided satisfied the requirements of Clause 11.4 (Form of financial statements); and
there has been no material adverse change in the financial position or state of affairs of the Guarantor from that disclosed in
the latest of those accounts.

 

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		10.10	No litigation

 

No legal or administrative action
involving the Guarantor has been commenced or taken or, to the Guarantor's knowledge, is likely to be commenced or taken which,
in either case, would be likely to have a material adverse effect on the Guarantor's ability to perform its obligations under this
Guarantee.

 

		10.11	No Security Interests

 

None of the assets or rights
of the Guarantor is subject to any Security Interest except any Security Interest which (i) qualifies as a Permitted Security
Interest with respect to the Guarantor or (ii) is permitted by Clause 11.11 (Negative pledge).

 

		10.12	Sanctions

 

		(a)	No investments made and no payments made, received or to be made by the Guarantor under the Loan
Agreement, the Transaction Documents or any Finance Document have been or shall be funded, whether directly or, to the knowledge
of the Guarantor, indirectly out of funds of Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited
Jurisdiction or which would otherwise cause any Party to be in breach of any Sanctions and none of the sources of funds to be used
by the Guarantor in connection with the Transaction Documents, the construction of the Ship or its business, whether directly or,
to the knowledge of the Guarantor, indirectly, are of Illicit Origin or derived from any activity with a Prohibited Person or in
a Prohibited Jurisdiction.

 

		(b)	No Prohibited Payment has been or will be made, received or provided, directly or indirectly, by
(or on behalf of) it or the Borrower (to the best of the Guarantor's knowledge), any of its affiliates, officers, directors or
any other person acting on its behalf to, or for the benefit of, any authority or any public or government entity (or any official,
officer, director, agent or key employee of, or other person with management responsibilities in, any authority or public or government
entity) in connection with the Ship, the Loan Agreement and/or the Finance Documents.

 

		(c)	The Guarantor:

 

		(i)	nor to its knowledge any director, officer, or Affiliate of any Obligor or member of the Group,
is not a Prohibited Person;

 

		(ii)	is not owned or controlled by or acting directly or indirectly on behalf of or for the benefit
of, a Prohibited Person; or

 

		(iii)	does not own or control a Prohibited Person.

 

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		11	Undertakings

 

		11.1	General

 

The Guarantor undertakes with
the Security Trustee to comply with the following provisions of this Clause 11 (Undertakings) at all times from the Effective
Ddate of
this Guarantee to the end of the Security Period, except as the Security Trustee may otherwise permit.

 

		11.2	Information provided to be accurate

 

All financial and other information
(but, in respect of information relating to the business and affairs of the Guarantor, excluding any forward looking statements
and projections) which is provided in writing by or on behalf of the Guarantor under or in connection with this Guarantee will
be true and not misleading and will not omit any material fact or consideration.

 

		11.3	Provision of financial statements

 

The Guarantor will send to the
Security Trustee:

 

		(a)	as soon as practicable, but in no event later than 120 days after the end of each financial year
of the Guarantor beginning with the year ending 31 December 2018, the audited consolidated accounts of the Guarantor and its
subsidiaries;

 

		(b)	as soon as practicable (and in any event within forty-five (45) days of the end of the contemplated
quarter in respect of the first three quarters of each fiscal year and 90 days in respect of the final quarter) a copy of the unaudited
consolidated quarterly management accounts (including current and year to date profit and loss
statements and balance sheet compared to the previous year and to budget) of the Guarantor certified as to their
correctness by the chief financial officer of the Guarantor (it being understood that the delivery by the Guarantor of quarterly
or annual reports as filed with the Securities and Exchange Commission in respect of the Guarantor and its consolidated subsidiaries
shall satisfy all the requirements of this paragraph (b));

 

		(c)	a compliance certificate in the form set out in Schedule 1 (Form of Compliance Certificate)
to this Guarantee or in such other form as the Security Trustee may reasonably require (each a "Compliance Certificate"):

 

		(i)	for the first time, no later than the First Financial Quarter on the basis of the latest available
quarterly financial statements, and

 

		(ii)	at the same time as there is delivered to the Security Trustee, and together with, each set of
unaudited consolidated quarterly management accounts under paragraph (b) and, if applicable, audited consolidated accounts
under paragraph (a), duly signed by the chief financial officer of the Guarantor and certifying whether or not the requirements
of Clause 11.15 (Financial Covenants) are then complied with;

 

		(d)	such additional financial or other relevant information regarding the Guarantor and the Group as
the Security Trustee may reasonably request;

 

(e) as
soon as practicable (and in any event within 120 days after the close of each fiscal year), commencing with the fiscal year ending
31 December 2018, annual cash flow projections on a consolidated basis of the Group showing on a monthly basis advance ticket
sales (for at least 12 months following the date of such statement) for the Group;

 

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		(e)	(f) as soon as practicable (and in any event
not later than January 31 of each fiscal year):

 

(i) a
budget for the Group for such new fiscal year including a 12 month liquidity budget for such new fiscal year;

 

		(i)	(ii) updated financial projections of the
Group for at least the next five years (including an income statement, balance sheet statement and cash flow statement and quarterly
break downs for the first of those five years); and

 

		(ii)	(iii) an outline of the assumptions supporting
such budget and financial projections including but without limitation any scheduled drydockings.

 

		(f)	Additional Financial Reporting

 

In
addition to the information to be provided in accordance with clause ‎12.2
(Information) of the Loan Agreement and this Clause 11.3 (Provision of financial statements), the Guarantor undertakes
to provide to the Facility Agent a written report (in form and substance satisfactory to SACE) from the 2021 Deferral Effective
Date until the end of the Deferral Period, covering the information requested in the document entitled "Regular Monitoring
Requirements", the form of which is included in Schedule 2 (Regular Monitoring Requirements), within the timelines
specified therein.

 

		(g)	For the avoidance of doubt, subject to the provisions
of the Loan Agreement, paragraph (h) below and Clause 11.21 (Breach of new covenants or the Principles), the financial
covenants contained in Clause 11.15 (Financial Covenants) will continue to be tested and the reporting obligations shall
continue to apply in accordance with this Clause 11.3 (Provision of financial statements) in respect of the Deferral Period.

 

		(h)	Any breach of any financial covenant contained in
paragraphs (b) and (c) of Clause 11.15 (Financial Covenants) arising on a testing date during the Deferral Period,
by reference to the financial position of the Group (on a consolidated basis), shall not (without prejudice to the rights of the
Lenders in respect of any further breach of such financial covenants that may occur following the expiry of the Deferral Period
(including, without limitation, the ability to terminate the waiver of the financial covenants granted pursuant to paragraphs (b) and
(c) of Clause 11.15 (Financial Covenants) having occurred), and subject further to no Event of Default under clauses
18.7 (Winding-up) to clause 18.13 (Cessation of business) (inclusive) of the Loan Agreement having occurred and being
continuing), result in an Event of Default.

 

		11.4	Form of financial statements

 

All accounts (audited and unaudited)
delivered under Clause 11.3 (Provision of financial statements) will:

 

		(a)	be prepared in accordance with GAAP;

 

		(b)	when required to be audited, be audited by the auditors which are the Guarantor's auditors at the
Effective Ddate
of this Guarantee or other auditors approved by the Security
Trustee, provided that, such approval by the Security Trustee shall not be unreasonably withheld or delayed;

 

		(c)	give a true and fair view of the state of affairs of the Guarantor and its subsidiaries at the
date of those accounts and of their profit for the period to which those accounts relate; and

 

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		(d)	fully disclose or provide for all significant liabilities of the Guarantor and its subsidiaries.

 

		11.5	Shareholder and creditor notices

 

The Guarantor will send the Security
Trustee, at the same time as they are despatched, copies of all communications which are despatched to the Guarantor's shareholders
or creditors generally or any class of them.

 

		11.6	Consents

 

The Guarantor will maintain in
force and promptly obtain or renew, and will promptly send certified copies to the Security Trustee of, all consents required:

 

		(a)	for the Guarantor to perform its obligations under this Guarantee;

 

		(b)	for the validity or enforceability of this Guarantee,

 

and the Guarantor will comply
with the terms of all such consents.

 

		11.7	Notification of litigation

 

The Guarantor will provide the
Security Trustee with details of any material legal or administrative action involving the Guarantor as soon as such action is
instituted or it becomes apparent to the Guarantor that it is likely to be instituted (and for this purpose proceedings shall be
deemed to be material if they involve a claim in an amount exceeding twenty million Dollars ($20,000,000) or the equivalent in
another currency).

 

		11.8	Domicile and principal place of business

 

The Guarantor:

 

		(a)	will maintain its domicile and registered office at the address stated at the commencement of this
Guarantee or at such other address in Bermuda as is notified beforehand to the Security Trustee;

 

		(b)	will maintain its principal place of business and keep its corporate documents and records in the
United States of America at 7665 Corporate Center Drive, Miami, 33126, Florida (Fax: (305) 436
4140) or at such other address in the United States of America as is notified beforehand to the Security Trustee;
and

 

		(c)	will not move its domicile out of Bermuda nor its principal place of business out of the United
States of America without the prior agreement of the Security Trustee, acting with the authorisation of the Secured Parties, such
agreement not to be unreasonably withheld.

 

		11.9	Notification of default

 

The Guarantor will notify the
Security Trustee as soon as the Guarantor becomes aware of the occurrence of an Event of Default and will thereafter keep the Security
Trustee fully up-to-date with all developments.

 

		11.10	Maintenance of status

 

The Guarantor will maintain its
separate corporate existence and remain in good standing under the laws of Bermuda.

 

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		11.11	Negative pledge

 

The Guarantor shall not, and
shall procure that the Borrower will not, create or permit to arise any Security Interest over any asset present or future except
Security Interests created or permitted by the Finance Documents and except for the following:

 

		(a)	Security Interests created with the prior consent of the Security Trustee or otherwise permitted
by the Finance Documents;

 

		(b)	in the case of the Guarantor, Security Interests which qualify as Permitted Security Interests
with respect to the Guarantor;

 

		(c)	in the case of the Borrower, Security Interests permitted under clause 12.8 (Negative pledge)
of the Loan Agreement;

 

		(d)	Security Interests provided in favour of lenders under and in connection with any refinancing of
the Existing Indebtedness or any financing arrangements entered into by any member of the Group for the acquisition of additional
or replacement ship(s) (including any refinancing of any such arrangement) but limited to:

 

		(i)	pledges of the share capital of the relevant ship owning subsidiary(/ies); and/or

 

		(ii)	ship mortgages and other securities over the financed ship(s).

 

		11.12	No disposal of assets, change of business

 

The Guarantor will:

 

		(a)	not, and shall procure that its subsidiaries, as a group, shall not, transfer all or substantially
all of the cruise vessels owned by them and shall procure that any cruise vessels which are disposed of in compliance with the
foregoing shall be disposed on a willing seller willing buyer basis at or about market rate and at arm's length subject always
to the provisions of any pertinent loan documentation, and

 

		(b)	continue to be a holding company for a group of companies whose main business is the operation
of cruise vessels as well as the marketing of cruises on board such vessels and the Guarantor will not change its main line of
business so as to affect any Obligor's ability to perform its obligations under the Finance Documents or to imperil, in the opinion
of the Security Trustee, the security created by any of the Finance Documents or the SACE Insurance Policy.

 

		11.13	No merger etc.

 

The Guarantor shall not enter
into any form of merger, sub-division, amalgamation, restructuring, consolidation, winding-up, dissolution or anything analogous
thereto or acquire any entity, share capital or obligations of any corporation or other entity (each of the foregoing being a "Transaction")
unless:

 

		(a)	the Guarantor has notified the Security Trustee in writing of the agreed terms of the relevant
Transaction promptly after such terms have been agreed as heads of terms (or similar) and thereafter notified the Security Trustee
in writing of any significant amendments to such terms during the course of the negotiation of the relevant Transaction; and

 

    15

     

    

 

		(b)	the relevant Transaction does not require or involve or result in any dissolution of the Guarantor
so that at all times the Guarantor remains in existence; and

 

		(c)	each notice delivered to the Security Trustee pursuant to paragraph (a) above is accompanied
by a certificate signed by the chief financial officer of the Guarantor whereby the Guarantor represents and warrants to the Security
Trustee that the relevant Transaction will not:

 

		(i)	adversely affect the ability of any Obligor to perform its obligations under the Finance Documents;

 

		(ii)	imperil the security created by any of the Finance Documents or the SACE Insurance Policy; or

 

		(iii)	affect the ability of the Guarantor to comply with the financial covenants contained in Clause
11.15 (Financial Covenants); and

 

		(d)	if the merger or analogous transaction involves the Guarantor or the Borrower, all the necessary
 "Know your customer requirements" have been complied with.

 

		11.14	Maintenance of ownership of the
Borrower and Guarantorthe
Shareholder.

 

		(a)	The Guarantor shall remain the direct or indirect beneficial owner of the entire issued and allotted
share capital of the Shareholder, free from any Security Interest and the Shareholder shall remain the legal holder and direct
beneficial owner of all shares in the Borrower, free from any Security Interest, except that created in favour of the Security
Trustee.

 

		(b)	No person or "group" (within the meaning of Rules 13d-3 and 13d-5 under the Securities
Exchange Act of 1934 (15 USC §78a et seq.) as in effect on the date of this Guarantee) shall acquire beneficial ownership
of 35% or more on a fully diluted basis of the voting interest in the Guarantor's equity interests unless
the Management shall own directly or indirectly, more than such person or “group” on a fully diluted basis of the voting
interest in the Guarantor’s equity interests.

 

		11.15	Financial Covenants

 

		(a)	The Guarantor will not permit the Free Liquidity to be less than fifty million Dollars ($50,000,000)
at any time, save that during the Deferral Period this amount shall
be increased to two hundred million Dollars ($200,000,000).

 

		(b)	The Guarantor will not permit the ratio of Total Net Funded Debt to Total Capitalization to be
greater than 0.70:1.00 at any time.

 

		(c)	The Guarantor will not permit the ratio of Consolidated EBITDA to Consolidated Debt Service for
the Group at the end of any fiscal quarter, computed for the period of the four consecutive fiscal quarters ending as at the end
of the relevant fiscal quarter, to be less than 1.25:1.00 unless the Free Liquidity of the Group at all times during such period
of four consecutive fiscal quarters ending as at the end of such fiscal quarter was equal to or greater than one hundred million
Dollars ($100,000,000).

 

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		11.16	Financial definitions

 

For the purposes of Clause 11.15
(Financial Covenants):

 

		(a)	"Cash Balance" shall mean, at any date of determination, the unencumbered and
otherwise unrestricted cash and Cash Equivalents of the Group;

 

		(b)	"Cash Equivalents" shall mean (i) securities issued or directly and fully
guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of
the United States is pledged in support thereof) having maturities of not more than one year from the date of acquisition, (ii) time
deposits and certificates of deposit of any commercial bank having, or which is the principal banking subsidiary of a bank holding
company having capital, surplus and undivided profits aggregating in excess of two hundred million Dollars ($200,000,000), with
maturities of not more than one year from the date of acquisition by any person, (iii) repurchase obligations with a term
of not more than 90 days for underlying securities of the types described in clause (i) above entered into with any bank meeting
the qualifications specified in clause (ii) above, (iv) commercial paper issued by any person incorporated in the United
States rated at least A-1 or the equivalent thereof by S&P or at least PB-1
or the equivalent thereof by Moody's and in each case maturing not more than one year after the date of acquisition by any other
person, and (v) investments in money market funds substantially all of whose assets are comprised of securities of the types
described in clauses (i) through (iv) above;

 

		(c)	"Consolidated Debt Service" shall mean, for any relevant period, the sum (without
double counting), determined in accordance with GAAP, of:

 

		(i)	the aggregate principal payable or paid during such period on any Indebtedness for Borrowed Money
of any member of the Group, other than:

 

		(A)	principal of any such Indebtedness for Borrowed Money prepaid at the option of the relevant member
of the Group or by virtue of "cash sweep" or "special liquidity" cash sweep provisions (or analogous provisions)
in any debt facility of the Group;

 

		(B)	principal of any such Indebtedness for Borrowed Money prepaid upon a sale or a Total Loss of any
ship (as if references in that definition were to all ships and not just the Ship) owned or leased under a capital lease by any
member of the Group; and

 

		(C)	balloon payments of any such Indebtedness for Borrowed Money payable during such period (and for
the purpose of this paragraph (c) a "balloon payment" shall not include any scheduled repayment instalment of such
Indebtedness for Borrowed Money which forms part of the balloon);

 

		(ii)	Consolidated Interest Expense for such period;

 

		(iii)	the aggregate amount of any dividend or distribution of present or future assets, undertakings,
rights or revenues to any shareholder of any member of the Group (other than the Guarantor, or one of its wholly owned Subsidiaries)
or any dividends or distributions other than tax distributions in each case paid during such period; and

 

		(iv)	all rent under any capital lease obligations by which the Guarantor or any consolidated Subsidiary
is bound which are payable or paid during such period and the portion of any debt discount that must be amortized in such period;

 

as calculated in accordance with
GAAP and derived from the then latest accounts delivered under Clause 11.3 (Provision of financial statements);

 

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		(d)	"Consolidated EBITDA" shall mean, for any relevant period, the aggregate of:

 

		(i)	Consolidated Net Income from the Guarantor's operations for such period; and

 

		(ii)	the aggregate amounts deducted in determining Consolidated Net Income for such period in respect
of gains and losses from the sale of assets or reserves relating thereto, Consolidated Interest Expense, depreciation and amortization,
impairment charges and any other non-cash charges and deferred income tax expense for such period.

 

		(e)	"Consolidated Interest Expense" shall mean, for any relevant period, the consolidated
interest expense (excluding capitalized interest) of the Group for such period;

 

		(f)	"Consolidated Net Income" shall mean, for any relevant period, the consolidated
net income (or loss) of the Group for such period as determined in accordance with GAAP;

 

		(g)	"Free Liquidity" shall mean, at any date of determination, the aggregate of the
Cash Balance or any other amounts available for drawing under other revolving or other credit facilities of the Group, which remain
undrawn, could be drawn for general working capital purposes or other general corporate purposes and would not, if drawn, be repayable
within six months;

 

		(h)	"Indebtedness" shall mean any obligation for the payment or repayment of money,
whether as principal or as surety and whether present or future, actual or contingent including, without limitation, pursuant to
an Interest Rate Protection Agreement or Other Hedging Agreement;

 

		(i)	"Indebtedness for Borrowed Money" shall mean Indebtedness (whether present or
future, actual or contingent, long-term or short-term, secured or unsecured) in respect of:

 

		(i)	moneys borrowed or raised;

 

		(ii)	the advance or extension of credit (including interest and other charges on or in respect of any
of the foregoing);

 

		(iii)	the amount of any liability in respect of leases which, in accordance with GAAP, are capital leases;

 

		(iv)	the amount of any liability in respect of the purchase price for assets or services payment of
which is deferred for a period in excess of 180 days;

 

		(v)	all reimbursement obligations whether contingent or not in respect of amounts paid under a letter
of credit or similar instrument; and

 

		(vi)	(without double counting) any guarantee of Indebtedness falling within paragraphs (i) (i) to
(v) above;

 

PROVIDED THAT the following
shall not constitute Indebtedness for Borrowed Money:

 

		(A)	loans and advances made by other members of the Group which are subordinated to the rights of the
Secured Parties;

 

		(B)	loans and advances made by any shareholder of the Guarantor which are subordinated to the rights
of the Secured Parties on terms reasonably satisfactory to the Facility Agent; and

 

    18

     

    

 

		(C)	any liabilities of the Guarantor or any other member of the Group under any Interest Rate Protection
Agreement or any Other Hedging Agreement or other derivative transactions of a non-speculative nature;

 

		(j)	"Interest Rate Protection Agreement" shall mean any interest rate swap agreement,
interest rate cap agreement, interest collar agreement, interest rate hedging agreement, interest rate floor agreement or other
similar agreement or arrangement entered into between a Lender or its Affiliate, or a Joint Mandated Lead Arranger or its Affiliate,
and the Guarantor and/or the Borrower in relation to the Secured Liabilities of the Borrower under the Loan Agreement;

 

		(k)	"Other Hedging Agreement" shall mean any foreign exchange contracts, currency
swap agreements, commodity agreements or other similar agreements or arrangements entered into between a Lender or its Affiliate,
or a Joint Mandated Lead Arranger or its Affiliates, and the Guarantor and/or the Borrower in relation to the Secured Liabilities
of the Borrower under the Loan Agreement and designed to protect against the fluctuations in currency or commodity values;

 

		(l)	"Total Capitalization" means, at any date of determination, the Total Net Funded
Debt plus the consolidated stockholders' equity of the Group at such date determined in accordance with GAAP and derived from the
then latest accounts delivered under Clause 11.3 (Provision of financial statements); provided it is understood that the
effect of any impairment of intangible assets shall be added back to stockholders' equity; and

 

		(m)	"Total Net Funded Debt" shall mean, as at any relevant date:

 

		(i)	Indebtedness for Borrowed Money of the Group on a consolidated basis; and

 

		(ii)	the amount of any Indebtedness for Borrowed Money of any person which is not a member of the Group
but which is guaranteed by a member of the Group as at such date;

 

less an amount equal to
any Cash Balance as at such date; provided that any Commitments and other amounts available for drawing under other revolving
or other credit facilities of the Group which remain undrawn shall not be counted as cash or indebtedness for the purposes of this
Guarantee.

 

		11.17	Negative Undertakings

 

		(a)	The Guarantor may, subject to the provisions
of paragraph (c) below:

 

		(i)	at any time prior to the end of the First Financial Quarter, declare or pay dividends or make other
distributions or payment in respect of Financial Indebtedness owed to its shareholders without the prior written consent of the
Security Trustee;

 

		(ii)	at any time after the end of the First Financial Quarter, declare or pay dividends or make other
distributions or payment in respect of Financial Indebtedness owed to its shareholders without the prior written consent of the
Security Trustee, subject to it on each such occasion satisfying the Security Trustee acting on behalf of the Secured Parties that
it will continue to meet all the requirements of Clause 11.15 (Financial Covenants), if such covenants were to be tested
immediately following the payment of any such dividend; and

 

    19

     

    

 

		(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)	TheSubject
to the restrictions set out in Clause 11.19 (New Capital raises or financing) below, the Guarantor shall not,
and shall procure that none of its subsidiaries shall:

 

		(i)	make loans to any person that is not the Guarantor or a direct or indirect subsidiary of the Guarantor;
or

 

		(ii)	issue or enter into one or more guarantees covering the obligations of any person which is not
the Guarantor or a direct or indirect subsidiary of the Guarantor,

 

except if such loan is granted
to a non subsidiary or such guarantee is issued in the ordinary course of business covering the obligations of a non subsidiary
and the aggregate amount of all such loans and guarantees made or issued by the Guarantor and its subsidiaries does not exceed
[*] Dollars ($[*]) or is otherwise approved by the Security Trustee which approval shall not be unreasonably withheld if such loan
or guarantee in respect of a non subsidiary would neither:

 

		(A)	affect the ability of any Obligor to perform its obligations under the Finance Documents; nor

 

		(B)	imperil the security created by any of the Finance Documents or the SACE Insurance Policy; nor

 

		(C)	affect the ability of the Guarantor to comply with the financial covenants contained in Clause
11.15 (Financial Covenants) if such covenants were to be tested immediately following the grant of such loan or the issuance
of such guarantee, as demonstrated by evidence satisfactory to the Security Trustee.

 

		(c)	Dividend Restriction

 

Neither
the Guarantor nor the Holding shall, and the Guarantor shall procure that none of its subsidiaries shall:

 

		(i)	declare, make or pay any dividend or other distribution
(or interest on any unpaid dividend or other distribution) (whether in cash or in kind) on or in respect of its share capital (or
any class of its share capital);

 

		(ii)	repay or distribute any dividend or share premium
reserve;

 

		(iii)	make any repayment of any kind under any shareholder
loan; or

 

		(iv)	redeem, repurchase (whether by way of share buy-back
program or otherwise), defease, retire or repay any of its share capital or resolve to do so,

 

    20

     

    

 

during
the period up to and including 31 December 2022, except that (A) any Obligor other than the Guarantor may pay dividends
and other distributions, directly or indirectly, to the Guarantor for the purpose of providing liquidity to the Guarantor to enable
the Guarantor to satisfy payment obligations for which the Guarantor is an obligor, (B) any Obligor may pay dividends in respect
of the Tax liability to each relevant jurisdiction in respect of consolidated, combined, unitary or affiliated Tax returns for
each relevant jurisdiction of the Group or the Holding or holder of the Guarantor’s capital stock with respect to income
taxable as a result of any member of the Group or the Holding being taxed as a pass-through entity for U.S. Federal, state and
local income Tax purposes or attributable to any member of the Group, (C) the Guarantor and the Holding may pay dividends
and other distributions (x) in respect of a conversion, exchange, or repurchase of convertible or exchangeable notes and any
conversion of preference shares to ordinary shares in connection therewith, provided that the cash portion of a repurchase of convertible
or exchangeable notes is limited to the amount of interest that would otherwise be payable through maturity on the amount of such
convertible or exchangeable notes being repurchased plus any amount in lieu of fractional shares, and (y) to the extent contractually
owed to holders of equity in the Guarantor or the Holding and (D) the Guarantor may pay dividends and other distributions
to the Holding for the purposes of providing cash to the Holding for the payment of any Tax payable in connection with the Holding's
equity plan,

 

provided
that the actions in paragraphs (B) and (C) above shall only be permitted if there is no Event of Default which is continuing
under the Loan Agreement and no Event of Default would arise from the payment of such dividend.

 

For
the avoidance of doubt, the Holding gives no guarantee of any kind nor undertakes any obligations under this Guarantee other than
the undertaking as expressly specified in paragraph (c) above.

 

		11.18	Most favoured nations

 

		(a)	The Guarantor undertakes that if at any time after the Effective
Ddate of
this Guarantee it enters into any financial contract or financial document relating to any Financial Indebtedness with
or which has the support of any export credit agency and which contains pari passu provisions or cross default provisions
which are more favourable to the lenders than those contained in paragraph (l) of clause 11.2 (Continuing representations
and warranties) of the Loan Agreement and clause 18.6 (Cross default) of the Loan Agreement respectively, the Guarantor
shall immediately notify the Borrower and the Facility Agent of such provisions and the relevant provisions contained in the Loan
Agreement shall be deemed amended so that such more favourable pari passu provisions or cross default provisions are granted
to the Creditor Parties pursuant to the Loan Agreement.

 

		(b)	The Guarantor undertakes that if at any time after
the date of this Guarantee, it or any other member of the Group is required to grant additional security in relation to a financial
contract or financial document relating to any existing Financial Indebtedness:

 

		(i)	with the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall be granted on a pari passu
basis to the Lenders (and the Security Trustee agrees to enter and/or procure the entry by the relevant Secured Parties into such
intercreditor documentation to reflect such pari passu ranking (in form and substance reasonably satisfactory to the Secured Parties)
as may be required in connection with such arrangements); or

 

    21

     

    

 

		(ii)	without the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall (without prejudice to any of the
Obligors' other obligations under the Finance Documents), subject to the provisions of Clause 11.11 (Negative pledge) of
this Guarantee and clause 12.8 (Negative pledge) of the Loan Agreement, be permitted provided that it shall not have an
adverse effect on any Security Interests or other rights granted to the Secured Parties under the Finance Documents.

 

		(c)	In respect of any new Financial Indebtedness (other
than Permitted Financial Indebtedness), or any extensions, increases or changes to the terms and conditions of any existing Financial
Indebtedness, in each case with or which has the support of any export credit agency, the Guarantor shall enter into good faith
negotiations with the Security Trustee to grant additional security for the purpose of further securing the Loan, provided that
any failure to reach agreement under this paragraph (c) following such good faith negotiations shall not constitute an Event
of Default.

 

		11.19	New capital raises or financing

 

		(a)	Save as provided below:

 

		(i)	no new debt or equity issuance shall be raised and
no new Financial Indebtedness shall be incurred by the Group (including, for the avoidance of doubt, inter-company loans);

 

		(ii)	no non-arm's length disposals of any asset relating
to the Group fleet shall be made; and

 

		(iii)	no additional Security Interests securing existing
Financial Indebtedness will be created or permitted to subsist by any Obligor (unless the Lenders benefit from this new security
on a pari passu basis),

 

during
the Deferral Period.

 

		(b)	The restrictions in paragraph (a) above shall
not apply in relation to:

 

		(i)	any refinancing of any bond issuance of, or loan
entered into by, the Group (A) which matures during such period or (B) where not maturing during such period, which shall
be on terms which include any of the following (evidence of which shall be provided to the Facility Agent by the Guarantor) resulting,
when taken as a whole, in an improvement of the ability of the Obligors to meet their obligations under the Finance Documents:
an extension of the repayment terms; a decrease in the interest rate; or the conversion of such Financial Indebtedness from secured
to unsecured or first to second priority;

 

		(ii)	any debt or equity issuance provided prior to 31
December 2022 to provide the Group with crisis and/or recovery related funding in respect of the impact of the Covid-19 pandemic;

 

		(iii)	any debt or equity issuance being raised on or after
31 December 2022 to support the Group with the impact of the Covid-19 pandemic, made with the prior written consent of SACE;

 

    22

     

    

 

		(iv)	any debt or equity issuance being raised to finance
any instalment of a cruise vessel already contracted for or contracted for during such period or any refurbishment, maintenance,
upgrade or lengthening of a cruise ship during such period (including without limitation any costs incurred by the owner of a cruise
ship in connection therewith);

 

		(v)	any debt or equity issuance being raised to finance
capital expenditure for projects which are already contracted for but in respect of which committed financing has not yet been
obtained, and which, in each case has been (or will be) listed in the Information Package submitted to the Facility Agent prior
to the 2021 Deferral Effective Date;

 

		(vi)	any extension or renewal of revolving credit facilities,
and made with the prior written consent of SACE if any additional security is to be granted;

 

		(vii)	any new debt or equity issuance otherwise agreed
by SACE;

 

		(viii)	any inter-company loan or operating arrangement which
from an accounting perspective has the effect of an intercompany loan (an "intercompany arrangement") which:

 

		(A)	is existing as at the date of the 2021 Amendment
and Restatement Agreement;

 

		(B)	is made among any Group members or any Group member
with the Holding provided that:

 

		(1)	any inter-company arrangement is made solely for
the purpose of regulatory or Tax purposes carried out in the ordinary course of business and on an arm's length basis; and

 

		(2)	the aggregate principal amount of any inter-company
arrangements pursuant to this paragraph (B) does not exceed [*] Dollars ($[*]) at any time; or

 

		(C)	has been approved with the prior written consent
of SACE.

 

		(ix)	any Permitted Security Interest;

 

		(x)	any Security Interest otherwise approved with the
prior written consent of SACE;

 

		(xi)	any Financial Indebtedness incurred in the ordinary
course of business which in the aggregate does not exceed USD [*] during any twelve-month period; or

 

		(xii)	without prejudice to clauses 12.11 (Mergers)
and 12.15 (Investments) of the Loan Agreement and Clause 11.13 (No merger), the issuance of share capital by any
Group member to another Group member.

 

		11.20	Payments under the Shipbuilding Contracts

 

Until
the end of the Deferral Period:

 

		(a)	the Guarantor shall and the Guarantor shall procure
that any member of the Group that has entered into a shipbuilding contract with a shipbuilder or enters into any such shipbuilding
contract, in each case which is financed with the support of SACE (the "Covered Shipbuilding Contracts") shall
continue to perform all of their respective obligations as set out in any Covered Shipbuilding Contract (including without limitation
the payment of any instalments due under any Covered Shipbuilding Contract (as the same may have been amended prior to the 2021
Deferral Effective Date), and subject to any amendment agreed pursuant to paragraph (b) below). The Guarantor shall and the
Guarantor shall procure that any member of the Group shall promptly notify the Facility Agent and SACE of any failure by it to
comply with any due and owing obligations under a Covered Shipbuilding Contract; and

 

    23

     

    

 

		(b)	the Guarantor shall and the Guarantor shall procure
that any member of the Group further undertakes to consult with the Facility Agent and SACE in respect of any proposed amendment
to a Covered Shipbuilding Contract insofar as any such proposed amendment relates to a payment instalment or (save as expressly
permitted by the Loan Agreement) a delivery date or any other substantial amendment which may affect the related financing and
to obtain the Facility Agent and SACE's approval prior to executing any such amendment.

 

		11.21	Breach of new covenants or the Principles

 

		(a)	Failure to comply, until the end of the Deferral
Period, with the provisions of paragraph (f) of Clause 11.3 (Additional financial reporting), paragraph (c) of
11.17 (Dividend Restriction), 11.19 (New capital raises or financing), 11.1 (Payments under the Shipbuilding
Contracts), or to otherwise duly perform and observe the other requirements and obligations set out in the Principles shall,
in each case, not constitute an Event of Default under the Loan Agreement but shall (in the case of any failure that is capable
of remedy (in the opinion of the Facility Agent, at its sole discretion), including any failure to comply with Clause 11.1 (Payments
under the Shipbuilding Contracts) or paragraph (f) of Clause 11.3 (Additional financial reporting), only if such
failure is not remedied within the Relevant Period pursuant to clause 18.4 (Breach of other obligations) of the Loan Agreement
from the date of such failure to comply) result in the reinstatement by the Facility Agent from the date of such breach of the
requirement to comply with the financial covenants set out in paragraphs (b) and (c) of Clause 11.15 (Financial covenants)
which was otherwise suspended during the Deferral Period.

 

		(b)	Save as permitted by Clause 11.19 (New capital
raises or financing), if at any time after the 2021 Deferral Effective Date:

 

		(i)	the Guarantor or any other Group member enters into
any financial contract or financial document relating to any Financial Indebtedness and which contains any debt deferral or covenant
waivers of existing debt, or the raising of any new debt intended to reimburse existing debt that benefits from additional security
or more favourable terms than those available to the Lenders (unless they are granted to the Lenders on a pari passu basis),
the requirement to comply with the financial covenants set out in paragraphs (b) and (c) of Clause 11.15 (Financial
covenants) which was otherwise suspended during the Deferral Period shall be reinstated; or

 

		(ii)	the Guarantor or any other Group member makes a prepayment
(save for any mandatory prepayment necessary to avoid an event of default (however defined)) of any Financial Indebtedness (unless
this is done on a pari passu basis with the obligations owed to the Lenders hereunder), the requirement to comply with the
financial covenants set out in paragraphs (b) and (c) of Clause 11.15 (Financial covenants) which was otherwise
suspended during the Deferral Period shall be reinstated.

 

    24

     

    

 

		11.22	11.19 Sanctions and Illicit Payments

 

No payments made or received
by the Guarantor under the Loan Agreement or any Finance Document shall be funded directly or, to the knowledge of the Guarantor,
indirectly out of funds of Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction
or which would otherwise cause any Party to be in breach of any Sanctions, and none of the sources of funds to be used by the Guarantor
in connection with the Transaction Documents or the construction of the Ship or its business shall be of directly or, to the knowledge
of the Guarantor, indirectly Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction.

 

		11.23	11.20 Prohibited Payments

 

No Prohibited Payment shall be
received, made or provided, directly or indirectly, by (or on behalf of) the Guarantor or any of its affiliates, officers, directors
or any other person acting on its behalf to, or for the benefit of, any authority or public or government entity (or any official,
officer, director, agent or key employee of, or other person with management responsibilities in, any authority or public or government
entity) in connection with the Ship, this Agreement, the Loan Agreement and/or the other Finance Documents.

 

		11.24	11.21 Sanctions

 

The Guarantor shall comply, or
procure compliance by the entities and persons referred to in Clause 11.2011.4
(Prohibited Payments), with all Sanctions and shall provide details of any material litigation, arbitration or
administrative proceedings relating to any alleged or actual breach of Sanctions.

 

		11.25	11.22 Additional Undertakings

 

The Guarantor shall not and shall
procure that no Obligor shall do (or fail to do) or cause or permit another person to do (or omit to do) anything which is likely
to:

 

		(a)	make it unlawful for an Obligor to perform any of its obligations under the Transaction Documents;

 

		(b)	cause any obligation of an Obligor under the Finance Documents to cease to be legal, valid, binding
or enforceable if that cessation individually or together with any other cessations materially or adversely affects the interests
of the Secured Parties under the Transaction Documents;

 

		(c)	cause any Transaction Document to cease to be in full force and effect;

 

		(d)	cause any Security Interest created under the Finance Documents to lose its priority or ranking;
and

 

		(e)	imperil or jeopardise any Security Interest created under the Finance Documents.

 

		12	Judgments and Currency Indemnity

 

		12.1	Judgments relating to Loan Agreement

 

This Guarantee shall cover any
amount payable by the Borrower under or in connection with any judgment relating to the Loan Agreement.

 

    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-Off

 

		13.1	Application of credit balances

 

Each Secured Party may without
prior notice:

 

		(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account
in the name of the Guarantor at any office in any country of that Secured Party in or towards satisfaction of any sum then due
from the Guarantor to that Secured Party under this Guarantee; and

 

		(b)	for that purpose:

 

		(i)	break, or alter the maturity of, all or any part of a deposit of the Guarantor;

 

		(ii)	convert or translate all or any part of a deposit or other credit balance into Dollars; or

 

		(iii)	enter into any other transaction or make any entry with regard to the credit balance which the
Secured Party concerned considers appropriate.

 

		13.2	Existing rights unaffected

 

No Secured Party shall be obliged
to exercise any of its rights under Clause 13.1 (Application of credit balances); and those rights shall be without prejudice
and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Secured Party
is entitled (whether under the general law or any document).

 

		13.3	Sums deemed due to a Lender

 

For the purposes of this Clause
13 (Set-Off), a sum payable by the Guarantor to the Security Trustee for distribution to, or for the account of, a Lender
shall be treated as a sum due to that Lender; and each Lender's proportion of a sum so payable for distribution to, or for the
account of, the Lenders shall be treated as a sum due to that Lender.

 

		14	Supplemental

 

		14.1	Continuing guarantee

 

This Guarantee shall remain in
force as a continuing security at all times during the Security Period, regardless of any intermediate payment or discharge in
whole or in part.

 

		14.2	Rights cumulative, non-exclusive

 

The Security Trustee's rights
under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient and shall not be taken
to exclude or limit any right or remedy conferred by law.

 

    26

     

    

 

		14.3	No impairment of rights under Guarantee

 

If the Security Trustee omits
to exercise, delays in exercising or invalidly exercises any of its rights under this Guarantee, that shall not impair that or
any other right of the Security Trustee under this Guarantee.

 

		14.4	Severability of provisions

 

If any provision of this Guarantee
is or subsequently becomes void, illegal, unenforceable or otherwise invalid, that shall not affect the validity, legality or enforceability
of its other provisions.

 

		14.5	Guarantee not affected by other security

 

This Guarantee is in addition
to and shall not impair, nor be impaired by, any other guarantee, any Security Interest or any right of set-off or netting or to
combine accounts which the Security Trustee or any Secured Party may now or later hold in connection with the Loan Agreement.

 

		14.6	Guarantor bound by Loan Agreement

 

		(a)	The Guarantor is fully familiar with, and agrees
to all the provisions of, the Loan Agreement and the other Finance Documents to which it is not a party.

 

		(b)	The Guarantor agrees with the Security
Trustee:

 

		(i)	The Guarantor agrees with the Security Trustee to
be bound by all provisions of the Loan Agreement which are applicable to the Obligors in the same way as if those provisions had
been set out (with any necessary modifications) in this Guarantee.;
and

 

		(ii)	that any provision of the Loan Agreement which, by
its terms, applies or relates to the Finance Documents generally applies to this Guarantee.

 

		(c)	Clause 23 (Bail-In) of the Loan Agreement
shall apply to this Guarantee as if it was expressly incorporated in this Guarantee with any necessary modifications.

 

		14.7	Applicability of provisions of Guarantee to other Security Interests

 

Any Security Interest which the
Guarantor creates (whether at the time at which it signs this Guarantee or at any later time) to secure any liability under this
Guarantee shall be a principal and independent security, and Clauses 3 (Liability as Principal and Independent Debtor) and
17 (Invalidity of Loan Agreement) shall, with any necessary modifications, apply to it, notwithstanding that the document
creating the Security Interest neither describes it as a principal or independent security nor includes provisions similar to Clauses
3 (Liability as Principal and Independent Debtor) and 17 (Invalidity of Loan Agreement).

 

		14.8	Applicability of provisions of Guarantee to other rights

 

Clauses 3 (Liability as Principal
and Independent Debtor) and 17 (Invalidity of Loan Agreement) shall also apply to any right of set-off or netting or
to combine accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee or at any later time
(notwithstanding that the agreement does not include provisions similar to Clauses 3 (Liability as Principal and Independent
Debtor) and 17 (Invalidity of Loan Agreement)), being an agreement referring to this Guarantee.

 

    27

     

    

 

		14.9	Third party rights

 

Other than a Secured Party or
the Italian Authorities, no person who is not a party to this Guarantee has any right under the Contracts (Rights of Third Parties)
Act 1999 to enforce or to enjoy the benefit of any term of this Guarantee.

 

		14.10	Waiver of rights against SACE

 

Nothing in this Guarantee or
any of the Finance Documents is intended to grant to the Guarantor or any other person any right of contribution from or any other
right or claim against SACE and the Guarantor hereby waives irrevocably any right of contribution or other right or claim as between
itself and SACE.

 

		14.11	Reinstatement

 

If
any discharge, release or arrangement (whether in respect of the obligations of the Borrower or any security for those obligations
or otherwise) is made by a Secured Party in whole or in part on the basis of any payment, security or other disposition which is
avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of
the Guarantor under this Guarantee will continue or be reinstated as if the discharge, release or arrangement had not occurred.

 

		14.12	Guarantor intent

 

Without
prejudice to the generality of Clause 1.3 (Application of construction and interpretation provisions of the Loan Agreement)
and Clause 3.2 (Waiver of rights and defences), the Guarantor expressly confirms that it intends that this Guarantee and
any Security Interest created by it under any Finance Document shall extend from time to time to any (however fundamental) variation,
increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of
the Finance Documents for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing
working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing
any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which
any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any
of the foregoing.

 

		14.13	Certification or determination

 

Any certification or determination
by the Security Trustee of a rate or amount under any Finance Document or this Guarantee is, in the absence of manifest error,
conclusive evidence of the matters to which it relates.

 

		14.14	14.12 SACE subrogation

 

The Guarantor acknowledges that
immediately upon any payment by SACE of any amount due under the SACE Insurance Policy, SACE shall be automatically subrogated
to the extent of such payment to the rights of the Security Trustee under this Guarantee in accordance with the SACE Insurance
Policy.

 

    28

     

    

 

		15	Assignment and Transfer

 

		15.1	Assignment and transfer by Security Trustee

 

		(a)	The Security Trustee may assign or transfer its rights under and in connection with this Guarantee
to the same extent as it may assign or transfer its rights under the Loan Agreement.

 

		(b)	The Guarantor may not assign or transfer its rights under and in connection with this Guarantee.

 

		16	Notices

 

		16.1	Notices to Guarantor

 

Any notice or demand to the Guarantor
under or in connection with this Guarantee shall be given by letter or faxemail
at:

 

NCL Corporation Ltd.

7665 Corporate Center Drive

Miami

Florida, 33126

Fax: (305)
436 4140

 

Attention:
Chief Financial Officer and General Counsel

 

Email:
[*] / [*]

 

or to such other address which
the Guarantor may notify to the Security Trustee.

 

		16.2	Application of certain provisions of Loan Agreement

 

Clauses 32.3 (Effective date
of notices) to 32.9 (Meaning of "notice") of the Loan Agreement apply to any notice or demand under or in
connection with this Guarantee.

 

		16.3	Validity of demands

 

A demand under this Guarantee
shall be valid notwithstanding that it is served:

 

		(a)	on the date on which the amount to which it relates is payable by the Borrower under the Loan Agreement;
or

 

		(b)	at the same time as the service of a notice under clause 18.21 (Actions following an Event of
Default) of the Loan Agreement;

 

and a demand under this Guarantee
may refer to all amounts payable under or in connection with the Loan Agreement without specifying a particular sum or aggregate
sum.

 

		16.4	Notices to Security Trustee

 

Any notice to the Security Trustee
under or in connection with this Guarantee shall be sent to the same address and in the same manner as notices to the Security
Trustee under the Loan Agreement.

 

    29

     

    

 

		17	Invalidity of Loan Agreement

 

		17.1	Invalidity of Loan Agreement

 

In the event of:

 

		(a)	the Loan Agreement or any provision thereof now being or later becoming, with immediate or retrospective
effect, void, illegal, unenforceable or otherwise invalid for any reason whatsoever; or

 

		(b)	without limiting the scope of paragraph (a) above, a bankruptcy of the Borrower, the introduction
of any law or any other matter resulting in the Borrower being discharged from liability under the Loan Agreement, or the Loan
Agreement ceasing to operate (for example, by interest ceasing to accrue);

 

this Guarantee shall cover any
amount which would have been or become payable under or in connection with the Loan Agreement if the Loan Agreement had been and
remained entirely valid, legal and enforceable, or the Borrower had not suffered bankruptcy, or any combination of such events
or circumstances, as the case may be, and the Borrower had remained fully liable under it for liabilities whether invalidly incurred
or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts payable by the Borrower
under or in connection with the Loan Agreement shall include references to any amount which would have so been or become payable
as aforesaid.

 

		17.2	Invalidity of Finance Documents

 

Clause 17.1 (Invalidity of
Loan Agreement) also applies to each of the other Finance Documents to which the Borrower is a party.

 

		18	Governing Law and Jurisdiction

 

		18.1	English law

 

This Guarantee and any non-contractual
obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law.

 

		18.2	Exclusive English jurisdiction

 

The courts of England shall have
exclusive jurisdiction to settle any Dispute.

 

		18.3	Process agent

 

The Guarantor irrevocably appoints
Hannaford Turner LLP of 4th Floor, 15 Old Bailey,
currently of 9 Cloak Lane, London EC4M 7EFR
2RU, United Kingdom, to act as its agent to receive and accept on its behalf any process or other document relating
to any proceedings in the English courts which are connected with a Dispute.

 

		18.4	Secured Parties' rights unaffected

 

Nothing in this Clause 18 (Governing
Law and Jurisdiction) shall exclude or limit any right which any Secured Party may have (whether under the law of any country,
an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or
enforcement of a judgment or any similar or related matter in any jurisdiction.

 

    30

     

    

 

		18.5	Meaning of "proceedings"

 

In this Clause 18 (Governing
Law and Jurisdiction), "proceedings" means proceedings of any kind, including an application for a provisional
or protective measure and a "Dispute" means any dispute arising out of or in connection with this Guarantee (including
a dispute relating to the existence, validity or termination of this Guarantee) or any non-contractual obligation arising out of
or in connection with this Guarantee.

 

THIS AMENDED
AND RESTATED GUARANTEE has been entered into on the date stated at the beginning of this Guarantee.

 

    31

     

    

 

Execution
Page

 

GUARANTOR

 

	SIGNED by	)
	for and on behalf of	)
	NCL CORPORATION LTD.	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)
	 	 
	 	 
	 	 
	 	 
	SECURITY TRUSTEE	 
	 	 
	SIGNED by	)
	for and on behalf of	)
	HSBC CORPORATE
    TRUSTEE COMPANY	)
	(UK) LIMITED	)
	acting by its attorney/director	)
	in the presence of:	)

 

 

 

 

	HOLDING	 
	 	 
	SIGNED by	)
	for and on behalf of	)
	NORWEGIAN CRUISE LINE	)
	HOLDINGS LTD.	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)Exhibit 10.12

 

Execution version

 

[*]: THE IDENTIFIED INFORMATION HAS
BEEN OMITTED FROM THE AGREEMENT BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY
DISCLOSED.

 

 

Dated 17
February 2021

 

O
CLASS PLUS ONE, LLC 

as Borrower

 

and

 

NCL
CORPORATION LTD. 

as Guarantor

 

and

 

OCEANIA CRUISES S. DE R.L. 

as Shareholder

 

and

 

NORWEGIAN CRUISE LINE HOLDINGS LTD. 

as the Holding

 

and

 

THE
Banks and FINANCIAL INSTITUTIONS listed IN Schedule 1 

as Lenders

 

and

 

CRÉDIT AGRICOLE CORPORATE AND
INVESTMENT BANK 

BNP PARIBAS FORTIS S.A./N.V. 

HSBC BANK PLC 

KFW IPEX-BANK GMBH 

CASSA DEPOSITI E PRESTITI S.P.A. 

BANCO SANTANDER, S.A. 

SOCIÉTÉ GÉNÉRALE 

as Joint Mandated Lead Arrangers

 

and

 

BNP
PARIBAS 

as Facility Agent

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK 

as SACE Agent

 

and

 

HSBC
CORPORATE TRUSTEE COMPANY (UK) LIMITED

 

 

 

as Security Trustee

 

AMENDMENT
AND RESTATEMENT AGREEMENT

 

relating to a facility agreement originally
dated 19 December 2018

in respect of the part financing of the 1,258 passenger cruise ship newbuilding

presently designated as Hull No. [*] at Fincantieri S.p.A

 

    

     

    

 

Index

 

	Clause	 	Page
	 	 	 
	1	Definitions and Interpretation	2
	2	Conditions Precedent and Conditions Subsequent	4
	3	Representations	4
	4	Acknowledgment and Acceptance of the Principles	5
	5	Amendment and Restatement of Facility Agreement and Other Finance Documents	5
	6	Further Assurance	6
	7	Costs, Expenses and Fees	6
	8	Notices	6
	9	Counterparts	6
	10	Signing Electronically	7
	11	Governing Law	7
	12	Enforcement	7

 

	Schedules	 
	 	 
	Schedule 1 The Lenders	 
	Schedule 2 Conditions Precedent	 
	Schedule 3 Form of Effective Date Certificate	 
	Schedule 4 Information Package	 
	 	 
	Execution	 
	 	 
	Execution Pages	
	 	 
	Appendices	 
	 	 
	Form of Amended and Restated Facility Agreement (marked to indicate amendments)	 
	Form of Amended and Restated Guarantee (marked to indicate amendments)	 

 

    

     

    

 

 

THIS
AGREEMENT is made on 17 February 2021

 

Parties

 

		(1)	O CLASS PLUS ONE, LLC,
                                         a limited liability company formed in the state of Delaware, United States of America
                                         whose registered office is at c/o Corporate Creations Network Inc., 3411 Silverside Road,
                                         Tatnall Building 104, Wilmington, DE 19810 as borrower (the "Borrower")

 

		(2)	NCL CORPORATION LTD., an
                                         exempted company incorporated under the laws of Bermuda with its registered office at
                                         Park Place, 55 Par-la-Ville Road, Hamilton HM11, Bermuda (the "Guarantor")

 

		(3)	OCEANIA CRUISES S. DE R.L.,
                                         a Panamanian sociedad de responsabilidad limitada domiciled in Panama whose resident
                                         agent is at Arifa Building, West Boulevard, Santa Maria Business District, Panama, Republic
                                         of Panama (the "Shareholder")

 

		(4)	NORWEGIAN CRUISE LINE HOLDINGS
                                         LTD., a company incorporated under the laws of Bermuda with its registered office
                                         at Park Place, 55 Par-la-Ville Road, Hamilton HM11, Bermuda (the "Holding")

 

		(5)	THE
                                         FINANCIAL INSTITUTIONS listed in Schedule 1 (The Lenders) as
                                         lenders (the "Lenders")

 

		(6)	CRÉDIT AGRICOLE CORPORATE
                                         AND INVESTMENT BANK, BNP PARIBAS FORTIS S.A./N.V., HSBC BANK PLC, KFW IPEX-BANK
                                         GMBH, CASSA DEPOSITI E PRESTITI S.P.A., BANCO SANTANDER S.A. and SOCIÉTÉ
                                         GÉNÉRALE as joint mandated lead arrangers (the "Mandated Lead
                                         Arrangers")

 

		(7)	CRÉDIT AGRICOLE CORPORATE
                                         AND INVESTMENT BANK, as SACE agent (the "SACE Agent")

 

		(8)	BNP PARIBAS, as facility
                                         agent (the "Facility Agent")

 

		(9)	HSBC CORPORATE TRUSTEE COMPANY
                                         (UK) LIMITED, as security trustee (the "Security Trustee")

 

Background

 

		(A)	By the Facility Agreement, the
                                         Lenders agreed to make available to the Borrower a facility of (originally) the Dollar
                                         Equivalent of up to €462,960,000 and the amount of the SACE Premium (but not exceeding
                                         $690,718,070.54) for the purpose of assisting the Borrower in financing (a) the
                                         payment or reimbursement under the Shipbuilding Contract of all or part of 80% of the
                                         Final Contract Price up to the Eligible Amount and (b) reimbursement to the Borrower
                                         of 100% of the First Instalment of the SACE Premium paid by it to SACE and payment to
                                         SACE of 100% of the Second Instalment of the SACE Premium (as defined therein).

 

		(B)	Due to the unprecedented and extraordinary
                                         impacts of the Covid-19 pandemic on the cruise sector and cruise operators, SACE S.p.A.
                                         has informed the cruise operators of its availability to evaluate certain measures (the
                                         "Temporary Measures") applicable in relation to certain qualifying loan
                                         agreements in order to assist companies which are financially sound but dealing with
                                         the impact of the temporary but unprecedented Covid-19 pandemic; the possibility to access
                                         to such measures is subject, amongst other things, to certain principles dated 15 April 2020
                                         for cruise lines offered by SACE (as further defined below, the "Original Principles").

 

    

     

    

 

		(C)	On 21 January 2021, SACE confirmed
                                         its availability to evaluate an extension of the Temporary Measures (the "Extended
                                         Temporary Measures"), again subject to certain principles dated 26 November 2020
                                         for cruise lines offered by SACE (as further defined below and together with the Original
                                         Principles, the "Principles").

 

		(D)	Pursuant to the consent request
                                         letter dated 3 December 2020, the Borrower and the Guarantor notified the Facility
                                         Agent and the SACE Agent of the wish to benefit from the Temporary Measures and the Extended
                                         Temporary Measures in relation to certain loan agreements listed therein, including the
                                         Facility Agreement, and requested, amongst other things, the temporary suspension of
                                         certain covenants under the Guarantee and the addition of certain covenants under the
                                         Facility Agreement for a period until 31 December 2022 (the "Borrower Request").

 

		(E)	On 25 January 2021, the Facility
                                         Agent (for and on behalf of the Lenders) provided its consent to part of the Borrower
                                         Request in accordance with and subject to certain conditions as set out in this Agreement.

 

		(F)	The Parties have agreed to amend
                                         and restate the Facility Agreement as set out in this Agreement for the purposes of,
                                         inter alia, documenting the required amendments identified in the Principles.

 

Operative
Provisions

 

		1	Definitions
                                         and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

"2021 Deferral Fee Letters"
means any letter between the Facility Agent (or, as the case may be, the SACE Agent) and any Obligor which sets out the fees payable
in connection with the arrangements contemplated by this Agreement.

 

"2021 Finance Documents"
means this Agreement and each 2021 Deferral Fee Letter.

 

"Amended and Restated
Facility Agreement" means the Facility Agreement as amended and restated by this Agreement in the form set out in the
Appendix.

 

"Amended
and Restated Guarantee" means the Guarantee as amended and restated by this Agreement in the form set out in the
Appendix.

 

"Effective Date"
means the date on which the Facility Agent notifies the Borrower, the other Creditor Parties and SACE as to the satisfaction of
the conditions precedent as provided in paragraph (a) of Clause 2.1 (Conditions Precedent and Conditions Subsequent).

 

"Facility Agreement"
means the facility agreement dated 19 December 2018 and made between, amongst others, (i) the Borrower, (ii) the
Lenders, (iii) the Mandated Lead Arrangers, (iv) the Facility Agent and the SACE Agent and (v) the Security Trustee.

 

"Information Package"
means the information package in connection with the "Debt Holiday" application in the form set out in Schedule 4 (Information
Package) of this Agreement, to be submitted by the Borrower (or the Guarantor on its behalf) in order to obtain the benefit
of the measures provided for in the Principles.

 

    2

     

    

 

"Obligors"
means the Borrower, the Guarantor, the Holding and the Shareholder.

 

"Original Principles"
means the document titled "Cruise Debt Holiday Principles" offered by SACE dated 15 April 2020, which sets out
certain key principles and parameters relating to the qualifying Loan Agreements (as defined therein) and being applicable to
SACE-covered loan agreements such as the Facility Agreement.

 

"Party" means
a party to this Agreement.

 

"Principles"
means, together with the Original Principles, the document titled "Debt Deferral Extension Framework for ECA-backed Export
Financings" offered by SACE dated 26 November 2020, which sets out certain key principles and parameters relating to
the qualifying Loan Agreements (as defined therein) and being applicable to SACE-covered loan agreements such as the Facility
Agreement.

 

		1.2	Defined expressions

 

Defined expressions in the Facility
Agreement and, with effect from the Effective Date, the Amended and Restated Facility Agreement, shall have the same meanings
when used in this Agreement unless the context otherwise requires or unless otherwise defined in this Agreement.

 

		1.3	Application of construction
                                         and interpretation provisions of Facility Agreement

 

Clause 1.2 (Construction
of certain terms) of the Facility Agreement applies to this Agreement as if it were expressly incorporated in it with any
necessary modifications.

 

		1.4	Designation as a Finance
                                         Document

 

The Borrower and the Facility
Agent designate this Agreement as a Finance Document.

 

		1.5	Third party rights

 

		(a)	Unless provided to the contrary
                                         in a Finance Document, a person who is not a Party has no right under the Contracts (Rights
                                         of Third Parties) Act 1999 (the "Third Parties Act") to enforce or to
                                         enjoy the benefit of any term of this Agreement other than SACE, who may enforce or to
                                         enjoy the benefit of and rely on the provisions of this Agreement and the Amended and
                                         Restated Facility Agreement subject to the provisions of the Third Parties Act.

 

		(b)	Notwithstanding any term of any
                                         Finance Document, the consent of any person who is not a Party (other than SACE) is not
                                         required to rescind or vary this Agreement at any time.

 

		(c)	For the avoidance of doubt and
                                         in accordance with clause 36.4 (Third party rights) of the Facility Agreement,
                                         nothing in this Clause 1.5 (Third party rights) shall limit or prejudice the exercise
                                         by SACE of its rights under this Agreement or the Finance Documents in the event that
                                         such rights are subrogated or assigned to it pursuant to the terms of the SACE Insurance
                                         Policy.

 

    3

     

    

 

		2	Conditions
                                         Precedent and Conditions Subsequent

 

		2.1	The
                                         Effective Date cannot occur unless:

 

		(a)	the Facility Agent has received
                                         (or on the instructions of all the Lenders, waived receipt of) all of the documents and
                                         other evidence listed in Schedule 2 (Conditions Precedent) in form and substance
                                         satisfactory to the Facility Agent;

 

		(b)	save
                                         as disclosed in writing to the Facility Agent and SACE prior to the date of this Agreement,
                                         the representations and warranties contained in Clause 3 (Representations) are
                                         true and correct on, and as of, each such time as if each was made with respect to the
                                         facts and circumstances existing at such time;

 

		(c)	save
                                         as disclosed in writing to the Facility Agent and SACE prior to the date of this Agreement,
                                         no Event of Default, event or circumstance specified in clause 18 (Events of Default)
                                         of the Facility Agreement which would (with the expiry of a grace period, the giving
                                         of notice, the making of any determination under the Finance Documents or any combination
                                         of any of the foregoing) be an Event of Default, event resulting in mandatory prepayment
                                         of the Loan pursuant to clause 16.3 (Mandatory prepayment – Sale and Total Loss)
                                         and clause 16.4 (Mandatory prepayment – SACE Insurance Policy) of the Facility
                                         Agreement shall have occurred and be continuing or would result from the amendment and
                                         restatement of the Facility Agreement pursuant to this Agreement; and

 

		(d)	the Facility Agent is satisfied
                                         that the Effective Date can occur and have not provided any instructions to the contrary
                                         informing the Parties that the Effective Date cannot occur.

 

		2.2	Upon fulfilment or waiver of the
                                         conditions set out in Clause 2.1 above, the Facility Agent shall provide the Borrower,
                                         the Creditor Parties and SACE with a copy of the executed certificate in the form set
                                         out in Schedule 3 (Form of Effective Date Certificate) confirming that the
                                         Effective Date has occurred and such certificate shall be binding on all Parties.

 

		2.3	Other than to the extent that the
                                         Majority Lenders notify the Facility Agent in writing to the contrary before the Facility
                                         Agent provides the certificate described in Clause 2.2 above, the Creditor Parties authorise
                                         (but do not require) the Facility Agent to execute and provide such certificate. The
                                         Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result
                                         of giving any such certificate.

 

		3	Representations

 

		3.1	Facility Agreement representations

 

On the date of this Agreement
and on the Effective Date, each Obligor that is a party to the Facility Agreement makes each of the representations and warranties
as set out in clause 11 (Representations and warranties) of the Facility Agreement, as amended and restated by this Agreement
and updated with appropriate modifications to refer to this Agreement and (where relevant) the Amended and Restated Facility Agreement
and the Amended and Restated Guarantee, by reference to the circumstances then existing.

 

		3.2	Finance Document representations

 

On the date of this Agreement
and on the Effective Date, each Obligor (save for the Holding) makes the representations and warranties set out in the Finance
Documents (other than the Facility Agreement) to which it is a party, as amended and restated and/or supplemented by this Agreement
and updated with appropriate modifications to refer to this Agreement, and, where appropriate, the Amended and Restated Guarantee,
by reference to the circumstances then existing.

 

    4

     

    

 

		4	Acknowledgment
                                         and Acceptance of the Principles

 

Each Obligor confirms its acknowledgment
to the Principles and full acceptance of all terms, requirements and conditions thereunder. For the avoidance of doubt, and without
limiting the generality of the said acknowledgement and acceptance of the Principles, any carve-outs to those Principles shall
be documented pursuant to specific provisions as agreed between the parties and as set out in the Amended and Restated Facility
Agreement and in the Amended and Restated Guarantee.

 

		5	Amendment
                                         and Restatement of Facility Agreement and Other Finance Documents

 

		5.1	Specific amendments to
                                         the Facility Agreement

 

With effect on and from the
Effective Date, the Facility Agreement shall be amended and restated in the form of the Amended and Restated Facility Agreement
and, as so amended and restated, the Facility Agreement shall continue to be binding on each of the parties to it in accordance
with its terms as so amended and restated.

 

		5.2	Specific amendments to
                                         the Guarantee

 

With effect on and from the
Effective Date, the Guarantee shall be amended and restated in the form of the Amended and Restated Guarantee and, as so amended
and restated, the Guarantor confirms that:

 

its Guarantee
extends to the obligations of the Borrower under the Finance Documents as amended, restated and/or supplemented by this Agreement;

 

		(b)	the obligations of the relevant
                                         Obligors under the Finance Documents as amended, restated and/or supplemented by this
                                         Agreement are included in the Secured Liabilities (as defined in the Facility Agreement);
                                         and

 

		(c)	the Guarantee shall continue to
                                         be binding on each of the parties to it and have full force and effect in accordance
                                         with its terms as so amended and restated.

 

		5.3	Security Confirmation

 

On the Effective Date, each
Obligor confirms that:

 

		(a)	any Security Interest created by
                                         it under the Finance Documents extends to the obligations of the relevant Obligors under
                                         the Finance Documents as amended, restated and/or supplemented by this Agreement;

 

		(b)	the obligations of the relevant
                                         Obligors under the Finance Documents as amended, restated and/or supplemented by this
                                         Agreement are included in the Secured Liabilities (as defined in the Finance Documents
                                         to which it is a party);

 

		(c)	the Security Interests created
                                         under the Finance Documents continue in full force and effect on the terms of the respective
                                         Finance Documents; and

 

		(d)	to the extent that this confirmation
                                         creates a new Security Interest, such Security Interest shall be on the terms of the
                                         Finance Documents in respect of which this confirmation is given.

 

    5

     

    

 

		5.4	Finance Documents to
                                         remain in full force and effect

 

The Finance Documents shall
remain in full force and effect and, from the Effective Date:

 

		(a)	in the case of the Facility Agreement
                                         as amended and restated pursuant to Clause 5.1 (Specific amendments to the Facility
                                         Agreement);

 

		(b)	in the case of the Guarantee, as
                                         amended and restated pursuant to Clause 5.2 (Specific Amendments to the Guarantee);

 

		(c)	the Facility Agreement and the
                                         applicable provisions of this Agreement will be read and construed as one document;

 

		(d)	the Guarantee and the applicable
                                         provisions of this Agreement will be read and construed as one document; and

 

		(e)	except to the extent expressly
                                         waived by the amendments effected by this Agreement, no waiver is given by this Agreement
                                         and the Lenders expressly reserve all their rights and remedies in respect of any breach
                                         of or other default under the Finance Documents.

 

		6	Further
                                         Assurance

 

Clause 12.20 (Further assurance)
of the Facility Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated
in it with any necessary modifications.

 

		7	Costs,
                                         Expenses and Fees

 

		7.1	Clause 10.11 (Transaction Costs)
                                         of the Facility Agreement, as amended and restated by this Agreement, applies to this
                                         Agreement as if it were expressly incorporated in it with any necessary modifications.

 

		7.2	The Borrower shall pay to each
                                         of (i) the Facility Agent for its own account, (ii) the Facility Agent (for
                                         the account of each Lender) and (iii) SACE such fees in the amount and at the times
                                         specified in the relevant 2021 Deferral Fee Letters.

 

		7.3	The
                                         Borrower shall pay to SACE an additional SACE Premium in relation to the changes made
                                         to the Facility Agreement following the execution of this Agreement in accordance with
                                         the provisions of clause 8.5 (Additional premium) of the Amended and Restated
                                         Facility Agreement.

 

		8	Notices

 

Clause 32 (Notices) of
the Facility Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated
in it with any necessary modifications.

 

		9	Counterparts

 

This Agreement may be executed
in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of
this Agreement.

 

    6

     

    

 

		10	Signing
                                         Electronically

 

The Parties acknowledge and
agree that they may execute this Agreement and any variation or amendment to the same, by electronic instrument. The Parties agree
that the electronic signatures appearing on the documents shall have the same effect as handwritten signatures and the use of
an electronic signature on this Agreement shall have the same validity and legal effect as the use of a signature affixed by hand
and is made with the intention of authenticating this Agreement, and evidencing the Parties' intention to be bound by the terms
and conditions contained herein. For the purposes of using an electronic signature, the Parties authorise each other to conduct
the lawful processing of personal data of the signers for contract performance and their legitimate interests including contract
management.

 

		11	Governing
                                         Law

 

This Agreement and any non-contractual
obligations arising out of or in connection with it are governed by English law.

 

		12	Enforcement

 

		12.1	Jurisdiction

 

		(a)	The courts of England have exclusive
                                         jurisdiction to settle any dispute arising out of or in connection with this Agreement
                                         (including a dispute regarding the existence, validity or termination of this Agreement
                                         or any non-contractual obligation arising out of or in connection with this Agreement)
                                         (a "Dispute").

 

		(b)	The Obligors accept that the courts
                                         of England are the most appropriate and convenient courts to settle Disputes and accordingly
                                         no Obligor will argue to the contrary.

 

		12.2	Service of process

 

		(a)	Without prejudice to any other
                                         mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated
                                         in England and Wales):

 

		(i)	irrevocably appoints Hannaford
                                         Turner LLP, currently of 9 Cloak Lane, London EC4R 2RU, UK as its agent for service of
                                         process in relation to any proceedings before the English courts in connection with any
                                         Finance Document; and

 

		(ii)	agrees that failure by a process
                                         agent to notify the relevant Obligor of the process will not invalidate the proceedings
                                         concerned.

 

		(b)	If
                                         any person appointed as an agent for service of process is unable for any reason to act
                                         as agent for service of process, the Borrower (on behalf of all the Obligors) must immediately
                                         (and in any event within 10
                                         days of such event taking place) appoint another agent on terms acceptable to
                                         the Facility Agent. Failing this, the Facility Agent may appoint another agent for this
                                         purpose.

 

This Agreement has been entered into
on the date stated at the beginning of this Agreement.

 

    7

     

    

 

O Class Plus One

Amendment and Restatement Agreement

 

Execution
Pages

 

	BORROWER	 
	 	 
	SIGNED by	) /s/ Daniel S. Farkas
	duly authorised	) Daniel S. Farkas
	for and on behalf
    of	)
	O CLASS PLUS
    ONE, LLC	)
	 	 
	GUARANTOR	 
	 	 
	SIGNED by	) /s/ Daniel S. Farkas
	duly authorised	) Daniel S. Farkas
	for and on behalf
    of	)
	NCL CORPORATION
    LTD.	)
	 	 
	SHAREHOLDER	 
	 	 
	SIGNED by	) /s/ Daniel S. Farkas
	for and on behalf
    of	) Daniel S. Farkas
	OCEANIA CRUISES
    S. DE R.L.	)
	as its duly appointed
    attorney-in-fact	)
	in the presence
    of:	) /s/ Jared G. Silberhorn
	 	) Jared G. Silberhorn
	 	) 7665 Corporate
    Center Drive
	 	) Miami, FL 33126
    USA
	HOLDING	 
	 	 
	SIGNED by	) /s/ Daniel S. Farkas
	for and on behalf
    of	) Daniel S. Farkas
	NORWEGIAN CRUISE
    LINE	)
	HOLDINGS LTD.	)
	as its duly appointed
    attorney-in-fact	)
	in the presence
    of:	) /s/ Jared G. Silberhorn
	 	) Jared G. Silberhorn
	 	) 7665 Corporate
    Center Drive
	 	) Miami, FL 33126
    USA

 

     

     

    

 

O Class Plus One

Amendment and Restatement Agreement

 

	LENDERS	 
	 	 
	SIGNED by	) /s/ Alexia Russell
	duly authorised	) Alexia Russell
	for and on behalf
    of	) Attorney-in-Fact
	CRÉDIT
    AGRICOLE CORPORATE	)
	AND INVESTMENT
    BANK	)
	 	 
	SIGNED by	) /s/ Michel Froidebise
	duly authorised	) Michel Froidebise
	for and on behalf
    of	) Head of Export Finance Nordic Origination
	BNP PARIBAS FORTIS
    S.A./N.V.	)
	 	) /s/ Bruno Cloquet
	 	) Bruno Cloquet
	 	) Global Head of
    Exporters & ECAs Origination
	 	 
	SIGNED by	) /s/ Mark Looi
	duly authorised	) Mark Looi
	for and on behalf
    of	)
	HSBC BANK PLC	)
	 	 
	SIGNED by	) /s/ Maria Gazi
	duly authorised	) Maria Gazi
	for and on behalf
    of	) Attorney-in-Fact
	KFW IPEX-BANK
    GMBH	)
	 	 
	SIGNED by	) /s/ Antonella Coppola
	duly authorised	) Antonella Coppola
	for and on behalf
    of	) Responsabile Gestione Operazioni
	CASSA DEPOSITI
    E PRESTITI S.P.A.	) Imprese & Isituzioni Finanziarie
	 	 
	SIGNED by	) /s/ José Luis Vicent
	duly authorised	) José Luis Vicent
	for and on behalf
    of	)
	BANCO SANTANDER
    S.A.	) /s/ Remedios Cantalapiedra
	 	) Remedios Cantalapiedra
	 	) Vice President
	 	 
	SIGNED by	) /s/ Oliver Baines
	duly authorised	) Oliver Baines
	for and on behalf
    of	) Attorney-in-Fact
	SOCIETE GENERALE	)

 

     

     

    

 

O
Class Plus One

Amendment
and Restatement Agreement

 

	MANDATED LEAD
    ARRANGERS	 
	 	 
	SIGNED
    by	) /s/ Alexia Russell
	duly authorised	) Alexia Russell
	for and on behalf
    of	) Attorney-in-Fact
	CRÉDIT
    AGRICOLE CORPORATE	)
	AND INVESTMENT
    BANK	)
	 	 
	SIGNED by	) /s/ Michel Froidebise
	duly authorised	) Michel Froidebise
	for and on behalf
    of	) Head of Export Finance Nordic Origination
	BNP PARIBAS FORTIS
    S.A./N.V.	)
	 	) /s/ Bruno Cloquet
	 	) Bruno Cloquet
	 	) Global Head of
    Exporters & ECAs Origination
	 	 
	SIGNED by	) /s/ Mark Looi
	duly authorised	) Mark Looi
	for and on behalf
    of	)
	HSBC BANK PLC	)
	 	 
	SIGNED by	) /s/ Maria Gazi
	duly authorised	) Maria Gazi
	for and on behalf
    of	) Attorney-in-Fact
	KFW IPEX-BANK
    GMBH	)
	 	 
	SIGNED by	) /s/ Antonella Coppola
	duly authorised	) Antonella Coppola
	for and on behalf
    of	) Responsabile Gestione Operazioni
	CASSA DEPOSITI
    E PRESTITI S.P.A.	) Imprese & Isituzioni Finanziarie
	 	 
	SIGNED by	) /s/ José Luis Vicent
	duly authorised	) José Luis Vicent
	for and on behalf
    of	)
	BANCO SANTANDER
    S.A.	) /s/ Remedios Cantalapiedra
	 	) Remedios Cantalapiedra
	 	) Vice President
	 	 
	SIGNED by	) /s/ Oliver Baines
	duly authorised	) Oliver Baines
	for and on behalf
    of	) Attorney-in-Fact
	SOCIETE GENERALE	)

 

     

     

    

 

O
Class Plus One

Amendment
and Restatement Agreement

 

	FACILITY
    AGENT	 
	 	 
	SIGNED by	) /s/ Luca Lunari
	duly authorised	) Luca Lunari
	for and on behalf
    of	) Head of Export Finance Italy
	BNP PARIBAS	)
	 	) /s/ Stefano Leo
	 	) Stefano Leo
	 	) Deputy Head of
    Export Finance Italy
	 	 
	SACE AGENT	 
	 	 
	SIGNED by	) /s/ Alexia Russell
	duly authorised	) Alexia Russell
	for and on behalf
    of	) Attorney-in-Fact
	CRÉDIT
    AGRICOLE CORPORATE	)
	AND INVESTMENT
    BANK	)
	 	 
	SECURITY TRUSTEE	 
	 	 
	SIGNED by	) /s/ Daisuke Takekawa
	duly authorised	) Daisuke Takekawa
	for and on behalf
    of	)
	HSBC CORPORATE
    TRUSTEE	)
	COMPANY (UK)
    LIMITED	)

 

     

     

    

 

APPENDIX

 

Form of
Amended and Restated Facility Agreement (marked to indicate amendments)

 

Amendments are indicated as follows:

 

		1	additions are indicated by underlined
                                         text in blue; and

 

		2	deletions are shown by strike-through
                                         text in red.

 

     

     

    

 

Execution version

 

DATED __________________
2018

 

Originally
dated 19 December 2018

(as amended and restated by an amendment and restatement agreement dated _____ February 2021)

 

O
CLASS PLUS ONEone,
LLC

as Borrower

 

and

 

THE
BANKS AND FINANCIAL INSTITUTIONS

LISTED IN SCHEDULE 1

as Lenders

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

BNP PARIBAS FORTIS S.A./N.V.

HSBC BANK PLC

KFW IPEX-BANK GMBH

CASSA DEPOSITI E PRESTITI S.P.A.

Banco Santander, S.A.

Société Générale

as Joint Mandated Lead Arrangers

 

and

 

BNP
PARIBAS

as Facility Agent

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

as SACE Agent

 

and

 

HSBC
CORPORATE TRUSTEE COMPANY (UK) LIMITED

as Security Trustee

 

with the support of

 

SACE
S.P.A.

 

LOANamended
and restated facility AGREEMENT

 

relating to

the part financing of the 1,258 passenger cruise ship

newbuilding presently designated as

Hull No. [*] at Fincantieri S.p.A.

 

 

 

    

     

    

 

Index

 

	Clause	     Page
	 	 	 
	1	Interpretation	     23
	2	Facility	     329
	3	Conditions Precedent	     304
	4	Drawdown	     3841
	5	Repayment	     403
	6	Interest	     404
	7	Interest Periods	     562
	8	SACE Premium and Italian Authorities	     562
	9	Fees	     4855
	10	Taxes, Increased Costs, Costs and related Charges	     4956
	11	Representations and Warranties	     5764
	12	General Undertakings	     730
	13	Ship Undertakings	     811
	14	Insurance Undertakings	     788
	15	Security Value Maintenance	     922
	16	Cancellation, Prepayment and Mandatory Prepayment	     8393
	17	Interest on Late Payments	     8596
	18	Events of Default	     8697
	19	Application of Sums Received	     1012
	20	Indemnities	     1023
	21	Illegality, etc.	     94106
	22	Set-Off	     96107
	23	Bail-In	     96108
	24	Changes to the Lenders	     97108
	25	Changes to the Obligors	     10314
	26	Role of the Facility Agent, the Joint Mandated Lead Arrangers, the SACE Agent and the Reference Banks	     10315
	27	The Security Trustee	     1212
	28	Conduct of Business by the Creditor Parties	     1235
	29	Sharing among the Creditor Parties	     12435
	30	Payment Mechanics	     12536
	31	Variations and Waivers	     12738
	32	Notices	     12840
	33	Confidentiality	     1412
	34	Confidentiality of FUNDING RATES AND Reference Bank Quotations	     135
	354	Legal Independence and Unconditional Obligations of the Borrower	1487
	365	SACE Subrogation and Reimbursement	13749
	376	Supplemental	13951
	387	Governing Law	1513
	398	Enforcement	1513
	4039	Waiver of Immunity	1523
	410	Effective Date	1524
	41	Confidentiality of Funding Rates and Reference Bank Quotations	     154

 

	 	 
	Schedules	 
	 	 
	Schedule 1 Lenders and Commitments	 
	Schedule 2 Form of Drawdown Notice	 

 

    

     

    

 

	Schedule 3 Documents to be produced by the Builder to the Facility Agent on Delivery	 
	Schedule 4 Form of Transfer Certificate	 
	Schedule 5 Qualifying Certificate	 
	 	 
	Execution	 
	 	 
	Execution Pages	 

 

    

     

    

 

THIS
AGREEMENT is made on ___________________originally
made on 19 December 2018 (as amended and restated by an amendment and restatement agreement dated _____ February 20218.)

 

PARTIES

 

		(1)	O CLASS PLUS ONE, LLC,
                                         a limited liability company formed in the state of Delaware, United States of America
                                         whose registered office is at c/o Corporate Creations Network Inc., 3411 Silverside Road,
                                         Tatnall Building 104, Wilmington, DE 19810 as borrower (the "Borrower")

 

		(2)	THE BANKS AND FINANCIAL INSTITUTIONS
                                         listed in Schedule 1 (Lenders and Commitments) as lenders (the "Lenders")

 

		(3)	CRÉDIT AGRICOLE CORPORATE
                                         AND INVESTMENT BANK, BNP PARIBAS FORTIS S.A./N.V., KFW IPEX-BANK GMBH, HSBC
                                         BANK PLC, CASSA DEPOSITI E PRESTITI S.P.A., SOCIÉTÉ GÉNÉRALE
                                         and BANCO SANTANDER S.A. as joint mandated lead arrangers (the "Joint Mandated
                                         Lead Arrangers")

 

		(4)	CRÉDIT AGRICOLE CORPORATE
                                         AND INVESTMENT BANK, as SACE agent (the "SACE Agent")

 

		(5)	BNP PARIBAS, as facility
                                         agent (the "Facility Agent")

 

		(6)	HSBC CORPORATE TRUSTEE COMPANY
                                         (UK) LIMITED, as security trustee (the "Security Trustee")

 

BACKGROUND

 

		(A)	By a shipbuilding contract dated
                                         as of 31 October 2018 (as amended or supplemented from time to time, the "Shipbuilding
                                         Contract") entered into between (i) Fincantieri S.p.A., a company incorporated
                                         in Italy with registered office in Trieste, via Genova, 1, and having fiscal code 00397130584
                                         (the "Builder") and (ii) the Borrower, the Builder agreed to design,
                                         construct and deliver, and the Borrower agreed to purchase, a 1,258 passenger cruise
                                         ship currently having hull number [*] as more particularly described in the Shipbuilding
                                         Contract to be delivered on or about [*] subject to any adjustments of such delivery
                                         date in accordance with the Shipbuilding Contract.

 

		(B)	The total price payable by the
                                         Borrower to the Builder under the Shipbuilding Contract is five hundred and seventy eight
                                         million and seven hundred thousand Euros (€578,700,000) (the "Initial Contract
                                         Price"). The Initial Contract Price is payable on the following terms and:

 

		(i)	as to [*], being [*], by an initial
                                         payment which is to be within 5 Business Days after the effective date of the Shipbuilding
                                         Contract in accordance with Article 10.1(A) of the Shipbuilding Contract ("First
                                         Shipbuilding Contract Instalment");

 

		(ii)	as to [*], being [*], on the later
                                         of the date of commencement of steel cutting and the date falling 36 months prior to
                                         the Intended Delivery Date;

 

		(iii)	as to [*], being [*], on the
                                         later of keel laying in dry-dock and the date falling 24 months prior to the Intended
                                         Delivery Date;

 

		(iv)	as to [*], being [*], on the later
                                         of launching and the date falling 12 months prior to the Intended Delivery Date; and

 

		(v)	as to [*], being [*], on delivery
                                         of the Ship on the Delivery Date, as each such event is described in the Shipbuilding
                                         Contract.

 

    

     

    

 

		(C)	The Initial Contract Price may
                                         be decreased at delivery of the Ship under Articles 13, 14, 16, 17, 19 and 20 of the
                                         Shipbuilding Contract (in aggregate the "Liquidated Damages") or by
                                         mutual agreement between the parties (the Initial Contract Price adjusted as aforesaid
                                         being the "Final Contract Price"). For the avoidance of doubt, under
                                         the Shipbuilding Contract the price of the Ship may be increased or decreased pursuant
                                         to Article 24 thereof but, for the purposes of this Agreement, the Final Contract
                                         Price will not include any increase in the price under Article 24.

 

		(D)	The
                                         Lenders haveBy
                                         a facility agreement dated 19 December 2018 (the "Original Facility Agreement"),
                                         entered into between the Borrower, the Lenders, the Joint Mandated Lead Arrangers, the
                                         Facility Agent, the SACE Agent and the Security Trustee, the Lenders agreed
                                         to make available to the Borrower a Dollar loan facility for the purpose of assisting
                                         the Borrower in financing, subject to exchange rate fluctuations, up to eighty per cent.
                                         (80%) of the Final Contract Price (and subject to an aggregate amount no greater than
                                         the Eligible Amount) and one hundred per cent. (100%) of the SACE Premium.

 

		(E)	Due
                                         to the unprecedented and extraordinary impacts of the Covid-19 pandemic on the cruise
                                         sector and cruise operators, SACE informed the cruise operators of its availability to
                                         evaluate certain measures (the "Temporary Measures") applicable in
                                         relation to certain qualifying loan agreements in order to assist companies which are
                                         financially sound but dealing with the impact of the temporary but unprecedented Covid-19
                                         pandemic; the possibility to access to such measures was subject, amongst other things,
                                         to certain principles dated 15 April 2020 for cruise lines offered by SACE (the
                                         "Original Principles").

 

		(F)	On
                                         21 January 2021 SACE confirmed its availability to evaluate an extension of the
                                         Temporary Measures (the "Extended Temporary Measures"), again subject
                                         to certain principles set out in a document titled "Debt Deferral Extension Framework
                                         for ECA-backed Export Financings" dated 26 November 2020 for cruise lines offered
                                         by SACE (together with the Original Principles, the "Principles").

 

		(G)	Pursuant
                                         to the consent request letter dated 3 December 2020, the Borrower and the Guarantor
                                         notified the Facility Agent and the SACE Agent of the wish to benefit from the Temporary
                                         Measures and the Extended Temporary Measures in relation to certain loan agreements listed
                                         therein, including the Original Facility Agreement, and requested, amongst other things,
                                         the temporary suspension of certain covenants under the Original Guarantee and the addition
                                         of certain covenants under the Original Facility Agreement for a period until 31 December 2022
                                         (the "Borrower Request").

 

		(H)	On
                                         25 January 2021, the Facility Agent (for and on behalf of the Lenders) provided
                                         its consent to part of the Borrower Request in accordance with and subject to certain
                                         conditions as set out in an amendment and restatement agreement to the Original Facility
                                         Agreement dated _____ February 2021 between, amongst others,
                                         the Borrower, the Facility Agent and the SACE
                                         Agent (the "2021 Amendment and Restatement Agreement").

 

		(I)	This
                                         Agreement sets out the terms and conditions of the Original Facility Agreement as amended
                                         and restated by the 2021 Amendment and Restatement Agreement.

 

    2

     

    

 

OPERATIVE
PROVISIONS

 

		1	Interpretation

 

		1.1	Definitions

 

Subject to Clause 1.5 (General
Interpretation), in this Agreement:

 

"2021
Amendment and Restatement Agreement" has the meaning given to such term in Recital (H).

 

"2021
Deferral Effective Date" has the meaning given to the term Effective Date in the 2021 Amendment and Restatement Agreement.

 

"2021
Deferral Fee Letters" means any letter between the Facility Agent (or,
as the case may be, the SACE
Agent) and any Obligor which sets out the fees payable in connection with the arrangements contemplated by the 2021 Amendment
and Restatement Agreement.

 

"Affected
LenderAdditional
SACE Premium" has the meaning given to
such term in Clause 6.6 (Unavailability of Screen Rate8.5
(Additional Premium).

 

"Advance"
means the principal amount of each borrowing by the Borrower under this Agreement.

 

"Affiliate"
means in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that
Holding Company.

 

"Annex VI"
means Annex VI (Regulations for the Prevention of Air Pollution from Ships, entered into on 19 May,
2005) to the International Convention for the Prevention of Pollution from Ships 1973, as modified by the Protocol
of 1978 relating thereto and by the Protocol of 1997 (MARPOL) and as further revised in October 2008 with such revised version
having entered into force on 1 July 2010.

 

"Approved Broker"
means Clarkson plcPlatou,
Barry Rogliano Salles, Fearnleys AS,
Rocca & Partners, Brax Shipbrokers AS (or any Affiliate of such person through which valuations are commonly issued)
or such other shipbroker or ship valuer experienced in valuing cruise ships nominated by the Borrower and approved by the Facility
Agent.

 

"Approved Flag"
means the Bermudian
flag, the Marshall Islands flag, the Bahamas flag or such other flag as the Facility Agent may, with the approval of
the Italian Authorities and at least four Lenders representing as a minimum the Majority Lenders, approve from time to time.

 

"Approved Manager"
means any of the Borrower, NCL Corporation Ltd., NCL (Bahamas) Ltd., the Member as bareboat charterer or other member of the Group,
or any company which is not a member of the Group which the Facility Agent may, with the authorisation of the Majority Lenders,
approve from time to time as the
manager of the Ship.

 

"Approved Manager's
Undertaking" means, in the event that the Approved Manager is a company other than the Borrower or the Member as bareboat
charterer, a letter of undertaking executed or to be executed by the Approved Manager in favour of the Facility Agent, which will
include, without limitation, an agreement by the Approved Manager to subordinate its rights against the Ship and the Borrower
to the rights of the Secured Parties under the Finance Documents, in the agreed form.

 

    3

     

    

 

"Article 55
BRRD" means Article 55 of Directive 2014/59/EU
establishing a framework for the recovery and resolution of credit institutions and investment firms.

 

"Availability Period"
means the period commencing on the Effective Date and ending on:

 

		(a)	the
                                         earlier to occur of (i) the Delivery Date and (ii) 28 July 2023
                                         (or such later date as the Facility Agent may, with the authorisation of the Lenders,
                                         agree with the Borrower); or

 

		(b)	if earlier, the date on which the
                                         Total Commitments are fully borrowed, cancelled or terminated.

 

"Bail-In Action"
means the exercise of any Write-down and Conversion Powers.

 

"Bail-In Legislation"
means:

 

		(a)	in
                                         relation to an EEA Member Country which has implemented, or which at any time implements,
                                         Article 55 of Directive 2014/59/EU establishing
                                         a framework for the recovery and resolution of credit institutions and investment firmsBRRD,
                                         the relevant implementing law or regulation as described in the EU Bail-In Legislation
                                         Schedule from time to time; and

 

		(b)	in
                                         relation to any other state other
                                         than such an EEA Member Country or (to the extent that the United Kingdom is not such
                                         an EEA Member Country) the United Kingdom, any analogous law or regulation
                                         from time to time which requires contractual recognition of any Write-down and Conversion
                                         Powers contained in that law or regulation.

 

"Bareboat
Charter" means the bareboat charter of the Ship by the Borrower as owner to the Member as bareboat charterer which shall
be entered into no later than the Delivery Date in a form of draft approved by the Facility Agent before the date of thisthe
Original Facility Agreement with such reasonable changes thereto as the Facility Agent may approve from time to time.

 

"Base Rate"
means one Euro for as to [*] Dollars.

 

"Builder" has
the meaning given in Recital (A).

 

"Business Day"
means a day (other than a Saturday or a Sunday) on which banks are open in New York, Milan, Frankfurt, Brussels, Madrid, Paris,
Rome and London; and

 

"CDP" means
Cassa Depositi e Prestiti S.p.A.

 

"Certified Copy"
means in relation to any document delivered or issued by or on behalf of any company, a copy of such document certified as a true,
complete and up-to-date copy of the original by any of the directors or the secretary or assistant secretary or any attorney-in-fact
for the time being of that company or, in the case of the Borrower, the sole manager of the Borrower.

 

"Charged Property"
means all of the assets which from time to time are, or are expressed to be, the subject of Security Interests pursuant to the
Finance Documents.

 

    4

     

    

 

"CIRR" means,
in relation to the Loan, the applicable Commercial Interest Reference Rate determined in accordance with the OECD Arrangement
on Guidelines for Officially Supported Export Credits, to be notified by SIMEST to the Facility Agent (through the SACE Agent)
and expected to be three point thirty two per cent. (3.32% p.a.)
per annum.

 

"CIRR Break Costs"
means, in respect of the Loan, all the amounts that SIMEST is entitled to charge, whether for taxes, costs, expenses, indemnities,
penalties, losses or liabilities whatsoever, under and in accordance with the relevant Interest Make-uUp
Agreement, including without limitation, as a result of any prepayment of all or any part of the Loan under this Agreement (whether
voluntary, following acceleration of the Loan or otherwise), as a result of an Interest Make-uUp
Event and/or as a result of the Borrower deciding to switch from the Fixed Interest Rate to another interest rate after the Drawdown
Date. Such amounts include, without limitation, (i) breakage costs calculated on the basis of the net present value referred
to in the relevant Interest Make-uUp
Agreement, (ii) any amount due as a consequence of the close-out of any hedging arrangement entered into by SIMEST in relation
to this Agreement, (iii) default interest and penalties (maggiorazioni) whenever applicable, and (iv) all amounts
(if any) to be returned by the SACE Agent or the Facility Agent (as applicable) to SIMEST under and pursuant to the Interest Make-uUp
Agreement.

 

"Code" means
the United States Internal Revenue Code of 1986.

 

"Code of Ethics"
means the code of ethics adopted by CDP, available on CDP's website (http://www.cdp.it/static/upload/cdp/cdp_code_ethics.pdf).

 

"Commitment"
means, in relation to a Lender, the amount equal to the percentage of the Maximum Loan Amount set opposite its name in Schedule
1 (Lenders and Commitments), or, as the case may require, the amount specified in the relevant Transfer Certificate, in
each case as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and "Total Commitments"
means the aggregate of the Commitments of all the Lenders).

 

"Common Units"
meansmeanmeans
all membership interests held at any time during the term of the limited liability company agreement of the Borrower
by the Member, including, without limitation, the Member's (i) right to a distributive share of the income, gain, losses
and deductions of the Borrower in accordance with the limited liability company agreement, (ii) the right to a distributive
share of the Borrower's assets, and (iii) any securities issued in respect of or in exchange for common units, whether by
way of dividend or other distribution, split reverse split, recapitalization, merger, rollup transaction, consolidation conversion
or reorganization.

 

"Compliance Certificate"
has the meaning given to the term "Compliance Certificate" in the Guarantee.

 

"Confidential Information"
means all information relating to any Obligor, the Group, the Finance Documents or the Loan of which a Creditor Party becomes
aware in its capacity as, or for the purpose of becoming, a Creditor Party or which is received by a Creditor Party from either:

 

		(a)	any member of the Group or any
                                         of its advisers; or

 

		(b)	another Creditor Party, if the
                                         information was obtained by that Creditor Party directly or indirectly from any member
                                         of the Group or any of its advisers,

 

in whatever form, and includes
information given orally and any document, electronic file or any other way of representing or recording information which contains
or is derived or copied from such information but excludes information that:

 

    5

     

    

 

 

		(a)	(i) is or becomes public information other
than as a direct or indirect result of any breach by that Creditor Party of Clause 33 (Confidentiality); or

 

		(b)	(ii) is identified in writing at the time
of delivery as non-confidential by any member of the Group or any of its advisers; or

 

		(c)	(iii) is known by that Creditor Party before
the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by
that Creditor Party after that date, from a source which is, as far as that Creditor Party is aware, unconnected with the Group
and which, in either case, as far as that Creditor Party is aware, has not been obtained in breach of, and is not otherwise subject
to, any obligation of confidentiality; or

 

		(d)	(iv) any Reference Bank Quotation.

 

"Confidentiality Undertaking"
means a confidentiality undertaking in substantially the appropriate form recommended by the LMA from time to time or in any other
form agreed between the Borrower and the Facility Agent.

 

"Contribution"
means, in relation to a Lender, the amount of the Loan which is owing to that Lender.

 

"Conversion Rate"
means the rate determined by the Facility Agent on the Conversion Rate Fixing Date and notified to the Borrower as being the lower
of:

 

		(a)	the Base Rate; or

 

		(b)	the FOREX Contracts Weighted Average Rate.

 

"Conversion Rate Fixing
Date" means the date falling [*] days before the Intended Delivery Date.

 

"Corresponding Debt"
means any amount, other than any Parallel Debt, which an Obligor owes to a Creditor Party under or in connection with the Finance
Documents.

 

"Creditor Party"
means the Facility Agent, the Security Trustee, the SACE Agent, the Joint Mandated Lead Arrangers or any Lender, whether as at
the date of this Agreement or at any later time.

 

"Deferral
Period" means the period from 1 April 2020 to 31 December 2022.

 

"Delegate" means
any delegate, agent, attorney or co-trustee appointed by the Security Trustee

 

"Delivery Date"
means the date and time of delivery of the Ship by the Builder to the Borrower as stated in the Protocol of Delivery and Acceptance.

 

"Document of Compliance"
has the meaning given to it in the ISM Code.

 

    6

     

    

 

"Dollar Equivalent"
means such amount in Dollars as is calculated by the Facility Agent on the Conversion Rate Fixing Date to be the equivalent of
an amount in Euro at the Conversion Rate.

 

"Dollars", "$"
and "USD" means the lawful currency for the time being of the United States of America.

 

"Drawdown Date"
means the date on which the Loan is drawn down and applied in accordance with Clause 2 (Facility).

 

"Drawdown Notice"
means a notice in the form set out in Schedule 2 (Form of Drawdown Notice) (or in any other form which the Facility
Agent approves or reasonably requires).

 

"Earnings" means
all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Borrower, by the Member as bareboat
charterer and which arise out of the use or operation of the Ship, including (but not limited to):

 

		(a)	all freight, hire, fare and passage moneys, compensation payable to the Borrower, the Facility
Agent or the Security Trustee (as the case may be) in the event of requisition of the Ship for hire, remuneration for salvage and
towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty
or other contract for the employment of the Ship;

 

		(b)	all moneys which are at any time payable under Insurances in respect of loss of earnings;

 

		(c)	all moneys which are at any time payable to the Borrower in respect of the general average contribution;
and

 

		(d)	if and whenever the Ship
is employed on terms whereby any moneys falling within paragraphs (a) or (b) (b) above
are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement
which is attributable to the Ship.

 

"EEA Member Country"
means any member state of the European Union, Iceland, Liechtenstein and Norway.

 

"Effective Date"
means the earlier of:

 

		(a)	the Guarantor providing
the Facility Agent with written notice stating that thisthe
Original Facility Agreement and the other Finance Documents signed on or about the date hereofof
the Original Facility Agreement have become effective; and

 

		(b)	16.00 Central European time on 31 January 2019.

 

"Eligible Amount"
means eighty per cent. (80%) of the lesser of:

 

		(a)	the Dollar Equivalent of five hundred and seventy eight million and seven hundred thousand Euros
(€578,700,000); and

 

		(b)	the Dollar Equivalent of the Final Contract Price.

 

"Environmental Approval"
means any present or future permit, ruling, variance or other authorisation required under Environmental Laws.

 

    7

     

    

 

"Environmental Claim"
means any claim by any governmental, judicial or regulatory authority or any other person which arises out of an Environmental
Incident or an alleged Environmental Incident or which relates to any Environmental Law and, for this purpose, "claim"
includes a claim for damages, compensation, contribution, injury, fines, losses and penalties or any other payment of any kind,
including in relation to clean-up and removal, whether or not similar to the foregoing; an order or direction to take, or not to
take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the
arrest or attachment of any asset.

 

"Environmental Incident"
means:

 

		(a)	any release, emission, spill or discharge into the Ship or into or upon the air, sea, land or soils
(including the seabed) or surface water of Environmentally Sensitive Material within or from the Ship; or

 

		(b)	any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged
into or upon the air, sea, land or soils (including the seabed) or surface water from a vessel other than the Ship and which involves
a collision between the Ship and such other vessel or some other incident of navigation or operation, in either case, in connection
with which the Ship is actually or potentially liable to be arrested, attached, detained or injuncted and/or the Ship and/or any
Obligor and/or any operator or manager of the Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative
action; or

 

		(c)	any other incident in which Environmentally Sensitive Material is released, emitted, spilled or
discharged into or upon the air, sea, land or soils (including the seabed) or surface water otherwise than from the Ship and in
connection with which the Ship is actually or potentially liable to be arrested and/or where any Obligor and/or any operator or
manager of the Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action, other than in
accordance with an Environmental Approval.

 

"Environmental Law"
means any present or future law relating to pollution or protection of human health or the environment, to conditions in the workplace,
to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive Material or to actual or
threatened releases of Environmentally Sensitive Material.

 

"Environmentally Sensitive
Material" means and includes all contaminants, oil, oil products, toxic substances and any other substance (including
any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.

 

"Equator Principles"
means the standards entitled "A financial industry benchmark for determining, assessing and managing environmental and social
risk in projects" dated June 2013 and adopted by certain financial institutions, as the same may be amended or supplemented
from time to time.

 

"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", "Euros"
and "EUR" means the single currency of the Participating Member States.

 

    8

     

    

 

"Event of Default"
means any of the events or circumstances described in Clause 18.1 (Events of Default).

 

"Existing Indebtedness"
means Financial Indebtedness referred to in the financial statements of the Guarantor delivered to the Facility Agent prior to
the date of this Agreement.

 

"Exporter Declaration"
means a declaration in the form required by SIMEST at the relevant time duly signed by an authorised signatory of the Builder.

 

"Facility" means
the term loan facility made available under this Agreement as described in Clause 2.1 (Amount of facility).

 

"Facility Agent"
means BNP Paribas, a French "société anonyme", having a share capital of two billion four hundred
ninety-nine million five hundred ninety-seven thousand one hundred and twenty-two Euros (€2,499,597,122) and its registered
office located at 16 Boulevard des Italiens, 75009, Paris, France, registered under the n° Siren 662.042.449 at the Registre
du Commerce et des Sociétés of Paris or any successor of it appointed under Clause 26 (Role of the Facility
Agent and the Joint Mandated Lead Arrangers).

 

"Facility
Agreement" means the Original Facility Agreement as amended and restated by the 2021 Amendment and Restatement Agreement.

 

"Facility Office"
means the office or offices notified by a Lender to the Facility Agent in writing on or before the date it becomes a Lender (or,
following that date, by not less than five (5) Business Days' written notice) as the office or offices through which it will
perform its obligations under this Agreement.

 

"FATCA" means:

 

		(a)	sections 1471 to 1474 of the Code or any associated regulations;

 

		(b)	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement
between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred
to in paragraph (a) above; or

 

		(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in
any other jurisdiction.

 

"FATCA Application Date"
means:

 

		(a)	in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the
Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;

 

		(b)	in relation to a "withholdable payment" described in section 1473(1)(A)(ii) of the
Code (which relates to "gross proceeds" from the disposition of property of a type that can produce interest from sources
within the US), 1 January 2019; or

 

		(c)	in relation to a "passthru payment" described in section 1471(d)(7) of the Code
not falling within paragraphs (a) or (b) above, 1 January 2019,

 

or,
in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result
of any change in FATCA after the date of thisthe
Original Facility Agreement.

 

    9

     

    

 

"FATCA Deduction"
means a deduction or withholding from a payment under a Finance Document required by FATCA.

 

"FATCA Exempt Party"
means a Party that is entitled to receive payments free from any FATCA Deduction.

 

"Fee Letter"
means any letter dated on or about the date of thisthe
Original Facility Agreement between:

 

		(a)	the Facility Agent and
the Borrower setting out the fees referred to in paragraph (a) of Clause 9.1 9
(Fees);

 

		(b)	the Facility Agent and
the Borrower setting out the fees referred to in paragraph (c) (b) of
Clause 9.1 9 (Fees);

 

		(c)	the SACE Agent and the
Borrower setting out the fees referred to in paragraph (d) of Clause 9.1 9
(Fees);

 

		(d)	the Security Trustee
and the Borrower setting out the fees referred to in paragraph (e) of Clause 9.1 9
(Fees); or

 

		(e)	the Borrower and a Creditor
Party setting out the fees payable to such Creditor Party pursuant to the terms of thisthe
Original Facility Agreement.

 

"Finance Documents"
means:

 

		(a)	the 2021 Amendment and Restatement Agreement;

 

		(b)	the 2021 Deferral Fee Letters;

 

		(c)	(a) this Agreement;

 

		(d)	(b) any Fee Letter;

 

		(e)	(c) the Guarantee;

 

		(f)	(d) the General Assignment;

 

		(g)	(e) the Mortgage;

 

		(h)	(f) the Pledge Agreement;

 

		(i)	(g) the Post-Delivery Assignment;

 

		(j)	(h) any Subordinated Debt Security;

 

		(k)	(i) the Approved Manager's Undertaking;

 

		(l)	(j) any Transfer Certificate;

 

		(m)	(k) any Compliance Certificate;

 

    10

     

    

 

		(n)	(l) any Drawdown Notice;

 

		(o)	(m) any other document (whether creating
a Security Interest or not) which is executed as security for, or for the purpose of establishing any priority or subordination
arrangement in relation to, the Secured Liabilities; and

 

		(p)	(n) any other document (whether creating
a Security Interest or not) which is designated as a Finance Document by agreement between the Borrower, SACE and the Facility
Agent.

 

"Final Contract Price"
has the meaning given in Recital (C).

 

"Financial Indebtedness"
means, in relation to a person (the "debtor"), an indebtedness of the debtor:

 

		(a)	for principal, interest or any other sum payable in respect of any moneys borrowed or raised by
the debtor;

 

		(b)	under any loan stock, bond, note or other security issued by the debtor;

 

		(c)	under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

 

		(d)	under a financial lease, a deferred purchase consideration arrangement or any other agreement having
the commercial effect of a borrowing or raising of money by the debtor;

 

		(e)	under any foreign exchange transaction, any interest or currency swap or any other kind of derivative
transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of
mutual liabilities, the liability of the debtor for the net amount;

 

		(f)	under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability
of another person which would fall within paragraphs (a) to (e) if the references to the debtor referred to the other
person; or

 

		(g)	arising from receivables sold or discounted (other than receivables to the extent they are sold
on a non-recourse basis).

 

"First Instalment"
means the first instalment of the SACE Premium as more particularly described in paragraph (a) of Clause 8.1 (SACE Premium).

 

"Fixed Interest Rate"
means, in respect of any Interest Period, the rate per annum determined by the Facility Agent to be the aggregate of:

 

		(a)	the applicable Margin; and

 

		(b)	the CIRR.

 

"Fixed Rate Margin"
means the difference between the Floating Rate Margin and the SIMEST Margin Contribution.

 

"Floating Interest Rate"
means, in respect of any Interest Period, the rate per annum determined by the Facility Agent to be the aggregate of:

 

    11

     

    

 

		(a)	the applicable Margin; and

 

		(b)	LIBOR for the relevant period.

 

"Floating Rate Margin"
means one point forty five per cent. (1.45%).

 

"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)	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)	is entered into by the Borrower or the Guarantor 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 the Guarantor, purchases or
may purchase Euro with Dollars at a pre-agreed rate; and

 

		(c)	is notified to the Facility 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
Facility Agent at such time.

 

"FOREX Contracts Weighted
Average Rate" means the rate determined by the Facility Agent 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)	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)	the difference between the Euro amount available under (a) 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 Bloomberg Fx Fixings
for the purchase of Euro with Dollars as displayed on World Markets Reuters (or such other pages as may replace that page on
that service or a successor service) at or around 1 p.m. (London time) on the Conversion Rate Fixing Date;

 

		(c)	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)	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 paragraph (c) above, shall be performed by BNP Paribas'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.

 

    12

     

    

 

"Funding Rate"
means any individual rate notified by a Lender to the Facility Agent pursuant to sub-paragraph
(i) of paragraph (e) of Clause 6.11(b)6.9
(Cost of funds).

 

"GAAP" means
generally accepted accounting principles in the United States of America consistently applied (or, if not consistently applied,
accompanied by details of the inconsistencies) including, without limitation, those set forth in the opinion and pronouncements
of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements
of the Financial Accounting Standards Board.

 

"General Assignment"
means an assignment of, inter alia, any Management Agreement, the Earnings, the Insurances, any charter and any Requisition
Compensation, executed or to be executed by the Borrower, the Member as charterer and, in the event that the Approved Manager is
not a member of the Group and is named as a co-assured in the Insurances, the Approved Manager in favour of the Security Trustee
in the agreed form.

 

"German Blocking Provisions"
means section 7 of the German Foreign Trade Regulation (AWV) (Außenwirtschaftsverordnung) (in connection with section
4 paragraph 1 a no. 3 German Foreign Trade Law (AWG) (Außenwirtschaftsgesetz)).

 

"Gross Negligence"
means any act or omission, whether deliberate or not, which in the circumstances (including both the probability and seriousness
of the consequences likely to result) would reasonably be regarded by those familiar with the nature of the activity in question
and with the surrounding circumstances, as amounting to the reckless disregard of, or serious indifference to, the consequences,
being in any case more than a negligent failure to exercise proper skill and care.

 

"Group" means
the Guarantor and its Subsidiaries.

 

"Guarantee"
means a guarantee issued by the Guarantor in
favour of the Security Trustee in the agreed form.the
Original Guarantee as amended and restated pursuant to the 2021 Amendment and Restatement Agreement and as may be further amended
and/or supplemented from time to time.

 

"Guarantor"
means NCL Corporation Ltd., a Bermuda company with its registered office at Park Place, 55 Par-la-Ville Road, Hamilton HM11, Bermuda.

 

"Holding"
means Norwegian Cruise Line Holdings Ltd., a company incorporated under the laws of Bermuda with its registered office at Park
Place 55, Par-la-Ville Road, Hamilton HM 11, Bermuda.

 

"Holding Company"
means, in relation to a person, any other person in respect of which it is a Subsidiary.

 

"IAPPC" means
a valid international air pollution prevention certificate for the Ship issued under Annex VI.

 

"Illicit Origin"
means any origin which is illicit, fraudulent or in breach of Sanctions including, without limitation, drug trafficking, corruption,
organised criminal activities, terrorism, money laundering or fraud.

 

    13

     

    

 

"Information
Package" means the information package in connection with the "Debt Holiday" application in the form set out
in schedule 4 (Information Package) of the 2021 Amendment and Restatement Agreement, submitted by the Borrower (or the Guarantor
on its behalf) in order to obtain the benefit of the measures provided for in the Principles for the purpose of this Agreement
and certain of the Borrower's and the Guarantor's obligations under this Agreement.

 

"Initial Contract Price"
has the meaning given in Recital (B).

 

"Insurances"
means:

 

		(a)	all policies and contracts of insurance, including entries of the Ship in any protection and indemnity
or war risks association, which are effected in respect of the Ship, its Earnings or otherwise in relation to it; and

 

		(b)	all rights and other assets relating to, or derived from any of such policies, contracts or entries,
including any rights to a return of a premium.

 

"Intended Delivery Date"
means [*] (the date on which the Ship will be ready for delivery pursuant to the Shipbuilding Contract as at the date of thisthe
Original Facility Agreement) or any other date notified by the Borrower to the Facility Agent in accordance with paragraph
(a) of Clause 3.5 (No later than sixty (60) days before the Intended Delivery Date) or paragraph (c) of Clause 3.9
(No later than five (5) Business Days before the Intended Delivery Date) as being the date on which the Builder and
the Borrower have agreed that the Ship will be ready for delivery pursuant to the Shipbuilding Contract.

 

"Interest Make-uUp
Agreement" means an agreement on interest stabilisation (Capitolato per il Contributo Interessi) to be entered
into between SIMEST and the SACE Agent on behalf of the Lenders and in form and substance acceptable to the SACE Agent, the Facility
Agent and the Lenders, which provides, inter alia, for the applicable CIRR to be subsidised in relation to the Loan made
available under this Agreement and to which the CIRR applies.

 

"Interest Make-up Event"
means the occurrence of any circumstances which result in the termination, cancellation, revocation, cessation or suspension (in
each case, in whole or in part) of the Interest Make-up Agreement or the Interest Make-up Agreement otherwise ceases or may cease
to be in full force and effect or the SACE Agent notifies the Borrower that the Fixed Interest Rate is not available for any reason,
in each case, in accordance with the terms of the Interest Make-up Agreement.

 

"Interest Period"
means a period determined in accordance with Clause 7 (Interest Periods).

 

"Interpolated
Screen Rate" means, in relation to the Loan or any part of the Loan, the rate which results from interpolating on a linear
basis between:

 

		(a)	the applicable Screen Rate for the longest period
(for which that Screen Rate is available) which is less than the Interest Period of the Loan or that part of the Loan; and

 

		(b)	the applicable Screen Rate for the shortest period
(for which that Screen Rate is available) which exceeds the Interest Period of the Loan or that part of the Loan,

 

each
as of the Specified Time for Dollars.

 

    14

     

    

 

"ISM Code"
means the International Safety Management Code for the safe operation of ships and for pollution prevention (including the guidelines
on its implementation), adopted by the International Maritime Organisation as the same may be amended or supplemented from time
to time.

 

"ISPS Code"
means the International Ship and Port Facility Security (ISPS) Code adopted by the International Maritime Organisation (IMO) Diplomatic
Conference of December 2002, as the same may be amended or supplemented from time to time.

 

"Italian Authorities"
means SACE and/or SIMEST and any other relevant Italian authorities involved in the implementation of the Loan.

 

"Legislative Decree 231/01"
means the Italian legislative decree of 8 June 2001, no. 231 (Disciplina della responsabilità amministrativa delle
persone giurdiche, delle società e delle associazioni anche prive di personalità giuridica, a norma dell'articolo
11 della legge 29 settembre 2000, n.300) as amended from time to time, on administrative vicarious liability of corporate entities.

 

"Lender" means
a bank, financial institution, trust, fund or other entity listed in Schedule 1 (Lenders and Commitments) and acting through
its Facility Office or its transferee, successor or assign.

 

"LIBOR" means,
in relation to the Loan or any part of the Loan:

 

		(a)	the applicable Screen
Rate as of the Quotation DateSpecified
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 6.6 (Unavailability of Screen Rate).

 

and if, in either case, that
rate is less than zero, LIBOR shall be deemed to be zero (except with respect to the Interest Make-uUp
Agreement).

 

"Loan" means
the principal amount for the time being outstanding under this Agreement.

 

"Majority Lenders"
means:

 

		(a)	before the Loan has been
made, Lenders whose Commitments total [*] per cent. of the Total Commitments; and

 

		(b)	after the Loan has been
made, Lenders whose Contributions total [*] per cent. of the Loan.

 

"Management Agreement"
means the management agreement (if any) entered or to be entered into between the Borrower and an Approved Manager which is not
a member of the Group with respect to the Ship on terms reasonably acceptable to the Majority Lenders and SACE.

 

"Margin" means:

 

		(a)	in relation to the Fixed Interest Rate, the Fixed Rate Margin; and

 

		(b)	in relation to the Floating Interest Rate, the Floating Rate Margin.

 

    15

     

    

 

"Maritime Registry"
means the maritime registry which the Borrower will specify to the Lenders no later than 90 days before the Intended Delivery
Date, being that of Bermuda, the Marshall Islands, Bahamas or such other registry as the Facility Agent may, with the approval
of the Italian Authorities and at least three Lenders representing as a minimum the Majority Lenders, approve.

 

"Material Adverse Effect"
means the occurrence of any event or circumstance which reasonably would be expected to have a material adverse effect on:

 

		(a)	the business, operations, property, condition (financial or otherwise) of any Obligor or the Group
as a whole;

 

		(b)	the ability of any Obligor to perform its obligations under any Finance Document; or

 

		(c)	the validity or enforceability of, or the effectiveness or ranking of any Security Interest granted
or intended to be granted pursuant to any of, the Finance Documents or the rights or remedies of any Secured Party under any of
the Finance Documents.

 

"Maximum Loan Amount"
means the aggregate of:

 

		(a)	the Dollar Equivalent of four hundred and sixty two million nine hundred and sixty thousand Euros
(€462,960,000); and

 

		(b)	one hundred per cent. (100%) of the SACE Premium to be paid in accordance with Clause 8.1 (SACE
Premium),

 

provided
that such amount shall not, at any time, exceed six hundred and ninety million seven hundred and eighteen thousand and seventy
Dollars and fifty-four cents ($690,718,070.54),.

 

"Member" means
Oceania Cruises S. de R.L., a Panamanian sociedad de responsabilidad limitada domiciled in Panama whose resident agent is
PHat Arifa,
9th and 10th Floors Building, West Boulevard,
Santa Maria Business District, Panama, Republic of Panama as the sole member of the Borrower.

 

"Minor Modification"
means a modification of the plans or the specification or the construction of the Ship under Article 24 of the Shipbuilding
Contract, resulting in a contract price increase or decrease of less than [*] Euros (€[*]).

 

"Model"
means the principles of the compliance system adopted by CDP pursuant to Legislative Decree 231/01, available on CDP's website
(https://en.cdp.it/kdocs/1896656/Organization_Management_and_Control_Model_pursuant_to_Italian_Legislative_Decree_No._231-01_EN.pdf).

 

"Mortgage" means
the first priority mortgage on the Ship acceptable for registration on the Approved Flag and, if applicable, deed of covenant,
executed or to be executed by the Borrower in favour of the Security Trustee in the agreed form.

 

"Negotiation
Period" has the meaning given in Clause
6.9 (Negotiation of alternative rate of interest).

 

"Obligors" means
the Borrower, the Guarantor, the Member and (in the event that the Approved Manager is a member of the Group) the Approved Manager.

 

    16

     

    

 

"Original
Facility Agreement" has the meaning given to such term in Recital (E).

 

"Original
Guarantee" means the guarantee issued by the Guarantor
in favour of the Security Trustee on 19 December 2018.

 

"Original Jurisdiction"
means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated,
or formed, as the case may be, as at the date of this Agreement.

 

"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 Intercontinental Exchange 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 Facility
Agent may specify another page or service displaying the appropriate rate after consultation with the Borrower, provided that
if the rate is less than zero, Overnight LIBOR shall be deemed to be zero (except with respect to the Interest Make-up Agreement).

 

"Original
Principles" has the meaning given in Recital
(F).

 

"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 6.6 (Unavailability
of Screen Rate),

 

and
if, in either case, that rate is less than zero, Overnight LIBOR shall be deemed to be zero.

 

"Parallel Debt"
means any amount which an Obligor owes to the Security Trustee under Clause 27.2 (Parallel Debt (Covenant to pay the Security
Trustee)).

 

"Participating Member
State" means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance
with legislation of the European Union relating to Economic and Monetary Union.

 

"Party" means
a party to this Agreement from time to time.

 

"Permitted Financial
Indebtedness" means any Financial Indebtedness:

 

		(a)	incurred under the Finance Documents; or

 

		(b)	permitted pursuant to Clause 12.14 (Financial Indebtedness and subordination of indebtedness).

 

"Permitted Security Interests"
means:

 

		(a)	in the case of the Borrower:

 

		(i)	any of the Security Interests referred to in sub-paragraph
(A) of sub-paragraph (ii) of paragraph (b)(ii)(A) (b) below;
and

 

    17

     

    

 

		(ii)	any of the Security Interests referred to in sub-paragraphs
(b)(ii)(B), (b)(ii)(C), (b)(ii)(E), (b)(ii)(H) and (b)(ii)(I) (B),
(C), (E), (H) and (I) of sub-paragraph (ii) of paragraph (b) below if, by reason of any chartering
or management arrangements for the Ship approved by the Facility Agent pursuant to the provisions of this Agreement, such Security
Interests are created by the Borrower in the case of paragraphs (b)(ii)(C) or (b)(ii)(E) (C) or
(E) of sub-paragraph (ii) of paragraph (b) or incurred by the Borrower in the case of sub-paragraphs
(b)(ii)(B), (b)(ii)(H) or (b)(ii)(I)(B),
(H) or (I) of sub-paragraph (ii) of paragraph (b) below; and

 

		(b)	in the case of the Guarantor:

 

		(i)	any of the Security Interests referred to in paragraphs (ii)(A),
(ii)(D), (ii)(F) and (ii)(G) of
sub-paragraph (ii) of paragraph (b) below; and

 

		(ii)	any of the Security Interests referred to in paragraphs (C), (E), (H) and (I) below if,
by reason of any chartering or management arrangements for the Ship approved by the Facility Agent pursuant to the provisions of
this Agreement, such Security Interests are created by the Guarantor in the case of paragraph (C) or (E) or incurred
by the Guarantor in the case of paragraph (H) or (I);

 

		(A)	any Security Interest created by or pursuant to the Finance Documents and any deposits or other
Security Interests placed or incurred in connection with any bond or other surety from time to time provided to the US Federal
Maritime Commission in order to comply with laws, regulations and rules applicable to the operators of passenger vessels operating
to or from ports in the United States of America;

 

		(B)	liens on the Ship up to an aggregate amount at any time not exceeding [*] for current crew's wages
and salvage and liens incurred in the ordinary course of trading the Ship;

 

		(C)	any deposits or pledges up to an aggregate amount at any time not exceeding [*] to secure the performance
of bids, tenders, bonds or contracts required in the ordinary course of business;

 

		(D)	any other Security Interest including in relation to the Existing Indebtedness over the assets
of any Obligor other than the Borrower notified by the Borrower or any of the Obligors to the Facility Agent and accepted by it
prior to the date of this Agreement;

 

		(E)	(without prejudice to the provisions of Clause 12.14 (Financial Indebtedness and subordination
of indebtedness)) liens on assets leased, acquired or upgraded after the date of thisthe
Original Facility Agreement or assets newly constructed or converted after the date of thisthe
Original Facility Agreement provided that (i) such liens secure Financial Indebtedness otherwise permitted under
this Agreement, (ii) such liens are incurred at the time of such lease, acquisition, upgrade, construction or conversion and
(iii) the Financial Indebtedness secured by such liens does not exceed the cost of such upgrade or the cost of such assets
acquired or leased;

 

    18

     

    

 

		(F)	other liens arising in the ordinary course of business of the Group unrelated to Financial Indebtedness
and securing obligations not yet delinquent or which are being contested in good faith by appropriate proceedings and for which
adequate reserves have been established provided that (i) the aggregate amount of all cash and the fair market value of all
other property subject to such liens as are described in this paragraph (F) does not exceed [*] and (ii) such cash and/or
other property is not an asset of the Borrower;

 

		(G)	subject to the other provisions of this Agreement and the Guarantee, any Security Interest in respect
of existing Financial Indebtedness of a person which becomes a Subsidiary of the Guarantor or is merged with or into the Guarantor
or any of its subsidiaries;

 

		(H)	liens in favour of credit card companies on unearned customer deposits pursuant to agreements therewith;
and

 

		(I)	liens in favour of customers on unearned customer deposits.

 

"Pertinent Document"
means:

 

		(a)	any Finance Document;

 

		(b)	any policy or contract of insurance contemplated by or referred to in Clause 12 (General Undertakings)
or any other provision of this Agreement or another Finance Document;

 

		(c)	any other document contemplated by or referred to in any Finance Document; and

 

		(d)	any document which has been or is at any time sent by or to the Facility Agent in contemplation
of or in connection with any Finance Document or any policy, contract or document falling within paragraph (b) or (c).

 

"Pertinent Matter"
means:

 

		(a)	any transaction or matter contemplated by, arising out of, or in connection with a Pertinent Document;
or

 

		(b)	any statement relating to a Pertinent Document or to a transaction or matter falling within paragraph
(a);

 

and covers any such transaction,
matter or statement, whether entered into, arising or made at any time before the signing of this Agreement or on or at any time
after that signing.

 

"Pledge Agreement"
means a document creating security over the limited liability company interests in the Borrower in the agreed form.

 

"Poseidon
Principles" means the financial industry framework for assessing and disclosing the climate alignment of ship finance
portfolios published in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation
or the introduction of or changes to mandatory requirements of the International Maritime Organisation from time to time.

 

"Post-Delivery Assignment"
means an assignment of the rights of the Borrower in respect of the post-delivery guarantee liability of the Builder under Article 25
of the Shipbuilding Contract executed or to be executed by the Borrower in favour of the Security Trustee in the agreed form.

 

    19

     

    

 

"Principles"
has the meaning given to such term in Recital (F).

 

"Prohibited Jurisdiction"
means any country or territory which is, or whose government is, the target of country-wide or territory-wide Sanctions.

 

"Prohibited Payment"
means:

 

		(a)	any offer, gift, payment, promise to pay, commission, fee, loan or other consideration which would
constitute bribery or an improper gift or payment under, or a breach of Sanctions, any laws of the Republic of Italy, England and
Wales, Panama, the Council of the European Union, Germany, the United States of America or any other applicable jurisdiction; or

 

		(b)	any offer, gift, payment, promise to pay, commission, fee, loan or other consideration which would
or might constitute bribery within the OECD Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions of 17 December 1997.

 

"Prohibited Person"
means any person that (i) appears on any Sanctions list of prohibited persons, (ii) is directly or indirectly owned 50
percent or more by, or directly or indirectly controlled by, one or more persons covered by sub-section (i) above, or (iii) 
is located, is resident in or is incorporated or formed, as the case may be, under the laws of a Prohibited Jurisdiction.

 

"Protocol of Delivery
and Acceptance" means the protocol of delivery and acceptance of the Ship to be signed by the Borrower and the Builder
in accordance with Article 8 of the Shipbuilding Contract.

 

"Qualifying
Certificate" means the certificate to be issued by the Builder on the Delivery Date and issued to the Facility Agent and
copied to the Borrower substantially in the form set out in Schedule 5 (Qualifying Certificate).

 

"Quotation DateDay"
means, in relation to any Interest Period (or
any period for which an interest rate is to be determined under any provision
of a Finance Document), the day which is 2, two
Business Days before the first day of that period, unless market practice differs
in the Relevant Interbank Market for a currency, in which case the Quotation DateDay
will be determined by the Facility Agent in accordance with market practice in the Relevant Interbank Market (and if quotations
would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation DateDay
will be the last of those days).

 

"Qualifying
Certificate" means the certificate to be issued by the Builder on the Delivery Date and issued to the Facility Agent and
copied to the Borrower substantially in the form set out in Schedule 5 (Qualifying Certificate).

 

"Receiver" means
a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property

 

"Reference Bank Quotation"
means any quotation supplied to the Facility Agent by a Reference Bank.

 

    20

     

    

 

"Reference Bank Rate"
means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Facility Agent at its request
by the Reference Banks as either:

 

		(a)	if:

 

		(i)	the Reference Bank is a contributor to the applicable 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

 

		(b)	in any other case, the rate at which the relevant Reference Bank could fund itself in the relevant
currency for the relevant period with reference to the unsecured wholesale funding market.

 

"Reference Banks"
means such entities as may be appointed by the Facility Agent in consultation with the Borrower.

 

"Relevant Interbank Market"
means the London Interbank Market.

 

"Relevant Jurisdiction"
means, in relation to an Obligor:

 

		(a)	its jurisdiction of incorporation,
or formation, as the case may be;

 

		(b)	any jurisdiction where any asset subject to, or intended to be subject to, any of the Security
Interests created, or intended to be created, under the Finance Documents to which it is a party is situated;

 

		(c)	any jurisdiction where it conducts its business; and

 

		(d)	the jurisdiction whose laws govern the perfection of any of the Security Interests created, or
intended to be created, under the Finance Documents to which it is a party.

 

"Relevant Nominating
Body" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group
or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board (or
any successor organization).

 

"Repayment Date"
means a date on which a repayment is required to be made under Clause 5 (Repayment).

 

"Replacement Benchmark"
means a benchmark rate which is:

 

		(a)	a formally designated, nominated or recommended
as the replacement for thea
Screen Rate by:

 

		(i)	the administrator of thethat
Screen Rate (provided that the market or economic reality that such benchmark rate measures is the same as that measured by thethat
Screen Rate); or

 

		(ii)	any Relevant Nominating Body,

 

and if replacements have, at the
relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Benchmark"
shallwill
be the replacement under paragraph (ii) (ii) above;

 

    21

     

    

 

		(b)	in the opinion of the
Majority Lenders and the ObligorsBorrower,
generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor of
thatto a Screen Rate; or

 

		(c)	in the opinion of the
Majority Lenders and the ObligorsBorrower,
an appropriate successor to thata
Screen Rate.

 

"Representative"
means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

 

"Requisition Compensation"
includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (b) of
the definition of "Total Loss".

 

"Restricted Creditor
Party" means a Creditor Party which serves a notice pursuant to paragraph (a) (a) of
Clause 37.7 36.7
(Non-applicable provisions between the Obligors, German Lenders and any Creditor Party subject to the EU Blocking
Regulation).

 

"Resolution Authority"
means any body which has authority to exercise any Write-down and Conversion Powers.

 

"SACE" means
SACE S.p.A., an Italian joint stock company (società per azioni)
with a sole shareholder, whose registered office is located at Piazza Poli 37/42, 00187 Rome, Italy and registered with the
Companies Registry of Rome under number 05804521002.

 

"SACE Agent"
means Crédit Agricole Corporate and Investment Bank, a French "société anonyme", having a
share capital of seven billion eight hundred and fifty one million six hundred and thirty six thousand three hundred and forty
two Euros (€7,851,636,342) and its registered office located at 12, place des Etats-Unis, CS 70052, 92547 Montrouge cedex,
France, registered under the n° Siren 304 187 701 at the Registre du Commerce et des Sociétés of Nanterre
or any successor of it appointed under Clause 26 (Role of the Facility Agent and the Joint Mandated Lead Arrangers).

 

"SACE Insurance Policy"
means the insurance policy (as amended and supplemented from time to
time) in respect of this Agreement (which, in all material respects, is not inconsistent with the commercial terms of
this Agreement) issued or to be issued by SACE for the benefit
of the Lenders in respect of one hundred per cent. (100%) of the Loan together with interest thereon in form and substance satisfactory
to the Facility Agent, the SACE Agent and all the Lenders.

 

"SACE Premium"
means the amount payable by the Borrower to SACE directly or through the SACE Agent in two instalments in respect of the SACE Insurance
Policy as set out in Clause 8 (SACE Premium and Italian Authorities),
in addition to the Additional SACE Premium (provided, for the avoidance of doubt, that the Additional SACE Premium shall not be
financed).

 

"SACE Premium Instalments"
means each of the First Instalment and Second Instalment.

 

"SACE Required Documents"
means in relation to the Drawdown Notice:

 

		(a)	a duly completed and executed Qualifying Certificate; and

 

		(b)	each of the other documents, information and other evidence specified in or required to be enclosed
with such Qualifying Certificate.

 

    22

     

    

 

"Safety Management Certificate"
has the meaning given to it in the ISM Code.

 

"Sanctions"
means any financial, economic or trade sanctions, embargoes or other restrictions relating to trading, doing business, investment,
exporting, importing, travelling, financing or making assets available (or other activities similar to or connected with any of
the foregoing):

 

		(a)	imposed by law or regulation of the United Kingdom, the Hong Kong Monetary Authority, the European
Union or the Council of the European Union, the United Nations or its Security Council or imposed by any member state of the European
Union or Switzerland;

 

		(b)	imposed by the US, including the U.S. Department of the Treasury's Office of Foreign Assets Control
(OFAC); or

 

		(c)	otherwise imposed by any law or regulation.

 

"SBC Effective Date"
means the effective date under the Shipbuilding Contract.

 

"Screen Rate"
means, in relation to a particular period, the London interbank offered rate administered
by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for Dollars at
or about 11 a.m (London time) on the Quotation Date for such period as displayed onfor
the relevant period displayed (before any correction, recalculation or republication by the administrator) on page LIBOR01
or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which
displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time
in place of Thomson Reuters (and if.
If such page or service ceases to be available,
the Facility Agent may specify another page or service displaying the relevant rate after consultationg
with the Borrower).

 

"Screen
Rate Contingency Period" means fifteen (15) Business Days.

 

"Screen Rate Replacement
Event" means, in relation to thea
Screen Rate:

 

		(a)	the methodology, formula
or other means of determining thethat
Screen Rate has, in the opinion of the Majority Lenders and the ObligorsBorrower
materially changed;

 

		(b)	

 

		(i)	

 

		(A)	the administrator of thethat
Screen Rate or its supervisor publicly announces that such administrator is insolvent;

 

		(B)	information is published in any order, decree, notice, petition or filing, however,
described of or filed with a court, tribunal, exchange, regulatory authority or
similar administrative, regulatory or judicial body which
reasonably confirms that the administrator of thethat
Screen Rate is insolvent,

 

provided that in each case, at
that time, there is no successor or administrator to continue to provide thethat
Screen Rate;

 

    23

     

    

 

		(ii)	the administrator of thethat
Screen Rate publicly announces that it has ceased or will cease, to provide thethat
Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide thethat
Screen Rate;

 

		(iii)	the supervisor of the administrator of thethat
Screen Rate publicly announces that thesuch
Screen Rate has been or will be permanently or indefinitely discontinued; or

 

		(iv)	the administrator of thethat
Screen Rate or its supervisor announces that thethat
Screen Rate may no longer be used; or

 

		(c)	the administrator of
thethat
Screen Rate determines that thethat
Screen Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements
and either:

 

		(i)	the circumstance(s) or event(s) leading to such determination are not (in the opinion
of the Majority Lenders and the ObligorsBorrower)
temporary; or

 

		(ii)	thethat
Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than the Screen
Rate Contingency pPeriod
of fifteen (15) Business Days; or

 

		(d)	in the opinion of the
Majority Lenders and the Obligors, theBorrower,
that Screen Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement.

 

"Second Instalment"
means the second instalment of the SACE Premium as more particularly described in paragraph (b) of Clause 8.1 (SACE Premium).

 

"Secured Liabilities"
means all liabilities which the Borrower, the Obligors or any of them have, at the Effective Date or at any later time or times,
under or in connection with any Finance Document or any judgment relating to any Finance Document; and for this purpose, there
shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or
in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country.

 

"Secured Party"
means SACE, the Facility Agent, the Security Trustee, the SACE Agent, the Joint Mandated Lead Arrangers or any Lender whether at
the date of thisthe
Original Facility Agreement or any later time, a Receiver or any Delegate.

 

"Security Interest"
means:

 

		(a)	a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien, assignment,
hypothecation or any other security interest of any kind or other agreement or arrangement having the effect of conferring security;

 

		(b)	the security rights of a plaintiff under an action in rem; and

 

		(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.

 

    24

     

    

 

"Security Period"
means the period commencing on the Effective Date and ending on the date on which:

 

		(a)	all amounts which have become due for payment by the Borrower or any Obligor under the Finance
Documents have been fully and irrevocably paid;

 

		(b)	no amount is owing or has accrued (without yet having become due for payment) under any Finance
Document;

 

		(c)	neither the Borrower nor any other Obligor has any future or contingent liability under Clause
19 (Application of sums received) below or any other provision of this Agreement or another Finance Document; and

 

		(d)	the Facility Agent does not consider that there is a significant risk that any payment or transaction
under a Finance Document would be set aside, or would have to be reversed or adjusted, in any present or possible future bankruptcy
of the Borrower or an Obligor or in any present or possible future proceeding relating to a Finance Document or any asset covered
(or previously covered) by a Security Interest created by a Finance Document.

 

"Security Property"
means:

 

		(a)	the Security Interests expressed to be granted in favour of the Security Trustee as trustee for
the Secured Parties and all proceeds received or recovered by or on behalf of the Security Trustee under or by virtue of any Security
Interest including any money or other assets which are received or recovered by it as a result of the enforcement or exercise by
it of such a Security Interest or right;

 

		(b)	all obligations expressed to be undertaken by an Obligor to pay amounts in respect of the Secured
Liabilities to the Security Trustee as trustee for the Secured Parties and secured by the Security Interests together with all
representations and warranties expressed to be given by an Obligor in favour of the Security Trustee as trustee for the Secured
Parties;

 

		(c)	the Security Trustee's interest in any turnover trust created under the Finance Documents;

 

		(d)	any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual
or contingent, which the Security Trustee is required by the terms of the Finance Documents to hold as trustee on trust for the
Secured Parties,

 

except:

 

		(i)	rights intended for the sole benefit of the Security Trustee; and

 

		(ii)	any moneys or other assets which the Security Trustee has transferred to the Facility Agent or
(being entitled to do so) has retained in accordance with the provisions of this Agreement.

 

    25

     

    

 

 

"Security Requirement"
means the amount in Dollars (as certified by the Facility Agent whose certificate shall, in the absence of manifest error, be conclusive
and binding on the Borrower and the Facility Agent) which is at any relevant time one hundred and twenty-five per cent. (125%)
of the Loan.

 

"Security Trustee"
means HSBC Corporate Trustee Company (UK) Limited, a company incorporated in England and Wales (with registered number 6447555)
whose registered office is located at 8 Canada Square, London, E14 5HQ or any successor of it appointed under Clause 27 (The
Security Trustee).

 

"Security Value"
means the amount in Dollars (as certified by the Facility Agent whose certificate shall, in the absence of manifest error, be conclusive
and binding on the Borrower and the Facility Agent) which, at any relevant time, is the aggregate of (i) the charter free
market value of the Ship as most recently determined in accordance with Clause 13.4 (Valuation of the Ship); and (ii) the
market value of any additional security for the time being actually provided to the Facility Agent pursuant to Clause 15 (Security
Value Maintenance).

 

"Servicing Party"
means the Facility Agent or the Security Trustee.

 

"Shareholder"
means Oceania Cruises S. de R.L., a Panamanian sociedad de responsabilidad limitada domiciled in Panama whose resident agent
is at Arifa Building, West Boulevard, Santa Maria Business District, Panama, Republic of Panama as the sole member of the Borrower.

 

"Ship" means
the passenger cruise ship currently designated with Hull No. [*] (as more particularly described in the Shipbuilding Contract)
to be constructed under the Shipbuilding Contract and to be delivered to, and purchased by, the Borrower and registered in its
name under an Approved Flag.

 

"Shipbuilding Contract"
has the meaning given in Recital (A).

 

"SIMEST" means
Società Italiana per Le Imprese all'Estero - SIMEST S.p.A., which grants export subsidies in Italy under and according to
the Italian Legislative Decree n. 143/98 and its amendments.

 

"SIMEST Margin Contribution"
means the margin contribution approved and granted by SIMEST to the Lenders under the Interest Make-up Agreement as communicated
by the SACE Agent to the Creditor Parties and the Borrower following the date of thisthe
Original Facility Agreement as soon as the SACE Agent is made aware of it.

 

"Specified
Time" means a day or time determined in accordance with the following:

 

		(a)	if LIBOR is fixed, the Quotation Day as of 11:00
am Brussels time; and

 

		(b)	in relation to a Reference Bank Rate calculated by
reference to the available quotations in accordance with Clause 6.7 (Calculation of Reference Bank Rate), 11.30 am Brussels
time on the Quotation Day.

 

"Structuring Fee"
has the meaning given in paragraph 9.1(a) (a) of
Clause 9.1 9 (Fees).

 

"Subordinated Debt Security"
has the meaning given in sub-paragraph (ii) of paragraph
(b)(ii) of Clause 12.14 (Financial Indebtedness and subordination of indebtedness).

 

    26

     

    

 

"Subsidiary"
has the following meaning:

 

Aa
company (S) is a subsidiary of another company (P) if:

 

		(a)	a majority of the issued equity interests in S (or a majority of the issued equity interests in
S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P;
or

 

		(b)	P has direct or indirect control over a majority of the voting rights attaching to the issued equity
interests of S; or

 

		(c)	P has the direct or indirect power to appoint or remove a majority of the directors (or equivalent)
of S; or

 

		(d)	P otherwise has the direct or indirect power to ensure that the affairs of S are conducted in accordance
with the wishes of P;

 

and any company of which S is
a subsidiary is a parent company of S.

 

"Tax" means
any tax, levy, impost, duty, assessment, fee, deduction or other charge or withholding of a similar nature imposed by any governmental
authority (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

 

"Third Party Act"
means the Contracts (Rights of Third Parties) Act 1999.

 

"Total Loss"
means:

 

		(a)	actual, constructive, compromised, agreed or arranged total loss of the Ship;

 

		(b)	any expropriation, confiscation, requisition or acquisition of the Ship, whether for full consideration,
a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government
or official authority or by any person or persons claiming to be or to represent a government or official authority, (excluding
a requisition for hire for a fixed period not exceeding 1 year without any right to an extension) unless it is within 1 month redelivered
to the Borrower's full control;

 

		(c)	any arrest, capture, seizure or detention of the Ship (including any hijacking or theft) unless
it is within 1 month redelivered to the Borrower's full control.

 

"Total Loss Date"
means:

 

		(a)	in the case of an actual loss of the Ship, the date on which it occurred or, if that is unknown,
the date when the Ship was last heard of;

 

		(b)	in the case of a constructive, compromised, agreed or arranged total loss of the Ship, the earliest
of:

 

		(i)	the date on which a notice of abandonment is given to the insurers (or deemed or agreed to be given);
and

 

		(ii)	the date of any compromise, arrangement or agreement made by or on behalf of the Borrower with
the Ship's insurers in which the insurers agree to treat the Ship as a total loss; and

 

		(c)	in the case of any other type of total loss, on the date (or the most likely date) on which it
appears to the Facility Agent acting reasonably and in consultation with the Borrower that the event constituting the total loss
occurred.

 

    27

     

    

 

"Transaction Documents"
means the Finance Documents and the Underlying Documents.

 

"Transfer Certificate"
means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form
agreed between the Facility Agent and the Borrower.

 

"UK
Bail-In Legislation" means (to the extent that the United Kingdom is not an EEA Member Country which has implemented,
or implements, Article 55 BRRD) Part 1 of the United Kingdom Banking Act 2009 and any other law or regulation applicable
in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutes or
their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

 

"Underlying Documents"
means the Shipbuilding Contract, any Management Agreement, any bareboat charter and any charter and associated guarantee in respect
of which a notice of assignment is required to be served under the terms of the General Assignment.

 

"Unpaid Sum"
means (i) any sum due and payable but unpaid by an Obligor under the Finance Documents and (ii) any part of the SACE
Premium unpaid by the Borrower.

 

"US" means the
United States of America.

 

"VAT" means:

 

		(a)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common
system of value added tax (EC Directive 2006/112); and

 

		(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

 

"Write-down and Conversion
Powers" means:

 

		(a)	in relation to any Bail-In
Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that
Bail-In Legislation in the EU Bail-In Legislation Schedule; and

 

		(b)	in relation to any other applicable Bail-In Legislation:

 

		(i)	any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person
that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution,
to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability
arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to
provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation
in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those
powers; and

 

		(ii)	any similar or analogous powers under that Bail-In
Legislation; and

 

    28

     

    

 

		(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:

 

"Facility Agent",
the "SACE Agent", the "Joint Mandated Lead Arranger", the "Security Trustee",
 "SACE", any "Creditor Party", any "Secured Party", any "Lender",
any "Obligor" or any other "person", shall be construed so as to include its successors in title,
permitted assigns and permitted transferees.

 

"approved by the Lenders"
(or any similar determination or instruction by the Lenders) means approved in writing by the Facility Agent acting on the instructions
of all the Lenders and approved in writing by the SACE Agent acting on the instructions of SACE (or the Lenders only to the extent
the SACE Insurance Policy does not cover the event for which such instruction or approval is required) (on such conditions as they
may respectively impose) and any requirement for approval by all the Lenders shall mean prior approval.

 

"approved by the Majority
Lenders" (or any similar determination or instruction by the Majority Lenders) means approved in writing by the Facility
Agent acting on the instructions of the Majority Lenders and approved in writing by the SACE Agent acting on the instructions of
SACE (or the Majority Lenders only to the extent the SACE Insurance Policy does not cover the event for which such instruction
or approval is required) (on such conditions as they may respectively impose) and otherwise "approved" means approved
in writing by the Facility Agent (on such conditions as the Facility Agent may impose) and "approval" and "approve"
shall be construed accordingly and any requirement for approval by the Facility Agent, the SACE Agent or the Majority Lenders shall
mean prior approval.

 

"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.

 

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"date of this Agreement"
means _______ December February 20218.

 

"document" includes
a deed; also a letter, fax or electronic mail.

 

"expense" means
any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable Taxes including VAT.

 

"including"
and "in particular" (and other similar expressions) shall be construed as not limiting any general words or expressions
in connection with which they are used.

 

"indebtedness"
includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or
future, actual or contingent;

 

"law" includes
any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution
of the Council of the European Union, the European Commission, the United Nations or its Security Council.

 

"legal or administrative
action" means any legal proceeding or arbitration and any administrative or regulatory action or investigation.

 

"liability"
includes every kind of debt or liability (present or future, certain or contingent), whether incurred as principal or surety or
otherwise.

 

"months" shall
be construed in accordance with Clause 1.4 (Meaning of "month").

 

"parent company"
has the meaning given in the definition of "Subsidiary".

 

"person" includes
any individual, firm, company, corporation, government, any state, political sub-division of a state and local or municipal authority,
agency of a state or any association, trust, joint venture, consortium or partnership; and any international organisation (whether
or not having a separate legal personality).

 

"proceedings"
means, in relation to any enforcement provision of a Finance Document, proceedings of any kind, including an application for a
provisional or protective measure.

 

"regulation"
includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental,
intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation.

 

		1.3	Construction of Insurance Terms

 

"approved" means,
for the purposes of Clause 14 (Insurance Undertakings), approved in writing by the Facility Agent.

 

"excess risks"
means the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies
in respect of the Ship in consequence of its insured value being less than the value at which the Ship is assessed for the purpose
of such claims.

 

"obligatory insurances"
means all insurances effected, or which the Borrower is obliged to effect, under Clause 14 (Insurance Undertakings) or any
other provision of this Agreement or another Finance Document.

 

    30

     

    

 

"policy" in
relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance
or its terms.

 

"protection and indemnity
risks" means the usual risks covered by a protection and indemnity association managed in London, including pollution
risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable
under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02)
(1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71)
or any equivalent provision.

 

"war risks"
includes the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause 24
of the Institute Time Clauses (Hulls) (1/11/95) or clause 23 of the Institute Time Clauses (Hulls)(1/10/83).

 

		1.4	Meaning of "month"

 

A period of one or more "months"
ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started
("the numerically corresponding day"), but:

 

		(a)	on the Business Day following the numerically corresponding day if the numerically corresponding
day is not a Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically
corresponding day; or

 

		(b)	on the last Business Day in the relevant calendar month, if the period started on the last Business
Day in a calendar month or if the last calendar month of the period has no numerically corresponding day;

 

and "month"
and "monthly" shall be construed accordingly.

 

		1.5	General Interpretation

 

In this Agreement:

 

		(a)	references in Clause 1.1 (Definitions) to a Finance Document or any other document being
an "agreed form" are to the form agreed between the Facility Agent (acting with the authorisation of each of the
Creditor Parties and SACE) and the Borrower with any modifications to that form which the Facility Agent (with the authorisation
of the Majority Lenders and SACE in the case of substantial modifications) approves or reasonably requires;

 

		(b)	references to, or to a provision of, a Finance Document or any other document are references to
it as amended, amended and restated or supplemented, whether before the date of this Agreement or otherwise;

 

		(c)	references to Sanctions, for the purposes of Clause 11 (Representations and Warranties),
Clause 12 (General Undertakings), Clause 20 (Indemnities), Clause 21 (Illegality, etc.) and the Finance
Documents shall mean "Sanctions" as defined in Clause 1.1 (Definitions), by which any Obligor, any Creditor Party
or any party involved in the transactions contemplated in the Finance Documents is bound or to which it is subject or, as regards
a regulation, compliance with which is reasonable in the ordinary course of business of any Obligor or any Creditor Party;

 

    31

     

    

 

		(d)	references to, or to a provision of, any law or regulation include any amendment, extension, re-enactment
or replacement, whether made before the date of this Agreement or otherwise;

 

		(e)	any English legal term for any action, remedy, method of judicial proceeding, legal document, legal
status, court, official or any legal concept or thing shall, in respect of a jurisdiction other than England, be deemed to include
that which most nearly approximates in that jurisdiction to the English legal term;

 

		(f)	words denoting the singular number shall include the plural and vice versa; and

 

		(g)	Clauses 1.1 (Definitions) to 1.5 (General Interpretation) apply unless the contrary
intention appears.

 

		1.6	Headings

 

In interpreting a Finance Document
or any provision of a Finance Document, all clauses, sub-clauses and other headings in that and any other Finance Document shall
be entirely disregarded.

 

		1.7	Schedules

 

The schedules form an integral
part of this Agreement.

 

		2	Facility

 

		2.1	Amount of facility

 

Subject to the other provisions
of this Agreement, the Lenders agree to make available to the Borrower a loan not exceeding the Maximum Loan Amount intended to
be applied as follows:

 

		(a)	in payment to the Builder, up to the Eligible Amount, of all or part of eighty per cent. (80%)
of the Final Contract Price;

 

		(b)	in reimbursement to the Borrower of the amount of the First Instalment of the SACE Premium paid
by it to SACE in accordance with paragraph (a) of Clause 8.1 (SACE Premium); and

 

		(c)	in payment to SACE of the amount of the Second Instalment of the SACE Premium payable by the Borrower
to SACE in accordance with paragraph (b) of Clause 8.1 (SACE Premium).

 

		2.2	Lenders' participations in Loan

 

Subject to the other provisions
of this Agreement, each Lender shall participate in the Loan in the proportion which, as at the Drawdown Date, its Commitment bears
to the Total Commitments.

 

		2.3	Purpose of Loan

 

The Borrower undertakes with
each Secured Party to use the Loan only to pay for:

 

		(a)	goods and services of Italian origin incorporated in the design, construction or delivery of the
Ship;

 

		(b)	subject to the limits and conditions fixed by the Italian Authorities, goods and services incorporated
in the design, construction or delivery of the Ship and originating from countries other than Italy where the provision of such
goods or services has been sub-contracted by the Builder and therefore remains the Builder's responsibility under the Shipbuilding
Contract;

 

    32

     

    

 

		(c)	all or part of eighty per cent. (80%) of the Final Contract Price;

 

		(d)	reimbursement to the Borrower of the First Instalment of the SACE Premium paid by the Borrower
direct to SACE in accordance with paragraph (a) of Clause 8.1 (SACE Premium); and

 

		(e)	the Second Instalment of the SACE Premium payable in accordance with paragraph (b) of Clause
8.1 (SACE Premium).

 

		2.4	Creditor Parties' rights and obligations

 

		(a)	The obligations of each Creditor Party under the Finance Documents are several. Failure by a Creditor
Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance
Documents. No Creditor Party is responsible for the obligations of any other Creditor Party under the Finance Documents.

 

		(b)	The rights of each Creditor Party and SACE under or in connection with the Finance Documents are
separate and independent rights and any debt arising under the Finance Documents to a Creditor Party and SACE from an Obligor shall
be a separate and independent debt.

 

		(c)	A Creditor Party and SACE may not, except as otherwise stated in the Finance Documents, separately
enforce its rights under the Finance Documents.

 

		(d)	Notwithstanding any other provision of the Finance Documents and subject to the prior written consent
of SACE, a Creditor Party may separately sue for any Unpaid Sum due to it without the consent of any other Creditor Party or joining
any other Creditor Party to the relevant proceedings (it being understood that a Creditor Party may file a claim noting the amounts
due to it in the event insolvency proceedings are commenced against the Borrower by a third party).

 

		2.5	Monitoring

 

No Creditor Party is bound to
monitor or verify the application of any amount borrowed pursuant to this Agreement.

 

		2.6	Obligations of Lenders several

 

The obligations of the Lenders
under this Agreement are several; and a failure of a Lender to perform its obligations under this Agreement shall not result in:

 

		(a)	the obligations of the other Lenders being increased; nor

 

		(b)	any Obligor or any other Lender being discharged (in whole or in part) from its obligations under
any Finance Document,

 

and in no circumstances shall
a Lender have any responsibility for a failure of another Lender to perform its obligations under this Agreement or any other Finance
Document.

 

    33

     

    

 

		3	Conditions Precedent

 

		3.1	General

 

The Borrower may only draw the
Loan when the following conditions have been fulfilled to the satisfaction of the Facility Agent and provided no Event of Default
shall have occurred and remains unremedied or is likely to occur as a consequence of the drawing of the Loan:

 

		3.2	No later than the Effective Date

 

The Facility Agent shall have
received no later than the Effective Date:

 

		(a)	an opinion from legal counsel to the Secured Parties as to the laws of the state of Delaware in
form and substance satisfactory to the Facility Agent and the Secured Parties in respect of the Borrower's execution of any Finance
Documents to which they are party on the Effective Date;

 

		(b)	an opinion from legal
counsel to the Secured Parties as to English law in form and substance satisfactory to the Facility Agent and the Secured Parties
in respect of the validity and enforceability of thisthe
Original Facility Agreement and the Original Guarantee;

 

		(c)	an opinion from legal
counsel to the Secured Parties as to Bermuda law in form and substance satisfactory to the Facility Agent and the Secured Parties
in respect of the Guarantor's execution of the Original
Guarantee;

 

		(d)	an opinion from legal counsel to the Secured Parties as to the laws of the state of New York in
form and substance satisfactory to the Facility Agent and the Secured Parties in respect of the validity and enforceability of
the Pledge Agreement;

 

		(e)	an opinion from legal counsel to the Secured Parties as to Panamanian law in form and substance
satisfactory to the Facility Agent and the Secured Parties in respect of the Member's execution of the Pledge Agreement;

 

		(f)	a Certified Copy of the executed Shipbuilding Contract;

 

		(g)	such documentary evidence as the Facility Agent and its legal advisers may require in relation
to the due authorisation and execution by the Borrower and the Builder of the Shipbuilding Contract and of all documents to be
executed by the Borrower and the Builder;

 

		(h)	a confirmation from Hannaford
Turner LLP of 4th Floor, 15 Old Bailey,
9 Cloak Lane, London EC4M 7EFR,
United Kingdom that it will act for the Borrower and the Guarantor as agent for service of process in England in respect of thisthe
Original Facility Agreement and any other Finance Document;

 

		(i)	duly executed originals
of the Original Guarantee and the Pledge Agreement
and of each document to be submitted pursuant to it;

 

		(j)	such documentation and other evidence as is reasonably requested by the Facility Agent (for itself
or on behalf of any Lender or SACE) or any Lender or SACE (for itself) in order for the Facility Agent and such Lender or SACE
to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all
applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents;

 

    34

     

    

 

		(k)	payment of the initial portion of the Structuring Fee as set out in and payable in accordance with
the relevant Fee Letter; and

 

		(l)	payment of the initial portion of the Facility Agent Fee (as defined in the relevant Fee Letter),
the initial portion of the SACE Agency Fee (as defined in the relevant Fee Letter), the initial portion of Security Trustee Fee
(as defined in the relevant Fee Letter) and any other such fees which may be payable by the Borrower to a Creditor Party, payable
in accordance with terms of the relevant Fee Letter.

 

		3.3	No later than two (2) years before the Intended Delivery Date

 

The Facility Agent shall have
received no later than two (2) years before the Intended Delivery Date, payment of the remaining portion of the Structuring
Fee as set out in and payable in accordance with the relevant Fee Letter.

 

		3.4	No later than ninety (90) days before the Intended Delivery Date

 

The Facility Agent (or the SACE
Agent in respect of paragraphs (c), (e) and (f) below) shall have received no later than ninety (90) days before the
Intended Delivery Date:

 

		(a)	notification from the Borrower of its chosen Maritime Registry;

 

		(b)	notification of the Approved Manager;

 

		(c)	the SACE Insurance Policy documentation relating to the transaction contemplated by this Agreement
issued on terms whereby the SACE Insurance Policy will enter into full force and effect upon fulfilment of the conditions specified
therein to be fulfilled on or before the Drawdown Date;

 

		(d)	evidence that the First Instalment has been paid;

 

		(e)	an original of the Interest Make-up Agreement relative to the Loan and in full force and effect;

 

		(f)	an original of the SACE Insurance Policy; and

 

		(g)	an opinion from legal counsel to the Creditor Parties as to Italian law in form and substance satisfactory
to the Facility Agent and the Secured Parties in respect of SACE's issuance of the SACE Insurance Policy and compliance with the
principles governing the eligibility of credit risk mitigation techniques as per Article 194, paragraph 1, of the Regulation
(EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013.

 

		3.5	No later than sixty (60) days before the Intended Delivery Date

 

The Facility Agent shall have
received from the Borrower no later than sixty (60) days before the Intended Delivery Date:

 

		(a)	notification of the Intended Delivery Date;

 

		(b)	a notice from the Borrower as described in paragraph (a) of Clause 8.4 (Refund); and

 

		(c)	a U.S. tax opinion from legal counsel to the Secured Parties in respect of the tax treatment of
the entry by the U.S. incorporated Borrower into this Agreement and the other Finance Documents substantially in the form notified
to the Borrower on or around the Effective Date and updated to reflect any changes in law.

 

    35

     

    

 

		3.6	No later than forty-five (45) days before the Intended Delivery Date

 

The
Facility Agent shall have received from the Borrower no later than forty five (45) days before the Intended Delivery Date (and
on each subsequent date on which a Compliance Certificate is to be received by the Security Trustee pursuant to clause 11.3paragraph
(c) of clause 11.3 (Provision of financial statements)
of the Guarantee) a duly completed Compliance Certificate from the Guarantor;

 

		3.7	No later than [*]
([*]) days before the Intended Delivery Date

 

The
SACE Agent (with a copy to the Facility Agent) shall have received from the Borrower no later than [*] ([*]) days before
the Intended Delivery Date notification, signed by a duly authorised signatory of the Borrower, specifying which of the Fixed Interest
Rate or the Floating Interest Rate shall be applicable to the Loan until the date of payment of the final repayment instalment
of the Loan.

 

		3.8	No later than fifteen (15) Business Days before the Intended Delivery Date

 

The Facility Agent shall have
received no later than fifteen (15) Business Days before the Intended Delivery Date insurance documents in form and substance satisfactory
to the Lenders confirming that the Insurances have been effected and will be in full force and effect on the Delivery Date.

 

		3.9	No later than five (5) Business Days before the Intended Delivery Date

 

The Facility Agent shall have
received no later than five (5) Business Days before the Intended Delivery Date:

 

		(a)	the Drawdown Notice from the Borrower, signed by a duly authorised signatory of the Borrower, specifying
the amount of the Loan to be drawn down;

 

		(b)	a Certified Copy of any amendments to the Shipbuilding Contract which are not Minor Modifications
and of the power of attorney pursuant to which the authorised signatory of the Borrower signed the Drawdown Notice and a specimen
of his signature; and

 

		(c)	a final confirmation of the Intended Delivery Date signed by a duly authorised signatory of the
Borrower, and counter-signed by a duly authorised signatory of the Builder.

 

		3.10	No later than the Delivery Date

 

The Facility Agent shall have
received no later than the Delivery Date:

 

		(a)	if applicable, a duly executed original of the Subordinated Debt Security;

 

		(b)	any opinions from legal counsel to the Secured Parties relating to the due execution, validity
and enforceability of the Subordinated Debt Security, in form and substance satisfactory to the Facility Agent and the Secured
Parties;

 

    36

     

    

 

		(c)	evidence of payment to and receipt by the Builder of:

 

		(i)	the four (4) pre-delivery instalments of the Final Contract Price; and

 

		(ii)	any other part of the Final Contract Price as at the Delivery Date not being financed hereunder;

 

		(d)	payment of the relevant portion of the Facility Agent Fee (as defined in the relevant Fee Letter),
the relevant portion of the SACE Agency Fee (as defined in the relevant Fee Letter), the relevant portion of Security Trustee Fee
(as defined in the relevant Fee Letter) and any other such fees which may be payable by the Borrower to a Creditor Party, payable
in accordance with terms of the relevant Fee Letter;

 

		(e)	evidence of payment of all amounts which are due and payable hereunder by the Borrower on or prior
to the Delivery Date;

 

		(f)	a certificate from the Borrower, signed by an authorised representative of the Borrower, confirming
that:

 

		(i)	the representations and warranties contained in Clause 11 (Representations and Warranties)
are true and correct as of the Delivery Date in consideration of the facts and circumstances existing as of the Delivery Date;
and

 

		(ii)	no mandatory prepayment event pursuant to Clause 16 (Cancellation, Prepayment and Mandatory
Prepayment) is continuing or would result from the Loan;

 

		(g)	an original or a certified copy of each of the SACE Required Documents and the Facility Agent and
the SACE Agent shall be satisfied that the SACE Required Documents on their face appear properly completed and comply with the
requirements of this Agreement and the requirements of the SACE Insurance Policy; and

 

		(h)	provided always that the obligations of the Lenders to make the Loan available on the Delivery
Date are subject to the Lenders remaining satisfied that each of the SACE Insurance Policy and the Interest Make-up Agreement will
cover the Loan following the advance of the Loan, payment of the Second Instalment and delivery to the Facility Agent of the documents
listed in Schedule 3 (Documents to be produced by the Builder to the Facility Agent on Delivery).

 

		3.11	At Delivery

 

Immediately prior to the delivery
of the Ship by the Builder to the Borrower, the Facility Agent shall have received:

 

		(a)	evidence that immediately following delivery:

 

		(i)	the Ship will be registered in the name of the Borrower in the Maritime Registry;

 

		(ii)	title to the Ship will be held by the Borrower free of all Security Interests other than any maritime
lien in respect of crew's wages and trade debts arising out of equipment, consumable and other stores placed on board the Ship
prior to or concurrently with delivery, none of which is overdue;

 

		(iii)	the Mortgage will be duly registered in the Maritime Registry and constitutes a first priority
security interest over the Ship and that all taxes and fees payable to the Maritime Registry in respect of the Ship have been paid
in full; and

 

		(iv)	the opinions mentioned in paragraphs (b), (c) and (d) of Clause 3.12 (Immediately
following Delivery), in draft form immediately prior to the delivery of the Ship, and the documents mentioned in paragraph
(e) of Clause 3.12 (Immediately following Delivery) will be issued to and received by the Facility Agent;

 

    37

     

    

 

		(b)	a Certified Copy of a classification certificate (or interim classification certificate) showing
the Ship to be classed in accordance with paragraph (c) of Clause 11.3 (Representations on the Delivery Date).

 

		(c)	duly executed originals of the General Assignment, any Approved Manager's Undertaking and the Post-Delivery
Assignment together with relevant notices of assignment and the acknowledgement of the notice of assignment to be issued pursuant
to the General Assignment and the Post-Delivery Assignment;

 

		(d)	a Certified Copy of any executed Management Agreement, any bareboat charter and any related security
pursuant to paragraph (b) of Clause 13.1 (Pooling of earnings and charters) (if applicable) and any time charterparty
in respect of the Ship;

 

		(e)	a Certified Copy of any current certificate of financial responsibility in respect of the Ship
issued under OPA, a valid Safety Management Certificate (or interim Safety Management Certificate) issued to the Ship in respect
of its management by the Approved Manager pursuant to the ISM Code, a valid Document of Compliance (or interim Document of Compliance)
issued to the Approved Manager in respect of ships of the same type as the Ship pursuant to the ISM Code, a valid International
Ship Security Certificate issued to the Ship in accordance with the ISPS Code and a valid IAPPC issued to the Ship in accordance
with Annex VI and, if entered into, any carrier initiative agreement with the United States' Customs and Border Protection under
the Customs-Trade Partnership Against Terrorism (C-TPAT) programme along with any other documents required under the ISM Code and
the ISPS Code;

 

		(f)	a Certified Copy of the power of attorney pursuant to which the authorised signatory(ies) of the
Borrower signed the documents referred to in this Clause 3.11 (At Delivery) and to which the Borrower is a party and a specimen
of his or their signature(s); and

 

		(g)	a confirmation from Hannaford
Turner LLP of 4th Floor, 15 Old Bailey9
Cloak Lane, London EC4M 7EFR,
United Kingdom (or any replacement process agent satisfactory to the Facility Agent acting reasonably) that it will act for each
of the relevant Obligors as agent for service of process in England in respect of the deed of covenants constituting part of the
Mortgage (if applicable), the General Assignment and the Post-Delivery Assignment.

 

		3.12	Immediately following Delivery

 

Immediately
following the delivery of the Ship by the Builder to the Borrower, the Facility Agent (with copy to the Security Trustee), or,
in the case of paragraph (a) (a) below,
the Security Trustee (with copy to the Facility Agent), shall receive:

 

		(a)	a duly executed original of the Mortgage;

 

		(b)	an opinion from legal counsel acceptable to the Secured Parties as to the law of the Maritime Registry
in form and substance satisfactory to the Facility Agent and the Secured Parties confirming:

 

		(i)	the valid registration of the Ship in the Maritime Registry; and

 

		(ii)	the Mortgage over the Ship is a first priority security and has been validly registered in the
Maritime Registry;

 

    38

     

    

 

		(c)	an opinion from legal counsel to the Secured Parties as to English law in form and substance satisfactory
to the Facility Agent and the Secured Parties in respect of the validity and enforceability of the deed of covenants constituting
part of the Mortgage (if applicable), the General Assignment, the Post-Delivery Assignment and any other relevant security document
entered into at delivery;

 

		(d)	an opinion from legal counsel acceptable to the Secured Parties as to the laws of the state of
Delaware in form and substance satisfactory to the Facility Agent and the Secured Parties together with the company documentation
of the Borrower and a certificate of a competent officer or manager of the Borrower containing specimen signatures of the persons
authorised to sign the documents on behalf of the Borrower, confirming that, without limitation:

 

		(i)	the Mortgage, the deed of covenants constituting part of the Mortgage (if applicable), the General
Assignment, the Post-Delivery Assignment and the bareboat charter (if applicable) fall within the scope of the Borrower's company
purpose as defined by its Memorandum of Association and By-laws and are binding on it; and

 

		(ii)	the Borrower's representatives are fully empowered to sign the Protocol of Delivery and Acceptance,
the Mortgage, the deed of covenants constituting part of the Mortgage (if applicable), the General Assignment, the Post-Delivery
Assignment and the bareboat charter (if applicable) and any related security pursuant to paragraph (b) of Clause 13.1
(Pooling of earnings and charters); and

 

		(e)	an opinion from legal
counsel to acceptable to the Secured Parties as to Panamanian law in form and substance satisfactory to the Facility Agent and
the Secured Parties together with the corporate documentation of the Member as bareboat charterer and a certificate of a competent
officer of the ShareolderShareholder
containing specimen signatures of the persons authorised to sign the documents on behalf of the Member, confirming that, without
limitation:

 

		(i)	the General Assignment falls within the scope of the Member's corporate purpose as defined by its
Articles of Incorporation and By-laws; and

 

		(ii)	the representative of the Member is fully empowered to sign the General Assignment;

 

		(f)	the documents listed in Schedule 3 (Documents to be produced by the Builder to the Facility
Agent on Delivery).

 

		3.13	Notification of satisfaction of conditions precedent

 

The Facility Agent shall notify
the Lenders and SACE promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in this Clause
3 (Conditions Precedent).

 

		3.14	Waiver of conditions precedent

 

If the Majority Lenders, at their
discretion, subject to the prior written consent of SACE, permit the Loan to be borrowed before any of the conditions precedent
referred to in Clause 3 (Conditions Precedent) has been satisfied, the Borrower shall ensure that that condition is satisfied
within five (5) Business Days after the date (as specified in the relevant part of Clause 3 (Conditions Precedent))
or such later date as the Facility Agent may agree in writing with the Borrower.

 

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		3.15	Changes to SACE's or SIMEST's requirements

 

		(a)	If SACE or SIMEST notifies the SACE Agent in writing of a change of the SACE Insurance Policy or
the Interest Make-up Agreement (as applicable), or gives instructions to the SACE Agent with the effect that, in the opinion of
the SACE Agent, this Agreement or certain documents which the Borrower is or may be required to provide for the purpose of drawing
the Loan under this Agreement shall be amended to comply with such change or instructions, then the SACE Agent shall promptly notify
the Borrower of such a change in SACE's or SIMEST's requirements (as applicable) and of the relevant amendments to be made to this
Agreement or any such documents as the SACE Agent considers appropriate.

 

		(b)	If the SACE Agent notifies the Borrower of any proposed changes to this Agreement under paragraph (a) above,
and provided that:

 

		(i)	all the Lenders and the Borrower agree with such changes; and

 

		(ii)	the Borrower indemnifies and holds harmless the SACE Agent, the Facility Agent and the Lenders
for any reasonable costs that it may incur arising from or in connection with any such amendments (including legal fees),

 

then such changes will be made
to this Agreement in accordance with the terms hereof.

 

		(c)	If, in the opinion of the Lenders, there are any provisions of this Agreement that contradict or
conflict with any provision of the SACE Insurance Policy or the Interest Make-up Agreement (as applicable), such that compliance
by any Creditor Party with the terms of the SACE Insurance Policy or the Interest Make-up Agreement (as applicable) may result
in a breach by such Creditor Party of the any of the terms of this Agreement or to an extent that the same may have the effect
of rendering all or any part of the SACE Insurance Policy or the Interest Make-up Agreement (as applicable) void, voidable or otherwise
not in full force and effect, the Borrower agrees that any relevant terms of this Agreement will be amended to the extent agreed
in writing between the Borrower, the Facility Agent and the SACE Agent to ensure compliance with the terms of the SACE Insurance
Policy or the Interest Make-up Agreement (as applicable).

 

		3.16	No claim against the Creditor Parties

 

The Borrower agrees that the
Creditor Parties may act on the instructions of the Italian Authorities in relation to this Agreement.

 

		3.17	Examination and reliance on documents by the Facility Agent

 

		(a)	The SACE Agent shall ensure that an officer or employee or other person designated by it as its
authorised representative is present at the Builder on the Delivery Date for the purpose of examining originals (or certified copies)
of the SACE Required Documents duly signed by the parties thereto and collecting copies thereof (which copies shall be certified
as true copies by an authorised signatory of the Builder and/or the Borrower, as applicable).

 

		(b)	The Facility Agent shall be entitled (but not obliged) to rely and act upon any documentation or
information provided under this Clause 3 (Conditions Precedent), which appears on its face to have been duly completed.

 

    40

     

    

 

		(c)	The Facility Agent's responsibility to the Borrower and the Lenders for the examination of the
Drawdown Notice, and, when applicable, the documents provided by any person other than the Borrower in connection with the Drawdown
Notice, shall be limited to the examination of their apparent compliance with the terms and conditions thereof in accordance with
Articles 14 (Standard of examination of documents) and 34 (Disclaimer on effectiveness of documents) of the "Uniform Customs
and Practice for Documentary Credits" (currently publication number 600 of the International Chamber of Commerce, latest edition)
(except that no time limit for examination of documents shall apply).

 

		(d)	The Facility Agent and the Lenders shall not be obliged to enquire as to, or be responsible for,
the validity, truthfulness and genuineness and (where the relevant document is a conformed copy) conformity to the original of
the Drawdown Notice or any other document which appears on its face to be in order, or of any signatures thereon or any of the
statements set out therein and shall be entitled to rely on the accuracy of any such statements.

 

		(e)	In case of any discrepancy in any such documents, the Facility Agent shall notify the Borrower
in writing thereof and shall request its approval of such discrepancy in writing.

 

		(f)	The Facility Agent and the Lenders shall not be responsible for any delay in making available the
Loan resulting from any requirement for the delivery of further information or documents reasonably required by the Facility Agent
for the relevant conditions precedent in this Agreement to be satisfied.

 

		4	Drawdown

 

		4.1	Borrower's irrevocable payment instructions

 

The Lenders shall not be obliged
to fulfil their obligation to make the Loan available other than (i) by paying the Builder all or part of eighty per cent.
(80%) of the Final Contract Price on behalf of and in the name of the Borrower, (ii) by reimbursing the Borrower for the First
Instalment of the SACE Premium which was paid by the Borrower to SACE on the earlier of (A) the date falling 30 days after
the issuance of the SACE Insurance Policy and (B) the date falling 6 months after the date of SACE's board approval and (iii) by
payment to SACE of the Second Instalment of the SACE Premium payable on the Drawdown Date. For the avoidance of doubt, the amount
of the Loan shall not exceed the Maximum Loan Amount.

 

The Borrower hereby instructs
the Lenders in accordance with this Clause 4.1 (Borrower's irrevocable payment instructions):

 

		(a)	to pay to the Builder, up to the Eligible Amount, all or part of eighty per cent. (80%) of the
Final Contract Price;

 

		(b)	to reimburse the Borrower
the amount of the First Instalment of the SACE Premium already paid by the Borrower to SACE on the date specified in paragraph
(a) (a) of
Clause 8.18.1 (SACE
Premium); and

 

		(c)	to pay to the Facility Agent on behalf of the Lenders for onward payment to SACE (such payment
to SACE to be made for value on the Drawdown Date), by drawing under this Agreement, the amount of the Second Instalment of the
SACE Premium.

 

Payment to the Builder of the
amount drawn under paragraph (a) of Clause 4.1 (Borrower's irrevocable payment instructions) above shall be made on
the Drawdown Date during usual banking hours in Italy to the Builder's account as specified by the Builder in accordance with the
Shipbuilding Contract after receipt and verification by the Facility Agent of the documents provided under Schedule 3 (Documents
to be produced by the Builder to the Facility Agent on Delivery).

 

    41

     

    

 

Save
as contemplated in Clause 4.3 4.2
(Modification of payment terms) below, the payment instruction contained in this Clause 4.1 (Borrower's irrevocable
payment instructions) is irrevocable.

 

		4.1	4.2 Conversion Rate for Loan

 

The Dollar amount to be drawn
down under paragraph (a) of Clause 4.1 (Borrower's irrevocable payment instructions) shall be calculated by the Facility
Agent on the Conversion Rate Fixing Date in accordance with the definitions of "Eligible Amount" and "Conversion
Rate" in Clause 1.1 (Definitions).

 

		4.2	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 Italian
Authorities, the Facility Agent, the Security Trustee, the Lenders and the Borrower in the case of paragraph (a) of Clause
4.1 (Borrower's irrevocable payment instructions) and with the agreement of the Italian Authorities, the Facility Agent,
the Lenders and the Borrower in the case of paragraphs (b) and (c) of Clause 4.1 (Borrower's irrevocable payment instructions);
provided that it is the intention of the Borrower, the Lenders, the Security Trustee and the Facility Agent that prior to
the Conversion Rate Fixing 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 Facility Agent for holding in escrow and to be released by the Facility 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 paragraph (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 Facility Agent before the Drawdown Date,
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.

 

		4.3	4.4 Availability and conditions

 

		(a)	Drawing may not be made under this Agreement (and the Loan shall not be available) after the expiry
of the Availability Period.

 

		(b)	There will be only one drawing under this Agreement.

 

		(c)	The aggregate amount of the Loan cannot exceed the Maximum Loan Amount.

 

    42

     

    

 

		4.4	4.5 Notification to Lenders of receipt
of a Drawdown Notice

 

The Facility Agent shall promptly
and, in any case, by no later than three (3) Business Days before the Drawdown Date, notify the Lenders that it has received
a Drawdown Notice and shall inform each Lender of:

 

		(a)	the amount of the Loan and the Drawdown Date;

 

		(b)	the amount of that Lender's participation in the Loan; and

 

		(c)	the duration of the first Interest Period.

 

		4.5	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 Facility Agent the amount due
from that Lender under Clause 2.2 (Lenders' participations in Loan).

 

		4.6	4.7 Disbursement of Loan

 

Subject
to the provisions of this Agreement, the Facility Agent shall on the Drawdown Date pay the amounts which the Facility Agent receives
from the Lenders under Clause 4.6 4.5
(Lenders to make available Contributions) in the like funds as the Facility Agent received the payments from
the Lenders:

 

		(a)	in the case of the amount referred to in paragraph (a) of Clause 4.1 (Borrower's irrevocable
payment instructions), to the account of the Builder which the Borrower specifies in the Drawdown Notice; and

 

		(b)	in the case of an amount referred to in paragraph (b) of Clause 4.1 (Borrower's irrevocable
payment instructions) to the account of the Borrower which the Borrower shall specify; and

 

		(c)	in the case of an amount referred to in paragraph (c) of Clause 4.1 (Borrower's irrevocable
payment instructions) to the account of SACE which the SACE Agent shall specify.

 

		4.7	4.8 Disbursement of Loan to third party

 

The
payment by the Facility Agent under Clause 4.7 4.6
(Disbursement of Loan) shall constitute the making of the Loan and the Borrower shall at that time become indebted,
as principal and direct obligor, to each Lender in an amount equal to that Lender's Contribution.

 

		5	Repayment

 

		5.1	Number of repayment instalments

 

The Borrower shall repay the
Loan by twenty-four (24) consecutive six-monthly instalments from the earlier of (i) the Delivery Date and (ii) the date
of actual disbursement of the Loan (the "Starting Point of Repayment").

 

		5.2	Repayment Dates

 

The first repayment instalment
shall be repaid on the date falling six (6) months after the Starting Point of Repayment and the last repayment instalment
on the date falling one hundred and forty-four (144) months after the Starting Point of Repayment, each date of payment of an instalment
being a "Repayment Date".

 

		5.3	Amount of repayment instalments

 

Each repayment instalment of
the Loan shall be of an equal amount.

 

    43

     

    

 

		5.4	Final Repayment Date

 

On the final Repayment Date,
the Borrower shall additionally pay to the Facility Agent for the account of the Creditor Parties all other sums then accrued or
owing under any Finance Document.

 

		6	Interest

 

		6.1	Fixed or Floating Interest Rate

 

The
Borrower shall provide notification, signed by a duly authorised signatory of the Borrower, to the SACE Agent (with a copy to the
Facility Agent) at least [*] days before the Drawdown Date specifying which of the Fixed Interest Rate or the Floating Interest
Rate shall be applicable until the date of payment of the final repayment instalment of the Loan.

 

		6.2	Fixed Interest Rate

 

If the Borrower has specified
a Fixed Interest Rate pursuant to Clause 6.1 (Fixed or Floating Interest Rate), the Loan shall bear interest in respect
of each Interest Period at the Fixed Interest Rate. Such interest shall accrue on the actual number of days elapsed based upon
a 360 day year and shall be paid on the last day of each Interest Period.

 

		6.3	Floating Interest Rate

 

If:

 

		(a)	the Borrower has specified a Floating Interest Rate pursuant to Clause 6.1 (Fixed or Floating
Interest Rate); or

 

		(b)	the Borrower has specified a Fixed Interest Rate pursuant to Clause 6.1 (Fixed or Floating Interest
Rate) but thereafter for any reason whatsoever the Interest Make-up Agreement is suspended or otherwise ceases to be in effect;
or

 

		(c)	SIMEST has requested
a change of currency pursuant to the Interest Make-up Agreement and such change of currency is not agreed by the Borrower or Lenders
in accordance with Clause 6.16 6.15
(Change of currency); or

 

		(d)	SIMEST has failed to make a net payment of interest to the Lenders pursuant to the Interest Make-up
Agreement,

 

the rate of interest on the Loan
in respect of any Interest Period shall be the Floating Interest Rate applicable for that Interest Period and the following provisions
of this Clause 6 (Interest) shall apply (in the case of the circumstances referred to in paragraph (b) above,
with effect from the date on which the Interest Make-up Agreement ceases to be in effect, with such consequential amendments as
shall be necessary to give effect to the switch from a Fixed Interest Rate to a Floating Interest Rate).

 

		6.4	Payment of Floating Interest Rate

 

Subject to the provisions of
this Agreement, interest on the Loan in respect of each Interest Period shall accrue on the actual number of days elapsed based
upon a 360 day year and shall be paid by the Borrower on the last day of that Interest Period.

 

    44

     

    

 

		6.5	Notification of Interest Periods and Floating Interest Rate

 

The
Facility Agent shall notify the Borrower and each Lender of each Floating Interest Rate and the duration of each Interest Period
as soon as reasonably practicable after each is determined and no later than the Quotation DateDay.

 

		6.6	Unavailability of Screen Rate

 

(a) Market
disruption: If, on a Quotation Date, no Screen Rate is available for LIBOR, LIBOR shall be the rate quoted to the Facility
Agent by the Lenders who are able to quote such rate at the request of the Facility Agent as those Lenders' offered rate for deposits
of 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.

 

		(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)	IfReference
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,

 

(i) no
Screen Rate is quoted and the Lenders do not (pursuant to paragraph (a) above), before 1.00 p.m. (London time) on the
Quotation Date for an Interest Period, provide quotations to the Facility Agent in order to fix LIBOR; or

 

(ii) at
least 1 Business Day before the start of an Interest Period, Lenders having Contributions together amounting to more than [*] per
cent. of the Loan (or, if the Loan has not been made, Commitments amounting to more than [*] per
cent. of the Total Commitments) notify the Facility Agent that LIBOR fixed by the Facility Agent would not accurately reflect the
cost to those Lenders of funding their respective Contributions (or any part of them) during the Interest Period in the London
Interbank Market at or about 11.00 a.m. London time on the Quotation Date for the Interest Period; or

 

		(iii)	at least 1 Business Day before the start of an Interest Period,
the Facility Agent is notified by a Lender (the "Affected Lender") that for any reason it is unable to obtain
Dollars in the London Interbank Market in order to fund its Contribution (or any part of it) duringthe
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.

 

the following
provisions of this Clause 6 (Interest) apply.

 

		(c)	Cost of funds: If paragraph (b) above
applies but no Reference Bank Rate is available for Dollars or the relevant Interest Period there shall be no LIBOR for the Loan
or that part of the Loan (as applicable) and Clause 6.9 (Cost of funds) shall apply to the Loan or that part of the Loan
for that Interest Period.

 

    45

     

    

 

 

		6.7	Notification of market disruptionCalculation
of Reference Bank Rate

 

The Facility
Agent shall promptly notify the Borrower and each of the Lenders stating the circumstances falling within paragraph (b) of
Clause 6.6 (Unavailability of Screen Rate) which have caused its notice to be given.

 

		(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.

 

		6.8	Suspension of drawdownMarket
disruption

 

If the Facility
Agent's notice under Clause 6.6 (Unavailability of Screen Rate) is served before the Loan is made:

 

(a) in
a case falling within sub-paragraphs (i) or (ii) of paragraph (b) of Clause 6.6 (Unavailability of Screen Rate),
the Lenders' obligations to make the Loan;

 

If
before close of business in London on the Quotation Day for the relevant Interest Period the Facility Agent receives notification
from a Lender or Lenders (whose participations in the Loan or the relevant part of the Loan in aggregate exceed [*] per
cent. of the Loan or the relevant part of the Loan as appropriate)
that the cost to it or each of them of funding its participation in the Loan or that part of the Loan from whatever source it may
reasonably select would be in excess of LIBOR then Clause 6.9 (Cost of funds) shall apply to the Loan or that part of the
Loan (as applicable) for the relevant Interest Period.

 

		6.9	Costs of funds

 

		(a)	If this Clause 6.9 (Cost of funds) applies,
the rate of interest on the Loan or the relevant part of the Loan for the relevant Interest Period shall be the percentage rate
per annum which is the sum of:

 

		(i)	the Margin; and

 

		(ii)	the weighted average of the rates notified to the
Facility Agent by each Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest
Period to be that which expresses as a percentage rate per annum the cost to the relevant Lender of funding its participation in
the Loan or that part of the Loan from whatever source it may reasonably select.

 

		(b)	If
                                                                                                                                                                                                                                                         this Clause 6.9 (Cost of funds) applies and the Facility Agent or the Borrower so requires, the Facility Agent and the
                                                                                                                                                                                                                                                         Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for
                                                                                                                                                                                                                                                         determining the rate of interest or
                                                                                                                                                                                                                                                         (as the case may be) an alternative basis for funding.

 

		(c)	Subject to Clause 6.10 (Replacement of Screen
Rate), any substitute or alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all
the Lenders and the Borrower, be binding on all Parties.

 

    46

     

    

 

 

		(d)	If
paragraph (e) below does not apply and any rate notified to the Facility Agent under sub-paragraph (ii) of paragraph
(a) above is less than zero, the relevant rate shall
be deemed to be zero.

 

		(e)	If this Clause 6.9 (Cost of funds) applies
pursuant to Clause ‎6.8 (Market disruption) and:

 

		(i)	a Lender's Funding Rate is less than 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 6.9 (Cost of funds) applies
but any Lender does not supply a quotation by the time specified in sub-paragraph (ii) of paragraph (a) above, the rate
of interest shall be calculated on the basis of the quotations of the remaining Lenders.

 

		6.10	Replacement of Screen Rate

 

If a Screen Rate Replacement Event has
occurred in relation to the Screen Rate for
Dollars, any amendment or waiver which relates to:

 

		(i)	providing for the use of a Replacement
Benchmark; and

 

		(ii)	

 

		(A)	aligning any provision of any Finance
Document to the use of that Replacement Benchmark;

 

		(B)	enabling that Replacement Benchmark
to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required
to enable that Replacement Benchmark to be used for the purposes of this Agreement);

 

		(C)	implementing market conventions applicable
to that Replacement Benchmark;

 

		(D)	providing
for appropriate fallback (and market disruption) provisions
for that Replacement Benchmark; or

 

		(E)	adjusting the pricing to reduce or
eliminate, to the extent reasonably practicable,
any transfer of economic value from one Party to another as a result of the application of that Replacement Benchmark (and if any
adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating
Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),

 

may
be made with the consent of the Facility Agent (acting on the instructions of the Majority Lenders),
SACE and SIMEST (if applicable) and the Borrower.

 

    47

     

    

 

		(b)	in a case falling within sub-paragraph (iii) of paragraph
(b) of Clause 6.6 (Unavailability of Screen Rate), the Affected Lender's obligation to participate in the Loan;If,
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 Facility 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.

 

		(c)	If an amendment is required as contemplated in this
Clause 6.10 (Replacement of Screen Rate), the Obligors shall reimburse each of the Facility Agent and the Security Trustee
for the amount of all costs and expenses (including legal fees and other professional expenses) incurred by each Secured Party
in relation to such amendment.

 

shall be
suspended while the circumstances referred to in the Facility Agent's notice continue.

 

6.9
Negotiation of alternative rate of interest

 

If
the Facility Agent's notice under Clause 6.7 (Notification of market disruption) is served after the Loan is made,
the Borrower, the Facility Agent and the Lenders or (as the case may be) the Affected Lender shall
use reasonable endeavours to agree, in consultation with SACE and SIMEST, within the 30 days after the date on which the Facility
Agent serves its notice under Clause 6.7 (Notification of market disruption) (the "Negotiation Period"),
an alternative interest rate or (as the case may be) an alternative basis for the
Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution during the Interest Period
concerned.

 

6.10
Application of agreed alternative rate of interest

 

Any
alternative interest rate or an alternative basis which is agreed during the Negotiation Period shall take effect in
accordance with the terms agreed.

 

6.11
Alternative rate of interest in absence of agreement

 

(a) If
an alternative interest rate or alternative basis is not agreed within the Negotiation Period, and the relevant circumstances are
continuing at the end of the Negotiation Period, then the Facility Agent shall, with the agreement of each Lender or (as the case
may be) the Affected Lender (and in consultation with SACE and SIMEST), set an interest period and interest rate representing the
Reference Bank Rate for Dollars.

 

(b) If,
following the end of the Negotation Period and request by the Facility Agent for a quotation by the Reference Banks pursuant to
paragraph (a) above, none or only one of the Reference Banks supplies a
quotation, there shall be no Reference Bank Rate for the relevant Interest Period and the Facility
Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender (and in consultation with SACE and SIMEST),
set an interest period and interest rate representing the cost of funding of the Lenders or (as the case may be) the Affected Lender
in Dollars or in any available currency of their or its contribution plus the Margin; and the procedure provided for by this Clause
6.11 (Alternative rate of interest in absence of agreement) shall be repeated if the relevant circumstances are continuing
at the end of the interest period so set by the Facility Agent.

 

    48

     

    

 

		6.11	6.12 Notice of prepayment

 

If
no agreement is reached with the Borrower does
not agree with an interest rate set by the Facility Agent under Clause 6.11 (Alternative
rate of interest in absence of agreement6.10 (Replacement
of Screen Rate), the Borrower may give the Facility Agent not less than 15 Business Days', or, if the Fixed Interest
Rate has been selected pursuant to Clause 6.1 (Fixed or Floating Interest Rate), the
Borrower may give the Facility Agent not less than 30 days,'
notice of its intention to prepay at the end of the interest period set by the Facility Agent.

 

		6.12	6.13 Prepayment; termination of Commitments

 

A
notice under Clause 6.12 6.11
(Notice of prepayment) shall be irrevocable; the Facility Agent shall promptly notify the Lenders or
(as the case may require) the Affected Lender and, if the Fixed Interest Rate has been selected by the Borrower,
SIMEST of the Borrower's notice of intended prepayment;,
and:

 

		(a)	on the date on which
the Facility Agent serves that notice, the Total Commitments or (as the case may require)
the Commitment of the Affected Lender shall be cancelled; and6.6(b)(i)

 

		(b)	on the last Business
Day of the Interest Period set by the Facility Agent, the Borrower shall prepay (without premium or penalty subject to the provisions
of Clause 20.2 (Breakage costs and SIMEST arrangements)) the Loan or, as the case
may be, the Affected Lender's Contribution, together with accrued
interest thereon at the applicable rate (being either the Floating Interest Rate or the Fixed Interest Rate as specified by the
Borrower pursuant to Clause 6.1 (Fixed or Floating Interest Rate)).

 

		6.13	6.14 Application of prepayment

 

The provisions of Clause 16 (Cancellation,
Prepayment and Mandatory Prepayment) shall apply in relation to the prepayment.

 

		6.14	6.15 Certain Circumstances

 

Notwithstanding anything to the
contrary in this Agreement:

 

		(a)	in the event of any circumstances
falling within paragraph (b) of Clause 6.6 (Unavailability of Screen RateClause
6.8 (Market Disruption) which might affect the advance of the Loan on the Drawdown Date (the "Relevant
Circumstances"):

 

		(i)	occurring and being continuing on the date falling ninety (90) days before the Intended Delivery
Date (the "Relevant Date"), each Lender will notify the Borrower (through the Facility Agent) of the Relevant
Circumstances on the Relevant Date or, if the Relevant Date is not a Business Day, on the next following Business Day; and

 

		(ii)	occurring after the Relevant Date, each Lender will notify the Borrower (through the Facility Agent)
immediately upon such Lender becoming aware of the Relevant Circumstances;

 

    49

     

    

 

		(b)	in the event of any Relevant
Circumstances falling within sub-paragraphs (i) or (ii) of paragraph (b) of
Clause 6.6 (Unavailability of Screen RateClause
6.8 (Market disruption) (the "Pricing-Related Relevant Circumstances") occurring before the
Loanan Advance is made available and
notwithstanding the provisions of Clause 6.8 (Suspension of drawdown), each Lender will fund its respective
Contributions by reference to the agreed alternative rate of interest in accordance with Clauses 6.9
(Negotiation of alternative rate of interest), 6.10 (Application of agreed alternative rate of interest) and 6.11
(Alternative rate of interest in absence of agreement6.6
(Unavailability of Screen Rate) 6.7 (Calculation of Reference Bank Rate), 6.8 (Market Disruption), 6.9 (Cost
of funds) and 6.10 (Replacement of Screen Rate) as if the provisions of such Clauses applied not only in
the event that the Pricing-Related Relevant Circumstances have been notified by the Facility Agent to the Borrower after the making
of the LoanAdvance
but also before the making of the Loan;Advance.

 

		(c)	in the event of any Relevant
Circumstances falling within sub-paragraph (iii) of paragraph (b) of Clause 6.6
(Unavailability of Screen RateClause 6.8 (Market
disruption) (the "Availability-Related Relevant Circumstances") occurring before the Loan is made
and notwithstanding the provisions of Clause 6.8 (Suspension of drawdown),
each Lender will enter into good faith discussions with the Borrower for a period not exceeding 10 Business Days in order to discuss
a basis on which the Lenders could be able to fund their respective Contributions in Dollars (or, if unavailable in Dollars, then
in any available currency). Such discussions shall be without obligation on the Lenders provided that during such discussion period,
such circumstances continue.

 

		6.15	6.16 Change of currency

 

		(a)	In the event that the SACE Agent notifies the Borrower that SIMEST has requested a change in the
currency of the Loan in accordance with clause 6.3 of the Interest Make-up Agreement, the Borrower and the Lenders shall, without
obligation, consider such request for a change of currency acting reasonably for a period of not exceeding 10 Business Days. Following
such discussions the SACE Agent shall report the decision of the Facility Agent, the Borrower and the Lenders to SIMEST, providing
their reason for any negative decision.

 

		(b)	In the event that a change of currency is agreed the Parties agree to negotiate in good faith the
necessary changes to this Agreement, the Finance Documents, the SACE Insurance Policy and the Interest Make-up Agreement in order
to document the change in currency.

 

		(c)	In the event that a change in currency is not acceptable to the Lenders or the Borrower, the provision
of paragraph (c) of Clause 6.3 (Floating Interest Rate) shall apply.

 

6.17
Modification and/or discontinuation of certain benchmarks

 

Without prejudice
to any other provisions of this Agreement, each Party acknowledges and agrees to the benefit of the other Party that:

 

(a) LIBOR
benchmarks (i) may be subject to methodological or other changes which could affect their value, (ii) may not comply
with applicable laws and regulations (such as the European Benchmark Regulation as far as EURIBOR and EONIA are concerned) and/or
(iii) may be permanently discontinued (in particular LIBOR which may be phased out after 2021).

 

(b) The
occurrence of any of the aforementioned events and/or a Screen Rate Replacement
Event may have adverse consequences which may materially impact the economics of the financing
transaction contemplated under this Agreement.

 

    50

     

    

 

(c) The
Parties further acknowledge that if any of the aforementioned events and/or a Screen Rate Replacement Event is forthcoming, they
shall enter into negotiations with a view to agreeing the necessary
changes to this Agreement in order to preserve the economics of the financing transaction contemplated therein and, in particular,
the margin initially agreed between the Parties. Such negotiations shall be carried out by each Party in good faith and in consideration
of the then prevailing market practice (without prejudice to the particularities, as the case may be, of the transaction).

 

6.18
Replacement rate

 

(a) If
any of the events described in clause 6.17 (including a Screen Rate Replacement
Event in relation to the Screen Rate) has occurred, any amendment
or waiver which relates to:

 

(i) providing
for the use of a Replacement Benchmark; and

 

		(ii)	

 

(A) aligning
any provision of any Finance Document to the use of that Replacement Benchmark;

 

(B) enabling
that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any
consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement);

 

(C) implementing
market conventions applicable to that Replacement Benchmark;

 

(D) providing
for appropriate fall back and market disruption provisions for that Replacement
Benchmark;

 

(E) adjusting
the pricing to reduce or eliminate, to the extent reasonably practical,
any transfer of economic value from one Party to another as a result of the application of that Replacement Benchmark (and if any
adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating
Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),

 

may
be made with the consent of the Facility Agent (acting on the instructions of the Majority Lenders) and
the Obligors.

 

(b) If
any Lender fails to respond to a request for an amendment to waiver described in paragraph (a) above, within fifteen (15)
Business Days (or such longer period in relation to any request which the Borrower and the Facility Agent may agree) of that request
being made:

 

(i) its
Commitment shall not be included for the purpose of calculating the Total Commitments under the relevant Loan when ascertaining
whether any relevant percentage of Total Commitments has been obtained to approve that request; and

 

(ii) its
status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders
has been obtained to approve that request.

 

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		7	Interest Periods

 

		7.1	Commencement of Interest Periods

 

The first Interest Period applicable
to the Loan shall commence on the Drawdown Date and each subsequent Interest Period shall commence on the expiry of the preceding
Interest Period.

 

		7.2	Duration of Interest Periods

 

Subject to Clause 7.3 (Duration
of Interest Periods for Repayment Instalments), each Interest Period shall be 6 months.

 

		7.3	Duration of Interest Periods for Repayment Instalments

 

Any Interest Period that includes
a Repayment Date shall expire on such Repayment Date.

 

		8	SACE Premium and Italian Authorities

 

		8.1	SACE Premium

 

The
estimated SACE Premium for an amount equal to [*] (being [*] per cent. ([*]%) of the Maximum Loan Amount),
is due and payable in two instalments as follows:

 

		(a)	the first instalment
of the SACE Premium being an amount of [*] ($[*) (calculated as being [*] per cent. ([*]%) of the SACE Premium) (the "First
Instalment") shall be paid by the Borrower to SACE (provided that the Borrower and the Lenders have been notified by the
SACE Agent that the SACE Insurance Policy has been issued) on the earlier of (i) the date falling 30 days after the issuance
of the SACE Insurance Policy and (ii) 5 April 2019, being the date falling 6 months after the date of SACE's board approval
or any other later date as communicated by SACE; and

 

		(b)	the second instalment
of the SACE Premium being an amount of [*] (calculated as being [*] per cent. ([*]%) of the SACE Premium) (the "Second
Instalment") and shall be payable on or prior to the Drawdown Date. For the sake of clarity, no set-off with the First
Instalment shall be permitted.

 

		8.2	Reimbursement by the Borrower of the SACE Premium

 

The Borrower irrevocably agrees
to pay the First Instalment, and to instruct the Lenders to pay the Second Instalment on behalf of the Borrower as follows:

 

		(a)	the Borrower has requested and the Lenders have agreed to reimburse the payment of one hundred
per cent. (100%) of the First Instalment to the Borrower on the Drawdown Date, it being agreed that such First Instalment shall
be paid to SACE by the Borrower in accordance with paragraph (a) of Clause 8.1 (SACE Premium) and upon notification
by the Facility Agent to the Borrower (i) of the issuance of the SACE Insurance Policy documentation in the form required
by paragraph (g) of Clause 3.4 (No later than ninety (90) days before the Intended Delivery Date), and (ii) of
the amount of the First Instalment; and

 

		(b)	the Borrower has requested and the Lenders have agreed to finance the payment of one hundred per
cent. (100%) of the Second Instalment on the Drawdown Date in accordance with paragraph (c) of Clause 2.1 (Amount of facility)
of this Agreement.

 

    52

     

    

 

Consequently, the Borrower hereby
irrevocably instructs the Facility Agent on behalf of the Lenders to pay the Second Instalment to SACE on the Drawdown Date in
accordance with paragraph (c) of Clause 2.1 (Amount of facility) of this Agreement and to reimburse the Borrower
by the Borrower drawing under the Loan the amount of the First Instalment in accordance with paragraph (b) of Clause 2.1 (Amount
of facility) of this Agreement.

 

The First Instalment and Second
Instalment each financed by the Loan will be repayable in any event by the Borrower to the Lenders in the manner specified in Clause
5 (Repayment) and under any and all circumstances including but without limitation in the event of prepayment or acceleration
of the Loan.

 

		8.3	Italian Authorities

 

		(a)	The Borrower acknowledges and agrees that the Facility Agent, the SACE Agent and the Lenders are
entitled to provide the Italian Authorities with any information they may have relative to the Loan and the business of the Group,
to allow the Italian Authorities to inspect all their records relating to this Agreement and the other Transaction Documents and
to furnish them with copies thereof. Any such information relative to the Loan may also be given by any Italian Authorities to
international institutions charged with collecting statistical data.

 

		(b)	The Borrower acknowledges that, in the making of any decision or determination or the exercise
of any discretion or the taking or refraining to take any action under this Agreement or any of the other Finance Documents, the
Facility Agent, the SACE Agent and the Lenders shall be deemed to have acted reasonably if they have acted on the instructions
of either of the Italian Authorities.

 

		(c)	Each Party further undertakes not to act in a manner which is inconsistent with the terms of the
SACE Insurance Policy and the Interest Make-up Agreement.

 

		8.4	Refund

 

		(a)	The Borrower shall, at the latest on the date falling sixty (60) days before the Intended Delivery
Date, provide a notice in writing to the SACE Agent (who will promptly forward it to other Lenders and SACE), signed by an authorised
signatory of the Borrower, indicating the amount of the Loan to be drawn on the Delivery Date less (i) any amount cancelled
based on the Conversion Rate and (ii) the Refund (as defined below) to be refunded in accordance with paragraph (b), such
amount of the Refund to be confirmed by SACE at least six (6) Business Days prior to the Delivery Date. The Borrower hereby
agrees and shall confirm in such notice that the remaining Commitments shall be deemed to be cancelled. The Borrower acknowledges,
for the avoidance of doubt, that the shortfall to be paid to the Builder at the Delivery Date shall be funded and paid directly
by the Borrower to the Builder.

 

		(b)	If the Loan is less than the Maximum Loan Amount, and provided that no Event of Default has occurred
and is then continuing and no loss has occurred under the SACE Insurance Policy, the Borrower shall be entitled to a refund of
the Second Instalment of the SACE Premium in an amount calculated by SACE on the undrawn amount (the "Refund").
For the avoidance of doubt, the First Instalment of the SACE Premium is non-refundable, irrespective of whether any disbursements
have been made under this Agreement and irrespective of whether the SACE Insurance Policy has been terminated.

 

		(c)	Any refund of the Second Instalment of the SACE Premium, whether in whole or in part, must be expressly
requested by the SACE Agent to SACE in writing following receipt by the SACE Agent of the Borrower's notice referred to in paragraph
(a) above.

 

    53

     

    

 

		(d)	To the extent the Borrower is entitled to the Refund, SACE shall transfer the Refund as soon as
practicably possible to the SACE Agent who shall as soon as practicably possible following receipt thereof transfer such amount
to the Borrower. The Borrower hereby acknowledges that SACE shall not be liable to pay interest to the Borrower on the amount of
the Refund.

 

		(e)	Under the terms of the
SACE Insurance Policy, the Parties acknowledge that SACE will withhold an amount of [*] per cent. ([*]%) from the amount
of the SACE Premium to be refunded. Such withholding, charged as a lump sum to cover administration and management costs for the
SACE Insurance Policy, may not, in any event, amount to less than the equivalent of [*] Euros (€[*]) or more than the equivalent
of [*] Euros (€[*]), calculated by SACE at the European Central Bank EUR/USD exchange rate as at the date of the refund request.

 

		(f)	Except as set out in paragraphs (a) to (c) above, no part of the SACE Premium is refundable
to any Obligor.

 

		(g)	In no event shall the SACE Agent be liable for any refund of the SACE Premium to be made by SACE
or for the calculation of any Refund and/or withholding thereof.

 

		8.5	Additional premium

 

		(a)	The Borrower shall pay to SACE (through the SACE
Agent) an additional SACE premium in relation to the changes made to the Facility Agreement following the 2021 Deferral Effective
Date (the "Additional SACE Premium"). The Additional SACE Premium is payable, in accordance with the SACE Insurance
Policy, payable in two instalments as follows:

 

		(i)	no later than 30 days from the date of issuance of
the relevant addendum to the SACE Insurance Policy in form and substance acceptable to the Lenders, an amount of $[*], corresponding
to the first instalment of the Additional SACE Premium; and

 

		(ii)	no later than the Delivery Date, and unless the Guarantor's
highest unsecured corporate credit rating is, 60 days before the Intended Delivery Date, BB+ or above at Standard & Poor's
or Ba1 or above at Moody's, an amount of $[*], corresponding to the second instalment of the Additional SACE Premium; it being
understood that if 60 days before the Intended Delivery Date, the Guarantor's highest unsecured corporate credit rating is between
B+ at Standard & Poor's or B1 at Moody's and BB at Standard & Poor's or Ba2 at Moody's, this second instalment
of the Additional SACE Premium shall correspond to to a) [*] % of (x) $690,718,070.54 being the undrawn amount under the Loan
as at 31 December 2020 times (y) the percentage applicable to the Guarantor's highest unsecured corporate credit rating
between Standard & Poor's and Moody's in the table set out below (the "Revised SACE Premium Rate") less
b) the Second Instalment of the original SACE Premium to be paid no later than the Delivery Date. The amount of the second instalment
of the Additional SACE Premium shall be recalculated by the SACE Agent in accordance with the SACE Insurance Policy and communicated
by the SACE Agent to SACE no later than 60 days prior to the Intended Delivery Date for verification and then forwarded to the
Borrower as soon as practically possible following approval by SACE.

 

	Rating S&P and Moody's	pricing
	BB / Ba2	[*]%
	BB- / Ba3	[*]%

 

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		(b)	The Additional SACE Premium is not financed.

 

		(c)	If (i) the Guarantor's highest unsecured corporate
credit rating is equal to or higher than BB+ at Standard & Poor's and Ba1 at Moody's at the time of the Intended Delivery
Date (as such term is defined in the facility agreement originally dated 19 December 2018 (as amended from time to time) and
entered into between, amongst others, (i) Leonardo Six, Ltd. as borrower, (ii) the lenders and mandated lead arrangers
as stated therein, (iii) BNP Paribas as facility agent, (iv) Credit Agricole Corporate and Investment Bank as SACE agent
and (v) HSBC Corporate Trustee Company (UK) Limited as security trustee in relation to the ship currently under construction
and to be delivered to Leonardo Six, Ltd., such date, currently estimated to be 30 June 2027, the "Leonardo Six
Intended Delivery Date"), and (ii) no event of default (howsoever defined) is continuing and no Loss has been incurred
by SACE in respect of any Financial Indebtedness granted to any company within the Group and supported by SACE, the Borrower may
request in writing through the SACE Agent a one-off refund of a portion of the second instalment of the Additional SACE Premium,
calculated in accordance with the SACE Insurance Policy and the following formula.

 

		(d)	The
refund pursuant to paragraph (c) above will be paid by SACE to the SACE Agent within 30 days in
accordance with the terms and conditions of the SACE Insurance
Policy and subsequently paid by the SACE Agent to the Borrower.

 

SACE
Premium refund = Loan amount outstanding at the time of the Leonardo Six Intended Delivery Date x [*]% x ((TTMi + 0.5)/2)/6.25)
x (Revised SACE Premium Rate – p%),

 

where:

 

		(i)	TTMi means Time To Maturity at the date of the Leonardo Six Intended Delivery
Date being the number of years, with two decimals, between the Leonardo Six Intended Delivery Date and the final Repayment Date.

 

		(ii)	p% equals to [*]%.

 

For
avoidance of doubt, in case of discrepancy between this Clause 8.5 (Additional premium) and the relevant provision of the
SACE Insurance Policy, the SACE Insurance Policy shall prevail.

 

		9	Fees

 

9.1
Fees

 

The following fees shall be due
by the Borrower and payable as required hereunder:

 

		(a)	to the Facility Agent, for the benefit of the Joint Mandated Lead Arrangers, a Joint Mandated Lead
Arranger structuring fee (the "Structuring Fee") in the amount and payable at the time separately agreed in writing
between the Facility Agent and the Borrower;

 

		(b)	to the Facility Agent,
for the benefit of the Lenders, a commitment fee in Dollars for the period from the Effective Date to the Delivery Date of the
Ship, or the date of receipt by the Facility Agent of the written cancellation notice (as described in paragraph
(a) of Clause 16.1(a)16.1)
or written termination notice (as described in paragraph (b) of
Clause 16.1(b)16.1)
(as applicable) sent by the Borrower, whichever is the earliest, computed at the rate of:

 

		(i)	from the Effective Date
to and including 31 December 2019, [*] per cent. ([*]% p.a.)
per annum;

 

    55

     

    

 

		(ii)	from 1 January 2020
to and including 31 December 2020, [*] per cent. ([*]% p.a.)
per annum; and

 

		(iii)	from 1 January 2021
to and including the Delivery Date, [*] per cent. ([*]% p.a.)
per annum;

 

and
calculated on the undrawn amount of the Maximum Loan Amount and payable in arrears on the date falling six (6) months after
the Effective Date and on each date falling at the end of each following consecutive six (6) month period, with the exception
of the commitment fee due in respect of the last period, which shall be paid on the Delivery Date, or the date of receipt by the
Facility Agent of the written cancellation notice (as described in paragraph
(a) of Clause 16.1(a)16.1)
or written termination notice (as described in paragraph (b) of
Clause 16.1(b)16.1)
(as applicable) sent by the Borrower, whichever is the earliest, such commitment fee to be calculated on the actual number of days
elapsed divided by three hundred and sixty (360). For the purpose of the computation of the periodical commitment fee payable to
the Lenders, the Maximum Loan Amount is assumed to be six hundred and ninety million seven hundred and eighteen thousand and seventy
Dollars and fifty-four cents ($690,718,070.54);

 

		(c)	to the Facility Agent, for its own account, an agency fee in the amount and payable at the time
separately agreed in writing between the Facility Agent and the Borrower;

 

		(d)	to the SACE Agent, a SACE agency fee in the amount and payable at the time separately agreed in
writing between the SACE Agent and the Borrower; and

 

		(e)	to the Security Trustee, a security trustee fee in the amount and payable at the time separately
agreed in writing between the Security Trustee and the Borrower.

 

		10	Taxes, Increased Costs, Costs and related Charges

 

		10.1	Definitions

 

		(a)	In this Agreement:

 

"Protected Party"
means a Secured Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in
relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance
Document.

 

"Tax Credit"
means a credit against, relief or remission for, or repayment of any Tax.

 

"Tax Deduction"
means a deduction or withholding for or on account of Tax from a payment under a Finance Document other than a FATCA Deduction.

 

"Tax Payment"
means either the increase in a payment made by an Obligor to a Secured Party under Clause 10.2 (Tax gross-up) or a payment
under Clause 10.3 (Tax indemnity).

 

		(b)	Unless a contrary indication appears, in this Clause 10 (Taxes, Increased Costs, Costs
and related Charges) reference to "determines" or "determined" means a determination made
in the absolute discretion of the person making the determination.

 

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		10.2	Tax gross-up

 

		(a)	Each Obligor shall make all payments to be made by it under the Finance Documents without any Tax
Deduction, unless a Tax Deduction is required by law.

 

		(b)	The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that
there is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly. Similarly, a Lender shall
notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such
notification from a Lender it shall notify the Borrower and that Obligor.

 

		(c)	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from
that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which
would have been due if no Tax Deduction had been required.

 

		(d)	A payment shall not be increased under paragraph (c) above if on the date on which the payment
falls due the Obligor making the payment is able to demonstrate that the payment could have been made to the Lender without the
Tax Deduction had that Lender (having been given notice of the documentation requested under Clause 10.7 (Lender Status)
at least 30 Business Days prior to such payment date) complied with its obligations under Clause 10.7 (Lender Status).

 

		(e)	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and
any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

 

		(f)	Within thirty days of making either a Tax Deduction or any payment required in connection with
that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Facility Agent for the Secured Party entitled to
the payment evidence reasonably satisfactory to that Secured Party that the Tax Deduction has been made or (as applicable) any
appropriate payment paid to the relevant taxing authority.

 

		10.3	Tax indemnity

 

		(a)	The Borrower shall (within three Business Days of demand by the Facility Agent) pay to a Protected
Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly)
suffered for or on account of Tax by that Protected Party in respect of a Finance Document.

 

		(b)	Paragraph (a) above shall not apply:

 

		(i)	with respect to any Tax assessed on a Secured Party:

 

		(A)	under the law of the jurisdiction in which that Secured Party is incorporated or, if different,
the jurisdiction (or jurisdictions) in which that Secured Party is treated as resident for tax purposes; or

 

		(B)	under the law of the jurisdiction in which that Lender's Facility Office is located in respect
of amounts received or receivable in that jurisdiction,

 

    57

     

    

 

if that Tax is imposed on or calculated
by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Secured Party;
or

 

		(ii)	to the extent a loss, liability or cost is compensated for by an increased payment under Clause
10.2 (Tax gross-up) or would have been compensated for by an increased payment under Clause 10.2 (Tax gross-up) but
was not so compensated solely because an exclusion in paragraph (d) of Clause 10.2 (Tax gross-up) applied, or relates
to a FATCA Deduction required to be made by a Party; or

 

		(iii)	with respect to the Taxes
in the nature of a branch profits tax imposed by Section 884(a) of the Code that is imposed by any jurisdiction described
in sub-paragraph (B) of sub-paragraph (i) of
paragraph (b)(i) (B) above.

 

		(c)	A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly
notify the Facility Agent of the event which will give, or has given, rise to the claim, following which the Facility Agent shall
notify the Borrower.

 

		(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 10.3 (Tax
indemnity), notify the Facility Agent.

 

		10.4	Tax Credit

 

If an Obligor makes a Tax Payment
and the relevant Creditor Party determines that:

 

		(a)	a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that
Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and

 

		(b)	that Creditor Party has obtained, retained and utilised that Tax Credit,

 

the Creditor Party shall pay
an amount to the Obligor which that Creditor Party determines will leave it (after that payment) in the same after-Tax position
as it would have been in had the Tax Payment not been required to be made by the Obligor.

 

		10.5	Stamp taxes

 

The Borrower shall pay and, within
three Business Days of demand, indemnify each Secured Party against any cost, loss or liability that Secured Party incurs in relation
to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.

 

		10.6	VAT

 

		(a)	All amounts expressed to be payable under a Finance Document by any Party to a Secured Party which
(in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which
is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply
made by any Secured Party to any Party under a Finance Document and such Secured Party is required to account to the relevant tax
authority for the VAT, that Party must pay to such Secured Party (in addition to and at the same time as paying any other consideration
for such supply) an amount equal to the amount of the VAT (and such Secured Party must promptly provide an appropriate VAT invoice
to that Party).

 

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		(b)	If VAT is or becomes chargeable on any supply made by any Secured Party (the "Supplier")
to any other Secured Party (the "Recipient") under a Finance Document, and any Party other than the Recipient
(the "Relevant Party") is required by the terms of any Finance Document to pay an amount equal to the consideration
for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):

 

		(i)	(where the Supplier is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount
of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any
credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to
the VAT chargeable on that supply; and

 

		(ii)	(where the Recipient is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable
on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from
the relevant tax authority in respect of that VAT.

 

		(c)	Where a Finance Document requires any Party to reimburse or indemnify a Secured Party for any cost
or expense, that Party shall reimburse or indemnify (as the case may be) such Secured Party for the full amount of such cost or
expense, including such part of it as represents VAT, save to the extent that such Secured Party reasonably determines that it
is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

 

		(d)	Any reference in this Clause 10.6 (VAT) to any Party being required to account to a tax
authority for VAT shall, at any time when such Party is treated as a member of a group for VAT purposes, include a reference to
another member of that group being required to so account to the relevant tax authority.

 

		(e)	In relation to any supply made by a Secured Party to any Party under a Finance Document, if reasonably
requested by such Secured Party, that Party must promptly provide such Secured Party with details of that Party's VAT registration
and such other information as is reasonably requested in connection with such Secured Party's VAT reporting requirements in relation
to such supply.

 

		10.7	Lender Status

 

		(a)	Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under a Finance Document shall deliver to the Facility Agent and the Borrower, at the time or times reasonably requested
by the Facility Agent or the Borrower, such properly completed and executed documentation reasonably requested by the Facility
Agent or the Borrower (and which it is reasonable for the Lender to complete and execute) as will permit such payments to be made
without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Facility Agent
or the Borrower, shall deliver such other documentation as prescribed by applicable law and reasonably requested by the Facility
Agent or the Borrower as will enable the Facility Agent or the Borrower to determine whether or not such Lender is subject to backup
withholding or information reporting requirements.

 

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		(b)	Any Lender shall, to the extent it is legally entitled to do so, and where it is entitled to an
exemption from, or reduction of, U.S. federal withholding tax, deliver to the Facility Agent and the Borrower on or prior to the
date on which such Lender becomes a Lender under this Agreement or promptly thereafter (and from time to time thereafter as prescribed
by applicable law or upon the request of the Facility Agent or the Borrower), duly executed and properly completed copies of Internal
Revenue Service Form W-9 or W-8, as applicable, certifying that it is not subject to U.S. federal backup withholding and,
in the case of a non-U.S. Lender that is eligible for an exemption from, or reduction of, U.S. federal withholding Tax establishing
an exemption from, or reduction of, U.S. federal withholding Tax.

 

		10.8	FATCA Deduction

 

		(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required
in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such
a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

 

		(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there
is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in addition,
shall notify the Borrower, the Facility Agent and the other Secured Parties.

 

		10.9	FATCA Information

 

		(a)	Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable
request by another Party:

 

		(i)	confirm to that other Party whether it is:

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party;

 

		(ii)	supply to that other Party such forms, documentation and other information relating to its status
under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and

 

		(iii)	supply to that other Party such forms, documentation and other information relating to its status
as that other Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange
of information regime.

 

		(b)	If a Party confirms to
another Party pursuant to sub-paragraph (i) of
paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently
becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.

 

		(c)	Paragraph (a) above
shall not oblige any Creditor Party to do anything, and sub-paragraph
(iii) of paragraph (a)(iii) above shall not oblige any other
Party to do anything, which would or might in its reasonable opinion constitute a breach of:

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

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		(iii)	any duty of confidentiality.

 

		(d)	If a Party fails to confirm
whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with sub-paragraph
(a)(i) or (ii) of
paragraph (a) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such
Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party
until such time as the Party in question provides the requested confirmation, forms, documentation or other information.

 

		(e)	Each Lender shall, within
ten Business Days of (i) where the relevant Lender is a Lender at the date of thisthe
Original Facility Agreement, the date of thisthe
Original Facility Agreement and (ii) where the relevant Lender is a Transferee Lender, the effective date of a
Transfer Certificate under Clause 24.4 (Effective Date of Transfer Certificate), supply to the Facility Agent:

 

		(i)	a withholding certificate on Form W-8, Form W-9 or any other relevant form; or

 

		(ii)	any withholding statement or other document, authorisation or waiver as the Facility Agent may
require to certify or establish the status of such Lender under FATCA or that other law or regulation.

 

		(f)	The Facility Agent shall provide any withholding certificate, withholding statement, document,
authorisation or waiver it receives from a Lender pursuant to paragraph (e) above to the Borrower.

 

		(g)	If any withholding certificate, withholding statement, document, authorisation or waiver provided
to the Facility Agent by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that
Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation
or waiver to the Facility Agent unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the
Facility Agent). The Facility Agent shall provide any such updated withholding certificate, withholding statement, document,
authorisation or waiver to the Borrower.

 

		(h)	The Facility Agent may
rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant
to paragraph (e) or (g) above without further verification. The Facility Agent shall not be liable for any action
taken by it under or in connection with paragraphs
(e), (f) or (g) above.

 

		(i)	Each Party acknowledges that CDP is a FATCA Exempt Party pursuant to article 1, paragraph 11.1(e) of
the Italian Mef Decree dated 6 August 2015 enacting Italian law of 18 June 2015 no. 95, which ratified the agreement
between the Government of the US and the Government of the Republic of Italy to improve international tax compliance and to implement
FATCA, signed in Rome in 10 January 2014.

 

		10.10	Increased Costs

 

		(a)	If after the date of
thisthe Original
Facility Agreement by reason of (x) any change in law or in its interpretation or administration and/or (y) compliance
with any request from or requirement of any central bank or other fiscal, monetary or other authority including but without limitation
the Basel Committee on Banking Regulations and Supervisory Practices whether or not having the force of law:

 

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		(i)	any of the Lenders incurs a cost as a result of its performing its obligations under this Agreement
and/or its making available its Commitment hereunder; or

 

		(ii)	there is any increase in the cost to any of the Lenders of funding or maintaining all or any of
the advances comprised in a class of advances formed by or including its Commitment advanced or to be advanced by it hereunder;
or

 

		(iii)	any of the Lenders incurs a cost as a result of its having entered into and/or its assuming or
maintaining its commitment under this Agreement; or

 

		(iv)	any of the Lenders becomes liable to make any payment on account of Tax or otherwise (other than
Tax on its overall net income) on or calculated by reference to the amount of its Commitment advanced or to be advanced hereunder
and/or any sum received or receivable by it hereunder; or

 

		(v)	any of the Lenders suffers any decrease in its rate of return as a result of any changes in the
requirements relating to capital ratios, monetary control ratios, the payment of special deposits, liquidity costs or other similar
requirements affecting that Lender,

 

then the Borrower shall on demand
pay to the Facility Agent for the account of the relevant Lender or Lenders amounts sufficient to indemnify the relevant Lender
or Lenders against, as the case may be, such cost, such increased cost (or such proportion of such increased cost as is in the
reasonable opinion of the relevant Lender or Lenders attributable to the funding or maintaining of its or their Commitment(s) hereunder)
or such liability.

 

		(b)	This Clause 10.10 (Increased Costs) does not apply to the extent any increased cost is:

 

		(i)	attributable to a Tax Deduction required by law to be made by an Obligor;

 

		(ii)	attributable to a FATCA Deduction required to be made by a Party;

 

		(iii)	compensated for by Clause 10.3 (Tax indemnity) (or would have been compensated for under
Clause 10.3 (Tax indemnity) but was not compensated solely because any of the exclusions in paragraph (b) of Clause
10.3 (Tax indemnity) applied); or

 

		(iv)	attributable to the wilful breach by the relevant Creditor Party or its Affiliates of any law of
regulation.

 

In this Clause 10.10 (Increased
Costs), a reference to a "Tax Deduction" has the same meaning given to the term in Clause 10.1 (Definitions).

 

		(c)	A Lender affected by any provision of this Clause 10.10 (Increased Costs) shall promptly
inform the Facility Agent after becoming aware of the relevant change and its possible results (which notice shall be conclusive
evidence of the relevant change and its possible results) and the Facility Agent shall, as soon as reasonably practicable thereafter,
notify the Borrower of the change and its possible results. Without affecting the Borrower's obligations under this Clause 10.10
(Increased Costs) and in consultation with the Facility Agent and the Italian Authorities, the affected Lender will then
take all such reasonable steps as may be open to it to mitigate the effect of the change (for example (if then possible) by changing
its Facility Office or transferring some or all of its rights and obligations under this Agreement to another financial institution
reasonably acceptable to the Borrower, the Facility Agent and the Italian Authorities). The reasonable costs of mitigating the
effect of any such change shall be borne by the Borrower save where such costs are of an internal administrative nature and are
not incurred in dealings by any Lender with third parties.

 

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		10.11	Transaction Costs

 

		(a)	The Borrower undertakes to pay to the Facility Agent, the SACE Agent and the Security Trustee as
applicable:

 

		(i)	upon demand, all costs
and expenses, duties and fees, including, but without limitation, pre-agreed legal costs (which, for avoidance of doubt are exclusive
of VAT and disbursements) out of pocket expenses and travel costs, reasonably incurred by the Italian Authorities, the Joint Mandated
Lead Arrangers, the Security Trustee, the Facility Agent, the SACE Agent and the Lenders (but not including any bank which becomes
a Lender after the date of thisthe
Original Facility Agreement) in connection with the negotiation, preparation, execution and perfection of all agreements,
guarantees, security agreements and related documents entered into, or to be entered into, for the purpose of the transaction contemplated
hereby; and

 

		(ii)	all costs and expenses (including legal fees) (together with any applicable VAT), duties and fees
incurred by the Facility Agent, the Security Trustee, the Joint Mandated Lead Arrangers, the SACE Agent, the Lenders or the Italian
Authorities in connection with the registration, filing, enforcement or discharge of the said guarantees or security interests,
including, without limitation, the fees and expenses of legal advisers and insurance experts (provided that such insurance costs
are not to exceed ten thousand Dollars ($10,000)) and the related travel and out of pocket expenses.

 

		(b)	the Borrower further undertakes to pay:

 

		(i)	to the Facility Agent, all costs, expenses, duties and fees incurred by the Facility Agent, the
SACE Agent, the Security Trustee, the Lenders and the Italian Authorities in connection with any amendment or variation of this
Agreement and the related documents, guarantees and security agreements, any supplements thereto and waiver given in relation thereto
and in connection with the investigation of any potential Event of Default;

 

		(ii)	to the Security Trustee the amount of all costs and expenses (together with any applicable VAT)
incurred in connection with the enforcement or preservation of any rights under this Agreement and/or the related guarantees and
security agreements, (including in each case the fees and expenses of legal advisers) and any proceedings instituted by or against
the Security Trustee as a consequence of taking or holding the Security Interest and/or the Security Property or enforcing these
rights.

 

		10.12	Costs of delayed Delivery Date

 

The Borrower undertakes to pay
to the Facility Agent, upon demand, any costs incurred by the Lenders and/or the Italian Authorities in funding the Loan in the
event that the Delivery Date is later than the Intended Delivery Date unless the Borrower has given the Facility Agent at least
three (3) Business Days' notification of such delay in the Delivery Date.

 

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		10.13	SACE obligations

 

To the extent that this Clause
10 (Taxes, Increased Costs, Costs and related Charges) imposes obligations or restrictions on a Secured Party, such
obligations or restrictions shall not apply to SACE and SACE shall have no obligations hereunder nor be constrained by such restrictions.

 

		11	Representations and Warranties

 

		11.1	Timing and repetition

 

The following applies in relation
to the time at which representations and warranties are made and repeated:

 

		(a)	the representations and
warranties in Clause 11.2 (Continuing representations and warranties) are made on the date of thisthe
Original Facility Agreement (apart from the representation at paragraphs (ee) and (ff) of Clause 11.2 (Continuing
representations and warranties) which shall only be made on the date of thisthe
Original Facility Agreement and the Effective Date and shall not be further repeated) and shall be deemed to be repeated,
with reference mutatis mutandis to the facts and circumstances subsisting, as if made on each day until the Borrower has
no remaining obligations, actual or contingent, under or pursuant to this Agreement or any of the other Finance Documents; and

 

		(b)	the representations and warranties in Clause 11.3 (Representations on the Delivery Date)
are made on the Delivery Date and shall be deemed to be repeated, with reference mutatis mutandis to the facts and circumstances
subsisting, as if made thereafter on each day until the Borrower has no remaining obligations, actual or contingent, under or pursuant
to this Agreement or any of the other Finance Documents.

 

		11.2	Continuing representations and warranties

 

The Borrower represents and warrants
to each of the Secured Parties that:

 

		(a)	each Obligor is a limited liability company or body corporate duly organised, formed or (as the
case may be) incorporated, constituted and validly existing under the laws of the country of its formation or (as the case may
be) incorporation, possessing perpetual existence, the capacity to sue and be sued in its own name and the power to own and charge
its assets and carry on its business as it is now being conducted;

 

		(b)	the membership interests of the Member in the Borrower are represented by Common Units. 1,000 Common
Units are authorised for issuance, all of which are held by the Member;

 

		(c)	the legal title to and beneficial interest in the equity in the Borrower is held free of any Security
Interest (other than pursuant to the Pledge Agreement) or any other claim by the Member;

 

		(d)	none of the equity in the Borrower is subject to any option to purchase, pre-emption rights or
similar rights;

 

		(e)	each Obligor has the power to enter into and perform this Agreement and those of the other Transaction
Documents to which it is a party and the transactions contemplated hereby and thereby and has taken all necessary action to authorise
the entry into and performance of this Agreement and such other Transaction Documents and such transactions;

 

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		(f)	this Agreement and each other Transaction Document constitutes (or will constitute when executed)
legal, valid and binding obligations of each Obligor expressed to be a party thereto enforceable in accordance with their respective
terms and in entering into this Agreement and borrowing the Loan, the Borrower is acting on its own account;

 

		(g)	the entry into and performance of this Agreement and the other Transaction Documents and the transactions
contemplated hereby and thereby do not and will not conflict with:

 

		(i)	any law or regulation or any official or judicial order; or

 

		(ii)	the constitutional documents of any Obligor; or

 

		(iii)	any agreement or document to which any Obligor is a party or which is binding upon such Obligor
or any of its assets,

 

nor result in the creation or
imposition of any Security Interest on the Borrower or its assets pursuant to the provisions of any such agreement or document,
except for Security Interests which qualify as Permitted Security Interests with respect to the Borrower;

 

		(h)	except for:

 

		(i)	the filing of UCC-1 financing statements against the Borrower in respect of those Finance Documents
to which it is a party and which create Security Interests;

 

		(ii)	the recording of the Mortgage in the office of the Marshall Islands Registry; and

 

		(iii)	the registration of the Ship under an Approved Flag,

 

all authorisations, approvals,
consents, licences, exemptions, filings, registrations, notarisations and other matters, official or otherwise, required in connection
with the entry into, performance, validity and enforceability of this Agreement and each of the other Transaction Documents to
which any Obligor is a party and the transactions contemplated thereby have been obtained or effected and are in full force and
effect except authorisations, approvals, consents, licences, exemptions, filings and registrations required in the normal day to
day course of the operation of the Ship and not already obtained by the Borrower;

 

		(i)	it is disregarded as an entity separate from its owner for U.S. federal Tax purposes;

 

		(j)	all written information furnished by any Obligor relating to the business and affairs of any Obligor
in connection with this Agreement and the other Transaction Documents (but excluding any forward looking statements and projections)
was and remains true and correct in all material respects and there are no other material facts or considerations the omission
of which would render any such information misleading;

 

		(k)	each Obligor has fully disclosed to the Facility Agent all facts relating to each Obligor which
it knows or should reasonably know and which might reasonably be expected to influence the Lenders in deciding whether or not to
enter into this Agreement;

 

		(l)	the obligations of the Borrower, the Member and the Guarantor under the Finance Documents rank
at least pari passu with all its other present unsecured and unsubordinated indebtedness with the exception of any obligations
which are mandatorily preferred by law;

 

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		(m)	the Borrower is and shall remain, after the advance to it of the Loan, solvent in accordance with
the laws of the state of Delaware and the United Kingdom and in particular with the provisions of the Insolvency Act 1986 (as from
time to time amended) and the requirements thereof;

  

		(n)	neither the Borrower nor any other Obligor has taken any corporate action nor have any other steps
been taken or legal proceedings been started or (to the best of its knowledge and belief) threatened against any of them for the
reorganisation, winding-up, dissolution or for the appointment of a liquidator, administrator, receiver, administrative receiver,
trustee or similar officer of any of them or any or all of their assets or revenues nor has it sought any other relief under any
applicable insolvency or bankruptcy law;

 

		(o)	(in relation to any date on which this representation and warranty is deemed to be repeated pursuant
to paragraph (a) of Clause 11.1 (Timing and repetition)) the latest available annual consolidated audited accounts
of the Guarantor at the date of repetition (which accounts have been prepared in accordance with GAAP) fairly represent the financial
condition of the Guarantor as shown in such audited accounts;

 

		(p)	none of the Obligors nor any of their respective assets enjoys any right of immunity (sovereign
or otherwise) from set-off, any legal action or proceeding including, without limitation, suit, attachment prior to judgment, execution
or other enforcement in respect of their obligations under this Agreement or any of the other Transaction Documents or by any relevant
or applicable law;

 

		(q)	all of the limited liability company interest in the Borrower and all shares or limited liability
company interest in any Approved Manager which is a member of the Group shall be legally and beneficially owned directly or indirectly
by (in the case of the Borrower), the Member and (in the case of such Approved Manager) the Guarantor and such structure shall
remain so throughout the Security Period;

 

		(r)	the copy of the Shipbuilding Contract is a true and complete copy of such document constituting
valid and binding obligations of the parties thereto enforceable in accordance with its terms and, subject to Clause 12.23 (Shipbuilding
Contract), no amendments thereto or variations thereof have been agreed nor has any action been taken by the parties thereto
which would in any way render such document inoperative or unenforceable;

 

		(s)	the Borrower is the sole legal and beneficial owner of all rights and interests which the Shipbuilding
Contract creates in favour of the Borrower;

 

		(t)	any borrowing by the Borrower under this Agreement, and the performance of its obligations under
this Agreement and the other Transaction Documents, will be for its own account and will not involve any breach by it of any law
or regulatory measure relating to "money laundering" as defined in Article 1 of the Directive (91/308/EEC) of the
Council of the European Communities (as amended by Directive 2001/97/EC of the European Parliament and of the Council of 4 December 2001);
and

 

		(u)	no Obligor:

 

		(i)	nor to its knowledge, any director, manager, officer or Affiliate of any Obligor or any member
of the Group, is a Prohibited Person;

 

		(ii)	is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of,
a Prohibited Person; or

 

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		(iii)	owns or controls a Prohibited Person;

  

		(v)	no proceeds of the Loan shall be made available directly or indirectly to or for the benefit of
a Prohibited Person or in a Prohibited Jurisdiction nor shall they be otherwise directly or indirectly applied in a manner or for
a purpose prohibited by Sanctions or in any other manner that would result in a violation of any Sanctions by any Obligor or any
Creditor Party;

 

		(w)	the choice of governing law of each Transaction Document to which it is a party will be recognised
and enforced in its Relevant Jurisdictions and any judgment obtained in relation to a Transaction Document to which it is a party
in the jurisdiction of the governing law of that Transaction Document will be recognised and enforced in its Relevant Jurisdictions;

 

		(x)	for the purposes of The Council of the European Union Regulation No. 2015/848 on Insolvency
Proceedings (recast) (the "Regulation"), its centre of main interest (as that term is used in Article 3(1) of
the Regulation) is situated outside of the European Union and it has no "establishment" (as that term is used in Article 2(10) of
the Regulation) in a European Union country;

 

		(y)	no investments made and no payments made, received or to be made by the Borrower, the Member or
the Guarantor under this Agreement, the Transaction Documents or any Finance Document have been or shall be funded, whether directly
or, to the knowledge of the Borrower, indirectly, out of funds of Illicit Origin or otherwise derived from any activity with a
Prohibited Person or in a Prohibited Jurisdiction or which would otherwise cause any Party to be in breach of any Sanctions and
none of the sources of funds to be used by the Borrower, the Member or the Guarantor in connection with the Transaction Documents,
the construction of the Ship or its business are, whether directly or, to the knowledge of the Borrower, indirectly, of Illicit
Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction;

 

		(z)	no Prohibited Payment has been or will be received, made or provided, directly or indirectly, by
(or on behalf of) the Borrower, the Member or the Guarantor (with respect to the Member and the Guarantor, to the best of the Borrower's
knowledge), any of its affiliates or its officers, directors, managers, or any other person acting on its behalf to, or for the
benefit of, any authority or public or government entity (or any official, officer, director, manager, agent or key employee of,
or other person with management responsibilities in, of any authority or public or government entity) in connection with the Ship,
this Agreement and/or the Finance Documents;

 

		(aa)	no event has occurred which constitutes a default under or in respect of any Transaction Document
to which any Obligor or the Builder is a party or by which any Obligor or the Builder may be bound (including (inter alia) this
Agreement) and no event has occurred which constitutes a default under or in respect of any agreement or document to which any
Obligor is a party or by which any Obligor may be bound to an extent or in a manner which might have a material adverse effect
on the ability of that Obligor to perform its obligations under the Transaction Documents to which it is a party;

 

		(bb)	none of the assets or rights of the Borrower is subject to any Security Interest except any Security
Interest which (i) qualifies as a Permitted Security Interest with respect to the Borrower or (ii) is permitted by Clause
12.8 (Negative pledge) of this Agreement;

 

		(cc)	no litigation, arbitration or administrative proceedings are current or pending or, to its knowledge,
threatened, which might, if adversely determined, have a material adverse effect on the ability of an Obligor to perform its obligations
under the Transaction Documents to which it is a party;

  

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		(dd)	to the best of its knowledge, each of the Obligors has complied in all material respects with all
taxation laws in all jurisdictions in which it is subject to taxation and has paid all material Taxes due and payable by it;

 

		(ee)	it is not required to make any deduction for or on account of Tax from any payment it may make
under any Finance Document to which it is a party with respect to any Lender that provides the documentation described in paragraph
(b) of Clause 10.7 (Lender Status) indicating that it is not subject to tax withholding;

 

		(ff)	under the laws of its Relevant Jurisdictions it is not necessary that any stamp or similar taxes
or fees be paid on or in relation to the Finance Documents to which it is a party or the transactions contemplated by those Finance
Documents;

 

		(gg)	each member of the Group has good and marketable title to all its assets which are reflected in
the audited accounts referred to in paragraph (o) of Clause 11.2 (Continuing representations and warranties);

 

		(hh)	none of the Obligors has a place of business in any jurisdiction (except as already disclosed)
which requires any of the Finance Documents to be filed or registered in that jurisdiction to ensure the validity of the Finance
Documents to which it is a party;

 

		(ii)	the Borrower does not have a place of business in any country (except as already disclosed) other
than that of its Original Jurisdiction;

 

		(jj)	the Borrower is in all material respects (except in the case of compliance with Sanctions which
the Borrower complies with in all respects) compliant with all laws or regulations relating to it and its business generally;

 

		(kk)	each of the Obligors and each member of the Group:

 

		(i)	is in compliance with all Environmental Laws and Environmental Approvals provided that any non-compliance
would not be expected to result in a Material Adverse Effect;

 

		(ii)	has not received any notice or threat of any Environmental Claim against any member of the Group
and no person has claimed that an Environmental Incident has occurred in each case that would reasonably be expected to result
in a Material Adverse Effect;

 

		(iii)	confirms that no Environmental Incident has occurred and no person has claimed that an Environmental
Incident has occurred in each case that would reasonably be expected to result in a Material Adverse Effect;

 

		(ll)	the Borrower has read and acknowledged the principles provided under the Code of Ethics and Model;

 

		(mm)	the Borrower has implemented adequate internal procedures aimed at preventing commission of crimes
provided under Legislative Decree 231/01;

 

		(nn)	no litigation is pending against the Borrower in relation to administrative liability provided
under Legislative Decree 231/01;

 

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		(oo)	no final judgment under Legislative Decree 231/01 has been issued against the Borrower and no plea
bargain (also known as patteggiamento under Italian law) has been agreed by the Borrower pursuant to article 444 of the
Italian code of criminal procedure; and

  

		(pp)	neither the Borrower nor any of its assets are subject to any precautionary measure provided under
Legislative Decree 231/01.

 

		11.3	Representations on the Delivery Date

 

The Borrower further represents
and warrants to each of the Secured Parties at the Delivery Date that:

 

		(a)	the Ship is in its absolute and unencumbered ownership save as contemplated by the Finance Documents;

 

		(b)	the Ship is registered in its name under the laws and flag of the Maritime Registry;

 

		(c)	the Ship is classed with the highest classification available for a Ship of its type free of all
recommendations and qualifications with Lloyd's Register, RINA or Bureau Veritas;

 

		(d)	the Ship is operationally seaworthy and in compliance with all relevant provisions, regulations
and requirements (statutory or otherwise) applicable to ships registered under the laws and flag of the Maritime Registry;

 

		(e)	the Ship is in compliance with the ISM Code, the ISPS Code and Annex VI as they relate to the Borrower,
any Approved Manager and the Ship;

 

		(f)	the Ship is insured in accordance with the provisions of Clause 14 (Insurance Undertakings)
and in compliance with the requirements therein in respect of such insurances;

 

		(g)	the Ship is managed by the Approved Manager and, in the event that the Approved Manager is not
a member of the Group, on and subject to the terms set out in the Management Agreement;

 

		(h)	there is no agreement or understanding to allow or pay any rebate, premium, inducement, commission,
discount or other benefit or payment (however described) to the Borrower or any other member of the Group, the Builder or a third
party in connection with the purchase by the Borrower of the Ship, other than as disclosed to the Facility Agent in writing on
or before the date of this Agreement;

 

		(i)	no Obligor has delivered particulars, whether in its name stated in the Finance Documents or any
other name, of any UK Establishment to the Registrar of Companies as required under the Overseas Regulations or, if it has so registered,
it has provided to the Facility Agent sufficient details to enable an accurate search against it to be undertaken by the Lenders
at the Companies Registry;

 

		(j)	the Borrower is in all material respects (except in the case of compliance with Sanctions which
the Borrower complies with in all respects) compliant with all laws or regulations relating to the Ship, its ownership, employment,
operation, management and registration; and

 

		(k)	the copies of any Management Agreement, any charter and any charter guarantee which require a notice
of assignment to be served under the terms of the General Assignment (if any) and any other relevant third party agreements including
but without limitation the copies of any documents in respect of the Insurances delivered to the Facility Agent are true and complete
copies of each such document constituting valid and binding obligations of the parties thereto enforceable in accordance with their
respective terms and, subject to Clause 13.2 (Management and employment), no amendments thereto or variations thereof
have been agreed nor has any action been taken by the parties thereto which would in any way render such document inoperative or
unenforceable.

 

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		12	General Undertakings

 

		12.1	General

 

The Borrower undertakes with
each Secured Party to comply with the following undertakings during the Security Period:

 

		12.2	Information

 

The Borrower will provide to
the Facility Agent for the benefit of the Lenders and SACE (or will procure the provision of):

 

		(a)	as soon as practicable (and in any event within one hundred and twenty (120) days after the close
of its financial year) a Certified Copy of the audited consolidated accounts of the Guarantor and its subsidiaries for that year
(commencing with accounts made up to 31 December 2018 in the case of the consolidated accounts of the Guarantor);

 

(b) as
soon as practicable (and in any event within ninety (90) days of the commencement of each financial year) the budgetary forecast
(profit and loss statement, balance sheet statement and cash flow statement) for the two following years for the Guarantor;

 

		(b)	(c) as soon as practicable (and in any event
within forty-five (45) days of the end of the contemplated quarter for the first three quarters in any fiscal year and within 90
days for the final quarter) a copy of the unaudited consolidated quarterly management accounts (including
current and year-to-date profit and loss statements and balance sheet compared to the previous year and to budget) of
the Guarantor (it being understood that the delivery by the Guarantor of quarterly or annual reports as filed with the Securities
and Exchange Commission in respect of the Guarantor and its consolidated subsidiaries shall satisfy all the requirements of paragraph
(a) and of this paragraph (c)(b));

 

		(c)	(d) promptly, such further information in
its possession or control regarding the condition or operations of the Ship and its financial condition and operations of the Borrower
and those of any company in the Group as the Facility Agent may reasonably request for the benefit of the Secured Parties; and

 

		(d)	(e) details of any material litigation, arbitration
or administrative proceedings (including proceedings relating to any alleged or actual breach of Sanctions, the ISM Code of the
ISPS Code) which affect any company in the Group as soon as the same are instituted and served, or, to the knowledge of the Borrower,
threatened (and for this purpose proceedings shall be deemed to be material if they involve a claim in an amount exceeding twenty
million Dollars ($20,000,000) or the equivalent in another currency provided that this threshold shall not apply to any proceedings
relating to Sanctions).

 

All accounts required under this
Clause 12.2 (Information) shall be prepared in accordance with GAAP and shall fairly represent the financial condition of
the relevant company.

 

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		12.3	Equator Principles Compliance

  

Upon the request of the Facility
Agent, the Borrower shall provide to the Facility Agent information as may be reasonably requested by the Lenders for the purposes
of monitoring that the Borrower conducts its operations in all material respects in accordance with the Equator Principles.

 

		12.4	Sanctions and Illicit Payments

 

		(a)	The Borrower shall not directly or indirectly use or make available any of the proceeds of the
Loan to or for the benefit of a Prohibited Person or in a Prohibited Jurisdiction nor shall they be otherwise directly or indirectly
applied in a manner or for a purpose prohibited by Sanctions or in any other manner that would result in a violation of any Sanctions
by any Obligor or any Creditor Party.

 

		(b)	No payments made or received by the Borrower, the Member, the Guarantor or any Approved Manager
which is a member of the Group under this Agreement or any Finance Document shall be funded directly or, to the knowledge of the
Borrower, indirectly out of funds of Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction
or which would otherwise cause any Party to be in breach of any Sanctions, and none of the sources of funds to be used by the Borrower,
the Member, the Guarantor or any Approved Manager which is a member of the Group in connection with the Transaction Documents or
the construction of the Ship or its business shall be of directly or, to the knowledge of the Borrower, indirectly Illicit Origin
or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction.

 

		(c)	Without limiting the generality of the foregoing, no Loan nor any proceeds of the Loan shall be
used to finance trade of equipment or any other kind of activity in relation to goods, technologies or sectors in a manner or for
a purpose prohibited by Sanctions.

 

		12.5	Prohibited Payments

 

No Prohibited Payment shall be
received, made or provided, directly or indirectly, by (or on behalf of) the Borrower, the Member, the Guarantor or any of their
affiliates, officers, directors, managers or any other person acting on its behalf to, or for the benefit of, any authority or
public or government entity (or any official, officer, director, manager, agent or key employee of, or other person with management
responsibilities in, of any authority or public or government entity) in connection with the Ship, this Agreement and/or the Finance
Documents.

 

		12.6	Notification of default

 

The Borrower will notify the
Facility Agent of any Event of Default forthwith upon becoming aware of the occurrence thereof. Upon the Facility Agent's request
from time to time the Borrower will issue a certificate stating whether any Obligor is aware of the occurrence of any Event of
Default.

 

		12.7	Consents and registrations

 

The Borrower will procure that
(and will promptly furnish Certified Copies to the Facility Agent on the request of the Facility Agent of) all such authorisations,
approvals, consents, licences and exemptions as may be required under any applicable law or regulation to enable it or any Obligor
to perform its obligations under, and ensure the validity or enforceability of, each of the Transaction Documents are obtained
and promptly renewed from time to time and will procure that the terms of the same are complied with at all times. Insofar as such
filings or registrations have not been completed on or before the Drawdown Date the Borrower will procure the filing or registration
within applicable time limits of each Finance Document which requires filing or registration together with all ancillary documents
required to preserve the priority and enforceability of the Finance Documents.

 

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		12.8	Negative pledge

 

The Borrower will not create
or permit to subsist any Security Interest on the whole or any part of its present or future assets, except for the following:

 

		(a)	Security Interests created with the prior consent of the Facility Agent and the Security Trustee;
or

 

		(b)	Security Interests qualifying
as Permitted Security Interests with respect to the Borrower and described in paragraphs
(a) and (b) of the definition of "Permitted Security Interests"
in Clause 1.1 (Definitions); or

 

		(c)	Security Interests qualifying as Permitted Security Interests with respect to the Borrower and
described in paragraph (C), (E), (H) or (I) of such definition, provided that insofar as they are enforceable against
the Ship they do not prevail over the Mortgage.

 

		12.9	Disposals

 

Except in the case of a sale
of the Ship if the completion of the sale is contemporaneous with prepayment of the Loan in accordance with the provisions of Clause
16.3 (Mandatory prepayment – Sale and Total Loss) and except for charters and other arrangements complying with Clause
13.1 (Pooling of earnings and charters) the Borrower shall not without the consent of the Majority Lenders and SACE, either
in a single transaction or in a series of transactions whether related or not and whether voluntarily or involuntarily:

 

		(a)	sell, transfer, lease or otherwise dispose of the Ship or any of the Ship's equipment except in
the case of items:

 

		(i)	being replaced (by an equivalent or superior item) or renewed; or

 

		(ii)	that are being disposed of in the ordinary course of business,

 

provided
that in the case of both sub-paragraphs (i) and (ii) above the net impact does not reduce the value of the
Ship and, in the case of sub-paragraph (ii), the value of any such disposals during the term of this Agreement do not, in aggregate,
exceed ten million Dollars ($10,000,000);

 

		(b)	sell, transfer or otherwise dispose of any of its receivables on recourse terms;

 

		(c)	enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set off or made subject to a combination of accounts; or

 

		(d)	enter into any other preferential arrangement having the same effect in circumstances where the
arrangement or transaction is entered into primarily as a method of raising financial indebtedness or of financing the acquisition
of an asset.

 

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		12.10	Change of business

  

Except with the prior consent
of the Facility Agent, the Borrower shall not make or threaten to make any substantial change in its business as presently conducted,
namely that of a single ship owning company for the Ship, or change its place of business to any country other than that of its
Original Jurisdiction, or carry on any other business which is substantial in relation to its business as presently conducted so
as to affect, in the opinion of the Facility Agent, the Borrower's ability to perform its obligations hereunder.

 

		12.11	Mergers

 

Except with the prior consent
of the Lenders and SACE and subject to compliance with all necessary "know your customer" requirements, the Borrower
will not enter into any amalgamation, restructure, substantial reorganisation, merger, de-merger or consolidation or anything analogous
to the foregoing nor will it acquire any equity, share capital or obligations of any corporation or other entity.

 

		12.12	Maintenance of status and franchises

 

The Borrower will do all such
things as are necessary to maintain its limited liability company existence in good standing and will ensure that it has the right
and is duly qualified to conduct its business as it is conducted in all applicable jurisdictions and will obtain and maintain all
franchises and rights necessary for the conduct of its business.

 

		12.13	Financial records

 

The Borrower will keep proper
books of record and account, in which proper and correct entries shall be made of all financial transactions and the assets, liabilities
and business of the Borrower in accordance with GAAP.

 

		12.14	Financial Indebtedness and subordination of indebtedness

 

The following restrictions shall
apply:

 

		(a)	otherwise than in the ordinary course of business as owner of the Ship, except as contemplated
by this Agreement and except any loan, advance or credit extended by the Guarantor or any member of the Group which is a wholly
owned Subsidiary of the Guarantor, the Borrower will not create, incur, assume or allow to exist any financial indebtedness, enter
into any finance lease or undertake any material capital commitment (including but not limited to the purchase of any capital asset);
and

 

		(b)	the Borrower shall procure that:

 

		(i)	any and all indebtedness (and in particular with any other Obligor) is at all times fully subordinated
to the Finance Documents and the obligations of the Borrower hereunder; and

 

		(ii)	if required by any applicable laws, the subordinated liabilities created pursuant to such indebtedness
shall be subject to security (in form and substance satisfactory to the Secured Parties) in favour of the Security Trustee ("Subordinated
Debt Security") and any related legal opinions shall be issued if so required by the Secured Parties; and

 

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		(iii)	upon the occurrence of an Event of Default, the Borrower shall not make any repayments of principal,
payments of interest or of any other costs, fees, expenses or liabilities arising from or representing such indebtedness. In this
paragraph (b) of Clause 12.14 (Financial Indebtedness and subordination of indebtedness) "fully subordinated"
shall mean that any claim of the lender against the Borrower in relation to such indebtedness shall rank after and be in all respects
subordinate to all of the rights and claims of the Secured Parties under this Agreement and the other Finance Documents and that
the lender shall not take any steps to enforce its rights to recover any monies owing to it by the Borrower and in particular but
without limitation the lender will not institute any legal or quasi-legal proceedings under any jurisdiction at any time against
the Ship, her Earnings or Insurances or the Borrower and it will not compete with the Secured Parties or any of them in a liquidation
or other winding-up or bankruptcy of the Borrower or in any proceedings in connection with the Ship, her Earnings or Insurances.

  

		12.15	Investments

 

The Borrower shall not:

 

		(a)	be the creditor in respect of any loan or any form of credit to any person other than another Obligor
and where such loan or form of credit is Permitted Financial Indebtedness;

 

		(b)	give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person
in respect of any obligation of any other person or enter into any document under which the Borrower assumes any liability of any
other person other than any guarantee or indemnity given under the Finance Documents.

 

		(c)	enter into any material agreement other than:

 

		(i)	the Transaction Documents;

 

		(ii)	any other agreement expressly allowed under any other term of this Agreement; and

 

		(d)	enter into any transaction on terms which are, in any respect, less favourable to the Borrower
than those which it could obtain in a bargain made at arms' length; or

 

		(e)	acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit
issued by major North American or European banks.

 

		12.16	Unlawfulness, invalidity and ranking; security imperilled

 

No Obligor shall do (or fail
to do) or cause or permit another person to do (or omit to do) anything which is likely to:

 

		(a)	make it unlawful for an Obligor to perform any of its obligations under the Transaction Documents;

 

		(b)	cause any obligation of an Obligor under the Finance Documents to cease to be legal, valid, binding
or enforceable if that cessation individually or together with any other cessations materially or adversely affects the interests
of the Secured Parties under the Transaction Documents;

 

		(c)	cause any Transaction Document to cease to be in full force and effect;

 

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		(d)	cause any Security Interest to rank after, or lose its priority to, any other Security Interest;
and

  

		(e)	imperil or jeopardise any Security Interest.

 

		12.17	DistributionsDividends
and dividend restriction

 

		(a)	TheSubject
to paragraph (b) below, the Borrower shall not make or pay any dividend
or other distribution (in cash or in kind) in respect of its equity interestsshare
capital other than dividends and distributions
that are transferred to the MemberShareholder
or the Guarantor provided that no Event of Default has occurred or is continuing or would result from the payment of any distributiondividend.

 

		(b)	During the Deferral Period, the Borrower shall not,
and shall procure that the Guarantor, the Shareholder and the Holding shall not:

 

		(i)	declare, make or pay any dividend or other distribution
(or interest on any unpaid dividend or other distribution) (whether in cash or in kind) on or in respect of its share capital (or
any class of its share capital);

 

		(ii)	repay or distribute any dividend or share premium
reserve;

 

		(iii)	make any repayment of any kind under any shareholder
loan; or

 

		(iv)	redeem, repurchase (whether by way of share buy-back
program or otherwise), defease, retire or repay any of its share capital or resolve to do so,

 

except
that:

 

		(A)	any Obligor other than the Guarantor may pay dividends
and other distributions, directly or indirectly, to the Guarantor for the purpose of providing liquidity to the Guarantor to enable
the Guarantor to satisfy payment obligations for which the Guarantor is an obligor;

 

		(B)	any Obligor may pay dividends in respect of the Tax
liability to each relevant jurisdiction in respect of consolidated, combined, unitary or affiliated Tax returns for each relevant
jurisdiction of the Group or the Holding or holder of the Guarantor's capital stock with respect to income taxable as a result
of any member of the Group or the Holding being taxed as a pass-through entity for U.S. Federal, state and local income tax purposes
or attributable to any member of the Group;

 

		(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

  

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		(D)	the Guarantor may pay dividends and other distributions
to the Holding for the purposes of providing cash to the Holding for the payment of any Tax payable in connection with the Holding's
equity plan,

  

provided
that the actions in paragraphs (B) and (C) above shall only be permitted if there is no Event of Default which is continuing
under this Agreement and no Event of Default would arise from the payment of such dividend.

 

		12.18	Loans and guarantees by the Borrower

 

Otherwise than in the ordinary
course of business in its ownership and operation of the Ship following the Delivery Date, the Borrower will not make any loan
or advance or extend credit to any person, firm or corporation (other than as permitted pursuant to paragraph (a) of Clause 12.15
(Investments)), or issue or enter into any guarantee or indemnity or otherwise become directly or contingently liable for
the obligations of any other person, firm or corporation.

 

		12.19	Acquisition of shares

 

The Borrower will not:

 

		(a)	acquire any equity, share capital, assets or obligations of any corporation or other entity; or

 

		(b)	permit any of its limited liability company interests to be directly held other than by the Member.

 

		12.20	Further assurance

 

The Borrower will, from time
to time on being required to do so by the Facility Agent, do or procure the doing of all such acts and/or execute or procure the
execution of all such documents in a form satisfactory to the Facility Agent as the Facility Agent may reasonably consider necessary
for giving full effect to any of the Transaction Documents, the Interest Make-up Agreement or the SACE Insurance Policy or securing
to the Secured Parties the full benefit of the rights, powers and remedies conferred upon the Secured Parties or any of them in
any such Transaction Document, the Interest Make-up Agreement or the SACE Insurance Policy.

 

		12.21	Irrevocable payment instructions

 

The Borrower shall not modify,
revoke or withhold the payment instructions set out in Clause 4.1 (Borrower's irrevocable payment instructions) without
the agreement of the Builder (in the case of paragraph (a) of Clause 4.1 (Borrower's irrevocable payment instructions)
only), the Facility Agent, SACE and the Lenders.

 

		12.22	"Know your customer" checks

 

		(a)	If:

 

		(i)	the introduction of or
any change in (or in the interpretation, administration or application of) any law or regulation made after the date of thisthe
Original Facility Agreement;

 

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		(ii)	any change in the status
of the Borrower after the date of thisthe
Original Facility Agreement; or

  

		(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement
to a party that is not a Lender prior to such assignment or transfer,

 

obliges
the Facility Agent or any Lender (or, in the case of sub-paragraph
(iii) of paragraph (a)(iii) of Clause 12.22 ("Know
your customer" checks), any prospective new Lender) to comply with "know your customer" or similar identification
procedures in circumstances where the necessary information is not already available to it or the Lenders (acting reasonably) require
any additional documents to supplement those already provided, the Borrower shall promptly upon the request of the Facility Agent
or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility
Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in sub-paragraph
(iii) of paragraph (a)(iii) of Clause 12.22 ("Know
your customer" checks), on behalf of any prospective new Lender) in order for the Facility Agent and, such Lender to carry
out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable
laws and regulations pursuant to the transactions contemplated in the Finance Documents.

 

		(b)	Each Lender shall promptly upon the request of a Servicing Party supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Servicing Party (for itself) in order for that Servicing
Party to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

 

		12.23	Shipbuilding Contract

 

		(a)	The Shipbuilding Contract constitutes legal, valid and binding and enforceable obligations of the
Builder and accordingly the Borrower shall not modify the Shipbuilding Contract, directly or indirectly, in such a manner that
would result in a change of the type, principal dimensions or class of the Ship or decrease the value of the Ship by equal to or
greater than 5 per cent. (in aggregate) without the prior written consent of the Lenders and SACE.

 

		(b)	The Borrower will, therefore, submit to the Facility Agent any proposals for any such modification
and SACE and the Facility Agent on behalf of the Lenders will indicate in a timely manner whether the modification proposed will
allow the Loan to be maintained.

 

		(c)	The Borrower also undertakes to notify the Facility Agent of any change in the Intended Delivery
Date as soon as practicable after each change has occurred.

 

		(d)	The Borrower shall notify the Facility Agent promptly, and in any event within ten (10) Business
Days of any other changes to the Shipbuilding Contract (other than Minor Modifications) and provide copies of the same to the Facility
Agent.

 

		(e)	The Borrower undertakes to notify the Facility Agent promptly of any termination and/or repudiation
of the Shipbuilding Contract (including a termination and/or repudiation pursuant to article 32 of the Shipbuilding Contract).

 

		(f)	For the avoidance of doubt, all modifications not falling under paragraph (a) above shall
be permitted and the Borrower shall not be obliged to seek or obtain any consent from the Lenders and/or SACE in respect of any
such modifications subject to the notification requirements as set out in paragaphs (d) and (e) above.

 

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		12.24	FOREX Contracts

  

The Borrower shall:

 

		(a)	provide the Facility Agent with a copy of all FOREX Contracts together with all relevant details
within ten (10) days of their execution; and

 

		(b)	inform the Facility Agent, when requested by the Facility Agent, of its intended hedging policy
for purchasing Euro with Dollars.

 

The Facility Agent shall inform
the Lenders within ten (10) days of receipt of such information from the Borrower.

 

		12.25	Compliance with laws etc.

 

The Borrower shall:

 

		(a)	comply, or procure compliance with:

 

		(i)	in all material respects (except in the case of compliance with Sanctions which the Borrower shall
comply with in all respects), all laws and regulations relating to it and its business generally; and

 

		(ii)	in all material respects (except in the case of compliance with Sanctions which the Borrower shall
comply with in all respects), all laws or regulations relating to the Ship, its ownership, employment, operation, management and
registration,

 

including the ISM Code, the ISPS
Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag;

 

		(b)	obtain, comply with and do all that is necessary to maintain in full force and effect any Environmental
Approvals which are applicable to it; and

 

		(c)	without limiting paragraph (a) above, not employ the Ship nor allow its employment, operation
or management in any Prohibited Jurisdiction or in any manner contrary to any law or regulation including but not limited to the
ISM Code, the ISPS Code, all Environmental Laws and all Sanctions and applicable anti-corruption laws.

 

		12.26	Most favoured nations

 

		(a)	The Borrower shall procure that if at any time after the date of thisthe
Original Facility Agreement the Guarantor enters into any financial contract or financial document relating to any Financial
Indebtedness with or which has the support of any export credit agency and which contains pari passu provisions or cross
default provisions which are more favourable to the lenders than those contained in paragraph (l) of Clause 11.2 (Continuing
representations and warranties) and Clause 18.6 (Cross default) respectively, the Borrower or the Guarantor shall immediately
notify the Facility Agent of such provisions and the relevant provisions contained in this Agreement shall be deemed amended so
that such more favourable pari passu provisions or cross default provisions are granted to the Creditor Parties pursuant
to this Agreement.

 

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		(b)	The Borrower undertakes that if at any time after
the date of this Agreement, it or any other member of the Group is required to grant additional security in relation to a financial
contract or financial document relating to any existing Financial Indebtedness:

  

		(i)	with the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall be granted on a pari passu
basis to the Lenders (and the Security Trustee agrees to enter and/or procure the entry by the relevant Secured Parties into such
intercreditor documentation to reflect such pari passu ranking (in form and substance reasonably satisfactory to the Secured Parties)
as may be required in connection with such arrangements); or

 

		(ii)	without the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall (without prejudice to any of the
Obligors' other obligations under the Finance Documents), subject to the provisions of clause 11.11 (Negative pledge) of
the Guarantee and Clause 12.8 (Negative pledge), be permitted provided that it shall not have an adverse effect on any Security
Interests or other rights granted to the Secured Parties under the Finance Documents.

 

		(c)	In respect of any new Financial Indebtedness (other
than Permitted Financial Indebtedness), or any extensions, increases or changes to the terms and conditions of any existing Financial
Indebtedness, in each case with or which has the support of any export credit agency, the Borrower shall enter into good faith
negotiations with the Security Trustee to grant additional security for the purpose of further securing the Loan, provided that
any failure to reach agreement under this paragraph (c) following such good faith negotiations shall not constitute an Event
of Default.

 

		12.27	Code of Ethics and Model

 

		(a)	The Borrower shall not behave so as to cause any of the following persons to violate the principles
set out in the Code of Ethics and/or Model:

 

		(i)	persons who are representatives, administrators or managers of CDP or of any of its organizational
units with financial and functional independence;

 

		(ii)	persons who are managed or supervised by one of the persons referred to in paragraph (i) above;
or

 

		(iii)	external advisors of CDP.

 

		(b)	The Borrower shall maintain adequate internal procedures aimed at preventing liabilities provided
under Legislative Decree 231/01.

 

		(c)	The Borrower shall inform CDP of any (i) new pending litigation against it in relation to
administrative liability provided under Legislative Decree 231/01; (ii) new final judgment under Legislative Decree 231/01,
including, without limitation, any plea bargain (also known as patteggiamento under Italian law) pursuant to article 444
of the Italian code of criminal procedure; and (iii) new precautionary measures under Legislative Decree 231/01.

 

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		12.28	New capital raises or financing

 

		(a)	Save as provided below:

 

		(i)	no new debt or equity issuance shall be raised and
no new Financial Indebtedness shall be incurred by the Group (including, for the avoidance of doubt, inter-company loans);

  

		(ii)	no non-arm’s length disposals of any asset
relating to the Group fleet shall be made; and

 

		(iii)	no additional Security Interests securing existing
Financial Indebtedness will be created or permitted to subsist by any Obligor (unless the Lenders benefit from this new security
on a pari passu basis),

 

during
the Deferral Period.

 

		(b)	The restrictions in paragraph (a) of Clause
12.28 (New capital raises or financing) above shall not apply in relation to:

 

		(i)	any refinancing of any bond issuance of, or loan
entered into by, the Group (A) which matures during such period or (B) where not maturing during such period, shall be
on terms which include any of the following (evidence of which shall be provided to the Facility Agent by the Guarantor) resulting,
when taken as a whole, in an improvement of the ability of the Obligors to meet their obligations under the Finance Documents:
an extension of the repayment terms; a decrease in the interest rate; or the conversion of such Financial Indebtedness from secured
to unsecured or first to second priority;

 

		(ii)	any debt or equity issuance provided prior to 31
December 2022 to provide the Group with crisis and/or recovery related funding in respect of the impact of the Covid-19 pandemic;

 

		(iii)	any debt or equity issuance being raised on or after
31 December 2022 to support the Group with the impact of the Covid-19 pandemic, made with the prior written consent of SACE;

 

		(iv)	any debt or equity issuance being raised to finance
any instalment of a cruise vessel already contracted for or contracted for during such period or any refurbishment, maintenance,
upgrade or lengthening of a cruise ship during such period (including without limitation any costs incurred by the owner of a cruise
ship in connection therewith);

 

		(v)	any debt or equity issuance being raised to finance
capital expenditure for projects which are already contracted for but in respect of which committed financing has not yet been
obtained, and which, in each case has been (or will be) listed in the Information Package submitted to the Facility Agent prior
to the 2021 Deferral Effective Date;

 

		(vi)	any extension or renewal of revolving credit facilities,
and made with the prior written consent of SACE if any additional security is to be granted;

 

		(vii)	any new debt or equity issuance otherwise agreed
by SACE; or

 

		(viii)	any inter-company loan or operating arrangement which
from an accounting perspective has the effect of an intercompany loan (an "intercompany arrangement") which:

 

		(A)	is existing as at the date of the 2021 Amendment
and Restatement Agreement;

 

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		(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 sub-paragraph (2) of sub-paragraph (B) of sub-paragraph (viii) of paragraph
(b) of Clause 12.28 (New capital raises or financing) does not exceed [*] ($[*]) at any time; or

 

		(3)	has been approved with the prior written consent
of SACE;

 

		(ix)	any Permitted Security Interest;

 

		(x)	any Security Interest otherwise approved with the
prior written consent of SACE;

 

		(xi)	any Financial Indebtedness incurred in the ordinary
course of business which in the aggregate does not exceed USD [*] during any twelve-month period; and

 

		(xii)	without prejudice to Clauses 12.11 (Mergers)
and 12.15 (Investments) and clause 11.13 (No merger etc.) of the Guarantee, the issuance of share capital
by any Group member to another Group member.

 

		13	Ship Undertakings

 

		13.1	Pooling of earnings and charters

 

The Borrower will not without
the prior written consent of the Facility Agent or SACE enter into in respect of the Ship (such consent for the purposes of paragraph
(e) of Clause 13.1 (Pooling of earnings and charters) shall not be unreasonably withheld or delayed), nor permit to
exist at any time following the Delivery Date:

 

		(a)	any pooling agreement or other arrangement for the sharing of any of the Earnings or the expenses
of the Ship except with a member of the Group and provided that it does not adversely affect the rights of the Secured Parties
under the Finance Documents in the reasonable opinion of the Facility Agent; or

 

		(b)	any demise or bareboat charter (other than the Bareboat Charter), provided however that such consent
shall not be unreasonably withheld in the event that the Borrower wishes to enter into a bareboat charter in a form approved by
the Facility Agent with another member of the Group on condition that if so requested by the Facility Agent and without limitation:

 

		(i)	any such bareboat charterer shall enter into such deeds (including but not limited to a full subordination
and assignment deed in respect of its rights under the bareboat charter and its interest in the Insurances and earnings payable
to it arising out of its use of the Ship), agreements and indemnities as the Majority Lenders and SACE shall require prior to entering
into the bareboat charter with the Borrower; and

 

		(ii)	the Borrower shall assign the benefit of any such bareboat charter and its interest in the Insurances
to the Secured Parties by way of further security for the Borrower's obligations under the Finance Documents; or

 

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		(c)	any charter whereunder two (2) months' charterhire (or the equivalent thereof) is payable
in advance in respect of the Ship; or

  

		(d)	any charter of the Ship
or employment which, with the exercise of options for extension, could be for a period longer than [*]; or

 

		(e)	any time charter of the
Ship with a company outside the Group (other than a time charter entered into in the ordinary course of business which does not
[*] provided that (x) any such time charter is assigned to the Security Trustee and (y) during the period
of such time charter, the Ship continues to be managed by the existing Approved Manager), provided however that such consent shall
not be unreasonably withheld in the event that:

 

		(i)	such time charter is assigned to the Security Trustee and the Borrower agrees to:

 

		(A)	serve a notice of assignment of any time charter, the Earnings therefrom and any guarantee of the
charterer's obligations on the time charterer and any time charter guarantor; and

 

		(B)	use commercially reasonable endeavours to obtain an acknowledgement of such assignment,

 

and each of the notice of assignment
and acknowledgement of assignment being substantially in the form appended to the General Assignment;

 

		(ii)	the Facility Agent is satisfied that the income from such time charter will be sufficient to cover
the expenses of the Ship and to service repayment of the Loan and all other amounts from time to time outstanding under this Agreement;
and

 

		(iii)	during the term of such time charter, the Ship continues to be managed by the existing Approved
Manager.

 

		13.2	Management and employment

 

The Borrower will not as from
the Delivery Date:

 

		(a)	permit any person other than an Approved Manager to be the manager of, including providing crewing
services to, the Ship, at all times acting upon terms approved in writing by the Facility Agent and having entered into (in the
case of the Approved Manager) an Approved Manager's Undertaking;

 

		(b)	permit any amendment to be made to the terms of any Management Agreement unless the amendment is
advised by the Borrower's tax counsel or is deemed necessary by the parties thereto to reflect the prevailing circumstances but
provided that the amendment does not imperil the security to be provided pursuant to the Finance Documents or adversely affect
the ability of any Obligor to perform its obligations under the Transaction Documents; or

 

		(c)	permit the Ship to be employed other than within the Norwegian Cruise Line brand unless the Borrower
notifies the Lenders that they intend to employ the Ship within another brand of the Group and the ship remains employed within
the Group.

 

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		13.3	Trading with the United States of America

  

The Borrower shall in respect
of the Ship take all reasonable precautions as from the Delivery Date to prevent any infringements of the Anti-Drug Abuse Act of
1986 of the United States of America (as the same may be amended and/or re-enacted from time to time hereafter) or any similar
legislation applicable to the Ship in any other jurisdiction in which the Ship shall trade (a "Trading Jurisdiction")
where the Ship trades in the territorial waters of the United States of America or a Trading Jurisdiction.

 

		13.4	Valuation of the Ship

 

The following shall apply in
relation to the valuation of the Ship:

 

		(a)	the Borrower will on
or before 31 May of each year that commences after the delivery of the Ship and
at annual intervals thereafter, unless an Event of Default has occurred and remains unremedied, at the Borrower's expense,
procure that the Ship is valued by an Approved Broker (such valuation to be made without taking into account the benefit or otherwise
of any fixed employment relating to the Ship);

 

		(b)	the Borrower shall procure that forthwith upon the issuance of any valuation obtained pursuant
to this Clause 13.4 (Valuation of the Ship) a copy thereof is sent directly to the Facility Agent and the Security Trustee
for review; and

 

		(c)	in the event that the Borrower fails to procure a valuation in accordance with paragraph (a) of
Clause 13.4 (Valuation of the Ship), the Facility Agent shall be entitled to procure a valuation of the Ship on the same
basis.

 

		13.5	Earnings

 

The Borrower will procure that
the Earnings (if any) are paid in full without set off and free and clear of and without deduction for any taxes, levies, duties,
imposts, charges, fees, restrictions or conditions of any nature whatsoever.

 

		13.6	Operation and maintenance of the Ship

 

From the Delivery Date until
the end of the Security Period at its own expense the Borrower will keep the Ship in a good and efficient state of repair so as
to maintain it to the highest classification notation available for the Ship of its age and type free of all recommendations and
qualifications with Bureau Veritas. On the Delivery Date and annually thereafter, it will furnish to the Facility Agent (with copy
to the Security Trustee) a statement by such classification society that such classification notation is maintained. It will comply
with all recommendations, regulations and requirements (statutory or otherwise) from time to time applicable to the Ship and shall
have on board as and when required thereby valid certificates showing compliance therewith and shall procure that all repairs to
or replacements of any damaged, worn or lost parts or equipment are carried out (both as regards workmanship and quality of materials)
so as not to diminish the value or class of the Ship. It will not make any substantial modifications or alterations to the Ship
or any part thereof which would reduce the market and commercial value of the Ship determined in accordance with Clause 13.4 (Valuation
of the Ship).

 

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		13.7	Surveys and inspections

 

The Borrower will:

 

		(a)	submit the Ship to continuous survey in respect of its machinery and hull and such other surveys
as may be required for classification purposes and, if so required by the Facility Agent, supply to the Facility Agent (with copy
to the Security Trustee) copies in English of the survey reports;

  

		(b)	permit surveyors or agents
appointed by the Facility Agent to board the Ship to inspect its condition or satisfy themselves as to repairs proposed or already
carried out and afford all proper facilities for such inspections provided that, unless an Event of Default has occurred
or there is an accident to the Ship involving repairs the cost of which will or is likely to exceed [*], such inspections
shall be limited to one a year and shall all be at reasonable times.

 

		13.8	ISM Code

 

The Borrower will comply, or
procure that the Approved Manager will comply, with the ISM Code (as the same may be amended from time to time) or any replacement
of the ISM Code (as the same may be amended from time to time) and in particular, without prejudice to the generality of the foregoing,
as and when required to do so by the ISM Code and at all times thereafter:

 

		(a)	hold, or procure that the Approved Manager holds, a valid Document of Compliance duly issued to
the Borrower or the Approved Manager (as the case may be) pursuant to the ISM Code and a valid Safety Management Certificate duly
issued to the Ship pursuant to the ISM Code;

 

		(b)	provide the Facility Agent (with copy to the Security Trustee) with copies of any such Document
of Compliance and Safety Management Certificate as soon as the same are issued; and

 

		(c)	keep, or procure that there is kept, on board the Ship a copy of any such Document of Compliance
and the original of any such Safety Management Certificate.

 

		13.9	ISPS Code

 

The Borrower will comply, or
procure that the Approved Manager will comply, with the ISPS Code (as the same may be amended from time to time) or any replacement
of the ISPS Code (as the same may be amended from time to time) and in particular, without prejudice to the generality of the foregoing,
as and when required to do so by the ISPS Code and at all times thereafter:

 

		(a)	keep, or procure that there is kept, on board the Ship the original of the International Ship Security
Certificate required by the ISPS Code; and

 

		(b)	keep, or procure that there is kept, on board the Ship a copy of the ship security plan prepared
pursuant to the ISPS Code.

 

		13.10	Annex VI

 

The Borrower will comply with
Annex VI (as the same may be amended from time to time) or any replacement of Annex VI (as the same may be amended from time to
time) and in particular, without limitation, to:

 

		(a)	procure that the Ship's master and crew are familiar with, and that the Ship complies with, Annex
VI; and

 

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		(b)	maintain for the Ship throughout the Security Period a valid and current IAPPC and provide a copy
to the Facility Agent (with copy to the Security Trustee); and

  

		(c)	notify the Facility Agent (with copy to the Security Trustee) immediately in writing of any actual
or threatened withdrawal, suspension, cancellation or modification of the IAPPC.

 

		13.11	Employment of Ship

 

The Borrower shall:

 

		(a)	not employ the Ship or permit its employment in any trade or business which is forbidden by any
applicable law or is otherwise illicit or in carrying illicit or prohibited goods or in any manner whatsoever which may render
it liable to condemnation in a prize court or to destruction, seizure or confiscation or that may expose the Ship to penalties.
In the event of hostilities in any part of the world (whether war be declared or not) it will not employ the Ship or permit its
employment in carrying any contraband goods; and

 

		(b)	promptly provide the Facility Agent (with copy to the Security Trustee) with (i) all information
which the Facility Agent may reasonably require regarding the Ship, its employment, earnings, position and engagements (ii) particulars
of all towages and salvages and (iii) copies of all charters and other contracts for its employment and otherwise concerning
it.

 

		13.12	Provision of information

 

The Borrower shall give notice
to the Facility Agent and the Security Trustee promptly and in reasonable detail upon the Borrower or any other Obligor becoming
aware of:

 

		(a)	accidents to the Ship
involving repairs the cost of which will or is likely to exceed [*];

 

		(b)	the Ship becoming or being likely to become a Total Loss;

 

		(c)	any recommendation or requirement made by any insurer or classification society or by any competent
authority which is not complied with, or cannot be complied with, within any time limit relating thereto and that might reasonably
affect the maintenance of either the Insurances or the classification of the Ship;

 

		(d)	any writ or claim served against or any arrest of the Ship or the exercise of any lien or purported
lien on the Ship, her Earnings or Insurances;

 

		(e)	the Ship ceasing to be registered under the flag of the Maritime Registry or anything which is
done or not done whereby such registration may be imperilled;

 

		(f)	it becoming impossible or unlawful for it to fulfil any of its obligations under the Finance Documents;
and

 

		(g)	anything done or permitted or not done in respect of the Ship by any person which is likely to
imperil the security created by the Finance Documents.

 

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		13.13	Payment of liabilities

 

The Borrower shall promptly pay
and discharge:

 

		(a)	all debts, damages and
liabilities, taxes, assessments, charges, fines, penalties, tolls, dues and other outgoings in respect of the Ship and keep proper
books of account in respect thereof provided always that the Borrower shall not be obliged to compromise any debts, damages and
liabilities as aforesaid which are being contested in good faith subject always that full details of any such contested debt, damage
or liability which, either individually or in aggregate exceeds [*] shall forthwith be provided to the Facility Agent (with
copy to the Security Trustee). As and when the Facility Agent may so require the Borrower will make such books available for inspection
on behalf of the Facility Agent and provide evidence satisfactory to the Facility Agent that the wages and allotments and the insurance
and pension contributions of the master and crew are being regularly paid, that all deductions of crew's wages in respect of any
tax liability are being properly accounted for and that the master has no claim for disbursements other than those incurred in
the ordinary course of trading on the voyage then in progress or completed prior to such inspection;

 

		(b)	all liabilities which have given rise, or may give rise, to liens or claims enforceable against
the Ship under the laws of all countries to whose jurisdiction the Ship may from time to time be subject and in particular the
Borrower hereby agrees to indemnify and hold the Secured Parties, their successors, assigns, directors, officers, shareholders,
employees and agents harmless from and against any and all claims, losses, liabilities, damages, expenses (including attorneys,
fees and expenses and consultant fees) and injuries of any kind whatsoever asserted against the Secured Parties, with respect to
or as a result of the presence, escape, seepage, spillage, release, leaking, discharge or migration from the Ship or other properties
owned or operated by the Borrower of any hazardous substance, including without limitation, any claims asserted or arising under
any applicable environmental, health and safety laws, codes and ordinances, and all rules and regulations promulgated thereunder
of all governmental agencies, regardless of whether or not caused by or within the control of the Borrower subject to the following:

 

		(i)	it is the parties' understanding that the Secured Parties do not now, have never and do not intend
in the future to exercise any operational control or maintenance over the Ship or any other properties and operations owned or
operated by the Borrower, nor in the past, presently, or intend in the future to, maintain an ownership interest in the Ship or
any other properties owned or operated by the Borrower except as may arise upon enforcement of the Lenders' rights under the Mortgage;

 

		(ii)	unless and until an Event of Default shall have occurred and without prejudice to the right of
each Lender to be indemnified pursuant to this paragraph (b) of Clause 13.13 (Payment of liabilities):

 

		(A)	each Lender will, if it is reasonably practicable to do so, notify the Borrower upon receiving
a claim in respect of which the relevant Lender is or may become entitled to an indemnity under this paragraph (b) of Clause
13.13 (Payment of liabilities); and

 

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		(B)	subject to the prior written approval of the relevant Lender which the Lender shall have the right
to withhold, the Borrower will be entitled to take, in the name of the relevant Lender, such action as the Borrower may see fit
to avoid, dispute, resist, appeal, compromise or defend any such claims, losses, liabilities, damages, expenses and injuries as
are referred to above in this paragraph (b) of Clause 13.13 (Payment of liabilities) or to recover the same from any
third party, subject to the Borrower first ensuring that the relevant Lender is secured to its reasonable satisfaction against
all expenses thereby incurred or to be incurred,

 

provided always that the Borrower
shall not be obliged to compromise any liabilities as aforesaid which are being contested in good faith subject always that full
details of any such contested liabilities which, either individually or in aggregate, exceed [*] shall be forthwith provided to
the Facility Agent (with copy to the Security Trustee). If the Ship is arrested or detained for any reason it will procure its
immediate release by providing bail or taking such other steps as the circumstances may require.

 

		13.14	Certificate as to liabilities

 

The Borrower shall give to the
Facility Agent (with copy to the Security Trustee) at such times as it may from time to time reasonably require a certificate,
duly signed on its behalf, as to the total amount of any debts, damages and liabilities relating to the Ship and details of such
of those debts, damages and liabilities as are over a certain amount to be specified by the Facility Agent at the relevant time
and, if so required by the Facility Agent, forthwith discharge such of those debts, damages and liabilities as the Facility Agent
shall require other than those being contested in good faith.

 

		13.15	Modifications

 

The
Borrower shall maintain the type of the Ship as at the Delivery Date and not put the Ship into the possession of any person for
the purpose of work being done on it in an amount exceeding or likely to exceed [*] unless such person shall first have
given to the Facility Agent a written undertaking addressed to the Facility Agent in terms satisfactory to the Facility Agent agreeing
not to exercise a lien on the Ship or her Earnings for the cost of such work or for any other reason (or the Borrower is able to
demonstrate to the reasonable satisfaction of the Facility Agent that the Borrower or the relevant Group company has set aside
and will have funds readily available for payment when due of the cost of the work (to the extent not fully covered by insurance
proceeds in the case of a partial loss)).

 

		13.16	Registration of Ship

 

The Borrower shall maintain the
registration of the Ship under and fly the flag of the Maritime Registry and not do or permit anything to be done whereby such
registration may be forfeited or imperilled.

 

		13.17	Environmental Law

 

The Borrower shall comply with
all Environmental Laws, obtain, maintain and ensure compliance with all requisite Environmental Approvals, and implement procedures
to monitor compliance with and to prevent liability under any Environmental Law.

 

		13.18	Notice of Mortgage

 

The Borrower shall keep the Mortgage
registered against the Ship as a valid first preferred mortgage, carry on board the Ship a certified copy of the Mortgage and place
and maintain in a conspicuous place in the navigation room and the master's cabin of the Ship a framed printed notice stating that
the Ship is mortgaged by the Borrower to the Security Trustee.

 

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		13.19	Environmental claims

 

Each Obligor shall, (through
the Guarantor), promptly upon becoming aware of the same, inform the Facility Agent in writing of:

 

		(a)	any Environmental Claim which is likely to result in a Material Adverse Effect against any member
of the Group which is current, pending or threatened; and

 

		(b)	any facts or circumstances which are reasonably likely to result in any Environmental Claim being
commenced or threatened against any member of the Group which is likely to result in a Material Adverse Effect.

 

		13.20	Trading in war zones

 

In the event of hostilities in
any part of the world (whether war is declared or not), the Borrower shall not cause or permit the Ship to enter or trade to any
zone which is declared a war zone by the Ship's war risks insurers unless:

 

		(a)	the prior written consent of the Security Trustee has been given; and

 

		(b)	the Borrower has (at its expense) effected any special, additional or modified insurance cover
which the Security Trustee may require.

 

		13.21	Poseidon Principles

 

The
Borrower shall, upon the request of the Facility Agent and at the cost of the Borrower, on or before 31st July in each calendar
year, supply to the Facility Agent all information necessary in order for the Lenders to comply with their obligations under the
Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required
to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance, in each case relating
to the Ship for the preceding calendar year provided always that, for the avoidance of doubt, such information shall be "Confidential
Information" for the purposes of Clause 33 (Confidentiality) but the Borrower acknowledges that, in accordance with
the Poseidon Principles, such information will form part of the information published regarding the Lenders' portfolio climate
alignment.

 

		14	Insurance Undertakings

 

		14.1	General

 

The undertakings in this Clause
14 (Insurance Undertakings) remain in force on and from the Delivery Date and throughout the rest of the Security Period
except as the Facility Agent may otherwise permit.

 

		14.2	Maintenance of obligatory insurances

 

The
Borrower shall insure the Ship in its name and keep the Ship insured on an agreed value basis for an amount in the currency in
which the Loan is denominated approved by the Facility Agent (acting on the instructions of the Majority Lenders) but not being
less than the greater of (x) [*] per cent. ([*]%) of the amount of the Loan; and (y) the full market and commercial
value of the Ship determined in accordance with Clause 13.4 (Valuation of the Ship) from time to time through internationally
recognised independent first class insurance companies, underwriters, war risks and protection and indemnity associations acceptable
to the Facility Agent (acting on the instruction of the Majority Lenders), acting reasonably, in each instance on terms and conditions
approved by the Facility Agent including as to deductibles but at least in respect of:

 

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		(a)	fire and marine risks including but without limitation hull and machinery and all other risks customarily
and usually covered by first-class and prudent shipowners in the global insurance markets under English or Norwegian marine policies
or Facility Agent-approved policies containing the ordinary conditions applicable to similar Ships;

 

		(b)	war risks (including terrorism, piracy, blocking and trapping and protection and indemnity war
risks) up to the insured amount;

 

		(c)	excess risks that is to say the proportion of claims for general average and salvage charges and
under the running down clause not recoverable in consequence of the value at which the Ship is assessed for the purpose of such
claims exceeding the insured value;

 

		(d)	protection and indemnity risks with full standard coverage as offered by first-class protection
and indemnity associations which are a member of the International Group of P&I Association and up to the highest limit of
liability available (for oil pollution risk the highest limit currently available is one billion Dollars ($1,000,000,000) and this
to be increased if reasonably requested by the Facility Agent and the increase is possible in accordance with the standard protection
and indemnity cover for Ships of its type and is compatible with prudent insurance practice for first class cruise shipowners or
operators in waters where the Ship trades from time to time from the Delivery Date until the end of the Security Period);

 

		(e)	when and while the Ship is laid-up, in lieu of hull insurance, normal port risks; and

 

		(f)	such other risks as the Facility Agent may from time to time reasonably require;

 

and in any event in respect of
those risks and at those levels covered by first class and prudent owners and/or financiers in the international market in respect
of similar tonnage provided that if any of such insurances are also effected in the name of any other person (other than the Borrower
and/or a Secured Party) such person shall if so required by the Facility Agent execute a first priority assignment of its interest
in such insurances in favour of the Secured Parties in similar terms mutatis mutandis to the relevant provisions of the
General Assignment.

 

		14.3	Mortgagee's interest and pollution risks insurances

 

The
Facility Agent shall take out mortgagee interest insurance on such conditions as the Facility Agent may reasonably require and
mortgagee interest insurance for pollution risks as from time to time agreed each for an amount in the currency in which the Loan
is denominated of [*] per cent. ([*]%) of the amount of the Loan, the Borrower having no interest or entitlement in respect
of such policies; the Borrower shall upon demand of the Facility Agent reimburse the Facility Agent for the costs of effecting
and/or maintaining any such insurance(s).

 

		14.4	Trading in the United States of America

 

If the Ship shall trade in the
United States of America and/or the Exclusive Economic Zone of the United States of America (the "EEZ") as such
term is defined in the US Oil Pollution Act 1990 ("OPA"), to comply strictly with the requirements of OPA and
any similar legislation which may from time to time be enacted in any jurisdiction in which the Ship presently trades or may or
will trade at any time during the existence of this Agreement and in particular before such trade is commenced and during the entire
period during which such trade is carried on:

 

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		(a)	to pay any additional premiums required to maintain full standard protection and indemnity cover
for oil pollution up to the highest limit available to it for the Ship in the market;

 

		(b)	to make all such quarterly or other voyage declarations as may from time to time be required by
the Ship's protection and indemnity association and to comply with all obligations in order to maintain such cover, and promptly
to deliver to the Facility Agent (with copy to the Security Trustee) copies of such declarations;

 

		(c)	to submit the Ship to such additional periodic, classification, structural or other surveys which
may be required by the Ship's protection and indemnity insurers to maintain cover for such trade and promptly to deliver to the
Facility Agent copies of reports made in respect of such surveys;

 

		(d)	to implement any recommendations contained in the reports issued following the surveys referred
to in paragraph (c) of Clause 14.4 (Trading in the United States of America) within the time limit specified therein
and to provide evidence satisfactory to the Facility Agent that the protection and indemnity insurers are satisfied that this has
been done;

 

		(e)	in particular strictly to comply with the requirements of any applicable law, convention, regulation,
proclamation or order with regard to financial responsibility for liabilities imposed on the Borrower or the Ship with respect
to pollution by any state or nation or political subdivision thereof, including but not limited to OPA, and to provide the Facility
Agent on demand with such information or evidence as it may reasonably require of such compliance;

 

		(f)	to procure that the protection and indemnity insurances do not contain a clause excluding the Ship
from trading in waters of the United States of America and the EEZ or any other provision analogous thereto and to provide the
Facility Agent with evidence that this is so; and

 

		(g)	strictly to comply with any operational or structural regulations issued from time to time by any
relevant authorities under OPA so that at all times the Ship falls within the provisions which limit strict liability under OPA
for oil pollution.

 

		14.5	Protections for Secured Parties

 

		(a)	The Borrower shall give notice forthwith of any assignment of its interest in the Insurances to
the relevant brokers, insurance companies, underwriters and/or associations in the form approved by the Facility Agent.

 

		(b)	The Borrower shall execute and deliver all such documents and do all such things as may be necessary
to confer upon the Secured Parties legal title to the Insurances in respect of the Ship and to procure that the interest of the
Secured Parties is at all times filed with all slips, cover notes, policies and certificates of entry and to procure (a) that
a loss payable clause in the form approved by the Facility Agent shall be filed with all the hull, machinery and equipment and
war risks policies in respect of the Ship and (b) that a loss payable clause in the form approved by the Facility Agent shall
be endorsed upon the protection and indemnity certificates of entry in respect of the Ship.

 

		(c)	In the event of the Borrower making default in insuring and keeping insured the Ship as hereinbefore
provided then the Facility Agent may (but shall not be bound to) insure the Ship or enter the Ship in such manner and to such extent
as the Facility Agent in its discretion thinks fit and in such case all the cost of effecting and maintaining such insurance together
with interest thereon at the interest rate shall be paid on demand by the Borrower to the Facility Agent.

 

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		14.6	Copies of policies; letters of undertaking

 

The Borrower will procure that
each of the relevant brokers and associations furnishes the Facility Agent with a letter of undertaking in the standard form available
in the relevant insurance market or otherwise in such form as may be required by the Facility Agent and waives any lien for premiums
or calls except in relation to premiums or calls solely attributable to the Ship.

 

		14.7	Payment of premiums

 

The Borrower shall punctually
pay all premiums, calls, contributions or other sums payable in respect of the Insurances on the Ship and to produce all relevant
receipts when so required by the Facility Agent.

 

		14.8	Renewal of obligatory insurances

 

The Borrower shall notify the
Facility Agent (with copy to the Security Trustee) of the renewal of the obligatory insurances at least five (5) days before
the expiry thereof and shall procure that the relevant brokers or associations shall promptly confirm in writing to the Facility
Agent (with copy to the Security Trustee) that such renewal is effected, it being understood by the Borrower that any failure to
renew the Insurances on the Ship at least two (2) days before the expiry thereof or to give or procure the relevant notices
of such renewal shall constitute an Event of Default.

 

		14.9	Guarantees

 

The Borrower shall arrange for
the execution of such guarantees as may from time to time be required by any protection and indemnity and/or war risks association.

 

		14.10	Provision of insurances information

 

The Borrower will furnish the
Facility Agent (with copy to the Security Trustee) from time to time on request with full information about all Insurances maintained
on the Ship and the names of the offices, companies, underwriters, associations or clubs with which such Insurances are placed.

 

		14.11	Alteration to terms of insurances

 

The Borrower shall not make or
agree to any variation in the terms of any of the Insurances on the Ship without the prior approval of the Facility Agent nor to
do any act or voluntarily suffer or permit any act to be done whereby any Insurances shall or may be rendered invalid, void, voidable,
suspended, defeated or unenforceable and not to suffer or permit the Ship to engage in any voyage nor to carry any cargo not permitted
under any of the Insurances without first obtaining the consent of the insurers or reinsurers concerned and complying with such
requirements as to payment of extra premiums or otherwise as the insurers or reinsurers may impose.

 

		14.12	Settlement of claims

 

The
Borrower shall not settle, compromise or abandon any claim in respect of any of the Insurances on the Ship other than a claim of
less than [*] Dollars ($[*]) or the equivalent in any other currency and not being a claim arising out of a Total Loss.

 

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		14.13	Application of insurance proceeds

 

The Borrower shall apply or ensure
the appliance of all such sums receivable in respect of the Insurances on the Ship for the purpose of making good the loss and
fully repairing all damage in respect whereof the insurance monies shall have been received.

 

		14.14	Insurance advisers

 

The Facility Agent shall be entitled,
immediately prior to the Delivery Date and thereafter no more frequently than annually on renewals but also additionally at any
time when there is a proposed change of underwriters or the terms of any Insurances, to instruct independent reputable insurance
advisers for the purpose of obtaining any advice or information regarding any matter concerning the Insurances which the Facility
Agent shall deem necessary, it being hereby specifically agreed that the Borrower shall reimburse the Facility Agent on demand
for the costs and expenses incurred by the Facility Agent in connection with the instruction of such advisers subject to a limit
of ten thousand Dollars ($10,000) at the time of delivery of the Ship or in the event of a change of underwriters or of terms of
any Insurances and otherwise ten thousand Dollars ($10,000) annually thereafter.

 

		15	Security Value Maintenance

 

		15.1	Security Shortfall

 

If, upon receipt of a valuation
of the Ship in accordance with Clause 13.4 (Valuation of the Ship), the Security Value shall be less than the Security Requirement,
the Facility Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless
the Ship has become a Total Loss) either:

 

		(a)	prepay within a period of 30 days of the date of receipt by the Borrower of the Facility Agent's
said notice such sum in 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 Facility Agent's said notice constitute
to the reasonable satisfaction of the Facility Agent such further security for the Loan as shall be reasonably acceptable to the
Facility Agent having a value for security purposes (as determined by the Facility Agent in its absolute discretion) at the date
upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Security
Requirement as at such date.

 

Clauses 15.2 (Costs) and
15.4 (Documents and evidence) and paragraph (c) of Clause 16.2 (Voluntary prepayment) shall apply to prepayments
under paragraph (a) of Clause 15.1 (Security Shortfall).

 

		15.2	Costs

 

All costs in connection with
the Facility Agent obtaining any valuation of the Ship referred to in Clause 13.4 (Valuation of the Ship), and obtaining
any valuation either of any additional security for the purposes of ascertaining the Security Value at any time or necessitated
by the Borrower electing to constitute additional security pursuant to paragraph (b) of Clause 15.1 (Security Shortfall)
shall be borne by the Borrower.

 

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		15.3	Valuation of additional security

 

For the purpose of this Clause
15 (Security Value Maintenance), the market value of any additional security provided or to be provided to the Facility
Agent and/or the Security Trustee shall be determined by the Facility Agent and the Security Trustee in their absolute discretion
without any necessity for the Facility Agent or the Security Trustee assigning any reason thereto.

 

		15.4	Documents and evidence

 

In connection with any additional
security provided in accordance with this Clause 15 (Security Value Maintenance), the Facility Agent shall be entitled to
receive such evidence and documents of the kind referred to in Clause 3 (Conditions Precedent) in respect of other Finance
Documents as may in the Facility Agent's opinion be appropriate.

 

		15.5	Valuations binding

 

Any valuation under this Clause
15 (Security Value Maintenance) shall be binding and conclusive as regards the Borrower.

 

		15.6	Provision of information

 

		(a)	The Borrower shall promptly provide the Facility Agent (with copy to the Security Trustee) and
any shipbroker acting under this Clause 15 (Security Value Maintenance) with any information which the Facility Agent or
the shipbroker may reasonably request for the purposes of the valuation.

 

		(b)	If the Borrower fails to provide the information referred to in paragraph (a) above by the
date specified in the request, the valuation may be made on any basis and assumptions which the shipbroker or the Facility Agent
considers prudent.

 

		16	Cancellation, Prepayment and Mandatory Prepayment

 

		16.1	Cancellation

 

		(a)	Subject to paragraph
(b) below, at any time between the Effective Date and prior to the end of the Availability Period, the Borrower may give notice
to the Facility Agent in writing that it wishes to cancel the whole or any part of the available Commitments whereupon (without
penalty to the Borrower but without prejudice to any liabilities of the Borrower including, without limitation, in respect of fees
payable or accrued under this Agreement, arising on or prior to the date of such cancellation) such available Commitments shall
terminate upon the date specified in such notice. Any cancellation under this paragraph
(a) of Clause 16.1(a) 16.1
shall reduce the remaining Commitments of the Lenders rateably.

 

		(b)	If the SBC Effective Date has not occurred by 31 January 2019, then at any time thereafter,
the Borrower may, by written notice (signed by the Borrower, the Member and the Guarantor) to the Facility Agent, terminate this
Agreement and the other Finance Documents and, except for this Clause, Clause 10.11 (Transaction Costs), Clause 33 (Confidentiality)
and the Fee Letter in relation to the Structuring Fee, this Agreement and the other Finance Documents shall, with effect from such
termination, be null and void and no party nor any of its respective parents, subsidiaries, affiliates, officers or employees of
any of the foregoing shall have any further liability or obligation whatsoever (including payment of fees and expenses other than
in respect of fees payable or accrued under this Agreement, arising on or prior to the date of such termination) under or in connection
with this Agreement and/or any other Finance Document or their termination and clause 4(c) of the Fee Letter in relation to
the Structuring Fee shall apply.

 

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		16.2	Voluntary prepayment

 

		(a)	The Borrower may prepay all or part of the Loan (but if in part being an amount that reduces the
Loan by a minimum amount of one (1) repayment instalment of principal of the Loan) together with interest thereon. Such prepayment
shall, regardless of the date on which such prepayment is made, be made together with all of the amounts that SIMEST is entitled
to charge, whether for taxes, costs, expenses, indemnities, penalties, losses or liabilities whatsoever, under and in accordance
with the Interest Make-up Agreement and Clause 20.2 (Breakage costs and SIMEST arrangements) but without any other penalty
provided that the prepayment is made on the last day of an Interest Period and thirty-five (35) days prior written notice indicating
the intended date of prepayment is given to the Facility Agent and the SACE Agent. However, the following amounts shall be payable
to the Facility Agent if any prepayment made pursuant to this Clause 16.2 (Voluntary prepayment) is not made on the last
day of an Interest Period:

 

		(i)	for the account of the Lenders, whether the Borrower elected a Floating Interest Rate or a Fixed
Interest Rate pursuant to Clause 6.1 (Fixed or Floating Interest Rate), the difference (if positive), calculated by the
Lenders and notified by them to the Facility Agent, between the actual cost for the Lenders of the funding for the Loan and the
rate of interest for the monies to be invested by the Lenders, applied to the amounts so prepaid for the period from the said prepayment
until the last day of the Interest Period during which the prepayment occurs (if prepayment does not occur on the last day of that
Interest Period), details of any such calculation being supplied to the Borrower by the Facility Agent on behalf of the Lenders;
or

 

		(ii)	for the account of SIMEST, if the Borrower elected a Fixed Interest Rate pursuant to Clause 6.1
(Fixed or Floating Interest Rate), the sum of charges (if any) imposed by SIMEST representing funding or breakage costs
of the Italian Authorities as more specifically set out in Clause 20 (Indemnities).

 

		(b)	For the avoidance of doubt, regardless of the date on which a voluntary prepayment is made, such
prepayment shall be paid together with all amounts payable in accordance with Clause 20.2 (Breakage costs and SIMEST arrangements)
and if a voluntary prepayment is made other than on the last day of an Interest Period, the prepayment shall be paid together with
such other amounts payable in accordance with Clauses 20.1 (Indemnities regarding borrowing and repayment of Loan) and 20.2
(Breakage costs and SIMEST arrangements).

 

		(c)	If the Borrower has selected the Fixed Interest Rate pursuant to Clause 6.1 (Fixed or Floating
Interest Rate), the SACE Agent shall give SIMEST thirty (30) days written notice of the intended date of prepayment.

 

		16.3	Mandatory prepayment – Sale and Total Loss

 

The Borrower shall be obliged
to prepay the whole of the Loan if the Ship is sold (without prejudice to Clause 12.9 (Disposals)) or becomes a Total Loss:

 

		(a)	in the case of a sale, on or before the date on which the sale is completed by delivery of the
Ship to the buyer; or

 

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		(b)	in the case of a Total Loss, on the earlier of the date falling 120 days after the Total Loss Date
and the date of receipt by the Facility Agent or the Security Trustee (as the case may be) of the proceeds of insurance relating
to such Total Loss.

 

		16.4	Mandatory prepayment – SACE Insurance Policy

 

		(a)	The Borrower shall be obliged to prepay the whole of the Loan if it is or becomes unlawful for
SACE to perform or comply with any or all of its payment obligations pursuant to the SACE Insurance Policy, if the SACE Insurance
Policy is revoked, rescinded, cancelled, terminated, suspended or otherwise becomes unenforceable or ceases to be valid, binding
or in full force and effect.

 

		(b)	In the event that any
other event occurs or any other circumstances arise or develop which would have a material adverse effect on SACE's ability to
perform its obligations under the SACE Insurance Policy, the Borrower and the Lenders shall, provided that no Event of Default
has occurred and is continuing, negotiate in good faith for a period of not less than 30 days with a view to agreeing such revised
terms and conditions as the Lenders may require to enable the Lenders to maintain the entire Loan (and during such 30 day period,
no Lender shall be obliged to make available to the Borrower their portion of the Loan to the extent such amounts have not already
been drawn). In the event that following such negotiations the Borrower and the Lenders fail to agree on such revised terms, the
Borrower shall be obliged to prepay, on demand by the Facility Agent, the outstanding principal amount of the Loan to the extent
of the amount covered pursuant to the SACE Insurance Policy. If, during the period while negotiations are on-going pursuant to
this paragraph (b) (a) of
Clause 16.4 (Mandatory prepayment – SACE Insurance Policy) the events described in paragraph (b) of Clause 16.4
(Mandatory prepayment – SACE Insurance Policy) should occur, the Borrower shall be obliged to prepay the Loan in full
as required by paragraph (a) of Clause 16.4 (Mandatory prepayment – SACE Insurance Policy).

 

		16.5	Breach of new covenants or the Principles

 

		(a)	Failure to comply, until the end of the Deferral
Period, with the provisions of Clause 12.17 (Dividends and dividend restriction) and Clause 12.28 (New capital raises
or financing) or the provisions of paragraph (f) of clause 11.3 (Additional financial reporting), paragraph (c) of
clause 11.17 (Dividend restriction), clause 11.19 (New capital raises or financing) and clause 11.20 (Payments
under the Shipbuilding contacts) of the Guarantee, or to otherwise duly perform and observe the other requirements and obligations
set out in the Principles shall, in each case, not constitute an Event of Default under this Agreement but (in the case of any
failure that is capable of remedy (in the opinion of the Facility Agent, at its sole discretion) including any failure to comply
with such provisions, only if such failure is not remedied within the Relevant Period pursuant to Clause 18.4 (Breach of other
obligations) from the date of such failure to comply) shall result in the reinstatement by the Facility Agent from the date
of such breach of the requirement to comply with the financial covenants set out in paragraphs (b) and (c) of clause
11.15 (Financial covenants) of the Guarantee which was otherwise suspended during the Deferral Period.

 

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		(b)	Save as permitted by Clause 12.28 (New capital
raises or financing), if at any time after the 2021 Deferral Effective Date:

 

		(i)	the Guarantor or any other Group member enters into
any financial contract or financial document relating to any Financial Indebtedness and which contains any debt deferral or covenant
waivers of existing debt, or the raising of any new debt intended to reimburse existing debt that benefits from additional security
or more favourable terms than those available to the Lenders (unless they are granted to the Lenders on a pari passu basis),
the requirement to comply with the financial covenants set out in paragraphs (b) and (c) of clause 11.15 (Financial
covenants) of the Guarantee which was otherwise suspended during the Deferral Period shall be reinstated; or

 

		(ii)	the Guarantor or any other Group member makes a prepayment
(save for any mandatory prepayment necessary to avoid an event of default (however defined)) of any Financial Indebtedness (unless
this is done on a pari passu basis with the obligations owed to the Lenders hereunder), the requirement to comply with the
financial covenants set out in paragraphs (b) and (c) of clause 11.15 (Financial covenants) of the Guarantee which
was otherwise suspended during the Deferral Period shall be reinstated.

 

		16.6	16.5 Other amounts

 

Any prepayment of the whole of
the Loan shall be made together with all other sums due under this Agreement (including, without limitation, the compensation calculated
in accordance with Clause 16.2 (Voluntary prepayment)).

 

		16.7	16.6 Application of partial prepayment

 

Amounts prepaid shall be applied
in accordance with paragraph (b) of Clause 19.1 (Receipts).

 

		16.8	16.7 No reborrowing

 

Amounts prepaid may not be reborrowed.

 

		17	Interest on Late Payments

 

		17.1	Default rate of interest

 

Without prejudice to the provisions
of Clause 18 (Events of Default) and without this Clause in any way constituting a waiver of terms of payment, all sums
due by the Borrower under this Agreement will automatically bear interest on a day to day basis from the date when they are payable
until the date of actual payment at a rate per annum equal to the higher of:

 

		(a)	where the Floating Interest Rate is applicable, the aggregate of:

 

		(i)	Overnight LIBOR;

 

		(ii)	the applicable Margin; and

 

		(iii)	[*] per cent. ([*]% p.a.)
per annum; or

 

		(b)	where the Fixed Interest Rate is applicable, the higher of:

 

		(i)	the Fixed Interest Rate
plus [*] per cent. ([*]% p.a.) per annum; and

 

		(ii)	Overnight LIBOR plus
the applicable Margin plus [*] per cent. ([*]% p.a.)
per annum.

 

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		17.2	Compounding of default interest

 

To the extent permitted by applicable
law, any such interest will itself bear interest at the above rate if it is due for at least three (3) months and thereafter
at three monthly intervals.

 

		18	Events of Default

 

		18.1	Events of Default

 

An Event of Default occurs if
any of the events or circumstances described in Clauses 18.2 (Non-payment) to 18.20 (Material Adverse Change) occur.

 

		18.2	Non-payment

 

Any Obligor fails to pay when
due or (if so payable) on demand any sum payable under a Finance Document or under any document relating to a Finance Document
and such failure is not remedied within three (3) Business Days of the due date or (if payable on demand) within three (3) Business
Days of receiving the demand.

 

		18.3	Non-remediable breaches

 

The Borrower fails to comply
with the provisions of Clauses 12.4 (Sanctions and Illicit payments), 12.5 (Prohibited payments) 12.8 (Negative
pledge), 12.9 (Disposals), 12.11 (Mergers) or 12.18 (Loans and guarantees by the Borrower).

 

		18.4	Breach of other obligations

 

		(a)	Any Obligor fails to
comply with any provision of any Finance Document (other than a failure to comply covered by any of the other provisions of Clauses
18.2 (Non-payment) to 18.20 (Material Adverse Change)) and in particular but without limitation the Guarantor fails
to comply with the provisions of clause 11 (Undertakings) of its Guarantee or there is any material breach in the opinion
of the Majority Lenders and SACE of any of the Underlying Documents provided that (save in respect of Clause 12.27 (Code of
Ethics and Model)) no Event of Default shall be deemed to have occurred if, in the opinion of the Majority Lenders and SACE,
such failure or material breach is capable of remedy and is remedied within the Relevant Period (as defined below) from the date
of its occurrence, if the failure or material breach was known to that Obligor, or from the date the relevant Obligor is notified
by the Facility Agent of the failure or material breach, if the failure or material breach was not known to that Obligor, unless
in any such case as aforesaid the Majority Lenders and SACE consider that the failure or material breach is or could reasonably
be expected to become materially prejudicial to the interests, rights or position of the Lenders, "Relevant Period"
meaning for the purposes of this Clause fifteen (15) days in respect of a remedy period commencing after the date of thisthe
Original Facility Agreement.

 

		(b)	There is a repudiation or termination of any Transaction Document (save for the Shipbuilding Contract
and, to the extent replaced, any Management Agreement and any charter) or any of the parties thereto becomes entitled to terminate
or repudiate any of them and evidences an intention so to do.

 

		18.5	Misrepresentation

 

Any representation, warranty
or statement made or repeated in, or in connection with, any Transaction Document or the SACE Insurance Policy or in any accounts,
certificate, statement or opinion delivered by or on behalf of any Obligor thereunder or in connection therewith is materially
incorrect or misleading when made or would, if repeated at any time hereafter by reference to the facts subsisting at such time,
no longer be materially correct.

 

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		18.6	Cross default

 

		(a)	Any event of default occurs under any financial contract or financial document relating to any
Financial Indebtedness of the Borrower.

 

		(b)	Any such Financial Indebtedness or any sum payable in respect thereof is not paid when due (after
the expiry of any applicable grace period(s)) whether by acceleration or otherwise.

 

		(c)	Any other Financial Indebtedness
of any member of the Group is not paid when due or is or becomes capable of being declared due prematurely by reason of default
or any Security Interest securing the same becomes enforceable by reason of default provided that no Event of Default will arise
if the aggregate amount of the relevant Financial Indebtedness and liabilities secured by the relevant Security Interests is less
than [*] Dollars ($[*]) or its equivalent in other currencies.;
or

 

		(d)	Any other Security Interest
over any assets of any member of the Group securing any alleged liability that does not qualify as Financial Indebtedness becomes
enforceable where the alleged liability is in respect of a sum of, or sum aggregating, [*] Dollars ($[*]) or its equivalent
in other currencies, unless the alleged liability is being contested in good faith by appropriate means by the relevant Group member
and the Facility Agent is reasonably satisfied that the relevant member of the Group has reasonable grounds for succeeding in its
action.;

 

		(e)	No Event of Default will occur, or be deemed to have
occurred, under this Clause 18.6 (Cross default) if such Event of Default occurs during the Deferral Period (but without
prejudice to the rights of the Lenders in respect of any further breach that may occur following the expiry of the Deferral Period)
and is caused solely as a result of a breach of the financial covenants in respect of the Group equivalent to those set out in
paragraphs (b) and (c) of clause 11.15 (Financial Covenants) of the Guarantee, under, or in relation to, any other
SACE-backed facility agreement to which a Guarantor is a Party or has executed a guarantee and to which the Principles apply, unless
at the time of such Event of Default, an event resulting in mandatory prepayment of the Loan pursuant to Clause 16.3 (Mandatory
prepayment – sale and total loss) or Clause 16.4 (Mandatory prepayment – SACE insurance policy) has occurred.

 

		18.7	Winding-up

 

Any order is made or an effective
resolution passed or other action taken for the suspension of payments or reorganisation, dissolution, termination of existence,
liquidation, winding-up or bankruptcy of any Obligor.

 

		18.8	Appointment of liquidators etc.

 

A liquidator, trustee, administrator,
receiver, administrative receiver, manager or similar officer is appointed in respect of any Obligor or in respect of all or any
substantial part of the assets of any Obligor.

 

		18.9	Enforcement of any security

 

Any corporate action, legal proceeding
or other procedure or step is taken in relation to enforcement of any security interests over any assets of the Borrower.

 

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		18.10	Insolvency

 

		(a)	An Obligor is unable or admits inability to pay its debts as they fall due, is deemed to or declared
to be unable to pay its debts under applicable law, suspends or threatens to suspend making payments on any of its debts.

 

		(b)	The value of the assets of any Obligor is less than its liabilities (taking into account contingent
liabilities).

 

		(c)	A moratorium in respect of all or any debts of any Obligor or a compromise, composition, assignment
or an arrangement with creditors of any Obligor or any similar proceeding or arrangement by which the assets of any Obligor are
submitted to the control of its creditors is applied for, ordered or declared or any Obligor commences negotiations with any one
or more of its creditors with a view to the general readjustment or rescheduling of all or a significant part of its Financial
Indebtedness. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

 

		18.11	Legal process

 

Any
corporate action, legal proceeding, distress, execution, attachment or other process affects the whole or any substantial part
of the assets of any Obligor and remains undischarged for a period of thirty (30) days, any step is taken in relation to enforcement
of any security interests over any assets of any Obligor (other than the Borrower) or any uninsured judgment which, in each case,
is in excess of [*] Dollars ($[*]) following final appeal, remains unsatisfied for a period of ten (10) days.

 

		18.12	Analogous events

 

Anything analogous to or having
a substantially similar effect to any of the events specified in Clauses 18.7 (Winding-up) to 18.11 (Legal process)
shall occur under the laws of any applicable jurisdiction.

 

		18.13	Cessation of business

 

Any Obligor ceases to carry on
all or a substantial part of its business.

 

		18.14	Revocation of consents

 

Any authorisation, approval,
consent, licence, exemption, filing, registration or notarisation or other requirement necessary to enable any Obligor to comply
with any of its obligations under any of the Transaction Documents is materially adversely modified, revoked or withheld or does
not remain in full force and effect and within ninety (90) days of the date of its occurrence such event is not remedied to the
satisfaction of the Facility Agent consider that such failure is or might be expected to become materially prejudicial to the interests,
rights or position of the Lenders provided that the Borrower shall not be entitled to the aforesaid ninety (90) day period if the
modification, revocation or withholding of the authorisation, approval or consent is due to an act or omission of any Obligor and
the Majority Lenders and SACE are satisfied that the Lenders' interests might reasonably be expected to be materially adversely
affected.

 

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		18.15	Unlawfulness

 

At any time it is unlawful or
impossible for any Obligor to perform any of its material (to the Secured Parties or any of them) obligations under any Transaction
Document to which it is a party or it is unlawful or impossible for the Secured Parties or any Lender to exercise any of their
or its rights under any of the Transaction Documents provided that no Event of Default shall be deemed to have occurred where the
unlawfulness or impossibility does not relate to the payment obligation of any Obligor under any Transaction Document and is cured
within the period of twenty one (21) days of the date of occurrence of the event giving rise to the unlawfulness or impossibility
and the affected Obligor performs its obligation within such period.

 

		18.16	Insurances

 

The Borrower fails to insure
the Ship in the manner specified in Clause 14 (Insurance Undertakings) or fails to renew the Insurances at least five (5) days
prior to the date of expiry thereof and produce prompt confirmation of such renewal to the Facility Agent provided that if the
insurers withdraw their cover an Event of Default shall be deemed to have occurred upon issue of the insurer's notice of withdrawal.

 

		18.17	Disposals

 

If the Borrower or any other
Obligor shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder,
delay or defraud its creditors or any of them, or made or suffered a transfer of any of its property which may be fraudulent under
any bankruptcy, fraudulent conveyance or similar law, or shall have made any transfer of its property to or for the benefit of
a creditor with the intention of preferring such creditor over any other creditor.

 

		18.18	Prejudice to security

 

Anything is done or suffered
or omitted to be done by any Obligor which in the reasonable opinion of the Facility Agent would or might be expected to imperil
the security created by any of the Finance Documents.

 

		18.19	Governmental intervention

 

The authority of any Obligor
in the conduct of its business is wholly or substantially curtailed by any seizure or intervention by or on behalf of any authority
and within ninety (90) days of the date of its occurrence any such seizure or intervention is not relinquished or withdrawn and
the Facility Agent reasonably considers that the relevant occurrence is or might be expected to become materially prejudicial to
the interests, rights or position of the Lenders provided that the Borrower shall not be entitled to the aforesaid ninety (90)
day period if the seizure or intervention executed by any authority is due to an act or omission of any Obligor and the Majority
Lenders and SACE are satisfied that the Lenders' interest might reasonably be expected to be materially adversely affected.

 

		18.20	Material Adverse Change

 

		(a)	Any event or circumstance occurs which results in a Material Adverse Effect.

 

		(b)	Any event or circumstance occurs (including, without limitation, following the sending of a notice
by the Borrower under paragraph (c) of Clause 12.27 (Code of Ethics and Model)), which results in a material adverse
effect on the ability of the Borrower, also under an economic and/or financial standpoint, to perform its obligations under this
Agreement.

 

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		18.21	Actions following an Event of Default

 

On, or at any time after, the
occurrence of an Event of Default the Facility Agent may, and if so instructed by the Majority Lenders and SACE (acting through
the SACE Agent), the Facility Agent shall:

 

		(a)	serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender
to the Borrower under this Agreement are terminated; and/or

 

		(b)	serve on the Borrower a notice stating that the Loan (including but without limitation the amount
representing the financed First Instalment and Second Instalment of the SACE Premium), all accrued interest and all other amounts
accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or

 

		(c)	take any other action which, as a result of the Event of Default or any notice served under paragraph
(a) or (b), the Facility Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.

 

		18.22	Termination of Commitments

 

On the service of a notice under
paragraph (a) of Clause 18.21 (Actions following an Event of Default), the Commitments and all other obligations of
each Lender to the Borrower under this Agreement shall terminate.

 

		18.23	Acceleration of Loan

 

On the service of a notice under
paragraph (b) of Clause 18.21 (Actions following an Event of Default), the Loan, all accrued interest and all other
amounts accrued or owing from the Borrower or any Obligor under this Agreement and every other Finance Document shall become immediately
due and payable or, as the case may be, payable on demand.

 

		18.24	Further amounts payable

 

Upon an acceleration of repayment
of the Loan following an Event of Default the Borrower shall be liable to pay compensation calculated in accordance with Clause
16.2 (Voluntary prepayment).

 

		18.25	Multiple notices; action without notice

 

The Facility Agent may serve
notices under paragraphs (a) and (b) of Clause 18.21 (Actions following an Event of Default) simultaneously or
on different dates and it may take any action referred to in paragraph (c) of Clause 18.21 (Actions following an Event
of Default) if no such notice is served simultaneously with or at any time after the service of both or either of such notices.

 

		18.26	Notification of Secured Parties and Obligors

 

The Facility Agent shall send
to the Italian Authorities, each Lender and each Obligor a copy or the text of any notice which the Facility Agent serves on the
Borrower under Clause 18.21 (Actions following an Event of Default); but the notice shall become effective when it
is served on the Borrower, and no failure or delay by the Facility Agent to send a copy or the text of the notice to any other
person shall invalidate the notice or provide any Obligor with any form of claim or defence.

 

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		18.27	Lender's rights unimpaired

 

Nothing in this Clause 18 (Events
of Default) shall be taken to impair or restrict the exercise of any right given to individual Lenders under a Finance Document
or the general law; and, in particular, this Clause is without prejudice to Clauses 2.4 (Creditor Parties' rights and obligations)
and 2.6 (Obligations of Lenders several).

 

		18.28	Exclusion of Secured Party liability

 

No Secured Party, and no receiver
or manager appointed by the Facility Agent, shall have any liability to an Obligor:

 

		(a)	for any loss caused by an exercise of rights under, or enforcement of a Security Interest created
by, a Finance Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or

 

		(b)	as mortgagee in possession or otherwise, for any income or principal amount which might have been
produced by or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the value
of such an asset.

 

		19	Application of Sums Received

 

		19.1	Receipts

 

		(a)	Except as any Finance Document may otherwise provide, all sums received under this Agreement or
any other Finance Document by the Facility Agent, on behalf of the Lenders, the SACE Agent, the Security Trustee, Receiver, Delegate
or by any of the Lenders for any reason whatsoever will be applied in the following order of priority:

 

		(i)	first, in discharging any unpaid fees, costs and expenses of, and any amounts owed to the Facility
Agent, SACE Agent, Security Trustee, any Receiver or any Delegate on a pro rata basis;

 

		(ii)	second, to payments of any kind due or in arrears in the order of their due payment dates due to
the Lenders and Joint Mandated Lead Arrangers in the following order of priority:

 

		(A)	first, to interest payable pursuant to Clause 17 (Interest on Late Payments);

 

		(B)	second, to interest payable pursuant to Clause 6 (Interest);

 

		(C)	third, to the principal of the Loan payable pursuant to Clause 5 (Repayment);

 

		(D)	fourth, to any sums due pursuant to Clause 20.2 (Breakage costs and SIMEST arrangements);
and

 

		(E)	fifth, to any other sums due under this Agreement or any other Finance Document,

 

and,
if relevant, payments under sub-paragraphs
(a)(ii)(A) to (a)(ii)(E)of
sub-paragraph (ii) of paragraph (a) to sub-paragraph (E) of sub-paragraph (ii) of paragraph (a) above,
shall be made pro rata to each of the Lenders and Joint Mandated Lead Arrangers as applicable.

 

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		(b)	if no payments are in arrears or if these payments have been discharged as set out above, then
and to sums remaining due under this Agreement or any other Finance Document and, if relevant, pro rata to each of the Lenders
and in each case in inverse order of maturity, the interest being recalculated accordingly.

 

		(c)	The Facility Agent shall,
if so directed by the Lenders and subject to SACE's prior written consent, vary the order set out in paragraphs
sub-paragraph (a)(ii)(A) to
(a)(ii)(D)of sub-paragraph (a)(ii) of paragraph
(a) to sub-paragraph (D) of sub-paragraph (a)(ii) of paragraph (a) above.

 

		(d)	Paragraphs (a), (b) and (c) above will override any appropriation made by an Obligor.

 

		20	Indemnities

 

		20.1	Indemnities regarding borrowing and repayment of Loan

 

		(a)	The Borrower shall fully indemnify the Facility Agent, SACE Agent, Security Trustee, any Delegate,
any Receiver, each Lender, SACE and SIMEST (but without double counting to the extent that a Lender is making a claim in respect
of amounts owing to SIMEST) on the Facility Agent's demand in respect of all costs, claims, expenses, liabilities and losses which
are made or brought against or incurred by that Secured Party, or which that Secured Party reasonably and with due diligence estimates
that it will incur, as a result of or in connection with:

 

		(i)	the Loan not being borrowed on the date specified in the Drawdown Notice for any reason other than
a default by the Lender claiming the indemnity;

 

		(ii)	the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the
last day of an Interest Period or other relevant period;

 

		(iii)	any failure (for whatever reason) by the Borrower to comply with its obligations to make payment
of any amount due under a Finance Document on the due date or, if so payable, on demand (after giving credit for any default interest
paid by the Borrower on the amount concerned under Clause 17 (Interest on Late Payments));

 

		(iv)	the occurrence and/or continuance of an Event of Default and/or the acceleration of repayment of
the Loan under Clause 18 (Events of Default);

 

		(v)	the taking, holding, protection or enforcement of a Security Interest;

 

		(vi)	the exercise of any of the rights, powers, discretions, authorities and remedies vested in the
Security Trustee, each Receiver and each Delegate by a Finance Document or by law;

 

		(vii)	any default by any Obligor in the performance of any of the obligations expressed to be assumed
by it in the Finance Documents; and

 

		(viii)	acting as Facility Agent, SACE Agent, Security Trustee, Receiver or Delegate under the Finance
Documents or which otherwise relates to any of the Security Interests or Security Property (otherwise, in each case, excluding
sub-paragraphs (v) and (vi) above, than by reason of the relevant Facility Agent's, Security Trustee's, Receiver's or
Delegate's Gross Negligence or wilful misconduct).

 

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		(b)	The Security Trustee and every Receiver and Delegate may, in priority to any payment to the Secured
Parties, indemnify itself out of the Security Property in respect of, and pay and retain, all sums necessary to give effect to
the indemnity in this Clause 20.1 (Indemnities regarding borrowing and repayment of Loan) and shall have a lien on the Security
Interests and the proceeds of the enforcement of the Security Interests for all moneys payable to it.

 

		20.2	Breakage costs and SIMEST arrangements

 

Without limiting its generality,
Clause 20.1 (Indemnities regarding borrowing and repayment of Loan) covers:

 

		(a)	any claim, expense, liability or loss, including a loss of a prospective profit, incurred by a
Lender in liquidating or employing deposits from third parties acquired or arranged to fund or maintain all or any part of its
Contribution and/or any overdue amount (or an aggregate amount which includes its Contribution or any overdue amount);

 

		(b)	if the Borrower has selected the Fixed Interest Rate in accordance with Clause 6.1 (Fixed or
Floating Interest Rate), the CIRR Break Costs; and

 

		(c)	any other costs whatsoever or howsoever arising under or in respect of the Interest Make-up Agreement
which are passed to the SACE Agent,

 

and any such costs imposed by
SIMEST shall be paid by the Borrower to SIMEST through the SACE Agent.

 

		20.3	Miscellaneous indemnities

 

The Borrower shall fully indemnify
each Secured Party severally on their respective demands in respect of all claims, expenses, liabilities and losses which may be
made or brought against or incurred by a Secured Party, in any country, as a result of or in connection with:

 

		(a)	any action taken, or omitted or neglected to be taken, under or in connection with any Finance
Document by the Facility Agent or any other Secured Party or by any receiver appointed under a Finance Document;

 

		(b)	any other Pertinent Matter,

 

other than claims, expenses,
liabilities and losses which are shown to have been directly and mainly caused by the relevant Secured Party's (or its officers'
or employees') Gross Negligence or wilful misconduct.

 

Without prejudice to its generality,
this Clause 20.3 (Miscellaneous indemnities) covers (i) any claims, expenses, liabilities and losses which arise, or
are asserted, under or in connection with any law relating to safety at sea, the ISM Code or any Environmental Laws or any Sanctions
and (ii) any claims, expenses, liabilities (including, without limitation, under a reputational standpoint) and losses which
arise, or are asserted, against CDP under or in connection with any breach by the Borrower of any of the provisions of paragraphs
(ll) to (pp) of Clause 11.2 (Continuing representations and warranties) and/or of Clause 12.27 (Code of Ethics and Model).

 

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		20.4	Currency indemnity

 

If any sum due from an Obligor
to a Secured Party under a Finance Document or under any order or judgment relating to a Finance Document has to be converted from
the currency in which the Finance Document provided for the sum to be paid (the "Contractual Currency") into another
currency (the "Payment Currency") for the purpose of:

 

		(a)	making or lodging any claim or proof against an Obligor, whether in its liquidation, any arrangement
involving it or otherwise; or

 

		(b)	obtaining an order or judgment from any court or other tribunal; or

 

		(c)	enforcing any such order or judgment,

 

the Borrower shall indemnify
the Secured Party concerned against the loss arising when the amount of the payment actually received by that Secured Party is
converted at the available rate of exchange into the Contractual Currency.

 

In this Clause 20.4 (Currency
indemnity) the "available rate of exchange" means the rate at which the Secured Party concerned is able at
the opening of business (Paris time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency
with the Payment Currency.

 

This Clause 20.4 (Currency
indemnity) creates a separate liability of the Borrower which is distinct from its other liabilities under the Finance Documents
and which shall not be merged in any judgment or order relating to those other liabilities.

 

		20.5	Certification of amounts

 

A notice which is signed by 2
officers of a Secured Party, which states that a specified amount, or aggregate amount, is due to that Secured Party under this
Clause 20 (Indemnities) and which indicates (without necessarily specifying a detailed breakdown) the matters in respect
of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due.

 

		20.6	Sums deemed due to a Lender

 

For the purposes of this Clause
20 (Indemnities), a sum payable by the Borrower to the Facility Agent for distribution to a Lender shall be treated as a
sum due to that Lender.

 

		20.7	SACE obligations

 

To the extent that this Clause
20 (Indemnities) imposes obligations or restrictions on a Secured Party, such obligations or restrictions shall not apply
to SACE and SACE shall have no obligations hereunder nor be constrained by such restrictions.

 

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		21	Illegality, etc.

 

		21.1	Illegality and Sanctions

 

This Clause 21 (Illegality, etc.)
applies if:

 

		(a)	a Lender (the "Notifying Lender") notifies the Facility Agent that:

 

		(i)	it is or becomes unlawful or contrary to any law, regulation (including Sanctions) – including
by way of civil, administrative or criminal liability - in any applicable jurisdiction for the Notifying Lender to perform any
of its obligations as contemplated by the Finance Documents or to fund its participation in the Loan; and/or

 

		(ii)	it is or becomes unlawful or contrary to any law, regulation (including Sanctions) – including
by way of civil, administrative or criminal liability - in any applicable jurisdiction for the Notifying Lender to maintain its
participation in the Loan; or

 

		(b)	an Obligor is or becomes a Prohibited Person,

 

(such event, an "Illegality
or Sanctions Event").

 

		21.2	Notification of illegality

 

The
Borrower shall promptly notify the Facility Agent of the occurrence of an event under paragraph
(b) of Clause 21.1(b) 21.1
above and the Facility Agent shall promptly notify the Lenders. The Facility Agent shall promptly notify the Borrower,
the Obligors and the other Lenders of the notice under paragraph (a) of
Clause 21.1(a) 21.1
which the Facility Agent receives from the Notifying Lender.

 

		21.3	Prepayment; termination of Commitment

 

		(a)	Upon the Facility Agent
notifying the Borrower of an event under Clause 21.1(a)(i)sub-paragraph
(i) of paragraph (a) of Clause 21.1 (Illegality and sanctions) above, the Notifying Lender's Commitment
will be immediately suspended and that Lender shall act in accordance with Clause 21.4 (Mitigation). To the extent no alternative
arrangements have been agreed in accordance with Clause 21.4 (Mitigation) within the earlier of (i) the grace period
permitted by law and (ii) a period of 15 Business Days from the date on which the Facility Agent became aware of the event
(or if the mitigation or grace period described above is not permissible under applicable Sanctions, immediately upon the Facility
Agent becoming aware of that event), the Notifying Lender may cancel, by notice to the Facility Agent (which notice the Facility
Agent shall promptly send to the Borrower), its available Commitment;

 

		(b)	upon the Facility Agent
notifying the Borrower of an event under Clause 21.1(a)(ii)sub-paragraph
(ii) of paragraph (a) of Clause 21.1 (Illegality and Sanctions) above, the Notifying Lender shall act
in accordance with Clause 21.4 (Mitigation). To the extent no alternative arrangements have been agreed in accordance with
Clause 21.4 (Mitigation), within the earlier of (i) the grace period permitted by law and (ii) a period of 15
Business Days from the date on which the Facility Agent became aware of the event (or if the mitigation or grace period described
above is not permissible under applicable Sanctions, immediately upon the Facility Agent becoming aware of that event) the Notifying
Lender may require prepayment of its share of any Loan, in which case, that Lender's share of such Loan shall be prepaid in accordance
with paragraph (d) below;

 

		(c)	upon the Borrower notifying
the Facility Agent and the Facility Agent notifying the Lenders of an event under Clause
21.1(b)paragraph (b) of Clause 21.1 (Illegality
and Sanctions) above, the Lenders shall act in accordance with Clause 21.4 (Mitigation). To the extent no
alternative arrangements have been agreed in accordance with Clause 21.4 (Mitigation), within the earlier of (i) the
grace period permitted by law and (ii) a period of 15 Business Days from the date on which the Facility Agent became aware
of the event (or if the mitigation or grace period described above is not permissible under applicable Sanctions, immediately upon
the Facility Agent becoming aware of that event) any Lender may cancel, by notice to the Facility Agent (which notice the Facility
Agent shall promptly send to the Borrower), its available Commitment and may require prepayment of its share of any Loan, in which
case, that Lender's share of such Loan shall be prepaid in accordance with paragraph (d) below;

 

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		(d)	The date for repayment or prepayment of a Lender's share in the Loan will be:

 

		(i)	the date specified by the Facility Agent in the notification under Clause 21.2 above; or

 

		(ii)	the last day of the current
Interest Period for the Loan or, if earlier, the date specified by the Lender in the notification under paragraph (a) (a) above
and which must not be earlier than the last day of any applicable grace period allowed by law.

 

		21.4	Mitigation

 

		(a)	Each Creditor Party shall, in consultation with the Borrower, take all reasonable steps to mitigate
any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant
to Clause 21.1 (Illegality and Sanctions) or Clause 10 (Taxes, Increased Costs, Costs and related Charges) including
(but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.

 

		(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance
Documents.

 

		22	Set-Off

 

		22.1	Application of credit balances

 

Each Creditor Party may without
prior notice:

 

		(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account
in the name of the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due
from the Borrower to that Creditor Party under any of the Finance Documents; and

 

		(b)	for that purpose:

 

		(i)	break, or alter the maturity of, all or any part of a deposit of the Borrower;

 

		(ii)	convert or translate all or any part of a deposit or other credit balance into 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 22.1 (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).

 

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		22.3	Sums deemed due to a Lender

 

For the purposes of this Clause
22 (Set-Off), a sum payable by the Borrower to the Facility Agent for distribution to, or for the account of, a Lender shall
be treated as a sum due to that Lender; and each Lender's proportion of a sum so payable for distribution to, or for the account
of, the Lenders shall be treated as a sum due to such Lender.

 

		22.4	No Security Interest

 

This Clause 22 (Set-Off)
gives the Creditor Parties a contractual right of set-off only, and does not create any equitable charge or other Security Interest
over any credit balance of the Borrower.

 

		23	Bail-In

 

Notwithstanding any other term
of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each Party
acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents
may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

 

		(a)	any Bail-In Action in relation to any such liability, including (without limitation):

 

		(i)	a reduction, in full or in part, in the principal amount, or outstanding amount due (including
any accrued but unpaid interest) in respect of any such liability;

 

		(ii)	a conversion of all, or part of, any such liability into shares or other instruments of ownership
that may be issued to, or conferred on, it; and

 

		(iii)	a cancellation of any such liability; and

 

		(b)	a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-in
Action in relation to any such liability.

 

		24	Changes to the Lenders

 

		24.1	Transfer by a Lender

 

Subject to Clause 24.2 (Conditions
of assignment or transfer), Clause 24.5 (No transfer without Transfer Certificate), Clause 24.17 (Assignment or transfer
to SACE) and Clause 24.14 (Change of Facility Office), a Lender (the "Transferor Lender") may at any
time provided they have obtained the prior written consent of the Italian Authorities cause:

 

		(a)	its rights in respect of all or part of its Contribution; or

 

		(b)	its obligations in respect of all or part of its Commitment; or

 

		(c)	a combination of (a) and (b),

 

to be (in the case of its rights)
transferred to, or (in the case of its obligations) assumed by, in whole or in part any of its Affiliates or another bank or financial
institution or a trust, fund, insurance or reinsurance company or other entity which is regularly engaged in or established for
the purpose of making, purchasing or investing in loans, securities or other financial assets (a "Transferee Lender")
by delivering to the Facility Agent a completed certificate in the form set out in Schedule 4 (Form of Transfer Certificate)
with any modifications approved or required by the Facility Agent (a "Transfer Certificate") executed by the Transferor
Lender and the Transferee Lender.

 

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However any rights and obligations
of the Transferor Lender in its capacity as Facility Agent or Security Trustee will have to be dealt with separately in accordance
with the provisions of Clauses 26 (Role of the Facility Agent and the Joint Mandated Lead Arrangers) and 27 (The Security
Trustee) respectively.

 

		24.2	Conditions of assignment or transfer

 

		(a)	The consent of the Borrower is required at all times (subject to the provisions of Clauses 24.5
(No transfer without Transfer Certificate) and 24.17 (Assignment or transfer to SACE)) for an assignment or transfer
by an Transferor Lender, unless (i) there is an Event of Default or (ii) the assignment or transfer is to another Lender
or an Affiliate of a Lender or a vehicle (including trusts or funds) whose majority shares or notes are held by a Lender or an
Affiliate of a Lender.

 

		(b)	The consent of the Borrower to an assignment or transfer must not be unreasonably withheld or delayed.
The Borrower will be deemed to have given its consent ten (10) Business Days after the Transferor Lender has requested it
unless consent is expressly refused by that Borrower within that time.

 

		(c)	The assignment or transfer
must be with respect to a minimum Commitment of [*] Dollars ($[*]) or, if less, the Transferor Lender's full Commitment.

 

		24.3	Transfer Certificate, delivery and notification

 

As soon as reasonably practicable
after a Transfer Certificate is delivered to the Facility Agent, it shall (unless it has reason to believe that the Transfer Certificate
may be defective):

 

		(a)	sign the Transfer Certificate on behalf of itself, the Borrower, any other Obligors, the Security
Trustee and each of the other Lenders;

 

		(b)	on behalf of the Transferee
Lender, send to the Borrower and each Obligor letters or faxesemails
notifying them of the Transfer Certificate and attaching a copy of it; and

 

		(c)	send to the Transferee
Lender copies of the letters or faxesemails
sent under paragraph (b) above,

 

but the Facility Agent shall
only be obliged to execute a Transfer Certificate delivered to it by the Transferor Lender and the Transferee Lender once it is
satisfied that itself and the Security Trustee have complied with all necessary "know your customer" or other similar
checks under all applicable laws and regulations in relation to the transfer to that Transferee Lender.

 

		24.4	Effective Date of Transfer Certificate

 

A Transfer Certificate becomes
effective on the date, if any, specified in the Transfer Certificate as its effective date, provided that it is signed by the Facility
Agent under Clause 24.3 (Transfer Certificate, delivery and notification) on or before that date.

 

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		24.5	No transfer without Transfer Certificate

 

Except as provided in Clause
24.16 (Security over Lenders' rights), no assignment or transfer of any right or obligation of a Lender under any Finance
Document is binding on, or effective in relation to, the Borrower, any Obligor, the Facility Agent or the Security Trustee unless
it is effected, evidenced or perfected by a Transfer Certificate.

 

		24.6	Lender re-organisation; waiver of Transfer Certificate

 

However, if a Lender enters into
any merger, de-merger or other reorganisation as a result of which all its rights or obligations vest in another person (the "successor"),
the Facility Agent may, if it sees fit, by notice to the successor and the Borrower and the Security Trustee waive the need for
the execution and delivery of a Transfer Certificate; and, upon service of the Facility Agent's notice, the successor shall become
a Lender with the same Commitment and Contribution as were held by the predecessor Lender.

 

		24.7	Effect of Transfer Certificate

 

A Transfer Certificate takes
effect in accordance with English law as follows:

 

		(a)	to the extent specified in the Transfer Certificate, all rights and interests (present, future
or contingent) which the Transferor Lender has under or by virtue of the Finance Documents are assigned to the Transferee Lender
absolutely, free of any defects in the Transferor Lender's title and of any rights or equities which the Borrower or any Obligor
had against the Transferor Lender;

 

		(b)	the Transferor Lender's Commitment is discharged to the extent specified in the Transfer Certificate;

 

		(c)	the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor
Lender and a Commitment of an amount specified in the Transfer Certificate;

 

		(d)	the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable
to the Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and the indemnification
of, the Facility Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions
(other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them;

 

		(e)	any part of the Loan which the Transferee Lender advances after the Transfer Certificate's effective
date ranks in point of priority and security in the same way as it would have ranked had it been advanced by the Transferor Lender,
assuming that any defects in the Transferor Lender's title and any rights or equities of the Borrower or any Obligor against the
Transferor Lender had not existed;

 

		(f)	the Transferee Lender
becomes entitled to all the rights under the Finance Documents which are applicable to the Lenders generally, including but not
limited to those relating to the Majority Lenders and those under paragraph (b) of
Clause 6.6 (Unavailability of Screen RateClause
6.8 (Market Disruption) and Clause 9 (Fees), and to the extent that the Transferee Lender becomes entitled
to such rights, the Transferor Lender ceases to be entitled to them; and

 

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		(g)	in respect of any breach of a warranty, undertaking, condition or other provision of a Finance
Document or any misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to
recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether
the original Lender would have incurred a loss of that kind or amount.

 

The rights and equities of the
Borrower or any Obligor referred to above include, but are not limited to, any right of set off and any other kind of cross-claim.

 

		24.8	Maintenance of register of Lenders

 

During the Security Period the
Facility Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative details
(including the Facility Office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance
with Clause 24.4 (Effective Date of Transfer Certificate)) of the Transfer Certificate; and the Facility Agent shall make
the register available for inspection by any Lender, the Security Trustee and the Borrower during normal banking hours, subject
to receiving at least 3 Business Days' prior notice.

 

		24.9	Reliance on register of Lenders

 

The entries on that register
shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the amounts of their Commitments
and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Facility Agent and the other parties
to the Finance Documents for all purposes relating to the Finance Documents.

 

		24.10	Authorisation of Facility Agent to sign Transfer Certificates

 

The Borrower, the Security Trustee
and each Lender irrevocably authorise the Facility Agent to sign Transfer Certificates on its behalf.

 

		24.11	Fees and Costs

 

In respect of any Transfer Certificate:

 

		(a)	the Facility Agent shall be entitled to recover a registration fee of five thousand Euros (€5,000)
from the Transferor Lender or (at the Facility Agent's option) the Transferee Lender;

 

		(b)	the Transferee Lender shall pay to the Facility Agent, upon demand, all reasonable costs and expenses,
duties and fees, including but without limitation legal costs and out of pocket expenses, incurred by the Facility Agent or the
Lenders in connection with any necessary amendment to or supplementing of the Transaction Documents or any of them or the SACE
Insurance Policy as a consequence of the assignment or transfer; and

 

		(c)	the Transferee Lender shall pay to the Facility Agent, upon demand, such amount as is payable to
the Italian Authorities to cover its costs of giving its approval under Clause 24.1 (Transfer by a Lender).

 

		24.12	Sub-participation; subrogation assignment

 

A Lender may sub-participate
all or any part of its rights and/or obligations under or in connection with the Finance Documents without the consent of, or any
notice to, the Borrower, any Obligor, the Facility Agent or the Security Trustee but with the prior written consent of SACE.

 

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		24.13	Disclosure of information

 

A Lender may disclose to a potential
Transferee Lender or sub participant any information which the Lender has received in relation to the Borrower, any Obligor or
their affairs under or in connection with any Finance Document, unless the information is clearly of a confidential nature.

 

		24.14	Change of Facility Office

 

Subject to the prior written
consent of SACE, a Lender may change its Facility Office by giving notice to the Facility Agent and the change shall become effective
on the later of:

 

		(a)	the date on which the Facility Agent receives the notice; and

 

		(b)	the date, if any, specified in the notice as the date on which the change will come into effect,
provided that if (i) a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes
its Facility Office, and (ii) as a result of circumstances existing at the date the assignment, transfer or change occurs,
an Obligor would be obliged to make a payment or an increased payment to the new Lender or Lender acting through its new Facility
Office under Clause 10 (Taxes, Increased Costs, Costs and related Charges), then the new Lender or Lender acting through
its new Facility Office is only entitled to receive payment under that Clause to the same extent as the existing Lender or Lender
acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.

 

		24.15	Notification

 

On receiving such a notice, the
Facility Agent shall notify the Borrower and the Security Trustee; and, until the Facility Agent receives such a notice, it shall
be entitled to assume that a Lender is acting through the Facility Office of which the Facility Agent last had notice.

 

		24.16	Security over Lenders' rights

 

In addition to the other rights
provided to Lenders under this Clause 24 (Changes to the Lenders) each Lender may without consulting with or obtaining consent
from the Borrower or any Obligor but subject to the prior written consent of SACE, at any time charge, assign or otherwise create
a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document
to secure obligations of that Lender (i) to the benefit of any Affiliate and/or (ii) within the framework of its, or
its Affiliates', direct or indirect funding operations including, without limitation:

 

		(a)	any charge, assignment or other Security Interest to secure obligations to a federal reserve, central
bank or a multilateral development bank (including the European Investment Bank and the European Investment Fund); and

 

		(b)	in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted
to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security
for those obligations or securities;

 

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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.

 

Notwithstanding any provision
to the contrary, upon the enforcement of any charge, assignment or other Security Interest referred to in paragraph (a) above,
the beneficiary thereof (the "Beneficiary") shall deliver a notice of that enforcement to the Facility Agent (such notice
to take effect in accordance with its terms) and the Beneficiary shall, upon fulfilment of the conditions referred to in Clauses
24.2 and 24.3, become party as a new Lender in respect of the rights which are subject to that charge, assignment or Security Interest.

 

The Borrower shall comply with
all necessary formalities, if any, and take all steps necessary in order to ensure the enforceability, recognition, priority and
enforcement of the charge, assignment or Security Interest granted pursuant to this Clause 24.16.

 

		24.17	Assignment or transfer to SACE or as directed by SACE

 

		(a)	Notwithstanding the above provisions of this Clause 24 (Changes to the Lenders) each Lender
and the Facility Agent may, if so requested by SACE in accordance with the provisions of the SACE Insurance Policy and without
any requirement for the consent of any Obligor, assign its rights or (as the case may be) transfer its rights and obligations to
SACE or to any person specified by SACE (but for the avoidance of doubt, SACE will not assume any of the Lenders' obligations (if
any) under this Agreement), which assignment or transfer shall take effect upon the date stated in the relevant documentation subject
to the relevant parties being satisfied that they have complied with all necessary "know your customer" requirements
in relation to such assignment or transfer.

 

		(b)	The Facility Agent shall promptly notify the Borrower of any such assignment or transfer to SACE
(or as directed by SACE) and, following an Event of Default, the Borrower shall pay to the Facility Agent, upon demand, all reasonable
costs and expenses, duties and fees, including but without limitation, legal costs and out of pocket expenses, incurred by SACE,
the Facility Agent or the Lenders in connection with any such assignment or transfer.

 

		24.18	Assignment or transfer by SACE

 

		(a)	SACE may, without any requirement for the consent of any Obligor, assign its rights or (as the
case may be) transfer its rights under this Agreement, the Finance Documents or the SACE Insurance Policy to:

 

		(i)	providers of reinsurance, counter-guarantee or any form of risk enhancement (in each case, in favour
of SACE);

 

		(ii)	pursuant to article 32 of the Italian law decree no. 91/2014 converted into law 116/2014; or

 

		(iii)	following any payment under the SACE Insurance Policy, any person.

 

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		(b)	The Facility Agent shall promptly notify the Obligors of such assignment or transfer by SACE and,
following an Event of Default, the Obligors shall pay to the Facility Agent, within three (3) Business Days of a demand, all
reasonable costs and expenses, duties and fees, including but without limitation, legal costs and out of pocket expenses, incurred
by SACE, the Facility Agent or the Lenders in connection with any such assignment or transfer.

 

		24.19	No prejudice to SACE rights

 

Nothing in the Finance Documents
shall prejudice or otherwise limit:

 

		(a)	the rights of any Lender to assign its rights or transfer its rights and obligations, under or
in connection with, any Finance Document, to SACE or as directed by SACE, or the rights of SACE to assign its rights or (as the
case may be) transfer its rights and obligations pursuant to Clause 24.18 (Assignment or transfer by SACE); and

 

		(b)	the right of SACE to be subrogated to any Lender's rights under, or in connection with, any Finance
Document.

 

		24.20	SACE's power to direct

 

		(a)	The Creditor Parties agree and the Obligors acknowledge that SACE has the right to direct the decision
making of the Facility Agent, including (without limitation) following an Event of Default; and

 

		(b)	to the extent SACE makes any payment to the Creditor Parties under the SACE Insurance Policy in
respect of principal and/or following an assignment or transfer pursuant to Clause 24.17 (Assignment or transfer to SACE or
as directed by SACE) or Clause 24.18 (Assignment or transfer by SACE), SACE shall be entitled to exercise all voting
rights with respect to the relevant principal as if the relevant corresponding Commitment had been transferred to it.

 

		24.21	Definition of Affiliate

 

For the purposes of this Clause
24 (Changes to the Lenders), the definition of "Affiliate" in respect of Crédit Agricole Corporate and
Investment Bank shall, for the avoidance of doubt, include any other member of Crédit Agricole Group, and in particular:

 

		(a)	Crédit Agricole S.A.;

 

		(b)	Caisses Régionales de Crédit Agricole;

 

		(c)	Crédit Agricole Assurances;

 

		(d)	LCL SA; and/or

 

		(e)	any company or legal entity in which one or more of the companies or entities referred to in paragraphs
(a) to (d) above, together or separately, owns a direct majority interest.

 

		25	Changes to the Obligors

 

		25.1	No change without consent

 

No Obligor may assign any of
its rights or transfer any of its rights or obligations under the Finance Documents.

 

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		26	Role of the Facility Agent, the Joint Mandated Lead
Arrangers, the SACE Agent and the Reference Banks

 

		26.1	Appointment of the Facility Agent

 

		(a)	Each other Creditor Party appoints the Facility Agent to act as its agent under and in connection
with this Agreement, the other Finance Documents and the Interest Make-Up Agreement.

 

		(b)	Each other Creditor Party authorises the Facility Agent to exercise the rights, powers, authorities
and discretions specifically given to the Facility Agent under or in connection with the Finance Documents together with any other
incidental rights, powers, authorities and discretions.

 

		26.2	Duties of the Facility Agent

 

		(a)	The Facility Agent shall promptly forward to a Party the original or a copy of any document which
is delivered to the Facility Agent for that Party by any other Party.

 

		(b)	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged
to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(c)	If the Facility Agent receives notice from a Party referring to this Agreement, describing an Event
of Default and stating that the circumstance described is an Event of Default, it shall promptly notify the other Secured Parties.

 

		(d)	If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or
other fee payable to a Secured Party (other than the Facility Agent or a Joint Mandated Lead Arranger) under this Agreement it
shall promptly notify the other Secured Parties.

 

		(e)	The Facility Agent's duties under the Finance Documents are solely administrative in nature.

 

		26.3	Role of Joint Mandated Lead Arrangers

 

None of the Joint Mandated Lead
Arrangers has any obligations of any kind to any other Party under or in connection with any Transaction Document, the Interest
Make-Up Agreement or the SACE Insurance Policy.

 

		26.4	No fiduciary duties

 

		(a)	Nothing in this Agreement constitutes the Facility Agent or any of the Joint Mandated Lead Arrangers
as a trustee or fiduciary of any other person.

 

		(b)	Neither the Facility Agent nor any of the Joint Mandated Lead Arrangers shall be bound to account
to any Lender for any sum or the profit element of any sum received by it for its own account.

 

		26.5	Business with the Guarantor

 

The Facility Agent and each of
the Joint Mandated Lead Arrangers may accept deposits from, lend money to and generally engage in any kind of banking or other
business with any Affiliate or Subsidiary of the Guarantor.

 

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		26.6	Rights and discretions of the Facility Agent

 

		(a)	The Facility Agent may rely on:

 

		(i)	any representation, notice or document believed by it to be genuine, correct and appropriately
authorised; and

 

		(ii)	any statement made by a director, manager, authorised signatory or employee of any person regarding
any matters which may reasonably be assumed to be within his knowledge or within his power to verify.

 

		(b)	The Facility Agent may assume (unless it has received notice to the contrary in its capacity as
agent for the Lenders) that:

 

		(i)	no Event of Default has occurred (unless it has actual knowledge of an Event of Default); and

 

		(ii)	any right, power, authority or discretion vested in any Party or the Lenders has not been exercised.

 

		(c)	The Facility Agent may engage, pay for and rely on the advice or services of any lawyers, accountants,
surveyors or other experts.

 

		(d)	The Facility Agent may act in relation to the Finance Documents through its personnel and agents.

 

		(e)	The Facility Agent may disclose to any other Party any information it reasonably believes it has
received as the Facility Agent under this Agreement.

 

		(f)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility
Agent nor any of the Joint Mandated Lead Arrangers is obliged to do or omit to do anything if it would or might in its reasonable
opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

 

		26.7	Lenders' and SACE's instructions

 

		(a)	Unless a contrary indication appears in a Finance Document, the Facility Agent (and in the case
of SACE, the SACE Agent) shall:

 

		(i)	exercise any right, power, authority or discretion vested in it as Facility Agent (or as SACE Agent
as the case may be) in accordance with any instructions given to it by the Majority Lenders (or in the case of the SACE Agent,
by SACE) (or, if so instructed by the Majority Lenders or, in the case of the SACE Agent, by SACE, refrain from exercising any
right, power, authority or discretion vested in it as the Facility Agent or as the SACE Agent (as the case may be)); and

 

		(ii)	not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance
with an instruction of the Majority Lenders and/or SACE (as applicable).

 

		(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority
Lenders and SACE will be binding on all the Secured Parties.

 

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		(c)	The Facility Agent (and the SACE Agent as regards SACE) may refrain from acting in accordance with
the instructions of the Majority Lenders and SACE until it has received such security as it may require for any cost, loss or liability
(together with any associated VAT) which it may incur in complying with the instructions.

 

		(d)	In the absence of instructions from the Majority Lenders and SACE, the Facility Agent (or the SACE
Agent as the case may be) may act (or refrain from taking action) as it considers to be in the best interest of the Secured Parties.

 

		(e)	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that
Lender's consent) in any legal or arbitration proceedings relating to any Finance Document.

 

		(f)	Notwithstanding anything to the contrary, the Lenders agree that if the Facility Agent (acting
in its sole discretion) is of the opinion that or if any Lender notifies the Facility Agent that it is of the opinion that, the
prior approval of the Italian Authorities should be obtained in relation to the exercise or non-exercise by the Facility Agent
or the Lenders of any power, authority or discretion specifically given to them under or in connection with the Finance Documents
or in relation to any other incidental rights, powers, authorities or discretions, then the SACE Agent shall seek such approval
of the Italian Authorities prior to such exercise or non-exercise.

 

		26.8	Responsibility for documentation

 

The Facility Agent is not responsible
for:

 

		(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied
by the Facility Agent, a Joint Mandated Lead Arranger, an Obligor or any other person given in or in connection with any Transaction
Document, the SACE Insurance Policy or the Interest Make-Up Agreement; nor for

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document the
SACE Insurance Policy or the Interest Make-Up Agreement or any other agreement, arrangement or document entered into, made or executed
in anticipation of or in connection with any Transaction Document, the SACE Insurance Policy or the Interest Make-up Agreement.

 

		26.9	Exclusion of liability

 

		(a)	Without limiting paragraph (b) of Clause 26.9 (Exclusion of liability), the Facility
Agent will not be liable for any action taken by it under or in connection with any Finance Document, the SACE Insurance Policy
or the Interest Make-Up Agreement, unless directly caused by its Gross Negligence or wilful misconduct.

 

		(b)	No Party (other than
the Facility Agent) may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim
it might have against the Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in
relation to any Finance Document, the SACE Insurance Policy or the Interest Make-Up Agreement and any officer, employee or agent
of the Facility Agent may rely on this Clause subject to Clause 37.4 36.4
(Third party rights) and the provisions of the Third Party Act.

 

		(c)	The Facility Agent will not be liable for any delay (or any related consequences) in crediting
an account with an amount required under the Finance Documents, the SACE Insurance Policy or the Interest Make-Up Agreement to
be paid by the Facility Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with
the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that purpose.

 

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		(d)	Nothing in this Agreement shall oblige the Facility Agent or a Joint Mandated Lead Arranger to
carry out any "know your customer" or other checks in relation to any person on behalf of any Lender and each Lender
confirms to the Facility Agent and the Joint Mandated Lead Arrangers that it is solely responsible for any such checks it is required
to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent or a Joint Mandated
Lead Arranger.

 

		26.10	Lenders' indemnity to the Facility Agent

 

Each Lender shall (in proportion
to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately
prior to their reduction to zero) indemnify the Facility Agent, within three (3) Business Days of demand, against any cost,
loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent's Gross Negligence or wilful misconduct)
in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by an Obligor pursuant to
a Finance Document).

 

		26.11	Resignation of the Facility Agent

 

		(a)	The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to
the other Creditor Parties, the Borrower and SACE and with the consent of SACE.

 

		(b)	Alternatively the Facility Agent may resign by giving notice to the other Secured Parties and the
Borrower, in which case the Lenders (after consultation with the Borrower and the prior consent of SACE) may appoint a successor
Facility Agent.

 

		(c)	If the Lenders have not appointed a successor Facility Agent in accordance with paragraph (b) of
Clause 26.11 (Resignation of the Facility Agent) within thirty (30) days after notice of resignation was given, the
Facility Agent (after consultation with the Borrower and SACE) may appoint a successor Facility Agent.

 

		(d)	The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent
such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes
of performing its functions as Facility Agent under the Finance Documents.

 

		(e)	The Facility Agent's resignation notice shall only take effect upon the appointment of a successor.

 

		(f)	Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further
obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 26 (Role of the Facility
Agent and the Joint Mandated Lead Arrangers). Its successor and each of the other Parties shall have the same rights and obligations
amongst themselves as they would have had if such successor had been an original Party.

 

		(g)	After consultation with the Italian Authorities, the Majority Lenders may, subject to the prior
consent of the Italian Authorities, by notice to the Facility Agent, require it to resign in accordance with paragraph (b) of
Clause 26.11 (Resignation of the Facility Agent). In this event, the Facility Agent shall resign in accordance with paragraph
(b) of Clause 26.11 (Resignation of the Facility Agent) but the cost referred to in paragraph (d) above shall
be for the account of the Borrower.

 

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		(h)	The appointment of a successor Facility Agent pursuant to this Clause 26.11 (Resignation of
the Facility Agent) shall be subject to compliance with all necessary "know your customer" requirements of the Lenders.

 

		26.12	Confidentiality

 

		(a)	In acting as agent for the Secured Parties, the Facility Agent shall be regarded as acting through
its agency division which shall be treated as a separate entity from any other of its divisions or departments.

 

		(b)	If information is received by another division or department of the Facility Agent, it may be treated
as confidential to that division or department and the Facility Agent shall not be deemed to have notice of it.

 

		26.13	Relationship with the Lenders

 

The Facility Agent may treat
each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received
not less than five (5) Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

 

		26.14	Credit appraisal by the Lenders

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to
the Facility Agent and each of the Joint Mandated Lead Arrangers that it has been, and will continue to be, solely responsible
for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document
including but not limited to:

 

		(a)	the financial condition, status and nature of the Guarantor and each Subsidiary of the Guarantor;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any
other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document;

 

		(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance
Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Finance Document;

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Facility Agent, any
Party or by any other person under or in connection with any Finance Document, the transactions contemplated by the Finance Documents
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and

 

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		(e)	the right or title of any person in or to or the value or sufficiency of any part of the Charged
Property, the priority of any Security Interests or the existence of any Security Interest affecting the Charged Property.

 

		26.15	Deduction from amounts payable by the Facility Agent

 

If any Party owes an amount to
the Facility Agent under the Finance Documents the Facility Agent may, after giving notice to that Party, deduct an amount not
exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the Finance
Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents
that Party shall be regarded as having received any amount so deducted.

 

		26.16	Full freedom to enter into transactions

 

Notwithstanding any rule of
law or equity to the contrary, the Facility Agent shall be absolutely entitled:

 

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind
with or affecting any Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent
and/or security agent for, and/or participating in, other facilities to such Obligor or any person who is party to, or referred
to in, a Finance Document);

 

		(b)	to deal in and enter into and arrange transactions relating to:

 

		(i)	any securities issued or to be issued by any Obligor or any other person; or

 

		(ii)	any options or other derivatives in connection with such securities; and

 

		(c)	to provide advice or other services to the Borrower or any person who is a party to, or referred
to in, a Finance Document,

 

and, in particular, the Facility
Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and
in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing
legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from
disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its
sole benefit all profits and benefits derived from the dealings transactions or other matters.

 

		26.17	SACE Agent, SACE Insurance Policy and Interest Make-Up Agreement

 

With the prior written consent
of each of the Lenders, the SACE Agent (with a copy to the Facility Agent) may require SACE or SIMEST to amend or modify the SACE
Insurance Policy and the Interest Make-up Agreement provided that such amendments are not inconsistent with the commercial terms
of this Agreement, otherwise, the SACE Agent (with a copy to the Facility Agent) undertakes not to require SACE or SIMEST to amend
or modify the SACE Insurance Policy or the Interest Make-up Agreement.

 

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		26.18	Resignation of the Facility Agent in relation to FATCA

 

The Facility Agent shall resign
in accordance with Clause 26.11 (Resignation of the Facility Agent) (and, to the extent applicable, shall use reasonable
endeavours to appoint a successor Facility Agent pursuant to paragraph (c) of Clause 26.11 (Resignation of the Facility
Agent)) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to
the Facility Agent under the Finance Documents, either:

 

		(a)	the Facility Agent fails to respond to a request under Clause 10.9 (FATCA Information) and
a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that
FATCA Application Date;

 

		(b)	the information supplied by the Facility Agent pursuant to Clause 10.9 (FATCA Information)
indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date; or

 

		(c)	the Facility Agent notifies
the Borrower and the Lenders that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that
FATCA Application Date;,

 

and (in each case) a Lender reasonably
believes that a Party will be required to make a FATCA Deduction that would not be required if the Facility Agent were a FATCA
Exempt Party, and that Lender, by notice to the Facility Agent, requires it to resign.

 

		26.19	No duty to monitor

 

The Facility Agent shall not
be bound to enquire:

 

		(a)	whether or not any Event of Default has occurred;

 

		(b)	as to the performance, default or any breach by any Party of its obligations under any Finance
Document; or

 

		(c)	whether any other event specified in any Finance Document has occurred.

 

		26.20	Appointment of the SACE Agent

 

		(a)	Each Lender and each Joint Mandated Lead Arranger irrevocably appoints the SACE Agent to act as
its agent under and in connection with:

 

		(i)	the SACE Insurance Policy; and

 

		(ii)	the Finance Documents in relation to matters involving SACE, SIMEST and the SACE Insurance Policy.

 

		(b)	Each Lender and each Joint Mandated Lead Arranger irrevocably authorises the SACE Agent to:

 

		(i)	perform the duties, obligation and responsibilities and exercise the rights, powers, authorities
and discretions specifically given to the SACE Agent under or in connection with the Finance Documents and the SACE Insurance Policy,
together with any other incidental rights, powers, authorities and discretions; and

 

		(ii)	execute the SACE Insurance Policy.

 

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		26.21	Application of certain Clauses

 

The provisions of Clauses 26.2
(Duties of the Facility Agent), 26.4 (No fiduciary duties), 26.6 (Rights and discretions of the Facility Agent),
26.7 (Lenders' and SACE's instructions) 26.8 (Responsibility for documentation), 26.9 (Exclusion of liability),
26.10 (Lenders' indemnity to the Facility Agent), 26.11 (Resignation of the Facility Agent), 26.12 (Confidentiality),
26.13 (Relationship with the Lenders), 26.14 (Credit appraisal by the Lenders), 26.16 (Full freedom to enter into
transactions), 26.19 (No duty to monitor) and 27.23 (Business with the Group) shall apply in respect of the SACE
Agent in its capacity as such as if each reference to the Facility Agent (or Security Trustee in the case of Clause 27.23 (Business
with the Group)) were a reference to the SACE Agent and each reference to the Finance Documents or Transaction Documents included
a reference to the SACE Insurance Policy.

 

		26.22	Role of Reference Banks

 

		(a)	No Reference Bank is under any obligation to provide a quotation or any other information to the
Facility Agent.

 

		(b)	No Reference Bank will be liable for any action taken by it under or in connection with any Finance
Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.

 

		(c)	No Party (other than
the relevant Reference Bank) may take any proceedings against any officer, employee or agent of any Reference Bank in respect of
any claim it might have against that Reference Bank or in respect of any act or omission of any kind by that officer, employee
or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any officer, employee or agent of each Reference
Bank may rely on this Clause 26.22 (Role of Reference Banks) subject to Clause 37.4
36.4 (Third party rights) and the
provisions of the Third Parties Act.

 

		26.23	Third Party Reference Banks

 

A
Reference Bank which is not a Party may rely on Clause 26.22 (Role of Reference Banks) and Clause 34
41 (Confidentiality of Funding Rates and
Reference Bank Quotations) subject to Clause 37.4 36.4
(Third party rights) and the provisions of the Third Parties Act.

 

		27	The Security Trustee

 

		27.1	Trust

 

		(a)	The Security Trustee declares that it shall hold the Security Property on trust for the Secured
Parties on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause 27 (The
Security Trustee) and the other provisions of the Finance Documents.

 

		(b)	Each of the parties to this Agreement agrees that the Security Trustee shall have only those duties,
obligations and responsibilities expressly specified in this Agreement or in the Finance Documents (and no others shall be implied).

 

		(c)	The Security Trustee shall not have any liability to any person in respect of its duties, obligations
and responsibilities under this Agreement or the other Finance Documents except as expressly set out in paragraph (a) of Clause
27.1 (Trust) and as excluded or limited by this Clause 27 (The Security Trustee) including in particular Clause 27.8
(Instructions to Security Trustee and exercise of discretion), Clause 27.13 (Responsibility for documentation), Clause 27.14
(Exclusion of liability), Clause 27.16 (Lenders' indemnity to the Security Trustee), Clause 27.23 (Business with
the Group) and Clause 27.28 (Full freedom to enter into transactions).

 

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		27.2	Parallel Debt (Covenant to pay the Security Trustee)

 

		(a)	Each Obligor irrevocably and unconditionally undertakes to pay to the Security Trustee its Parallel
Debt which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.

 

		(b)	The Parallel Debt of an Obligor:

 

		(i)	shall become due and payable at the same time as its Corresponding Debt;

 

		(ii)	is independent and separate from, and without prejudice to, its Corresponding Debt.

 

		(c)	For purposes of this Clause 27.2 (Parallel Debt (Covenant to pay the Security Trustee)),
the Security Trustee:

 

		(i)	is the independent and separate creditor of each Parallel Debt;

 

		(ii)	acts in its own name and not as agent, representative or trustee of the Secured Parties and its
claims in respect of each Parallel Debt shall not be held on trust; and

 

		(iii)	shall have the independent and separate right to demand payment of each Parallel Debt in its own
name (including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications
for and voting in any kind of insolvency proceeding).

 

		(d)	The Parallel Debt of an Obligor shall be:

 

		(i)	decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid
or discharged; and

 

		(ii)	increased to the extent that its Corresponding Debt has increased,

 

and the Corresponding Debt of
an Obligor shall be:

 

		(A)	decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or
discharged; and

 

		(B)	increased to the extent that its Parallel Debt has increased,

 

in each case provided that the
Parallel Debt of an Obligor shall never exceed its Corresponding Debt.

 

		(e)	All amounts received or recovered by the Security Trustee in connection with this Clause 27.2
(Parallel Debt (Covenant to pay the Security Trustee)) to the extent permitted by applicable law, shall be applied in accordance
with Clause 19 (Application of sums received).

 

		(f)	This Clause 27.2 (Parallel Debt (Covenant to pay the Security Trustee)) shall apply, with
any necessary modifications, to each Finance Document.

 

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		27.3	No independent power

 

The Secured Parties shall not
have any independent power to enforce, or have recourse to, any Security Interest created by any of the Finance Documents or to
exercise any rights or powers arising under the Finance Documents creating the Security Interest except through the Security Trustee.

 

		27.4	Application of receipts

 

		(a)	Except as expressly stated to the contrary in any Finance Document, any moneys which the Security
Trustee receives or recovers and which are, or are attributable to, Security Property (for the purposes of this Clause 27 (The
Security Trustee), the "Recoveries") shall be transferred to the Facility Agent for application in accordance
with Clause 19 (Application of sums received).

 

		(b)	Paragraph (a) above is without prejudice to the rights of the Security Trustee, any Receiver
or any Delegate:

 

		(i)	under Clause 26.10 (Lenders' indemnity to the Facility Agent) to be indemnified out of the
Charged Property; and

 

		(ii)	under any Finance Document to credit any moneys received or recovered by it to any suspense account.

 

		(c)	Any transfer by the Security Trustee to the Facility Agent in accordance with paragraph (a) above
shall be a good discharge, to the extent of that payment, by the Security Trustee.

 

		(d)	The Security Trustee is under no obligation to make the payments to the Facility Agent under paragraph
(a) of this Clause 27.4 (Application of receipts) in the same currency as that in which the obligations and liabilities
owing to the relevant Secured Party are denominated.

 

		27.5	Deductions from receipts

 

		(a)	Before transferring any moneys to the Facility Agent under Clause 27.4 (Application of receipts),
the Security Trustee may, in its discretion:

 

		(i)	deduct any sum then due and payable under this Agreement or any other Finance Documents to the
Security Trustee or any receiver and retain that sum for itself or, as the case may require, pay it to another person to whom it
is then due and payable;

 

		(ii)	set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings
(on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment
made by it under this Agreement; and

 

		(iii)	pay all Taxes which may be assessed against it in respect of any of the Security Property, or as
a consequence of performing its duties, or by virtue of its capacity as Security Trustee under any of the Finance Documents or
otherwise (other than in connection with its remuneration for performing its duties under this Agreement).

 

		(b)	For the purposes of sub-paragraph
(i) of paragraph (a)(i) above, if the Security Trustee has
become entitled to require a sum to be paid to it on demand, that sum shall be treated as due and payable, even if no demand has
yet been served.

 

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		27.6	Prospective liabilities

 

Following acceleration of any
Security Interest, the Security Trustee may, in its discretion, or at the request of the Facility Agent, hold any recoveries in
an interest bearing suspense or impersonal account(s) in the name of the Security Trustee with such financial institution
(including itself) and for so long as the Security Trustee shall think fit (the interest being credited to the relevant account)
for later payment to the Facility Agent for application in accordance with Clause 19 (Application of sums received) in respect
of:

 

		(a)	any sum to the Security Trustee, any Receiver or Delegate; and

 

		(b)	any part of the Secured Liabilities,

 

that the Security Trustee or,
in the case of paragraph (b) only, the Facility Agent, reasonably considers, in each case, might become due or owing at any
time in the future.

 

		27.7	Investment of proceeds

 

Prior to the payment of the proceeds
of the recoveries to the Facility Agent for application in accordance with Clause 27.4 (Application of receipts) the Security
Trustee may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in
the name of the Security Trustee with such financial institution (including itself) and for so long as the Security Trustee shall
think fit (the interest being credited to the relevant account) pending the payment from time to time of those moneys in the Security
Trustee's discretion in accordance with the provisions of this Clause 27.7 (Investment of proceeds).

 

		27.8	Instructions to Security Trustee and exercise of discretion

 

		(a)	Subject to paragraph (d) below, the Security Trustee shall act in accordance with any instructions
given to it by the Facility Agent (acting on the instructions of SACE and the Majority Lenders or all the Lenders (as appropriate))
or, if so instructed by the Facility Agent (acting on the instructions of SACE and the Majority Lenders or all the Lenders (as
appropriate)), refrain from exercising any right, power, authority or discretion vested in it as Security Trustee and shall be
entitled to assume that:

 

		(i)	any instructions received by it from the Facility Agent (acting on the instructions of SACE and
the Majority Lenders or all the Lenders (as appropriate)) are duly given in accordance with the terms of the Finance Documents;
and

 

		(ii)	unless it has received actual notice of revocation, that those instructions or directions have
not been revoked.

 

		(b)	The Security Trustee shall be entitled to request instructions, or clarification of any direction,
from the Facility Agent (acting on the instructions of SACE and the Majority Lenders or all the Lenders (as appropriate)) as to
whether, and in what manner, it should exercise or refrain from exercising any rights, powers, authorities and discretions and
the Security Trustee may refrain from acting unless and until those instructions or clarification are received by it.

 

		(c)	Any instructions given to the Security Trustee by the Facility Agent (acting on the instructions
of SACE and the Majority Lenders or all the Lenders (as appropriate)) shall override any conflicting instructions given by any
other Party.

 

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		(d)	Paragraph (a) above shall not apply:

 

		(i)	where a contrary indication appears in this Agreement;

 

		(ii)	where this Agreement requires the Security Trustee to act in a specified manner or to take a specified
action;

 

		(iii)	in respect of any provision which protects the Security Trustee's own position in its personal
capacity as opposed to its role of Security Trustee for the Secured Parties including, without limitation, the provisions set out
in Clauses 27.10 (Security Trustee's discretions) to Clause 27.28 (Full freedom to enter into transactions); and

 

		(iv)	in respect of the exercise of the Security Trustee's discretion to exercise a right, power or authority
under any of Clause 27.5 (Deductions from receipts) and Clause 27.6 (Prospective liabilities).

 

		27.9	Security Trustee's Actions

 

Without prejudice to the provisions
of Clause 27.4 (Application of receipts), the Security Trustee may (but shall not be obliged to), in the absence of any
instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it
considers in its discretion to be appropriate.

 

		27.10	Security Trustee's discretions

 

		(a)	The Security Trustee may:

 

		(i)	assume (unless it has received actual notice to the contrary from the Facility Agent) that (i) no
Event of Default has occurred and no Obligor is in breach of or default under its obligations under any of the Finance Documents
and (ii) any right, power, authority or discretion vested by any Finance Document in any person has not been exercised;

 

		(ii)	assume that any notice or request made by the Borrower (other than a Drawdown Notice) is made on
behalf of and with the consent and knowledge of all the Obligors;

 

		(iii)	if it receives any instructions or directions to take any action in relation to a Security Interest
under the Finance Documents, assume that all applicable conditions under the Finance Documents for taking that action have been
satisfied;

 

		(iv)	engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers,
surveyors or other experts (whether obtained by the Security Trustee or by any other Secured Party) whose advice or services may
at any time seem necessary, expedient or desirable;

 

		(v)	act in relation to the Finance Documents through its personnel and agents;

 

		(vi)	disclose to any other Party any information it reasonably believes it has received as Security
Trustee under this Agreement;

 

		(vii)	rely upon any communication or document believed by it to be genuine and, as to any matters of
fact which might reasonably be expected to be within the knowledge of a Secured Party or an Obligor, upon a certificate signed
by or on behalf of that person; and

 

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		(viii)	refrain from acting in accordance with the instructions of any Party (including bringing any legal
action or proceeding arising out of or in connection with the Finance Documents) until it has received any indemnification and/or
security that it may in its discretion require (which may be greater than that contained in the Finance Documents and which may
include payment in advance or otherwise) for all costs, losses and liabilities which it may incur in so acting.

 

		(b)	Notwithstanding any other provision of any Finance Document to the contrary, the Security Trustee
is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or
regulation or a breach of a fiduciary duty or duty of confidentiality.

 

		(c)	Notwithstanding any provision of any Finance Document to the contrary, the Security Trustee is
not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations
or responsibilities or the exercise of any right, power, authority or discretion, if it has grounds for believing the repayment
of such funds or adequate indemnity against, or security for, such risk or liability is not assured to it.

 

		27.11	Security Trustee's obligations

 

The Security Trustee shall promptly:

 

		(a)	copy to the Facility Agent the contents of any notice or document received by it from any Obligor
under any Finance Document;

 

		(b)	forward to a Party the original or a copy of any document which is delivered to the Security Trustee
for that Party by any other Party provided that the Security Trustee is not obliged to review or check the adequacy, accuracy or
completeness of any document it forwards to another Party; and

 

		(c)	inform the Facility Agent of the occurrence of any Event of Default or any default by an Obligor
in the due performance of or compliance with its obligations under any Finance Document of which the Security Trustee has received
notice from any other party to this Agreement.

 

		27.12	Excluded obligations

 

Notwithstanding anything to the
contrary expressed or implied in the Finance Documents, the Security Trustee shall not:

 

		(a)	be bound to enquire as to (i) whether or not any Event of Default has occurred or (ii) the
performance, default or any breach by an Obligor of its obligations under any of the Finance Documents;

 

		(b)	be bound to account to any other Party for any sum or the profit element of any sum received by
it for its own account;

 

		(c)	be bound to disclose to any other person (including but not limited to any Secured Party) (i) any
confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute
a breach of any law or be a breach of fiduciary duty;

 

		(d)	be or be deemed to be an agent, trustee or fiduciary of any Obligor.

 

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		27.13	Responsibility for documentation

 

None of the Security Trustee,
any Receiver or Delegate shall accept responsibility or be liable for:

 

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by
the Security Trustee or any other person in or in connection with any Finance Document or the transactions contemplated in the
Finance Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Finance Document;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the
Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document or the Security Property; or

 

		(c)	any determination as to whether any information provided or to be provided to any Secured Party
is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing
or otherwise.

 

		27.14	Exclusion of liability

 

		(a)	Without limiting Clause 27.15 (No proceedings), (and without prejudice to any other provision
of any Finance Document excluding or limiting the liability of the Security Trustee, any Receiver or Delegate), none of the Security
Trustee or any Receiver nor any Delegate will be liable for:

 

		(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever
arising as a result of any action taken by it or not taken by it under or in connection with any Finance Document or any Security
Interest, unless directly caused by its Gross Negligence or wilful misconduct;

 

		(ii)	exercising or not exercising any right, power, authority or discretion given to it by or in connection
with any of the Finance Documents, the Security Property or any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with, the Finance Documents or the Security Property;

 

		(iii)	any shortfall which arises on the enforcement or realisation of the Security Property; or

 

		(iv)	without prejudice to
the generality of sub-paragraphs (i) to (iii) above,
any damages, costs, losses, any diminution in value or any liability whatsoever arising as a result of:

 

		(A)	any act, event or circumstance not reasonably within its control; or

 

		(B)	the general risks of investment in, or the holding of assets in, any jurisdiction,

 

including (in each case and without
limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation
or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the
execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport,
telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution;
or strikes or industrial action.

 

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		(b)	Nothing in this Agreement shall oblige the Security Trustee to carry out any "know your customer"
or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Security Trustee that it is solely
responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks
made by the Security Trustee.

 

		(c)	Without prejudice to any provision of any Finance Document excluding or limiting the liability
of the Security Trustee, any Receiver or Delegate, any liability of the Security Trustee, any Receiver or Delegate arising under
or in connection with any Finance Document or the Security Property shall be limited to the amount of actual loss which has been
finally judicially determined to have been suffered (as determined by reference to the date of default of the Security Trustee,
Receiver or Delegate (as the case may be) or, if later, the date on which the loss arises as a result of such default) but without
reference to any special conditions or circumstances known to the Security Trustee, Receiver or Delegate (as the case may be) at
any time which increase the amount of that loss. In no event shall the Security Trustee, any Receiver or Delegate be liable for
any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential
damages, whether or not the Security Trustee, Receiver or Delegate (as the case may be) has been advised of the possibility of
such loss or damages.

 

		27.15	No proceedings

 

No
Party (other than the Security Trustee or that Receiver or that Delegate (as applicable)) may take any proceedings against any
officer, employee or agent of the Security Trustee, Receiver or Delegate in respect of any claim it might have against the Security
Trustee, Receiver or Delegate in respect of any act or omission of any kind by that officer, employee or agent in relation to any
Finance Document or any Security Property and any officer, employee or agent of the Security Trustee, Receiver or Delegate may
rely on this Clause subject to Clause 37.4 36.4
(Third party rights) and the provisions of the Third Party Act.

 

		27.16	Lenders' indemnity to the Security Trustee

 

Each Lender shall (in proportion
to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately
prior to their reduction to zero) indemnify the Security Trustee and every Receiver and every Delegate within three Business Days
of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the relevant Security Trustee's,
Receiver's or Delegate's Gross Negligence or wilful misconduct) in acting as Security Trustee, Receiver or Delegate under the Finance
Documents (unless the relevant Security Trustee, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document).

 

		27.17	Own responsibility

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Creditor Party confirms
to the Security Trustee that it has been, and will continue to be, solely responsible for making its own independent appraisal
and investigation of all risks arising under or in connection with any Finance Document including but not limited to:

 

		(a)	the financial condition, status and nature of each member of the Group;

 

		(b)	the legality, validity, effectiveness, adequacy and enforceability of any Finance Document, the
Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Finance Document or the Security Property;

 

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		(c)	whether that Creditor Party has recourse, and the nature and extent of that recourse, against any
Party or any of its respective assets under or in connection with any Finance Document, the Security Property, the transactions
contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Finance Document or the Security Property;

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Security Trustee
or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and

 

		(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged
Property, the priority of any of the Security Interests created by the Finance Documents or the existence of any Security Interest
affecting the Charged Property,

 

and each Creditor Party warrants
to the Security Trustee that it has not relied on and will not at any time rely on the Security Trustee in respect of any of these
matters.

 

		27.18	No responsibility to perfect Security Interests

 

The Security Trustee shall not
be liable for any failure to:

 

		(a)	require the deposit with it of any deed or document certifying, representing or constituting the
title of any Obligor to any of the Charged Property;

 

		(b)	obtain any licence, consent or other authority for the execution, delivery, legality, validity,
enforceability or admissibility in evidence of any of the Finance Documents or any Security Interest;

 

		(c)	register, file or record or otherwise protect any Security Interests (or the priority of any of
Security Interest) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of the
Finance Documents or of any Security Interest;

 

		(d)	take, or to require any of the Obligors to take, any steps to perfect its title to any of the Charged
Property or to render any Security Interest effective or to secure the creation of any ancillary Security Interest under the laws
of any jurisdiction; or

 

		(e)	require any further assurances in relation to any of the Finance Documents creating the Security
Interests.

 

		27.19	Insurance by Security Trustee

 

		(a)	The Security Trustee shall not be under any obligation to insure any of the Charged Property, to
require any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in the
Finance Documents. The Security Trustee shall not be responsible for any loss which may be suffered by any person as a result of
the lack of or inadequacy of any such insurance.

 

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		(b)	Where the Security Trustee is named on any insurance policy as an insured party, it shall not be
responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any
material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Facility Agent shall
have requested it to do so in writing and the Security Trustee shall have failed to do so within fourteen (14) days after receipt
of that request.

 

		27.20	Custodians and nominees

 

The Security Trustee may appoint
and pay any person to act as a custodian or nominee on any terms in relation to any assets of the trust as the Security Trustee
may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created
under this Agreement and the Security Trustee shall not be responsible for any loss, liability, expense, demand, cost, claim or
proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement
or be bound to supervise the proceedings or acts of any person.

 

		27.21	Acceptance of title

 

The Security Trustee shall be
entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any of the Obligors may have
to any of the Charged Property and shall not be liable for or bound to require any Obligor to remedy any defect in its right or
title.

 

		27.22	Refrain from illegality

 

Notwithstanding anything to the
contrary expressed or implied in the Finance Documents, the Security Trustee may refrain from doing anything which in its opinion
will or may be contrary to any relevant law, directive or regulation of any jurisdiction and the Security Trustee may do anything
which is, in its opinion, necessary to comply with any such law, directive or regulation.

 

		27.23	Business with the Group

 

The Security Trustee may accept
deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.

 

		27.24	Winding up of trust

 

If the Security Trustee, with
the approval of the Facility Agent determines that (a) all of the Secured Liabilities and all other obligations secured by
the Finance Documents creating the Security Interests have been fully and finally discharged and (b) none of the Secured Parties
is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation
to any Obligor pursuant to the Finance Documents:

 

		(a)	the trusts set out in this Agreement shall be wound up and the Security Trustee shall release,
without recourse or warranty, all of the Security Interests and the rights of the Security Trustee under each of the Finance Documents
creating the Security Interests; and

 

		(b)	any Retiring Security Trustee shall release, without recourse or warranty, all of its rights under
each of the Finance Documents creating the Security Interests.

 

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		27.25	Powers supplemental

 

The rights, powers and discretions
conferred upon the Security Trustee by this Agreement shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and
in addition to any which may be vested in the Security Trustee by general law or otherwise.

 

		27.26	Trustee division separate

 

		(a)	In acting as trustee for the Secured Parties, the Security Trustee shall be regarded as acting
through its trustee division which shall be treated as a separate entity from any of its other divisions or departments.

 

		(b)	If information is received by another division or department of the Security Trustee, it may be
treated as confidential to that division or department and the Security Trustee shall not be deemed to have notice of it nor shall
it be obliged to disclose such information to any Party.

 

		27.27	Disapplication

 

In addition to its rights under
or by virtue of this Agreement and the other Finance Documents, the Security Trustee shall have all the rights conferred on a trustee
by the Trustee Act 1925, the Trustee Delegation Act 1999, the Trustee Act 2000 and by general law or otherwise, provided that:

 

		(a)	section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Trustee in relation
to the trusts constituted by this Agreement and the other Finance Documents; and

 

		(b)	where there are any inconsistencies between (i) the Trustee Acts 1925 and 2000 and (ii) the
provisions of this Agreement and any other Finance Document, the provisions of this Agreement and any other Finance Document shall,
to the extent allowed by law, prevail and, in the case of any inconsistency with the Trustee Act 2000, such provisions shall constitute
a restriction or exclusion for the purposes of the Trustee Act 2000.

 

		27.28	Full freedom to enter into transactions

 

Notwithstanding any rule of
law or equity to the contrary, the Security Trustee shall be absolutely entitled:

 

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind
with or affecting any Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent
and/or security trustee for, and/or participating in, other facilities to such Obligor or any person who is party to, or referred
to in, a Finance Document);

 

		(b)	to deal in and enter into and arrange transactions relating to:

 

		(i)	any securities issued or to be issued by any Obligor or any other person; or

 

		(ii)	any options or other derivatives in connection with such securities; and

 

		(c)	to provide advice or other services to the Borrower or any person who is a party to, or referred
to in, a Finance Document,

 

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and, in particular, each Servicing
Party shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and
in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing
legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from
disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its
sole benefit all profits and benefits derived from the dealings transactions or other matters.

 

		27.29	Resignation of the Security Trustee

 

		(a)	The Security Trustee may resign and appoint one of its affiliates as successor by giving notice
to the Borrower and each Secured Party.

 

		(b)	Alternatively the Security Trustee may resign by giving notice to the other Parties in which case
the Majority Lenders (with the prior consent of SACE) may appoint a successor Security Trustee.

 

		(c)	If the Majority Lenders have not appointed a successor Security Trustee in accordance with paragraph
(b) above within 30 days after the notice of resignation was given, the Security Trustee (after consultation with the Facility
Agent and SACE) may appoint a successor Security Trustee.

 

		(d)	The retiring Security Trustee (the "Retiring Security Trustee") shall, at its
own cost, make available to the successor Security Trustee such documents and records and provide such assistance as the successor
Security Trustee may reasonably request for the purposes of performing its functions as Security Trustee under the Finance Documents.

 

		(e)	The Security Trustee's resignation notice shall only take effect upon (i) the appointment
of a successor and (ii) the transfer, by way of a document expressed as a deed, of all of the Security Property to that successor.

 

		(f)	Upon the appointment of a successor, the Retiring Security Trustee shall be discharged, by way
of a document executed as a deed, from any further obligation in respect of the Finance Documents (other than its obligations under
paragraph (b) of Clause 27.24 (Winding up of trust) and under paragraph (d) above) but shall, in respect of any
act or omission by it whilst it was the Security Trustee, remain entitled to the benefit of Clause 27 (The Security Trustee),
Clause 27.5 (Deductions from receipts), Clause 27.16 (Lenders' indemnity to the Security Trustee) and any other provisions
of a Finance Document which are expressed to limit or exclude its liability in acting as Security Trustee. Its successor and each
of the other Parties shall have the same rights and obligations amongst themselves as they would have had if that successor had
been an original Party.

 

		(g)	The Majority Lenders may, by notice to the Security Trustee, require it to resign in accordance
with paragraph (b) above. In this event, the Security Trustee shall resign in accordance with paragraph (b) above but
the cost referred to in paragraph (d) above shall be for the account of the Borrower.

 

		(h)	The consent of the Borrower (or any other Obligor) is not required for an assignment or transfer
of rights and/or obligations by the Security Trustee.

 

		(i)	The appointment of a successor Security Trustee pursuant to this Clause 27.29 (Resignation of
the Security Trustee) shall be subject to compliance with all necessary "know your customer" requirements of the
Lenders.

 

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		27.30	Delegation

 

		(a)	Each of the Security Trustee, any Receiver or any Delegate may, at any time, delegate by power
of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any of
the Finance Documents.

 

		(b)	That delegation may be made upon any terms and conditions and subject to any restrictions that
the Security Trustee, that Receiver or that Delegate (as the case may be) considers in its discretion to be appropriate and it
shall not be bound to supervise, or be in any way responsible for any damages, costs or losses incurred by reason of any misconduct
or default on the part of any such delegate or sub delegate.

 

		(c)	The Security Trustee shall exercise reasonable care in the selection of any such delegate or sub
delegate.

 

		27.31	Additional Security Trustee

 

		(a)	The Security Trustee may at any time appoint (and subsequently remove) any person to act as a separate
trustee or as a co-trustee jointly with it:

 

		(i)	if it considers that appointment to be appropriate; or

 

		(ii)	for the purposes of conforming to any legal requirements, restrictions or conditions which the
Security Trustee deems to be relevant; or

 

		(iii)	for obtaining or enforcing any judgment in any jurisdiction,

 

and the Security Trustee shall
give prior notice to the Borrower and the Facility Agent of that appointment.

 

		(b)	Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred
on the Security Trustee by this Agreement) and the duties and obligations that are conferred or imposed by the instrument of appointment.

 

		(c)	The remuneration that the Security Trustee may pay to that person, and any costs and expenses (together
with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes
of this Agreement, be treated as costs and expenses incurred by the Security Trustee.

 

		27.32	Financial Services and Markets Act 2000

 

		(a)	Notwithstanding anything in any Finance Document to the contrary, the Security Trustee shall not
do, or be authorised or required to do, anything which might constitute a regulated activity for the purpose of the Financial Services
and Markets Act 2000 ("FSMA"), unless it is authorised under FSMA to do so.

 

		(b)	The Security Trustee shall have the discretion at any time:

 

		(i)	to delegate any of the functions which fall to be performed by an authorised person under FSMA
to any other agent or person which also has the necessary authorisations and licences; and

 

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		(ii)	to apply for authorisation under FSMA and perform any or all such functions itself if, in its absolute
discretion, it considers it necessary, desirable or appropriate to do so.

 

		28	Conduct of Business by the Creditor Parties

 

No provision of this Agreement
will:

 

		(a)	interfere with the right of any Creditor Party to arrange its affairs (Tax or otherwise) in whatever
manner it thinks fit;

 

		(b)	oblige any Creditor Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

 

		(c)	oblige any Creditor Party to disclose any information relating to its affairs (Tax or otherwise)
or any computations in respect of Tax.

 

		29	Sharing among the Creditor Parties

 

		29.1	Payments to Creditor Parties

 

If
a Creditor Party (a "Recovering Creditor Party") receives or recovers any amount from an Obligor other than in
accordance with this Clause 29 (Sharing among the
Creditor Parties) and applies that amount to a payment due under the Finance Documents then:

 

		(a)	the Recovering Creditor Party shall, within three (3) Business Days, notify details of the
receipt or recovery to the Facility Agent;

 

		(b)	the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the
Recovering Creditor Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed
in accordance with Clause 19 (Application of sums received) and Clause 30 (Payment Mechanics), without taking account
of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and

 

		(c)	the Recovering Creditor Party shall, within three (3) Business Days of demand by the Facility
Agent, pay to the Facility Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any
amount which the Facility Agent determines may be retained by the Recovering Creditor Party as its share of any payment to be made,
in accordance with Clause 19 (Application of sums received) and Clause 30 (Payment Mechanics).

 

		29.2	Redistribution of payments

 

The Facility Agent shall treat
the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Creditor Parties (other than the
Recovering Creditor Party) in accordance with Clause 19 (Application of sums received) and Clause 30 (Payment Mechanics).

 

		29.3	Recovering Creditor Party's rights

 

		(a)	On a distribution by the Facility Agent under Clause 29.2 (Redistribution of payments),
the Recovering Creditor Party will, if possible under the relevant applicable laws, be subrogated to the rights of the Creditor
Parties which have shared in the redistribution.

 

		(b)	If and to the extent that the Recovering Creditor Party is not able to rely on its rights under
paragraph (a) of Clause 29.3 (Recovering Creditor Party's rights), the relevant Obligor shall be liable to the Recovering
Creditor Party for a debt equal to the Sharing Payment which is immediately due and payable.

 

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		29.4	Reversal of redistribution

 

If any part of the Sharing Payment
received or recovered by a Recovering Creditor Party becomes repayable and is repaid by that Recovering Creditor Party, then:

 

		(a)	each Lender which has received a share of the relevant Sharing Payment pursuant to Clause 29.2
(Redistribution of payments) shall, upon request of the Facility Agent, pay to the Facility Agent for account of that Recovering
Creditor Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary
to reimburse that Recovering Creditor Party for its proportion of any interest on the Sharing Payment which that Recovering Creditor
Party is required to pay); and

 

		(b)	that Recovering Creditor Party's rights of subrogation in respect of any reimbursement shall be
cancelled and the relevant Obligor will be liable to the reimbursing Creditor Party for the amount so reimbursed.

 

		29.5	Exceptions

 

		(a)	This Clause 29 (Sharing among the Creditor Parties) shall not apply to the extent that the
Recovering Creditor Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against
the relevant Obligor.

 

		(b)	A Recovering Creditor Party is not obliged to share with any other Creditor Party any amount which
the Recovering Creditor Party has received or recovered as a result of taking legal or arbitration proceedings, if:

 

		(i)	it notified that other Creditor Party of the legal or arbitration proceedings; and

 

		(ii)	that other Creditor Party had an opportunity to participate in those legal or arbitration proceedings
but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

 

		(c)	Following full indemnification by SACE of the SACE Agent (on behalf of the Lenders) under the SACE
Insurance Policy, the provisions relating to the sharing of proceeds among the Creditor Parties in this Clause 29 (Sharing among
the Creditor Parties) shall not apply to any payment made to SACE by a Lender or the Borrower following a payment by SACE to
any Lender under the SACE Insurance Policy.

 

		30	Payment Mechanics

 

		30.1	Payments to the Facility Agent

 

		(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document,
that Obligor or Lender shall make the same available to the Facility Agent (unless a contrary indication appears in a Finance Document)
for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement
of transactions in the relevant currency in the place of payment.

 

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		(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 Facility 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 Facility Agent on the third Business Day
prior to the due date for payment that it will issue to its bank (which shall be named in such notification) to make the payment.

 

		30.2	Distributions by the Facility Agent or the SACE Agent

 

Each payment received by the
Facility Agent or the SACE Agent under the Finance Documents or the SACE Insurance Policy for another Party shall, subject to Clause
30.3 (Distributions to an Obligor), Clause 30.4 (Clawback) be made available by the Facility Agent or SACE Agent
(as the case may be) as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement
(in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent
(following which the Facility Agent shall promptly notify the SACE Agent, if relevant to it) by not less than five (5) Business
Days' notice with a bank in the principal financial centre of the country of that currency.

 

		30.3	Distributions to an Obligor

 

The Facility Agent may in accordance
with Clause 22 (Set-Off) apply any amount received by it for that Obligor in or towards payment (on the date and in the
currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any
amount of any currency to be so applied.

 

		30.4	Clawback

 

		(a)	Where a sum is to be paid to the Facility Agent or the SACE Agent under the Finance Documents or
the SACE Insurance Policy for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter
into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received
that sum.

 

		(b)	If the Facility Agent pays an amount to another Party and it proves to be the case that the Facility
Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract)
was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from
the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.

 

		30.5	No set-off by Obligors

 

All payments to be made by an
Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or
counterclaim.

 

		30.6	Business Days

 

		(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next
Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

 

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		(b)	During any extension of the due date for payment of any principal or unpaid sum under this Agreement
interest is payable on the principal or unpaid sum at the rate payable on the original due date.

 

		30.7	Currency of account

 

		(a)	Subject to paragraphs (b) and (c) of Clause 30.7 (Currency of account) 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.

 

		30.8	Change of currency

 

		(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same
time recognised by the central bank of any country as the lawful currency of that country, then:

 

		(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents
in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated
by the Facility Agent (after consultation with the Lenders and the Borrower); and

 

		(ii)	any translation from one currency or currency unit to another shall be at the official rate of
exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down
by the Facility Agent (acting reasonably).

 

		(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Facility
Agent (acting reasonably and after consultation with the Lenders and the Borrower) specifies to be necessary, be amended to comply
with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change
in currency.

 

		30.9	Distributions under the Interest Make-up Agreement

 

Each payment received by the
Facility Agent under the Interest Make-up Agreement for a Lender shall be made available by the Facility Agent as soon as practicable
after receipt to the Lender entitled to receive such payment in accordance with this Agreement (for the account of its Facility
Office), to such account as that Lender may notify to the Facility Agent by not less than five (5) Business Days' notice with
a bank in the principal financial centre of the country of that currency (or, in relation to Euro, in the principal financial centre
of a Participating Member State).

 

		31	Variations and Waivers

 

		31.1	Variations, waivers etc. by Majority Lenders

 

Subject
to Clause 31.2 (Variations, waivers etc. requiring agreement of all Lenders), a document shall be effective to vary, waive,
amend, suspend or limit any provision of a Finance Document, or any Creditor Party's rights or remedies under such a provision
or the general law, only if the document is signed, or specifically agreed to by faxemail,
by the Borrower, by the Facility Agent on behalf of the Majority Lenders, by the Facility Agent and the Security Trustee in their
own rights, and, if the document relates to a Finance Document to which an Obligor is party, by an Obligor (provided that no amendment
or variation may be made to this Agreement or any other Finance Document without the consent of the Italian Authorities); provided,
further, that no amendment or variation may be made before the date falling ten Business Days after the terms of that amendment
or variation have been notified by the Facility Agent to the Lenders. The Facility Agent shall notify the Lenders reasonably promptly
of any amendments or variations proposed by the Borrower.

 

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		31.2	Variations, waivers etc. requiring agreement of all Lenders

 

However, as regards the following,
Clause 31.1 (Variations, waivers etc. by Majority Lenders) applies as if the words "by the Facility Agent on behalf
of the Majority Lenders" were replaced by the words "by or on behalf of every Lender":

 

		(a)	a reduction in the Margin;

 

		(b)	a postponement to the date for, or a reduction in the amount of, any payment of principal, interest,
fees, commission or other sum payable under this Agreement;

 

		(c)	an increase in or extension
of any Lender's Commitment, including, for the avoidance of doubt,
any increase arising pursuant to the provisions of Clause 8.1 (SACE Premium), any increase arising pursuant to the definition
of Base Rate in Clause 1.1 (Definitions), any increase arising pursuant to the definition of Maximum Loan Amount in Clause
1.1 (Definitions) or any requirement that a cancellation of Commitments reduces the Commitments rateably under
the Loan;

 

		(d)	a change to the definition of "Majority Lenders";

 

		(e)	a change to Clause 2 (Facility), Clause 6 (Interest), Clause 24 (Changes to the
Lenders) or this Clause 31 (Variations and Waivers);

 

		(f)	any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination
arrangement set out in a Finance Document; and

 

		(g)	any other change or matter as regards which this Agreement or another Finance Document expressly
provides that each Lender's consent is required.

 

		31.3	Exclusion of other or implied variations

 

Except for a document which satisfies
the requirements of Clauses 31.1 (Variations, waivers etc. by Majority Lenders) and 31.2 (Variations, waivers etc. requiring
agreement of all Lenders), no document, and no act, course of conduct, failure or neglect to act, delay or acquiescence on
the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties
or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being
precluded (permanently or temporarily) from enforcing, relying on or exercising:

 

		(a)	a provision of this Agreement or another Finance Document; or

 

		(b)	an Event of Default; or

 

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		(c)	a breach by the Borrower or an Obligor of an obligation under a Finance Document or the general
law; or

 

		(d)	any right or remedy conferred by any Finance Document or by the general law,

 

and there shall not be implied
into any Finance Document any term or condition requiring any such provision to be enforced, or such right or remedy to be exercised,
within a certain or reasonable time.

 

		32	Notices

 

		32.1	General

 

Unless otherwise specifically
provided, any notice under or in connection with any Finance Document shall be given by letter or fax; and references in the Finance
Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly.

 

		32.2	Addresses for communications

 

A notice shall be sent:

 

	(a)         to the Borrower:	
        7665 Corporate Center Drive

        Miami FL 33126 USA

        Fax
        No: (00) 1 305 436 4140Attention: Chief Financial Officer
        and General Counsel

        Email:
        [*] / [*]

	(b)         to a Lender:	At the address below its name in Schedule 1 (Lenders and Commitments) or (as the case may require) in the relevant Transfer Certificate.
	(c)         to the Facility Agent:	
        CIB- COO Office-TMEF

        Millénaire 4

        35 rue de la gare

        75019 Paris

        Fax No. (33) 1 43 16 81 84

        Attn: Attention: S. CASET-CARRICABURU/B.
        SOHIER

        Email:
        sylvie.casetcarricaburu@bnpparibas.com

        beatrice.sohier@bnpparibas.com

	(d)         to the SACE Agent:	
        12, place des Etats-Unis

        CS 70052

        92547 Montrouge cedex

        Paris

        Fax No. (33) 1 41 89 19 34

        Attn: Shipping Middle Office – Ms
        Clémentine Costil and Romy Roussel

        E-mail:
        clementine.costil@ca-cib.com

        romy.roussel@ca-cib.com

	(e)         to the Security Trustee:	
        8 Canada Square

        London

        E14 5HQ

        Fax:+44 20 7991 4350

        Email:Ctla.trustee.admin@hsbc.com

        Attention:CTLA
        TrusteeIssuer Services Administration–
        Security Trustee

 

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or to such other address as the
relevant party may notify the Facility Agent or, if the relevant party is the Facility Agent, the Borrower and the Lenders.

 

		32.3	Effective date of notices

 

Subject
to Clauses 32.4 (Service outside business hours) and 32.5 (Electronic communication):

 

(a) 
a a notice
which is delivered personally or posted shall be deemed to be served, and shall take effect, at the time when it is delivered;

 

(b) a
notice which is sent by fax shall be deemed to be served,
and shall take effect, 2 hours after its transmission is completed.

 

		32.4	Service outside business hours

 

However, if under Clause 32.3
(Effective date of notices) a notice would be deemed to be served:

 

		(a)	on a day which is not a business day in the place of receipt; or

 

		(b)	on such a business day, but after 6 p.m. local time;

 

the notice shall (subject to
Clause 32.5 (Electronic communication)) be deemed to be served, and shall take effect, at 9 a.m. on the next day which
is such a business day.

 

		32.5	Electronic communication

 

		(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents
may be made by electronic mail or other electronic means, to the extent that those two Parties agree that, unless and until notified
to the contrary, this is to be an accepted form of communication and if those two Parties:

 

		(i)	notify each other in writing of their electronic mail address and/or any other information required
to enable the sending and receipt of information by that means; and

 

		(ii)	notify each other of any change to their address or any other such information supplied by them
by not less than five Business Days' notice.

 

		(b)	Any electronic communication made between those two Parties will be effective only when actually
received in readable form and in the case of any electronic communication made by a Party to the Facility Agent only if it is addressed
in such a manner as the Facility Agent shall specify for this purpose.

 

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		(c)	Any electronic communication which becomes effective, in accordance with paragraph (b) above,
after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

		32.6	Illegible notices

 

Clauses 32.3 (Effective date
of notices) and 32.4 (Service outside business hours) do not apply if the recipient of a notice notifies the sender
within 1 hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a
form which is illegible in a material respect.

 

		32.7	Valid notices

 

A notice under or in connection
with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply with the requirements
of this Agreement or, where appropriate, any other Finance Document under which it is served if:

 

		(a)	the failure to serve it in accordance with the requirements of this Agreement or other Finance
Document, as the case may be, has not caused any party to suffer any significant loss or prejudice; or

 

		(b)	in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the
party on which the notice was served what the correct or missing particulars should have been.

 

		32.8	English language

 

Any notice under or in connection
with a Finance Document shall be in English.

 

		32.9	Meaning of "notice"

 

In this Clause 32 (Notices),
 "notice" includes any demand, consent, authorisation, approval, instruction, waiver or other communication.

 

		33	Confidentiality

 

		33.1	Confidential Information

 

Each Creditor Party agrees to
keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 33.2 (Disclosure
of Confidential Information) and to ensure that all Confidential Information is protected with security measures and a degree
of care that would apply to its own confidential information.

 

		33.2	Disclosure of Confidential Information

 

Any Creditor Party may disclose:

 

		(a)	to the Italian Authorities, to any of its Affiliates and any of its or their officers, directors,
employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Creditor Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed
in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information
except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain
the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential
Information;

 

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		(b)	to any person:

 

		(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any
of its rights and/or obligations under one or more Finance Documents and to any of that person's Affiliates, Representatives and
professional advisers;

 

		(ii)	who is an insurer or reinsurer of any Creditor Party and requests such information;

 

		(iii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference
to, one or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Representatives and professional
advisers;

 

		(iv)	appointed by any Creditor
Party or by a person to whom sub-paragraphs
(b)(i) or (ii) of
paragraph (b) above applies to receive communications, notices, information or documents delivered pursuant to
the Finance Documents on its behalf;

 

		(v)	who invests in or otherwise
finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in sub-paragraphs
(i) or (ii) of paragraph (b)(i) or (b)(ii) above;

 

		(vi)	to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange
or pursuant to any applicable law or regulation;

 

		(vii)	which is a classification society or other entity
which a Lender has engaged to make the calculations necessary to enable that Lender to comply with its reporting obligations under
the Poseidon Principles;

 

		(viii)	(vii) to whom information is required to
be disclosed in connection with, and for the purposes of, any litigation, arbitrations, administrative or other investigations,
proceedings or disputes;

 

		(ix)	(viii) who is a Party, a member of the Group
or any related entity of an Obligor;

 

		(x)	(ix) as a result of the registration of any
Finance Document as contemplated by any Finance Document or any legal opinion obtained in connection with any Finance Document;
or

 

		(xi)	(x) with the consent of the Guarantor; or

 

		(xii)	(xi) any employee, officer, director or Representative
of any Italian Authorities to whom information is required to be disclosed in the course of such person's employment or duties;

 

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		(xiii)	(xii) to whom or for whose benefit that Creditor
Party charges, assigns or otherwise creates a Security Interest (or may do so) pursuant to Clause 24.16 (Security over Lenders'
rights).

 

in each case, such Confidential
Information as that Creditor Party shall consider appropriate if:

 

		(A)	in relation to sub-paragraphs
(b)(i), (b)(ii), (b)(iii) (iii) and
(iv) of paragraph (b)(iv) above,
the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there
shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional
obligations to maintain the confidentiality of the Confidential Information;

 

		(B)	in relation to sub-paragraph
(v) of paragraph (b)(v) above, the person to whom the Confidential
Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality
in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may
be price-sensitive information;

 

		(C)	in relation to sub-paragraphs
(b)(vi), (viii) and
(xiii) of paragraph (b)(vii) and (b)(xii) above, the
person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such
Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion
of that Creditor Party, it is not practicable so to do in the circumstances;

 

		(c)	to any person appointed
by that Creditor Party or by a person to whom sub-paragraphs (i) or (ii) (ii) of
paragraph (b) above applies to provide administration or settlement services in respect of one or more of the Finance Documents
including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential
Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this
paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality
agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service
Providers or such other form of confidentiality undertaking agreed between the Borrower and the relevant Creditor Party;

 

		(d)	to any rating agency (including its professional advisers) such Confidential Information as may
be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents
and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature
and that some or all of such Confidential Information may be price-sensitive information.

 

		33.3	Entire agreement

 

This Clause 33 (Confidentiality)
constitutes the entire agreement between the Parties in relation to the obligations of the Creditor Parties under the Finance Documents
regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

 

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		33.4	Disclosure to information services

 

		(a)	Any Creditor Party may disclose to any national or international information service company such
as Dealogic, TF, GTR, TXF, IFR and any other similar information service company appointed by that Creditor Party, the following
information:

 

		(i)	names of Parties;

 

		(ii)	country of domicile of Obligors;

 

		(iii)	place of incorporation
or formation, as the case may be, of Obligors;

 

		(iv)	date of this Agreement and Effective Date;

 

		(v)	Clause 38
37 (Governing Law);

 

		(vi)	the name of the Facility Agent;

 

		(vii)	amount of Total Commitments;

 

		(viii)	currency of the Facility;

 

		(ix)	type of Facility;

 

		(x)	ranking of Facility; and

 

		(xi)	duration of Facility,

 

to enable such information service
company to provide its usual services.

 

		(b)	Each Obligor represents that none of the information set out in sub-paragraphs (i) to (xi) of
paragraph (a) above is, nor will at any time be, unpublished price-sensitive information.

 

		33.5	Inside information

 

Each of the Creditor Parties
acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such
information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market
abuse and each of the Creditor Parties undertakes not to use any Confidential Information for any unlawful purpose.

 

		33.6	Notification of disclosure

 

Each of the Creditor Parties
agrees (to the extent permitted by law and regulation) to inform the Borrower:

 

		(a)	of the circumstances
of any disclosure of Confidential Information made pursuant to sub-paragraph
(vi) of paragraph (b)(vi) of Clause 33.2 (Disclosure
of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during
the ordinary course of its supervisory or regulatory function; and

 

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 33
(Confidentiality).

 

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		33.7	Continuing obligations

 

The obligations in this Clause
33 (Confidentiality) are continuing and, in particular, shall survive and remain binding on each Creditor Party for a period
of 12 months from the earlier of:

 

		(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement
have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

 

		(b)	the date on which such Creditor Party otherwise ceases to be a Creditor Party.

 

		33.8	Disclosure by SACE

 

Notwithstanding any other provision
of this Agreement to the contrary, SACE may disclose any Confidential Information:

 

(a) as
required to be disclosed by applicable law, regulation, rule or order of a competent authority in the context of litigation,
arbitration or administrative proceedings to which SACE is subject or as required to be disclosed as a consequence of the participation
of SACE and/or the Republic of Italy to an international organisation of which SACE and/or the Republic of Italy is a member (and
in such event, upon notification from SACE, the SACE Agent shall inform the Obligors of such requirement as soon as reasonably
practicable to the extent permitted by law, regulation, rule or order of a competent authority and the person to whom such
Confidential Information is to be given is informed of its confidential nature);

 

		(a)	(b) to its ultimate shareholder, holding
company, subsidiary,
parent, subsidiaries and affiliates companies;

 

		(b)	to the Ministry of Economy and Finance of the Republic
of Italy and its departments, other Italian Ministries (including any of their department), Interministerial committees of
the Italian Government and any other Italian authority, committee, agency or governmental entity;

 

		(c)	to any
providers of any reinsurance,
counter-guarantee/counter guarantee or any
form of risk enhancement (including but not limited to SACE'stheir
agents, brokers and consultants) subject to such persons entering intoundertaking
confidentiality arrangementsobligations
with SACE, unless such personsthey
are subject to professional obligationsduties
of confidentiality;

 

		(d)	if required for the purposes of the sState
guarantee in favour of SACE pursuant to article 32 of law-decree nolaw
decree n. 91/2014 converted into law 116/2014 in the Republic of Italyand
for the purposes of article 2 of law decree 23/2020 converted into law 40/2020; or

 

		(e)	following any payment due under the SACE Insurance Policy; or

 

		(f)	with the consent of the Borrower, such consent not to be unreasonably withheld.

 

		33.9	Disclosure by SIMEST

 

Notwithstanding any other provision
of this Agreement to the contrary, SACE may disclose any Confidential Information to SIMEST provided that SIMEST may, in turn,
disclose such Confidential Information:

 

		(a)	to its ultimate shareholder, holding company, parent, subsidiaries and affiliates;

 

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		(b)	to its professional advisers provided that such advisers are under a professional duty to keep
such information confidential;

 

		(c)	to providers of hedging arrangements entered into by SIMEST in connection with the Facility (including
their agents, brokers and consultants) subject to such persons undertaking confidentiality obligations with SIMEST (unless they
are subject to professional duties of confidentiality) and with the written consent of the Borrower (such consent not to be unreasonably
withheld); or

 

		(d)	with the consent of the Borrower.

 

		33.10	Press release

 

Neither SACE nor the Borrower
will issue any press release or make any public announcement in relation to the SACE Insurance Policy without the prior consent
of the other party (such consent not to be unreasonably withheld).

 

34
Confidentiality of FUNDING RATES AND Reference Bank Quotations

 

34.1
Confidentiality and disclosure

 

(a) The
Facility Agent and the Borrower agree to keep each Funding Rate (and, in case
of the Facility Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted
by paragraphs (b) and (c) below.

 

(b) The
Facility Agent may disclose any Funding Rate or Reference Bank Quotation
to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent
necessary to enable such service provider to provide those services if the service provider to whom that information is to be given
has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With
Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Facility Agent
and the relevant Lender or Reference Bank, as the case may be.

 

(c) The
Facility Agent may disclose any Funding Rate or any Reference Bank Quotation and the Borrower may
disclose any Funding Rate to:

 

(i) any
of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives,
if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this sub-paragraph (i) is
informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no such
requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding
Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;

 

(ii) any
person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental,
banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to
any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed
in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement
to so inform if, in the opinion of the Facility Agent or the Borrower,
as the case may be, it is not practicable to do so in the circumstances;

 

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(iii) any
person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration,
administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation
is to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there
shall be no requirement to so inform if, in the opinion of the Facility Agent or the Borrrower,
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.

 

34.2
Related obligations

 

(a) The
Facility Agent and the Borrower acknowledge that each Funding Rate (and, in
the case of the Facility Agent, each Reference Bank Quotation) is or may be price sensitive information and that its use may be
regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the
Facility Agent and the Borrower undertake not to use any Funding
Rate (or, in the case of the Facility Agent, any Reference Bank
Quotation) for any unlawful purpose.

 

(b) The
Facility Agent and the Borrower agree (to the extent permitted by law and regulation)
to inform the relevant Lender or Reference Bank, as the case may be:

 

(i) of
the circumstances of any disclosure made pursuant to sub-paragraph (ii) of paragraph (c) of
Clause 34.1 (Confidentiality and disclosure) except where such disclosure is made to any
of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

 

(ii) upon
becoming aware that any information has been disclosed in breach of this Clause 34 (Confidentiality
of Funding Rates and Reference Bank Quotations).

 

		34	35 Legal
Independence and Unconditional Obligations of the Borrower

 

		34.1	35.1 Legal independence and Unconditional
Obligations of the Borrower

 

This Agreement is legally independent
from the Shipbuilding Contract. The obligations of the Borrower to make payments and to observe and perform its obligations under
the Transaction Documents are absolute, unconditional, irrevocable and several and such obligations shall not:

 

		(a)	in any way be affected or discharged by reason of any matter affecting the Shipbuilding Contract
including its performance, frustration or validity, the insolvency or dissolution of any party to the Shipbuilding Contract or
the destruction, non-completion or non-functioning of the goods and equipment supplied under the Shipbuilding Contract;

 

		(b)	in any way be affected or discharged by reason of any dispute under the Shipbuilding Contract or
any claim which it or any other person may have against, or consider that it has against, any person under the Shipbuilding Contract;

 

		(c)	in any way be affected or discharged by reason of unenforceability, illegality or invalidity of
any obligation of the Borrower or any other person under the Shipbuilding Contract or any documents or agreements relating to the
Shipbuilding Contract;

 

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		(d)	in any way be affected by the fact that all or any part of the amount requested referred to in
the Drawdown Notice is not or was not due or payable to the Builder;

 

		(e)	be conditional on the performance by the Creditor Parties of any obligations (except as otherwise
stated herein) in order to give rise to a relevant obligation of the Borrower hereunder; or

 

		(f)	in any way be affected or discharged by the insolvency or dissolution of the Borrower.

 

		35	36 SACE
Subrogation and Reimbursement

 

		35.1	36.1 Acknowledgement of Subrogation

 

Each of the Parties acknowledges
that, upon any payment being made by or on behalf of SACE of any amount under the SACE Insurance Policy, SACE will be immediately
and automatically subrogated to the rights of the Lenders in the amount of such payment under the Finance Documents in accordance
with the SACE Insurance Policy. Following such subrogation, the Creditor Parties shall provide all assistance required by SACE
to enforce its rights under this Agreement and the other Finance Documents.

 

		35.2	36.2 Reimbursement

 

		(a)	Without prejudice to
Clause 36.1 35.1
(Acknowledgement of Subrogation), each Obligor, jointly and severally undertakes to pay to SACE, and keep SACE
indemnified from and against, each and every amount paid (whether by direct payment or set-off) by SACE to the Creditor Parties
or any person on any of their behalf under the SACE Insurance Policy;

 

		(b)	Each Obligor undertakes to pay SACE an amount in Dollars equal to:

 

		(i)	for each payment made by SACE to any of the Creditor Parties or any person on any of their behalf
under the SACE Insurance Policy, the amount of such payment; and

 

		(ii)	for each deduction or withholding imposed, levied, collected, withheld or assessed on any payment
by SACE to any of the Creditor Parties or any person on any of their behalf under the SACE Insurance Policy, the amount of such
deduction or withholding,

 

in each case together with interest
thereon (calculated in accordance with Clause 17.1 (Default rate of interest) of this Agreement).

 

		(c)	Each Obligor further
agrees that its obligations under this Clause 36.2 35.2
(Reimbursement) are separate from and in no way conditional upon the Obligor's obligations under this Agreement
or any of the other Finance Documents and will not be affected or discharged by any matter relating thereto including, but not
limited to, whether or not the Obligor is itself liable to make payment, or is disputing its liability to make payment, under this
Agreement or any of the other Finance Documents.

 

		(d)	SACE will promptly inform
the Obligors of any amounts to be reimbursed and indemnified under this Clause 36.2 35.2
(Reimbursement).

 

		(e)	Each amount that is payable
by the Obligors pursuant to Clause 36.2 35.2
(Reimbursement) is due and payable to SACE in Dollars within five (5) Business Days of demand by SACE to
the Obligors.

 

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		35.3	36.3 Obligations Absolute

 

The
obligations of the Obligors under this Clause 36.2 35.2
(Reimbursement), to the extent permitted by applicable law:

 

		(a)	are absolute and unconditional;

 

		(b)	are to be discharged and/or performed strictly in accordance with this Agreement under all circumstances;

 

		(c)	are continuing obligations and will extend to the ultimate balance of sums payable by SACE to any
Creditor Party or any person on any of their behalf under the SACE Insurance Policy, regardless of any intermediate payment or
discharge in whole or in part;

 

		(d)	will not be affected
by an act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under
Clause 36.2 35.2
(Reimbursement) (without limitation and whether or not known to it or any Creditor Party) including:

 

		(i)	any time, waiver or consent granted to, or composition with any Obligor;

 

		(ii)	any lack of validity or enforceability of, or any amendment or other modifications of, or waiver
with respect to, any of the Finance Documents;

 

		(iii)	any reduction or release of any other obligations under this Agreement;

 

		(iv)	the release of any Obligor or any other person under the terms of any composition or arrangement;

 

		(v)	the taking, variation, compromise, exchange, renewal, discharge, substitution or release of, or
refusal or neglect to perfect, take up, realise or enforce, any rights against, or security over assets of, any Obligor or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise
the full value of any security;

 

		(vi)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of any Obligor, any Creditor Party or any other person;

 

		(vii)	any amendment (however fundamental) or replacement of a Finance Document, the SACE Insurance Policy
or any other document or security;

 

		(viii)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance
Document, the SACE Insurance Policy or any other document or security;

 

		(ix)	any insolvency or similar proceedings;

 

		(x)	the existence of any claim, set-off, defence, reduction, abatement or other right which any Obligor
may have at any time against SACE;

 

		(xi)	any document presented in connection with the SACE Insurance Policy proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;

 

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		(xii)	any payment by SACE against presentation of a demand for payment substantially, on its face, in
the form of a claim under the SACE Insurance Policy where any certificate or other document required to be provided with such claim
in accordance with the terms of the SACE Insurance Policy either is not provided or does not comply with the terms of the SACE
Insurance Policy; and

 

		(xiii)	any other circumstances which might otherwise constitute a defence available to, or discharge of
any Obligor.

 

		36	37 Supplemental

 

		36.1	37.1 Rights cumulative, non-exclusive

 

The rights and remedies which
the Finance Documents give to each Secured Party are:

 

		(a)	cumulative;

 

		(b)	may be exercised as often as appears expedient; and

 

		(c)	shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude
or limit any right or remedy conferred by any law.

 

		36.2	37.2 Severability of provisions

 

If any provision of a Finance
Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity, enforceability or legality
of the other provisions of that Finance Document or of the provisions of any other Finance Document.

 

		36.3	37.3 Counterparts

 

A Finance Document may be executed
in any number of counterparts.

 

		36.4	37.4 Third party rights

 

		(a)	Except for SACE, SIMEST and their successors, transferees and assignees or as otherwise provided
in a Finance Document, a person who is not a Party has no right under the Third Party Act to enforce or to enjoy the benefit of
any term of this Agreement.

 

		(b)	Notwithstanding any provision of any Finance Document, the consent of any person (other than SACE,
SIMEST or their successors, transferees and assignees) who is not a party to a Finance Document is not required to rescind, vary
or terminate any Finance Document at any time.

 

		(c)	Subject to the provisions
of the Third Party Act, and without prejudice to the provisions of paragraphs (a) and (b) above, each of SACE and/or
SIMEST (as applicable) has the right to enforce and to enjoy the benefit of Clause 36
35 (SACE Subrogation and Reimbursement),
Clause 17 (Interest on Late Payments), Clause 8 (SACE Premium and Italian Authorities), Clause 10.2 (Tax gross-up),
Clause 10.3 (Tax indemnity), Clause 10.11 (Transaction Costs), Clause 20.1 (Indemnities regarding borrowing and
repayment of Loan), Clause 20.2 (Breakage costs and SIMEST arrangements), Clause 20.3 (Miscellaneous indemnities),
Clause 20.4 (Currency indemnity), Clause 22 (Set-Off), Clause 27 (The Security Trustee), Clause 10.6 (VAT),
Clause 10.13 (SACE obligations), Clauses 33.8 (Disclosure by SACE), Clause 33.9 (Disclosure by SIMEST),
33.10 33.10 (Press
release), Clause 39 38
(Enforcement) and any other provision of this Agreement which expressly confers rights on SACE and/or SIMEST
(as applicable).

 

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		(d)	Any amendment or waiver
which relates to the rights of SACE and/or SIMEST (as applicable) under this Agreement, including under Clause 36
35 (SACE Subrogation and Reimbursement),
Clause 17 (Interest on Late Payments), Clause 8 (SACE Premium and Italian Authorities), Clause 10.2 (Tax gross-up),
Clause 10.3 (Tax indemnity), Clause 20.4 (Currency indemnity), Clause 22 (Set-Off), Clause 27 (The
Security Trustee), Clause 20.3 (Miscellaneous indemnities), Clause 10.6 (VAT), Clause 10.11 (Transaction
Costs), Clause 20.1 (Indemnities regarding borrowing and repayment of Loan), Clauses 33.8 (Disclosure by SACE),
Clause 33.9 (Disclosure by SIMEST), 33.10 33.10
(Press release), Clause 39 38
(Enforcement) and any other provision of this Agreement which expressly confers rights on SACE and/or SIMEST
(as applicable) may not be effected without the consent of SACE and/or SIMEST (as applicable).

 

		36.5	37.5 No waiver

 

No failure or delay on the part
of a Secured Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single
or partial exercise thereof preclude any other or further exercise thereof by the Secured Parties or the exercise by the Secured
Parties of any other right, power or privilege. The rights and remedies of the Secured Parties herein provided are cumulative and
not exclusive of any rights or remedies provided by law.

 

		36.6	37.6 Writing required

 

This Agreement shall not be capable
of being modified otherwise than by an express modification in writing signed by the Borrower, the Facility Agent and the Lenders.

 

		36.7	37.7 Non-applicable provisions between
the Obligors, German Lenders and any Creditor Party subject to the EU Blocking Regulation

 

		(a)	A Creditor Party that is incorporated in the Federal Republic of Germany or is otherwise subject
to the EU Blocking Regulation may notify the Facility Agent in writing that it elects that any provisions with respect to Sanctions,
including, without limitation, the undertakings and covenants given under paragraph (e) (d) of
Clause 12.2 (Information), Clause 12.4 (Sanctions and Illicit Payments), Clause 12.5 (Prohibited Payments),
Clause 12.25 (Compliance with laws etc.) or provisions contained in Clause 20.3 (Miscellaneous indemnities) or Clause 21.1
(Illegality and Sanctions) and the representations and warranties given under paragraphs (u), (v), (y), (z) and (jj)
of Clause 11.2 (Continuing representations and warranties) and paragraph (j) of Clause 11.3 (Representations on
the Delivery Date) respectively (the "Sanctions Provisions") shall only enure to the benefit of, and be applicable
to, that Creditor Party to the extent that such provisions would not result in: (i) any violation of, conflict with or
liability under the EU Blocking Regulation; or (ii) in the case of a Creditor Party that is incorporated in the Federal
Republic of Germany only, a violation or conflict with the German Blocking Provisions.

 

		(b)	If a Creditor Party elects to be a Restricted Creditor Party, in respect of any proposed requirement
to comply, enforcement, waiver, non-waiver, consent, variation or amendment of or in relation to a Finance Document relating to
any Sanctions Provision (a "Relevant Action"), the Restricted Creditor Party shall notify the Facility Agent in
writing whether or not it shall be deemed to be a Lender for the purposes of ascertaining whether the agreement of any specified
group of Lenders has been obtained to approve the Relevant Action and upon receipt by the Facility Agent of such notice such Restricted
Creditor Party shall be so deemed for such purposes.

 

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		37	38 Governing
Law

 

This Agreement and any non-contractual
obligations arising out of or in connection with it are governed by and construed in accordance with English law.

 

		38	39 Enforcement

 

		38.1	39.1 Jurisdiction of English Courts

 

The courts of England have exclusive
jurisdiction to settle any Dispute arising out of or in connection with this Agreement (including a dispute regarding the existence,
validity or termination of this Agreement) (a "Dispute"). Each Party agrees that the courts of England are the
most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

 

		38.2	39.2 Service of process

 

Without prejudice to any other
mode of service allowed under any relevant law, the Borrower:

 

		(a)	irrevocably appoints
Hannaford Turner LLP of 4th Floor, 15 Old Bailey,
currently of 9 Cloak Lane, London, EC4M
7EFR 2RU, United Kingdom, as its agent for
service of process in relation to any proceedings before the English courts in connection with any Finance Document; and

 

		(b)	agrees that failure by a process agent to notify the Borrower of the process will not invalidate
the proceedings concerned.

 

If any person appointed as an
agent for service of process is unable for any reason to act as agent for service of process, the Borrower (on behalf of all the
Obligors) must immediately (and in any event within 15 days of such event taking place) appoint another agent on terms acceptable
to the Facility Agent. Failing this, the Facility Agent may appoint another agent for this purpose.

 

		39	40 Waiver
of Immunity

 

		39.1	40.1 To the fullest extent permitted by applicable
law, the Borrower hereby irrevocably and unconditionally:

 

		(a)	submits to the jurisdiction
of the English courts in accordance with Clause 39 38
(Enforcement) and agrees not to claim any sovereign or other immunity from the jurisdiction of any such court;

 

		(b)	submits to the jurisdiction of the English courts in respect of any proceedings arising out of
or connected with the enforcement and/or execution of any judgment made against it and waives and agrees not to claim any sovereign
or other immunity from the jurisdiction of the English courts or the courts of any other jurisdiction in relation to the recognition
of any such judgment or court order and agrees to ensure that no such claim is made on its behalf;

 

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		(c)	consents generally in respect of any such proceedings to the giving of any relief in the English
courts and the courts of any other jurisdiction whether before or after a final judgment including, without limitation: suit, relief
by way of interim or final injunction or order for specific performance or recovery of any property, attachment of its assets prior
to judgment, other attachment, the obtaining of judgment and enforcement or execution against any property, revenues or other assets
whatsoever (irrespective of their use or intended use) and waives and agrees not to claim any sovereign or other immunity from
the jurisdiction of the English courts or the courts of any other jurisdiction in relation to such enforcement and the giving of
such relief (including to the extent that such immunity may be attributed to it) against itself or with respect to its assets,
and agrees to ensure that no such claim is made on its behalf or with respect to its assets;

 

		(d)	waives any right of immunity which it or its assets now has or may subsequently acquire; and

 

		(e)	agrees not to claim any sovereign or other immunity from service of process against its assets
or revenues for the enforcement of a judgment or an action in rem, for the arrest, detention or sale of any of its assets and revenues.

 

		39.2	40.2 The Borrower agrees that in any proceedings
in the English courts this waiver shall have the fullest scope permitted by the English State Immunity Act 1978 (the "Act")
and that this waiver is intended to be irrevocable for the purposes of such Act.

 

		40	41 Effective
Date

 

This Agreement
and the other Finance Documents shall not come into force or have any legal effect until the occurrence of the Effective Date.

 

This
Agreement is effective from the 2021 Deferral Effective Date.

 

		41	Confidentiality of
Funding Rates and Reference Bank Quotations

 

		41.1	Confidentiality and disclosure

 

		(a)	The
Facility Agent and each Obligor agree to keep each Funding
Rate (and, in the case
of the Facility Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted
by paragraphs (b), (c) and (d) below.

 

		(b)	The Facility Agent may disclose:

 

		(i)	any Funding Rate (but not, for the avoidance of doubt,
any Reference Bank Quotation) to the Borrower pursuant to Clause 6.5 (Notification of Interest Periods and Floating Interest
Rate);

 

		(ii)	any Funding Rate or any Reference Bank
Quotation to any person appointed by it to provide administration services
in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services
if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the
form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form
of confidentiality undertaking agreed between the Facility Agent and the relevant Lender or Reference Bank, as the case may be.

 

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		(c)	The Facility Agent may disclose any
Funding Rate or any Reference Bank Quotation, and each Obligor
may disclose any Funding Rate,
to:

 

		(i)	any of its Affiliates and any of its
or their officers, directors, employees, professional advisers, auditors, partners and representatives,
if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this sub-paragraph (i) is
informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no such
requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding
Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;

 

		(ii)	any person to whom information is required
or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory
authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the
person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and
that it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Facility
Agent or the relevant Obligor,
as the case may be, it is not practicable to do so in the circumstances;

 

		(iii)	any person to whom information is required
to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations,
proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing
of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform
if, in the opinion of the Facility Agent or the relevant
Obligor, as the case may be, it is not practicable to do
so in the circumstances; and

 

		(iv)	any person with the consent of the
relevant Lender or Reference Bank, as the case may be.

 

		(d)	The Facility Agent’s obligations in this Clause
41 (Confidentiality of Funding Rates and Reference Bank Quotations) relating to Reference Bank Quotations are without prejudice
to its obligations to make notifications under Clause 6.5 (Notification of Interest Periods and Floating Interest Rate)
provided that (other than pursuant to sub-paragraph (i) of paragraph (b) above) the Facility Agent shall not include
the details of any individual Reference Bank Quotation as part of any such notification.

 

		41.2	Related Obligations

 

		(a)	The
Facility Agent and each Obligor acknowledge that each Funding
Rate (and, in the case of the Facility Agent, each Reference Bank Quotation) is or may be price sensitive information and that
its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market
abuse and the Facility Agent and each Obligor
undertake not to use any Funding Rate or, in the case of the Facility
Agent, any Reference Bank Quotation for any unlawful purpose.

 

		(b)	The
Facility Agent and each Obligor agree (to the extent permitted
by law and regulation) to inform the relevant Lender or Reference Bank, as the case may be:

 

		(i)	of the circumstances of any disclosure
made pursuant to sub-paragraph (ii) of (c) of Clause
41.1 (Confidentiality and disclosure) except where
such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory
function; and

 

    155

     

    

 

		(ii)	upon becoming aware that any information
has been disclosed in breach of this Clause 41
(Confidentiality of Funding Rates and Reference Bank Quotations).

 

		41.3	No Event of Default

 

No
Event of Default will occur under Clause 18.4 (Breach of other obligations) by reason only of an Obligor’s failure
to comply with this Clause 41 (Confidentiality of Funding Rates and Reference Bank Quotations).

 

This
Agreement has been entered into and
amended and restated on the date stated at the beginning of this Agreement.

 

    156

     

    

 

Execution
Pages

 

	BORROWER	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	O CLASS PLUS ONE, LLC 	)
	 	 
	in the presence of:	)
	 	 
	LENDERS	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	CRÉDIT AGRICOLE CORPORATE	)
	AND INVESTMENT BANK	)
	in the presence of:	)
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	BNP PARIBAS FORTIS S.A./N.V.	)
	in the presence of:	)
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	KFW IPEX-BANK GMBH	)
	in the presence of:	)
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	HSBC BANK PLC	)
	in the presence of:	)

 

     

     

    

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	CASSA DEPOSITI E PRESTITI S.P.A.	)
	in the presence of:	)
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	BANCO SANTANDER S.A.	)
	in the presence of:	)
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	SOCIETE GENERALE	)
	in the presence of:	)
	 	 
	JOINT MANDATED LEAD ARRANGERS	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	CRÉDIT AGRICOLE CORPORATE	)
	AND INVESTMENT BANK	)
	in the presence of:	)
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	BNP PARIBAS FORTIS S.A./N.V.	)
	in the presence of:	)

 

     

     

    

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	KFW IPEX-BANK GMBH	)
	in the presence of:	)
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	HSBC BANK PLC	)
	in the presence of:	)
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	CASSA DEPOSITI E PRESTITI S.P.A.	)
	in the presence of:	)
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	BANCO SANTANDER S.A.	)
	in the presence of:	)
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	SOCIETE GENERALE	)

	in the presence of:	)

 

     

     

    

 

	FACILITY AGENT	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	BNP PARIBAS	)
	in the presence of:	)
	 	 
	SACE AGENT	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	CRÉDIT AGRICOLE CORPORATE	)
	AND INVESTMENT BANK	)
	in the presence of:	)
	 	 
	SECURITY TRUSTEE	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	HSBC CORPORATE TRUSTEE	)
	COMPANY (UK) LIMITED	)
	in the presence of:	)

 

     

     

    

 

Form of
Amended and Restated Guarantee (marked to indicate amendments)

 

Amendments are indicated as follows:

 

		1	additions are indicated by underlined text in blue; and

 

		2	deletions are shown by strike-through text in red.

 

     

     

    

 

Execution version

 

Dated _______________
2018

 

Originally
dated 19 December 2018

(as amended and restated pursuant to an amendment and restatement agreement dated _____ February 2021)

 

NCL
CORPORATION LTD.

as Guarantor

 

and

 

HSBC
CORPORATE TRUSTEE COMPANY (UK) LIMITED

as Security Trustee

 

and

 

NORWEGIAN
CRUISE LINE HOLDINGS LTD.

 

as
the Holding

 

 

 

    

     

    

 

Amended
and restated Guarantee

 

relating to a Loanfacility
Aagreement
originally dated 19 December 2018 (as amended and restated

 by an
amendment and restatement agreement dated _______________________ February 20218)

in respect of

the part financing of the 1,258 passenger cruise ship newbuilding
presently designated as Hull No. [*]

 at Fincantieri S.p.A

 

    

     

    

 

Index

 

	Clause	 	Page
	1	Interpretation	32
	2	Guarantee	54
	3	Liability as Principal and Independent Debtor	54
	4	Expenses	65
	5	Adjustment of Transactions	76
	6	Payments	76
	7	Interest	98
	8	Subordination	98
	9	Enforcement	09
	10	Representations and Warranties	09
	11	Undertakings	122
	12	Judgments and Currency Indemnity	225
	13	Set-Off	226
	14	Supplemental	236
	15	Assignment and Transfer	2429
	16	Notices	2529
	17	Invalidity of Loan Agreement	305
	18	Governing Law and Jurisdiction	306

 

Schedules

 

	Schedule
    1 Form of Compliance Certificate	 
	Schedule
    2	 

 

Execution

 

	Execution Page	 

 

    

     

    

 

THIS
GUARANTEE is made on _______________originally
made on 19 December 2018 (as amended and restated by an amendment and restatement agreement dated _____ February 20218)

 

parties

 

		(1)	NCL CORPORATION LTD., an exempted company incorporated under the laws of Bermuda with its
registered office at Park Place, 55 Par-la-Ville Road, Hamilton HM11, Bermuda (the "Guarantor")

 

		(2)	HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED, a company incorporated in England and Wales
(with registered number 06447555) whose registered office is at 8 Canada Square, London E14 5HQ as security trustee on behalf of
the Secured Parties (the "Security Trustee", which expression includes its successors, transferees and assigns)

 

		(3)	NORWEGIAN CRUISE LINE HOLDINGS LTD.,
a company incorporated under the laws of Bermuda with its registered office at Park Place 55, Par-la-Ville Road, Hamilton HM 11,
Bermuda (the "Holding")

 

BACKGROUND

 

		(A)	By a shipbuilding contract dated 31 October 2018 (as amended from time to time) (the "Shipbuilding
Contract") entered into between (i) Fincantieri S.p.A, a company incorporated in Italy with registered office in
Trieste, via Genova, 1, and having fiscal code 00397130584 (the "Builder") and (ii)  O Class Plus One,
LLC (the "Borrower"), the Builder has agreed to design, construct and deliver, and the Borrower has agreed to
purchase, a 1,258 passenger cruise ship currently having hull number [*] as more particularly described in the Shipbuilding Contract
to be delivered on [*] subject to any adjustments of such delivery date in accordance with the Shipbuilding Contract.

 

		(B)	By a loan agreement dated _______________ 2018 (as amended from
time to time19 December 2018 (the "Original
Loan Agreement"), and made between (i) the Borrower, (ii) the Lenders, (iii) the Joint Mandated
Lead Arrangers, (iv) the Facility Agent, (v) the SACE Agent and (vi) the Security Trustee, it was agreed that the
Lenders would make available to the Borrower, a facility of the Dollar Equivalent of up to four hundred and sixty two million and
nine hundred and sixty thousand Euros (€ 462,960,000) and the amount of the SACE Premium (but not exceeding six hundred and
ninety million, seven hundred and eighteen thousand and seventy Dollars and fifty four cents ($ 690,718,070.54)) for the purpose
of assisting the Borrower, in financing (a) payment or reimbursement under the Shipbuilding Contract of all or part of 80%
of the Final Contract Price up to the Eligible Amount and (b) reimbursement to the Borrower of 100% of the First Instalment
of the SACE Premium paid by it to SACE and payment to SACE of 100% of the Second Instalment of the SACE Premium (as defined therein).

 

		(C)	The execution and delivery to the Security Trustee of thisa
guarantee by the Guarantor, which was executed on 19 December 2018 (the "Original Guarantee
is") was
one of the conditions precedent to the availability of the facility under the Original
Loan Agreement.

 

		(D)	Due to the unprecedented and extraordinary impacts
of the Covid-19 pandemic on the cruise sector and cruise operators, SACE informed the cruise operators of its availability to evaluate
certain measures (the "Temporary Measures") applicable in relation to certain qualifying loan agreements
in order to assist companies which are financially sound but dealing with the impact of the temporary but unprecedented Covid-19
pandemic; the possibility to access to such measures was subject, amongst other things, to certain principles dated 15 April 2020
for cruise lines offered by SACE (the "Original Principles").

 

    

     

    

 

		(E)	On 21 January 2021 SACE confirmed its availability
to evaluate an extension of the Temporary Measures (the "Extended Temporary Measures"), again subject to certain
principles set out in a document titled "Debt Deferral Extension Framework for ECA-backed Export Financings" dated 26
November 2020 for cruise lines offered by SACE (together with the Original Principles, the "Principles").

 

		(F)	Pursuant to the consent request letter dated 3 December 2020,
the Borrower and the Guarantor notified the Facility Agent and the SACE Agent of their wish to benefit from the Temporary Measures
and the Extended Temporary Measures in relation to certain loan agreements listed therein, including the Original Loan Agreement,
and requested, amongst other things, the temporary suspension of certain covenants under the Original Guarantee and the addition
of certain covenants under the Original Loan Agreement for a period until 31 December 2022 (the "Borrower Request").

 

		(G)	On
25 January 2021, the Facility Agent (for and on behalf of the Lenders) provided its consent to part of the Borrower Request
in accordance with and subject to certain conditions as set out in an amendment and restatement agreement to the Original Loan
Agreement and to the Original Guarantee dated February 2021 between,
amongst others, the Borrower, the Guarantor, the Facility Agent and the SACE Agent (as further defined below, the "2021
Amendment and Restatement Agreement").

 

		(H)	This Guarantee sets out the terms and conditions
of the Original Guarantee as amended pursuant to the 2021 Amendment and Restatement Agreement.

 

OPERATIVE
PROVISIONS

 

		1	Interpretation

 

		1.1	Defined expressions

 

Words and expressions defined
in the Loan Agreement shall have the same meanings when used in this Guarantee unless the context otherwise requires.

 

		1.2	Construction of certain terms

 

In this Guarantee:

 

"2021
Amendment and Restatement Agreement" means an amendment and restatement agreement to the Original Loan Agreement and the
Original Guarantee dated February 2021 and made between, amongst others, the Borrower, the Guarantor, the Facility Agent and
the SACE Agent.

 

"Bankruptcy"
includes a liquidation, receivership or administration and any form of suspension of payments, arrangement with creditors or reorganisation
under any corporate or insolvency law of any country.

 

"Capital Stock"
means:

 

		(a)	in the case of a corporation or company, corporate stock or shares;

 

		(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;

 

    2

     

    

 

		(c)	in the case of a partnership or limited liability company, partnership or membership interests
(whether general or limited); and

  

		(d)	any other interest or participation that confers on a person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing person.

 

"First Financial Quarter"
means the financial quarter ending immediately prior to or on the date falling forty five (45) days before the Intended Delivery
Date.

 

"Loan Agreement"
means the Original lLoan
aAgreement
dated _______________________ 2018 referred to in Recital (B) and includes any existing or
future amendments, restatements, or supplements, whether made with the Guarantor's consent or otherwise.as
amended and restated by the 2021 Amendment and Restatement Agreement.

 

"Management"
means the employees of the Guarantor and its subsidiaries or their dependants or any trust for which such persons are the intended
beneficiary.

 

"Party" means
a party to this Guarantee.

 

"Shareholder"
means Oceania Cruises S. de R.L., a Panamanian sociedad de responsabilidad limitada domiciled in Panama whose resident agent
is at Arifa Building, West Boulevard, Santa Maria Business District, Panama, Republic of Panama as the sole member of the Borrower.

 

		1.3	Application of construction and interpretation provisions of Loan Agreement

 

Clauses 1.2
1.2 (Construction of certain terms)
to 1.5 1.5 (General
Interpretation) of the Loan Agreement apply, with any necessary modifications, to this Guarantee.

 

		1.4	Inconsistency between Loan Agreement and this
Guarantee

 

This
Guarantee shall be read together with the Loan Agreement, but in case of any conflict between the Loan Agreement and this Guarantee,
unless expressly provided to the contrary in this Guarantee, the provisions of the Loan Agreement shall prevail.

 

		1.5	1.4 Non-applicable provisions between
the Obligors, German Lenders and any Creditor Party subject to the EU Blocking Regulation

 

		(a)	A Creditor Party that
is incorporated in the Federal Republic of Germany or is otherwise subject to the EU Blocking Regulation may notify the Facility
Agent in writing that it elects that any provisions with respect to Sanctions, including, without limitation, the undertakings
and covenants given under any of Clause 10.12 (Sanctions) or any undertakings in Clause 11.19
11.22 (Sanctions and Illicit Payments),
Clause 11.20 11.23
(Prohibited Payments) and Clause 11.21 11.24
(Sanctions) of this Guarantee respectively (the "Sanctions Provisions") shall only enure to
the benefit of, and be applicable to, that Creditor Party to the extent that such provisions would not result in: (i) any
violation of, conflict with or liability under the EU Blocking Regulation; or (ii) in the case of a Creditor Party that
is incorporated in the Federal Republic of Germany only, a violation or conflict with the German Blocking Provisions.

 

		(b)	If a Creditor Party elects to be a Restricted Creditor Party pursuant to the foregoing paragraph
(a), in respect of any proposed requirement to comply, enforcement, waiver, non-waiver, consent, variation or amendment of or in
relation to a Finance Document relating to any Sanctions Provision (a "Relevant Action"), the Restricted Creditor
Party shall notify the Facility Agent in writing whether or not it shall be deemed to be a Lender for the purposes of ascertaining
whether the agreement of any specified group of Lenders has been obtained to approve the Relevant Action and upon receipt by the
Facility Agent of such notice such Restricted Creditor Party shall be so deemed for such purposes.

 

    3

     

    

 

		2	Guarantee

 

		2.1	Guarantee and indemnity

 

The Guarantor unconditionally
and irrevocably:

 

		(a)	guarantees to the Security Trustee (acting on behalf of the Secured Parties) punctual performance
by the Borrower of all the Borrower's obligations under or in connection with the Loan Agreement and every other Finance Document;

 

		(b)	undertakes to the Security Trustee that whenever the Borrower does not pay any amount when due
under or in connection with the Loan Agreement and the other Finance Documents, the Guarantor shall immediately on demand pay that
amount as if it was the principal obligor;

 

		(c)	agrees that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal,
it will, as an independent and primary obligation, indemnify the Security Trustee and each other Secured Party immediately on demand
by the Security Trustee against any cost, loss or liability it incurs as a result of the Borrower not paying any amount which would,
but for such unenforceability, invalidity or illegality, have been payable by it under the Loan Agreement or any other Finance
Document on the date when it would have been due. Any such demand for indemnification shall be made through the Security Trustee,
for itself or on behalf of the Secured Parties. The amount payable by the Guarantor under this indemnity will not exceed the amount
it would have had to pay under this Clause 2.1 (Guarantee and indemnity) if the amount claimed had been recoverable on the
basis of a guarantee.

 

		2.2	No limit on number of demands

 

The Security Trustee may serve
any number of demands under Clause 2.1 (Guarantee and indemnity).

 

		3	Liability as Principal and Independent Debtor

 

		3.1	Principal and independent debtor

 

The Guarantor shall be liable
under this Guarantee as a principal and independent debtor and accordingly it shall not have, as regards this Guarantee, any of
the rights or defences of a surety.

 

		3.2	Waiver of rights and defences

 

Without limiting the generality
of Clause 3.1 (Principal and independent debtor), the obligations of the Guarantor under this Guarantee will not be affected
or discharged by an act, omission, matter or thing which,
but for this Clause, would reduce, release or prejudice any of its obligations under this Guarantee (without limitation and whether
or not known to it or any Secured Party) including:

 

		(a)	any time, waiver or consent granted to, or composition with, the Borrower or other person;

 

    4

     

    

 

		(b)	the release of the Borrower or any other person under the terms of any composition or arrangement
with any creditor of any affiliate of the Borrower;

 

		(c)	the taking, variation,
compromise, exchange, renewal or release of, or refusal or neglect to perfect, or
delay in perfecting, or refusal or neglect to take up or enforce, or
delay in taking or enforcing any rights against, or security over assets of, the Borrower or other person or any non-presentation
or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of
any security;

 

		(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of the Borrower or any other person;

 

		(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or
not more onerous) or replacement of any Finance Document or any other document or security including without limitation any change
in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document
or other document or security;

 

		(f)	any insolvency or similar proceedings;

 

		(g)	any arrangement or concession (including a rescheduling or acceptance of partial payments) relating
to, or affecting, the Finance Documents;

 

		(h)	any release or loss whatsoever of any guarantee, right or Security Interest created by the Finance
Documents;

 

		(i)	any failure whatsoever
promptly or properly to exercise or enforce any such right or Security Interest, including a failure to realise for its full market
value an asset covered by such a Security Interest; or

 

		(j)	any other Finance Document
or any Security Interest now being or later becoming void, unenforceable, illegal or invalid or otherwise defective for any reason,
including a neglect to register it.;
or

 

		(k)	any unenforceability, illegality or invalidity of
any obligation of any person under any Finance Document or any other document or security.

 

		4	Expenses

 

		4.1	Costs of preservation of rights, enforcement etc.

 

The Guarantor shall pay to the
Security Trustee on its demand the amount of all expenses incurred by the Security Trustee or any other Secured Party in connection
with any matter arising out of this Guarantee or any Security Interest connected with it, including any advice, claim or proceedings
relating to this Guarantee or such a Security Interest.

 

		4.2	Fees and expenses payable under Loan Agreement

 

Clause 4.1 (Costs of preservation
of rights, enforcement etc.) is without prejudice to the Guarantor's liabilities in respect of the Borrower's obligations under
clauses 9 (Fees) and 10 (Taxes, Increased Costs, Costs and Related Charges) of the Loan Agreement and under
similar provisions of other Finance Documents.

 

    5

     

    

 

		5	Adjustment of Transactions

 

		5.1	Reinstatement of obligation to pay

 

The Guarantor shall pay to the
Security Trustee on its demand any amount which any Secured Party is required, or agrees, to pay pursuant to any claim by, or settlement
with, a trustee in bankruptcy of the Borrower or of any other Obligor (or similar person) on the ground that the Loan Agreement
or any other Finance Document, or a payment by the Borrower or of such other Obligor, was invalid or on any similar ground.

 

		6	Payments

 

		6.1	Method of payments

 

Any amount due under this Guarantee
shall be paid:

 

		(a)	in immediately available funds;

 

		(b)	to such account as the Security Trustee may from time to time notify to the Guarantor;

 

		(c)	without any form of set-off, cross-claim or condition; and

 

		(d)	free and clear of any Tax Deduction except a Tax Deduction which the Guarantor is required by law
to make.

 

		6.2	Grossing-up for taxes

 

If the Guarantor is required
by law to make a Tax Deduction, the amount due to the Security Trustee shall be increased by the amount necessary to ensure that
the Security Trustee and (if the payment is not due to the Security Trustee for its own account) the Secured Party beneficially
interested in the payment receives and retains a net amount which, after the Tax

Deduction, is equal to the full amount that it would otherwise have received; provided that a payment shall not be increased under
this Clause 6.2 if clause 10.2paragraph
(d) of clause 10.2 of the Loan Agreement
applies mutatis mutandis.

 

		6.3	Tax Credits

 

If an additional payment is made
by the Guarantor under this Clause and any Secured Party determines that it has received or been granted a credit against or relief
of or calculated with reference to the deduction giving rise to such additional payment, such Secured Party shall, to the extent
that it can do so without prejudice to the retention of the amount of such credit, relief, remission or repayment and provided
that it has received the cash benefit of such credit, relief or remission, pay to the Guarantor such amount as such Secured Party
shall in its reasonable opinion have concluded to be attributable to the relevant deduction. Any such payment shall be conclusive
evidence of the amount due to the Guarantor hereunder and shall be accepted by the Guarantor in full and final settlement of its
rights of reimbursement hereunder in respect of such deduction. Nothing herein contained shall interfere with the right of each
Secured Party to arrange its tax affairs in whatever manner it thinks fit.

 

		6.4	FATCA Deduction

 

		(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required
in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such
a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

 

    6

     

    

 

		(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there
is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in addition,
shall notify the Borrower, the Facility Agent and the other Secured Parties.

 

		6.5	FATCA Information

 

		(a)	Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable
request by another Party:

 

		(i)	confirm to that other Party whether it is:

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party.

 

		(ii)	supply to that other Party such forms, documentation and other information relating to its status
under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and

 

		(iii)	supply to that other Party such forms, documentation and other information relating to its status
as that other Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange
of information regime.

 

		(b)	If a Party confirms to
another Party pursuant to sub-paragraph (i) of
paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently
becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.

 

		(c)	Paragraph (a) above
shall not oblige the Security Trustee to do anything, and sub-paragraph
(iii) of paragraph (a)(iii) above shall not oblige any other
Party to do anything, which would or might in its reasonable opinion constitute a breach of:

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

		(iii)	any duty of confidentiality.

 

		(d)	If a Party fails to confirm
whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with sub-paragraph
(i) of paragraph (a)(i) oror
sub-paragraph (ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then
such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt
Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.

 

    7

     

    

 

		6.6	No obligations on SACE

 

To the extent that this Clause
6 (Payments) imposes obligations or restrictions on a Secured Party, such obligations or restrictions shall not apply to
SACE and SACE shall have no obligations hereunder nor be constrained by such restrictions.

 

		7	Interest

 

		7.1	Accrual of interest

 

Any amount due under this Guarantee
shall carry interest after the date on which the Security Trustee demands payment of it until it is actually paid, unless interest
on that same amount also accrues under the Loan Agreement.

 

		7.2	Calculation of interest

 

Interest on sums payable under
this Guarantee shall be calculated and accrue in the same way as interest under clause 6 (Interest) of the Loan Agreement.

 

		7.3	Guarantee extends to interest payable under Loan Agreement

 

For the avoidance of doubt, it
is confirmed that this Guarantee covers all interest payable under the Loan Agreement, including that payable under clause 17 (Interest
on Late Payments) of the Loan Agreement.

 

		8	Subordination

 

		8.1	Subordination of rights of Guarantor

 

Until all amounts which may be
or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless
the Facility Agent otherwise directs, all rights which the Guarantor at any time has (whether in respect of this Guarantee or any
other transaction) against the Borrower, any other Obligor or their respective assets shall be fully subordinated to the rights
of the Secured Parties under the Finance Documents; and in particular, the Guarantor shall not:

 

		(a)	claim, or in a bankruptcy of the Borrower or any other Obligor prove for, any amount payable to
the Guarantor by the Borrower or any other Obligor, whether in respect of this Guarantee or any other transaction;

 

		(b)	take or enforce any Security Interest for any such amount;

 

		(c)	exercise any right to be indemnified by an Obligor;

 

		(d)	bring legal or other proceedings for an order requiring the Borrower or any other Obligor to make
any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under
this Guarantee;

 

		(e)	claim to set-off any such amount against any amount payable by the Guarantor to the Borrower or
any other Obligor; or

 

		(f)	claim any subrogation or right of contribution or other right in respect of any Finance Document
or any sum received or recovered by any Secured Party under a Finance Document.

 

    8

     

    

 

If the Guarantor receives any
benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary
to enable all amounts which may be or become payable to the Secured Parties by the Obligors under or in connection with the Finance
Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Security Trustee
or as the Security Trustee may direct for application in accordance with the Loan Agreement and the Finance Documents.

 

		9	Enforcement

 

		9.1	No requirement to commence proceedings against Borrower

 

The Guarantor waives any right
it may have of first requiring the Security Trustee or any other Secured Party to proceed against or enforce any other rights or
security or claim payment from any person before claiming from the Guarantor under this Guarantee. Neither the Security Trustee
nor any other Secured Party will need to make any demand under, commence any proceedings under, or enforce any guarantee or any
Security Interest contained in or created by, the Loan Agreement or any other Finance Document before claiming or commencing proceedings
under this Guarantee. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

 

		9.2	Conclusive evidence of certain matters

 

However, as against the Guarantor:

 

		(a)	any judgment or order of a court in England or the jurisdiction of the Approved Flag or Bermuda
or the United States of America in connection with the Loan Agreement; and

 

		(b)	any statement or admission by the Borrower in connection with the Loan Agreement,

 

shall be binding and conclusive
as to all matters of fact and law to which it relates.

 

		9.3	Suspense account

 

Until all amounts which may be
or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, the Security
Trustee and any Secured Party may:

 

		(a)	refrain from applying or enforcing any other moneys, security or rights held or received by it
(or any trustee or agent on its behalf which, in the case of a Secured Party, shall include the Facility Agent and the Security
Trustee) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those
amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and

 

		(b)	hold in an interest-bearing suspense account any moneys received from the Guarantor or on account
of the Guarantor's liability under this Guarantee.

 

		10	Representations and Warranties

 

		10.1	General

 

The Guarantor represents and
warrants to the Security Trustee as follows on the Effective Ddate
of this Guarantee, which representations and warranties shall
be deemed to be repeated, with reference mutatis mutandis to the facts and circumstances subsisting, as if made on each
day from the Effective Ddate
of this Guarantee to the end of the Security Period.

 

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		10.2	Status

 

The Guarantor is duly incorporated
and validly existing and in good standing under the laws of Bermuda as an exempted company.

 

		10.3	Corporate power

 

The Guarantor has the corporate
capacity, and has taken all corporate action and obtained all consents necessary for it:

 

		(a)	to execute this Guarantee; and

 

		(b)	to make all the payments contemplated by, and to comply with, this Guarantee.

 

		10.4	Consents in force

 

All the consents referred to
in Clause 10.3 (Corporate power) remain in force and nothing has occurred which makes any of them liable to revocation.

 

		10.5	Legal validity

 

This Guarantee constitutes the
Guarantor's legal, valid and binding obligations enforceable against the Guarantor in accordance with its terms subject to any
relevant insolvency laws affecting creditors' rights generally.

 

		10.6	No conflicts

 

The execution by the Guarantor
of this Guarantee and its compliance with this Guarantee will not involve or lead to a contravention of:

 

		(a)	any law or regulation; or

 

		(b)	the constitutional documents of the Guarantor; or

 

		(c)	any contractual or other obligation or restriction which is binding on the Guarantor or any of
its assets.

 

		10.7	No withholding taxes

 

All payments which the Guarantor
is liable to make under this Guarantee may be made without deduction or withholding for or on account of any tax payable under
any law of Bermuda or the United States of America (other than a FATCA Deduction).

 

		10.8	No default

 

To the knowledge of the Guarantor,
no Event of Default has occurred which is continuing.

 

		10.9	Information

 

All information which has been
provided in writing by or on behalf of the Guarantor to the Security Trustee or any other Secured Party in connection with any
Finance Document satisfied the requirements of Clause 11.2 (Information provided to be accurate); all audited and unaudited
accounts which have been so provided satisfied the requirements of Clause 11.4 (Form of financial statements); and
there has been no material adverse change in the financial position or state of affairs of the Guarantor from that disclosed in
the latest of those accounts.

 

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		10.10	No litigation

 

No legal or administrative action
involving the Guarantor has been commenced or taken or, to the Guarantor's knowledge, is likely to be commenced or taken which,
in either case, would be likely to have a material adverse effect on the Guarantor's ability to perform its obligations under this
Guarantee.

 

		10.11	No Security Interests

 

None of the assets or rights
of the Guarantor is subject to any Security Interest except any Security Interest which (i) qualifies as a Permitted Security
Interest with respect to the Guarantor or (ii) is permitted by Clause 11.11 (Negative pledge).

 

		10.12	Sanctions

 

		(a)	No investments made and no payments made, received or to be made by the Guarantor under the Loan
Agreement, the Transaction Documents or any Finance Document have been or shall be funded, whether directly or, to the knowledge
of the Guarantor, indirectly out of funds of Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited
Jurisdiction or which would otherwise cause any Party to be in breach of any Sanctions and none of the sources of funds to be used
by the Guarantor in connection with the Transaction Documents, the construction of the Ship or its business, whether directly or,
to the knowledge of the Guarantor, indirectly, are of Illicit Origin or derived from any activity with a Prohibited Person or in
a Prohibited Jurisdiction.

 

		(b)	No Prohibited Payment has been or will be made, received or provided, directly or indirectly, by
(or on behalf of) it or the Borrower (to the best of the Guarantor's knowledge), any of its affiliates, officers, directors or
any other person acting on its behalf to, or for the benefit of, any authority or any public or government entity (or any official,
officer, director, agent or key employee of, or other person with management responsibilities in, any authority or public or government
entity) in connection with the Ship, the Loan Agreement and/or the Finance Documents.

 

		(c)	The Guarantor:

 

		(i)	nor to its knowledge any director, officer, or Affiliate of any Obligor or member of the Group,
is not a Prohibited Person;

 

		(ii)	is not owned or controlled by or acting directly or indirectly on behalf of or for the benefit
of, a Prohibited Person; or

 

		(iii)	does not own or control a Prohibited Person.

 

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		11	Undertakings

 

		11.1	General

 

The Guarantor undertakes with
the Security Trustee to comply with the following provisions of this Clause 11 (Undertakings) at all times from the Effective
Ddate of
this Guarantee to the end of the Security Period, except as the Security Trustee may otherwise permit.

 

		11.2	Information provided to be accurate

 

All financial and other information
(but, in respect of information relating to the business and affairs of the Guarantor, excluding any forward looking statements
and projections) which is provided in writing by or on behalf of the Guarantor under or in connection with this Guarantee will
be true and not misleading and will not omit any material fact or consideration.

 

		11.3	Provision of financial statements

 

The Guarantor will send to the
Security Trustee:

 

		(a)	as soon as practicable, but in no event later than 120 days after the end of each financial year
of the Guarantor beginning with the year ending 31 December 2018, the audited consolidated accounts of the Guarantor and its
subsidiaries;

 

		(b)	as soon as practicable
(and in any event within forty-five (45) days of the end of the contemplated quarter in respect of the first three quarters of
each fiscal year and 90 days in respect of the final quarter) a copy of the unaudited consolidated quarterly management accounts
(including current and year to date profit and loss statements and balance sheet compared
to the previous year and to budget) of the Guarantor certified as to their correctness by the chief financial officer
of the Guarantor (it being understood that the delivery by the Guarantor of quarterly or annual reports as filed with the Securities
and Exchange Commission in respect of the Guarantor and its consolidated subsidiaries shall satisfy all the requirements of this
paragraph (b));

 

		(c)	a compliance certificate in the form set out in Schedule 1 (Form of Compliance Certificate)
to this Guarantee or in such other form as the Security Trustee may reasonably require (each a "Compliance Certificate"):

 

		(i)	for the first time, no later than the First Financial Quarter on the basis of the latest available
quarterly financial statements, and

 

		(ii)	at the same time as there is delivered to the Security Trustee, and together with, each set of
unaudited consolidated quarterly management accounts under paragraph (b) and, if applicable, audited consolidated accounts
under paragraph (a), duly signed by the chief financial officer of the Guarantor and certifying whether or not the requirements
of Clause 11.15 (Financial Covenants) are then complied with;

 

		(d)	such additional financial or other relevant information regarding the Guarantor and the Group as
the Security Trustee may reasonably request;

 

(e) as
soon as practicable (and in any event within 120 days after the close of each fiscal year), commencing with the fiscal year ending
31 December 2018, annual cash flow projections on a consolidated basis of the Group showing on a monthly basis advance ticket
sales (for at least 12 months following the date of such statement) for the Group;

 

    12

     

    

 

		(e)	(f) as soon as practicable (and in any event
not later than January 31 of each fiscal year):

 

(i) a
budget for the Group for such new fiscal year including a 12 month liquidity budget for such new fiscal year;

 

		(i)	(ii) updated financial projections of the
Group for at least the next five years (including an income statement, balance sheet statement and cash flow statement and quarterly
break downs for the first of those five years); and

 

		(ii)	(iii) an outline of the assumptions supporting
such budget and financial projections including but without limitation any scheduled drydockings.

 

		(f)	Additional Financial Reporting

 

In
addition to the information to be provided in accordance with clause 12.2
(Information) of the Loan Agreement and this Clause 11.3 (Provision of financial statements), the Guarantor undertakes
to provide to the Facility Agent a written report (in form and substance satisfactory to SACE) from the 2021 Deferral Effective
Date until the end of the Deferral Period, covering the information requested in the document entitled "Regular Monitoring
Requirements", the form of which is included in Schedule 2 (Regular Monitoring Requirements), within the timelines
specified therein.

 

		(g)	For the avoidance of doubt, subject to the provisions
of the Loan Agreement, paragraph (h) below and Clause 11.21 (Breach of new covenants or the Principles), the financial
covenants contained in Clause 11.15 (Financial Covenants) will continue to be tested and the reporting obligations shall
continue to apply in accordance with this Clause 11.3 (Provision of financial statements) in respect of the Deferral Period.

 

		(h)	Any breach of any financial covenant contained in
paragraphs (b) and (c) of Clause 11.15 (Financial Covenants) arising on a testing date during the Deferral Period,
by reference to the financial position of the Group (on a consolidated basis), shall not (without prejudice to the rights of the
Lenders in respect of any further breach of such financial covenants that may occur following the expiry of the Deferral Period
(including, without limitation, the ability to terminate the waiver of the financial covenants granted pursuant to paragraphs (b) and
(c) of Clause 11.15 (Financial Covenants) having occurred), and subject further to no Event of Default under clauses
18.7 (Winding-up) to clause 18.13 (Cessation of business) (inclusive) of the Loan Agreement having occurred and being
continuing), result in an Event of Default.

 

		11.4	Form of financial statements

 

All accounts (audited and unaudited)
delivered under Clause 11.3 (Provision of financial statements) will:

 

		(a)	be prepared in accordance with GAAP;

 

		(b)	when required to be audited,
be audited by the auditors which are the Guarantor's auditors at the Effective Ddate
of this Guarantee or other auditors approved by the Security
Trustee, provided that, such approval by the Security Trustee shall not be unreasonably withheld or delayed;

 

		(c)	give a true and fair view of the state of affairs of the Guarantor and its subsidiaries at the
date of those accounts and of their profit for the period to which those accounts relate; and

 

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		(d)	fully disclose or provide for all significant liabilities of the Guarantor and its subsidiaries.

 

		11.5	Shareholder and creditor notices

 

The Guarantor will send the Security
Trustee, at the same time as they are despatched, copies of all communications which are despatched to the Guarantor's shareholders
or creditors generally or any class of them.

 

		11.6	Consents

 

The Guarantor will maintain in
force and promptly obtain or renew, and will promptly send certified copies to the Security Trustee of, all consents required:

 

		(a)	for the Guarantor to perform its obligations under this Guarantee;

 

		(b)	for the validity or enforceability of this Guarantee,

 

and the Guarantor will comply
with the terms of all such consents.

 

		11.7	Notification of litigation

 

The Guarantor will provide the
Security Trustee with details of any material legal or administrative action involving the Guarantor as soon as such action is
instituted or it becomes apparent to the Guarantor that it is likely to be instituted (and for this purpose proceedings shall be
deemed to be material if they involve a claim in an amount exceeding twenty million Dollars ($20,000,000) or the equivalent in
another currency).

 

		11.8	Domicile and principal place of business

 

The Guarantor:

 

		(a)	will maintain its domicile and registered office at the address stated at the commencement of this
Guarantee or at such other address in Bermuda as is notified beforehand to the Security Trustee;

 

		(b)	will maintain its principal
place of business and keep its corporate documents and records in the United States of America at 7665 Corporate Center Drive,
Miami, 33126, Florida (Fax: (305) 436 4140) or at such other address in
the United States of America as is notified beforehand to the Security Trustee; and

 

		(c)	will not move its domicile out of Bermuda nor its principal place of business out of the United
States of America without the prior agreement of the Security Trustee, acting with the authorisation of the Secured Parties, such
agreement not to be unreasonably withheld.

 

		11.9	Notification of default

 

The Guarantor will notify the
Security Trustee as soon as the Guarantor becomes aware of the occurrence of an Event of Default and will thereafter keep the Security
Trustee fully up-to-date with all developments.

 

		11.10	Maintenance of status

 

The Guarantor will maintain its
separate corporate existence and remain in good standing under the laws of Bermuda.

 

    14

     

    

 

		11.11	Negative pledge

 

The Guarantor shall not, and
shall procure that the Borrower will not, create or permit to arise any Security Interest over any asset present or future except
Security Interests created or permitted by the Finance Documents and except for the following:

 

		(a)	Security Interests created with the prior consent of the Security Trustee or otherwise permitted
by the Finance Documents;

 

		(b)	in the case of the Guarantor, Security Interests which qualify as Permitted Security Interests
with respect to the Guarantor;

 

		(c)	in the case of the Borrower, Security Interests permitted under clause 12.8 (Negative pledge)
of the Loan Agreement;

 

		(d)	Security Interests provided in favour of lenders under and in connection with any refinancing of
the Existing Indebtedness or any financing arrangements entered into by any member of the Group for the acquisition of additional
or replacement ship(s) (including any refinancing of any such arrangement) but limited to:

 

		(i)	pledges of the share capital of the relevant ship owning subsidiary(/ies); and/or

 

		(ii)	ship mortgages and other securities over the financed ship(s).

 

		11.12	No disposal of assets, change of business

 

The Guarantor will:

 

		(a)	not, and shall procure that its subsidiaries, as a group, shall not, transfer all or substantially
all of the cruise vessels owned by them and shall procure that any cruise vessels which are disposed of in compliance with the
foregoing shall be disposed on a willing seller willing buyer basis at or about market rate and at arm's length subject always
to the provisions of any pertinent loan documentation, and

 

		(b)	continue to be a holding company for a group of companies whose main business is the operation
of cruise vessels as well as the marketing of cruises on board such vessels and the Guarantor will not change its main line of
business so as to affect any Obligor's ability to perform its obligations under the Finance Documents or to imperil, in the opinion
of the Security Trustee, the security created by any of the Finance Documents or the SACE Insurance Policy.

 

		11.13	No merger etc.

 

The Guarantor shall not enter
into any form of merger, sub-division, amalgamation, restructuring, consolidation, winding-up, dissolution or anything analogous
thereto or acquire any entity, share capital or obligations of any corporation or other entity (each of the foregoing being a "Transaction")
unless:

 

		(a)	the Guarantor has notified the Security Trustee in writing of the agreed terms of the relevant
Transaction promptly after such terms have been agreed as heads of terms (or similar) and thereafter notified the Security Trustee
in writing of any significant amendments to such terms during the course of the negotiation of the relevant Transaction; and

 

    15

     

    

 

		(b)	the relevant Transaction does not require or involve or result in any dissolution of the Guarantor
so that at all times the Guarantor remains in existence; and

 

		(c)	each notice delivered to the Security Trustee pursuant to paragraph (a) above is accompanied
by a certificate signed by the chief financial officer of the Guarantor whereby the Guarantor represents and warrants to the Security
Trustee that the relevant Transaction will not:

 

		(i)	adversely affect the ability of any Obligor to perform its obligations under the Finance Documents;

 

		(ii)	imperil the security created by any of the Finance Documents or the SACE Insurance Policy; or

 

		(iii)	affect the ability of the Guarantor to comply with the financial covenants contained in Clause
11.15 (Financial Covenants); and

 

		(d)	if the merger or analogous transaction involves the Guarantor or the Borrower, all the necessary
 "Know your customer requirements" have been complied with.

 

		11.14	Maintenance of ownership
of the Borrower and Guarantorthe
Shareholder.

 

		(a)	The Guarantor shall remain the direct or indirect beneficial owner of the entire issued and allotted
share capital of the Shareholder, free from any Security Interest and the Shareholder shall remain the legal holder and direct
beneficial owner of all shares in the Borrower, free from any Security Interest, except that created in favour of the Security
Trustee.

 

		(b)	No person or "group"
(within the meaning of Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934 (15 USC §78a et seq.) as in effect
on the date of this Guarantee) shall acquire beneficial ownership of 35% or more on a fully diluted basis of the voting interest
in the Guarantor's equity interests unless the Management shall own directly or indirectly,
more than such person or “group” on a fully diluted basis of the voting interest in the Guarantor’s equity interests.

 

		11.15	Financial Covenants

 

		(a)	The Guarantor will not
permit the Free Liquidity to be less than fifty million Dollars ($50,000,000) at any time,
save that during the Deferral Period this amount shall be increased to two hundred million Dollars ($200,000,000).

 

		(b)	The Guarantor will not permit the ratio of Total Net Funded Debt to Total Capitalization to be
greater than 0.70:1.00 at any time.

 

		(c)	The Guarantor will not permit the ratio of Consolidated EBITDA to Consolidated Debt Service for
the Group at the end of any fiscal quarter, computed for the period of the four consecutive fiscal quarters ending as at the end
of the relevant fiscal quarter, to be less than 1.25:1.00 unless the Free Liquidity of the Group at all times during such period
of four consecutive fiscal quarters ending as at the end of such fiscal quarter was equal to or greater than one hundred million
Dollars ($100,000,000).

 

		11.16	Financial definitions

 

For the purposes of Clause 11.15
(Financial Covenants):

 

    16

     

    

 

		(a)	"Cash Balance" shall mean, at any date of determination, the unencumbered and
otherwise unrestricted cash and Cash Equivalents of the Group;

 

		(b)	"Cash Equivalents"
shall mean (i) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality
thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more
than one year from the date of acquisition, (ii) time deposits and certificates of deposit of any commercial bank having,
or which is the principal banking subsidiary of a bank holding company having capital, surplus and undivided profits aggregating
in excess of two hundred million Dollars ($200,000,000), with maturities of not more than one year from the date of acquisition
by any person, (iii) repurchase obligations with a term of not more than 90 days for underlying securities of the types described
in clause (i) above entered into with any bank meeting the qualifications specified in clause (ii) above, (iv) commercial
paper issued by any person incorporated in the United States rated at least A-1 or the equivalent thereof by S&P or at least
PB-1
or the equivalent thereof by Moody's and in each case maturing not more than one year after the date of acquisition by any other
person, and (v) investments in money market funds substantially all of whose assets are comprised of securities of the types
described in clauses (i) through (iv) above;

 

		(c)	"Consolidated Debt Service" shall mean, for any relevant period, the sum (without
double counting), determined in accordance with GAAP, of:

 

		(i)	the aggregate principal payable or paid during such period on any Indebtedness for Borrowed Money
of any member of the Group, other than:

 

		(A)	principal of any such Indebtedness for Borrowed Money prepaid at the option of the relevant member
of the Group or by virtue of "cash sweep" or "special liquidity" cash sweep provisions (or analogous provisions)
in any debt facility of the Group;

 

		(B)	principal of any such Indebtedness for Borrowed Money prepaid upon a sale or a Total Loss of any
ship (as if references in that definition were to all ships and not just the Ship) owned or leased under a capital lease by any
member of the Group; and

 

		(C)	balloon payments of any such Indebtedness for Borrowed Money payable during such period (and for
the purpose of this paragraph (c) (C) a
 "balloon payment" shall not include any scheduled repayment instalment of such Indebtedness for Borrowed Money which
forms part of the balloon);

 

		(ii)	Consolidated Interest Expense for such period;

 

		(iii)	the aggregate amount of any dividend or distribution of present or future assets, undertakings,
rights or revenues to any shareholder of any member of the Group (other than the Guarantor, or one of its wholly owned Subsidiaries)
or any dividends or distributions other than tax distributions in each case paid during such period; and

 

		(iv)	all rent under any capital lease obligations by which the Guarantor or any consolidated Subsidiary
is bound which are payable or paid during such period and the portion of any debt discount that must be amortized in such period;

 

as calculated in accordance with
GAAP and derived from the then latest accounts delivered under Clause 11.3 (Provision of financial statements);

 

    17

     

    

 

		(d)	"Consolidated EBITDA" shall mean, for any relevant period, the aggregate of:

  

		(i)	Consolidated Net Income from the Guarantor's operations for such period; and

 

		(ii)	the aggregate amounts deducted in determining Consolidated Net Income for such period in respect
of gains and losses from the sale of assets or reserves relating thereto, Consolidated Interest Expense, depreciation and amortization,
impairment charges and any other non-cash charges and deferred income tax expense for such period.

 

		(e)	"Consolidated Interest Expense" shall mean, for any relevant period, the consolidated
interest expense (excluding capitalized interest) of the Group for such period;

 

		(f)	"Consolidated Net Income" shall mean, for any relevant period, the consolidated
net income (or loss) of the Group for such period as determined in accordance with GAAP;

 

		(g)	"Free Liquidity" shall mean, at any date of determination, the aggregate of the
Cash Balance or any other amounts available for drawing under other revolving or other credit facilities of the Group, which remain
undrawn, could be drawn for general working capital purposes or other general corporate purposes and would not, if drawn, be repayable
within six months;

 

		(h)	"Indebtedness" shall mean any obligation for the payment or repayment of money,
whether as principal or as surety and whether present or future, actual or contingent including, without limitation, pursuant to
an Interest Rate Protection Agreement or Other Hedging Agreement;

 

		(i)	"Indebtedness for Borrowed Money" shall mean Indebtedness (whether present or
future, actual or contingent, long-term or short-term, secured or unsecured) in respect of:

 

		(i)	moneys borrowed or raised;

 

		(ii)	the advance or extension of credit (including interest and other charges on or in respect of any
of the foregoing);

 

		(iii)	the amount of any liability in respect of leases which, in accordance with GAAP, are capital leases;

 

		(iv)	the amount of any liability in respect of the purchase price for assets or services payment of
which is deferred for a period in excess of 180 days;

 

		(v)	all reimbursement obligations whether contingent or not in respect of amounts paid under a letter
of credit or similar instrument; and

 

		(vi)	(without double counting)
any guarantee of Indebtedness falling within sub-paragraphs
(i) (i) to
(v) above;

 

PROVIDED
THAT the following shall not constitute Indebtedness for Borrowed Money:

 

		(A)	loans and advances made by other members of the Group which are subordinated to the rights of the
Secured Parties;

 

		(B)	loans and advances made by any shareholder of the Guarantor which are subordinated to the rights
of the Secured Parties on terms reasonably satisfactory to the Facility Agent; and

 

    18

     

    

 

		(C)	any liabilities of the Guarantor or any other member of the Group under any Interest Rate Protection
Agreement or any Other Hedging Agreement or other derivative transactions of a non-speculative nature;

 

		(j)	"Interest Rate Protection Agreement" shall mean any interest rate swap agreement,
interest rate cap agreement, interest collar agreement, interest rate hedging agreement, interest rate floor agreement or other
similar agreement or arrangement entered into between a Lender or its Affiliate, or a Joint Mandated Lead Arranger or its Affiliate,
and the Guarantor and/or the Borrower in relation to the Secured Liabilities of the Borrower under the Loan Agreement;

 

		(k)	"Other Hedging Agreement" shall mean any foreign exchange contracts, currency
swap agreements, commodity agreements or other similar agreements or arrangements entered into between a Lender or its Affiliate,
or a Joint Mandated Lead Arranger or its Affiliates, and the Guarantor and/or the Borrower in relation to the Secured Liabilities
of the Borrower under the Loan Agreement and designed to protect against the fluctuations in currency or commodity values;

 

		(l)	"Total Capitalization" means, at any date of determination, the Total Net Funded
Debt plus the consolidated stockholders' equity of the Group at such date determined in accordance with GAAP and derived from the
then latest accounts delivered under Clause 11.3 (Provision of financial statements); provided it is understood that the
effect of any impairment of intangible assets shall be added back to stockholders' equity; and

 

		(m)	"Total Net Funded Debt" shall mean, as at any relevant date:

 

		(i)	Indebtedness for Borrowed Money of the Group on a consolidated basis; and

 

		(ii)	the amount of any Indebtedness for Borrowed Money of any person which is not a member of the Group
but which is guaranteed by a member of the Group as at such date;

 

less
an amount equal to any Cash Balance as at such date; provided that any Commitments and other amounts available for drawing
under other revolving or other credit facilities of the Group which remain undrawn shall not be counted as cash or indebtedness
for the purposes of this Guarantee.

 

		11.17	Negative Undertakings

 

		(a)	The Guarantor may,
subject to the provisions of paragraph (c) below:

 

		(i)	at any time prior to the end of the First Financial Quarter, declare or pay dividends or make other
distributions or payment in respect of Financial Indebtedness owed to its shareholders without the prior written consent of the
Security Trustee;

 

		(ii)	at any time after the end of the First Financial Quarter, declare or pay dividends or make other
distributions or payment in respect of Financial Indebtedness owed to its shareholders without the prior written consent of the
Security Trustee, subject to it on each such occasion satisfying the Security Trustee acting on behalf of the Secured Parties that
it will continue to meet all the requirements of Clause 11.15 (Financial Covenants), if such covenants were to be tested
immediately following the payment of any such dividend; and

 

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		(iii)	pay dividends (x) to persons responsible for paying the tax liability in respect of consolidated,
combined, unitary or affiliated tax returns for each relevant jurisdiction of the Group, or (y) to holders of the Guarantor's
Capital Stock with respect to income taxable as a result of a member of the Group being taxed as a pass-through entity for U.S.
Federal, state and local income tax purposes or attributable to any member of the Group,

 

provided that the actions in
sub paragraphs (ii) and (iii) above shall only
be permitted if there is no Event of Default which is continuing under the Loan Agreement and no Event of Default would arise from
the payment of such dividend.

 

		(b)	TheSubject
to the restrictions set out in Clause 11.19 (New Capital raises or financing) below, the Guarantor shall not,
and shall procure that none of its subsidiaries shall:

 

		(i)	make loans to any person that is not the Guarantor or a direct or indirect subsidiary of the Guarantor;
or

 

		(ii)	issue or enter into one or more guarantees covering the obligations of any person which is not
the Guarantor or a direct or indirect subsidiary of the Guarantor,

 

except if such loan is granted
to a non subsidiary or such guarantee is issued in the ordinary course of business covering the obligations of a non subsidiary
and the aggregate amount of all such loans and guarantees made or issued by the Guarantor and its subsidiaries does not exceed
[*] Dollars ($[*]) or is otherwise approved by the Security Trustee which approval shall not be unreasonably withheld if such loan
or guarantee in respect of a non subsidiary would neither:

 

		(A)	affect the ability of any Obligor to perform its obligations under the Finance Documents; nor

 

		(B)	imperil the security created by any of the Finance Documents or the SACE Insurance Policy; nor

 

		(C)	affect the ability of the Guarantor to comply with the financial covenants contained in Clause
11.15 (Financial Covenants) if such covenants were to be tested immediately following the grant of such loan or the issuance
of such guarantee, as demonstrated by evidence satisfactory to the Security Trustee.

 

		(c)	Dividend Restriction

 

Neither
the Guarantor nor the Holding shall, and the Guarantor shall procure that none of its subsidiaries shall:

 

		(i)	declare, make or pay any dividend or other distribution
(or interest on any unpaid dividend or other distribution) (whether in cash or in kind) on or in respect of its share capital (or
any class of its share capital);

 

		(ii)	repay or distribute any dividend or share premium
reserve;

 

		(iii)	make any repayment of any kind under any shareholder
loan; or

 

		(iv)	redeem, repurchase (whether by way of share buy-back
program or otherwise), defease, retire or repay any of its share capital or resolve to do so,

 

    20

     

    

 

during
the period up to and including 31 December 2022, except that (A) any Obligor other than the Guarantor may pay dividends
and other distributions, directly or indirectly, to the Guarantor for the purpose of providing liquidity to the Guarantor to enable
the Guarantor to satisfy payment obligations for which the Guarantor is an obligor, (B) any Obligor may pay dividends in respect
of the Tax liability to each relevant jurisdiction in respect of consolidated, combined, unitary or affiliated Tax returns for
each relevant jurisdiction of the Group or the Holding or holder of the Guarantor’s capital stock with respect to income
taxable as a result of any member of the Group or the Holding being taxed as a pass-through entity for U.S. Federal, state and
local income Tax purposes or attributable to any member of the Group, (C) the Guarantor and the Holding may pay dividends
and other distributions (x) in respect of a conversion, exchange, or repurchase of convertible or exchangeable notes and any
conversion of preference shares to ordinary shares in connection therewith, provided that the cash portion of a repurchase of convertible
or exchangeable notes is limited to the amount of interest that would otherwise be payable through maturity on the amount of such
convertible or exchangeable notes being repurchased plus any amount in lieu of fractional shares, and (y) to the extent contractually
owed to holders of equity in the Guarantor or the Holding and (D) the Guarantor may pay dividends and other distributions
to the Holding for the purposes of providing cash to the Holding for the payment of any Tax payable in connection with the Holding's
equity plan,

 

provided
that the actions in paragraphs (B) and (C) above shall only be permitted if there is no Event of Default which is continuing
under the Loan Agreement and no Event of Default would arise from the payment of such dividend.

 

For
the avoidance of doubt, the Holding gives no guarantee of any kind nor undertakes any obligations under this Guarantee other than
the undertaking as expressly specified in paragraph (c) above.

 

		11.18	Most favoured nations

 

		(a)	The Guarantor undertakes that if at any time after the Effective
Ddate of
this Guarantee it enters into any financial contract or financial document relating to any Financial Indebtedness with
or which has the support of any export credit agency and which contains pari passu provisions or cross default provisions
which are more favourable to the lenders than those contained in paragraph (l) of clause 11.2 (Continuing representations
and warranties) of the Loan Agreement and clause 18.6 (Cross default) of the Loan Agreement respectively, the Guarantor
shall immediately notify the Borrower and the Facility Agent of such provisions and the relevant provisions contained in the Loan
Agreement shall be deemed amended so that such more favourable pari passu provisions or cross default provisions are granted
to the Creditor Parties pursuant to the Loan Agreement.

 

		(b)	The Guarantor undertakes that if at any time after
the date of this Guarantee, it or any other member of the Group is required to grant additional security in relation to a financial
contract or financial document relating to any existing Financial Indebtedness:

 

		(i)	with the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall be granted on a pari passu
basis to the Lenders (and the Security Trustee agrees to enter and/or procure the entry by the relevant Secured Parties into such
intercreditor documentation to reflect such pari passu ranking (in form and substance reasonably satisfactory to the Secured Parties)
as may be required in connection with such arrangements); or

 

    21

     

    

 

		(ii)	without the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall (without prejudice to any of the
Obligors' other obligations under the Finance Documents), subject to the provisions of Clause 11.11 (Negative pledge) of
this Guarantee and clause 12.8 (Negative pledge) of the Loan Agreement, be permitted provided that it shall not have an
adverse effect on any Security Interests or other rights granted to the Secured Parties under the Finance Documents.

 

		(c)	In respect of any new Financial Indebtedness (other
than Permitted Financial Indebtedness), or any extensions, increases or changes to the terms and conditions of any existing Financial
Indebtedness, in each case with or which has the support of any export credit agency, the Guarantor shall enter into good faith
negotiations with the Security Trustee to grant additional security for the purpose of further securing the Loan, provided that
any failure to reach agreement under this paragraph (c) following such good faith negotiations shall not constitute an Event
of Default.

 

		11.19	New capital raises or financing

 

		(a)	Save as provided below:

 

		(i)	no new debt or equity issuance shall be raised and
no new Financial Indebtedness shall be incurred by the Group (including, for the avoidance of doubt, inter-company loans);

 

		(ii)	no non-arm's length disposals of any asset relating
to the Group fleet shall be made; and

 

		(iii)	no additional Security Interests securing existing
Financial Indebtedness will be created or permitted to subsist by any Obligor (unless the Lenders benefit from this new security
on a pari passu basis),

 

during
the Deferral Period.

 

		(b)	The restrictions in paragraph (a) above shall
not apply in relation to:

 

		(i)	any refinancing of any bond issuance of, or loan
entered into by, the Group (A) which matures during such period or (B) where not maturing during such period, which shall
be on terms which include any of the following (evidence of which shall be provided to the Facility Agent by the Guarantor) resulting,
when taken as a whole, in an improvement of the ability of the Obligors to meet their obligations under the Finance Documents:
an extension of the repayment terms; a decrease in the interest rate; or the conversion of such Financial Indebtedness from secured
to unsecured or first to second priority;

 

		(ii)	any debt or equity issuance provided prior to 31
December 2022 to provide the Group with crisis and/or recovery related funding in respect of the impact of the Covid-19 pandemic;

 

		(iii)	any debt or equity issuance being raised on or after
31 December 2022 to support the Group with the impact of the Covid-19 pandemic, made with the prior written consent of SACE;

 

		(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);

 

    22

     

    

 

		(v)	any debt or equity issuance being raised to finance
capital expenditure for projects which are already contracted for but in respect of which committed financing has not yet been
obtained, and which, in each case has been (or will be) listed in the Information Package submitted to the Facility Agent prior
to the 2021 Deferral Effective Date;

 

		(vi)	any extension or renewal of revolving credit facilities,
and made with the prior written consent of SACE if any additional security is to be granted;

 

		(vii)	any new debt or equity issuance otherwise agreed
by SACE;

 

		(viii)	any inter-company loan or operating arrangement which
from an accounting perspective has the effect of an intercompany loan (an "intercompany arrangement") which:

 

		(A)	is existing as at the date of the 2021 Amendment
and Restatement Agreement;

 

		(B)	is made among any Group members or any Group member
with the Holding provided that:

 

		(1)	any inter-company arrangement is made solely for
the purpose of regulatory or Tax purposes carried out in the ordinary course of business and on an arm's length basis; and

 

		(2)	the aggregate principal amount of any inter-company
arrangements pursuant to this paragraph (B) does not exceed [*] Dollars ($[*]) at any time; or

 

		(C)	has been approved with the prior written consent
of SACE.

 

		(ix)	any Permitted Security Interest;

 

		(x)	any Security Interest otherwise approved with the
prior written consent of SACE;

 

		(xi)	any Financial Indebtedness incurred in the ordinary
course of business which in the aggregate does not exceed USD [*] during any twelve-month period; or

 

		(xii)	without prejudice to clauses 12.11 (Mergers)
and 12.15 (Investments) of the Loan Agreement and Clause 11.13 (No merger), the issuance of share capital by any
Group member to another Group member.

 

		11.20	Payments under the Shipbuilding Contracts

 

Until
the end of the Deferral Period:

 

		(a)	the Guarantor shall and the Guarantor shall procure
that any member of the Group that has entered into a shipbuilding contract with a shipbuilder or enters into any such shipbuilding
contract, in each case which is financed with the support of SACE (the "Covered Shipbuilding Contracts") shall
continue to perform all of their respective obligations as set out in any Covered Shipbuilding Contract (including without limitation
the payment of any instalments due under any Covered Shipbuilding Contract (as the same may have been amended prior to the 2021
Deferral Effective Date), and subject to any amendment agreed pursuant to paragraph (b) below). The Guarantor shall and the
Guarantor shall procure that any member of the Group shall promptly notify the Facility Agent and SACE of any failure by it to
comply with any due and owing obligations under a Covered Shipbuilding Contract; and

 

    23

     

    

 

		(b)	the Guarantor shall and the Guarantor shall procure
that any member of the Group further undertakes to consult with the Facility Agent and SACE in respect of any proposed amendment
to a Covered Shipbuilding Contract insofar as any such proposed amendment relates to a payment instalment or (save as expressly
permitted by the Loan Agreement) a delivery date or any other substantial amendment which may affect the related financing and
to obtain the Facility Agent and SACE's approval prior to executing any such amendment.

 

		11.21	Breach
                                         of new covenants or the Principles

 

		(a)	Failure to comply, until the end of the Deferral
Period, with the provisions of paragraph (f) of Clauses 11.3 (Additional financial reporting), paragraph (c) of
Clause 11.17 (Dividend Restriction), 11.19 (New capital raises or financing), 11.20 (Payments under the Shipbuilding
Contracts), or to otherwise duly perform and observe the other requirements and obligations set out in the Principles shall,
in each case, not constitute an Event of Default under the Loan Agreement but shall (in the case of any failure that is capable
of remedy (in the opinion of the Facility Agent, at its sole discretion), including any failure to comply with Clause 11.20 (Payments
under the Shipbuilding Contracts) or paragraph (f) of Clause 11.3 (Additional financial reporting), only if such
failure is not remedied within the Relevant Period pursuant to clause 18.4 (Breach of other obligations) of the Loan Agreement
from the date of such failure to comply) result in the reinstatement by the Facility Agent from the date of such breach of the
requirement to comply with the financial covenants set out in paragraphs (b) and (c) of Clause 11.15 (Financial covenants)
which was otherwise suspended during the Deferral Period.

 

		(b)	Save as permitted by Clause 11.19 (New capital
raises or financing), if at any time after the 2021 Deferral Effective Date:

 

		(i)	the Guarantor or any other Group member enters into
any financial contract or financial document relating to any Financial Indebtedness and which contains any debt deferral or covenant
waivers of existing debt, or the raising of any new debt intended to reimburse existing debt that benefits from additional security
or more favourable terms than those available to the Lenders (unless they are granted to the Lenders on a pari passu basis),
the requirement to comply with the financial covenants set out in paragraphs (b) and (c) of Clause 11.15 (Financial
covenants) which was otherwise suspended during the Deferral Period shall be reinstated; or

 

		(ii)	the Guarantor or any other Group member makes a prepayment
(save for any mandatory prepayment necessary to avoid an event of default (however defined)) of any Financial Indebtedness (unless
this is done on a pari passu basis with the obligations owed to the Lenders hereunder), the requirement to comply with the
financial covenants set out in paragraphs (b) and (c) of Clause 11.15 (Financial covenants) which was otherwise
suspended during the Deferral Period shall be reinstated.

 

    24

     

    

 

		11.22	11.19 Sanctions and Illicit Payments

 

No payments made or received
by the Guarantor under the Loan Agreement or any Finance Document shall be funded directly or, to the knowledge of the Guarantor,
indirectly out of funds of Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction
or which would otherwise cause any Party to be in breach of any Sanctions, and none of the sources of funds to be used by the Guarantor
in connection with the Transaction Documents or the construction of the Ship or its business shall be of directly or, to the knowledge
of the Guarantor, indirectly Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction.

 

		11.23	11.20 Prohibited Payments

 

No Prohibited Payment shall be
received, made or provided, directly or indirectly, by (or on behalf of) the Guarantor or any of its affiliates, officers, directors
or any other person acting on its behalf to, or for the benefit of, any authority or public or government entity (or any official,
officer, director, agent or key employee of, or other person with management responsibilities in, any authority or public or government
entity) in connection with the Ship, this Agreement, the Loan Agreement and/or the other Finance Documents.

 

		11.24	11.21 Sanctions

 

The Guarantor shall comply, or
procure compliance by the entities and persons referred to in Clause 11.2011.23
(Prohibited Payments), with all Sanctions and shall provide details of any material litigation, arbitration or
administrative proceedings relating to any alleged or actual breach of Sanctions.

 

		11.25	11.22 Additional Undertakings

 

The Guarantor shall not and shall
procure that no Obligor shall do (or fail to do) or cause or permit another person to do (or omit to do) anything which is likely
to:

 

		(a)	make it unlawful for an Obligor to perform any of its obligations under the Transaction Documents;

 

		(b)	cause any obligation of an Obligor under the Finance Documents to cease to be legal, valid, binding
or enforceable if that cessation individually or together with any other cessations materially or adversely affects the interests
of the Secured Parties under the Transaction Documents;

 

		(c)	cause any Transaction Document to cease to be in full force and effect;

 

		(d)	cause any Security Interest created under the Finance Documents to lose its priority or ranking;
and

 

		(e)	imperil or jeopardise any Security Interest created under the Finance Documents.

 

		12	Judgments and Currency Indemnity

 

		12.1	Judgments relating to Loan Agreement

 

This Guarantee shall cover any
amount payable by the Borrower under or in connection with any judgment relating to the Loan Agreement.

 

    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-Off

 

		13.1	Application of credit balances

 

Each Secured Party may without
prior notice:

 

		(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account
in the name of the Guarantor at any office in any country of that Secured Party in or towards satisfaction of any sum then due
from the Guarantor to that Secured Party under this Guarantee; and

 

		(b)	for that purpose:

 

		(i)	break, or alter the maturity of, all or any part of a deposit of the Guarantor;

 

		(ii)	convert or translate all or any part of a deposit or other credit balance into Dollars; or

 

		(iii)	enter into any other transaction or make any entry with regard to the credit balance which the
Secured Party concerned considers appropriate.

 

		13.2	Existing rights unaffected

 

No Secured Party shall be obliged
to exercise any of its rights under Clause 13.1 (Application of credit balances); and those rights shall be without prejudice
and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Secured Party
is entitled (whether under the general law or any document).

 

		13.3	Sums deemed due to a Lender

 

For the purposes of this Clause
13 (Set-Off), a sum payable by the Guarantor to the Security Trustee for distribution to, or for the account of, a Lender
shall be treated as a sum due to that Lender; and each Lender's proportion of a sum so payable for distribution to, or for the
account of, the Lenders shall be treated as a sum due to that Lender.

 

		14	Supplemental

 

		14.1	Continuing guarantee

 

This Guarantee shall remain in
force as a continuing security at all times during the Security Period, regardless of any intermediate payment or discharge in
whole or in part.

 

		14.2	Rights cumulative, non-exclusive

 

The Security Trustee's rights
under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient and shall not be taken
to exclude or limit any right or remedy conferred by law.

 

    26

     

    

 

		14.3	No impairment of rights under Guarantee

 

If the Security Trustee omits
to exercise, delays in exercising or invalidly exercises any of its rights under this Guarantee, that shall not impair that or
any other right of the Security Trustee under this Guarantee.

 

		14.4	Severability of provisions

 

If any provision of this Guarantee
is or subsequently becomes void, illegal, unenforceable or otherwise invalid, that shall not affect the validity, legality or enforceability
of its other provisions.

 

		14.5	Guarantee not affected by other security

 

This Guarantee is in addition
to and shall not impair, nor be impaired by, any other guarantee, any Security Interest or any right of set-off or netting or to
combine accounts which the Security Trustee or any Secured Party may now or later hold in connection with the Loan Agreement.

 

		14.6	Guarantor bound by Loan Agreement

 

		(a)	The Guarantor is fully familiar with, and agrees
to all the provisions of, the Loan Agreement and the other Finance Documents to which it is not a party.

 

		(b)	The Guarantor agrees with the Security
Trustee:

 

		(i)	The Guarantor agrees with the Security Trustee to
be bound by all provisions of the Loan Agreement which are applicable to the Obligors in the same way as if those provisions had
been set out (with any necessary modifications) in this Guarantee.;
and

 

		(ii)	that any provision of the Loan Agreement which, by
its terms, applies or relates to the Finance Documents generally applies to this Guarantee.

 

		(c)	Clause 23 (Bail-In) of the Loan Agreement
shall apply to this Guarantee as if it was expressly incorporated in this Guarantee with any necessary modifications.

 

		14.7	Applicability of provisions of Guarantee to other Security Interests

 

Any Security Interest which the
Guarantor creates (whether at the time at which it signs this Guarantee or at any later time) to secure any liability under this
Guarantee shall be a principal and independent security, and Clauses 3 (Liability as Principal and Independent Debtor) and
17 (Invalidity of Loan Agreement) shall, with any necessary modifications, apply to it, notwithstanding that the document
creating the Security Interest neither describes it as a principal or independent security nor includes provisions similar to Clauses
3 (Liability as Principal and Independent Debtor) and 17 (Invalidity of Loan Agreement).

 

		14.8	Applicability of provisions of Guarantee to other rights

 

Clauses 3 (Liability as Principal
and Independent Debtor) and 17 (Invalidity of Loan Agreement) shall also apply to any right of set-off or netting or
to combine accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee or at any later time
(notwithstanding that the agreement does not include provisions similar to Clauses 3 (Liability as Principal and Independent
Debtor) and 17 (Invalidity of Loan Agreement)), being an agreement referring to this Guarantee.

 

    27

     

    

 

		14.9	Third party rights

 

Other than a Secured Party or
the Italian Authorities, no person who is not a party to this Guarantee has any right under the Contracts (Rights of Third Parties)
Act 1999 to enforce or to enjoy the benefit of any term of this Guarantee.

 

		14.10	Waiver of rights against SACE

 

Nothing in this Guarantee or
any of the Finance Documents is intended to grant to the Guarantor or any other person any right of contribution from or any other
right or claim against SACE and the Guarantor hereby waives irrevocably any right of contribution or other right or claim as between
itself and SACE.

 

		14.11	Reinstatement

 

If
any discharge, release or arrangement (whether in respect of the obligations of the Borrower or any security for those obligations
or otherwise) is made by a Secured Party in whole or in part on the basis of any payment, security or other disposition which is
avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of
the Guarantor under this Guarantee will continue or be reinstated as if the discharge, release or arrangement had not occurred.

 

		14.12	Guarantor intent

 

Without
prejudice to the generality of Clause 1.3 (Application of construction and interpretation provisions of the Loan Agreement)
and Clause 3.2 (Waiver of rights and defences), the Guarantor expressly confirms that it intends that this Guarantee and
any Security Interest created by it under any Finance Document shall extend from time to time to any (however fundamental) variation,
increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of
the Finance Documents for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing
working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing
any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which
any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any
of the foregoing.

 

		14.13	Certification or determination

 

Any certification or determination
by the Security Trustee of a rate or amount under any Finance Document or this Guarantee is, in the absence of manifest error,
conclusive evidence of the matters to which it relates.

 

		14.14	14.12 SACE subrogation

 

The Guarantor acknowledges that
immediately upon any payment by SACE of any amount due under the SACE Insurance Policy, SACE shall be automatically subrogated
to the extent of such payment to the rights of the Security Trustee under this Guarantee in accordance with the SACE Insurance
Policy.

 

    28

     

    

 

		15	Assignment and Transfer

 

		15.1	Assignment and transfer by Security Trustee

 

		(a)	The Security Trustee may assign or transfer its rights under and in connection with this Guarantee
to the same extent as it may assign or transfer its rights under the Loan Agreement.

 

		(b)	The Guarantor may not assign or transfer its rights under and in connection with this Guarantee.

 

		16	Notices

 

		16.1	Notices to Guarantor

 

Any notice or demand to the Guarantor
under or in connection with this Guarantee shall be given by letter or faxemail
at:

 

NCL Corporation Ltd.

7665 Corporate Center Drive

Miami

Florida, 33126

Fax: (305)
436 4140

 

Attention:
Chief Financial Officer and General Counsel

 

Email:
[*] / [*]

 

or to such other address which
the Guarantor may notify to the Security Trustee.

 

		16.2	Application of certain provisions of Loan Agreement

 

Clauses 32.3 (Effective date
of notices) to 32.9 (Meaning of "notice") of the Loan Agreement apply to any notice or demand under or in
connection with this Guarantee.

 

		16.3	Validity of demands

 

A demand under this Guarantee
shall be valid notwithstanding that it is served:

 

		(a)	on the date on which the amount to which it relates is payable by the Borrower under the Loan Agreement;
or

 

		(b)	at the same time as the service of a notice under clause 18.21 (Actions following an Event of
Default) of the Loan Agreement;

 

and a demand under this Guarantee
may refer to all amounts payable under or in connection with the Loan Agreement without specifying a particular sum or aggregate
sum.

 

    29

     

    

 

		16.4	Notices to Security Trustee

 

Any notice to the Security Trustee
under or in connection with this Guarantee shall be sent to the same address and in the same manner as notices to the Security
Trustee under the Loan Agreement.

 

		17	Invalidity of Loan Agreement

 

		17.1	Invalidity of Loan Agreement

 

In the event of:

 

		(a)	the Loan Agreement or any provision thereof now being or later becoming, with immediate or retrospective
effect, void, illegal, unenforceable or otherwise invalid for any reason whatsoever; or

 

		(b)	without limiting the scope of paragraph (a) above, a bankruptcy of the Borrower, the introduction
of any law or any other matter resulting in the Borrower being discharged from liability under the Loan Agreement, or the Loan
Agreement ceasing to operate (for example, by interest ceasing to accrue);

 

this Guarantee shall cover any
amount which would have been or become payable under or in connection with the Loan Agreement if the Loan Agreement had been and
remained entirely valid, legal and enforceable, or the Borrower had not suffered bankruptcy, or any combination of such events
or circumstances, as the case may be, and the Borrower had remained fully liable under it for liabilities whether invalidly incurred
or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts payable by the Borrower
under or in connection with the Loan Agreement shall include references to any amount which would have so been or become payable
as aforesaid.

 

		17.2	Invalidity of Finance Documents

 

Clause 17.1 (Invalidity of
Loan Agreement) also applies to each of the other Finance Documents to which the Borrower is a party.

 

		18	Governing Law and Jurisdiction

 

		18.1	English law

 

This Guarantee and any non-contractual
obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law.

 

		18.2	Exclusive English jurisdiction

 

The courts of England shall have
exclusive jurisdiction to settle any Dispute.

 

		18.3	Process agent

 

The Guarantor irrevocably appoints
Hannaford Turner LLP of 4th Floor, 15 Old Bailey,
currently of 9 Cloak Lane, London EC4M 7EFR
2RU, United Kingdom, to act as its agent to receive and accept on its behalf any process or other document relating
to any proceedings in the English courts which are connected with a Dispute.

 

    30

     

    

 

		18.4	Secured Parties' rights unaffected

 

Nothing in this Clause 18 (Governing
Law and Jurisdiction) shall exclude or limit any right which any Secured Party may have (whether under the law of any country,
an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or
enforcement of a judgment or any similar or related matter in any jurisdiction.

 

		18.5	Meaning of "proceedings"

 

In this Clause 18 (Governing
Law and Jurisdiction), "proceedings" means proceedings of any kind, including an application for a provisional
or protective measure and a "Dispute" means any dispute arising out of or in connection with this Guarantee (including
a dispute relating to the existence, validity or termination of this Guarantee) or any non-contractual obligation arising out of
or in connection with this Guarantee.

 

THIS AMENDED
AND RESTATED GUARANTEE has been entered into on the date stated at the beginning of this Guarantee.

 

    31

     

    

 

Execution
Page

 

GUARANTOR

 

	SIGNED by	 	)
	for and on behalf of	 	)
	NCL CORPORATION LTD.	 	)
	as its duly appointed attorney-in-fact	 	)
	in the presence of:	 	)
	 	 	 
	SECURITY TRUSTEE	 	 
	 	 	 
	SIGNED by	 	)
	for and on behalf of	 	)
	HSBC CORPORATE TRUSTEE COMPANY	 	)
	(UK) LIMITED	 	)
	acting by its attorney/director	 	)
	in the presence of:	 	)

	 

HOLDING

	 
	 	 
	SIGNED
by    	)	 
	for
and on behalf of    	)	 
	NORWEGIAN
CRUISE LINE   	)	 
	HOLDINGS
LTD.   	)	 
	as
its duly appointed attorney-in-fact 	)	 
	in
the presence of:       	)	 

 

    32

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