Document:

Exhibit 4.1

 

EXECUTION
VERSION

 

NCL
Corporation Ltd.

 

as Issuer

 

AND

 

Norwegian
Cruise Line Holdings Ltd.

 

as Guarantor

 

AND

 

U.S.
Bank National Association

 

as Trustee

 

INDENTURE

 

Dated as of July 21, 2020

 

5.375% Exchangeable Senior Notes due 2025

 

     

     

    

 

TABLE OF CONTENTS

 

 

 

	 	 	 
	 	 	Page
	 	 	 
		ARTICLE 1	 
		DEFINITIONS	 
	 	 	 
	Section 1.01.	Definitions	1
	Section 1.02.	References to Interest	14
	 	 	 
		Article 2	 
		Issue, Description, Execution,
    Registration and Exchange of Notes	 
	 	 	 
	Section 2.01.	Designation and Amount	14
	Section 2.02.	Form of Notes	14
	Section 2.03.	Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	15
	Section 2.04.	Execution, Authentication and Delivery of Notes	17
	Section 2.05.	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	17
	Section 2.06.	Mutilated, Destroyed, Lost or Stolen Notes	23
	Section 2.07.	Temporary Notes	24
	Section 2.08.	Cancellation of Notes Paid, Exchanged, Etc	25
	Section 2.09.	CUSIP Numbers	25
	Section 2.10.	Additional Notes; Purchases	25
	 	 	 
		Article 3	 
		Satisfaction and Discharge	 
	 	 	 
	Section 3.01.	Satisfaction and Discharge	26
	 	 	 
		Article 4	 
		Particular Covenants of the
    Company and the Guarantor	 
	 	 	 
	Section 4.01.	Payment of Principal and Interest	26
	Section 4.02.	Maintenance of Office or Agency	27
	Section 4.03.	Appointments to Fill Vacancies in Trustee’s Office	28
	Section 4.04.	Provisions as to Paying Agent	28
	Section 4.05.	[Reserved.]	29
	Section 4.06.	Rule 144A Information Requirement and Reporting; Additional Interest	29
	Section 4.07.	No Rights as Shareholders	31
	Section 4.08.	Stay, Extension and Usury Laws	31
	Section 4.09.	Compliance Certificate; Statements as to Defaults	31
	Section 4.10.	Additional Amounts	32

 

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		Article 5	 
		[Reserved]	 
	 	 	 
		Article 6	 
	 	Defaults and Remedies	 
		 	 
	Section 6.01.	Events of Default	35
	Section 6.02.	Acceleration	36
	Section 6.03.	Additional Interest	37
	Section 6.04.	Payments of Notes on Default; Suit Therefor	38
	Section 6.05.	Application of Monies Collected by Trustee	39
	Section 6.06.	Proceedings by Holders	40
	Section 6.07.	Proceedings by Trustee	41
	Section 6.08.	Remedies Cumulative and Continuing	41
	Section 6.09.	Direction of Proceedings and Waiver of Defaults by Majority of Holders	41
	Section 6.10.	Notice of Defaults	42
	Section 6.11.	Undertaking to Pay Costs	42
	 	 	 
		Article 7	 
		Concerning the Trustee	 
	 	 	 
	Section 7.01.	Duties and Responsibilities of Trustee	43
	Section 7.02.	Certain Rights of the Trustee	44
	Section 7.03.	No Responsibility for Recitals, Etc	46
	Section 7.04.	Trustee, Paying Agents, Exchange Agents or Note Registrar May Own Notes	46
	Section 7.05.	Monies To Be Held in Trust	46
	Section 7.06.	Compensation and Expenses of Trustee	46
	Section 7.07.	Officer’s Certificate as Evidence	47
	Section 7.08.	Eligibility of Trustee	47
	Section 7.09.	Resignation or Removal of Trustee	48
	Section 7.10.	Acceptance by Successor Trustee	49
	Section 7.11.	Succession by Merger, Etc	49
	Section 7.12.	Trustee’s Application for Instructions from the Company	50
	Section 7.13.	Conflicting Interests of Trustee	50
	Section 7.14.	Limitation on Trustee’s Liability	50
	 	 	 
		Article 8	 
		Concerning the Holders	 
	 	 	 
	Section 8.01.	Action by Holders	51
	Section 8.02.	Proof of Execution by Holders	51
	Section 8.03.	Who Are Deemed Absolute Owners	51
	Section 8.04.	Company-Owned Notes Disregarded	52
	Section 8.05.	Revocation of Consents; Future Holders Bound	52

 

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		Article 9	 
		[Reserved]	 
	 	 	 
		Article 10	 
	 	Supplemental Indentures	 
		 	 
	Section 10.01.	Supplemental Indentures Without Consent of Holders	52
	Section 10.02.	Supplemental Indentures with Consent of Holders	53
	Section 10.03.	Effect of Amendment, Supplement and Waiver	55
	Section 10.04.	Notation on Notes	55
	Section 10.05.	Evidence of Compliance of Amendment, Supplement or Waiver To Be Furnished To Trustee	55
	 	 	 
		Article 11	 
		Consolidation, Merger and Sale	 
	 	 	 
	Section 11.01.	The Guarantor May Consolidate, Etc. on Certain Terms	55
	Section 11.02.	Company May Consolidate, Etc. on Certain Terms	56
	Section 11.03.	Opinion of Counsel and Officer’s Certificate To Be Given to Trustee	57
	 	 	 
		Article 12	 
		Immunity of Incorporators, Shareholders, Officers and
    Directors	 
	 	 	 
	Section 12.01.	Indenture, Notes and Guarantee Solely Corporate Obligations	58
	 	 	 
		Article 13	 
		Guarantee	 
	 	 	 
	Section 13.01.	Guarantee	58
	Section 13.02.	Execution and Delivery	60
	Section 13.03.	Release of the Guarantee	60
	Section 13.04.	Limitation on Guarantor Liability	60
	Section 13.05.	Subrogation	61
	Section 13.06.	Benefits Acknowledged	61
	Section 13.07.	“Trustee” to Include Paying Agent	61
	 	 	 
		Article 14	 
		Exchange of Notes	 
	 	 	 
	Section 14.01.	Exchange Privilege	61
	Section 14.02.	Exchange Procedure; Settlement Upon Exchange	62
	Section 14.03.	Increase in Exchange Rate Upon Exchange in Connection with a Make-Whole Fundamental Change or a Tax Redemption	66
	Section 14.04.	Adjustment of Exchange Rate	68
	Section 14.05.	Adjustments of Prices	77
	Section 14.06.	Shares To Be Fully Reserved	78
	Section 14.07.	Effect of Recapitalizations, Reclassifications and Changes of the Ordinary Shares	78

 

    iii

     

    

 

	Section 14.08.	Certain Covenants	80
	Section 14.09.	Responsibility of Trustee	80
	Section 14.10.	Notice to Holders Prior to Certain Actions	81
	Section 14.11.	Shareholder Rights Plans	81
	 	 	 
		Article 15	 
		Repurchase of Notes at Option of Holders	 
	 	 	 
	Section 15.01.	Intentionally Omitted	82
	Section 15.02.	Repurchase at Option of Holders Upon a Fundamental Change	82
	Section 15.03.	Withdrawal of Fundamental Change Repurchase Notice	85
	Section 15.04.	Deposit of Fundamental Change Repurchase Price	86
	Section 15.05.	Covenant to Comply with Applicable Laws Upon Repurchase of Notes	87
	 	 	 
		Article 16	 
		Optional Redemption Only for Taxation Reasons	 
	 	 	 
	Section 16.01.	Optional Redemption for Certain Tax Laws	87
	Section 16.02.	Notice of Tax Redemption	88
	Section 16.03.	Payment of Notes Called for Tax Redemption	89
	Section 16.04.	Holders’ Right to Avoid Redemption	89
	Section 16.05.	Restrictions on Tax Redemption	90
	Section 16.06.	Mutatis Mutandis	90
	 	 	 
		Article 17	 
		Miscellaneous Provisions	 
	 	 	 
	Section 17.01.	Provisions Binding on Company’s and the Guarantor’s Successors	90
	Section 17.02.	Official Acts by Successor Entity	90
	Section 17.03.	Addresses for Notices, Etc	90
	Section 17.04.	Governing Law	91
	Section 17.05.	Intentionally Omitted	91
	Section 17.06.	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	91
	Section 17.07.	Legal Holidays	92
	Section 17.08.	No Security Interest Created	92
	Section 17.09.	Benefits of Indenture	92
	Section 17.10.	Table of Contents, Headings, Etc	92
	Section 17.11.	Authenticating Agent	92
	Section 17.12.	Execution in Counterparts	93
	Section 17.13.	Severability	94
	Section 17.14.	Waiver of Jury Trial; Submission of Jurisdiction	94
	Section 17.15.	Appointment of Agent for Service of Process	94
	Section 17.16.	Force Majeure	95
	Section 17.17.	Calculations	95
	Section 17.18.	U.S.A. Patriot Act	95
	Section 17.19.	Tax Withholding for U.S. Federal Tax Distributions	95
	Section 17.20.	FATCA	96
	 	 	 
		EXHIBITS	 
	 	 	 
	Exhibit A	Form of Note	A-1

 

    iv

     

    

 

 

INDENTURE
dated as of July 21, 2020 among NCL Corporation Ltd., an exempted company incorporated under the laws of Bermuda and
tax resident in the United Kingdom, as issuer (the “Company”, as more fully set forth in ‎Section 1.01),
Norwegian Cruise Line Holdings Ltd., a Bermuda exempted company formed as a holding company and tax resident in the United Kingdom
(the “Guarantor”, as more fully set forth in ‎Section 1.01) and U.S. Bank National Association, as
trustee (the “Trustee”, as more fully set forth in ‎Section 1.01).

 

W I T N E S S E T H:

 

WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the issuance of its 5.375% Exchangeable Senior Notes
due 2025 (the “Notes”), initially in an aggregate principal amount of $400,000,000 (as increased by an amount
equal to the aggregate principal amount of any additional Notes purchased by the Initial Purchasers pursuant to the exercise of
their option to purchase additional Notes as set forth in the Purchase Agreement), and the Guarantor has duly authorized the issuance
of the Guarantee, and in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered,
the Company and the Guarantor have duly authorized the execution and delivery of this Indenture; and

 

WHEREAS, the Form of Note, the certificate
of authentication to be borne by each Note, the Form of Notice of Exchange, the Form of Fundamental Change Repurchase
Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided;
and

 

WHEREAS, all acts and things necessary to
make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating
agent, as provided in this Indenture, the valid, binding and legal obligations of the Company, and this Indenture the valid, binding
and legal obligations of the Company and the Guarantor, have been done and performed, and the execution of this Indenture and the
issuance hereunder of the Notes and the Guarantee have in all respects been duly authorized.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

That
in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and
in consideration of the premises and of the purchase and acceptance of the Notes by the Holders thereof, each of the Company
and the Guarantor covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from
time to time of the Notes (except as otherwise provided below), as follows:

 

Article 1

Definitions

 

Section 1.01.         Definitions.
The terms defined in this ‎Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise
requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified
in this ‎Section 1.01. The words “herein,” “hereof,” “hereunder,” and words
of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The
terms defined in this Article include the plural as well as the singular.

 

     

     

    

 

“Additional Interest”
means all amounts, if any, payable pursuant to Section 4.06(d), Section 4.06(e) and ‎Section 6.03, as applicable.

 

“Additional
Amounts” shall have the meaning specified in Section 4.11(a).

 

“Additional Shares”
shall have the meaning specified in ‎Section 14.03.

 

“Adequate Cash Exchange
Provisions” shall have the meaning specified in ‎Section 15.02(e)B.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control,” when used with respect to
any specified Person means the power to direct or cause the direction of the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“Applicable Procedures”
means, with respect to a Depositary, as to any matter at any time, the policies and procedures of such Depositary, if any, that
are applicable to such matter at such time.

 

“Authorized Denomination”
means, with respect to a Note, a minimum principal amount thereof equal to $1,000 or any integral multiple of $1,000 in excess
thereof.

 

“Bankruptcy Law”
means Title 11, U.S. Code, as amended, or any similar federal, state or foreign law for the relief of debtors.

 

“Board of Directors”
means, with respect to the Company or the Guarantor, the board of directors or the managers, as applicable, of the Company or the
Guarantor, as the case may be, or a committee of such board duly authorized to act for it hereunder.

 

“Board Resolution”
means a copy of a resolution or minutes of a meeting of the applicable Board of Directors certified by the Secretary or an Officer
of the Company or the Guarantor, as the case may be, to have been duly adopted by the applicable Board of Directors, and to be
in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day”
means any day other than a Saturday, a Sunday or a day on which banking institutions in New York City, Bermuda or other place of
payment authorized or required by law or executive order to close or be closed.

 

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

 

    2 

     

    

 

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

 

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

 

“Certificated Notes”
means permanent certificated Notes in registered form issued in minimum denominations of $1,000 principal amount and integral multiples
of $1,000 in excess thereof.

 

“Change
in Tax Law” shall have the meaning specified in ‎Section 16.01.

 

“Clause A Distribution”
shall have the meaning specified in ‎Section 14.04(c).

 

“Clause B Distribution”
shall have the meaning specified in ‎Section 14.04(c).

 

    3 

     

    

 

“Clause C Distribution”
shall have the meaning specified in ‎Section 14.04(c).

 

“close of business”
means 5:00 p.m. (New York City time).

 

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

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

“Common Equity”
of any Person means Share Capital of such Person that is generally entitled (a) to vote in the election of directors of such
Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body,
partners, managers or others that will control the management or policies of such Person.

 

“Company” shall
have the meaning specified in the first paragraph of this Indenture, and subject to the provisions of ‎Article 11, shall
include its successors and assigns.

 

“Company Order”
means a written order of the Company, signed by an Officer of the Company.

 

“Corporate Trust Office”
means the corporate trust office of the Trustee at which at any time its corporate trust business shall be administered, which
office at the date hereof is located at 60 Livingston Avenue, St. Paul, Minnesota 55107-1419, or such other address as the Trustee
may designate from time to time by notice to the Holders, the Company and the Guarantor, or the principal corporate trust office
of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders,
the Company and the Guarantor).

 

“Custodian”
means the Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any successor entity thereto.

 

“Daily VWAP”
means, for any trading day, the per share volume-weighted average price as displayed under the heading “Bloomberg VWAP”
on Bloomberg page “NCLH <equity> AQR” (or its equivalent successor if such page is not available) in
respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on
such trading day (or if such volume-weighted average price is unavailable, the market value of one Ordinary Share on such trading
day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained
for this purpose by us). The “Daily VWAP” will be determined without regard to after-hours trading or any other trading
outside of the regular trading session trading hours.

 

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

 

    4 

     

    

 

“Defaulted Amounts”
means any amounts on any Note (including, without limitation, the Redemption Price, the Fundamental Change Repurchase Price, principal
and interest) that are payable but are not punctually paid or duly provided for.

 

“Depositary”
means, with respect to each Global Note, the Person specified in ‎Section 2.05(b) as the Depositary with respect
to such Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture,
and thereafter, “Depositary” shall mean or include such successor.

 

“Distributed Property”
shall have the meaning specified in ‎Section 14.04(c).

 

“Effective Date”
means the first date on which the Ordinary Shares trade on the Relevant Stock Exchange, regular way, reflecting the relevant share
split or share combination, as applicable.

 

“Event Effective Date”
shall have the meaning specified in ‎Section 14.03(c).

 

“Event of Default”
shall have the meaning specified in ‎Section 6.01.

 

“Ex-Dividend Date”
means the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without
the right to receive the issuance, dividend or distribution in question, from Guarantor or, if applicable, from the seller of the
Ordinary Shares on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market.

 

“Excess Shares”
shall have the meaning specified in ‎Section 14.01(d).

 

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

 

“Exchange Agent”
shall have the meaning specified in ‎Section 4.02.

 

“Exchange Date”
shall have the meaning specified in ‎Section 14.02(c).

 

“Exchange Obligation”
shall have the meaning specified in ‎Section 14.01(a).

 

“Exchange Price”
means as of any date, $1,000, divided by the Exchange Rate as of such date.

 

“Exchange Rate”
shall have the meaning specified in ‎Section 14.01(a).

 

“Expiration Date”
shall have the meaning specified in ‎Section 14.04(e).

 

“Expiration Time”
shall have the meaning specified in ‎Section 14.04(e).

 

“Form of Assignment
and Transfer” shall mean the “Form of Assignment and Transfer” attached as Attachment 3 to the Form of
Note attached hereto as Exhibit A.

 

    5 

     

    

 

“Form of Fundamental
Change Repurchase Notice” shall mean the “Form of Fundamental Change Repurchase Notice” attached as
Attachment 2 to the Form of Note attached hereto as Exhibit A.

 

“Form of Notice
of Exchange” shall mean the “Form of Notice of Exchange” attached as Attachment 1 to the Form of
Note attached hereto as Exhibit A.

 

“Form of Note”
means the “Form of Note” attached hereto as Exhibit A.

 

“Fundamental Change”
shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:

 

(1)            a
 “person” or “group” (as such terms are used for the purposes of Section 13(d) and 14(d) of
the Exchange Act) is or becomes the “beneficial owner” (as such term is used in Rule 13d-3 under the Exchange
Act), directly or indirectly, of share capital of Guarantor that is entitled to exercise or direct the exercise of more than 50%
of the rights to vote to elect members of the board of directors of Guarantor;

 

(2)            the
consummation of (A) any recapitalization, reclassification or change of Ordinary Shares (other than changes resulting from
a subdivision or combination) as a result of which Ordinary Shares would be converted into, or exchanged for, stock, shares, other
securities, other property or assets; (B) any share exchange, consolidation, amalgamation or merger of Guarantor pursuant
to which Ordinary Shares will be converted into, or exchanged for, cash, securities or other property or assets (or any combination
thereof); or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially
all of Guarantor’ and its subsidiaries’ consolidated assets, taken as a whole, to any person other than Guarantor or
one of its wholly owned subsidiaries; provided, however, that a transaction described in clause (A) or (B) in
which the holders of all classes of the Common Equity of Guarantor immediately prior to such transaction own, directly or indirectly,
more than 50% of all classes of Common Equity of the continuing or surviving corporation or transferee or the parent thereof immediately
after such transaction in substantially the same proportions vis-à-vis each other as such ownership immediately prior to
such transaction shall not be a fundamental change pursuant to this clause (2);

 

(3)            Guarantor’
shareholders approve any plan or proposal for the liquidation or dissolution of Guarantor;

 

(4)            Ordinary
Shares (or other Common Equity or ADSs in respect of Common Equity for which the Notes are exchangeable) cease to be listed or
quoted on any of the New York Stock Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market (or any of their respective
successors) for more than one Business Day; or

 

(5)            the
Company or the Issuer Permitted Successor, as applicable, ceases to be a wholly owned subsidiary of Guarantor or a Guarantor Permitted
Successor, unless the Company is merged into Guarantor or a Guarantor Permitted Successor in accordance with ‎Article 11.

 

    6 

     

    

 

provided,
however, that a transaction or transactions described in clause (1) or (2) above shall not constitute a Fundamental
Change if at least 90% of the consideration received or to be received by the holders of the Ordinary Shares, excluding cash payments
for fractional shares and cash payments made in respect of dissenters’ or appraisal rights, in connection with such transaction
or transactions consists of shares of Common Equity or ADSs in respect of Common Equity that are listed or quoted on any of The
New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors) or
will be so listed or quoted when issued or exchanged in connection with such transaction or transactions, and as a result of such
transaction or transactions such consideration becomes the Reference Property for the Notes (subject to the provisions set forth
in ‎Section 14.02).

 

Any event, transaction or series of related transactions
that constitute a Fundamental Change under both clause (1) and clause (2) above (determined without regard to the proviso
in clause (2) above) shall be deemed to be a Fundamental Change solely under clause (2) above.

 

“Fundamental Change Company
Notice” shall have the meaning specified in ‎Section 15.02(c).

 

“Fundamental Change Repurchase
Date” shall have the meaning specified in ‎Section 15.02.

 

“Fundamental Change Repurchase
Notice” shall have the meaning specified in ‎Section 15.02(b)A.

 

“Fundamental Change Repurchase
Price” shall have the meaning specified in ‎Section 15.02.

 

“Global Note”
shall have the meaning specified in ‎Section 2.05(a).

 

“Guarantee”
means the guarantee of the Company’s payment obligations under this Indenture and the Notes, issued by the Guarantor pursuant
to ‎Article 13 of this Indenture.

 

“Guarantor”
means Norwegian Cruise Line Holdings Ltd., a Bermuda exempted company formed as a holding company and a tax resident in the United
Kingdom, and means the Guarantor until such time as the Guarantor shall be released and relieved of its obligations pursuant to
 ‎Section 13.03 of this Indenture, and subject to the provisions of ‎Article 11, shall include its successors
and assigns.

 

“Guarantor Permitted
Successor” shall have the meaning specified in ‎Section 11.01(a)A.

 

“Holder,” as
applied to any Note, or other similar terms (but excluding the term “beneficial holder”), shall mean any person in
whose name at the time a particular Note is registered on the Note Register. The registered Holder of a Note shall be treated as
its owner for all purposes.

 

    7 

     

    

 

“holder”, as
applied to any Note, means the owner of a beneficial interest in a Note, unless the context otherwise requires.

 

“Indebtedness”
means, with respect to any Person:

 

(1)     the principal of any
indebtedness of such person, whether or not contingent, in respect of borrowed money or evidenced by bonds, notes, debentures or
similar instruments; and

 

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

 

“Indenture”
means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.

 

“Initial
Purchasers” means J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Barclays
Capital Inc., Mizuho Securities USA LLC, UBS Securities LLC, BNP Paribas Securities Corp., Credit Agricole Securities (USA)
Inc., HSBC Securities (USA) Inc. and SG Americas Securities, LLC.

 

“Interest Payment Date”
means February 1 and August 1 of each year, beginning on February 1, 2021.

 

“Issue Date”
means July 21, 2020.

 

“Issuer Permitted Successor”
shall have the meaning specified in ‎Section 11.02(a)A.

 

“Last Reported Sale Price”
per share of Ordinary Shares on any date means:

 

(a)            the
closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one
in either case, the average of the average bid and the average ask prices) on such date as reported in composite transactions for
the Relevant Stock Exchange;

 

(b)            if
the Ordinary Shares is not listed for trading on a Relevant Stock Exchange on such date, the last quoted bid price per share for
the Ordinary Shares in the over-the-counter market on such date as reported by OTC Markets Group Inc. or a similar organization;
and

 

(c)            if
the Ordinary Shares is not so quoted, the average of the mid-point of the last bid and ask prices per share for the Ordinary Shares
on such date from each of at least three nationally recognized independent investment banking firms selected by the Company for
this purpose.

 

    8 

     

    

 

“Make-Whole Fundamental
Change” means any transaction or event that constitutes a Fundamental Change, after giving effect to any exceptions to
or exclusions from the definition thereof, but without regard to the proviso in clause (2) of the definition thereof.

 

“Make-Whole Fundamental
Change Company Notice” shall have the meaning specified in ‎Section 14.03(b).

 

“Make-Whole Fundamental
Change Period” shall have the meaning specified in ‎Section 14.03.

 

“Maturity Date”
means August 1, 2025.

 

“NCLC Group”
refers to the Company, the Guarantor and all of the Guarantor’s other direct and indirect subsidiaries.

 

“Note” or “Notes”
shall have the meaning specified in the first paragraph of the recitals of this Indenture.

 

“Note Register”
shall have the meaning specified in ‎Section 2.05.

 

“Note Registrar”
shall have the meaning specified in ‎Section 2.05.

 

“Notice of Exchange”
shall have the meaning specified in ‎Section 14.02(b)B(i).

 

“Notice of Tax Redemption”
shall have the meaning specified in ‎Section 16.02.

 

“Offering Memorandum”
means the final offering memorandum, dated July 16, 2020, relating to the offering and sale of the Notes.

 

“Officer” means,
with respect to any Person, the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the
President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer, the Assistant Treasurer, the Secretary
or the Assistant Secretary of such Person.

 

“Officer’s Certificate”
means a certificate signed on behalf of the Company by an Officer of the Company or the Guarantor, as the case may be, that meets
the requirements of ‎Section 17.06.

 

“open of business”
means 9:00 a.m. (New York City time).

 

“Opinion of Counsel”
means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of ‎Section 17.06.
The counsel may be an employee of or counsel to the Company or the Guarantor.

 

    9 

     

    

 

“Ordinary Shares”
means the ordinary shares of the Guarantor, par value $0.001 per ordinary share.

 

“Ownership
Limitation” means the restrictions contained in Article 11 of the Guarantor’s bye-laws (or a successor
provision in the Guarantor’s bye-laws as it may be further amended) providing, among other things, that no one person or
group of related persons may Beneficially Own (as such term is defined in the Guarantor’s bye-laws, as it may be further
amended), more than 4.9% of any class of Shares (as such term is defined in the Guarantor’s bye-laws, as it may be further
amended), whether measured by vote, value (as determined by the Guarantor’s Board of Directors in good faith, which determination
shall be exclusive) or number, unless they receive an exemption from the Guarantors’ Board of Directors, pursuant to the
Guarantors’ bye-laws.

 

“outstanding,”
when used with reference to Notes, shall, subject to the provisions of ‎Section 8.04, mean, as of any particular time,
all Notes authenticated and delivered by the Trustee under this Indenture, except:

 

(a)            Notes
theretofore canceled by the Trustee or accepted by the Trustee for cancellation;

 

(b)            Notes,
or portions thereof, that have become due and payable and in respect of which monies in the necessary amount shall have been deposited
in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust
by the Company (if the Company shall act as its own Paying Agent);

 

(c)            Notes
in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of
 ‎Section 2.06 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers
in due course;

 

(d)            Notes
surrendered for purchase in accordance with ‎Article 15 for which the Paying Agent holds money sufficient to pay the Fundamental
Change Repurchase Price, in accordance with ‎Section 15.04(b);

 

(e)            Notes
exchanged pursuant to ‎Article 14 and required to be cancelled pursuant to ‎Section 2.08; and

 

(f)            Notes
redeemed or repurchased by the Company, the Guarantor or any of the Guarantor’s other Subsidiaries.

 

“Paid-up Value”
shall have the meaning specified in the definition of “Preference Shares” in ‎Section 1.01.

 

“Paying Agent”
shall have the meaning specified in ‎Section 4.02.

 

“Permitted Jurisdiction”
means (i) any state of the United States, the District of Columbia, or any subdivision thereof or territory of the United
States of America, (ii) Panama, (iii) Bermuda, (iv) the Commonwealth of The Bahamas, (v) the Isle of Man, (vi) he
Marshall Islands, (vii) Liberia, (viii) Barbados and (ix) the Cayman Islands.

 

    10 

     

    

 

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

 

“Predecessor Note”
of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular
Note; and, for the purposes of this definition, any Note authenticated and delivered under ‎Section 2.06 in lieu of or
in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed
or stolen Note that it replaces.

 

“Preference Shares”
means the Series A-3 redeemable preference shares of the Company, having the rights set out in the certificate of designations,
preferences and other rights adopted by the Company, with a par value of $1,000 each and which will be issued on exchange of the
Notes at a paid-up value (“Paid-up Value”) of $1,000 each, which the Company shall procure are immediately and
automatically exchanged for Ordinary Shares.

 

“Purchase Agreement”
means that certain Purchase Agreement, dated as of July 16, 2020, among the Company, the Guarantor and the representatives
of the Initial Purchasers.

 

“Record Date”
means, with respect to any dividend, distribution or other transaction or event in which the holders of Ordinary Shares have the
right to receive any cash, securities or other property or in which Ordinary Shares are exchanged for or converted into, the date
fixed for determination of holders of Ordinary Shares entitled to receive such cash, securities or other property (whether such
date is fixed by Guarantor’s Board of Directors or a duly authorized committee thereof, statute, contract or otherwise).

 

“Redemption Price”
means, for any Notes to be redeemed pursuant to Section 16.01, 100% of the principal amount of such Notes, plus accrued
and unpaid interest, if any, to, but not including, the Tax Redemption Date (unless the Tax Redemption Date falls after a Regular
Record Date but on or prior to the immediately succeeding Interest Payment Date, in which case the interest accrued to, but not
including, such Interest Payment Date will be paid to the Holder as of the close of business on such Regular Record Date (assuming,
solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Tax Redemption Date
is before such Interest Payment Date) and the Redemption Price will be equal to 100% of the principal amount of Notes to be redeemed)
and all Additional Amounts (if any) then due or which will become due on the Tax Redemption Date as a result of the redemption
or otherwise (subject to the right of Holders of the Notes on the relevant Regular Record Date to receive interest due on the relevant
Interest Payment Date and Additional Amounts (if any) in respect thereof). For the avoidance of doubt, if an Interest Payment Date
is not a Business Day and such Tax Redemption Date occurs on the Business Day immediately after such Interest Payment Date, then
(x) accrued and unpaid interest on Notes to, but not including, such Interest Payment Date will be paid, in accordance with
 ‎Section 17.07, on the next Business Day to Holders at the close of business on the immediately preceding Regular Record
Date, and (y) the Redemption Price will include interest on Notes to be redeemed from, and including, such Interest Payment
Date to, but not including, such Tax Redemption Date.

 

    11 

     

    

 

“Reference Property”
shall have the meaning specified in ‎Section 14.07(a).

 

“Regular Record Date,”
with respect to any Interest Payment Date, shall mean the January 15 or July 15 (whether or not such day is a Business
Day), as the case may be, immediately preceding such Interest Payment Date.

 

“Relevant Stock Exchange”
means the New York Stock Exchange or, if the Ordinary Shares (or other security for which a Last Reported Sale Price must be determined)
are not then listed on the New York Stock Exchange, the principal other U.S. national or regional securities exchange on which
the Ordinary Shares (or such other security) are then listed.

 

“Resale Restriction Termination
Date” shall have the meaning specified in ‎Section 2.05(c).

 

“Responsible Officer”
means, with respect to the Trustee, any officer within the corporate trust department of the Trustee or to whom any corporate trust
matter relating to this Indenture is referred because of such person’s knowledge of and familiarity with the particular subject,
and, in each case, who shall have direct responsibility for the administration of this Indenture.

 

“Restricted Securities”
shall have the meaning specified in ‎Section 2.05(b).

 

“Rule 144A”
means Rule 144A as promulgated under the Securities Act.

 

“Scheduled Trading Day”
means a day that is scheduled to be a Trading Day on the Relevant Stock Exchange. If the Ordinary Shares is not so listed or admitted
for trading on a Relevant Stock Exchange, “Scheduled Trading Day” means a “Business Day.”

 

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

 

“Separation Event”
shall have the meaning specified in ‎Section 14.11.

 

“Share Capital”
means, for the Guarantor, any and all Ordinary Shares, interests, rights to purchase, warrants, options, participations or other
equivalents of or interests in Ordinary Shares issued by the Guarantor (however designated and including any class of preference
shares of the Guarantor that vote as a class with Ordinary Shares); provided that debt securities, including the Notes and
Preference Shares, that are convertible into or exchangeable for Share Capital shall not constitute Share Capital prior to their
conversion or exchange, as the case may be.

 

    12 

     

    

 

“Significant Subsidiary”
means a Subsidiary of the Guarantor that is a “significant subsidiary” as defined under Rule 1-02(w) of Regulation
S-X, promulgated pursuant to the Securities Act.

 

“Specified Corporate
Event” shall have the meaning specified in ‎Section 14.07(a).

 

“Spin-Off”
shall have the meaning specified in ‎Section 14.04(c).

 

“Stock Price”
shall have the meaning specified in ‎Section 14.03(c).

 

“Subsidiary”
means, with respect to any Person:

 

(a)     any corporation, association
or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than
50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly,
by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries
of such Person; and

 

(b)     any partnership, joint
venture, limited liability company or similar entity of which (x) more than 50% of the capital accounts, distribution rights,
total equity and voting interest or general or limited partnership interests, as applicable, are owned or controlled, directly
or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or
more Subsidiaries of such Person, in each case, whether in the form of membership, general, special or limited partnership interests
or otherwise, and (y) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls
such entity.

 

“Tax Jurisdiction”
shall have the meaning specified in ‎Section 4.10(a).

 

“Tax Redemption”
shall have the meaning specified in Section 16.01.

 

“Tax Redemption Date”
shall have the meaning specified in ‎Section 16.01(a).

 

“Trading Day”
means a day on which:

 

(a)            trading
in the Ordinary Shares generally occurs on the Relevant Stock Exchange or, if the Ordinary Shares are not then listed on a Relevant
Stock Exchange, on the principal other market on which the Ordinary Shares are then traded; and

 

(b)            a
Last Reported Sale Price per share of Ordinary Shares is available on the Relevant Stock Exchange or such other market,

 

provided,
that, if the Ordinary Shares (or such other security) is not so listed or traded, “Trading Day” means a “Business
Day.”

 

“transfer”
shall have the meaning specified in ‎Section 2.05(b).

 

“Trigger Event”
shall have the meaning specified in ‎Section 14.04(c).

 

    13 

     

    

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture.

 

“Trustee” means
the Person named as the “Trustee” in the first paragraph of this Indenture until a successor trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or
include each Person who is then a Trustee hereunder.

 

“Unit of Reference Property”
shall have the meaning specified in ‎Section 14.07(a).

 

“Valuation Period”
shall have the meaning specified in ‎Section 14.04(c).

 

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

 

Section 1.02.         References
to Interest. Unless the context otherwise requires, any reference to interest on, or in respect of, any Note in this Indenture
shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to
any of Section 4.06(d), Section 4.06(e) and ‎Section 6.03. Unless the context otherwise requires,
any express mention of Additional Interest in any provision hereof shall not be construed as excluding Additional Interest in those
provisions hereof where such express mention is not made.

 

Article 2

Issue, Description, Execution, Registration and Exchange of Notes

 

Section 2.01.         Designation
and Amount. The Notes shall be designated as the “5.375% Exchangeable Senior Notes due 2025.” The aggregate principal
amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $400,000,000 (as increased
by an amount equal to the aggregate principal amount of any additional Notes purchased by the Initial Purchasers pursuant to the
exercise of their over-allotment option as set forth in the Purchase Agreement), subject to ‎Section 2.10 and except
for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of other Notes pursuant
to ‎Section 2.05, ‎Section 2.06, ‎Section 2.07, ‎Section 10.04,
‎Section 14.02 and ‎Section 15.04.

 

Section 2.02.         Form of
Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in
the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly
incorporated in and made a part of this Indenture. To the extent applicable, the Company, the Guarantor and the Trustee, by their
execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

Any Global Note may be endorsed with or
have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture
as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation
thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes
may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special
limitations or restrictions to which any particular Notes are subject.

 

    14 

     

    

 

Any of the Notes may have such letters,
numbers or other marks of identification and such notations, legends or endorsements as any Officer executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture,
or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or
regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance,
or to conform to usage or to indicate any special limitations or restrictions to which any particular Notes are subject.

 

Each Global Note shall represent such principal
amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal
amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be increased or reduced to reflect repurchases, cancellations, exchanges for Preference Shares, transfers
or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount
of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such
manner and upon instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including
the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, a Global
Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining Holders
eligible to receive payment is provided for herein.

 

Section 2.03.         Date
and Denomination of Notes; Payments of Interest and Defaulted Amounts

 

(a)            The
Notes shall be issuable in registered form without coupons in minimum denominations of $1,000 principal amount and integral multiples
of $1,000 in excess thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date specified
on the face of the form of Note attached as Exhibit A hereto. Accrued interest on the Notes shall be computed on the basis
of a 360-day year composed of twelve 30-day months and, for a partial month, on the basis of the number of days actually elapsed
in a 30-day month.

 

(b)            The
Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on the Regular
Record Date immediately preceding the relevant Interest Payment Date shall be entitled to receive the interest payable on such
Interest Payment Date. Interest shall be payable at the office or agency of the Company maintained by the Company for such purposes,
which shall initially be the Corporate Trust Office. The Company shall pay interest:

 

A.            on
any Certificated Notes (A) to Holders holding Certificated Notes having an aggregate principal amount of $5,000,000 or less,
by check mailed to the Holders of these Notes at their address as it appears in the Note Register and (B) to Holders holding
Certificated Notes having an aggregate principal amount of more than $5,000,000, either by check mailed to such Holders or, upon
application by such a Holder to the Note Registrar not later than the relevant Regular Record Date, by wire transfer in immediately
available funds to that Holder’s account within the United States, which application shall remain in effect until the Holder
notifies the Note Registrar to the contrary in writing; and

 

    15 

     

    

 

B.            on
any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.

 

(c)            Any
Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest per
annum at the rate borne by the Notes from, and including, such relevant payment date, and such Defaulted Amounts together with
such interest thereon shall be paid by the Company, at its election in each case, as provided in clause ‎A
or ‎B below:

 

A.            The
Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective Predecessor
Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall
be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed
to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt by the Trustee
of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee
an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory
to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided. Thereupon the Company shall fix a
special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior
to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment.
The Company shall promptly notify the Trustee of such special record date and the Trustee, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Amounts and the special record date therefor to be sent to
each Holder at its address as it appears in the Note Register, not less than 10 days prior to such special record date. Notice
of the proposed payment of such Defaulted Amounts and the special record date therefor having been sent, such Defaulted Amounts
shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business
on such special record date and shall no longer be payable pursuant to the following clause ‎B
of this ‎Section 2.03(c).

 

B.            The
Company may make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements of any securities
exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may
be required by such exchange or automated quotation system and the Depositary, if, after notice given by the Company to the Trustee
of the proposed payment pursuant to this clause, such manner of payment shall be deemed satisfactory to the Trustee.

 

    16 

     

    

 

Section 2.04.         Execution,
Authentication and Delivery of Notes. The Notes shall be signed in the name and on behalf of the Company by the manual or facsimile
signature of at least one of its Officers.

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company
Order shall authenticate and deliver such Notes, without any further action by the Company hereunder.

 

Only such Notes as shall bear thereon a
certificate of authentication substantially in the form set forth on the form of Note attached as Exhibit A hereto, executed
manually by an authorized signatory of the Trustee (or an authenticating agent appointed by the Trustee as provided by ‎Section 17.11),
shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee
(or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated
has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

 

In case any Officer of the Company who shall
have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered
by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though
the Person who signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the
Company by such persons as, at the actual date of the execution of such Note, shall be an Officer of the Company, although at the
date of the execution of this Indenture any such Person was not such an Officer.

 

Section 2.05.         Exchange
and Registration of Transfer of Notes; Restrictions on Transfer; Depositary. The Company shall cause to be kept at the Corporate
Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant
to ‎Section 4.02, the “Note Register”) in which, subject to such reasonable regulations or procedures
as it may prescribe, the Company shall provide for the registration of Notes and transfers of Notes. Such register shall be in
written form or in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby
initially appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein
provided. The Company may appoint one or more co-Note Registrars in accordance with ‎Section 4.02.

 

Upon surrender for registration of transfer
of any Note to the Note Registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in this
 ‎Section 2.05, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing
such restrictive legends as may be required by this Indenture.

 

    17 

     

    

 

Notes may be exchanged for other Notes of
any Authorized Denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such
office or agency maintained by the Company pursuant to ‎Section 4.02. Whenever any Notes are so surrendered for exchange,
the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled
to receive, bearing registration numbers not contemporaneously outstanding.

 

All Notes presented or surrendered for exchange
into Preference Shares, redemption or required repurchase shall (if so required by the Company, the Trustee, the Paying Agent or
any co-Paying Agent) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory
to the Company and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing.

 

No service charge shall be imposed by the
Company, the Trustee, the Note Registrar or any co-Note Registrar for any registration of transfer of Notes or exchange of Notes
for other Notes or Preference Shares, but the Company or the Trustee may require a Holder to pay a sum sufficient to cover any
transfer tax or other similar governmental charge required by law or permitted pursuant to ‎Section 14.02(d) or ‎Section 14.02(e).

 

None of the Company, the Trustee, the Note
Registrar or any co-Note Registrars shall be required to exchange or register a transfer of (i) any Notes surrendered for
exchange into Preference Shares or if a portion of any Note is surrendered for exchange into Preference Shares, (ii) any Notes,
or a portion of any Note, surrendered for required purchase (and not withdrawn) in accordance with ‎Article 15 or (iii) any
Notes, or a portion of any Note, surrendered for redemption in accordance with ‎‎Article 16.

 

All Notes or Preference Shares issued upon
any registration of transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration
of transfer or exchange.

 

(a)            So
long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject to the
fourth paragraph from the end of ‎Section 2.05(b) all
Notes shall be represented by one or more Notes in global form (each, a “Global Note”) registered in the name
of the Depositary or the nominee of the Depositary. The transfer and exchange of beneficial interests in a Global Note that does
not involve the issuance of a Certificated Note, shall be effected through the Depositary (but not the Trustee or the Custodian)
in accordance with this Indenture (including the restrictions on transfer set forth herein) and the Applicable Procedures.

 

(b)            Every
Note that bears or is required under this ‎Section 2.05(b) to
bear the legend set forth in this ‎Section 2.05(b) (together
with any Preference Shares delivered upon exchange of the Notes and required to bear the legend set forth in ‎Section 2.05(c),
collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this
‎Section 2.05(b) (including the
legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the
Company, and the Holder of each such Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all
such restrictions on transfer. As used in this ‎Section 2.05(b) and
‎Section 2.05(c), the term “transfer”
encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security.

 

    18 

     

    

 

Any certificate evidencing such Note (and
all securities issued in exchange therefor or substitution thereof, other than Preference Shares and Ordinary Shares, if any, delivered
upon conversion and exchange thereof, which shall bear the legend set forth in ‎Section 2.05(c), if applicable) shall
bear a legend in substantially the following form (unless otherwise agreed by the Company in writing, with notice thereof to the
Trustee):

 

THIS SECURITY, THE PREFERENCE
SHARES, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY AND THE ORDINARY SHARES, IF ANY, ISSUABLE UPON EXCHANGE
FOR THE PREFERENCE SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION
HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

		1.	REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING
OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT AND THAT
IT AND ANY SUCH ACCOUNT IS NOT AN AFFILIATE OF NORWEGIAN CRUISE LINE HOLDINGS LTD. (“NCLH”), AND

 

		2.	AGREES FOR THE BENEFIT OF NCL CORPORATION LTD. (THE “COMPANY”) AND NCLH THAT IT WILL NOT OFFER, SELL, PLEDGE OR
OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER
THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR
PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW EXCEPT:

 

		(i)	TO THE COMPANY, NCLH OR ANY SUBSIDIARY THEREOF;

 

		(ii)	PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT;

 

		(iii)	TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT THAT IS NOT AN AFFILIATE OF NCLH;
OR

 

		(iv)	PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE
144 (IF AVAILABLE) UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT.

 

    19 

     

    

 

PRIOR TO THE REGISTRATION OF ANY
TRANSFER IN ACCORDANCE WITH (2)(iv) ABOVE, THE COMPANY, NCLH AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF
SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED
TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS
TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

NO AFFILIATE (AS DEFINED IN RULE
144 UNDER THE SECURITIES ACT) OF THE COMPANY OR NCLH AND NO PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE
SECURITIES ACT) OF THE COMPANY OR NCLH DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY PURCHASE, OTHERWISE ACQUIRE OR OWN
THIS SECURITY OR A BENEFICIAL INTEREST HEREIN.

 

No transfer of any Note will be registered
by the Note Registrar unless the applicable box on the Form of Assignment and Transfer has been checked.

 

Notwithstanding any other provisions of
this Indenture (other than the provisions set forth in this ‎Section 2.05(b)), a Global Note may not be transferred as
a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary
or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary and (ii) for transfers of portions of a Global Note in certificated form made upon request of a member of, or a
participant in, the Depositary (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on
behalf of the Depositary in accordance with Applicable Procedures and in compliance with this ‎Section 2.05(b).

 

The Depositary shall be a clearing agency
registered under the Exchange Act. The Company initially appoints The Depository Trust Company to act as the “Depositary”
with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede &
Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for Cede & Co.

 

If:

 

(x)            the
Depositary (i) notifies the Company at any time that the Depositary is unwilling or unable to continue as depositary for the
Global Notes and a successor depositary is not appointed within 90 days or (ii) ceases to be a clearing agency registered
under the Exchange Act and a successor depositary is not appointed within 90 days; or

 

    20 

     

    

 

 

(y)            there
has occurred and is continuing an Event of Default and a beneficial owner of any Note requests through the Depositary that its
beneficial interest therein be issued in a Certificated Note,

 

the Company shall execute, and the Trustee, upon receipt of
an Officer’s Certificate, an Opinion of Counsel and a Company Order for the authentication and delivery of Notes, shall authenticate
and deliver Certificated Notes to each beneficial owner of the related Global Notes (or a portion thereof) in an aggregate principal
amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and upon delivery of the
Global Notes to the Trustee such Global Notes shall be canceled.

 

Certificated Notes issued in exchange for
all or a part of the Global Note pursuant to this ‎Section 2.05(b) shall be registered in such names and in such
authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Certificated Notes to the Persons in whose
names such Certificated Notes are so registered.

 

At such time as all interests in a Global
Note have been exchanged, canceled, repurchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the
Trustee in accordance with Applicable Procedures and existing instructions between the Depositary and the Custodian. At any time
prior to such cancellation, if any interest in a Global Note is exchanged for Certificated Notes, exchanged, canceled, repurchased
or transferred to a transferee who receives Certificated Notes therefor or any Certificated Note is exchanged or transferred for
part of such Global Note, the principal amount of such Global Note shall, in accordance with the Applicable Procedures and instructions
existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement
shall be made on such Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction
or increase.

 

None of the Company, the Guarantor, the
Trustee and any agent of the Company, the Guarantor or the Trustee shall have any responsibility or liability for any aspect of
the records relating to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising
or reviewing any records relating to such beneficial ownership interests. None of the Company, the Guarantor and the Trustee shall
have any responsibility or liability for any act or omission of the Depositary.

 

(c)            Until
the date (the “Resale Restriction Termination Date”) that is the later of (1) the date that is one year
after the delivery date of the relevant Ordinary Shares, or such other period of time as permitted by Rule 144 under the Securities
Act or any successor provision thereto, and (2) such later date, if any, as may be required by applicable law, any share certificate
representing (x) a Preference Share delivered upon conversion of a Note or (y) Ordinary Shares delivered upon exchange
of a Preference Share shall bear a legend in substantially the following form (unless such Ordinary Shares have been transferred
pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to
be effective at the time of such transfer or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee
and any transfer agent for the Ordinary Shares):

 

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THIS SECURITY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN,
THE ACQUIRER:

 

1.            REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT AND THAT IT AND ANY
SUCH ACCOUNT IS NOT AN AFFILIATE OF NORWEGIAN CRUISE LINE HOLDINGS LTD. (“NCLH”), AND

 

2.            AGREES
FOR THE BENEFIT OF NCL CORPORATION LTD. (THE “COMPANY”) AND NCLH THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE
TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST
ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION
THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW EXCEPT:

 

		(i)	TO THE COMPANY, NCLH OR ANY SUBSIDIARY THEREOF;

 

		(ii)	PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT;

 

		(iii)	TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH
RULE 144A UNDER THE SECURITIES ACT THAT IS NOT AN AFFILIATE OF NCLH; OR

 

		(iv)	PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY
RULE 144 (IF AVAILABLE) UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT.

 

PRIOR TO THE REGISTRATION OF ANY
TRANSFER IN ACCORDANCE WITH (2)(iv) ABOVE, THE COMPANY, NCLH AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF
SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED
TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS
TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

NO AFFILIATE (AS DEFINED IN RULE
144 UNDER THE SECURITIES ACT) OF THE COMPANY OR NCLH AND NO PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE
SECURITIES ACT) OF THE COMPANY OR NCLH DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY PURCHASE, OTHERWISE ACQUIRE OR OWN
THIS SECURITY OR A BENEFICIAL INTEREST HEREIN.

 

    22 

     

    

 

(d)            Any
such Ordinary Shares as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender
of the certificates representing such Ordinary Shares for exchange in accordance with the procedures of the transfer agent for
the Ordinary Shares, be exchanged for a new certificate or certificates for a like aggregate number of Ordinary Shares, which shall
not bear the restrictive legend required by ‎Section 2.05(c).

 

(e)            Any
Ordinary Shares delivered upon the exchange of a Preference Share that, in turn, was delivered upon conversion of a Note purchased
or owned by an Affiliate of the Guarantor (or any Person who was an Affiliate of the Guarantor at any time during the three months
preceding) may not be resold by such Affiliate unless registered under the Securities Act or resold pursuant to an exemption from
the registration requirements of the Securities Act in a transaction that results in such Ordinary Shares no longer being a “restricted
security” (as defined under Rule 144 under the Securities Act). The Trustee shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with
respect to any transfer of any interest in any Note (including any transfers between or among members of, or participants in, the
Depositary or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

(f)            Neither
the Trustee nor any agent of the Trustee shall have any responsibility for any actions taken or not taken by the Depositary.

 

Section 2.06.     Mutilated,
Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or stolen, the Company in its
discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate
and deliver, a new Note, bearing a registration number not contemporaneously outstanding, in exchange and substitution for the
mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a
substituted Note shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or
indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected
with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the
Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such
Note and of the ownership thereof.

 

    23 

     

    

 

The Trustee or such authenticating agent
may authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity as the Trustee,
the Company and, if applicable, such authenticating agent may require. Upon the issuance of any substitute Note, the Company or
the Trustee may require the payment by the Holder of a sum sufficient to cover any tax, assessment or other governmental charge
that may be imposed in relation thereto and any other expenses connected therewith. In case any Note that has matured or is about
to mature, is subject to Tax Redemption, or has been surrendered for repurchase or is about to be exchanged in accordance with
 ‎Article 14 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of
issuing a substitute Note, pay or authorize the payment of or exchange or authorize the exchange of the same (without surrender
thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or exchange shall furnish
to the Company, to the Trustee and, if applicable, to any Paying Agent or Exchange Agent such security or indemnity as may be required
by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such payment or exchange,
and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying
Agent or Exchange Agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

 

Every substitute Note issued pursuant to
the provisions of this ‎Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute
an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time,
and shall be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally
and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held
and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment or
exchange or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding
any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment or exchange of negotiable
instruments or other securities without their surrender.

 

Section 2.07.     Temporary
Notes. Pending the preparation of Certificated Notes, the Company may execute and the Trustee or an authenticating agent appointed
by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed).
Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Certificated Notes but with
such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every
such temporary Note shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same
conditions and in substantially the same manner, and with the same effect, as the Certificated Notes. Without unreasonable delay,
the Company shall execute and deliver to the Trustee or such authenticating agent Certificated Notes (other than any Global Note)
and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or
agency maintained by the Company pursuant to ‎Section 4.02 and the Trustee or such authenticating agent shall authenticate
and deliver in exchange for such temporary Notes an equal aggregate principal amount of Certificated Notes. Such exchange shall
be made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all
respects be entitled to the same benefits and subject to the same limitations under this Indenture as Certificated Notes authenticated
and delivered hereunder.

 

    24 

     

    

 

Section 2.08.     Cancellation
of Notes Paid, Exchanged, Etc. The Company shall cause all Notes surrendered for the purpose of payment, redemption, repurchase
(but excluding notes repurchased pursuant to cash-settled swaps or other derivatives that are not physically settled), exchange
or registration of transfer or exchange, if surrendered to any Person other than the Trustee (including any of the Company’s
agents, Subsidiaries or Affiliates), to be delivered to the Trustee for cancellation, and such Notes shall no longer be considered
outstanding for purposes of this Indenture upon their payment, redemption, repurchase, exchange, registration of transfer or exchange.
All Notes delivered to the Trustee for cancellation shall be cancelled promptly by it in accordance with its customary procedures.
No Notes shall be authenticated in exchange for any Notes cancelled, except as expressly permitted by any of the provisions of
this Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures.

 

Section 2.09.     CUSIP
Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee
may use “CUSIP” numbers in notices issued to Holders as a convenience to such Holders; provided that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or on such
notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly
notify the Trustee in writing of any change in the “CUSIP” numbers.

 

Section 2.10.     Additional
Notes; Purchases. (a) The Company may, from time to time, without the consent of, or notice to, the Holders, reopen the
Indenture for the Notes and issue additional Notes under this Indenture with the same terms and with the same CUSIP number as the
Notes issued on the Issue Date (other than differences in the issue date, the issue price and interest accrued prior to the issue
date of such additional Notes and, if applicable, the initial Interest Payment Date and restrictions on transfer in respect of
such additional Notes) in an unlimited aggregate principal amount; provided that if any such additional Notes are not fungible
with the Notes issued on the Issue Date for U.S. federal income or securities law tax purposes, such additional Notes shall have
one or more separate CUSIPs number. Such Notes issued on the Issue Date and the additional Notes shall rank equally and ratably
and shall be treated as a single series for all purposes under this Indenture. Prior to the issuance of any such additional Notes,
the Company shall deliver to the Trustee a Company Order, an Officer’s Certificate and an Opinion of Counsel, such Officer’s
Certificate and Opinion of Counsel to cover such matters, in addition to those required by ‎Section 17.06, as the
Trustee shall reasonably request.

 

(b)            The
Company may, to the extent permitted by law and without the consent of Holders, directly or indirectly (regardless of whether such
Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Guarantor, the Company
or the Guarantor’s other Subsidiaries or through private or public tenders or exchange offers or through counterparties to
private agreements, including by cash-settled swaps or other derivatives. The Company will cause any Notes so purchased (other
than Notes purchased pursuant to cash-settled swaps or other derivatives that are not physically settled) to be surrendered to
the Trustee for cancellation and they will no longer be considered “outstanding” under the Indenture upon their purchase.

 

    25 

     

    

 

Article 3

Satisfaction and Discharge

 

Section 3.01.     Satisfaction
and Discharge. This Indenture and the Notes shall upon request of the Company contained in an Officer’s Certificate cease
to be of further effect (except as set forth in the last paragraph of this ‎Section 3.01), and the Trustee, at
the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when:

 

A.            either:

 

(i)            all
Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which have
been replaced or paid as provided in ‎Section 2.06 and (y) Notes for whose payment
money has theretofore been deposited in trust with the Trustee or segregated and held in trust by the Company and thereafter repaid
to the Company or discharged from such trust, as provided in ‎Section 4.04(d)) have
been delivered to the Note Registrar for cancellation; or

 

(ii)            the
Company or the Guarantor has irrevocably deposited with the Trustee or delivered to Holders, as applicable, after all of the outstanding
Notes have (i) become due and payable, whether at the Maturity Date, upon Tax Redemption or at any Fundamental Change Repurchase
Date, and/or (ii) have been exchanged, cash or, solely to satisfy outstanding exchanges, Ordinary Shares (or if applicable,
Reference Property), as applicable, sufficient to pay all of the outstanding Notes and/or satisfy all exchanges, as the case may
be, and pay all other sums due and payable under this Indenture by the Company and the Guarantor, along with irrevocable instructions
to apply such cash to the payment of the Notes, as applicable; and

 

B.            the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding the satisfaction and discharge of this Indenture,
the obligations of the Company and the Guarantor to the Trustee under ‎Section 7.06 and, if Ordinary Shares shall have
been deposited with the Paying Agent pursuant to ‎Section 3.01.A(ii), ‎Section 4.04 shall survive such satisfaction
and discharge.

 

Article 4

Particular Covenants of the Company and the Guarantor

 

Section 4.01.     Payment
of Principal and Interest. The Company shall pay or cause to be paid the principal (including the Redemption Price and the
Fundamental Change Repurchase Price, if applicable) of, and interest on the Notes on the dates and in the manner provided in the
Notes. Principal and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or the Guarantor,
holds as of 10:00 a.m., New York City time, on the due date money deposited by the Company or the Guarantor in immediately available
funds and designated for and sufficient to pay all principal and interest then due. Unless such Paying Agent is the Trustee, the
Company will promptly notify the Trustee in writing of any failure to take such action.

 

    26 

     

    

 

The
Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal (including
the Redemption Price and the Fundamental Change Repurchase Price, if applicable), at the rate equal to the interest rate on the
Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue installments of interest (without regard to any applicable grace period), at the same rate to the extent lawful.

 

Section 4.02.     Maintenance
of Office or Agency. The Company shall maintain an office or agency (which may be an office of the Trustee or an Affiliate
of the Trustee) where Notes and Preference Shares may be presented or surrendered for registration of transfer or exchange or for
payment, redemption or repurchase (“Paying Agent”) or for exchange (“Exchange Agent”) and
where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give
prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. The Company shall,
at all times, maintain an office or agency in the continental United States to serve as the Company’s Paying Agent and Exchange
Agent for the Notes. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish
the Trustee with the address thereof, such presentations, surrenders, notices and demands (but not service of process) may be made
at the Corporate Trust Office of the Trustee.

 

The
Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations. Further, if at any time there shall be no such
office or agency in the continental United States where the Notes may be presented or surrendered for payment, the Company shall
forthwith designate and maintain such an office or agency in the continental United States, in order that the Notes shall at all
times be payable in the continental United States. The Company shall give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or agency. The terms “Paying Agent” and “Exchange
Agent” include any such additional or other offices or agencies, as applicable.

 

The Company hereby appoints the Trustee
as Paying Agent, Note Registrar, Custodian and Exchange Agent and designates the Corporate Trust Office of the Trustee as one such
office or agency of the Company.

 

The
Company reserves the right to vary or terminate the appointment of any Note Registrar, Paying Agent or Exchange Agent; act
as the Paying Agent; appoint additional Paying Agents or Exchange Agents; or approve any change in the office through which any
Note Registrar or Paying Agent or Exchange Agent acts.

 

    27 

     

    

 

Section 4.03.     Appointments
to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
will appoint, in the manner provided in ‎Section 7.09, a Trustee, so that there shall at all times be a Trustee
hereunder.

 

Section 4.04.     Provisions
as to Paying Agent. (a) If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such
Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the
provisions of this ‎Section 4.04:

 

A.            that
it will hold all sums held by it as such agent for the payment of the principal (including the Redemption Price and the Fundamental
Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders
of the Notes;

 

B.            that
it will give the Trustee prompt notice of any failure by the Company to make any payment of the principal (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes when the same
shall be due and payable; and

 

C.            that
at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all
sums so held in trust.

 

(b)            If
the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Redemption Price
and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside, segregate
and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) and accrued and unpaid interest so becoming due and will promptly
notify the Trustee in writing of any failure to take such action and of any failure by the Company to make any payment of the principal
(including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest
on, the Notes when the same shall become due and payable.

 

(c)            Anything
in this ‎Section 4.04 to the
contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction and discharge of this
Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the
Company or any Paying Agent hereunder as required by this ‎Section 4.04,
such sums or amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the
Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability but
only with respect to such sums or amounts.

 

(d)            Subject
to applicable escheat laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for
the payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and
accrued and unpaid interest on, any Note and remaining unclaimed for two years after such principal (including the Redemption Price
and the Fundamental Change Repurchase Price, if applicable), or interest has become due and payable shall be paid to the Company
on request of the Company contained in an Officer’s Certificate, or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company and the Guarantor
for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee thereof, shall thereupon cease.

 

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Section 4.05.     [Reserved.]

 

Section 4.06.     Rule 144A
Information Requirement and Reporting; Additional Interest. (a) For as long as any Notes or Ordinary Shares are outstanding
hereunder, at any time the Guarantor is not subject to Sections 13 and 15(d) of the Exchange Act, the Company shall, so long
as any of the Notes or any Ordinary Shares issued upon exchange thereof shall, at such time, constitute “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee and shall, upon written
request, provide to any Holder, beneficial owner or prospective purchaser of such Notes or any Ordinary Shares issued upon exchange
of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate
the resale of such notes or Ordinary Shares, as the case may be, pursuant to Rule 144A (as such rule may be amended from
time to time). The Company shall take such further action as any Holder or beneficial owner of such Notes or such Ordinary Shares
may reasonably request to the extent from time to time required to enable such Holder or beneficial owner to sell such Notes or
Ordinary Shares in accordance with Rule 144A, as such rule may be amended from time to time.

 

(b)            The
Guarantor shall provide to the Trustee within 15 days after the same are required to be filed with the Commission (after giving
effect to any grace period provided by Rule 12b-25 under the Exchange Act or any successor rule under the Exchange Act
or any special order of the Commission), copies of any documents or reports that the Guarantor is required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act (excluding any such information, documents or reports, or portions
thereof, subject to confidential treatment and any correspondence with the Commission). Any such document or report that the Guarantor
files with the Commission via the Commission’s EDGAR system (or any successor thereto) shall be deemed to be provided to
the Trustee for purposes of this ‎Section 4.06(c) as
of the time such documents are filed via the EDGAR system (or such successor).

 

(c)            Delivery
of the reports, information and documents described in ‎Section 4.06
and ‎(b) to the Trustee is for
informational purposes only, and the Trustee’s receipt of such shall not constitute actual or constructive notice of
any information contained therein or determinable from information contained therein, including the Company’s and/or
the Guarantor’s compliance with any of the Company’s and/or the Guarantor’s covenants under this Indenture
or the Notes (as to which the Trustee is entitled to conclusively rely on an Officer’s Certificate). The Trustee shall
not be obligated by such covenants or to determine whether any reports or other documents have been filed with the Commission
or via the Commission’s EDGAR system (or any successor thereto) or posted on any website, or to participate in any
conference calls. As used in this ‎Section 4.06(c),
documents or reports that the Company is required to “file” with the Commission pursuant to Section 13 or
15(d) of the Exchange Act does not include documents or reports that the Company furnishes to the Commission pursuant to
Section 13 or 15(d) of the Exchange Act.

 

    29 

     

    

 

(d)            If,
at any time during the six-month period beginning on, and including, the date that is six months after the last date of original
issuance of the Notes (including any Notes issued pursuant to the Initial Purchasers’ option to purchase additional Notes),
the Guarantor fails to timely file any document or report that it is required to file with the Commission pursuant to Section 13
or 15(d) of the Exchange Act, as applicable (other than reports on Form 8-K), after giving effect to all applicable grace
periods thereunder (a “Filing Default”) or the Notes are not otherwise freely tradable pursuant to Rule 144
by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the
three months immediately preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of this Indenture
or the Notes), the Company shall pay Additional Interest on the Notes from, and including, the first date after the conclusion
of the six-month period described above on which such failure to occurs or the first date the Notes are not otherwise freely tradable
as described above by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at
any time during the three months immediately preceding without restriction pursuant to U.S. federal securities laws or the terms
of the Indenture or the Notes, whichever is earlier, until the earlier of (i) the 360th day immediately following, and including,
the last date of original issuance of the Notes (including any Notes issued pursuant to the Initial Purchasers’ option to
purchase additional Notes) and (ii) the date on which such failure to file has been cured (if applicable) and the Notes are
otherwise freely tradable as described above by holders other than our affiliates or holders that have been our affiliates at any
time during the three months immediately preceding without restriction pursuant to U.S. federal securities laws or the terms of
the indenture or the notes. Such Additional Interest shall accrue on the Notes at the rate of 0.50% per annum of the principal
amount of the Notes outstanding for each day during such period for which the Company’s failure to file has occurred and
is continuing.

 

(e)            If,
and for so long as, the restrictive legend on the Notes specified in ‎Section 2.05(b) has
not been removed (or deemed removed), the Notes are assigned a restricted CUSIP number or the Notes are not otherwise freely tradable
by Holders other than our Affiliates or Holders that were our affiliates at any time during the three months immediately preceding
without restrictions pursuant to U.S. federal securities laws or the terms of the indenture or the notes as of the 365th day after
the last date of original issuance of the notes offered hereby (including any notes issued pursuant to the Initial Purchasers’
option to purchase additional Notes), the Company will pay Additional Interest on the Notes at a rate equal to 0.50% per annum
of the principal amount of Notes outstanding until the restrictive legend has been removed (or deemed removed) from the Notes in
accordance with ‎Section 2.05(b), the
Notes are assigned an unrestricted CUSIP number and the Notes are freely tradable as described above by Holders other than our
Affiliates or Holders that were our Affiliates at any time during the three months immediately preceding. The restrictive legend
on the Notes will be deemed removed pursuant to the terms of this Indenture upon notice by the Company to the Trustee and delivery
of the documents required pursuant to this Indenture, and, at such time, the Notes will be automatically assigned an unrestricted
CUSIP. However, for the avoidance of doubt, for Notes that are not in certificated form, the Notes will continue to bear additional
interest pursuant to this paragraph until such time as they are identified by an unrestricted CUSIP in the facilities of DTC or
any successor depositary for the Notes, as a result of completion of DTC’s mandatory exchange process or otherwise.

 

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(f)            Additional
Interest will be payable in arrears on each Interest Payment Date following accrual in the same manner as regular interest on the
Notes and shall be in addition to any Additional Interest that may accrue, at the Company’s election pursuant to Section 6.03,
as the sole remedy relating to the failure to comply with the Company’s obligations under ‎Section 4.06(c).
Notwithstanding the foregoing, in no event shall any Additional Interest that may accrue as a result of a Filing Default, as described
in Section 4.06(d), together with any Additional Interest that may accrue in the event the Company elects pursuant to Section 6.03
to pay Additional Interest as the sole remedy relating to the failure to comply with the Company’s obligations under ‎Section 4.06(c),
accrue at a rate in excess of 0.50% per annum, regardless of the number of events or circumstances giving rise to the requirement
to pay such Additional Interest.

 

(g)            If
Additional Interest is payable by the Company pursuant to Section 4.06(d), Section 4.06(e) or ‎Section 6.03(a),
the Company shall deliver to the Trustee an Officer’s Certificate to that effect stating (i) the amount of such Additional
Interest that is payable and (ii) the date on which such Additional Interest is payable. Unless and until a Responsible Officer
of the Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Additional
Interest is payable.

 

Section 4.07.     No
Rights as Shareholders. Holders of Notes, as such, will not have any rights as shareholders of the Guarantor or the Company
(including, without limitation, voting rights and rights to receive any dividends or other distributions on Ordinary Shares).

 

Section 4.08.     Stay,
Extension and Usury Laws. Each of the Company and the Guarantor covenants (to the extent that it may lawfully do so) that it
shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension
or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted
to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted.

 

Section 4.09.     Compliance
Certificate; Statements as to Defaults.

 

(a)            The
Company shall deliver to the Trustee, within 120 days after the end of each fiscal year (beginning with the year ended December 31,
2020), an Officer’s Certificate stating whether the signer thereof has knowledge of any Default that occurred during the
previous year and is then continuing and, if so, specifying each such failure and the nature thereof.

 

(b)            The
Company shall, so long as any of the Notes are outstanding, deliver to the Trustee an Officer’s Certificate within 30 days
after an Officer of the Company becomes aware of the occurrence of any event that would constitute a Default or Event of Default,
specifying each such event, the status thereof and what action the Company is taking or proposes to take with respect thereto.

 

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Section 4.10.     Additional
Amounts.

 

(a)            All
payments made by or on behalf of the Company or the Guarantor (including, in each case, any successor entity), including amounts
payable upon redemption, repurchase or conversion, under or with respect to the Notes or the Guarantee will be made free and clear
of and without withholding or deduction for, or on account of, any present or future taxes unless the withholding or deduction
of such taxes is then required by law. If the Company, the Guarantor or any other applicable withholding agent is required by law
to withhold or deduct any amount for, or on account of, any taxes imposed or levied by or on behalf of (1) any jurisdiction
in which the Company or the Guarantor is or was incorporated, engaged in business, organized or resident for tax purposes or any
political subdivision thereof or therein or (2) any jurisdiction from or through which any payment is made by or on behalf
of the Company or the Guarantor (including, without limitation, the jurisdiction of any Paying Agent) or any political subdivision
thereof or therein (each of (1) and (2), a “Tax Jurisdiction”) in respect of any payments or delivery under
or with respect to the Notes or the Guarantee, including, without limitation, payments of principal, Redemption Price, purchase
price, interest or premium, the Company or the Guarantor, as applicable, will pay such additional amounts (the “Additional
Amounts”) as may be necessary in order that the net amounts received in respect of such payments or delivery by each
Holder after such withholding or deduction will equal the respective amounts that would have been received by each Holder in respect
of such payments in the absence of such withholding or deduction; provided, however, that no Additional Amounts will
be payable with respect to:

 

A.            any
taxes, to the extent such taxes would not have been imposed but for the Holder or the beneficial owner of the Notes (or a fiduciary,
settlor, beneficiary, partner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial owner,
if the relevant Holder or the beneficial owner is an estate, trust, nominee, partnership, limited liability company or corporation)
being or having been a citizen or resident or national of, or incorporated, engaged in a trade or business in, being or having
been physically present in or having or having had a permanent establishment in, the relevant Tax Jurisdiction or having or having
had any other present or former connection with the relevant Tax Jurisdiction, other than any connection arising solely from the
acquisition, ownership or disposition of Notes, the exercise or enforcement of rights under such Note, this Indenture or the Guarantee,
or the receipt of payments in respect of such Note or the Guarantee;

 

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

 

C.            any
estate, inheritance, gift, sale, transfer, personal property or similar taxes;

 

D.            any
taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes or the Guarantee;

 

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

 

F.            any
taxes imposed in connection with a Note presented for payment (where presentation is permitted or required for payment) by or on
behalf of a Holder or beneficial owner of the Notes to the extent such taxes could have been avoided by presenting the relevant
Note to, or otherwise accepting payment from, another paying agent;

 

G.            any
taxes imposed on or with respect to any payment by the Company or the Guarantor to the Holder of the Notes if such Holder is a
fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that such taxes would
not have been imposed on such payments had such Holder been the sole beneficial owner of such Note;

 

H.            any
taxes imposed by the United States, any state thereof or the District of Columbia or any subdivision thereof or territory thereof,
including any U.S. federal withholding taxes and any taxes that are imposed pursuant to current Section 1471 through 1474
of the Code or any amended or successor version that is substantively comparable and not materially more onerous to comply with,
any regulations promulgated thereunder, any official interpretations thereof, any intergovernmental agreement between a non-U.S.
jurisdiction and the United States (or any related law or administrative practices or procedures) implementing the foregoing or
any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described
above); or

 

I.             any
combination of clauses ‎A through ‎H above.

 

(b)            In
addition to the foregoing, the Company and the Guarantor will also pay and indemnify the Holder for any present or future stamp,
issue, registration, value added, transfer, court or documentary taxes, or any other excise or property taxes, charges or similar
levies (including penalties, interest and additions to tax related thereto) which are levied by any relevant Tax Jurisdiction on
the execution, delivery, issuance, or registration of any of the Notes, this Indenture, the Guarantee or any other document referred
to therein, or the receipt of any payments, with respect thereto, or enforcement of, any of the Notes or the Guarantee (limited,
solely in the case of taxes attributable to the receipt of any payments, or that are imposed on or result from a sale or other
transfer or disposition of a Note by a Holder or a beneficial owner, to any such taxes imposed in a Tax Jurisdiction that are not
excluded under clauses ‎A through ‎C
or ‎E through ‎I
above or any combination thereof), save in each case for any United Kingdom stamp duty which arises or is increased as a result
of any document effecting the registration, issue or delivery of any of the notes either being signed or executed in the United
Kingdom or being brought into the United Kingdom (save in each case where it was required by law or for the purposes of enforcing
the notes to do so).

 

    33 

     

    

 

(c)            If
the Company or the Guarantor, as the case may be, becomes aware that it will be obligated to pay Additional Amounts with respect
to any payment under or with respect to the Notes or the Guarantee, the Company or the Guarantor, as the case may be, will deliver
to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts
arises after the 30th day prior to that payment date, in which case the Company or the Guarantor shall notify the Trustee promptly
thereafter) an Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount estimated to
be so payable. The Officer’s Certificates must also set forth any other information reasonably necessary to enable the Paying
Agents to pay Additional Amounts to Holders on the relevant payment date. The Company or the Guarantor will provide the Trustee
with documentation reasonably satisfactory to the trustee evidencing the payment of Additional Amounts. The Trustee shall be entitled
to rely absolutely on an Officer’s Certificate as conclusive proof that such payments are necessary.

 

(d)            The
Company or the Guarantor, if it is the applicable withholding agent, will make all withholdings and deductions (within the time
period) required by law and will remit the full amount deducted or withheld to the relevant Tax authority in accordance with applicable
law. The Company or the Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the
payment of any taxes so deducted or withheld. The Company or the Guarantor will furnish to the Trustee (or to a Holder of the Notes
upon request), within 60 days after the date the payment of any taxes so deducted or withheld is made, certified copies of Tax
receipts evidencing payment by the Company or the Guarantor, as the case may be, or if, notwithstanding such entity’s efforts
to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to the trustee) by such entity.

 

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

 

(f)            This
‎Section 4.07 will survive any termination,
defeasance or discharge of this Indenture, any transfer by a Holder or beneficial owner of its Notes, and will apply, mutatis
mutandis, to any jurisdiction in which any successor person to the Company (or the Guarantor) is incorporated, engaged in business,
organized or resident for tax purposes, or any jurisdiction from or through which payment is made under or with respect to the
Notes (or the Guarantee) by or on behalf of such person and, in each case, any political subdivision thereof or therein.

 

    34 

     

    

 

Article 5

[Reserved]

 

Article 6

Defaults and Remedies

 

Section 6.01.     Events
of Default. The following events shall be “Events of Default” with respect to the Notes:

 

(a)            default
in any payment of interest on any Note when due and payable, and the default continues for a period of 30 days;

 

(b)            default
in the payment of principal of any Note when due and payable on the Maturity Date, upon any required repurchase, upon a Tax Redemption,
upon declaration of acceleration or otherwise;

 

(c)            failure
by the Company to comply with its obligation to convert the Notes into Preference Shares or to procure the delivery of Ordinary
Shares issuable upon exchange of the Preference Shares in accordance with this Indenture upon the exercise of a holder’s
exchange right, and, in each case, such failure continues for five Business Days;

 

(d)            failure
by the Company to issue (i) a Fundamental Change Company Notice in accordance with ‎Section 15.02(c) or
(ii) or a Make-Whole Fundamental Change Company Notice in accordance with ‎Section 14.03(b),
and, in each case such failure continues for five Business Days;

 

(e)            failure
by the Company or the Guarantor to comply with its obligations under ‎Article 11;

 

(f)            failure
by the Company or the Guarantor for 60 days after written notice from the Trustee or the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding has been received by the Company and the Trustee to comply with any of the other agreements
of the Company or the Guarantor contained in the Notes or this Indenture;

 

(g)            the
failure by the Company, the Guarantor or any Significant Subsidiary (or any group of Subsidiaries of the Guarantor that together
would constitute a Significant Subsidiary) to pay any Indebtedness (other than Indebtedness owing to the Company, the Guarantor
or one of the Guarantor’ Subsidiaries other than the Company) within any applicable grace period after final maturity or
the acceleration of any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such
Indebtedness unpaid or accelerated exceeds $125,000,000 or its foreign currency equivalent;

 

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(h)            (A) a
court having jurisdiction over the Company, the Guarantor or any Significant Subsidiary (or any group of Subsidiaries of the Guarantor
that together would constitute a Significant Subsidiary) enters (x) a decree or order for relief in respect of the Company,
the Guarantor or any Significant Subsidiary (or any group of Subsidiaries of the Guarantor that together would constitute a Significant
Subsidiary) in an involuntary case or proceeding under any applicable Bankruptcy Law or (y) a decree or order adjudging the
Company, the Guarantor or any Significant Subsidiary (or any group of Subsidiaries of the Guarantor that together would constitute
a Significant Subsidiary) as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company, the Guarantor or any such Subsidiary or group of Subsidiaries under
any Bankruptcy Law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Company, the Guarantor or any such Subsidiary or group of Subsidiaries or of any substantial part of its or their property,
or ordering the winding up or liquidation of its or their affairs, and the continuance of any such decree or order for relief or
any such other decree or order unstayed and in effect for a period of 60 consecutive days or (B) the Company, the Guarantor
or any Significant Subsidiary (or any group of Subsidiaries of the Guarantor that together would constitute a Significant Subsidiary)
(i) commences a voluntary case under any Bankruptcy Law or consents to the entry of an order for relief in an involuntary
case under any Bankruptcy Law, (ii) consents to the appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Company, the Guarantor or any such Subsidiary or group of Subsidiaries
or for all or substantially all the property and assets of the Company, the Guarantor or any such Subsidiary or group of Subsidiaries,
(iii) effects any general assignment for the benefit of creditors or (iv) admits in writing that it generally is not
paying its debts as they become due or is found by a court of competent jurisdiction not to be so paying such debts;

 

(i)            failure
by the Company, the Guarantor or any Significant Subsidiary (or any group of Subsidiaries of the Guarantor that together would
constitute a Significant Subsidiary) to pay final judgments aggregating in excess of $125,000,000 or its foreign currency equivalent
(net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not discharged,
waived or stayed for a period of 60 days; or

 

(j)            the
Guarantee of the Guarantor is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in
full force and effect, or the Guarantor denies or disaffirms its obligations under the Guarantee.

 

Section 6.02.     Acceleration.
In case one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and
whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every such case
(other than an Event of Default specified in Section 6.01(h)) occurs and is continuing, the Trustee by written notice to the
Company, or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the Company,
with a copy to the Trustee, may declare 100% of the principal of, premium, if any, and accrued and unpaid interest, if any, on
all the Notes to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due
and payable; provided, however, that so long as any Credit Agreement Indebtedness remains outstanding, no such acceleration
shall be effective until the earlier of (1) five Business Days after the giving of written notice to the Company and the respective
trustee, agent or representative under each Credit Agreement and (2) the day on which any Credit Agreement Indebtedness is
accelerated. If an Event of Default specified in Section 6.01(h) occurs and is continuing, 100% of the principal of,
premium, if any, and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately due
and payable.

 

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Section 6.03.     Additional
Interest.

 

(a)            Notwithstanding
anything in this Indenture or in the Notes to the contrary, to the extent the Company elects, the sole remedy for an Event of Default
relating to the Guarantor’s failure to comply with its obligations as set forth in ‎Section 4.06(c) shall,
after the occurrence of such an Event of Default, consist exclusively of the right to receive Additional Interest on the Notes
(subject to ‎Section 4.06(f) and
Section 6.03(b)) at a rate equal to:

 

A.            0.25%
per annum of the principal amount of the Notes outstanding for each day during the period beginning on, and including, the date
on which such Event of Default first occurred and ending on the earlier of (x) the date on which such Event of Default is
cured or validly waived and (y) the 180th day immediately following, and including, the date on which such Event of Default
first occurred; and

 

B.            if
such Event of Default has not been cured or validly waived prior to the 181st day immediately following, and including, the date
on which such Event of Default first occurred, 0.50% per annum of the principal amount of the Notes outstanding for each day during
the period beginning on, and including, the 181st day immediately following, and including, the date on which such Event of
Default first occurred and ending on the earlier of (x) the date on which such Event of Default is cured or validly waived
and (y) the 360th day immediately following, and including, the date on which such Event of Default first occurred.

 

For
the avoidance of doubt, the first 180-day period set forth in this Section 6.03 shall not commence until expiration
of the 60-day period referenced in ‎Section 6.01(f) above.

 

(b)            Any
Additional Interest payable pursuant to Section 6.03(a) shall be in addition to any Additional Interest that may accrue
pursuant to Sections 4.06(d) and 4.06(e). Notwithstanding anything in this Indenture to the contrary, in no event, however,
shall any Additional Interest that may accrue as a result of a Filing Default, as described in Section 4.06(d), together with
any Additional Interest that may accrue in the event the Company elects pursuant to Section 6.03 to pay Additional Interest
as the sole remedy relating to the failure to comply with the Company’s obligations under ‎Section 4.06(c),
accrue at a rate in excess of 0.50% per annum, regardless of the number of events or circumstances giving rise to the requirement
to pay such Additional Interest.

 

(c)            If
the Company elects to pay Additional Interest pursuant to ‎Section 6.03(a),
such Additional Interest shall be payable in the same manner and on the same dates as the stated interest payable on the Notes
and will accrue on all Notes then outstanding from, and including, the date on which the Event of Default relating to the Company’s
failure to comply with its obligations as set forth in ‎Section 4.06(c) first
occurs to, but not including, the 361st day thereafter (or such earlier date on which such Event of Default is cured or waived
by the Holders of a majority in principal amount of the Notes then outstanding). On the 361st day after such Event of Default (if
such Event of Default is not cured or waived prior to such 361st day), such Additional Interest will cease to accrue and the Notes
will be subject to acceleration as provided in ‎Section 6.02.
In the event the Company does not elect to pay Additional Interest following an Event of Default relating to the Company’s
failure to comply with its obligations as set forth in ‎Section 4.06(c) in
accordance with this ‎Section 6.03, or
the Company has elected to make such payment but does not pay the Additional Interest when due, the Notes shall immediately be
subject to acceleration as provided in ‎Section 6.02.
For the avoidance of doubt, the provisions of this ‎Section 6.03
shall not affect the rights of Holders in the event of the occurrence of any other Event of Default.

 

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(d)            In
order to elect to pay Additional Interest as the sole remedy during the first 360 days after the occurrence of an Event of Default
relating to the Company’s failure to comply with its obligations as set forth in ‎Section 4.06(c),
the Company must notify all Holders of the Notes, the Trustee and the Paying Agent (if other than the Trustee) in writing of such
election on or before the close of business on the date on which such Event of Default first occurs. Upon the Company’s failure
to timely give such notice or pay Additional Interest, the Notes shall be immediately subject to acceleration as provided in ‎Section 6.02.

 

Section 6.04.     Payments
of Notes on Default; Suit Therefor. If an Event of Default described in clause ‎(a), ‎(b) or ‎(c) of
‎Section 6.01 shall have occurred and the Notes have become due and payable pursuant to ‎Section 6.02,
the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount
then due and payable on the Notes for principal (including the Redemption Price or the Fundamental Change Repurchase Price, if
applicable), satisfaction of the Exchange Obligation with respect to all Notes that have been exchanged, and interest, if any,
with (to the extent that payment of such interest shall be legally enforceable) interest on any such overdue amounts, at the rate
borne by the Notes, and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee
under ‎Section 7.06. If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in
its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and
unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company, the Guarantor or
any other obligor upon the Notes and collect the monies adjudged or decreed to be payable in the manner provided by law out of
the property of the Company, the Guarantor or any other obligor upon the Notes, wherever situated.

 

In the event there shall be pending proceedings
for the bankruptcy or for the reorganization of the Guarantor or the Company under Bankruptcy Law, or any other applicable law,
or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall
have been appointed for or taken possession of the Guarantor or the Company, or the property of the Guarantor or the Company, or
in the event of any other judicial proceedings relative to the Guarantor or the Company, or to the creditors or property of the
Guarantor or the Company, the Trustee, irrespective of whether the Trustee shall have made any demand pursuant to the provisions
of this ‎(a), shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim
or claims for the whole amount of principal and accrued and unpaid interest, if any, in respect of the Notes, and, in case of any
judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may deem
necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative
to the Guarantor or the Company, its or their creditors, or its or their property, and to collect and receive any monies or other
property payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due to the Trustee
under ‎Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar
official is hereby authorized by each of the Holders to make such payments to the Trustee, as administrative expenses, and, in
the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount
due it for reasonable compensation, expenses, advances and disbursements, including agents and counsel fees, and including any
other amounts due to the Trustee under ‎Section 7.06, incurred by it up to the date of such distribution. To the extent
that such payment of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall
be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions,
dividends, monies, securities and other property that the Holders of the Notes may be entitled to receive in such proceedings,
whether in liquidation or under any plan of reorganization or arrangement or otherwise.

 

    38 

     

    

 

Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof,
or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

All rights of action and of asserting claims
under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or
the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Notes.

 

In
any proceedings brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture
to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall
not be necessary to make any Holders of the Notes parties to any such proceedings.

 

In case the Trustee shall have proceeded
to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of any waiver,
rescission or annulment pursuant to ‎Section 6.09 or for any other reason or shall have been determined adversely to the
Trustee, then and in every such case the Company, the Guarantor, the Holders, and the Trustee shall, subject to any determination
in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers
of the Company, the Holders, and the Trustee shall continue as though no such proceeding had been instituted.

 

Section 6.05.     Application
of Monies Collected by Trustee. Any monies collected by the Trustee pursuant to this ‎Article 6 with respect
to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies,
upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if
fully paid:

 

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FIRST:     to
the payment of all amounts due the Trustee (acting in any capacity hereunder) under ‎Section 7.06;

 

SECOND:     to
the payment of the amounts then due and unpaid for principal of, the Redemption Price (if applicable) and the Fundamental Change
Repurchase Price (if applicable) of, and/or satisfaction of the Exchange Obligation with respect to all Notes that have been exchanged,
and interest on the Notes in respect of which or for the benefit of which such money has been collected, ratably, without preference
or priority of any kind, according to the amounts due and payable on such Notes; and

 

THIRD:     to
the Company.

 

Section 6.06.     Proceedings
by Holders. Except to enforce the right to receive payment of principal (including, if applicable, the Redemption Price and
the Fundamental Change Repurchase Price) or interest when due, or the right to receive payment and/or delivery of the consideration
due upon exchange of any Note, no Holder of any Note shall have any right by virtue of or by availing of any provision of this
Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for
the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, unless:

 

(a)            such
Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(b)            the
Holders of at least 25% in aggregate principal amount of the then outstanding Notes have requested the Trustee in writing to pursue
the remedy;

 

(c)            such
Holders have offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability, claim or expense;

 

(d)            the
Trustee has not complied with such request within 60 days after the receipt thereof and the offer of such security or indemnity;
and

 

(e)            the
Holders of a majority in principal amount of the then outstanding Notes have not given the Trustee a direction that, in the opinion
of the Trustee, is inconsistent with such request within such 60-day period.

 

A Holder may not use this Indenture to prejudice
the rights of another Holder or to obtain a preference or priority over another Holder, it being understood that the Trustee does
not have an affirmative duty to ascertain whether or not any such use prejudices the rights of another Holder or obtains a preference
or priority over another Holder.

 

Notwithstanding any other provision of this
Indenture and any provision of any Note, the right of any Holder to receive payment or delivery, as the case may be, of (x) the
principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and
unpaid interest, if any, on, and (z) the consideration due upon exchange of, such Note, on or after the respective due dates
expressed or provided for in such Note or in this Indenture, or to institute suit against the Company for the enforcement of any
such payment of principal (including the Redemption Price and the Fundamental Change Repurchase Price, as applicable), accrued
and unpaid interest, if any, on and the consideration due upon exchange of, its Notes, on or after such respective dates expressed
or provided for in this Indenture shall not be amended without the consent of such Holder.

 

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Section 6.07.         Proceedings
by Trustee. In case of an Event of Default, the Trustee may in its discretion proceed to protect and enforce the rights vested
in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either
by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any
covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce
any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

Section 6.08.         Remedies
Cumulative and Continuing. Except as provided in the last paragraph of ‎Section 2.06, all powers and remedies
given by this ‎Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative
and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture,
and no delay or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default
or Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of
Default or any acquiescence therein; and, subject to the provisions of ‎Section 6.06, every power and remedy given
by this ‎Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as shall be deemed expedient, by the Trustee or by the Holders.

 

Section 6.09.         Direction
of Proceedings and Waiver of Defaults by Majority of Holders.

 

(a)            The
Holders of a majority of the aggregate principal amount of the Notes at the time outstanding shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred
on the Trustee with respect to the Notes or the Guarantee; provided, however, that (i) such direction shall
not be in conflict with any rule of law or with this Indenture, and (ii) the Trustee may take any other action deemed
proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that conflicts
with any rule of law or with this Indenture, it determines is unduly prejudicial to the rights of any other Holder (it being
understood that the Trustee does not have an affirmative duty to ascertain whether or not any such directions are unduly prejudicial
to such Holders) or that would involve the Trustee in personal liability.

 

(b)            The
Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the Holders of all of
the Notes waive any past Default or Event of Default hereunder and rescind any acceleration with respect to the Notes and its consequences
hereunder except:

 

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A.            a
default in the payment of the principal (including any Redemption Price and any Fundamental Change Repurchase Price, if applicable)
of, or accrued and unpaid interest, if any, on the Notes;

 

B.            a
failure by the Company to deliver the consideration due upon exchange of the Notes; or

 

C.            with
respect to a Default or Event of Default in respect of a covenant or provision hereof which under ‎Article 10
cannot be modified or amended without the consent of each affected Holder;

 

provided
that, in the case of the rescission of any acceleration with respect to the Notes, (1) the rescission would not conflict with
any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default (other than the nonpayment
of the principal of and interest on the Notes that have become due solely by such declaration of acceleration) have been cured
or waived and all amounts owing to the Trustee have been paid.

 

Whenever any Default or Event of Default
hereunder shall have been waived as permitted by this ‎Section 6.09, said Default or Event of Default shall for all purposes
of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent
or other Default or Event of Default or impair any right consequent thereon.

 

Section 6.10.         Notice
of Defaults. If a Default occurs and is continuing and is actually known to a Responsible Officer of the Trustee (as provided
in ‎Section 7.02(j)), the Trustee shall send to all Holders as the names and addresses of such Holders appear upon
the Note Register notice of such Default within 90 days after it obtains such knowledge or, if it is not actually known to a Responsible
Officer of the Trustee at such time, promptly (and in any event within ten (10) Business Days) after it becomes actually known
to a Responsible Officer. Except in the case of a Default in the payment of principal of (including the Redemption Price and the
Fundamental Change Repurchase Price, if applicable) or accrued and unpaid interest, if any, on any Note or a Default in the payment
or delivery of the consideration due upon exchange, the Trustee shall be protected in withholding such notice if and so long as
the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders.

 

Section 6.11.        Undertaking
to Pay Costs. All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to
have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; provided that the provisions of this ‎Section 6.11
(to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or
group of Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding, or to any suit
instituted by any Holder for the enforcement of the payment of the principal of (including, but not limited to, the Redemption
Price and the Fundamental Change Repurchase Price with respect to the Notes being redeemed or repurchased as provided in this Indenture)
or accrued and unpaid interest, if any, on any Note on or after the due date expressed or provided for in such Note or to any suit
for the enforcement of the payment or delivery of consideration due upon exchange.

 

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Article 7

Concerning the Trustee

 

Section 7.01.         Duties
and Responsibilities of Trustee.

 

(a)            Prior
to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred:

 

A.           the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall
not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

B.            in
the absence of gross negligence or willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that by any
provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same
to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy
of any such certificates and opinions, including mathematical calculations or other facts stated therein).

 

(b)            In
the event an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in
it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs.

 

(c)            No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct, except that:

 

A.           this
subsection shall not be construed to limit the effect of subsection ‎(a) of this
Section;

 

B.            the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless
it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

 

C.            the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with a written
direction received by it pursuant to the terms hereof, or exercising any trust or power conferred upon the Trustee, under this
Indenture; and

 

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D.            no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it.

 

(d)            Whether
or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording
protection to, the Trustee shall be subject to the provisions of this ‎Section 7.01.

 

Section 7.02.         Certain
Rights of the Trustee.

 

(a)            The
Trustee may conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to be genuine
and to have been signed or presented by the proper party or parties;

 

(b)            any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer’s Certificate
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the
Trustee by a copy thereof certified by the Secretary or an Officer of the Company or the Guarantor, as the case may be;

 

(c)            the
Trustee may consult with counsel of its selection and require an Opinion of Counsel and any advice of such counsel or Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good
faith and in accordance with such advice or Opinion of Counsel;

 

(d)            the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be entitled, at a reasonable time on any Business Day,
to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and
shall incur no liability of any kind by reason of such inquiry or investigation;

 

(e)            the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through duly
authorized agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence
on the part of any agent, custodian, nominee or attorney appointed by it with due care hereunder;

 

(f)            the
permissive rights of the Trustee enumerated herein shall not be construed as duties;

 

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(g)            the
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;

 

(h)            the
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of Officers authorized
at such time to take specified actions pursuant to this Indenture;

 

(i)              in
no event shall the Trustee be liable for any special, indirect, punitive or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action;

 

(j)             except
with respect to ‎Section 4.01 hereof,
the Trustee shall have no duty to inquire as to the performance of the Company with respect to the covenants contained in ‎Article 4
hereof, and the Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless
either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice
of such Default or Event of Default shall have been given to a Responsible Officer of the Trustee by the Company or by any Holder
of the Notes at the Corporate Trust Office of the Trustee and such notice references the Notes and this Indenture;

 

(k)            the
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters
relating to payment) or notice effected by the Company or any Paying Agent (if other than the Trustee) or any records maintained
by any co-Note Registrar with respect to the Notes;

 

(l)             if
any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent
to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred,
unless such Responsible Officer of the Trustee had actual knowledge of such event;

 

(m)            in
the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest
bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses, fees,
taxes or other charges incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its
maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party directing
such investment to provide timely written investment direction, and the Trustee shall have no obligation to invest or reinvest
any amounts held hereunder in the absence of such written investment direction from the Company;

 

(n)            the
rights and protections afforded to the Trustee pursuant to this ‎Article 7
shall also be afforded to the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed
to act hereunder;

 

(o)            subject
to this ‎Article 7, if an Event of Default
occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered
to the Trustee security or indemnity satisfactory to the Trustee against any loss, liability, claim or expense which might be incurred
by it in compliance with such request or direction;

 

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(p)            the
Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; and

 

(q)            under
no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Notes.

 

Section 7.03.         No
Responsibility for Recitals, Etc. The recitals contained herein and in the Notes (except in the Trustee’s certificate
of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness
of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee
shall not be accountable for the use or application by the Company of any Notes or the proceeds of any Notes authenticated and
delivered by the Trustee in conformity with the provisions of this Indenture.

 

Section 7.04.         Trustee,
Paying Agents, Exchange Agents or Note Registrar May Own Notes. The Trustee, any Paying Agent, any Exchange Agent, the
Custodian or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights
it would have if it were not the Trustee, Paying Agent, Exchange Agent, Custodian or Note Registrar.

 

Section 7.05.         Monies
To Be Held in Trust. All monies received by the Trustee shall, until used or applied as herein provided, be held in trust for
the purposes for which they were received. Money held by the Trustee in trust hereunder need not be segregated from other funds
except to the extent required by law or as expressly provided herein. The Trustee shall be under no liability for interest on any
money received by it hereunder except as may be agreed from time to time by the Company and the Trustee.

 

Section 7.06.         Compensation
and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be
entitled to, such compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and
the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity
hereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons
not regularly in its employ) except any such expense, disbursement or advance as shall have been caused by the Trustee’s
negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent jurisdiction. The Company
and the Guarantor, jointly and severally, covenant to indemnify the Trustee (which for purposes of this ‎Section 7.06
shall include its officers, directors, employees and agents) in any capacity under this Indenture and any other document or transaction
entered into in connection herewith and its agents and any authenticating agent for, and to hold them harmless against, any loss,
claim, damage, liability or expense (including court costs and taxes other than taxes based on the income of the Trustee) incurred
without negligence or willful misconduct (as determined by a final, non-appealable judgment of a court of competent jurisdiction)
on the part of the Trustee, its officers, directors, agents or employees, or such agent or authenticating agent, as the case may
be, and arising out of or in connection with the acceptance or administration of this Indenture or in any other capacity hereunder,
including the costs and expenses of defending themselves against any claim (whether asserted by the Company, a Holder or any other
Person) or liability in connection with exercise or performance of any of their powers or duties hereunder or of enforcing this
Indenture against the Company or the Guarantor (including this ‎Section 7.06). The obligations of the Company and
the Guarantor under this ‎Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee
for expenses, disbursements and advances shall be secured by a senior claim to which the Notes are hereby made subordinate on all
money or property held or collected by the Trustee, except, subject to the effect of ‎Section 6.05, funds held
in trust herewith for the benefit of the Holders of particular Notes. Such senior claim will survive the satisfaction and discharge
of this Indenture. The Trustee’s right to receive payment of any amounts due under this ‎Section 7.06 shall
not be subordinate to any other liability or indebtedness of the Company. The obligations of the Company and the Guarantor under
this ‎Section 7.06 shall survive the satisfaction and discharge of this Indenture, for any reason, including any
termination or rejection hereof under any Bankruptcy Law, final payment of the Notes and the earlier resignation, removal or replacement
of the Trustee. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.
The indemnification provided in this ‎Section 7.06 shall extend to the officers, directors, agents and employees
of the Trustee.

 

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Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services
after an Event of Default specified in Section 6.01(h) occurs, the expenses and the compensation for the services are
intended to constitute expenses of administration under any bankruptcy, insolvency or similar laws.

 

Section 7.07.         Officer’s
Certificate as Evidence. Except as otherwise provided in ‎Section 7.01, whenever in the administration of the
provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking
or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may,
in the absence of gross negligence and willful misconduct on the part of the Trustee, as determined by a final, non-appealable
judgment of a court of competent jurisdiction, be deemed to be conclusively proved and established by an Officer’s Certificate
delivered to the Trustee, and such Officer’s Certificate, in the absence of gross negligence and willful misconduct on the
part of the Trustee, as determined by a final, non-appealable judgment of a court of competent jurisdiction, shall be full warrant
to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof.

 

Section 7.08.         Eligibility
of Trustee. There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust
Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of at
least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any
supervising or examining authority, then for the purposes of this ‎Section 7.08, the combined capital and surplus
of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately
in the manner and with the effect hereinafter specified in this ‎Article 7.

 

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Section 7.09.         Resignation
or Removal of Trustee. The Trustee may at any time resign and be discharged from the trust created hereby by giving written
notice of such resignation to the Company and by mailing notice thereof to the Holders at their addresses as they shall appear
on the Note Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors of the Company, one copy of which instrument shall be delivered
to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted
appointment within 30 days after the mailing of such notice of resignation to the Holders, the resigning Trustee may, at the expense
of the Company, upon ten Business Days’ notice to the Company and the Holders, petition any court of competent jurisdiction
for the appointment of a successor trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months
may, subject to the provisions of ‎Section 6.11, on behalf of itself and all others similarly situated, petition
any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem
proper and prescribe, appoint a successor trustee.

 

(a)             In
case at any time any of the following shall occur:

 

A.            the
Trustee shall fail to comply with ‎Section 7.13 within a reasonable time after written
request therefor by the Company or by any Holder who has been a bona fide Holder of a Note or Notes for at least six (6) months;

 

B.            the
Trustee shall cease to be eligible in accordance with the provisions of ‎Section 7.08
and shall fail to resign after written request therefor by the Company or by any such Holder; or

 

C.            the
Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,

 

then, in any such case, the Company may by a Board Resolution
remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors,
one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to
the provisions of ‎Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months
may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper
and prescribe, remove the Trustee and appoint a successor trustee.

 

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(b)            The
Holders of a majority in aggregate principal amount of the Notes at the time outstanding may at any time remove the Trustee by
notifying the Trustee in writing at least 30 days prior to such removal and nominate a successor trustee that shall be deemed appointed
as successor trustee unless within ten days after notice to the Company of such nomination the Company objects thereto. If no successor
trustee shall have been so appointed and have accepted appointment within 30 days after removal of the Trustee by the Holders,
the Trustee may, at the expense of the Company, upon ten Business Days’ notice to the Company and the Holders, petition any
court of competent jurisdiction for the appointment of a successor trustee.

 

(c)            Any
resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this ‎Section 7.09
shall become effective upon (i) payment of all fees and expenses owing to the Trustee and (ii) acceptance of appointment
by the successor trustee as provided in ‎Section 7.10.

 

Section 7.10.         Acceptance
by Successor Trustee. Any successor trustee appointed as provided in ‎Section 7.09 shall execute, acknowledge
and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like
effect as if originally named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee,
the predecessor trustee shall, upon payment of any amounts then due it pursuant to the provisions of ‎Section 7.06,
execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to
act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and
certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless,
retain a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by such trustee
as such pursuant to this Indenture, except for funds held in trust for the benefit of Holders of particular Notes, to secure any
amounts then due it pursuant to the provisions of ‎Section 7.06. The retiring or removed Trustee shall have no
responsibility or liability for the action or inaction of any successor Trustee.

 

No
successor trustee shall accept appointment as provided in this ‎Section 7.10 unless at the time of such acceptance
such successor trustee shall be eligible under the provisions of ‎Section 7.08.

 

Upon
acceptance of appointment by a successor trustee as provided in this ‎Section 7.10, each of the Company and the successor
trustee, at the written direction and at the expense of the Company shall send or cause to be sent notice of the succession of
such trustee hereunder to the Holders at their addresses as they shall appear on the Note Register. If the Company fails
to mail such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause
such notice to be mailed at the expense of the Company.

 

Section 7.11.         Succession
by Merger, Etc. Any corporation or other entity into which the Trustee may be merged or converted or with which it may be consolidated,
or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party,
or any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee (including
the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper
or any further act on the part of any of the parties hereto; provided that in the case of any corporation or other entity
succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other entity shall be
eligible under the provisions of ‎Section 7.08.

 

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In case at the time such successor to the
Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent
appointed by such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall
not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate
such Notes either in the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases
such certificates of authentication shall have the full force which it is anywhere in the Notes or in this Indenture; provided
that the certificate of authentication of the Trustee shall have the right to adopt the certificate of authentication of any
predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors
by merger, conversion or consolidation.

 

Section 7.12.         Trustee’s
Application for Instructions from the Company. Any application by the Trustee for written instructions from the Company (other
than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders
of the Notes under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted
by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective.
The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in
such application on or after the date specified in such application (which date shall not be less than ten Business Days after
the date any Officer actually receives such application, unless any such Officer shall have consented in writing to any earlier
date), unless, prior to taking any such action (or the effective date in the case of any omission), the Trustee shall have received
written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted.

 

Section 7.13.         Conflicting
Interests of Trustee. If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture
Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the
provisions of this Indenture.

 

Section 7.14.          Limitation
on Trustee’s Liability. Except as provided in this Article, in accepting the trusts hereby created, the entities acting
as Trustee are acting solely as Trustee hereunder and not in their individual capacity and, except as provided in this Article,
all Persons having any claim against the Trustee by reason of the transactions contemplated by this Indenture or any Note shall
look only to the Company and the Guarantor for payment or satisfaction thereof.

 

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Article 8

Concerning the Holders

 

Section 8.01.         Action
by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of the aggregate principal
amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver
or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified percentage
have joined therein may be evidenced (i) by any instrument or any number of instruments of similar tenor executed by Holders
in person or by agent or proxy appointed in writing, or (ii) by the record of the Holders voting in favor thereof at any meeting
of Holders duly called and held, or (iii) by a combination of such instrument or instruments and any such record of such a
meeting of Holders. Whenever the Company or the Trustee solicits the taking of any action by the Holders of the Notes, the Company
or the Trustee may, but shall not be required to, fix in advance of such solicitation, a date as the record date for determining
Holders entitled to take such action. The record date if one is selected shall be not more than fifteen days prior to the date
of commencement of solicitation of such action.

 

Section 8.02.         Proof
of Execution by Holders. Subject to the provisions of ‎Section 7.01 and ‎Section 7.02, proof
of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable
rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding
of Notes shall be proved by the Note Register or by a certificate of the Note Registrar.

 

Section 8.03.         Who
Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Exchange Agent and any
Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as,
the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other
writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on
account of the principal of and (subject to ‎Section 2.03) accrued and unpaid interest on such Note, for exchange
of such Note and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Exchange Agent nor
any Note Registrar shall be affected by any notice to the contrary. All such payments or deliveries so made to any Holder, or upon
its order, shall be valid, and, to the extent of sums or shares so paid or delivered, effectual to satisfy and discharge the liability
for monies payable or shares deliverable upon any such Note. Notwithstanding anything to the contrary in this Indenture or the
Notes following an Event of Default, any Holder of a beneficial interest in a Global Note may directly enforce against the Company,
without the consent, solicitation, proxy, authorization or any other action of the Depositary or any other Person, such Holder’s
right to exchange such beneficial interest for a Note in certificated form in accordance with the provisions of this Indenture.

 

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Section 8.04.         Company-Owned
Notes Disregarded. In determining whether the Holders of the requisite aggregate principal amount of Notes have concurred in
any direction, notice, consent, waiver or other action under this Indenture, Notes that are owned by the Company or by any Affiliate
of the Company shall be disregarded (from both the numerator and the denominator) and deemed not to be outstanding for the purpose
of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying
on any such direction, consent, waiver or other action only Notes that a Responsible Officer actually knows are so owned shall
be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this
‎Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so
act with respect to such Notes and that the pledgee is not the Company or any Affiliate of the Company. In the case of a dispute
as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request
of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes,
if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to ‎Section 7.01,
the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth
and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination.

 

Section 8.05.         Revocation
of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as provided in ‎Section 8.01,
of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Notes specified in this Indenture
in connection with such action, any Holder of a Note that is shown by the evidence to be included in the Notes the Holders of which
have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding
as provided in ‎Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid, any such action
taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such
Note and of any Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether
any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration
of transfer thereof.

 

Article 9

[Reserved]

 

Article 10

Supplemental Indentures

 

Section 10.01.       Supplemental
Indentures Without Consent of Holders. Notwithstanding ‎Section 10.02, without the consent of any Holder, the
Company, the Guarantor and the Trustee may amend or supplement this Indenture, the Notes and the Guarantee to:

 

(a)            cure
any ambiguity, mistake, omission, defect or inconsistency in this Indenture, the Notes or the Guarantee;

 

(b)            provide
for the assumption by an Issuer Permitted Successor or a Guarantor Permitted Successor, as the case may be, of the obligations
of the Company or the Guarantor, as applicable, under this Indenture, the Notes or the Guarantee in accordance with ‎Article 11;

 

(c)            add
additional guarantees with respect to the Notes;

 

(d)            secure
the Notes or the Guarantee;

 

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(e)            increase
the Exchange Rate of the Notes;

 

(f)             add
to the covenants or Events of Default of the Company or the Guarantor that the Guarantor’s Board of Directors considers to
be for the benefit of the Holders or make changes that would provide additional rights to Holders or surrender any right or power
conferred upon the Company or the Guarantor;

 

(g)            make
any change that does not adversely affect the rights of any Holder, as determined in good faith by the Company’s Board of
Directors and evidenced by a Board Resolution of the Company delivered to the Trustee;

 

(h)            in
connection with any Specified Corporate Event, provide that the Notes are exchangeable for Reference Property, subject to ‎Section 14.02,
and make certain related changes to the terms of this Indenture and the Notes to the extent expressly required by this Indenture;

 

(i)             evidence
and provide for the acceptance of an appointment under this Indenture of a successor Trustee; provided that the successor
Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture as set forth in an Officer’s
Certificate;

 

(j)             conform
the provisions of this Indenture or the Notes to the “Description of Notes” section of the Offering Memorandum; or

 

(k)            provide
for the issuance of additional Notes in accordance with ‎Section 2.10.

 

The
Trustee is hereby authorized to join with the Company and the Guarantor in the execution of any such amendment, supplement or waiver,
to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated
to, but may in its discretion, enter into any amendment, supplement or waiver that adversely affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise.

 

Section 10.02.       Supplemental
Indentures with Consent of Holders. Except as provided above in ‎Section 10.01 and below in this ‎Section 10.02,
the Company, the Guarantor and the Trustee may from time to time and at any time amend or supplement this Indenture, the Notes
and the Guarantee with the consent (evidenced as provided in ‎Article 8) of the Holders of at least a majority
of the aggregate principal amount of the Notes then outstanding (determined in accordance with ‎Article 8 and including,
without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, Notes), and any existing
Default or Event of Default (other than (i) a Default or Event of Default in the payment of the principal (including any Redemption
Price and any Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest, if any, on the Notes, except
a payment default resulting from an acceleration that has been rescinded, and (ii) a Default or Event of Default as a result
of a failure by the Company to deliver or procure delivery of the consideration due upon exchange of the Notes) or compliance with
any provision of this Indenture, the Notes or the Guarantee may be waived with the consent (evidenced as provided in ‎Article 8)
of the Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance
with ‎Article 8 and including, without limitation, consents obtained in connection with a repurchase of, or tender
or exchange offer for, Notes); provided, however, that, without the consent of each Holder of an outstanding Note
affected, no such amendment shall:

 

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(a)            reduce
the amount of Notes whose Holders must consent to an amendment;

 

(b)            reduce
the rate of or extend the stated time for payment of interest on any Note;

 

(c)            reduce
the principal of or extend the Maturity Date of any Note;

 

(d)            reduce
the amount of principal payable upon acceleration of the maturity of the Notes;

 

(e)             impair
or adversely affect the right of Holders to exchange Notes or otherwise modify the provisions with respect to exchange, or reduce
the Exchange Rate (subject to such modifications as are required under this Indenture);

 

(f)             reduce
the Redemption Price or Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders
the Company’s obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions
or otherwise;

 

(g)            make
any Note payable in a money, or at a place of payment, other than that stated in the Note;

 

(h)            change
the ranking of the Notes in right of payment of the obligations under the Notes;

 

(i)              impair
or affect the right of any Holder to institute suit for the enforcement of any payment of principal (including the Redemption Price
and the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest, if any, on, or the consideration due
upon exchange of, its Notes, on or after the respective due dates expressed or provided for in this Indenture;

 

(j)             make
any change to the provisions related to Additional Amounts set forth in Section 4.10 that adversely affects the Holders;

 

(k)            make
any change in this ‎Article 10 or in
the waiver provisions (including in ‎Section 6.09),
in each case, that requires each Holder’s consent;

 

(l)             modify
the Guarantee in any manner adverse to the Holders; or

 

(m)           cause
the Paid-up Value of the Preference Shares to be altered.

 

Upon the written request of the Company,
and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to ‎Section 10.05,
the Trustee shall join with the Company and the Guarantor in the execution of such amendment, supplement or waiver unless such
amendment, supplement or waiver adversely affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amendment, supplement
or waiver.

 

Holders do not need under this ‎Section 10.02
to approve the particular form of any proposed amendment, supplement or waiver of this Indenture. It shall be sufficient if such
Holders approve the substance thereof. After any such amendment, supplement or waiver becomes effective, the Company shall send
to the Holders a notice briefly describing such amendment, supplement or waiver, unless such a description is included in a Current
Report on a Form 8-K (or a successor thereto) is filed by the Company. However, the failure to give such notice to all the
Holders, or any defect in the notice, will not impair or affect the validity of the amendment, supplement or waiver.

 

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Section 10.03.       Effect
of Amendment, Supplement and Waiver. Upon the execution of any amendment, supplement or waiver of this Indenture pursuant to
the provisions of this ‎Article 10, this Indenture shall be and be deemed to be modified and amended in accordance
therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee,
the Company, the Guarantor and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects
to such modifications and amendments and all the terms and conditions of any such amendment or supplement shall be and be deemed
to be part of the terms and conditions of this Indenture for any and all purposes.

 

Section 10.04.        Notation
on Notes. Notes authenticated and delivered after the execution of any amendment, supplement or waiver to this Indenture pursuant
to the provisions of this ‎Article 10 may, at the Company’s expense, bear a notation in form approved by
the Trustee as to any matter provided for in such amendment, supplement or waiver. If the Company or the Trustee shall so determine,
new Notes so modified as to conform, in the opinion of the Trustee and the Board of Directors of the Guarantor, to any modification
of this Indenture contained in any such amendment, supplement or waiver may, at the Company’s expense, be prepared and executed
by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to ‎Section 17.11)
and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding. Failure to make the appropriate
notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 

Section 10.05.       Evidence
of Compliance of Amendment, Supplement or Waiver To Be Furnished To Trustee. In addition to the documents required by ‎Section 17.06,
the Trustee shall accept and be entitled to conclusively rely on an Officer’s Certificate and an Opinion of Counsel as sufficient
evidence that any amendment, supplement or waiver to this Indenture executed pursuant hereto complies with the requirements of
this ‎Article 10 and is permitted or authorized by this Indenture and is the legal, valid and binding obligation
of the Company and the Guarantor party thereto, enforceable in accordance with its terms.

 

Article 11

Consolidation, Merger and Sale

 

Section 11.01.       The
Guarantor May Consolidate, Etc. on Certain Terms.

 

(a)            The
Guarantor shall not consolidate with or merge with or into or amalgamate with or otherwise combine with, or sell, lease or otherwise
transfer or dispose of all or substantially all of the Guarantor’s and the Guarantor’s Subsidiaries’ consolidated
assets, taken as a whole, to, another Person, unless:

 

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A.            (1) the
Guarantor is the surviving Person or (2) the resulting, surviving or transferee Person (if not the Guarantor) (the “Guarantor
Permitted Successor”) (A) is a Person organized and existing under the laws of any Permitted Jurisdiction and treated
as a corporation for U.S. federal income tax purposes, and (B) expressly assumes by supplemental indenture in form satisfactory
to the Trustee all of the Guarantor’s obligations under the Notes, this Indenture and the Guarantee; and

 

B.            immediately
after giving effect to such transaction, (i) the Company is a Wholly-Owned Subsidiary of the Guarantor or a Guarantor Permitted
Successor and is treated as a disregarded entity for U.S. federal income tax purposes or has merged into the Guarantor or a Guarantor
Permitted Successor and (ii) no Default or Event of Default shall have occurred and be continuing under this Indenture.

 

For purposes of this ‎Section 11.01,
any sale, lease or other transfer or disposition of the assets of one or more Subsidiaries of the Guarantor to another Person that
would, if such assets were held directly by the Guarantor instead of such Subsidiaries, have constituted the sale, lease or other
transfer or disposition of all or substantially all of the Guarantor’s consolidated assets, taken as a whole, shall be deemed
to be the sale, lease or other transfer or disposition of the assets of all or substantially all of the Guarantor’s consolidated
assets, taken as a whole, to another Person.

 

(b)            Upon
any such consolidation, merger, combination, or sale, lease or other transfer or disposition and upon the assumption by the Guarantor
Permitted Successor, by supplemental indenture, executed and delivered to the Trustee and in form satisfactory to the Trustee,
of the due and punctual payment of the principal of and accrued and unpaid interest on all of the Notes, the due and punctual delivery
and/or payment, as the case may be, of any consideration due upon exchange of the Notes and the due and punctual performance of
all of the covenants and conditions of this Indenture, the Notes and the Guarantee to be performed by the Guarantor, such Guarantor
Permitted Successor (if not the Guarantor) shall succeed to, and may exercise every right and power of and be substituted for,
the Guarantor, with the same effect as if it had been named herein as the party of the first part, and the Guarantor shall be discharged
from its obligations under the Notes, this Indenture and the Guarantee, except in the case of a lease.

 

Section 11.02.       Company
May Consolidate, Etc. on Certain Terms.

 

(a)            The
Company shall not consolidate with or merge with or into or amalgamate with or otherwise combine with, or sell, lease or otherwise
transfer or dispose of all or substantially all of the Company’s and the Company’s Subsidiaries’ consolidated
assets, taken as a whole, to, another Person, unless:

 

A.            (1) the
Company is the surviving Person or (2) the resulting, surviving or transferee Person (if not the Company) (the “Issuer
Permitted Successor”) (A) is a Person organized under the laws of any Permitted Jurisdiction and treated as a corporation
for U.S. federal income tax purposes and (B) expressly assumes by supplemental indenture in form satisfactory to the Trustee
all of the Company’s obligations under the Notes and this Indenture; and

 

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B.            immediately
after giving effect to such transaction, (i) the Company is a Wholly-Owned Subsidiary of the Guarantor or a Guarantor Permitted
Successor or has merged into the Guarantor or a Guarantor Permitted Successor and (ii) no Default or Event of Default shall
have occurred and be continuing under this Indenture.

 

For purposes of this Section 11.02,
any sale, lease or other transfer or disposition of the assets of one or more Subsidiaries of the Company to another Person that
would, if such assets were held directly by the Company instead of such Subsidiaries, have constituted the sale, lease or other
transfer or disposition of all or substantially all of the Company’s consolidated assets, taken as a whole, shall be deemed
to be the sale, lease or other transfer or disposition of the assets of all or substantially all of the Company’s consolidated
assets, taken as a whole, to another Person.

 

(b)            Upon
any such consolidation, merger, combination, or sale, lease or other transfer or disposition and upon the assumption by the Issuer
Permitted Successor, by supplemental indenture, executed and delivered to the Trustee and in form satisfactory to the Trustee,
of the due and punctual payment of the principal of and accrued and unpaid interest on all of the Notes, the due and punctual delivery
and/or payment, as the case may be, of any consideration due upon exchange of the Notes and the due and punctual performance of
all of the covenants and conditions of this Indenture and the Notes to be performed by the Company, such Issuer Permitted Successor
(if not the Company) shall succeed to, and may exercise every right and power of and be substituted for, the Company, with the
same effect as if it had been named herein as the party of the first part, and the Company shall be discharged from its obligations
under the Notes and this Indenture. Such Issuer Permitted Successor (instead of the Company, if applicable) thereupon may cause
to be signed, and may issue either in its own name or in the name of the Company any or all of the Notes issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Issuer Permitted
Successor instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee
shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have been signed
and delivered by an Officer of the Company to the Trustee for authentication, and any Notes that such Issuer Permitted Successor
thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the
terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof.

 

Section 11.03.       Opinion
of Counsel and Officer’s Certificate To Be Given to Trustee. In connection with any consolidation, merger, amalgamation,
combination or sale, lease or other transfer or disposition implicated by this ‎Article 11, the Trustee shall not
be required to take any action unless the Trustee shall have received an Officer’s Certificate and an Opinion of Counsel,
each stating that any such consolidation, merger, amalgamation, combination or sale, lease or other transfer or disposition and
any such assumption and such supplemental indenture (if any) complies with the provisions of this ‎Article 11 and,
if a supplemental indenture is required in connection with such transaction, an Opinion of Counsel, which shall state that the
Indenture, the Guarantee and the Notes, as applicable, constitute legal, valid and binding obligations of any Guarantor Permitted
Successor or any Issuer Permitted Successor, as applicable, subject to customary exceptions.

 

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Article 12

Immunity of Incorporators, Shareholders, Officers and Directors

 

Section 12.01.       Indenture,
Notes and Guarantee Solely Corporate Obligations. No recourse for the payment of the principal of or accrued and unpaid interest
on, or the payment or delivery of consideration due upon exchange of, any Note or the Guarantee, nor for any claim based thereon
or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or the Guarantor
in this Indenture or in any supplemental indenture or in any Note or the Guarantee, nor because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, shareholder, employee, agent, Officer or director or Subsidiary (other
than the Company), as such, past, present or future, of the Company or the Guarantor or of any of their respective successor corporations
or other entities, either directly or through the Company, the Guarantor or any of their respective successor corporations or other
entities, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of,
and as a consideration for, the execution of this Indenture and the issue of the Notes and the Guarantee.

 

Article 13

Guarantee

 

Section 13.01.       Guarantee.

 

(a)            Subject
to this ‎Article 13, the Guarantor fully
and unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors
and assigns, irrespective of the validity and enforceability of this Indenture, the Notes held thereby and the obligations of the
Company hereunder and thereunder, that: (i) the principal of and interest on the Notes will be promptly paid in full when
due, subject to any applicable grace period, whether at the Maturity Date, by acceleration, upon redemption, upon repurchase or
otherwise, and interest on the overdue principal of and (to the extent permitted by law) interest on the Notes will be promptly
paid and/or delivered in full when due upon exchange, and all other payment obligations of the Company to the Holders or the Trustee
(acting in any capacity hereunder) hereunder or thereunder will be promptly paid in full and performed, all in accordance with
the terms hereof and thereof, including without limitation Company’s obligation to procure or cause the delivery of Ordinary
Shares issuable upon exchange of the Preference Shares in accordance with this Indenture upon exercise of a Holder’s exchange
right, on a senior unsecured basis; (ii) the obligations of the Company under the Preference Shares and (iii) in case
of any extension of time of payment or renewal of any Notes or any of such other obligations, the same will be promptly paid in
full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether
at the Maturity Date, by acceleration, upon redemption, upon repurchase or otherwise. Failing payment when so due of any amount
so guaranteed for whatever reason, the Guarantor will be obligated to pay the same immediately. An Event of Default with respect
to the Notes under this Indenture shall constitute an event of default under the Guarantee, and shall entitle the Holders to accelerate
the obligations of the Guarantor hereunder in the same manner and to the same extent as the obligations of the Company.

 

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(b)            The
Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect
to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other
circumstance (other than complete performance) which might otherwise constitute a legal or equitable discharge or defense of the
Guarantor. The Guarantor further, to the extent permitted by law, hereby waives diligence, presentment, demand of payment, filing
of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against
the Company, protest, notice and all demands whatsoever and covenants that the Guarantee will not be discharged except by complete
performance of the obligations contained in the Notes and this Indenture, or pursuant to ‎Section 13.03.

 

(c)            The
Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees and expenses) incurred
by the Trustee or any Holder in enforcing any rights under this ‎Section 13.01.

 

(d)            If
any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantor, or any Custodian, Trustee
or other similar official acting in relation to either the Company or the Guarantor, any amount paid by the Company or the Guarantor
to the Trustee or such Holder, the Guarantee to the extent theretofore discharged, shall be reinstated in full force and effect.

 

(e)            The
Guarantor further agrees that, as between the Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (a) the
maturity of the obligations guaranteed hereby may be accelerated as provided in ‎Article 6
of this Indenture for the purposes of the Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed thereby, and (b) in the event of any declaration of acceleration of
such obligations as provided in ‎Article 6
of this Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for
the purpose of the Guarantee.

 

(f)            The
Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Company
for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should
a receiver or trustee be appointed for all or any significant part of the Company’s assets, and shall, to the fullest extent
permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the
Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee
on the Notes or the Guarantee, whether as a “voidable preference,” “fraudulent transfer” or otherwise,
all as though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded, reduced,
restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount
paid and not so rescinded, reduced, restored or returned.

 

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(g)            In
case any provision of the Guarantee shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

 

(h)            Each
payment to be made by the Guarantor in respect of the Guarantee shall be made without set-off, counterclaim, reduction or diminution
of any kind or nature.

 

(i)             For
the avoidance of doubt, the Guarantee with respect to a Note is not exchangeable and shall automatically terminate when such Note
is exchanged in accordance with this Indenture.

 

Section 13.02.       Execution
and Delivery.

 

The Guarantee shall be evidenced by the
execution and delivery of this Indenture or a supplement to this Indenture and no notation of the Guarantee need be endorsed on
any Note. The Guarantor hereby agrees that the Guarantee set forth in ‎Section 13.01 shall remain in full force and effect
notwithstanding the absence of the endorsement of any notation of the Guarantee on the Notes.

 

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

 

The delivery of any Note by the Trustee,
after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf
of the Guarantor.

 

Section 13.03.       Release
of the Guarantee.

 

The Guarantee shall be automatically and
unconditionally released and discharged under this Indenture upon the discharge of the Company’s obligations under this Indenture
in accordance with the terms of this Indenture.

 

At the request of the Company and upon delivery
of an Officer’s Certificate and Opinion of Counsel, the Trustee shall execute any documents reasonably requested by the Company
in order to evidence the release of the Guarantor from its obligations under the Guarantee.

 

Section 13.04.       Limitation
on Guarantor Liability.

 

The Guarantor, and by its acceptance of
Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee not constitute a fraudulent
conveyance or a fraudulent transfer for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal or state law to the extent applicable to the Guarantee. To effectuate the foregoing intention,
the Trustee, the Holders and the Guarantor hereby irrevocably agree that the obligations of the Guarantor under the Guarantee will
be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of the Guarantor and
result in the obligations of the Guarantor under the Guarantee not constituting a fraudulent conveyance or fraudulent transfer
under federal or state law and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally.

 

    60

     

    

 

 

Section 13.05.     Subrogation.

 

The Guarantor shall be subrogated to all
rights of Holders against the Company in respect of any amounts paid by the Guarantor pursuant to the provisions of ‎Section 13.01;
provided that, if an Event of Default has occurred and is continuing, no Guarantor shall be entitled to enforce or receive
any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Company under
this Indenture or the Notes shall have been paid in full.

 

Section 13.06.     Benefits
Acknowledged.

 

The Guarantor acknowledges that it will
receive benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant
to the Guarantee are knowingly made in contemplation of such benefits.

 

Section 13.07.     “Trustee”
to Include Paying Agent.

 

In case at any time any Paying Agent other
than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used
in this ‎Article 13 shall in each case (unless the context shall otherwise require) be construed as extending to, and
including, such Paying Agent within its meaning as fully and for all intents and purposes as if such Paying Agent were named in
this ‎Article 13 in place of the Trustee.

 

Article 14

Exchange
of Notes

 

Section 14.01.     Exchange
Privilege.

 

(a)            Subject
to the terms of the Notes and this Indenture, each Note shall entitle the Holder to convert each $1,000 principal amount of Notes
into one fully paid Preference Share, with each Preference Share being issued and allotted at a price equal to the Paid-Up Value.
The Company shall procure that all Preference Shares issued on exchange of the Notes shall (without any further action being required
to be taken by exchanging Holders of the Notes) immediately and automatically be transferred on and as of the relevant Exchange
Date to the Guarantor. Accordingly, references in this Indenture to rights of exchange, or to the exchange of Notes for Ordinary
Shares, and all similar expressions, shall be taken to refer to the entitlement of the Holder to convert notes into Preference
Shares and the immediate and automatic exchange of such Preference Shares for Ordinary Shares, which the Company shall cause to
occur, pursuant to the terms of the Notes and this Indenture.

 

(b)            Subject
to and upon compliance with the provisions of this ‎Article 14,
each Holder of a Note shall have the right, at such Holder’s option, at any time prior to the close of business on the Business
Day immediately preceding the Maturity Date, to convert each $1,000 principal amount of Notes into one fully paid Preference Share,
which the Company shall procure, as noted in (a) above, shall be exchanged for a number of Ordinary Shares, subject to certain
limitations set forth in ‎Section 14.01(c) and
‎14.01(d), at an initial exchange rate of
53.3333 Ordinary Shares (subject to adjustment as provided in ‎Section 14.04
and, if applicable, ‎Section 14.03, the
 “Exchange Rate”) per $1,000 principal amount of Notes (subject to the settlement provisions of ‎Section 14.02,
the “Exchange Obligation”).

 

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(c)            If
the Company calls the Notes for Tax Redemption pursuant to ‎Section 16.01,
Holders may exchange any or all of their Notes called for redemption at any time from, and including, the date of the Notice of
Tax Redemption until the close of business on the second Business Day immediately preceding the Tax Redemption Date, or, if the
Company fails to pay the Redemption Price, such later date on which the Company pays or duly provides for the Redemption Price.

 

(d)            Notwithstanding
any other provision of this Indenture or the Notes, no Holder of the Notes shall be entitled to receive Ordinary Shares upon exchange
of such Notes or Preference Shares to the extent that such receipt would cause a violation of the Ownership Limitation and any
purported delivery of Ordinary Shares upon exchange of such Notes or Preference Shares shall be void and have no effect to the
extent that such delivery would result in a violation of the Ownership Limitation. If any delivery of Ordinary Shares owed to a
Holder upon exchange of Notes or Preference Shares is not made, in whole or in part, as a result of the limitations described in
this Section 14.01(d), the Company’s obligation to make such delivery shall not be extinguished, and the Company shall
deliver such Ordinary Shares (but only to the extent that such delivery would not cause a violation of the Ownership Limitation)
as promptly as practicable after the applicable Holder gives notice to the Company and the Company determines that such delivery
would not result in a violation of the Ownership Limitation, provided that to the extent a purported delivery of any such
Ordinary Shares owed to a Holder upon exchange of Notes or Preference Shares that would cause a violation of the Ownership Limitation
is made, such Ordinary Shares (to the extent that such delivery would result in a violation of the Ownership Limitation) shall
be subject to the terms of the Guarantor’s bye-laws (as they may be further amended) automatically designated and treated
as “Excess Shares” (as such term is defined in the Guarantor’s bye-laws, as it may be further amended,
and as used therein) and shall be transferred to the Excess Share Trustee (as such term is defined in the Guarantor’s bye-laws,
as it may be further amended), for the benefit of the Charitable Beneficiary (as such term is defined in the Guarantor’s
bye-laws, as it may be further amended). A Holder of Notes that were exchanged into excess shares shall have no rights in such
Excess Shares, other than a right to receive certain payments upon liquidation, dissolution or, in certain circumstances, disposition
of such excess shares, and shall not be permitted to receive any amount that reflects any appreciation in the excess shares during
the period that such excess shares were outstanding.

 

Section 14.02.     Exchange
Procedure; Settlement Upon Exchange.

 

(a)            Upon
exchange of any Note, each $1,000 principal amount of Notes shall convert into one fully paid Preference Share, with each Preference
Share being issued and allotted at a price equal to the Paid-Up Value. All Preference Shares issued on exchange of the Notes shall
(without any further action being required to be taken by exchanging Holders of the Notes) immediately and automatically be transferred
on and as of the relevant Exchange Date to the Guarantor, and in consideration therefor, the Company shall cause the Guarantor
to either issue or transfer and deliver to such Holder, for each $1,000 principal amount of Notes exchanged by such Holder, a number
of Ordinary Shares equal to the Exchange Rate, together with a cash payment in lieu of delivering any fractional Ordinary Share
issuable upon exchange based on the Last Reported Sale Price of the Ordinary Shares on the relevant Exchange Date,
on the second Business Day immediately following the relevant Exchange Date, unless such Exchange Date occurs following the Record
Date immediately preceding the Maturity Date, in which case the Company shall make such delivery (and payment, if applicable) on
the Maturity Date. For the avoidance of doubt, neither the Trustee nor any Agent shall have any responsibility to deliver Preference
Shares or Ordinary Shares to any person or deal with cash payments in relation to conversions and exchanges, except for cash payments
in lieu of any fractional Ordinary Shares.

 

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(b)            To
exchange a beneficial interest in a Global Note (which exchange is irrevocable), the holder of such beneficial interest must:

 

(i)            comply
with the Applicable Procedures for converting a beneficial interest in a Global Note;

 

(ii)           in
accordance with the Applicable Procedures, complete, manually sign and deliver an irrevocable notice to the Exchange Agent as set
forth in the Form of Notice of Exchange (or a facsimile thereof) (a “Notice of Exchange”);

 

(iii)          if
required, pay all transfer or similar taxes (subject to 14.02(e)); and

 

(iv)          if
required, pay funds equal to any interest payable on the next Interest Payment Date to which such Holder is not entitled as set
forth in 14.02(g); and

 

(c)            To
exchange a Certificated Note, the Holder must:

 

(i)            complete,
manually sign and deliver an irrevocable Notice of Exchange to the Exchange Agent and deliver such Note to the Exchange Agent for
surrender to the Company;

 

(ii)           if
required, furnish appropriate endorsements and transfer documents;

 

(iii)          if
required, pay all transfer or similar taxes (subject to 14.02(e)); and

 

(iv)          if
required, pay funds equal to any interest payable on the next Interest Payment Date to which such Holder is not entitled as set
forth in Section 14.02(g).

 

The Trustee (and if different, the Exchange
Agent) shall notify the Company of any exchange pursuant to this ‎Article 14 on the Exchange Date for such exchange.

 

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If a Holder has already delivered a Fundamental
Change Repurchase Notice with respect to a Note, such Holder may not surrender such Note for exchange until such Holder has validly
withdrawn such Fundamental Change Repurchase Notice (or, in the case of a Global Note, has complied with the Applicable Procedures
with respect to such a withdrawal) in accordance with the terms of ‎Section 15.03. If a Holder has already delivered a
Fundamental Change Repurchase Notice, such Holder’s right to withdraw such notice and exchange the Notes that are subject
to repurchase will terminate at the close of business on the Business Day immediately preceding the relevant Fundamental Change
Repurchase Date. If the Company has designated a Tax Redemption Date pursuant to Section 16.02(a), a Holder that complies
with the requirements for exchange set forth in this ‎Section 14.02(b) shall be deemed to have delivered a notice
of its election not to have its Notes so redeemed.

 

If more than one Note shall be surrendered
for exchange at one time by the same Holder, the Exchange Obligation with respect to such Notes shall be computed on the basis
of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered.
None of the Agents of the Trustee shall have any responsibility whatsoever with respect to the issuance and delivery of the Preference
Shares to the exchanging Holder.

 

(d)            A
Note shall be deemed to have been exchanged immediately prior to the close of business on the date (the “Exchange Date”)
that the Holder has complied with the requirements set forth in ‎Section 14.02(b) above.

 

The Company shall issue or cause to be issued,
and deliver to such Holder, or such Holder’s nominee or nominees, certificates or a book-entry transfer through the Depositary,
as the case may be, for the full number of Ordinary Shares to which such Holder shall be entitled in satisfaction of the Company’s
Exchange Obligation.

 

(e)            In
case any Certificated Note shall be surrendered for partial exchange, in an Authorized Denomination, the Company shall execute
and the Trustee shall authenticate and deliver to or upon the written order of the Holder so surrendered a new Note or Notes in
an Authorized Denomination in an aggregate principal amount equal to the un-exchanged portion of the surrendered Note, without
payment of any service charge by the exchanging Holder but, if required by the Company or Trustee, with payment of a sum sufficient
to cover any transfer tax or similar governmental charge required by law or that may be imposed in connection therewith as a result
of the name of the Holder of the new Notes issued upon such exchange being different from the name of the Holder of the old Notes
surrendered for such exchange.

 

(f)             If
a Holder submits a Note for exchange, the Company shall pay any documentary, stamp or similar issue or transfer tax due on the
issuance or delivery of the Ordinary Shares upon exchange of the Notes, including
in respect of the allotment and issue of Preference Shares on exercise of such exchange or on the immediate and automatic transfer
of any Preference Shares to the Guarantor pursuant to such exchange or in respect of the allotment, issue or transfer and delivery
of any Ordinary Shares on exchange of the Preference Shares, unless the tax is due because the Holder requests such Ordinary Shares
to be issued in a name other than the Holder’s name, in which case the Holder shall pay that tax.

 

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(g)            Upon
the exchange of an interest in a Global Note, the Trustee, or the Custodian of the Global Note at the direction of the Trustee,
shall make a notation in the books and records of the Trustee and Depositary as to the reduction in the principal amount represented
thereby. The Company shall notify the Trustee in writing of any exchange of Notes effected through any Exchange Agent other than
the Trustee.

 

(h)            Upon
exchange, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth below.
The Company’s settlement of the Exchange Obligation shall be deemed to satisfy in full its obligation to pay the principal
amount of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Exchange Date. As a result, accrued
and unpaid interest, if any, to, but not including, the relevant Exchange Date shall be deemed to be paid in full rather than cancelled,
extinguished or forfeited. Notwithstanding the foregoing, if Notes are exchanged after the close of business on a Regular Record
Date for the payment of interest but prior to the open of business on the immediately following Interest Payment Daye, Holders
of such Notes as of the close of business on such Regular Record Date will receive the full amount of interest payable on such
Notes on the corresponding Interest Payment Date notwithstanding the exchange. Notes surrendered for exchange during the period
from the close of business on any Regular Record Date to the open of business on the immediately following Interest Payment Date
must be accompanied by funds equal to the amount of interest payable on the Notes so exchanged on the corresponding Interest Payment
Date; provided that no such payment shall be required (1) for exchanges following the Regular Record Date immediately
preceding the Maturity Date; (2) if the Company has specified a Tax Redemption Date that is after a Regular Record Date and
on or prior to the Business Day immediately following the corresponding Interest Payment Date (or, if such Interest Payment Date
is not a Business Day, the second Business Day immediately following such Interest Payment Date); (3) if the Company has specified
a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to the Business Day immediately following
the corresponding Interest Payment Date (or, if such Interest Payment Date is not a Business Day, the second Business Day immediately
following such Interest Payment Date); or (4) to the extent of any Defaulted Amounts, if any Defaulted Amounts exist at the
time of exchange with respect to such Note. Therefore, for the avoidance of doubt, all Holders of record on the Regular Record
Date immediately preceding the Maturity Date shall receive the full interest payment due on the Maturity Date in cash regardless
of whether their Notes have been exchanged following such Regular Record Date.

 

(i)             The
Person in whose name any Ordinary Shares delivered upon exchange is registered shall become the holder of record of such Ordinary
Shares as of the close of business on the relevant Exchange Date, and the Company shall cause the person in whose name the Ordinary
Shares shall be issuable upon such exchange to be treated as the holder of record of such Ordinary Shares as of the close of business
on such Exchange Date. Upon an exchange of Notes, such Person shall no longer be a Holder of such Notes surrendered for exchange;
provided that in the case of an exchange between a Regular Record Date and the corresponding Interest Payment Date, the
Holder of record as of the close of business on such Regular Record Date shall have the right to receive the interest payable on
such Interest Payment Date, in accordance with Section 14.02(h).

 

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(j)             No
fractional Ordinary Shares shall be issued upon exchange of Preference Shares. The Company shall cause cash to be paid in lieu
of delivering any fractional Ordinary Shares upon exchange in accordance with Section 14.02(a).

 

Section 14.03.     Increase
in Exchange Rate Upon Exchange in Connection with a Make-Whole Fundamental Change or a Tax Redemption.  (a) If the Event
Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date or the Company delivers a Notice of a Tax Redemption
and, in either case, a Holder elects to exchange its Notes in connection with such Make-Whole Fundamental Change or Notice of Tax
Redemption, the Company will, under the circumstances described below, increase the Exchange Rate for the Notes so surrendered
for exchange by a number of additional Ordinary Shares (the “Additional Shares”), as described below. An exchange
of Notes will be deemed for these purposes to be “in connection with” a Make-Whole Fundamental Change if the relevant
Notice of Exchange (or, in the case of a Global Note, the relevant Notice of Exchange in accordance with the Applicable Procedures)
is received by the Exchange Agent during the period from, and including, the open of business on the Event Effective Date of the
Make-Whole Fundamental Change up to, and including, the close of business on the Business Day immediately preceding the related
Fundamental Change Repurchase Date (or in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change
but for (x) the proviso in clause (2) of the definition thereof or (y) the Adequate Cash Exchange Provisions, the
35th Trading Day immediately following the Event Effective Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole
Fundamental Change Period”). An exchange of Notes will be deemed for these purposes to be “in connection with”
a Tax Redemption if the relevant Notice of Exchange (or, in the case of a Global Note, the relevant Notice of Exchange in accordance
with the Applicable Procedures) is received by the Exchange Agent during the period from, and including, the open of business on
the date of the Notice of Tax Redemption up to, and including, the close of business on the second Business Day immediately preceding
the related Tax Redemption Date or, if the Company fails to pay the Redemption Price, such later date on which the Company pays
the Redemption Price.

 

(b)            Upon
surrender of Notes for exchange in connection with a Make-Whole Fundamental Change or Notice of Tax Redemption, the Company shall
satisfy its Exchange Obligation by causing to be delivered Ordinary Shares, including any Additional Shares in accordance with
‎Section 14.02 (after giving effect to
any increase in the Exchange Rate required by this ‎Section 14.03);
provided, however, that, if the consideration for Ordinary Shares in any Make-Whole Fundamental Change described
in clause (2) of the definition of Fundamental Change is composed entirely of cash, for any exchange of Notes following the
Event Effective Date of such Make-Whole Fundamental Change, the Exchange Obligation shall be calculated based solely on the Stock
Price for the transaction and shall be deemed to be an amount of cash per $1,000 principal amount of exchanged Notes equal to (i) the
Exchange Rate (including any increase to reflect the Additional Shares as described in this ‎Section 14.03),
multiplied by (ii) such Stock Price. The Company shall notify Holders, the Trustee and the Exchange Agent (if other
than the Trustee) in writing of the Event Effective Date of any Make-Whole Fundamental Change (the “Make-Whole Fundamental
Change Company Notice”) and, no later than five Business Days after such Event Effective Date, (i) issue a press
release announcing such Event Effective Date or disclose the Event Effective Date in a Current Report on Form 8-K and (ii) post
the Event Effect Date on the Guarantor’s public website.

 

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(c)            The
number of Additional Shares, if any, by which the Exchange Rate shall be increased in connection Make-Whole Fundamental Change
or Notice of Tax Redemption shall be determined by reference to the table below, based on:

 

A.            in
the case of a Make-Whole Fundamental Change, the date on which the Make-Whole Fundamental Change occurs or becomes effective or,
in the case of a Tax Redemption, the date on the Notice of Tax Redemption (in each case, the “Event Effective Date”);
and

 

B.            in
the case of a Make-Whole Fundamental Change, the price paid (or deemed to be paid) per Ordinary Share in the Make-Whole Fundamental
Change, as described in the succeeding paragraph, or, in the case of a Tax Redemption, the average of the Last Reported Sale Prices
per Ordinary Share over the five Trading Day period, ending on, and including, the Trading Day immediately preceding the date of
such Notice of Tax Redemption, as the case may be (in each case, the “Stock Price”).

 

If
the holders of the Ordinary Shares receive in exchange for their Ordinary Shares only cash in a Make-Whole Fundamental Change described
in clause (2) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per Ordinary Share.
Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices per Ordinary Share over the five Trading Day period
ending on, and including, the Trading Day immediately preceding the Event Effective Date of the Make-Whole Fundamental Change.

 

(d)            The
Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which the Exchange Rate is
otherwise adjusted. The adjusted Stock Prices shall equal (i) the Stock Prices applicable immediately prior to such adjustment,
multiplied by (ii) a fraction, the numerator of which is the Exchange Rate immediately prior to such adjustment giving
rise to the Stock Price adjustment and the denominator of which is the Exchange Rate as so adjusted. The number of Additional Shares
set forth in the table below shall be adjusted in the same manner and at the same time as the Exchange Rate as set forth in ‎Section 14.04.

 

(e)            The
following table sets forth the number of Additional Shares by which the Exchange Rate shall be increased per $1,000 principal amount
of Notes pursuant to this ‎Section 14.03
for each Stock Price and Event Effective Date set forth below:

 

	 	Stock Price
	Effective Date	$15.00	$17.50	$18.75	$20.00	$22.50	$25.00	$30.00	$35.00	$40.00	$50.00	$60.00	$80.00	$100.00
	July 21, 2020	13.3333	10.7537	9.5397	8.5195	6.9102	5.7084	4.0547	2.9871	2.2520	1.3244	0.7812	0.2146	0.0000
	August 1,
2021	13.3333	10.4497	9.1861	8.1365	6.5076	5.3156	3.7167	2.7129	2.0348	1.1920	0.7030	0.1940	0.0000
	August 1, 2022	13.3333	9.9491	8.6160	7.5270	5.8778	4.7104	3.2080	2.3074	1.7183	1.0038	0.5935	0.1639	0.0000
	August 1, 2023	13.3333	9.1394	7.6965	6.5495	4.8849	3.7736	2.4503	1.7240	1.2745	0.7484	0.4477	0.1248	0.0000
	August 1, 2024	13.3333	7.7109	6.0667	4.8350	3.2111	2.2732	1.3460	0.9274	0.6915	0.4208	0.2598	0.0780	0.0000
	August 1, 2025	13.3333	3.8097	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000

 

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The exact Stock Price and/or Event Effective
Date may not be set forth in the table above, in which case:

 

A.            if
the Stock Price is between two Stock Prices in the table or the Event Effective Date is between two Effective Dates in the table,
the number of Additional Shares by which the Exchange Rate shall be increased shall be determined by a straight-line interpolation
between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Event Effective
Dates, as applicable, based on a 365 or 366-day year, as the case may be;

 

B.            if
the Stock Price is greater than $100.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the
column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Exchange
Rate; and

 

C.            if
the Stock Price is less than $15.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column
headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Exchange Rate.

 

Notwithstanding the foregoing, in no event
shall the Exchange Rate per $1,000 principal amount of Notes exceed 66.6666 Ordinary Shares, subject to adjustment in the same
manner as the Exchange Rate pursuant to ‎Section 14.04.

 

For the avoidance of doubt, if a Holder
converts its Notes prior to the Event Effective Date of a Make-Whole Fundamental Change, then, whether or not such Make-Whole Fundamental
Change occurs, such Holder shall not be entitled to an increased Exchange Rate in connection with such Make-Whole Fundamental Change.

 

(f)             Nothing
in this ‎Section 14.03 shall prevent
an adjustment to the Exchange Rate pursuant to ‎Section 14.04
in respect of a Make-Whole Fundamental Change.

 

Section 14.04.     Adjustment
of Exchange Rate. The Exchange Rate shall be adjusted from time to time by the Company if any of the following events occurs,
except that the Company shall not make any adjustments to the Exchange Rate if Holders of the Notes participate (other than in
the case of (x) a share split or share combination or (y) a tender or exchange offer), at the same time and upon the
same terms as holders of Ordinary Shares and solely as a result of holding the Notes, in any of the transactions described in this
‎Section 14.04, without having to exchange their Notes, as if they held a number of Ordinary Shares equal to (i) the
Exchange Rate, multiplied by (ii) the principal amount (expressed in thousands) of Notes held by such Holder.

 

(a)            If
the Guarantor exclusively issues Ordinary Shares as a dividend or distribution on Ordinary Shares, or if the Guarantor effects
a share split or share combination, the Exchange Rate shall be adjusted based on the following formula:

 

 

 

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where,

 

	ER0	=	the Exchange Rate in effect immediately prior to the close of business on the Record Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split or share combination, as applicable;

 

	ER1	=	the Exchange Rate in effect immediately after the close of business on such Record Date or immediately after the open of business on such Effective Date, as applicable;

 

	OS0	=	the number of Ordinary Shares outstanding immediately prior to the close of business on such Record Date or immediately prior the open of business on such Effective Date, as applicable, before giving effect to such dividend, distribution, share split or share combination; and

 

	OS1	=	the number of Ordinary Shares outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

 

Any adjustment made under this ‎Section 14.04(a) shall
become effective immediately after the close of business on the Record Date for such dividend or distribution, or immediately after
the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution
of the type described in this ‎Section 14.04(a) is declared and results in an adjustment under this ‎Section 14.04(a) but
is not so paid or made, the Exchange Rate shall be immediately readjusted, effective as of the date the Guarantor’s Board
of Directors determines not to pay such dividend or distribution, to the Exchange Rate that would then be in effect if such dividend
or distribution had not been declared.

 

(b)            If
the Guarantor issues to all or substantially all holders of the Ordinary Shares any rights, options or warrants entitling them,
for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase Ordinary
Shares at a price per Ordinary Share that is less than the average of the Last Reported Sale Prices per Ordinary Share for the
10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such
issuance, the Exchange Rate shall be increased based on the following formula:

 

 

 

where,

 

	ER0	=	the Exchange
Rate in effect immediately prior to the close of business on the Record Date for such issuance;

 

	ER1	=	the Exchange
Rate in effect immediately after the close of business on such Record Date;

 

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	OS0	=	the number
of Ordinary Shares outstanding immediately prior to the close of business on such Record Date;
	 	 	 
	X	=	the total number of Ordinary Shares issuable pursuant to such rights, options or warrants; and
	 	 	 
	Y	=	the number of Ordinary Shares equal to the aggregate price payable to exercise such rights, options or warrants, divided
by the average of the Last Reported Sale Prices per ordinary share over the 10 consecutive Trading Day period ending on, and
including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 

Any increase made under this ‎Section 14.04(b) shall
be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after the
close of business on the Record Date for such issuance. To the extent that such rights, options or warrants are not exercised prior
to their expiration or Ordinary Shares are not delivered after the exercise or expiration of such rights, options or warrants,
the Exchange Rate shall be decreased to the Exchange Rate that would then be in effect had the increase with respect to the issuance
of such rights, options or warrants been made on the basis of delivery of only the number of Ordinary Shares actually delivered.
If such rights, options or warrants are not so issued, the Exchange Rate shall be decreased, effective as of the date the Guarantor’s
Board of Directors determines not to issue such rights, options or warrants, to the Exchange Rate that would then be in effect
if such Record Date for such issuance had not occurred.

 

For purposes of this ‎Section 14.04(b), in determining
whether any rights, options or warrants entitle the holders of Ordinary Shares to subscribe for or purchase Ordinary Shares at
less than such average of the Last Reported Sale Prices per share of the 10 consecutive Trading Day period ending on, and including,
the Trading Day immediately preceding the date of announcement of such issuance, and in determining the aggregate offering price
of such Ordinary Shares , there shall be taken into account any consideration received by the Guarantor for such rights, options
or warrants and any amount payable on exercise or exchange thereof, the value of such consideration, if other than cash, to be
determined by the Guarantor’s Board of Directors.

 

(c)            If
the Guarantor distributes shares of its share capital, evidences of its indebtedness, other assets or property of the Guarantor
or rights, options or warrants to acquire its share capital or other securities, to all or substantially all holders of the Ordinary
Shares, excluding:

 

A.            dividends,
distributions or issuances as to which an adjustment was effected pursuant to described in ‎Section 14.04(a) or
‎Section 14.04(b);

 

B.            rights
issued under a shareholder rights plan (except as set forth below);

 

C.            dividends
or distributions paid exclusively in cash as to which the provisions set forth in ‎Section 14.04(d) apply;

 

D.            any
dividends and distributions in connection with a Specified Corporate Event described under ‎Section 14.07;
and

 

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E.            Spin-Offs
as to which the provisions set forth below in this ‎Section 14.04(c) shall apply;

 

(any of such shares of share capital, evidences of
indebtedness, other assets or property or rights, options or warrants to acquire share capital or other securities of the Guarantor,
the “Distributed Property”), then the Exchange Rate shall be increased based on the following formula:

 

 

where,

 

	ER0	=	the Exchange Rate in effect immediately prior to the close of business on the Record Date for such distribution;

 

	ER1	=	the Exchange Rate in effect immediately after the close of business on such Record Date;

 

	SP0	=	the average of the Daily VWAP of the Company’s Ordinary Shares over the 10 consecutive Trading Day period ending on, and
including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and

 

	FMV	=	the fair market value (as determined by the Guarantor’s Board of Directors) of the Distributed Property so distributed with
respect to each outstanding Ordinary Share on the Record Date for such distribution.

 

Any increase made under the portion of this
 ‎Section 14.04(c) above shall become effective immediately after the close of business on the Record Date for such
distribution. If such distribution is not so paid or made, the Exchange Rate shall be decreased, effective as of the date the Guarantor’s
Board of Directors determines not to pay or make such distribution, to be the Exchange Rate that would then be in effect if such
distribution had not been declared.

 

Notwithstanding the foregoing, if “FMV”
(as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase,
each Holder of a Note shall receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms
as holders of the Ordinary Shares receive the Distributed Property, the amount and kind of Distributed Property that such Holder
would have received if such Holder owned a number of Ordinary Shares equal to the Exchange Rate in effect on the Record Date for
the distribution.

 

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With respect to an adjustment pursuant to
this ‎Section 14.04(c) where there has been a payment of a dividend or other distribution on the Ordinary Shares
of capital of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Guarantor,
that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”),
the Exchange Rate shall be increased based on the following formula:

 

 

where,

 

		ER0	=	the Exchange Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;

 

		ER1	=	the Exchange Rate in effect immediately after the open of business on the Ex-Dividend Date for such distribution;

 

		FMV0	=	the average of the Daily VWAP of the share capital or similar equity interest distributed to holders of the Ordinary Shares applicable
to one Ordinary Share (determined by reference to the definition of Daily VWAP as set forth in ‎Section 1.01 as if references
therein to the Ordinary Shares were to such share capital or similar equity interest) over the first 10 consecutive Trading Day
period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and

 

		MP0	=	the average of the Daily VWAP of Ordinary Shares over the Valuation Period.

 

The increase to the Exchange Rate under
the preceding paragraph will occur at the close of business on the last Trading Day of the Valuation Period; provided that
in respect of any exchange of Notes, if the relevant Exchange Date occurs during the Valuation Period, the reference to “10”
in the preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend
date for such Spin-Off and such Exchange Date in determining the Exchange Rate. If such Spin-Off does not occur, the Exchange Rate
shall be decreased, effective as of the date the Guarantors’ Board of Directors determines not to consummate such Spin-Off,
to be the Exchange Rate that would then be in effect if such distribution had not been declared, effective as of the date on which
Guarantors’ Board of Directors (or its designee) determines not to consummate such spin-off.

 

For
purposes of this ‎Section 14.04(c) (and
subject in all respects to ‎Section 14.11),
rights, options or warrants distributed by the Guarantor to all holders of Ordinary Shares entitling them to subscribe for or purchase
shares of the Guarantor’s share capital, including Ordinary Shares (either initially or under certain circumstances), which
rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”):

 

A.   are
deemed to be transferred with such Ordinary Shares;

 

B.   are
not exercisable; and

 

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C.   are
also issued in respect of future issuances of the Ordinary Shares,

 

shall be deemed not to have been distributed for purposes of
this ‎Section 14.04(c) (and no adjustment to the Exchange Rate under this ‎Section 14.04(c) will be
required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have
been distributed and an appropriate adjustment (if any is required) to the Exchange Rate shall be made under this ‎Section 14.04(c).
If any such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of
this Indenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase
different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall
be deemed to be the date of distribution and Record Date with respect to new rights, options or warrants with such rights (in which
case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the
holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any
Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted
for purposes of calculating a distribution amount for which an adjustment to the Exchange Rate under this ‎Section 14.04(c) was
made:

 

(i)           in
the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders
thereof, upon such final redemption or purchase (x) the Exchange Rate shall be readjusted as if such rights, options or warrants
had not been issued and (y) the Exchange Rate shall then again be readjusted to give effect to such distribution, deemed distribution
or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price
received by a holder or holders of Ordinary Shares with respect to such rights, options or warrants (assuming such holder had retained
such rights, options or warrants), made to all holders of Ordinary Shares as of the date of such redemption or purchase, and

 

(ii)          in
the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof,
the Exchange Rate shall be readjusted as if such rights, options and warrants had not been issued.

 

For
purposes of ‎Section 14.04(a), ‎Section 14.04(b) and
this ‎Section 14.04(c), any dividend
or distribution to which this ‎Section 14.04(c) is
applicable that also includes one or both of:

 

A.   a
dividend or distribution of Ordinary Shares to which ‎Section 14.04(a) is applicable
(the “Clause A Distribution”); or

 

B.   a
dividend or distribution of rights, options or warrants to which ‎Section 14.04(b) is
applicable (the “Clause B Distribution”),

 

then:

 

(i)            such
dividend or distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend
or distribution to which this ‎Section 14.04(c) is applicable (the “Clause
C Distribution”) and any Exchange Rate adjustment required by this ‎Section 14.04(c) with
respect to such Clause C Distribution shall then be made; and

 

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(ii)            the
Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution and any Exchange
Rate adjustment required by ‎Section 14.04(a) and ‎Section 14.04(b) with
respect thereto shall then be made, except that, if determined by the Company (I) the “Record Date” of the Clause
A Distribution and the Clause B Distribution shall be deemed to be the Record Date of the Clause C Distribution and (II) any
Ordinary Shares included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately
prior to the close of business on such Record Date or immediately after the open of business on such Effective Date” within
the meaning of ‎Section 14.04(a) or “outstanding immediately prior to
the close of business on such Record Date” within the meaning of ‎Section 14.04(b).

 

(d)          If
any cash dividend or distribution is made to all or substantially all holders of Ordinary Shares, the Exchange Rate shall be increased
based on the following formula:

 

 

where,

 

		ER0	=	the Exchange Rate in effect immediately prior to the close of business on the Record Date for such dividend or distribution;

 

		ER1	=	the Exchange Rate in effect immediately after the close of business on the Record Date for such dividend or distribution;

 

		SP0	=	the Daily VWAP of Ordinary Shares on the Trading Day immediately preceding the Ex-Dividend
                                                                                           Date for such dividend or distribution; and

 

		C	=	the amount in cash per share the Guarantor distributes to all or substantially all holders of the Ordinary Shares.

 

Any increase made pursuant to this ‎Section 14.04(d) shall
become effective immediately after the close of business on the Record Date for such dividend or distribution. If such dividend
or distribution is not so paid, the Exchange Rate shall be decreased, effective as of the date the Guarantor’s Board of Directors
determines not to make or pay such dividend or distribution, to the Exchange Rate that would then be in effect if such dividend
or distribution had not been declared.

 

Notwithstanding the foregoing, if “C”
(as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase,
each Holder of a Note shall receive, for each $1,000 principal amount of Notes, at the same time and upon the same terms as holders
of the Ordinary Shares, the amount of cash that such Holder would have received if such Holder owned a number of Ordinary Shares
equal to the Exchange Rate in effect immediately prior to the open of business on the Record Date for such cash dividend or distribution.

 

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(e)          If
the Guarantor or any of its Subsidiaries makes a payment in respect of a tender or exchange offer for the Ordinary Shares, to the
extent that the cash and value of any other consideration included in the payment per share of Ordinary Shares exceeds the average
of the Daily VWAP of Ordinary Shares over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next
succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (such date, the “Expiration
Date”), the Exchange Rate shall be increased based on the following formula:

 

 

 

where,

 

		ER0	=	the Exchange Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and
including the Trading Day next succeeding the Expiration Date;

 

		ER1	=	the Exchange Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including
the Trading Day next succeeding the Expiration Date;

 

		AC	=	the aggregate value of all cash and any other consideration (as determined by the Guarantor’s Board of Directors) paid or
payable for shares purchased or exchanged in such tender or exchange offer;

 

		OS0	=	the number of Ordinary Shares outstanding immediately prior to the Expiration Date (prior to giving effect to the purchase
of all shares accepted for purchase or exchange in such tender or exchange offer);

 

		OS1	=	the number of Ordinary Shares outstanding immediately after the Expiration Date (after giving effect to the purchase of all shares
accepted for purchase or exchange in such tender or exchange offer); and

 

		SP1	=	the average of the Daily VWAP of Ordinary Shares over the 10 consecutive Trading Day period commencing on, and including,
the Trading Day next succeeding the Expiration Date.

 

The Increase to the Exchange Rate under
this ‎Section 14.04(e) shall occur at the close of business on the 10th Trading Day immediately following, and including,
the Trading Day next succeeding the Expiration Date; provided that in respect to any exchange of Notes, if the relevant
Exchange Date occurs during the 10 Trading Days immediately following, and including the Trading Day next succeeding the Expiration
Date of any tender or exchange offer, references to “10” or “10th” under this ‎Section 14.04(e) shall
be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Expiration Date of such tender or
exchange offer and such Exchange Date in determining the Exchange Rate.

 

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In the event that the Guarantor or one of
its Subsidiaries is obligated to subscribe for or purchase Ordinary Shares pursuant to any such tender offer or exchange offer,
but the Guarantor or such Subsidiary is permanently prevented by applicable law from effecting any such purchases, or all of such
purchases are rescinded, then the Exchange Rate shall again be adjusted to be the Exchange Rate that would then be in effect if
such tender offer or exchange offer had not been made or had been made only in respect of the purchases that have been effected.
For the avoidance of doubt, the terms “tender offer” and “exchange offer” mean a “tender offer”
as such term is used under the Exchange Act.

 

(f)           [Reserved]

 

(g)          All
calculations and other determinations under this ‎Article 14
shall be made by the Company and all adjustments to the Exchange Rate shall be made to the nearest one-ten thousandth (1/10,000th)
of an Ordinary Share. In no event will the Exchange Rate be adjusted such that the Exchange Price shall be less than the par value
per Ordinary Share. Notwithstanding anything in this ‎Article 14
to the contrary, the Company shall not be required to adjust the Exchange Rate unless the adjustment would result in a change of
at least 1.0% to the Exchange Rate; provided, however, the Company shall carry forward, and take into account in
any future adjustment, any adjustments that are less than 1.0% of the Exchange Rate and make such carried forward adjustments,
regardless of whether the aggregate adjustment is less than 1.0%, (i) on the Event Effective Date of any Make-Whole Fundamental
Change or the effective date of any Fundamental Change, (ii) on the Exchange Date for any Notes and (iii) on the date
of a Notice of Tax Redemption.

 

(h)          In
addition to those adjustments required by clauses ‎(a),
‎(b), ‎(c),
‎(d) and ‎(e) of
this ‎Section 14.04, and to the extent
permitted by applicable law and subject to the applicable rules of the New York Stock Exchange, the Company from time to time
may increase the Exchange Rate by any amount for a period of at least 20 Business Days if the Guarantor’s Board of Directors
determines that such increase would be in the Company’s and/or the Guarantor’s best interest. In addition, to the extent
permitted by applicable law and subject to the applicable rules of the New York Stock Exchange, the Company may also (but
is not required to) increase the Exchange Rate to avoid or diminish any income tax to holders of Ordinary Shares or rights subscribe
for or to purchase Ordinary Shares in connection with a dividend or distribution of shares (or rights to acquire shares) or similar
event. Whenever the Exchange Rate is increased pursuant to either of the preceding two sentences, the Company shall send to the
Holder of each Note at its last address appearing on the Note Register a notice of the increase at least 15 days prior to the date
the increased Exchange Rate takes effect, and such notice shall state the increased Exchange Rate and the period during which it
will be in effect.

 

(i)           Except
as stated herein, the Company shall not adjust the Exchange Rate for the issuance of Ordinary Shares or any securities convertible
into or exchangeable for Ordinary Shares or the right to subscribe for or purchase Ordinary Shares or such convertible or exchangeable
securities. For example, the Exchange Rate shall not be adjusted:

 

A.   upon
the issuance of Ordinary Shares pursuant to any present or future plan providing for the reinvestment of dividends or interest
payable on the Guarantor’s securities and the investment of additional optional amounts in Ordinary Shares under any plan;

 

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B.   upon
the issuance any Ordinary Shares or options or rights to purchase those shares pursuant to any present or future employee, director
or consultant benefit plan or program of or assumed by the Guarantor or any of its Subsidiaries (including the Company);

 

C.   upon
the issuance of any Ordinary Shares pursuant to any option, warrant, right or exercisable, exchangeable or convertible security
not described in clause B. of this subsection and outstanding as of the date the Notes were first issued;

 

D.   for
ordinary course of business share repurchases that are not tender offers referred to in ‎Section 14.04(e),
including structured or derivative transactions or pursuant to a share repurchase program approved by the Guarantor’s Board
of Directors;

 

E.   solely
for a change in the par value of an Ordinary Share; or

 

F.    for
accrued and unpaid interest, if any.

 

(j)           [Reserved]

 

(k)          Whenever
the Exchange Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Exchange Agent if not
the Trustee) an Officer’s Certificate setting forth the Exchange Rate after such adjustment and setting forth a brief statement
of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have received such Officer’s
Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Exchange Rate and may assume without inquiry
that the last Exchange Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company
shall prepare a notice of such adjustment of the Exchange Rate setting forth the adjusted Exchange Rate and the date on which each
adjustment becomes effective and shall send such notice of such adjustment of the Exchange Rate to each Holder at its last address
appearing on the Note Register of this Indenture. Failure to deliver such notice shall not affect the legality or validity of any
such adjustment.

 

(l)           [Reserved]

 

(m)         For
purposes of this ‎Section 14.04, the
number of Ordinary Shares at any time outstanding shall not include shares held in the treasury of the Guarantor, so long as the
Guarantor does not pay any dividend or make any distribution on Ordinary Shares held in the treasury of the Guarantor, but shall
include shares issuable in respect of scrip certificates issued in lieu of fractions of Ordinary Shares.

 

Section 14.05.      Adjustments
of Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices or the
Daily VWAPs over a span of multiple days (including, without limitation, the period for determining the Stock Price for purposes
of a Make-Whole Fundamental Change or a Notice of Tax Redemption), the Guarantor’s Board of Directors shall make appropriate
adjustments, in good faith, to each to account for any adjustment to the Exchange Rate that becomes effective, or any event requiring
an adjustment to the Exchange Rate where the Record Date, Ex-Dividend Date, Effective Date or Expiration Date of the event occurs
at any time during the period when the Last Reported Sale Prices or the Daily VWAP are to be calculated.

 

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Section 14.06.      Shares
To Be Fully Reserved. The Company shall procure that the Guarantor shall have reserved and provide, free from preemptive rights,
out of its authorized but unissued shares, the maximum number of Ordinary Shares exchangeable in respect of the Preference Shares
(including the maximum number of Additional Shares that could be included in the Exchange Rate for an exchange in connection with
a Make-Whole Fundamental Change or a Notice of Tax Redemption).

 

Section 14.07.      Effect
of Recapitalizations, Reclassifications and Changes of the Ordinary Shares.

 

(a)          In
the case of:

 

A.   any
recapitalization, reclassification or change of the Ordinary Shares (other than a change to par value, or from par value to no
par value, or changes resulting from a subdivision or combination);

 

B.   any
consolidation, merger, amalgamation or other combination involving the Guarantor;

 

C.   any
sale, lease or other transfer or disposition to a third party of all or substantially all of the consolidated assets of the Guarantor
and its Subsidiaries, taken as a whole; or

 

D.   any
statutory share exchange,

 

in each case, as a result of which the Ordinary Shares would
be converted into, or exchanged for stock, other securities, other property or assets (including cash or any combination thereof)
(any such event, a “Specified Corporate Event” and any such stock, shares, other securities, other property
or assets (including cash or any combination thereof), “Reference Property” and the amount of Reference Property
that a holder of one Ordinary Share immediately prior to such Specified Corporate Event would have been entitled to receive upon
the occurrence of such Specified Corporate Event, a “Unit of Reference Property”), then the Company will, or
will cause the Guarantor, or the successor or purchasing person, as the case may be, to, execute with the Trustee, without the
consent of the Holders, a supplemental indenture providing that, at and after the effective time of the Specified Corporate Event,
the right to exchange each $1,000 principal amount of Notes for Preference Shares that are immediately and automatically transferred
to the Guarantor and exchanged for Ordinary Shares will be changed into a right to exchange such principal amount of Notes for
Preference Shares that are immediately and automatically exchanged for the kind and amount of Reference Property that a holder
of a number of Ordinary Shares equal to the Exchange Rate immediately prior to such Specified Corporate Event would have been entitled
to receive upon such Specified Corporate Event; provided, however, that at and after the effective time of the Specified
Corporate Event, (i) the number of Ordinary Shares in exchange for Preference Shares that the Company would have been required
to deliver upon exchange of the Notes in accordance with ‎Section 14.02 shall instead be deliverable in the Units of Reference
Property that a holder of that number of Ordinary Shares would have received in such Specified Corporate Event and (ii) the
Daily VWAP shall be calculated based on the value of a Unit of Reference Property that a holder of one Ordinary Share would have
received in such transaction.

 

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If the Specified Corporate Event causes
the Ordinary Shares to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined
based in part upon any form of shareholder election), then the Reference Property into which the Notes shall be exchangeable shall
be deemed to be the weighted average of the types and amounts of consideration actually received by the holders of the Ordinary
Shares. The Company shall notify Holders, the Trustee and the Exchange Agent (if other than the Trustee) in writing of the weighted
average as soon as practicable after such determination.

 

Such supplemental indenture described in
the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that shall be as nearly equivalent
as is possible to the adjustments provided for in this ‎Article 14. If the Reference Property in respect of any Specified
Corporate Event includes shares of stock, other securities or other property or assets (other than cash) (including any combination
thereof) of an entity other than the Guarantor or the successor or purchasing person, as the case may be, in such Specified Corporate
Event, then such other entity, if it is party to such Specified Corporate Event, shall also execute such supplemental indenture,
and such supplemental indenture shall contain such additional provisions to protect the interests of the Holders, including the
right of Holders to require the Company to repurchase their Notes upon a Fundamental Change in accordance with ‎Article 15,
as the Board of Directors of the Guarantor shall reasonably consider necessary by reason of the foregoing.

 

(b)          In
the event the Company shall execute a supplemental indenture pursuant to ‎Section 14.07(a),
the Company shall promptly file with the Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind
or amount of cash, securities or other assets (including any combination thereof) that will comprise the Reference Property after
any such Specified Corporate Event, any adjustment to be made with respect thereto and that all conditions precedent have been
complied with, and shall promptly send notice thereof to all Holders. The Company shall cause notice of the execution of such supplemental
indenture to be sent to each Holder, at its address appearing on the Note Register provided for in this Indenture, within 20 days
after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture.

 

(c)          If
the Notes become exchangeable for Reference Property, the Company shall (i) notify the Trustee in writing and issue a press
release containing the relevant information of disclose the relevant information in a Current Report on a Form 8-K, and (ii) post
such information on the Guarantor’s website.

 

(d)          The
Company and the Guarantor shall not become a party to any Specified Corporate Event unless its terms are consistent with this ‎Section 14.07.

 

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Section 14.08.      Certain
Covenants.

 

(a)          The
Company covenants that all Ordinary Shares delivered upon exchange of Preference Shares shall be duly authorized, fully paid and
non-assessable and free from all preemptive or similar rights of any security holder of the Guarantor and, except for any transfer
taxes payable by the Company, the Guarantor or a Holder, as the case may be, pursuant to Sections 14.02(d) and 14.02(e), free
from all taxes, liens, charges and adverse claims as the result of any action by the Company or the Guarantor.

 

(b)          [Reserved]

 

(c)          The
Company covenants that if any Ordinary Shares to be provided for the purpose of exchange of Preference Shares hereunder require
registration with or approval of any governmental authority under any federal or state law before such shares may be validly issued
upon exchange, the Company shall, to the extent then permitted by the rules and interpretations of the Commission, secure
such registration or approval, as the case may be.

 

(d)          The
Company further covenants that if at any time the Ordinary Shares shall be listed on any national securities exchange or automated
quotation system, the Company shall, or shall cause the Guarantor to, list and keep listed, so long as the Ordinary Shares shall
be so listed on such exchange or automated quotation system, any Ordinary Shares issuable upon exchange of the Preference Shares.

 

Section 14.09.      Responsibility
of Trustee. The Trustee and any other Exchange Agent shall not at any time be under any duty or responsibility to any Holder
to determine the Exchange Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including
any increase) of the Exchange Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or
with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The
Trustee and any other Exchange Agent shall not be accountable with respect to the validity or value (or the kind or amount) of
any Ordinary Shares, or of any securities, property or cash that may at any time be issued or delivered upon the exchange of any
Note; and the Trustee and any other Exchange Agent make no representations with respect thereto. Neither the Trustee nor any Exchange
Agent shall be responsible for any failure of the Company to issue, transfer or deliver any Ordinary Shares or stock certificates
or other securities or property or cash upon the surrender of any Note for the purpose of exchange or to comply with any of the
duties, responsibilities or covenants of the Company contained in this Article. Without limiting the generality of the foregoing,
neither the Trustee nor any Exchange Agent shall be under any responsibility to determine the correctness of any provisions contained
in any supplemental indenture entered into pursuant to ‎Section 14.07 relating either to the kind or amount of
shares of stock or securities or property (including cash) receivable by Holders upon the exchange of their Notes after any event
referred to in such ‎Section 14.07 or to any adjustment to be made with respect thereto, but, subject to the provisions
of ‎Section 7.01, may accept (without any independent investigation) as conclusive evidence of the correctness
of any such provisions, and shall be protected in conclusively relying upon, the Officer’s Certificate (which the Company
shall be obligated to furnish to the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither
the Trustee nor the Exchange Agent shall be responsible for determining whether any event contemplated by ‎Section 14.01(b) has
occurred that makes the Notes eligible for exchange or no longer eligible therefor until the Company has delivered to the Trustee
and the Exchange Agent the notices referred to in ‎Section 14.01(b) with respect to the commencement or termination
of such exchange rights, on which notices the Trustee and the Exchange Agent may conclusively rely, and the Company agrees to deliver
such notices to the Trustee and the Exchange Agent immediately after the occurrence of any such event or at such other times as
shall be provided for in ‎Section 14.01(b). The parties hereto agree that all notices to the Trustee or the Exchange
Agent under this ‎Article 14 shall be in writing.

 

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Section 14.10.      Notice
to Holders Prior to Certain Actions. In case of any:

 

(a)          Specified
Corporate Event or any consolidation, merger, sale, assignment, lease, conveyance or other transfer or disposition of all or substantially
all assets in accordance with ‎Article 11;
or

 

(b)          voluntary
or involuntary dissolution, liquidation or winding-up of the Guarantor or the Company;

 

then, in each case (unless notice of such event is otherwise
required pursuant to another provision of this Indenture), the Company shall cause to be furnished to the Trustee and the Exchange
Agent (if other than the Trustee) and to be sent to each Holder at its address appearing on the Note Register, as promptly as possible
but in any event at least 20 days prior to the date on which such Specified Corporate Event, any consolidation, merger, sale, assignment,
lease, conveyance or other transfer or disposition of all or substantially all assets in accordance with ‎Article 11,
or any dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of which it is expected
that holders of Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities or other property
deliverable upon such Specified Corporate Event, consolidation, merger, sale, assignment, lease, conveyance or other transfer or
disposition of all or substantially all assets in accordance with ‎Article 11, dissolution, liquidation or winding-up;
provided, however, that if on such date, neither the Company nor the Guarantor has knowledge of such event or the
adjusted Exchange Rate cannot be calculated, the Company shall deliver such notice as promptly as practicable upon obtaining knowledge
of such event or information sufficient to make such calculation, as the case may be, and in no event later than the effective
date of such adjustment. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such
action by the Company, the Guarantor or one of the Guarantor’s Subsidiaries, Specified Corporate Event, or any consolidation,
merger, sale, assignment, lease, conveyance or other transfer or disposition of all or substantially all assets in accordance with
 ‎Article 11, dissolution, liquidation or winding-up.

 

Section 14.11.      Shareholder
Rights Plans. If the Guarantor has a shareholder’s rights agreement or rights plan in effect upon exchange of the Notes,
Holders that exchange their Notes shall receive, in addition to any Ordinary Shares received in connection with such exchange,
the appropriate number of rights under such rights agreement or rights plan, if any, and any certificate representing the Ordinary
Shares issued upon such exchange shall bear such legends, if any, in each case as may be provided by the terms of any such rights
agreement or rights plan, as the same may be amended from time to time. However, if prior to any exchange, the rights have separated
from the Ordinary Shares in accordance with the provisions of the applicable shareholder’s rights agreement or rights plan
(a “Separation Event”), the Exchange Rate shall be adjusted at the time of separation as if the Guarantor distributed
to all or substantially all holders of the Ordinary Shares, Distributed Property pursuant to ‎Section 14.04(c),
subject to readjustment in the event of the expiration, termination or redemption of such rights.

 

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Article 15

Repurchase of Notes at Option of Holders

 

Section 15.01.      Intentionally
Omitted.

 

Section 15.02.      Repurchase
at Option of Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at any time prior to the Maturity Date,
each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s
Notes, or any portion of the principal amount thereof that is equal to an Authorized Denomination, on the date (the “Fundamental
Change Repurchase Date”) specified by the Company that is not less than 20 or more than 35 calendar days following the
date of the Fundamental Change Company Notice (defined below) (subject to extension if required to comply with law), at a repurchase
price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to, but not including, the
Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”), unless the Fundamental Change
Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date
relates, in which case the Company shall instead pay the full amount of accrued and unpaid interest to Holders of record as of
such Regular Record Date, and the Fundamental Change Repurchase Price shall be equal to 100% of the principal amount of Notes to
be repurchased pursuant to this ‎Article 15.

 

(b)          Repurchase
of Notes under this ‎Section 15.02 shall
be made, at the option of the Holder thereof, upon:

 

A.   delivery
to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the
form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Certificated Notes,
or in compliance with the Applicable Procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each
case, on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date; and

 

B.   delivery
of the Notes, if the Notes are Certificated Notes, to the Paying Agent on or before the close of business on the Business Day immediately
preceding the Fundamental Change Repurchase Date (together with all necessary endorsements for transfer) at the Corporate Trust
Office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance with the Applicable
Procedures, in each case, such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor.

 

The
Fundamental Change Repurchase Notice in respect of any Notes to be repurchased shall state:

 

(i)           in
the case of Certificated Notes, the certificate numbers of the Notes to be delivered for repurchase;

 

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(ii)          the
portion of the principal amount of Notes to be repurchased, which must be a minimum of $1,000 or an integral multiple of $1,000
in excess thereof; and

 

(iii)         that
the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;

 

provided,
however, that if the Notes are Global Notes, the Fundamental Change Repurchase Notice must comply with the Applicable Procedures.

 

Notwithstanding anything herein to the contrary,
any Holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this ‎Section 15.02
shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close
of business on the Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of
withdrawal to the Paying Agent in accordance with ‎Section 15.03.

 

If a Holder has already delivered a Fundamental
Change Repurchase Notice with respect to a Note, such Holder may not surrender such Note for exchange until such Holder has validly
withdrawn such Fundamental Change Repurchase Notice (or, in the case of a Global Note, has complied with the Applicable Procedures
with respect to such a withdrawal) in accordance with the terms of ‎Section 15.03.

 

The Paying Agent shall promptly notify the
Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof.

 

(c)          On
or before the 20th Business Day after the occurrence of a Fundamental Change, the Company shall provide to all Holders of Notes
and the Trustee and the Paying Agent (if other than the Trustee) a written notice (the “Fundamental Change Company Notice”)
of the occurrence of the Fundamental Change and of the repurchase right at the option of the Holders arising as a result thereof.
Each Fundamental Change Company Notice shall specify:

 

A.   the
events causing the Fundamental Change;

 

B.   the
date of the Fundamental Change;

 

C.   the
last date on which a Holder may exercise the repurchase right pursuant to this ‎Article 15;

 

D.   the
Fundamental Change Repurchase Price;

 

E.   the Fundamental Change Repurchase Date;

 

F.    the
name and address of the Paying Agent and the Exchange Agent;

 

G.   the
Exchange Rate and any adjustments to the Exchange Rate;

 

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H.   that
the Notes with respect to which a Fundamental Change Company Notice has been delivered by a Holder may be exchanged only if the
Holder withdraws the Fundamental Change Company Notice in accordance with the terms of this Indenture (or, in the case of a Global
Note, complies with the Applicable Procedures with respect to such a withdrawal);

 

I.     the
procedures that Holders must follow to require the Company to repurchase their Notes; and

 

J.    the
CUSIP, ISIN or other similar numbers, if any, assigned to such Notes.

 

Simultaneously
with providing such Fundamental Change Company Notice, the Company shall (x) issue a press release containing the information
in such Fundamental Change Company Notice or disclose the information in a Current Report on Form 8-K and (y) publish
the information on the Guarantor’s public website.

 

At the Company’s written request,
the Trustee shall give such notice in the Company’s and the Guarantor’s names and at the Company’s expense; provided,
however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company and/or
the Guarantor. In such a case, the Company shall deliver such notice to the Trustee at least two Business Days prior to the date
that the notice is required to be given to the Holders (unless a shorter notice period shall be agreed to by the Trustee), together
with an Officer’s Certificate requesting that the Trustee give such notice.

 

Such notice shall be delivered to the Trustee,
to the Paying Agent (if other than the Trustee) and to each Holder at its address shown in the Note Register (and to the beneficial
owner as required by applicable law) or, in the case of Global Notes, in accordance with the Applicable Procedures.

 

No failure of the Company and/or the Guarantor
to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of
the proceedings for the repurchase of the Notes pursuant to this ‎Section 15.02.

 

(d)          Notwithstanding
the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders in connection with a Fundamental
Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to
such date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change
Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Certificated
Notes held by it during the acceleration of the Notes (except in the case of an acceleration resulting from a Default by the Company
in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry transfer
of the Notes in compliance with the Applicable Procedures shall be deemed to have been cancelled, and, upon such return or cancellation,
as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn.

 

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(e)            Notwithstanding
anything to the contrary in the foregoing, the Company shall not be required to repurchase, or to make an offer to repurchase,
the Notes upon a Fundamental Change:

 

A.   if
a third party makes such an offer in the same manner, at same time and otherwise in compliance with the requirements for an offer
made by the Company pursuant to this ‎Article 15 and such third party purchases all
Notes properly surrendered and not validly withdrawn under its offer in the same manner, at the same time and otherwise in compliance
with the requirements for an offer made by the Company on the Fundamental Change Repurchase Date; or

 

B.    pursuant
to clause (2) of the definition thereof, if (i) such Fundamental Change results in the Notes becoming exchangeable (pursuant
to the provisions described in ‎Section 14.07) into an amount of cash per Note that
is greater than (x) the Fundamental Change Repurchase Price (assuming such price includes the maximum amount of accrued interest
that would be payable based on the latest possible Fundamental Change Repurchase Date), plus (y) to the extent that the 35th
Trading Day immediately following the effective date of such Fundamental Change is after a Regular Record Date and on or prior
to the Business Day immediately following the corresponding Interest Payment Date, the full amount of interest payable per Note
on such interest payment date, and (ii) the Company provides written notice of the effective date of any such transaction
as promptly as practicable following the date the Company publicly announces such transaction or prior to such effective date if
practicable to do so using commercially reasonable efforts. The requirements set forth in parts (i) and (ii) of this
clause B., the “Adequate Cash Exchange Provisions”.

 

Additionally, as set forth in ‎Section 14.03, the Company
may not be required to repurchase, or to make an offer to repurchase, the Notes upon a Fundamental Change or increase the Exchange
Rate of the Notes in connection with a Make-Whole Fundamental Change, in certain circumstances involving a significant change in
the composition of the Guarantor’s Board of Directors, unless such change is in connection with a Fundamental Change or a
Make-Whole Fundamental Change.

 

Section 15.03.      Withdrawal
of Fundamental Change Repurchase Notice. A Fundamental Change Repurchase Notice may be withdrawn (in whole or in part) by
means of a written notice of withdrawal delivered to the Paying Agent in accordance with this ‎Section 15.03 at
any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date, specifying:

 

(a)          the
principal amount of the Notes with respect to which such notice of withdrawal is being submitted, which portion must be in an Authorized
Denomination,

 

(b)          if
Certificated Notes have been issued, the certificate number of the Notes in respect of which such notice of withdrawal is being
submitted, and

 

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(c)          the
principal amount, if any, of such Notes that remains subject to the original Fundamental Change Repurchase Notice, which portion
must be in an Authorized Denomination;

 

provided,
however, that if the Notes are Global Notes, the withdrawal notice must comply with the Applicable Procedures.

 

Section 15.04.      Deposit
of Fundamental Change Repurchase Price. (a) The Company shall deposit with the Trustee (or other Paying Agent appointed
by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in ‎Section 4.04)
on or prior to 10:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase
all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds by the Trustee
(or other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not validly withdrawn prior
to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date) will be made on the
later of (i) the Fundamental Change Repurchase Date with respect to such Note (provided that the Holder has satisfied
the conditions in ‎Section 15.02) and (ii) the time of book-entry transfer or the delivery of such Note to
the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by ‎Section 15.02,
by mailing checks for the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Note Register;
provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds
to the account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon written demand by the
Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price.

 

(b)          If
by 10:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed
by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such
Fundamental Change Repurchase Date or any applicable extension thereof, then, with respect to Notes that have been properly surrendered
for repurchase and not validly withdrawn:

 

A.   such
Notes shall cease to be outstanding and interest shall cease to accrue on such Notes on the Fundamental Change Repurchase Date
or any applicable extension thereof (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered
to the Trustee or Paying Agent); and

 

B.   all
other rights of the Holders of such Notes will terminate on the Fundamental Change Repurchase Date (other than (x) the right
to receive the Fundamental Change Repurchase Price and (y) if the Fundamental Change Repurchase Date falls after a Regular
Record Date but on or prior to the related Interest Payment Date, the right of the Holder on such Regular Record Date to receive
the accrued and unpaid interest to, but not including, the Fundamental Change Repurchase Date).

 

(c)          Upon
surrender of a Note that is to be repurchased in part pursuant to ‎Section 15.02,
the Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Note in an Authorized Denomination
equal in principal amount to the portion of the Note surrendered that is not to be repurchased, without payment of any service
charge.

 

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Section 15.05.      Covenant
to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer, the Company and the Guarantor
will, if required:

 

(a)          comply
with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that may then
be applicable; and

 

(b)          file
a Schedule TO or any other required schedule under the Exchange Act;

 

in each case, so as to permit the rights and obligations under
this ‎Article 15 to be exercised in the time and in the manner specified in this ‎Article 15, subject to extension
if required to comply with law. To the extent that any securities laws and regulations conflict with the provisions of this Indenture
with respect to the repurchase of Notes, the Company is required to comply with such securities laws and regulations and shall
not be deemed to be in breach of this Indenture as a result thereof.

 

Article 16

Optional Redemption Only for Taxation Reasons

 

Section 16.01.      Optional
Redemption for Certain Tax Laws. The Notes shall not be redeemable by the Company, except as described in this ‎Article 16,
and no sinking fund is provided for the Notes. On or prior to the Maturity Date, the Notes may be redeemed, in whole but not in
part (a “Tax Redemption”), at the Company’s discretion at the Redemption Price, if (w) on the next
date on which any amount would be payable in respect of the Notes or Guarantee, the Company or any Guarantor is or would be required
to pay Additional Amounts (but, in the case of the Guarantor, only if the payment giving rise to such requirement cannot be made
by the Company without the obligation to pay Additional Amounts), (x) the Company or the Guarantor cannot avoid any such payment
obligation by taking reasonable measures available (including, for the avoidance of doubt, appointment of a new Paying Agent but
excluding the reincorporation or reorganization of the Company or the Guarantor), and (y) the requirement arises as a result
of:

 

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

 

(b)          any
change in, or amendment to, the official application, administration or interpretation of such laws, regulations or rulings (including
by virtue of a holding, judgment or order by a court of competent jurisdiction or a change in published practice), which change
or amendment is announced and becomes effective after the date of the Offering Memorandum (or if the applicable Tax Jurisdiction
became a Tax Jurisdiction on a date after the date of the Offering Memorandum, after such later date) (each of the foregoing clauses
(a) and (b), a “Change in Tax Law”).

 

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Section 16.02.      Notice
of Tax Redemption.

 

(a)          In
the event that the Company exercises its Tax Redemption right pursuant to ‎Section 16.01,
it shall fix a date for redemption (the “Tax Redemption Date”) and it or, at its written request received
by the Trustee not less than five Business Days prior to the date on which notice is sent to the Holders (or such shorter
period of time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the Company, shall
deliver or cause to be delivered a notice (which notice shall be irrevocable) of such Tax Redemption (a “Notice of
Tax Redemption”) not less than 10 nor more than 60 calendar days prior to the Tax Redemption Date to each Holder of
Notes so to be redeemed at its last address as the same appears on the Note Register; provided, however, that if the
Company shall give a Notice of Tax Redemption, it shall also give a written notice of the Tax Redemption Date to the Trustee
and the Paying Agent. The Tax Redemption Date must be a Business Day. The Company shall not give any such notice of
redemption earlier than 60 calendar days prior to the earliest date on which the Company or the Guarantor would be obligated
to make such payment of Additional Amounts if a payment in respect of the Notes or the Guarantee were then due and at the
time such notice is given, the obligation to pay Additional Amounts must remain in effect. Simultaneously with providing a
Notice of a Tax Redemption, the Company will (i) issue a press release containing the relevant information or disclose
the relevant information in a Current Report on Form 8-K and (ii) post such information on the Guarantor’s
public website. Prior to the mailing, publication or, where relevant, delivery of any Notice of Tax Redemption of the Notes
pursuant to the foregoing, the Company shall deliver to the Trustee an opinion of independent tax counsel of recognized
standing qualified under the laws of the relevant Tax Jurisdiction (which counsel shall be reasonably acceptable to the
Trustee) to the effect that there has been a Change in Tax Law which would entitle the Company to redeem the Notes hereunder.
In addition, before the Company delivers a Notice of Tax Redemption, it shall deliver to the Trustee an Officer’s
Certificate to the effect that it cannot avoid its obligation to pay Additional Amounts by the Company or the Guarantor
taking reasonable measures available to the Company or the Guarantor. The Trustee shall accept and shall be entitled to
conclusively rely on such Officer’s Certificate and Opinion of Counsel as sufficient evidence of the existence and
satisfaction of the conditions as described above, in which event it will be conclusive and binding on all of the
Holders.

 

(c)          Each
Notice of Tax Redemption shall specify: the Tax Redemption Date;

 

B.   the
Redemption Price;

 

C.   the
place or places where such Notes are to be surrendered for payment of the Redemption Price;

 

D.   that
on the Tax Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that the interest
thereon, if any, shall cease to accrue on and after the Tax Redemption Date;

 

E.    that
Holders may surrender their Notes called for redemption for exchange at any time from the date of the Notice of Tax Redemption
to the close of business on the second Business Day immediately preceding the Tax Redemption Date or, if the Company fails to pay
the Redemption Price, such later date on which the Company pays or duly provides for the Redemption Price;

 

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F.    the
procedures an exchanging Holder must follow to exchange its Notes called for redemption;

 

G.   that
Holders have the right to elect not to have their Notes redeemed by delivering to the Trustee written notice to that effect not
later than the 10th calendar day prior to the Tax Redemption Date;

 

H.   that
Holders who wish to elect not to have their Notes redeemed must satisfy the requirements set forth herein and in this Indenture;

 

I.     that,
on and after the Tax Redemption Date, Holders who elect not to have their Notes redeemed will not receive any Additional Amounts
on any payments with respect to such Notes (whether upon exchange, prepayment, maturity or otherwise, and whether in cash, Ordinary
Shares or otherwise), and all subsequent payments with respect to the Notes will be subject to the deduction or withholding of
such applicable Tax Jurisdiction taxes required by law to be deducted or withheld;

 

J.    the
Exchange Rate and, if applicable, the number of Ordinary Shares added to the Exchange Rate in accordance with ‎Section 16.06;
and

 

K.   the
CUSIP, ISIN or other similar numbers, if any, assigned to such Notes.

 

A Notice of Tax Redemption shall be irrevocable. In the case
of a Tax Redemption, a Holder may convert any or all of its Notes called for redemption at any time from the date of the Notice
of Tax Redemption to the close of business on the second Business Day immediately preceding the Tax Redemption Date or, if the
Company fails to pay the Redemption Price, such later date on which the Company pays or duly provides for the Redemption Price.

 

Section 16.03.      Payment
of Notes Called for Tax Redemption.

 

(a)          If
any Notice of Tax Redemption has been given in respect of the Notes in accordance with ‎Section 16.02,
the Notes shall become due and payable on the Tax Redemption Date at the place or places stated in the Notice of Tax Redemption
and at the applicable Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Notice
of Tax Redemption, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price.

 

Section 16.04.      Holders’
Right to Avoid Redemption. Notwithstanding anything to the contrary in this ‎Article 16, if the Company has
given a Notice of Tax Redemption as described in ‎Section 16.02, each Holder of Notes shall have the right to elect
that all or a part of such Holder’s Notes will not be subject to the Tax Redemption. If a Holder elects that its Notes shall
not be subject to a Tax Redemption, neither the Company nor the Guarantor, as the case may be, shall be required to pay Additional
Amounts with respect to payments made in respect of such Notes following the Tax Redemption Date, and all subsequent payments in
respect of such Notes shall be subject to any tax required to be withheld or deducted under the laws of an applicable Tax Jurisdiction.
The obligation to pay Additional Amounts to any electing Holder for payments made in periods prior to the Tax Redemption Date shall
remain subject to the exceptions set forth under Section 4.10. Holders must exercise their option to elect to avoid a Tax
Redemption by written notice (a “No Redemption Notice”) to the Trustee no later than the 10th calendar day prior
to the Tax Redemption Date; provided that a Holder that complies with the requirements for exchange of its Notes as described
in ‎Article 14 before the close of business on the second Business Day immediately preceding the Tax Redemption
Date (or, if the Company fails to pay the Redemption Price, such later date on which the Company pays or duly provides for the
Redemption Price) shall be deemed to have validly delivered a No Redemption Notice.

 

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Section 16.05.      Restrictions
on Tax Redemption. The Company may not redeem any Notes on any date if the principal amount of the Notes has been accelerated
in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior to the Tax Redemption
Date (or, if the Company fails to pay the Redemption Price, such later date on which the Company pays the Redemption Price) (except
in the case of an acceleration resulting from a Default by the Company in the payment of the Redemption Price with respect to such
Notes).

 

Section 16.06.      Mutatis
Mutandis. The above provisions will apply, mutatis mutandis, to any successor of the Company (or the Guarantor) with
respect to a Change in Tax Law occurring after the time such Person becomes successor to the Company (or the Guarantor).

 

Article 17

Miscellaneous Provisions

 

Section 17.01.      Provisions
Binding on Company’s and the Guarantor’s Successors. All the covenants, stipulations, promises and agreements of
each of the Company and the Guarantor contained in this Indenture shall bind its successors and assigns whether so expressed or
not.

 

Section 17.02.      Official
Acts by Successor Entity. Any act or proceeding by any provision of this Indenture authorized or required to be done or performed
by any board, committee or Officer of the Company or the Guarantor shall and may be done and performed with like force and effect
by the like board, committee or officer of any corporation or other entity that shall at the time be the lawful sole successor
of the Company or the Guarantor, as the case may be.

 

Section 17.03.      Addresses
for Notices, Etc. Any notice or demand that by any provision of this Indenture is required or permitted to be given or served
by the Trustee or by the Holders on the Company or the Guarantor shall be in writing (including facsimile and electronic mail in
PDF format) and shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited
postage prepaid by registered or certified mail in a post office letter box addressed (until another address is furnished by the
Company or the Guarantor to the Trustee) NCL Corporation Ltd., Attention: Daniel S. Farkas, e-mail (dfarkas@ncl.com), with a copy
to Norwegian Cruise Line Holdings Ltd., Attention: Daniel S. Farkas, e-mail (dfarkas@ncl.com). Any notice, direction, request or
demand hereunder to or upon the Trustee shall be in writing (including facsimile and electronic mail in PDF format) and shall be
deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered
or certified mail in a post office letter box addressed to the Corporate Trust Office.

 

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The Trustee, by notice to the Company, may
designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication delivered or
to be delivered to a Holder of Certificated Notes shall be mailed to it by first class mail, postage prepaid, at its address as
it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or communication
delivered or to be delivered to a Holder of Global Notes shall be delivered in accordance with the Applicable Procedures of the
Depositary and shall be sufficiently given to it if so delivered within the time prescribed.

 

Failure to send a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is
sent in the manner provided above, it is duly given, whether or not the addressee receives it.

 

In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice to Holders by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

In addition to the foregoing, the Trustee
agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile
transmission or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions
(or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s
understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses
arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such
instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic notices, instructions
or directions agrees to assume all risks arising out of the use of such electronic methods to submit notices, instructions and
directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk
or interception and misuse by third parties.

 

Section 17.04.          Governing
Law. THIS INDENTURE, EACH NOTE AND THE GUARANTEE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE,
EACH NOTE AND THE GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 17.05.          Intentionally
Omitted.

 

Section 17.06.          Evidence
of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application or demand by
the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee
an Officer’s Certificate and Opinion of Counsel stating that in the opinion of the signors, all conditions precedent and
covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied (except that no such Opinion
of Counsel shall be required to be furnished to the Trustee in connection with the issuance of the Notes on the date of this Indenture).

 

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Each Officer’s Certificate and Opinion
of Counsel provided for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to compliance
with this Indenture (other than the Officer’s Certificates provided for in ‎Section 4.09) shall include (i) a
statement that the Person making such certificate has read such covenant or condition; (ii) a brief statement as to the nature
and scope of the examination or investigation upon which the statement contained in such certificate is based; (iii) a statement
that, in the judgment of such person, he or she has made such examination or investigation as is necessary to enable him or her
to express an informed judgment as to whether or not such covenant or condition has been complied with; and (iv) a statement
as to whether or not, in the judgment of such Person, such covenant or condition has been complied with.

 

Notwithstanding anything to the contrary
in this ‎Section 17.06, if any provision in this Indenture specifically provides that the Trustee shall or may receive
an Opinion of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled
to such Opinion of Counsel.

 

Section 17.07.          Legal
Holidays. If any Interest Payment Date, any Fundamental Change Repurchase Date, any Tax Redemption Date or the Maturity Date
is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding
Business Day with the same force and effect as if taken on such date, and no interest shall accrue in respect of the delay.

 

Section 17.08.          No
Security Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute
a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any
jurisdiction.

 

Section 17.09.          Benefits
of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties
hereto, any Paying Agent, any Custodian, any Exchange Agent, any authenticating agent, any Paying Agent and their successors hereunder
or the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 17.10.          Table
of Contents, Headings, Etc. The table of contents and the titles and headings of the articles and sections of this Indenture
have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict
any of the terms or provisions hereof.

 

Section 17.11.          Authenticating
Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf and subject to its direction
in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes
hereunder, including under ‎Section 2.04, ‎Section 2.05, ‎Section 2.06, ‎Section 2.07,
‎Section 10.04 and ‎Section 15.04 as fully to all intents and purposes as though the authenticating
agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all purposes of
this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery
of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating
agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication.
Such authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to ‎Section 7.08.

 

    92 

     

    

 

Any corporation or other entity into which
any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting
from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity
succeeding to all or substantially all the corporate trust business of any authenticating agent, shall be the successor of the
authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this ‎Section 17.11,
without the execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or
such successor corporation or other entity.

 

Any authenticating agent may at any time
resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency
of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible
under this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice
of such appointment to the Company and shall mail notice of such appointment to all Holders as the names and addresses of such
Holders appear on the Note Register.

 

The Company agrees to pay to the authenticating
agent from time to time reasonable compensation for its services although the Company may terminate the authenticating agent, if
it determines such agent’s fees to be unreasonable.

 

The provisions of ‎Section 7.02,
 ‎Section 7.03, ‎Section 7.04, ‎Section 7.06, ‎Section 8.03 and this ‎Section 17.11
shall be applicable to any authenticating agent.

 

If an authenticating agent is appointed
pursuant to this ‎Section 17.11, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of
authentication, an alternative certificate of authentication in the following form:

 

__________________________,

as Authenticating Agent, certifies that this is one of the Notes described

in the within-named Indenture.

 

By: ____________________

Authorized Officer

 

Section 17.12.          Execution
in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature
pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties
hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF shall be deemed to be their original signatures for all purposes.

 

    93 

     

    

 

Section 17.13.          Severability.
In the event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted
by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

 

Section 17.14.          Waiver
of Jury Trial; Submission of Jurisdiction. EACH OF THE COMPANY, THE GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THIS INDENTURE, THE NOTES, THE GUARANTEE OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE COMPANY AND THE GUARANTOR HEREBY
IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK
OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK (EACH, A “COURT”) IN RESPECT
OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES AND THE GUARANTEE, AND IRREVOCABLY ACCEPTS
FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. EACH OF THE COMPANY,
THE GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS, SUITS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION
WITH THIS INDENTURE, THE NOTES OR THE GUARANTEE BROUGHT IN ANY OF THE AFORESAID COURTS AND HEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY
WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

Section 17.15.          Appointment
of Agent for Service of Process. The Company and the Guarantor (together, the “NCL Parties”) hereby irrevocably
designate, appoint and empower Corporate Creations International, Inc. as their designee, appointee and agent to receive,
accept and acknowledge for and on their behalf, and their properties, assets and revenues, service of any and all legal process,
summons, notices and documents that may be served in any action, suit or proceeding brought against them in any such Court with
respect to its obligations, liabilities or any other matter arising out of or in connection with this Indenture, the Notes or the
Guarantee and that may be made on such designee, appointee and agent in accordance with legal procedures prescribed for such Courts.
If for any reason such designee, appointee and agent hereunder shall cease to be available to act as such, the NCL Parties agree
to designate a new designee, appointee and agent in the County of New York on the terms and for the purposes of this Section 17.‎15
satisfactory to the Trustee. The NCL Parties further hereby irrevocably consent and agree to the service of any and all legal process,
summons, notices and documents in any such action, suit or proceeding against them by serving a copy thereof upon the relevant
agent for service of process referred to in this Section 17.‎15 (whether or not the appointment of such agent shall
for any reason prove to be ineffective or such agent shall accept or acknowledge such service) or by mailing copies thereof by
registered or certified air mail, postage prepaid, to the NCL Parties, at the address specified in or designated pursuant to this
Indenture. The NCL Parties agree that the failure of any such designee, appointee and agent to give any notice of such service
to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based
thereon. Nothing herein shall in any way be deemed to limit the ability of the Trustee to service any such legal process, summons,
notices and documents in any other manner permitted by applicable law or to obtain jurisdiction over the NCL Parties or bring actions,
suits or proceedings against them in such other jurisdictions, and in such manner, as may be permitted by applicable law.

 

    94 

     

    

 

Section 17.16.          Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being
understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.

 

Section 17.17.          Calculations.
Except as otherwise provided herein, the Company shall be responsible for making all calculations called for under the Notes or
this Indenture. These calculations include, but are not limited to, determinations of the Stock Price or Trading Price, the Last
Reported Sale Prices per Ordinary Share, the Daily VWAP, accrued interest payable on the Notes and the Exchange Rate of the Notes.
The Company shall make all these calculations in good faith and, absent manifest error, such calculations shall be final and binding
on Holders of Notes, the Trustee and the Exchange Agent. The Company shall provide a schedule of its calculations to each of the
Trustee and the Exchange Agent, and each of the Trustee and Exchange Agent is entitled to rely conclusively upon the accuracy of
such calculations without independent verification. The Trustee will forward the Company’s calculations to any Holder of
Notes upon the written request of that Holder at the sole cost and expense of the Company.

 

Section 17.18.          U.S.A.
Patriot Act. In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable
to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering,
pursuant to Section 326 of the USA PATRIOT Act of the United States (“Applicable Law”), the Trustee is
required to obtain, verify, record and up-date certain information relating to individuals and entities which maintain a business
relationship with the Trustee. Accordingly, each of the parties agrees to provide to the Trustee, upon its re-quest from time to
time such identifying information and documentation as may be available for such party in order to enable the Trustee to comply
with the Applicable Law.

 

Section 17.19.          Tax
Withholding for U.S. Federal Tax Distributions. Notwithstanding any other provision of this Indenture, the Trustee shall be
entitled to make a deduction or withholding from any payment which it makes under this Indenture for or on account of any present
or future taxes (including backup withholding taxes), if and to the extent so required by any applicable law and any current or
future regulations or agreements thereunder or official interpretations thereof or any law implementing an intergovernmental approach
thereto or by virtue of the relevant Holder failing to satisfy any certification or other requirements in respect of the Notes,
in which event the Trustee shall make such payment of cash or Ordinary Shares (including any payments received upon exchange of
the Notes or any amounts received upon the repurchase of the Notes or Ordinary Share) after such withholding or deduction has been
made and shall account to the relevant authorities for the amount so withheld or deducted.

 

    95 

     

    

 

Section 17.20.          FATCA.
In order to enable the Company and the Trustee to comply with its obligation with respect to this Indenture and the Notes under
FATCA (inclusive of official interpretations of FATCA promulgated by competent authorities), any applicable agreement entered into
pursuant to Section 1471(b) of the Code and/or any applicable intergovernmental agreement entered into in order to implement
FATCA, each of the Company and the Trustee each agree (i) to provide to one another such reasonable information that is within
its possession and is reasonably requested by the other to assist the other in determining whether it has tax related obligations
under FATCA, and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under this Indenture
to the extent necessary to comply with FATCA. The terms of this section shall survive the termination of this Indenture.

 

    96 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Indenture to be duly executed as of the date first written above.

 

	 	ISSUER:
	 	 
	 	NCL CORPORATION LTD.
	 	 
	 	By:	/s/ Mark A. Kempa
	 	 	Name:	Mark A. Kempa
	 	 	Title:	Executive Vice President and Chief Financial Officer
	 	 
	 	 
	 	GUARANTOR:
	 	 	 	 
	 	NORWEGIAN CRUISE LINE HOLDINGS, LTD.
	 	 	 	 
	 	By:	/s/ Mark A. Kempa
	 	 	Name:	Mark A. Kempa
	 	 	Title:	Executive Vice President and Chief Financial Officer

 

[Signature
Page to Indenture]

 

    

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
as Trustee
	 	 
	 	 
	 	By:	/s/ Joshua A. Hahn
	 	 	Name:	Joshua A. Hahn
	 	 	Title:	Vice
President

 

[Signature
Page to Indenture]

 

    

     

    

 

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[INCLUDE FOLLOWING LEGEND IF A GLOBAL NOTE]

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

[INCLUDE FOLLOWING LEGEND IF A RESTRICTED
SECURITY:

 

THIS SECURITY, THE PREFERENCE SHARES, IF ANY, ISSUABLE
UPON CONVERSION OF THIS SECURITY AND THE ORDINARY SHARES, IF ANY, ISSUABLE UPON EXCHANGE FOR THE PREFERENCE SHARES HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE ACQUIRER:

 

		1.	REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING
OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT AND THAT
IT AND ANY SUCH ACCOUNT IS NOT AN AFFILIATE OF NORWEGIAN CRUISE LINE HOLDINGS LTD. (“NCLH”), AND

 

		2.	AGREES FOR THE BENEFIT OF NCL CORPORATION LTD. (THE “COMPANY”) AND NCLH THAT IT WILL NOT OFFER, SELL, PLEDGE OR
OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER
THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR
PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW EXCEPT:

 

    	 	Exhibit A-1	 

     

    

 

		(i)	TO THE COMPANY, NCLH OR ANY SUBSIDIARY THEREOF;

 

		(ii)	PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT;

 

		(iii)	TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT THAT IS NOT AN AFFILIATE OF NCLH;
OR

 

		(iv)	PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 (IF AVAILABLE) UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

PRIOR TO THE REGISTRATION OF ANY
TRANSFER IN ACCORDANCE WITH (2) (iv) ABOVE, THE COMPANY, NCLH AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY
OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED
TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS
TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

NO AFFILIATE (AS DEFINED IN RULE
144 UNDER THE SECURITIES ACT) OF THE COMPANY OR NCLH AND NO PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE
SECURITIES ACT) OF THE COMPANY OR NCLH DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY PURCHASE, OTHERWISE ACQUIRE OR OWN
THIS SECURITY OR A BENEFICIAL INTEREST HEREIN.]

 

    	 	Exhibit A-2	 

     

    

 

NCL
CORPORATION LTD.

 

5.375% Exchangeable Senior Note due 2025

 

	No. A-[ ]	[Initially]1 $[ ]

 

CUSIP No. [ ]

 

NCL Corporation Ltd., a Bermuda exempted
company (the “Company,” which term includes any successor corporation or other entity under the Indenture referred
to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]2 [__________]3,
or registered assigns, the principal amount [as set forth in the “Schedule of Exchanges of Notes” attached hereto]4
[of $[ ]]5 or such other amount as reflected on the books and records of the Trustee and the Depositary, on August 1,
2025 and interest thereon as set forth below.

 

This Note shall bear interest at the rate
of 5.375% per year from July 21, 2020 or from the most recent date to which interest had been paid or provided for to, but
excluding, the next scheduled Interest Payment Date until August 1, 2025, unless earlier exchanged, redeemed or repurchased.
Accrued interest on this Note shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for a partial
month, on the basis of the number of days actually elapsed in a 30-day month. Interest is payable semi-annually in arrears on each
February 1 and August 1, commencing on February 1, 2021, to Holders of record at the close of business on the preceding
January 15 and July 15 (whether or not such day is a Business Day), respectively. Additional Interest will be payable
as set forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of the within-mentioned Indenture, and any
reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context,
Additional Interest is, was or would be payable pursuant to any of such 4.06(d), Section 4.06(e) or Section 6.03,
and any express mention of the payment of Additional Interest in any provision therein and herein shall not be construed as excluding
Additional Interest in those provisions thereof and hereof where such express mention is not made.

 

Any Defaulted Amounts shall accrue interest
per annum at the rate borne by the Notes from, and including, the relevant payment date to, but excluding, the date on which such
Defaulted Amounts shall have been paid by the Company, at its election in accordance with Section 2.03(c) of the Indenture.

 

The Company shall pay the principal of and
interest on this Note, so long as such Note is a Global Note, in immediately available funds to the Depositary or its nominee,
as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company
shall pay the principal of any Notes (other than Notes that are Global Notes) upon presentation thereof at the office or agency
designated by the Company for that purpose. The Company has initially designated the Trustee as its Paying Agent and Paying Agent
in respect of the Notes and its agency in the continental United States as a place where Notes may be presented for payment or
for registration of transfer.

 

 

1
Include if a global note.

2
Include if a global note.

3
Include if a certificated note.

4
Include if a global note.

5Include if a certificated note.

 

    	 	Exhibit A-3	 

     

    

 

Reference is made to the further provisions
of this Note set forth on the reverse hereof including, without limitation, provisions giving the Holder of this Note the right
to exchange this Note into Preference Shares, which the Company shall cause to be exchanged for Ordinary Shares on the terms and
subject to the limitations set forth in the Indenture. Such further provisions shall for all purposes have the same effect as though
fully set forth at this place.

 

This Note, and any claim, controversy
or dispute arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of
New York.

 

In the case of any conflict between this
Note and the Indenture, the provisions of the Indenture shall control and govern.

 

This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been manually signed by the Trustee or a duly authorized
authenticating agent under the Indenture.

 

[Remainder of page intentionally left
blank]

 

    	 	Exhibit A-4	 

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Note to be duly executed.

 

	 	NCL
CORPORATION LTD.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

U.S. Bank National Association, as Trustee,

certifies that this is one of the Notes described

in the within-named Indenture.

 

	By:	 	 
	 	Authorized Signatory	 

 

    	 	Exhibit A-5	 

     

    

 

[FORM OF REVERSE OF NOTE]

 

NCL CORPORATION LTD.,

5.375% Exchangeable Senior Note due 2025

 

This
Note is one of a duly authorized issue of Notes of the Company, designated as its 5.375% Exchangeable Senior Notes due 2025 (the
 “Notes”), limited to the aggregate principal amount of $400,000,000 (as increased by an amount equal
to the aggregate principal amount of any additional Notes purchased by the Initial Purchasers pursuant to the exercise of their
option to purchase additional Notes as set forth in the Purchase Agreement), all issued under and pursuant to an Indenture dated
as of July 21, 2020 (the “Indenture”), among the Company, the Guarantors and U.S. Bank National Association,
as trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Exchange
Agent, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount, subject
to certain conditions specified in the Indenture. The Notes represent the aggregate principal amount of outstanding Notes from
time to time endorsed hereon and the aggregate principal amount of outstanding Notes represented hereby may from time to time be
increased or reduced to reflect repurchases, cancellations, exchanges into preference shares and the issuance of ordinary shares,
transfers or exchanges permitted by the Indenture.

 

In case an Event of Default, as defined
in the Indenture, shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either
the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall
become, due and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture.
In the case certain Events of Default relating to a bankruptcy (or similar proceeding) with respect to the Guarantor or the Company
shall have occurred, the principal of, and interest on, all Notes shall automatically become immediately due and payable, as set
forth in the Indenture.

 

Subject to the terms and conditions of the
Indenture, the Company will make all payments and deliveries in respect of the Redemption Price on a Tax Redemption Date and the
Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date and the principal amount on the Maturity Date, as
the case may be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company
will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private
debts. Upon exchange of any Note, the Company shall deliver ordinary shares.

 

The Indenture contains provisions permitting
the Company, the Guarantor and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain
other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at
the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture
and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a
majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive
any past Default or Event of Default under the Indenture and its consequences.

 

    	 	Exhibit A-6	 

     

    

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal (including the Redemption Price and Fundamental Change Repurchase Price, if applicable) of or the consideration
due upon exchange for, as the case may be, and accrued and unpaid interest on this Note at the place, at the respective times,
at the rate and in the lawful money herein prescribed.

 

The Notes are issuable in registered form
without coupons in minimum denominations of $1,000 principal amount and integral multiples of $1,000 in excess thereof. At the
office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the
Indenture, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations, without payment
of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar
tax that may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange
of Notes being different from the name of the Holder of the old Notes surrendered for such exchange.

 

The Notes are not subject to redemption
through the operation of any sinking fund. Under certain circumstances specified in the Indenture, the Notes will be subject to
redemption by the Company at the Redemption Price.

 

Upon the occurrence of a Fundamental Change,
the Holder has the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s
Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase
Date at a price equal to the Fundamental Change Repurchase Price.

 

Subject to the provisions of the Indenture,
the Holder hereof has the right, at its option, until the close of business on the Business Day immediately preceding the Maturity
Date, to exchange any Notes or portion thereof that is $1,000 or an integral multiple of $1,000 in excess thereof at the Exchange
Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture.

 

Terms used in this Note and defined in the
Indenture are used herein as therein defined.

 

    	 	Exhibit A-7	 

     

    

 

ABBREVIATIONS

 

The following abbreviations, when used in
the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws
or regulations:

 

TEN COM = as tenants in common

 

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act

 

CUST = Custodian

 

TEN ENT = as tenants by the entireties

 

JT TEN = joint tenants with right of survivorship and not as tenants in common

 

Additional abbreviations may also be used
though not in the above list.

 

    	 	Exhibit A-8	 

     

    

 

 

SCHEDULE A6

 

SCHEDULE OF EXCHANGES OF NOTES

 

NCL Corporation Ltd.,

5.375% Exchangeable
Senior Notes due 2025

 

The initial principal amount of this Global
Note is ___________ DOLLARS ($[______]). The following increases or decreases in this Global Note have been made:

 

	Date of 

Exchange	 	Amount of

 decrease in

 Principal 

Amount of this

 Global Note	 	Amount of 

increase in

 Principal 

Amount of this

 Global Note	 	Principal Amount 

of this Global 

Note following 

such decrease or 

increase	 	Signature of 

authorized 

signatory of 

Trustee or 

Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

6
Include if a global note.

 

    	 	Exhibit A-9	 

     

    

 

ATTACHMENT 1

 

[FORM OF NOTICE OF EXCHANGE]

 

	To:		NCL Corporation Ltd.,

 

			U.S. Bank National Association, as Exchange Agent

 

The undersigned registered owner of this
Note hereby exercises the option to exchange this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple
of $1,000 in excess thereof) below designated into a number of Preference Shares in the Company, which the Company shall cause
to be exchanged for a number of Ordinary Shares in accordance with the terms of the Indenture referred to in this Note, and directs
that any Ordinary Shares deliverable upon such exchange, together with any cash payable for any fractional Ordinary Share, and
any Notes representing any unexchanged principal amount hereof, be issued and delivered to the registered Holder hereof unless
a different name has been indicated below.

 

If any Ordinary Shares or any portion of
this Note not exchanged are to be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary,
stamp or similar issue or transfer taxes, if any in accordance with Section 14.02(d) and Section 14.02(e) of
the Indenture. Any amount required to be paid to the undersigned on account of interest accompanies this Note.

 

The undersigned registered owner hereby
confirms that, as of the date hereof, such registered owner Beneficially Owns (as such term is defined in the Guarantor’s
bye-laws, as it may be further amended) the number of Ordinary Shares set forth below, excluding any Ordinary Shares issuable upon
the exchange contemplated hereunder:

 

	 	 	 	 

 

In the case of Certificated Notes, the certificate
numbers of the Notes to be exchanged are as set forth below:

 

	 	 	 	 

 

	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Name(s) of Registered Holder	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Street Address	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	City, State and Zip Code	 
	 	 	 	 	 
	 	 	 	Please print name and address	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Signature(s)	 

 

    	 	Exhibit A-10	 

     

    

 

	 	 	 	 
	Signature Guarantee	 	 	 
	 	 	 	 
	Signature(s) must be guaranteed
by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in
an approved signature guarantee medallion program pursuant to Securities and Exchange Commission
Rule 17Ad-15 if Ordinary Shares are to be delivered, or Notes are to be delivered, other than to and in the name of the
registered holder.	 	 	 
	 	 	 	 
	Fill in for registration of
Ordinary Shares if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder:	 	 	 

 

	 	 
	(Name)	 
	 	 
	 	 
	(Street Address)	 
	 	 
	 	 
	(City, State and Zip Code)	 
	 	 
	Please print name and address	 

 

	 	 	Principal amount to be exchanged
(if less than all):
	 	 	 
	 	 	$______,000
	 	 	 
	 	 	NOTICE: The above signature(s) of
the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration
or enlargement or any change whatever.

	 	 	 	 
	 	 	Social Security or Other Taxpayer
	 	 	Identification Number

 

    	 	Exhibit A-11	 

     

    

 

ATTACHMENT 2

 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE
NOTICE]

 

To: NCL Corporation Ltd.,

 

The undersigned registered owner of this
Note hereby acknowledges receipt of a notice from NCL Corporation Ltd., (the “Company”) as to the occurrence
of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs
the Company to pay to the registered holder hereof in accordance with Section 15.02 of the Indenture referred to in this Note
(1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple
of $1,000 in excess thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during the
period after a Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, if
any, thereon to, but excluding, such Fundamental Change Repurchase Date.

 

In the case of Certificated Notes, the certificate
numbers of the Notes to be repurchased are as set forth below: __________________________

 

	Dated:	 	 	 	 

 

	 	 	
	 	 	Signature(s)
	 	 	 
	 	 	 
	 	 	Social Security or Other Taxpayer

Identification Number
	 	 	 
	 	 	Principal amount to be repurchased (if less than all):
$______,000
	 	 	 
	 	 	NOTICE: The above signature(s) of the Holder(s) hereof
must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any
change whatever.

 

 

    	 	Exhibit A-12	 

     

    

 

ATTACHMENT 3

 

[FORM OF ASSIGNMENT AND TRANSFER]

 

For value received ____________________________ hereby sell(s),
assign(s) and transfer(s) unto _________________ (Please insert social security or Taxpayer Identification Number of
assignee) the within Note, and hereby irrevocably constitutes and appoints _____________________ attorney to transfer the said
Note on the books of the Company, with full power of substitution in the premises.

 

In connection with any transfer of the within Note, the undersigned
confirms that such Note is being transferred:

 

		 ̈	To Norwegian Cruise Line
Holdings Ltd., or a Subsidiary thereof (including NCL Corporation Ltd.,); or

 

		 ̈	Pursuant to and in compliance
with Rule 144A under the Securities Act of 1933, as amended.

 

	Dated:	 	 	 	 

 

	 	 
	 	 
	 	 
	Signature(s)	 
	 	 
	 	 
	Signature Guarantee	 
	 	 
	 

Signature(s) must be guaranteed by an

eligible Guarantor Institution (banks, stock

brokers, savings and loan associations and

credit unions) with membership in an approved

signature guarantee medallion program pursuant

to Securities and Exchange Commission

Rule 17Ad-15 if Notes are to be delivered, other

than to and in the name of the registered holder.

	 

 

NOTICE: The signature on the assignment must correspond with
the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 

    	 	Exhibit A-13Exhibit 4.2

 

EXECUTION VERSION

 

NCL
CORPORATION LTD.,

as Issuer,

 

U.S.
BANK NATIONAL ASSOCIATION,

as Trustee, Principal Paying Agent, Transfer Agent,

Registrar and Security Agent,

 

INDENTURE

 

Dated as of July 21, 2020

 

10.250% SENIOR SECURED NOTES DUE 2026

 

     

     

    

 

	TABLE OF CONTENTS	 
	 	 	 
		 	Page
	 	 	 
	Article One	 
	Definitions and Incorporation by Reference	 
	 	 	 
	Section 1.01. 	Definitions	7
	Section 1.02. 	Other Definitions	41
	Section 1.03. 	Rules of Construction	41
	 	 	 
	Article Two	 
	The Notes	 
	 	 	 
	Section 2.01. 	The Notes	42
	Section 2.02. 	Execution and Authentication	44
	Section 2.03. 	Registrar, Transfer Agent and Paying Agent	44
	Section 2.04. 	Paying Agent to Hold Money	46
	Section 2.05. 	Holder Lists	46
	Section 2.06. 	Transfer and Exchange	46
	Section 2.07. 	Replacement Notes	50
	Section 2.08.	Outstanding Notes	50
	Section 2.09. 	Notes Held by Issuer	50
	Section 2.10. 	Definitive Registered Notes	51
	Section 2.11. 	Cancellation	52
	Section 2.12. 	Defaulted Interest	52
	Section 2.13. 	Computation of Interest	53
	Section 2.14. 	ISIN and CUSIP Numbers	53
	Section 2.15. 	Issuance of Additional Notes	53
	 	 	 
	Article Three	 
	Redemption; Offers to Purchase	 
	 	 	 
	Section 3.01. 	Right of Redemption	53
	Section 3.02. 	Notices to Trustee	53
	Section 3.03. 	Selection of Notes to Be Redeemed	54
	Section 3.04. 	Notice of Redemption	54
	Section 3.05. 	Deposit of Redemption Price	55
	Section 3.06. 	[Reserved]	55
	Section 3.07. 	Payment of Notes Called for Redemption	56
	Section 3.08. 	Notes Redeemed in Part	56
	Section 3.09. 	Redemption for Changes in Taxes	56
	 	 	 
	Article Four	 
	Covenants	 
	 	 	 
	Section 4.01. 	Payment of Notes	58
	Section 4.02. 	Corporate Existence	58

 

     

     

    

 

	Section 4.03. 	Maintenance of Properties	58
	Section 4.04. 	Insurance	58
	Section 4.05. 	Statement as to Compliance	59
	Section 4.06. 	Incurrence of Indebtedness and Issuance of Preferred Stock or Preference Shares	59
	Section 4.07. 	Liens	65
	Section 4.08. 	Restricted Payments	66
	Section 4.09. 	Asset Sales	71
	Section 4.10. 	Transactions with Affiliates	75
	Section 4.11. 	Purchase of Notes upon a Change of Control	77
	Section 4.12. 	Additional Amounts	79
	Section 4.13. 	[Reserved]	82
	Section 4.14. 	Note Guarantees and Security Interests	82
	Section 4.15. 	Additional Guarantees	82
	Section 4.16. 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	83
	Section 4.17. 	Designation of Restricted and Unrestricted Subsidiaries	86
	Section 4.18. 	[Reserved.]	86
	Section 4.19. 	Reports to Holders	86
	Section 4.20. 	Further Assurances	88
	Section 4.21. 	[Reserved]	88
	Section 4.22. 	Impairment of Security Interest	88
	Section 4.23. 	After-Acquired Property	89
	Section 4.24. 	Re-flagging of Vessels	90
	Section 4.25. 	Subsidiary Guarantor and Subsidiary Guarantor Vessel Restrictions	90
	 	 	 
	Article Five	 
	Merger, Amalgamation, Consolidation or Sale of Assets	 
	 	 	 
	Section 5.01. 	Merger, Amalgamation, Consolidation or Sale of Assets	91
	Section 5.02. 	Successor Substituted	93
	 	 	 
	Article Six	 
	Defaults and Remedies	 
	 	 	 
	Section 6.01.	Events of Default	93
	Section 6.02. 	Acceleration	96
	Section 6.03. 	Other Remedies	99
	Section 6.04. 	Waiver of Past Defaults	99
	Section 6.05. 	Control by Majority	100
	Section 6.06. 	Limitation on Suits	100
	Section 6.07. 	Unconditional Right of Holders to Bring Suit for Payment	101
	Section 6.08. 	Collection Suit by Trustee	101
	Section 6.09. 	Trustee May File Proofs of Claim	101
	Section 6.10. 	Application of Money Collected	102
	Section 6.11. 	Undertaking for Costs	102
	Section 6.12. 	Restoration of Rights and Remedies	103

 

    	 	3	 

     

    

 

	Section 6.13. 	Rights and Remedies Cumulative	103
	Section 6.14. 	Delay or Omission Not Waiver	103
	Section 6.15. 	Record Date	103
	Section 6.16. 	Waiver of Stay or Extension Laws	103
	 	 	 
	Article Seven	 
	Trustee and Security Agent	 
	 	 	 
	Section 7.01.	Duties of Trustee and the Security Agent	104
	Section 7.02. 	Certain Rights of Trustee and the Security Agent	105
	Section 7.03. 	Individual Rights of Trustee and the Security Agent	110
	Section 7.04. 	Disclaimer of Trustee and Security Agent	111
	Section 7.05. 	Compensation and Indemnity	112
	Section 7.06. 	Replacement of Trustee or Security Agent	113
	Section 7.07. 	Successor Trustee or Security Agent by Merger	115
	Section 7.08. 	Appointment of Security Agent and Supplemental Security Agents	115
	Section 7.09. 	Eligibility; Disqualification	116
	Section 7.10. 	Appointment of Co-Trustee	117
	Section 7.11. 	Resignation of Agents	118
	Section 7.12. 	Agents General Provisions	118
	 	 	 
	Article Eight	 
	Defeasance; Satisfaction and Discharge	 
	 	 	 
	Section 8.01.	Issuer’s Option to Effect Defeasance
or Covenant Defeasance	120
	Section 8.02. 	Defeasance and Discharge	120
	Section 8.03. 	Covenant Defeasance	121
	Section 8.04. 	Conditions to Defeasance	121
	Section 8.05. 	Satisfaction and Discharge of Indenture	123
	Section 8.06. 	Survival of Certain Obligations	123
	Section 8.07. 	Acknowledgment of Discharge by Trustee	123
	Section 8.08. 	Application of Trust Money	124
	Section 8.09. 	Repayment to Issuer	124
	Section 8.10. 	Indemnity for Government Securities	124
	Section 8.11. 	Reinstatement	124
	 	 	 
	Article Nine	 
	Amendments and Waivers	 
	 	 	 
	Section 9.01. 	Without Consent of Holders	125
	Section 9.02. 	With Consent of Holders	126
	Section 9.03. 	Effect of Supplemental Indentures	127
	Section 9.04. 	Notation on or Exchange of Notes	128
	Section 9.05. 	[Reserved]	128
	Section 9.06. 	Notice of Amendment or Waiver	128
	Section 9.07. 	Trustee to Sign Amendments, Etc	128
	Section 9.08. 	Additional Voting Terms; Calculation of Principal Amount	128

 

    	 	4	 

     

    

 

	Article Ten	 
	Guarantee	 
	 	 	 
	Section 10.01. 	Note Guarantees	129
	Section 10.02. 	Subrogation	130
	Section 10.03. 	Release of Note Guarantees	130
	Section 10.04. 	Limitation and Effectiveness of Note Guarantees	131
	Section 10.05. 	Notation Not Required	132
	Section 10.06. 	Successors and Assigns	132
	Section 10.07. 	No Waiver	132
	Section 10.08. 	Modification	132
	 	 	 
	Article Eleven	 
	Security	 
	 	 	 
	Section 11.01. 	Security; Security Documents	132
	Section 11.02. 	Authorization of Actions to Be Taken by the Security Agent Under the Security Documents	134
	Section 11.03. 	Authorization of Receipt of Funds by the Security Agent Under the Security Documents	135
	Section 11.04. 	Release of the Collateral	135
	 	 	 
	Article Twelve	 
	Miscellaneous	 
	 	 	 
	Section 12.01. 	Notices	136
	Section 12.02. 	Certificate and Opinion as to Conditions Precedent	138
	Section 12.03. 	Statements Required in Certificate or Opinion	139
	Section 12.04. 	Rules by Trustee, Paying Agent and Registrar	139
	Section 12.05. 	No Personal Liability of Directors, Officers, Employees and Shareholders	139
	Section 12.06. 	Legal Holidays	139
	Section 12.07. 	Governing Law	139
	Section 12.08. 	Jurisdiction	140
	Section 12.09. 	No Recourse Against Others	140
	Section 12.10. 	Successors	140
	Section 12.11. 	Counterparts	141
	Section 12.12. 	Table of Contents and Headings	141
	Section 12.13. 	Severability	141
	Section 12.14. 	Currency Indemnity	141

 

	Schedules	 	 
	 	 	 
	Schedule I	–	Subsidiary Guarantors
	Schedule II	–	Security Documents
	Schedule III	–	Agreed Security Principles
	Schedule IV	–	Collateral Vessel
	 	 	 
	Exhibits	 	 
	 	 	 
	Exhibit A	–	Form of Note
	Exhibit B	–	Form of Transfer Certificate for Transfer from Restricted Global Note to Regulation S Global Note
	Exhibit C	–	Form of Transfer Certificate for Transfer from Regulation S Global Note to Restricted Global Note
	Exhibit D	–	Form of Supplemental Indenture

 

    	 	5	 

     

    

 

INDENTURE,
dated as of July 21, 2020, among NCL Corporation Ltd., an exempted company incorporated under the laws of Bermuda and tax
resident in the United Kingdom (the “Issuer”), the Guarantors party hereto and U.S. Bank National Association,
a national banking association organized and existing under the laws of the United States of America, as trustee (in such capacity,
the “Trustee”), as Principal Paying Agent, as Transfer Agent, as Registrar and as Security Agent (in such capacity,
the “Security Agent”).

 

RECITALS

 

The Issuer has duly authorized the execution
and delivery of this Indenture to provide for the issuance of its 10.250% Senior Secured Notes due 2026 issued on the date hereof
(the “Original Notes”) and any additional senior secured notes (the “Additional Notes”) that
may be issued after the Issue Date in compliance with this Indenture. The Original Notes and the Additional Notes together are
referred to herein as the “Notes”. The Issuer has received good and valuable consideration for the execution
and delivery of this Indenture. All necessary acts and things have been done to make (i) the Notes, when duly issued and executed
by the Issuer and authenticated and delivered hereunder, the legal, valid and binding obligations of the Issuer and (ii) this
Indenture a legal, valid and binding agreement of the Issuer in accordance with the terms of this Indenture.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises
and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit
of all Holders, as follows:

 

Article One

Definitions and Incorporation by Reference

 

Section 1.01.     Definitions.

 

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

 

(a)            Indebtedness
of any other Person existing at the time such other Person is amalgamated or merged with or into or became a Subsidiary of such
specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging
with or into, or becoming, a Restricted Subsidiary; and

 

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

 

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

 

    	 	6	 

     

    

 

“After-Acquired Property”
means any property of the Secured Guarantor acquired after the Issue Date that is intended to be subject to the Lien created by
any of the Security Documents but is not so subject.

 

“Agreed Security Principles”
means the Agreed Security Principles as set forth on Schedule III hereto.

 

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

 

(1)            1.0%
of the principal amount of the Note; and

 

(2)            the
excess of:

 

(a)            the
present value at such redemption date of (i) the redemption price of the Note at August 1, 2023, plus (ii) all
required interest payments due on the Note through August 1, 2023 (excluding accrued but unpaid interest to the redemption
date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over

 

(b)            the
principal amount of the Notes.

 

For the avoidance of doubt, calculation
of the Applicable Premium shall not be an obligation or duty of the Trustee, Security Agent or the Registrar or any Paying Agent.

 

Unless the Issuer defaults in the payment
of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable
redemption date.

 

“Appraised Value” means
for any Vessel at any time, the value of such Vessel as set forth on an independent appraisal (conducted no more than 12 months
prior to any determination of the Appraised Value) and relied upon by the Issuer in good faith.

 

“ARCA”
means the Fifth Amended and Restated Credit Agreement, dated as of May 8, 2020, among
NCL Corporation Ltd., as borrower, Voyager Vessel Company, LLC, as co-borrower, the subsidiary guarantors party thereto, JPMorgan
Chase Bank, N.A., as administrative agent and collateral agent, and a syndicate of other banks party thereto as joint bookrunners,
arrangers, co-documentation agents and lenders, as may further be amended, restated, supplemented, waived, replaced (whether or
not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise
modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise
restructuring all or any portion of the Indebtedness under such agreement or any successor or replacement agreement or agreements
or increasing the amount loaned thereunder (in each case subject to compliance with ‎Section 4.06)
or altering the maturity thereof.

 

    	 	7	 

     

    

 

“Asset Sale” means:

 

(a)            the
sale, lease, conveyance or other disposition of any assets by the Issuer or any of its Restricted Subsidiaries; provided
that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Issuer and its Restricted
Subsidiaries taken as a whole will be governed by ‎‎Section 4.11
and/or ‎‎Article Five and not by ‎‎Section 4.09;
and

 

(b)            the
issuance of Equity Interests by any Restricted Subsidiary or the sale by the Issuer or any of its Restricted Subsidiaries of Equity
Interests in any of the Restricted Subsidiaries (in each case, other than directors’ qualifying shares and shares to be held
by third parties to meet the applicable legal requirements).

 

Notwithstanding the preceding provisions,
none of the following items will be deemed to be an Asset Sale:

 

(a)            any
single transaction or series of related transactions that involves assets or Equity Interests having a Fair Market Value of less
than $125.0 million;

 

(b)            a
sale, lease, conveyance or other disposition of assets or Equity Interests between or among the Issuer and any Restricted Subsidiary;

 

(c)            an
issuance of Equity Interests by a Restricted Subsidiary to the Issuer or to a Restricted Subsidiary;

 

(d)            the
sale, lease, conveyance or other disposition of inventory, insurance proceeds or other assets in the ordinary course of business
and any sale or other disposition of damaged, worn-out or obsolete assets or assets that are no longer useful in the conduct of
the business of the Issuer and its Restricted Subsidiaries;

 

(e)            licenses
and sublicenses by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;

 

(f)            any
surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other claims in the
ordinary course of business;

 

(g)            any
transfer, assignment or other disposition deemed to occur in connection with the creation or granting of Liens not prohibited under
‎‎Section 4.07;

 

(h)            the
sale or other disposition of cash or Cash Equivalents;

 

(i)            a
Restricted Payment that does not violate ‎‎Section 4.08
or a Permitted Investment;

 

    	 	8	 

     

    

 

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

 

(k)            the
foreclosure, condemnation or any similar action with respect to any property or other assets or a surrender or waiver of contract
rights or the settlement, release or surrender of contract, tort or other claims of any kind;

 

(l)             the
sale of any property that is not Collateral in a sale and leaseback transaction that is entered into within six months of the acquisition
of such property or completion of the construction of the applicable Vessel; and

 

(m)           time
charters and other similar arrangements in the ordinary course of business.

 

“Attributable Debt” means,
with respect to any sale and leaseback transaction, at the time of determination, the present value (discounted at the interest
rate reasonably determined in good faith by a responsible financial or accounting officer of the Issuer to be the interest rate
implicit in the lease determined in accordance with GAAP, or, if not known, at the Issuer’s incremental borrowing rate) of
the total obligations of the lessee of the property subject to such lease for rental payments during the remaining term of the
lease included in such sale and leaseback transaction, including any period for which such lease has been extended or may, at the
option of the lessor, be extended, or until the earliest date on which the lessee may terminate such lease without penalty or upon
payment of penalty (in which case the rental payments shall include such penalty), after excluding from such rental payments all
amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water, utilities and similar
charges; provided, however, that if such sale and leaseback transaction results in a Capital Lease Obligation, the amount
of Indebtedness represented thereby will be determined in accordance with the definition of “Capital Lease Obligation.”

 

“Authority” means any
competent regulatory, prosecuting, Tax or governmental authority in any jurisdiction.

 

“Bankruptcy Law” means
Title 11 of the United States Code, as amended, or any similar U.S. federal or state law or the laws of any other jurisdiction
(or any political subdivision thereof) relating to bankruptcy, insolvency, winding up, voluntary or judicial liquidation, composition
with creditors, reprieve from payment, controlled management, fraudulent conveyance, general settlement with creditors, reorganization
or similar or equivalent laws affecting the rights of creditors generally. For the avoidance of doubt, the provisions of the UK
Companies Act 2006 governing a solvent reorganisation or a voluntary liquidation thereunder shall not be deemed to be Bankruptcy
Laws.

 

“Beneficial Owner” has
the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the U.S. Exchange Act, except that in calculating
the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the U.S.
Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person”
has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable
only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding
meaning.

 

    	 	9	 

     

    

 

“Board of Directors”
means:

 

(a)            with
respect to a corporation, a Bermuda exempted company, a BVI business company, a Cayman Islands exempted company and a Bahamas international
business company, the board of directors of the corporation or company or any committee thereof duly authorized to act on behalf
of such board;

 

(b)            with
respect to a partnership, the board of directors of the general partner of the partnership;

 

(c)            with
respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof;
and

 

(d)            with
respect to any other Person, the board or committee of such Person serving a similar function.

 

“Book-Entry Interest”
means a beneficial interest in a Global Note held through and shown on, and transferred only through, records maintained in book-entry
form by DTC and its nominees and successors.

 

“Business Day” means
a day other than a Saturday, Sunday or other day on which banking institutions in New York or a place of payment under this Indenture
are authorized or required by law, regulation or executive order to close.

 

“Capital Lease Obligation”
means, with respect to any Person, any obligation of such Person under a lease of (or other agreement conveying the right to use)
any property (whether real, personal or mixed), which obligation is required to be classified and accounted for as a capital lease
obligation under GAAP, and, for purposes of this Indenture, the amount of such obligation at any date will be the capitalized amount
thereof at such date, determined in accordance with GAAP and the Stated Maturity thereof will be the date of last payment of rent
or any other amount due under such lease prior to the first date such lease may be terminated without penalty.

 

“Capital Stock” means:

 

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

 

(b)            in
the case of a Bermuda exempted company, a Cayman Islands exempted company and a Bahamas international business company, shares
(of any class) in its capital;

 

    	 	10	 

     

    

 

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

 

(d)            in
the case of an Isle of Man company or a BVI business company, shares (of any class) of the company;

 

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

 

(f)            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, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether
or not such debt securities include any right of participation with Capital Stock.

 

“Cash Equivalents” means:

 

(a)            direct
obligations (or certificates representing an interest in such obligations) issued by, or unconditionally guaranteed by, the government
of a member state of the European Union, the United States of America, the United Kingdom, Switzerland or Canada (including, in
each case, any agency or instrumentality thereof), as the case may be, the payment of which is backed by the full faith and credit
of the relevant member state of the European Union or the United States of America, the United Kingdom, Switzerland or Canada,
as the case may be, and which are not callable or redeemable at the Issuer’s option;

 

(b)            overnight
bank deposits, time deposit accounts, certificates of deposit, banker’s acceptances and money market deposits (and similar
instruments) with maturities of 12 months or less from the date of acquisition issued by a bank or trust company which is organized
under, or authorized to operate as a bank or trust company under, the laws of a member state of the European Union or of the United
States of America or any state thereof, Switzerland, the United Kingdom, Australia or Canada; provided that such bank or
trust company has capital, surplus and undivided profits aggregating in excess of $250.0 million (or the foreign currency equivalent
thereof as of the date of such investment) and whose long-term debt is rated “A-1” or higher by Moody’s or “A+”
or higher by S&P or the equivalent rating category of another internationally recognized rating agency; provided, further,
that any cash held pursuant to clause (f) below not covered by the foregoing may be held through overnight bank deposits,
time deposit accounts, certificates of deposit, banker’s acceptances and money market deposits (and similar instruments)
with maturities of 12 months or less from the date of acquisition issued by a bank or trust company organized and operating in
the applicable jurisdiction;

 

(c)            repurchase
obligations with a term of not more than 30 days for underlying securities of the types described in clauses (a) and (b) above
entered into with any financial institution meeting the qualifications specified in clause (b) above;

 

    	 	11	 

     

    

 

(d)            commercial
paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within one year
after the date of acquisition;

 

(e)            money
market funds or other mutual funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses
(a) through (d) of this definition; and

 

(f)            cash
in any currency in which the Issuer and its subsidiaries now or in the future operate, in such amounts as the Issuer determines
to be necessary in the ordinary course of their business.

 

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

 

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

 

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

 

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Rating Event.

 

“Clearstream” means Clearstream
Banking, société anonyme.

 

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

 

“Collateral” means the
following:

 

(a)            all
assets (other than certain excluded assets to be set forth in the Security Documents) of the Secured Guarantor; and

 

(b)            the
vessel owned or operated by the Secured Guarantor on the Issue Date as set forth on Schedule IV (the “Pledged Vessel”)
and assignments of insurances and earnings in respect of such Pledged Vessel except to the extent prohibited by applicable law
or contract.

 

“Commission” means the
U.S. Securities and Exchange Commission.

 

    	 	12	 

     

    

 

 

 

 

“Consolidated EBITDA”
means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus (a) the
following to the extent deducted in calculating such Consolidated Net Income, without duplication:

 

(1)            provision
for Taxes (including without duplication, Tax distributions) based on income, profits or capital of a Person and its Subsidiaries
for such period, including, without limitation, state, franchise and similar taxes,

 

(2)            Interest
Expense (and to the extent not included in Interest Expense, (x) all cash dividend payments (excluding items eliminated in
consolidation) on any series of preferred stock or Disqualified Stock and (y) costs of surety bonds in connection with financing
activities) of a Person and its Subsidiaries for such period (net of interest income of a Person and its Subsidiaries for such
period),

 

(3)            depreciation
and amortization expenses of a Person and its Subsidiaries for such period,

 

(4)            business
optimization expenses and other restructuring charges (which, for the avoidance of doubt, shall include, without limitation, the
effect of optimization programs, facility closures, retention, severance, systems establishment costs and excess pension charges),

 

(5)            any
other non-cash charges; provided that, for purposes of this subclause (5) of this clause (a), any non-cash charges or losses
shall be treated as cash charges or losses in any subsequent period during which cash disbursements attributable thereto are made,

 

(6)            the
amount of management, consulting, monitoring, transaction and advisory fees and related expenses paid to any Affiliate (or any
accruals related to such fees and related expenses) during such period not in contravention of the provisions described under ‎‎Section 4.10,

 

minus
(b) the sum of (without duplication and to the extent the amounts described in this clause (b) increased such Consolidated
Net Income for the respective period for which EBITDA is being determined) non-cash items increasing Consolidated Net Income of
the Issuer and the Subsidiaries for such period (but excluding any such items (i) in respect of which cash was received in
a prior period or will be received in a future period or (ii) which represent the reversal of any accrual of, or cash reserve
for, anticipated cash charges in any prior period).

 

“Consolidated Net Income”
means, with respect to any specified Person for any period, the aggregate of the net income (loss) attributable to such Person
and its Subsidiaries which are Restricted Subsidiaries for such period, out of such Person’s consolidated net income, determined
in accordance with GAAP and without any reduction in respect of preferred stock dividends; provided that:

 

    	 	13	 

     

    

 

(a)            any
net after tax extraordinary, nonrecurring or unusual gains or losses or income or expense or charge (less all fees and expenses
relating thereto) including, without limitation, any severance, relocation or other restructuring expenses, and fees, expenses
or charges related to any offering of Equity Interests, any Investment, acquisition or Indebtedness permitted to be incurred hereunder
(in each case, whether or not successful), shall be excluded,

 

(b)            any
net after-tax income or loss from discontinued operations and any net after-tax gain or loss on disposal of discontinued operations
shall be excluded,

 

(c)            any
net after-tax gain or loss (less all fees and expenses or charges relating thereto) attributable to business dispositions or asset
dispositions other than in the ordinary course of business (as determined in good faith by the board of directors of the Issuer)
shall be excluded,

 

(d)            any
net after-tax income or loss (less all fees and expenses or charges relating thereto) attributable to the early extinguishment
of indebtedness shall be excluded,

 

(e)            (i) the
Net Income for such period of any person that is not a subsidiary of such person, or is an Unrestricted Subsidiary or that is accounted
for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or other
payments paid in cash (or to the extent converted into cash) to the referent person or a subsidiary thereof in respect of such
period and (ii) the Net Income for such period shall include any ordinary course dividend, distribution or other payment in
cash received from any person in excess of the amounts included in clause (i),

 

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

 

(g)            any
increase in amortization or depreciation or any non-cash charges or increases or reductions in Net Income resulting from purchase
accounting in connection with any acquisition that is consummated on or after the Issue Date shall be excluded,

 

(h)            any
non-cash impairment charges resulting from the application of ASC 350 and ASC 360, and the amortization of intangibles and other
fair value adjustments arising pursuant to ASC 805, shall be excluded,

 

(i)            any
non-cash expenses realized or resulting from employee benefit plans or post-employment benefit plans, grants of stock appreciation
or similar rights, stock options, restricted stock grants or other rights to officers, directors and employees of such person or
any of its subsidiaries shall be excluded,

 

(j)            accruals
and reserves that are established within twelve months after the Issue Date and that are so required to be established in accordance
with GAAP shall be excluded; provided that to the extent (i) any such accrual or reserve is later reduced or eliminated or
(ii) any cash expenditure is later incurred with respect to such accrual or reserve, then in each case a corresponding amount
shall be included in Consolidated Net Income in the same period,

 

    	 	14	 

     

    

 

(k)            non-cash
gains, losses, income and expenses resulting from fair value accounting required by ASC 815 shall be excluded,

 

(l)            any
gain, loss, income, expense or charge resulting from the application of last in first out accounting shall be excluded,

 

(m)            currency
translation gains and losses related to currency re-measurements of Indebtedness, and any net loss or gain resulting from interest
rate swap agreements for currency exchange risk, shall be excluded,

 

(n)            to
the extent covered by insurance and actually reimbursed, or, so long as such person has made a determination that there exists
reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (i) not
denied by the applicable carrier in writing within 180 days and (ii) in fact reimbursed within 365 days of the date of such
evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect
to liability or casualty events or business interruption shall be excluded; provided that any proceeds of such reimbursement when
received shall be excluded from the calculation of Consolidated Net Income to the extent the expense reimbursed was previously
excluded pursuant to this clause (n), and

 

(o)            non-cash
charges for deferred tax asset valuation allowances shall be excluded.

 

“Consolidated Total Indebtedness”
means, at any date, the sum of (without duplication) all Indebtedness (other than letters of credit, to the extent undrawn) consisting
of Capital Lease Obligations, Indebtedness for borrowed money and Disqualified Stock of the Issuer and the Subsidiaries determined
on a consolidated basis on such date in accordance with GAAP.

 

“Consolidated Total Leverage Ratio”
means as of any date of determination, the ratio of Consolidated Total Indebtedness on such day less the unrestricted cash and
Permitted Investments to Consolidated EBITDA of the Issuer and its Restricted Subsidiaries as of and for the Issuer’s most
recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of
calculation; in each case, with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment
provisions set forth in the definition of “Fixed Charge Coverage Ratio.”

 

“continuing” means, with
respect to any Default or Event of Default, that such Default or Event of Default has not been cured or waived.

 

    	 	15	 

     

    

 

“Credit Facilities” means
one or more debt facilities, instruments or arrangements incurred by the Issuer or any Restricted Subsidiary (including but not
limited to the Existing Credit Agreements) with banks, other institutions or investors providing for revolving credit loans, term
loans, receivables financing (including through the sale of receivables to such institutions or to special purpose entities formed
to borrow from such institutions against such receivables), letters of credit, notes or other Indebtedness, in each case, as amended,
restated, modified, renewed, refunded, replaced, restructured, refinanced, repaid, increased or extended in whole or in part from
time to time (and whether in whole or in part and whether or not with the original administrative agent and lenders or another
administrative agent or agents or trustees or other banks or institutions and whether provided under the Existing Credit Agreements
or one or more other credit or other agreements, indentures, financing agreements or otherwise) and in each case including all
agreements, instruments and documents executed and delivered pursuant to or in connection with the foregoing (including any notes
and letters of credit issued pursuant thereto and any Guarantee and collateral agreement, patent and trademark security agreement,
mortgages or letter of credit applications and other Guarantees, pledges, agreements, security agreements and collateral documents).
Without limiting the generality of the foregoing, the term “Credit Facilities” shall include any agreement or instrument
(1) changing the maturity of any Indebtedness incurred thereunder or contemplated thereby, (2) adding Subsidiaries of
the Issuer as additional borrowers, issuers or guarantors thereunder, (3) increasing the amount of Indebtedness incurred thereunder
or available to be borrowed thereunder or (4) otherwise altering the terms and conditions thereof. Notwithstanding the foregoing,
no instrument shall constitute a “Credit Facility” for the purposes of this definition unless such instrument is designated
to the Trustee in writing by the Issuer as constituting a “Credit Facility.”

 

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

 

“Default” means any event
that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

“Definitive
Registered Note” means, with respect to the Notes, a certificated Note registered in the name of the Holder thereof and
issued in accordance with ‎‎Section 2.06 hereof, substantially in the form of Exhibit A attached hereto
except that such Note shall not bear the legends applicable to Global Notes and shall not have the “Schedule of Principal
Amount in the Global Note” attached thereto.

 

“Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for
which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event,
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder
of the Capital Stock, in whole or in part, on or prior to the six-month anniversary of the date that the Notes mature. Notwithstanding
the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock
have the right to require the issuer thereof to repurchase such Capital Stock upon the occurrence of a “change of control”
or an “asset sale” will not constitute Disqualified Stock if the terms of such Capital Stock provide that the issuer
thereof may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies
with ‎‎Section 4.08. For purposes hereof, the amount of Disqualified Stock which does not have a fixed repurchase
price shall be calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were purchased
on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon,
or measured by, the Fair Market Value of such Disqualified Stock, such Fair Market Value to be determined as set forth herein.

 

    	 	16	 

     

    

 

“DTC” means The Depository
Trust Company, its nominees and successors.

 

“ECA Entities” means
any entity that directly owns an ECA Vessel and any vessel with an Appraised Value in excess of $100.0 million that is purchased
with the proceeds of any sale of any ECA Vessel or ECA Entity.

 

“ECA Facilities” means
the agreements governing Existing Indebtedness, other than the Existing Credit Agreements, the Existing Notes and the Exchangeable
Notes, under which the obligations are secured by Liens on one or more ECA Vessels (each, an “ECA Facility”).

 

“ECA Vessels” means Norwegian
Breakaway, Norwegian Getaway, Norwegian Escape, Norwegian Joy, Norwegian Bliss, Norwegian Encore, Marina, Riviera, Seven Seas Explorer,
Seven Seas Splendor and any vessel with an Appraised Value in excess of $100.0 million that is purchased with the proceeds of any
sale of any ECA Vessel or ECA Entity.

 

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

 

“Equity Offering” means
a public or private sale either (a) of the Equity Interests (other than Disqualified Stock and other than offerings registered
on Form S-8 (or any successor form) under the U.S. Securities Act or any similar offering in other jurisdictions) of the Issuer
or (b) of the Equity Interests of a direct or indirect parent entity of the Issuer to the extent that the net proceeds therefrom
are contributed to the equity capital of the Issuer or any of its Restricted Subsidiaries.

 

“Euroclear” means Euroclear
SA/NV.

 

“Event of Loss” means
the actual or constructive total loss, arranged or compromised total loss, destruction, condemnation, confiscation, requisition,
seizure or forfeiture of, or other taking of title or use of, a Vessel.

 

“Exchangeable
Notes” means the New Exchangeable Notes, the 6.00% exchangeable senior notes due 2024 issued by the Issuer and the exchangeable
senior notes due 2026 issued by the Issuer, in each case as amended, restated, supplemented, waived, replaced (whether or not upon
termination, and whether with the existing holders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified
from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring
all or any portion of the Indebtedness under such agreement or agreement or any successor or replacement agreement or agreements
or increasing the amount of notes issued thereunder (in each case subject to compliance with ‎‎Section 4.06)
or altering the maturity thereof.

 

    	 	17	 

     

    

 

“Existing
Credit Agreements” means (i) the ARCA, (ii) the Pride of America Credit Facility and (iii) the
Credit Agreement, dated as of May 15, 2019, among NCL Corporation Ltd., as borrower, Norwegian Jewel Limited, as guarantor,
Bank of America, N.A., as administrative agent and collateral agent, and the lenders party thereto, as amended by that certain
Amendment No. 1, dated as of May 1, 2020 (each such agreement in clauses (i) through (iv) outstanding on the
Issue Date, an “Issue Date Existing Credit Agreement”), and as each may further amended, restated, supplemented,
waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded,
refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing,
replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreement or any successor
or replacement agreement or agreements or increasing the amount loaned thereunder (in each case subject to compliance with ‎‎Section 4.06)
or altering the maturity thereof.

 

“Existing Indebtedness”
means all Indebtedness of the Issuer and its Restricted Subsidiaries in existence on the Issue Date and the Exchangeable Notes.

 

“Existing Notes” means
the Existing Secured Notes and the Existing Unsecured Notes, collectively.

 

“Existing Secured Notes”
means the 12.25% senior secured notes due 2024 as amended, restated, supplemented, waived, replaced (whether or not upon termination,
and whether with the existing holders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time
to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring
all or any portion of the Indebtedness under such agreement or agreement or any successor or replacement agreement or agreements
or increasing the amount of notes issued thereunder (in each case subject to compliance with Section 4.06) or altering the
maturity thereof.

 

“Existing Unsecured Notes”
means the 3.625% senior unsecured notes due 2024 as amended, restated, supplemented, waived, replaced (whether or not upon termination,
and whether with the existing holders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time
to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring
all or any portion of the Indebtedness under such agreement or agreement or any successor or replacement agreement or agreements
or increasing the amount of notes issued thereunder (in each case subject to compliance with Section 4.06) or altering the
maturity thereof.

 

“Fair Market Value” means
the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress of either
party, determined in good faith by the Issuer’s Chief Executive Officer or responsible accounting or financial officer of
the Issuer.

 

    	 	18	 

     

    

 

“FATCA”
means current Sections 1471 through 1474 of the Code or any amended or successor version that is substantively comparable and not
materially more onerous to comply with, any regulations promulgated thereunder, any official interpretations thereof, any intergovernmental
agreement between a non-U.S. jurisdiction and the United States (or any related law or administrative practices or procedures)
implementing the foregoing or any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any
amended or successor version described above).

 

“FATCA Withholding” means
any withholding or deduction required under FATCA.

 

“Fixed Charge Calculation Date”
has the meaning assigned to such term in the definition of “Fixed Charge Coverage Ratio.”

 

“Fixed Charge Coverage Ratio”
means, with respect to any Person for any period, the ratio of Consolidated EBITDA of such Person for such period to the Fixed
Charges of such Person for such period. In the event that the Issuer or any of its Restricted Subsidiaries incurs, repays, repurchases
or redeems any Indebtedness or issues, repurchases or redeems Disqualified Stock or Preferred Stock subsequent to the commencement
of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to the event for which the calculation of
the Fixed Charge Coverage Ratio is made (the “Fixed Charge Calculation Date”), then the Fixed Charge Coverage
Ratio shall be calculated giving pro forma effect to such incurrence, repayment, repurchase or redemption of Indebtedness,
or such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning
of the applicable four-quarter period except that any Indebtedness incurred in connection with the financing of a new Vessel shall
be deemed to have not been incurred until the relevant delivery date for such Vessel, after which delivery date such Indebtedness
shall be deemed to have been incurred on the first day of such four-quarter reference period; provided, however, that the pro
forma calculation of Fixed Charges shall not give effect to (i) any Permitted Debt incurred on the Fixed Charge Calculation
Date or (ii) the discharge on the Fixed Charge Calculation Date of any Indebtedness to the extent that such discharge results
from the proceeds of Permitted Debt.

 

    	 	19	 

     

    

 

In addition, for purposes of calculating
the Fixed Charge Coverage Ratio, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued
operations (as determined in accordance with GAAP) and any operational changes, business realignment projects or initiatives, restructurings
or reorganizations that the Issuer or any Restricted Subsidiary has determined to make and/or made during the four-quarter reference
period or subsequent to such reference period and on or prior to or simultaneously with the Fixed Charge Calculation Date (each,
for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis
assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations
and other operational changes, business realignment projects or initiatives, restructurings or reorganizations which would include
cost savings resulting from head count reduction, closure of facilities and similar operational and other cost saving (and the
change of any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred on the
first day of the four-quarter reference period. On or following the delivery date of any new Vessel and for so long as such four-quarter
reference period includes such delivery date, in the event that the Issuer or any Subsidiary took delivery of any new Vessel during
such four-quarter reference period, Consolidated EBITDA shall include the projected Consolidated EBITDA (based on reasonable assumptions)
for such Vessel as if such Vessel had been in operation on the first day of such four-quarter reference period. If since the beginning
of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any Restricted
Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation,
amalgamation, discontinued operation, operational change, business realignment project or initiative, restructuring or reorganization
that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving
pro forma effect thereto for such period as if such Investment, acquisition, disposition, discontinued operation, merger,
amalgamation, consolidation, operational change, business realignment project or initiative, restructuring or reorganization had
occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any Restricted Subsidiary
is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Fixed Charge
Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at
the beginning of the applicable four-quarter period.

 

For purposes of this definition, whenever
pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith
by a responsible financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate,
in the reasonable good faith determination of the Issuer as set forth in an Officer’s Certificate, to reflect operating expense
reductions and other operating improvements, synergies or cost savings reasonably expected to result from the applicable event.
Any calculation of the Fixed Charge Coverage Ratio may be made, at the option of the Issuer, either (i) at the time the Board
of Directors of the Issuer approves the action necessitating the calculation of the Fixed Charge Coverage Ratio or (ii) at
the completion of such action necessitating the calculation of the Fixed Charge Coverage Ratio.

 

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

 

    	 	20	 

     

    

 

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

 

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

 

(a)            the
consolidated interest expense (net of interest income) of such Person and its Restricted Subsidiaries for such period related to
Indebtedness, whether paid or accrued, including, without limitation, amortization of debt discount (but not debt issuance costs),
non-cash interest payments, the interest component of deferred payment obligations, commissions, discounts and other fees and charges
incurred in respect of letter of credit or bankers’ acceptance financings, net of the effect of all payments made or received
pursuant to Hedging Obligations in respect of interest rates; plus

 

(b)            the
consolidated interest expense of such Person and its Subsidiaries which are Restricted Subsidiaries that was capitalized during
such period; plus

 

(c)            any
interest on Indebtedness of another Person that is guaranteed by such Person or one of its Subsidiaries which are Restricted Subsidiaries
or is secured by a Lien on assets of such Person or one of its Subsidiaries which are Restricted Subsidiaries; plus

 

(d)            the
product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock of any
Restricted Subsidiary, other than dividends on Equity Interests payable to the Issuer or a Restricted Subsidiary, times
(b) a fraction, the numerator of which is one and the denominator of which is one minus then current combined national, state
and local statutory tax rate of such Person, expressed as a decimal, as estimated in good faith by a responsible accounting or
financial officer of the Issuer.

 

Notwithstanding any of the foregoing, Fixed Charges shall not
include (i) any payments on any operating leases, (ii) any non-cash interest expense resulting from the application of
Accounting Standards Codification Topic 470-20 “Debt — Debt with Conversion Options — Recognition” or (iii) the
interest component of all payments associated with Capital Lease Obligations.

 

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

 

    	 	21	 

     

    

 

“Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States
pledges its full faith and credit.

 

“Guarantee” means a guarantee
other than by endorsement of negotiable instruments for collection or deposit in the ordinary course of business, of all or any
part of any Indebtedness (whether arising by agreements to keep-well, to take or pay or to maintain financial statement conditions,
pledges of assets, sureties or otherwise).

 

“Guarantors” means any
Restricted Subsidiary that guarantees the Notes in accordance with the provisions of this Indenture, and their respective successors
and assigns, until the Note Guarantee of such Person has been released in accordance with the provisions of this Indenture.

 

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

 

(a)            interest
rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate
collar agreements;

 

(b)            other
agreements or arrangements designed to manage interest rates or interest rate risk; and

 

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

 

“Holder” means each Person
in whose name the Notes are registered on the Registrar’s books, which shall initially be the nominee of DTC, Euroclear or
Clearstream.

 

“Indebtedness” means,
with respect to any specified Person (excluding accrued expenses and trade payables), without duplication:

 

(a)            the
principal amount of indebtedness of such Person in respect of borrowed money;

 

(b)            the
principal amount of obligations of such Person evidenced by bonds, notes, debentures or similar instruments for which such Person
is responsible or liable;

 

(c)            reimbursement
obligations of such Person in respect of letters of credit, bankers’ acceptances or similar instruments (except to the extent
such reimbursement obligations relate to trade payables and such obligations are satisfied within 30 days of incurrence), in each
case only to the extent that the underlying obligation in respect of which the instrument was issued would be treated as Indebtedness;

 

    	 	22	 

     

    

 

(d)            Capital
Lease Obligations of such Person;

 

(e)            the
principal component of all obligations of such Person to pay the balance deferred and unpaid of the purchase price of any property
or services due more than one year after such property is acquired or such services are completed;

 

(f)            net
obligations of such Person under Hedging Obligations (the amount of any such obligations to be equal at any time to the termination
value of such agreement or arrangement giving rise to such obligation that would be payable by such Person at such time); and

 

(g)            Attributable
Debt of such Person;

 

if and to the extent any of the preceding
items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a liability upon a balance sheet
of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness
of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified
Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person.

 

The term “Indebtedness” shall
not include:

 

(a)            anything
accounted for as an operating lease in accordance with GAAP as at the Issue Date;

 

(b)            contingent
obligations in the ordinary course of business;

 

(c)            in
connection with the purchase by the Issuer or any Restricted Subsidiary of any business, any post-closing payment adjustments to
which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment
depends on the performance of such business after the closing;

 

(d)            deferred
or prepaid revenues;

 

(e)            purchase
price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations
of the applicable seller;

 

(f)            any
contingent obligations in respect of workers’ compensation claims, early retirement or termination obligations, pension fund
obligations or contributions or similar claims, obligations or contributions or social security or wage Taxes;

 

(g)            [Reserved];
or

 

(h)            any
Capital Stock.

 

    	 	23	 

     

    

 

“Indenture” means this
instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof.

 

“Interest Payment Date”
means the Stated Maturity of an installment of interest on the Notes.

 

“Investment Grade” means
(1) with respect to S&P, a rating equal to or higher than BBB- (or the equivalent), (2) with respect to Moody’s,
a rating equal to or higher than Baa3 (or the equivalent) and (3) with respect to any additional Rating Agency or Rating Agencies
selected by the Issuer, the equivalent investment grade credit rating.

 

“Investments”
means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in
the forms of loans (including Guarantees or other obligations, but excluding advances or extensions of credit to customers or suppliers
made in the ordinary course of business), advances or capital contributions (excluding commission, travel and similar advances
to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness,
Equity Interests or other securities, together with all items that are or would be classified as Investments on a balance sheet
prepared in accordance with GAAP. The acquisition by the Issuer or any Restricted Subsidiary of a Person that holds an Investment
in a third Person will be deemed to be an Investment by the Issuer or such Restricted Subsidiary in such third Person in an amount
equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided
in the final paragraph of ‎Section 4.08. Except as otherwise provided in this Indenture, the amount of an Investment
will be determined at the time the Investment is made and without giving effect to subsequent changes in value.

 

“Issue Date” means July 21,
2020.

 

“Issuer Order” means
a written order signed in the name of the Issuer by any Person authorized by a resolution of the Board of Directors of the Issuer.

 

“Lien” means, with respect
to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether
or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement
or any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement
to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

 

“Management Advances”
means loans or advances made to, or Guarantees with respect to loans or advances made to, directors, officers or employees of the
Issuer or any Restricted Subsidiary:

 

(a)            in
respect of travel, entertainment or moving related expenses incurred in the ordinary course of business;

 

    	 	24	 

     

    

 

(b)            in
respect of moving related expenses incurred in connection with any closing or consolidation of any office; or

 

(c)            in
the ordinary course of business and (in the case of this clause (c)) not exceeding $5.0 million in the aggregate outstanding at
any time.

 

“Moody’s” means
Moody’s Investors Service, Inc.

 

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

 

“Net Book Value” means,
with respect to any asset or property at any time, the net book value of such asset or property as reflected on the most recent
balance sheet of the Issuer at such time, determined on a consolidated basis in accordance with GAAP.

 

“Net Proceeds” means
with respect to any Asset Sale or Event of Loss, the aggregate cash proceeds and Cash Equivalents received by the Issuer or any
of its Restricted Subsidiaries in respect of such Asset Sale or Event of Loss (including, without limitation, any cash or Cash
Equivalents received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), provided that
with respect to any Asset Sale or Event of Loss, such amount shall be net of the direct costs relating to such Asset Sale or Event
of Loss, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation
expenses incurred as a result of the Asset Sale or Event of Loss, taxes paid or payable as a result of the Asset Sale or Event
of Loss, any charges, payments or expenses incurred in connection with an Asset Sale or Event of Loss (including, without limitation,
(i) any exit or disposal costs, (ii) any repair, restoration or environmental remediation costs, charges or payments,
(iii) any penalties or fines resulting from such Event of Loss, (iv) any severance costs resulting from such Event of
Loss, (v) any costs related to salvage, scrapping or related activities and (vi) any fees, settlement payments or other
charges related to any litigation or administrative proceeding resulting from such Event of Loss) and any reserve for adjustment
or indemnification obligations in respect of the sale price of such asset or assets established in accordance with GAAP. To the
extent the amounts that must be netted against any cash proceeds and Cash Equivalents cannot be reasonably determined by the Issuer
with respect to any Asset Sale or Event of Loss, such cash proceeds and Cash Equivalents shall not be deemed received until such
amounts to be netted are known by the Issuer.

 

“New Exchangeable Notes”
means the 5.375% exchangeable senior notes due 2025 issued by the Issuer, as amended, restated, supplemented, waived, replaced
(whether or not upon termination, and whether with the existing holders or otherwise), restructured, repaid, refunded, refinanced
or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing
or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreement or any successor or replacement
agreement or agreements or increasing the amount of notes issued thereunder (in each case subject to compliance with Section 4.06
or altering the maturity thereof).

 

    	 	25	 

     

    

 

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

 

“New Vessel Financing”
means any financing arrangement (including but not limited to a sale and leaseback transaction or bareboat charter or lease or
an arrangement whereby a Vessel under construction is pledged as collateral to secure the indebtedness of a shipbuilder), entered
into by the Issuer or a Restricted Subsidiary for the purpose of financing or refinancing all or any part of the purchase price,
cost of design or construction of a Vessel or Vessels or the acquisition of Capital Stock of entities owning or to own Vessels,
provided that any Vessel contracted for construction, under construction or completed on the Issue Date is not a Vessel to which
this definition applies.

 

“New Vessel Secured Debt Cap”
means, in respect of a New Vessel Financing, no more than 90% of the contract price (including any amendment to the contract price)
for the acquisition and any other Ready for Sea Cost of the related Vessel (and 100% of any related export credit insurance premium),
expressed in euros or U.S. dollars, as the case may be, being financed by such New Vessel Financing.

 

“Note Guarantee” means
the Guarantee by each Guarantor of the Issuer’s obligations under this Indenture and the Notes, executed pursuant to the
provisions of this Indenture.

 

“Obligations” means any
principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness.

 

“Offering Memorandum”
means the final offering memorandum in respect of the Notes dated July 16, 2020.

 

“Officer” means, with
respect to any Person, the Chairman of the Board of Directors, Chief Executive Officer, Chief Financial Officer, any Director,
any President, Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of such Person.

 

“Officer’s Certificate”
means a certificate signed on behalf of the Issuer by an Officer.

 

“Opinion of Counsel”
means a written opinion from legal counsel, subject to customary exceptions and qualifications. The counsel may be an employee
of or counsel to the Issuer.

 

“Permitted Business”
means (a) in respect of the Issuer and its Restricted Subsidiaries, any businesses, services or activities engaged in by the
Issuer or any of the Restricted Subsidiaries on the Issue Date and (b) any businesses, services and activities engaged in
by the Issuer or any of the Restricted Subsidiaries that are related, complementary, incidental, ancillary or similar to any of
the foregoing or are extensions or developments of any thereof.

 

    	 	26	 

     

    

 

“Permitted Collateral Liens”
means:

 

(A)            Liens
on the Collateral described in one or more of clauses (a), (c), (f), (g), (h), (i), (j), (k), (l), (n), (o), (s), (t), (v), (z),
(aa) (as to operating leases) and (dd) (but to the extent related to the foregoing clauses) of the definition of “Permitted
Liens”; and

 

(B)            Liens
on the Collateral to secure Indebtedness of the Issuer or a Restricted Subsidiary in an aggregate amount of up to $15.0 million.

 

“Permitted Investments”
means:

 

(a)            any
Investment in a Restricted Subsidiary;

 

(b)            any
Investment in cash in U.S. dollars, euros, Swiss francs, U.K. pounds sterling or Australian dollars, and Cash Equivalents;

 

(c)            any
Investment by the Issuer or any Restricted Subsidiary in a Person, if as a result of such Investment:

 

(i)            such
Person becomes a Restricted Subsidiary; or

 

(ii)            such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated
into, the Issuer or a Restricted Subsidiary;

 

(d)            any
Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance
with ‎‎Section 4.09 or any other disposition of assets
not constituting an Asset Sale;

 

(e)            any
acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified Stock)
of the Issuer;

 

(f)            any
Investments received in compromise or resolution of (A) obligations of trade creditors or customers that were incurred in
the ordinary course of business of the Issuer or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization
or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (B) litigation, arbitration
or other disputes with Persons who are not Affiliates;

 

(g)            Investments
in receivables owing to the Issuer or any Restricted Subsidiary created or acquired in the ordinary course of business;

 

(h)            Investments
represented by Hedging Obligations, which obligations are permitted to be incurred under ‎‎Section 4.06(b)(ix);

 

    	 	27	 

     

    

 

(i)            repurchases
of the Notes;

 

(j)            any
Guarantee of Indebtedness permitted to be incurred under ‎‎Section 4.06
other than a guarantee of Indebtedness of an Affiliate of the Issuer that is not a Restricted Subsidiary;

 

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

 

(l)            Investments
acquired after the Issue Date as a result of the acquisition by the Issuer or any Restricted Subsidiary of another Person, including
by way of a merger, amalgamation or consolidation with or into the Issuer or any of its Restricted Subsidiaries in a transaction
that is not prohibited by ‎‎Article Five after the
Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation
and were in existence on the date of such acquisition, merger, amalgamation or consolidation;

 

(m)           Management
Advances;

 

(n)            Investments
consisting of the licensing of intellectual property rights pursuant to joint marketing arrangements with other Persons in the
ordinary course of business;

 

(o)            Investments
consisting of, or to finance the acquisition, purchase, charter or leasing or the construction, installation or the making of any
improvement with respect to any asset (including Vessels) or purchases and acquisitions of inventory, supplies, materials, services
or equipment or purchases of contract rights, licenses or leases of intellectual property rights (including prepaid expenses and
advances to suppliers), in each case, in the ordinary course of business (including, for the avoidance of doubt any deposits made
to secure the acquisition, purchase or construction of, or any options to acquire, any vessel);

 

(p)            other
Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without
giving effect to subsequent changes in value) made on or after the first anniversary of the Issue Date, when taken together with
all other Investments made pursuant to this clause (p) that are at the time outstanding not to exceed the greater of $300.0
million and 2.00% of Total Tangible Assets of the Issuer; provided that if an Investment is made pursuant to this clause in a Person
that is not a Restricted Subsidiary and such Person subsequently becomes a Restricted Subsidiary or is subsequently designated
a Restricted Subsidiary pursuant to ‎Section 4.08, such
Investment, if applicable, shall thereafter be deemed to have been made pursuant to clause (a) or (c) of the definition
of “Permitted Investments” and not this clause;

 

    	 	28	 

     

    

 

(q)            other
Investments in joint ventures having an aggregate Fair Market Value (measured on the date each such Investment was made and without
giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (q) that
are at the time outstanding, not to exceed the greater of $150.0 million and 1.00% of Total Tangible Assets of the Issuer; provided
that if an Investment is made pursuant to this clause in a Person that is not a Restricted Subsidiary and such Person subsequently
becomes a Restricted Subsidiary or is subsequently designated a Restricted Subsidiary pursuant to Section ‎‎4.08,
such Investment, if applicable, shall thereafter be deemed to have been made pursuant to clause (a) or (c) of the definition
of “Permitted Investments” and not this clause;

 

(r)            additional
Investments in joint ventures in which the Issuer or any of its Restricted Subsidiaries holds an Investment existing on the Issue
Date, provided such Investments are made in the ordinary course of business; and

 

(s)            additional
Investments in additional joint ventures engaged in a Permitted Business, provided the Equity Interests held by the Issuer or any
of its Restricted Subsidiaries in such joint ventures are pledged as Collateral.

 

“Permitted Junior Credit Card Processing
Liens” means Liens upon any Subsidiary Guarantor Vessel, except the Pride of America vessel, that (i) secure Indebtedness
or other payment obligations pursuant to credit card processing arrangements in an amount outstanding at any one time not to exceed
$700 million and (ii) rank junior to the Liens on the Subsidiary Guarantor Vessels that secure the ARCA, and any refinancing
thereof not in violation of this Indenture.

 

“Permitted Jurisdictions”
means (i) any state of the United States of America, the District of Columbia or any subdivision thereof or territory of the
United States of America, (ii) Panama, (iii) Bermuda, (iv) the Commonwealth of The Bahamas, (v) the Isle of
Man, (vi) the Marshall Islands, (vii) Liberia, (viii) Barbados and (ix) the Cayman Islands.

 

“Permitted Liens” means:

 

(a)            Liens
in favor of the Issuer or any of the Guarantors;

 

(b)            Liens
on property (including Capital Stock) of a Person existing at the time such Person becomes a Restricted Subsidiary or is merged
with or into, amalgamated with or consolidated with the Issuer or any Restricted Subsidiary; provided that such Liens were in existence
prior to the contemplation of such Person becoming a Restricted Subsidiary or such merger, amalgamation or consolidation, were
not incurred in contemplation thereof and do not extend to any assets other than those of the Person (or the Capital Stock of such
Person) that becomes a Restricted Subsidiary or is merged with or into, amalgamated with or consolidated with the Issuer or any
Restricted Subsidiary;

 

    	 	29	 

     

    

 

(c)            Liens
to secure the performance of statutory obligations, insurance, surety, bid, performance, travel or appeal bonds, credit card processing
arrangements (provided that such Liens in respect of credit card processing arrangements are on a junior basis to the Liens securing
the Notes), workers compensation obligations, performance bonds or other obligations of a like nature incurred in the ordinary
course of business (including Liens to secure letters of credit or similar instruments issued to assure payment of such obligations
or for the protection of customer deposits or credit card payments);

 

(d)            Liens
on any property or assets of the Issuer or any Restricted Subsidiary for the purpose of securing Capital Lease Obligations, purchase
money obligations, mortgage financings or other Indebtedness, in each case, incurred pursuant to‎‎
Section 4.06(b)(iv) in connection with the financing of all or any part of the purchase price, lease expense, rental
payments or cost of design, construction, installation, repair, replacement or improvement of property, plant or equipment or other
assets (including Capital Stock) used in the business of the Issuer or any of its Restricted Subsidiaries; provided that any such
Lien may not extend to any assets or property owned by the Issuer or any of its Restricted Subsidiaries at the time the Lien is
incurred other than (i) the assets (including Vessels) and property acquired, improved, constructed, leased or financed and
improvements, accessions, proceeds, products, dividends and distributions in respect thereof (provided that to the extent any such
Capital Lease Obligations, purchase money obligations, mortgage financings or other Indebtedness relate to multiple assets or properties,
then all such assets and properties may secure any such Capital Lease Obligations, purchase money obligations, mortgage financings
or other Indebtedness) and (ii) to the extent such Lien secures financing in connection with the purchase of a Vessel, Related
Vessel Property; provided further that any such assets or property subject to such Lien do not constitute Collateral;

 

(e)            Liens
existing on the Issue Date;

 

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

 

(g)            Liens
imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’, materialmen’s, repairmen’s,
construction or other like Liens arising in the ordinary course of business and with respect to amounts not yet delinquent or being
contested in good faith by appropriate proceedings and in respect of which, if applicable, the Issuer or any Restricted Subsidiary
shall have set aside on its books reserves in accordance with GAAP; and with respect to Vessels: (i) Liens fully covered (in
excess of customary deductibles) by valid policies of insurance and (ii) Liens for general average and salvage, including
contract salvage; or Liens arising solely by virtue of any statutory or common law provisions relating to attorney’s liens
or bankers’ liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with
a creditor depositary institution;

 

    	 	30	 

     

    

 

(h)            survey
exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred
in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially
impair their use in the operation of the business of such Person;

 

(i)             Liens
created for the benefit of (and to secure) the Notes (or the Note Guarantees) issued on the Issue Date;

 

(j)             Liens
securing Indebtedness under Hedging Obligations, which obligations are permitted to be incurred under ‎Section 4.06(b)(ix);

 

(k)            Liens
on insurance policies and proceeds thereof, or other deposits, to secure insurance premium financings;

 

(l)             Liens
arising out of judgments or awards not constituting an Event of Default and notices of lis pendens and associated rights
related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made;

 

(m)           Liens
on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness;

 

(n)            Liens
on specific items of inventory or other goods (and the proceeds thereof) of any Person securing such Person’s obligations
in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to
facilitate the purchase, shipment or storage of such inventory or other goods;

 

(o)            Leases,
licenses, subleases and sublicenses of assets in the ordinary course of business and Liens arising out of conditional sale, title
retention, consignment or similar arrangements for the sale of assets entered into in the ordinary course of business;

 

(p)            [Reserved];

 

(q)            (i) mortgages,
liens, security interests, restrictions, encumbrances or any other matters of record that have been placed by any developer, landlord
or other third party on property over which the Issuer or any Restricted Subsidiary has easement rights or on any real property
leased by the Issuer or any Restricted Subsidiary and subordination or similar agreements relating thereto and (ii) any condemnation
or eminent domain proceedings or compulsory purchase order affecting real property;

 

(r)            Liens
securing or arising by reason of any netting or set-off arrangement entered into in the ordinary course of banking or other trading
activities;

 

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

 

    	 	31	 

     

    

 

(t)            pledges
of goods, the related documents of title and/or other related documents arising or created in the ordinary course of the Issuer
or any Restricted Subsidiary’s business or operations as Liens only for Indebtedness to a bank or financial institution directly
relating to the goods or documents on or over which the pledge exists;

 

(u)            Liens
over cash paid into an escrow account pursuant to any purchase price retention arrangement as part of any permitted disposal by
the Issuer or a Restricted Subsidiary on condition that the cash paid into such escrow account in relation to a disposal does not
represent more than 15.0% of the net proceeds of such disposal;

 

(v)            Liens
incurred in the ordinary course of business of the Issuer or any Restricted Subsidiary arising from Vessel chartering, dry-docking,
maintenance, repair, refurbishment, the furnishing of supplies and bunkers to Vessels or masters’, officers’ or crews’
wages and maritime Liens, in the case of each of the foregoing, which were not incurred or created to secure the payment of Indebtedness;

 

(w)           Liens
securing an aggregate principal amount of Indebtedness not to exceed the aggregate amount of Indebtedness permitted to be incurred
pursuant to ‎Section 4.06(b)(v); provided that such Lien
extends only to (i) the assets (including Vessels), purchase price or cost of design, construction, installation or improvement
of which is financed or refinanced thereby and any improvements, accessions, proceeds, products, dividends and distributions in
respect thereof, (ii) any Related Vessel Property or (iii) the Capital Stock of a Vessel Holding Issuer;

 

(x)            Liens
created on any asset of the Issuer or a Restricted Subsidiary established to hold assets of any stock option plan or any other
management or employee benefit or incentive plan or unit trust of the Issuer or a Restricted Subsidiary securing any loan to finance
the acquisition of such assets;

 

(y)            Liens
incurred by the Issuer or any Restricted Subsidiary with respect to obligations that do not exceed the greater of $125.0 million
and 0.85% of Total Tangible Assets at any one time outstanding;

 

(z)            Liens
arising from financing statement filings (or similar filings in any applicable jurisdiction) regarding operating leases entered
into by the Issuer and its Restricted Subsidiaries in the ordinary course of business;

 

(aa)          any
interest or title of a lessor under any Capital Lease Obligation or an operating lease;

 

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

 

(cc)          Liens
on Vessels under construction securing Indebtedness of shipyard owners and operators; and

 

    	 	32	 

     

    

 

(dd)         any
extension, renewal, refinancing or replacement, in whole or in part, of any Lien described in the foregoing clauses (a) through
(cc) (but excluding clause (y)); provided that (x) any such Lien is limited to all or part of the same property or assets
(plus improvements, accessions, proceeds, products or dividends or distributions in respect thereof) that secured (or, under the
written arrangements under which the original Lien arose, could secure) the Indebtedness being refinanced and (y) the Indebtedness
secured by such Lien at such time is not increased to any amount greater than the sum of the outstanding principal amount or, if
greater, committed amount of such Indebtedness at the time the original Lien became a Permitted Lien under this Indenture and an
amount necessary to pay any fees and expenses, including premiums, related to such extension, renewal, refinancing or replacement.

 

“Permitted Refinancing Indebtedness”
means any Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries, any Disqualified Stock issued by the Issuer
or any of its Restricted Subsidiaries and any preferred stock issued by any Restricted Subsidiary, in each case, in exchange for,
or the net proceeds of which are used to renew, refund, refinance, replace, exchange, defease or discharge other Indebtedness of
the Issuer or any of its Restricted Subsidiaries (other than intercompany Indebtedness), including Permitted Refinancing Indebtedness;
provided that:

 

(a)            the
aggregate principal amount (or accreted value, if applicable, or if issued with original issue discount, aggregate issue price,
or, if greater, committed amount (only to the extent the committed amount could have been incurred on the date of initial incurrence))
of such new Indebtedness, the liquidation preference of such new Disqualified Stock or the amount of such new preferred stock does
not exceed the principal amount (or accreted value, if applicable, or if issued with original issue discount, aggregate issue price
or, if greater, committed amount (only to the extent the committed amount could have been incurred on the date of initial incurrence))
of the Indebtedness, the liquidation preference of the Disqualified Stock or the amount of the preferred stock (plus in each case
the amount of accrued and unpaid interest or dividends on and the amount of all fees and expenses, including premiums, incurred
in connection with the incurrence or issuance of, such Indebtedness, Disqualified Stock or preferred stock) renewed, refunded,
refinanced, replaced, exchanged, defeased or discharged;

 

(b)            such
Permitted Refinancing Indebtedness has (a) a final maturity date that is either (i) no earlier than the final maturity
date of the Indebtedness being renewed, refunded, refinanced, replaced, exchanged, defeased or discharged or (ii) after the
final maturity date of the Notes and (b) has a Weighted Average Life to Maturity that is equal to or greater than the Weighted
Average Life to Maturity of the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged;

 

(c)            if
the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment to the
Notes or the Note Guarantees, as the case may be, such Permitted Refinancing Indebtedness is subordinated in right of payment to
the Notes or the Note Guarantees, as the case may be, on terms at least as favorable to the holders of Notes or the Note Guarantees,
as the case may be, as those contained in the documentation governing the Indebtedness being renewed, refunded, refinanced, replaced,
exchanged, defeased or discharged; and

 

    	 	33	 

     

    

 

 

(d)            if
such Indebtedness is incurred either by the Issuer (if the Issuer was the obligor on the Indebtedness being renewed, refunded,
refinanced, replaced, defeased or discharged) or by the Restricted Subsidiary that was the obligor on the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged, such Indebtedness is guaranteed only by Persons who were obligors on the
Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged.

 

“Permitted Tax Distributions”
means (i) dividends or other distributions to pay any U.S. federal, state, local or non-U.S. income taxes actually payable
by the direct or indirect holders of the Issuer’s Capital Stock (or, in the case of any such holder that owns any assets
other than the Issuer’s Capital Stock at any applicable time, the U.S. federal, state, local or non-U.S. income taxes that
would have been actually payable had such holder owned no other assets) by virtue of the fact that the Issuer is a pass-through
entity for U.S. federal, state, local or non-U.S. income tax purposes (as applicable), for any such taxable year (or portion thereof)
ending after December 31, 2011 and, to the extent resulting from audit adjustments after the Issue Date, for any such taxable
year (or portion thereof) ending prior to December 31, 2011 and (ii) for any taxable year (or portion thereof) for which
the Issuer is a member of a group filing a consolidated, group, affiliated, combined or unitary tax return (including any such
group or similar group under U.S. federal, state, local or non-U.S. law) with any direct or indirect parent of the Issuer, any
dividends or other distributions to fund any U.S. federal, state, local or non-U.S. income taxes that are attributable to the income,
revenue, receipts or capital of the Issuer and its Subsidiaries for which such direct or indirect parent of the Issuer is liable
up to an amount not to exceed with respect to such taxes the amount of any such taxes that the Issuer and its Subsidiaries would
have been required to pay on a separate company basis or on a consolidated basis calculated as if the Issuer and its Subsidiaries
had paid tax on a consolidated, combined, group, affiliated or unitary basis on behalf of an affiliated group (or similar group)
consisting only of the Issuer and its Subsidiaries.

 

“Person” means any individual,
corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability
company or government or other entity, whether or not having separate legal personality.

 

“Pride of America Credit Facility”
means the Credit Agreement, dated as of January 10, 2019, among NCL Corporation Ltd., as borrower, Pride of America Ship Holding,
LLC, as subsidiary guarantor, Nordea Bank Abp, New York Branch, as administrative agent and collateral agent, and the lenders party
thereto, as amended by that certain Amendment No. 1, dated as of April 28, 2020, as may further be amended, restated,
supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured,
repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity
thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreement
or any successor or replacement agreement or agreements or increasing the amount loaned thereunder (in each case subject to compliance
with the covenant described under Section 4.06) or altering the maturity thereof.

 

    	 	34	 

     

    

 

“Productive Asset Lease”
means any lease or charter of one or more Vessels (other than leases or charters required to be classified and accounted for as
capital leases under GAAP).

 

“QIB” means a “Qualified
Institutional Buyer” as defined in Rule 144A.

 

“Rating Agencies” means
each of Moody’s and S&P, or any of their respective successors or any national rating agency substituted for either of
them as selected by the Issuer.

 

“Rating Event” means:

 

(a)            if
the Notes are not rated Investment Grade by each of the Rating Agencies on the first day of the Trigger Period, the Notes are downgraded
by at least one rating category (e.g., from BB+ to BB or Ba1 to Ba2) from the applicable rating of the Notes on the first day of
the Trigger Period by either of the Rating Agencies on any date during the Trigger Period;

 

(b)            if
the Notes are rated Investment Grade by each of the Rating Agencies on the first day of the Trigger Period, the Notes are downgraded
to below Investment Grade (i.e. below BBB- or Baa3) by either of the Rating Agencies on any date during the Trigger Period; or

 

(c)            if
both (A) the Notes are rated Investment Grade by one of the Rating Agencies, and (B) the Notes are not rated Investment
Grade by the other Rating Agency, in each case, on the first day of the Trigger Period, then any of the following occur: (i) in
the case of the Rating Agency referred to in clause (A), the Notes are downgraded to below Investment Grade (i.e. below BBB- or
Baa3) by such Rating Agency on any date during the Trigger Period, and (ii) in the case of the Rating Agency referred to in
clause (B), the Notes are downgraded by at least one rating category (e.g., from BB+ to BB or Ba1 to Ba2) from the applicable rating
of the Notes on the first day of the Trigger Period by each such Rating Agency on any date during the Trigger Period;

 

provided
that a Rating Event otherwise arising by virtue of a particular downgrade in rating shall not be deemed to have occurred in respect
of a particular Change of Control (and thus shall not be deemed a Rating Event for purposes of the definition of Change of Control
Triggering Event hereunder) if the Rating Agency making the reduction in rating to which this definition would otherwise apply
does not announce or publicly confirm or inform the Issuer that the reduction was the result, in whole or in part, of any event
or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the
applicable Change of Control shall have occurred at the time of the Rating Event). For the avoidance of doubt, no Change of Control
Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change
of Control has actually been consummated.

 

    	 	35	 

     

    

 

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

 

“Record Date,” for the
interest payable on any Interest Payment Date, means the January 15 and July 15 (in each case, whether or not a Business
Day) preceding such Interest Payment Date.

 

“Redemption Date” means,
when used with respect to any Note to be redeemed, in whole or in part, the date fixed for such redemption by or pursuant to this
Indenture.

 

“Redemption Price” means,
when used with respect to any Note to be redeemed, the price at which it is to be redeemed pursuant to this Indenture.

 

“Regulation S” means
Regulation S under the U.S. Securities Act (including any successor regulation thereto), as it may be amended from time to time.

 

“Related Vessel Property”
means, with respect to any Vessel (i) any insurance policies on such Vessel, (ii) any requisition compensation payable
in respect of any compulsory acquisition thereof, (iii) any earnings derived from the use or operation thereof and/or any
earnings account with respect to such earnings, and (iv) any charters, operating leases, licenses and related agreements entered
into in respect of the Vessel and any security or guarantee in respect of the relevant charterer’s or lessee’s obligations
under any relevant charter, operating lease, license or related agreement, (v) any cash collateral account established with
respect to such Vessel pursuant to the financing arrangements with respect thereto, (vi) any inter-company loan or facility
agreements relating to the financing of the acquisition of, and/or the leasing arrangements (pursuant to Capital Lease Obligations)
with respect to, such Vessel, (vii) any building or conversion contracts relating to such Vessel and any security or guarantee
in respect of the builder’s obligations under such contracts, (viii) any interest rate swap, foreign currency hedge,
exchange or similar agreement incurred in connection with the financing of such Vessel and required to be assigned by the lender
and (ix) any security interest in, or agreement or assignment relating to, any of the foregoing or any mortgage in respect
of such Vessel.

 

“Replacement Assets”
means (1) assets not classified as current assets under GAAP that will be used or useful in a Permitted Business or (2) substantially
all the assets of a Permitted Business or a majority of the Voting Stock of any Person engaged in a Permitted Business that will
become on the date of acquisition thereof a Restricted Subsidiary.

 

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

 

“Restricted Subsidiary”
means any Subsidiary of the Issuer that is not an Unrestricted Subsidiary.

 

    	 	36	 

     

    

 

“Rule 144” means
Rule 144 under the U.S. Securities Act (including any successor regulation thereto), as it may be amended from time to time.

 

“Rule 144A” means
Rule 144A under the U.S. Securities Act (including any successor regulation thereto), as it may be amended from time to time.

 

“S&P” means Standard &
Poor’s Ratings Group.

 

“Secured Guarantor” means
Norwegian Epic, Ltd., a Bermuda exempted company.

 

“Security Agent” means
U.S. Bank National Association acting as Collateral Agent pursuant to and as defined in the Security Documents or such successor
collateral agent or any delegate thereof as may be appointed thereunder.

 

“Security Documents”
means the security agreements, pledge agreements, charge agreements, collateral assignments and any other instrument and document
executed and delivered pursuant to this Indenture or otherwise or any of the foregoing, as the same may be amended, supplemented
or otherwise modified from time to time, creating the security interests in the Collateral as contemplated by this Indenture.

 

“Significant Subsidiary”
means, at the date of determination, any Restricted Subsidiary that together with its Subsidiaries which are Restricted Subsidiaries
(i) for the most recent fiscal year, accounted for more than 10% of the consolidated revenues of the Issuer or (ii) as
of the end of the most recent fiscal year, was the owner of more than 10% of the consolidated assets of the Issuer.

 

“Stated Maturity” means,
with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest
or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Issue Date, and will not include
any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled
for the payment thereof.

 

“Subsidiary” means, with
respect to any specified Person:

 

(a)            any
corporation, company, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement, shareholders’
agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers
or trustees of the corporation, company, association or other business entity is at the time owned or controlled, directly or indirectly,
by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

 

(b)            any
partnership or limited liability company of which (a) more than 50% of the capital accounts, distribution rights, total equity
and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly,
by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership,
general, special or limited partnership interests or otherwise, and (b) such Person or any Subsidiary of such Person is a
controlling general partner or otherwise controls such entity.

 

    	 	37	 

     

    

 

“Subsidiary Guarantor”
means any entity that directly owns a Subsidiary Guarantor Vessel and any entity that directly owns a vessel with an Appraised
Value in excess of $100.0 million that is purchased with the proceeds of any sale of any Subsidiary Guarantor Vessel or Subsidiary
Guarantor.

 

“Subsidiary Guarantor Aggregate
Secured Debt Ratio” means, as of any date of determination, the ratio of Indebtedness outstanding on such date secured
by Liens on Subsidiary Guarantor Vessels to the Appraised Value of the Subsidiary Guarantor Vessels (and, for the avoidance of
doubt, not including Indebtedness or other payment obligations secured by Permitted Junior Credit Card Processing Liens), in each
case on an aggregate basis and with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment
provisions set forth in the definition of “Fixed Charge Coverage Ratio.”

 

“Subsidiary Guarantor Vessels”
means Norwegian Star, Norwegian Dawn, Norwegian Spirit, Norwegian Sun, Norwegian Pearl, Norwegian Gem, Norwegian Sky, Oceania Insignia,
Oceania Nautica, Oceania Regatta, Seven Seas Mariner, Seven Seas Navigator, Seven Seas Voyager, Pride of America and any vessel
with an Appraised Value in excess of $100.0 million that is purchased with the proceeds of any sale of any Subsidiary Guarantor
Vessel or Subsidiary Guarantor.

 

“Supplemental Indenture”
means a supplemental indenture to this Indenture substantially in the form of Exhibit D attached hereto.

 

“Tax” or “Taxes”
means any tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and additions to tax
related thereto, and, for the avoidance of doubt, including any withholding or deduction for or on account of Tax).

 

“Total Assets” means
the total assets of the Issuer and its Subsidiaries that are Restricted Subsidiaries, as shown on the most recent balance sheet
of the Issuer, determined on a consolidated basis in accordance with GAAP, calculated after giving effect to pro forma adjustments
as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge
Coverage Ratio.”

 

“Total Tangible Assets”
means the Total Assets excluding consolidated intangible assets, calculated after giving effect to pro forma adjustments
as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge
Coverage Ratio.”

 

    	 	38	 

     

    

 

“Treasury Rate” means,
as of any redemption date, the weekly average rounded to the nearest 1/100th of a percentage point (for the most recently completed
week for which such information is available as of the date that is two Business Days prior to the redemption date) of the yield
to maturity of United States Treasury Securities with a constant maturity (as compiled and published in Federal Reserve Statistical
Release H.15 with respect to each applicable day during such week or, if such Statistical Release is no longer published, any publicly
available source of similar market data) most nearly equal to the period from the redemption date to the Par Call Date; provided,
however, that if the period from the redemption date to the Par Call Date is not equal to the constant maturity of a United
States Treasury Security for which such a yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated
to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury Securities for which such yields
are given, except that if the period from the redemption date to the Par Call Date is less than one year, the weekly average yield
on actually traded United States Treasury Securities adjusted to a constant maturity of one year shall be used.

 

“Trigger Period” means
the period commencing on the first public announcement by the Issuer of an arrangement that could result in a Change of Control
until the end of the 60-day period following public notice of the occurrence of the Change of Control; provided, that if the rating
of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies, such 60-day period
shall be extended until the first to occur of (x) the date that such Rating Agency announces the results of its review and
(y) the date that is 180 days after consummation of the Change of Control.

 

“Trust Officer” means
any officer within the agency and corporate trust group, division or section of the Trustee (however named, or any successor group
of the Trustee) and also means, with respect to any particular corporate trust matter, any other officer to whom such matter is
referred because of his knowledge of and familiarity with the particular subject and shall also mean any officer who shall have
direct responsibility for the administration of this Indenture.

 

“UK NewCo” means NCL
UK IP Co Ltd, a private limited company organized under the laws of England and Wales.

 

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

 

“Unrestricted Subsidiary”
means any Subsidiary of the Issuer that is designated by the Board of Directors of the Issuer as an Unrestricted Subsidiary pursuant
to a resolution of the Board of Directors but only to the extent that such Subsidiary:

 

(a)            except
as permitted by Section ‎‎4.10, is not party to any
agreement, contract, arrangement or understanding with the Issuer or any Restricted Subsidiary unless the terms of any such agreement,
contract, arrangement or understanding are, taken as a whole, no less favorable to the Issuer or such Restricted Subsidiary than
those that might be obtained at the time from Persons who are not Affiliates of the Issuer; and

 

(b)            is
a Person with respect to which neither the Issuer nor any Restricted Subsidiary has any direct or indirect obligation (a) to
subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause
such Person to achieve any specified levels of operating results.

 

    	 	39	 

     

    

 

“U.S. dollar” or “$”
means the lawful currency of the United States of America.

 

“U.S. Exchange Act” means
the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated
by the Commission thereunder.

 

“U.S. Securities Act”
means the U.S. Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated by
the Commission thereunder.

 

“US NewCo” means NCL
US IP Co 2, LLC, a Delaware limited liability company.

 

“Vessel” means a passenger
cruise vessel which is owned by and registered (or to be owned by and registered) in the name of the Issuer or any of its Restricted
Subsidiaries or operated or to be operated by the Issuer or any of its Restricted Subsidiaries, in each case together with all
related spares, equipment and any additions or improvements.

 

“Vessel Holding Issuer”
means a Subsidiary of the Issuer, the assets of which consist solely of one or more Vessels and the corresponding Related Vessel
Property and whose activities are limited to the ownership of such Vessels and Related Vessel Property and any other asset reasonably
related to or resulting from the acquisition, purchase, charter, leasing, rental, construction, ownership, operation, improvement,
expansion and maintenance of such Vessel, the leasing of such Vessels and any activities reasonably incidental to the foregoing.

 

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

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

(a)            the
sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity
or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number
of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by

 

(b)            the
then outstanding principal amounts of such Indebtedness.

 

    	 	40	 

     

    

 

Section 1.02.          Other
Definitions.

 

	
        Term
	
        Section

	“Additional Amounts”	‎‎4.12(a)
	“Additional Notes”	Recitals
	“Affiliate Transaction”	‎‎4.10(a)
	“Agents”	‎‎2.03
	“Applicable Procedures”	‎‎2.06(b)(ii)
	“Asset Sale Offer”	‎4.09(c)
	“Authorized Agent”	‎‎12.08
	“Change in Tax Law”	‎‎3.09(b)
	“Change of Control Offer”	‎‎4.11(a)
	“Change of Control Purchase Date”	‎‎4.11(a)
	“Change of Control Purchase Price”	‎‎4.11(a)
	“Covenant Defeasance”	‎‎8.03
	“Deemed Date”	‎‎4.06(e)
	“Defaulted Interest”	‎‎2.12
	“Event of Default”	‎6.01(a)
	“Excess Proceeds”	‎‎4.09(c)
	“Global Notes”	2.01(c)
	“Increased Amount”	‎‎4.07(b)
	“incur”	‎‎4.06(a), 4.25(a)(ii)
	“Issuer”	Preamble
	“Judgment Currency”	‎‎12.14
	“Legal Defeasance”	‎‎8.02
	“Notes”	Recitals
	“Notes Offer”	‎4.09(b)(i)
	“Note Obligations”	‎‎10.01(a)
	“Original Notes”	Recitals
	“Participants”	‎‎2.01(c)
	“Paying Agent”	‎‎2.03
	“Permitted Debt”	‎‎4.06(b)
	“Permitted Payments”	‎‎4.08(b)
	“Principal Paying Agent”	‎‎2.03
	“Registrar”	‎2.03
	“Regulation S Global Note”	‎‎2.01(b)
	“Required Currency”	‎‎12.14
	“Restricted Global Note”	‎‎2.01(b)
	“Restricted Payments”	‎‎4.08(a)(iv)
	“Security Register”	‎‎2.03
	“Supplemental Security Agent”	‎‎7.08(b)
	“Supplemental Security Agents”	‎‎7.08(b)
	“Tax Jurisdiction”	‎‎4.12(a)
	“Tax Redemption Date”	‎‎3.09
	“Transfer Agent”	‎‎2.03
	“Trustee”	Preamble

 

Section 1.03.          Rules of
Construction. Unless the context otherwise requires:

 

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

 

    	 	41	 

     

    

 

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

 

(c)            “or”
is not exclusive;

 

(d)            “including”
or “include” means including or include without limitation;

 

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

 

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

 

(g)            any
Indebtedness secured by a Lien ranking junior to any of the Liens securing other Indebtedness shall not be deemed to be subordinate
or junior to such other Indebtedness by virtue of the ranking of such Liens;

 

(h)            the
words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section, clause or other subdivision; and

 

(i)             the
Trust Indenture Act of 1939, as amended (the “TIA”), shall not apply to this Indenture, the Notes, the Note
Guarantees, the Security Documents or any documents or instruments related thereto, and no terms used in any of the foregoing shall
have meanings given to them by the TIA.

 

Article Two

The Notes

 

Section 2.01.         The
Notes.

 

(a)            Form and
Dating. The Notes and the Trustee’s (or the authenticating agent’s) certificate of authentication shall be substantially
in the form of Exhibit A attached hereto with such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture. The Notes may have notations, legends or endorsements required by law, the rules of
any securities exchange agreements to which the Issuer is subject, if any, or usage; provided that any such notation, legend
or endorsement is in form reasonably acceptable to the Issuer. The Issuer shall approve the form of the Notes. Each Note shall
be dated the date of its authentication. The terms and provisions contained in the form of the Notes shall constitute and are hereby
expressly made a part of this Indenture. The Notes shall be issued only in registered form without coupons and only in minimum
denominations of $2,000 in principal amount and any integral multiples of $1,000 in excess thereof.

 

    	 	42	 

     

    

 

(b)            Global
Notes. Notes offered and sold to QIBs in reliance on Rule 144A shall be issued initially in the form of one or more Global
Notes substantially in the form of Exhibit A attached hereto, with such applicable legends as are provided in Exhibit A
attached hereto, except as otherwise permitted herein (the “Restricted Global Note”), which shall be deposited
on behalf of the purchasers of the Notes represented thereby with a custodian for DTC, and registered in the name of DTC or its
nominee, duly executed by the Issuer and authenticated by the Trustee (or its authenticating agent in accordance with Section ‎‎2.02)
as hereinafter provided. The aggregate principal amount of the Restricted Global Note may from time to time be increased or decreased
by adjustments made by the Registrar on Schedule A to the Restricted Global Note and recorded in the Security Register, as hereinafter
provided.

 

Notes
offered and sold in reliance on Regulation S shall be issued initially in the form of one or more Global Notes substantially in
the form of Exhibit A attached hereto, with such applicable legends as are provided in Exhibit A attached hereto, except
as otherwise permitted herein (the “Regulation S Global Note”), which shall be deposited on behalf of the purchasers
of the Notes represented thereby with a custodian for DTC, and registered in the name of DTC or its nominee, duly executed by the
Issuer and authenticated by the Trustee (or its authenticating agent in accordance with Section ‎‎2.02) as
hereinafter provided. The aggregate principal amount of the Regulation S Global Note may from time to time be increased or decreased
by adjustments made by the Registrar on Schedule A to the Regulation S Global Note and recorded in the Security Register, as hereinafter
provided.

 

(c)            Book-Entry
Provisions. This ‎‎Section 2.01(c) shall apply to the Regulation S Global Notes and the Restricted
Global Notes (together, the “Global Notes”) deposited with or on behalf of DTC.

 

Members of, or participants and account
holders in, DTC (including Euroclear and Clearstream) (“Participants”) shall have no rights under this Indenture
with respect to any Global Note held on their behalf by DTC or by the Trustee or any custodian of DTC or under such Global Note,
and DTC or its nominees may be treated by the Issuer, a Guarantor, the Trustee and any agent of the Issuer, a Guarantor or the
Trustee as the sole owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall
prevent the Issuer, a Guarantor, the Trustee or any agent of the Issuer, a Guarantor or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by DTC or impair, as between DTC, on the one hand, and the Participants,
on the other, the operation of customary practices of such persons governing the exercise of the rights of a Holder of a beneficial
interest in any Global Note.

 

Subject
to the provisions of ‎‎Section 2.10(b), the registered Holder of a Global Note may grant proxies and otherwise
authorize any Person, including Participants and Persons that may hold interests through Participants, to take any action that
a Holder is entitled to take under this Indenture or the Notes.

 

Except
as provided in ‎Section 2.10, owners of a beneficial interest in Global Notes will not be entitled to receive physical
delivery of Definitive Registered Notes.

 

    	 	43	 

     

    

 

Section 2.02.          Execution
and Authentication. An authorized member of the Issuer’s Board of Directors or an executive officer of the Issuer shall
sign the Notes on behalf of the Issuer by manual, electronic or facsimile signature.

 

If an authorized member of the Issuer’s
Board of Directors or an executive officer whose signature is on a Note no longer holds that office at the time the Trustee (or
its authenticating agent) authenticates the Note, the Note shall be valid nevertheless.

 

A Note shall not be valid or obligatory
for any purpose until an authorized signatory of the Trustee (or its authenticating agent) manually signs the certificate of authentication
on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture.

 

The
Issuer shall execute and, upon receipt of an Issuer Order, the Trustee shall authenticate (whether itself or via the authenticating
agent) (a) Original Notes, on the date hereof, for original issue up to an aggregate principal amount of $750,000,000 and
(b) Additional Notes, from time to time, subject to compliance at the time of issuance of such Additional Notes with the provisions
of ‎Section 4.06 and ‎Section 4.07. The
Issuer is permitted to issue Additional Notes as part of a further issue under this Indenture, from time to time; provided
that, any Additional Notes may not have the same CUSIP number and/or ISIN (or be represented by the same Global Note or Global
Notes) as the Notes unless the Additional Notes are fungible with the Notes for U.S. federal income tax purposes. The Issuer will
issue Notes in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

The Trustee may appoint an authenticating
agent reasonably acceptable to the Issuer to authenticate the Notes. Unless limited by the terms of such appointment, any such
authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication
by the Trustee includes authentication by any such agent. An authenticating agent has the same rights as any Registrar, co-Registrar,
Transfer Agent or Paying Agent to deal with the Issuer or an Affiliate of the Issuer.

 

The
Trustee shall have the right to decline to authenticate and deliver any Notes under this ‎‎Section 2.02 if
the Trustee, being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith shall
determine that such action would expose the Trustee to personal liability to existing Holders.

 

Section 2.03.          Registrar,
Transfer Agent and Paying Agent. The Issuer shall maintain an office or agency for the registration of the Notes and of their
transfer or exchange (the “Registrar”), an office or agency where Notes may be transferred or exchanged (the
 “Transfer Agent”), an office or agency where the Notes may be presented for payment (the “Paying Agent”
and references to the Paying Agent shall include the Principal Paying Agent) and an office or agency where notices or demands to
or upon the Issuer in respect of the Notes may be served.

 

The Issuer may appoint one or more Transfer
Agents, one or more co-Registrars and one or more additional Paying Agents.

 

    	 	44	 

     

    

 

The
Issuer or any of its Affiliates may act as Transfer Agent, Registrar, co-Registrar, Paying Agent and agent for service of notices
and demands in connection with the Notes; provided that neither the Issuer nor any of its Affiliates shall act as Paying Agent
for the purposes of Articles Three and ‎‎Eight and Sections ‎‎4.09
and ‎‎4.11.

 

The Issuer hereby appoints (i) U.S.
Bank National Association, located at 60 Livingston Avenue, St. Paul, MN 55107 (the “Principal Paying Agent”)
and (ii) U.S. Bank National Association, located at 60 Livingston Avenue, St. Paul, MN 55107, as Registrar. Each hereby accepts
such appointments. The Transfer Agent, Principal Paying Agent and Registrar and any authenticating agent are collectively referred
to in this Indenture as the “Agents”. The roles, duties and functions of the Agents are of a mechanical nature
and each Agent shall only perform those acts and duties as specifically set out in this Indenture and no other acts, covenants,
obligations or duties shall be implied or read into this Indenture against any of the Agents. For the avoidance of doubt, a Paying
Agent’s obligation to disburse any funds shall be subject to prior receipt by it of those funds to be disbursed.

 

Subject to any applicable laws and regulations,
the Issuer shall cause the Registrar to keep a register (the “Security Register”) at its corporate trust office
in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of ownership,
exchange, and transfer of the Notes. Such registration in the Security Register shall be conclusive evidence of the ownership of
Notes. Included in the books and records for the Notes shall be notations as to whether such Notes have been paid, exchanged or
transferred, canceled, lost, stolen, mutilated or destroyed and whether such Notes have been replaced. In the case of the replacement
of any of the Notes, the Registrar shall keep a record of the Note so replaced and the Note issued in replacement thereof. In the
case of the cancellation of any of the Notes, the Registrar shall keep a record of the Note so canceled and the date on which such
Note was canceled.

 

The
Issuer shall enter into an appropriate agency agreement with any Paying Agent or co- Registrar not a party to this Indenture. The
agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the
name and address of any such agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee may appoint a suitably
qualified and reputable party to act as such and shall be entitled to appropriate compensation therefor pursuant to ‎‎Section 7.05.

 

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Section 2.04.          Paying
Agent to Hold Money. Not later than 12:00 p.m. (New York, New York time), one Business Day prior to each due date of the
principal, premium, if any, and interest on any Notes, the Issuer shall deposit with the Principal Paying Agent money in immediately
available funds in U.S. dollars, sufficient to pay such principal, premium, if any, and interest so becoming due on the due date
for payment under the Notes. The Issuer shall procure payment confirmation on or prior to the third Business Day preceding payment.
The Principal Paying Agent (and, if applicable, each other Paying Agent) shall remit such payment in a timely manner to the Holders
on the relevant due date for payment, it being acknowledged by each Holder that if the Issuer deposits such money with the Principal
Paying Agent after the time specified in the immediately preceding sentence, the Principal Paying Agent shall remit such money
to the Holders on the relevant due date for payment, unless such remittance is impracticable having regard to applicable banking
procedures and timing constraints, in which case the Principal Paying Agent shall remit such money to the Holders on the next Business
Day, but without liability for any interest resulting from such late payment. For the avoidance of doubt, the Principal Paying
Agent shall only be obliged to remit money to Holders if it has actually received such money from the Issuer in clear funds. The
Principal Paying Agent shall promptly notify the Trustee of any default by the Issuer (or any other obligor on the Notes) in making
any payment. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds
disbursed, and the Trustee may at any time during the continuance of any payment default, upon written request to a Paying Agent,
require such Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the
Paying Agent shall have no further liability for the money so paid over to the Trustee. If the Issuer or any Affiliate of the Issuer
acts as Paying Agent, it shall, on or before each due date of any principal, premium, if any, or interest on the Notes, segregate
and hold in a separate trust fund for the benefit of the Holders a sum of money sufficient to pay such principal, premium, if any,
or interest so becoming due until such sum of money shall be paid to such Holders or otherwise disposed of as provided in this
Indenture, and shall promptly notify the Trustee of its action or failure to act.

 

The
Trustee may, if the Issuer has notified it in writing that the Issuer intends to effect a defeasance or to satisfy and discharge
this Indenture in accordance with the provisions of ‎‎Article Eight, notify the Paying Agent in writing of
this fact and require the Paying Agent (until notified by the Trustee to the contrary) to act thereafter as Paying Agent of the
Trustee and not the Issuer in relation to any amounts deposited with it in accordance with the provisions of ‎‎Article Eight.

 

Section 2.05.          Holder
Lists. The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it
of the names and addresses of Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee, in writing
no later than the Record Date for each Interest Payment Date and at such other times as the Trustee may request in writing, a list,
in such form and as of such Record Date as the Trustee may reasonably require, of the names and addresses of Holders, including
the aggregate principal amount of Notes held by each Holder.

 

Section 2.06.          Transfer
and Exchange.

 

(a)            Where
Notes are presented to the Registrar or a co-Registrar with a request to register a transfer or to exchange them for an equal principal
amount of Notes of other denominations, the Registrar shall register the transfer or make the exchange in accordance with the requirements
of this ‎‎Section 2.06. To permit registrations of transfers and exchanges, the Issuer shall execute and the
Trustee (or the authenticating agent) shall, upon receipt of an Issuer Order, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes, of any authorized denominations and of a like aggregate principal amount, at
the Registrar’s request; provided that no Note of less than $2,000 may be transferred or exchanged. No service charge
shall be made for any registration of transfer or exchange of Notes (except as otherwise expressly permitted herein), but the Issuer
may require payment of a sum sufficient to cover any agency fee or similar charge payable in connection with any such registration
of transfer or exchange of Notes (other than any agency fee or similar charge payable in connection with any redemption of the
Notes or upon exchanges pursuant to Sections ‎‎3.07, ‎‎3.08 or ‎‎9.04) or in accordance
with an Asset Sale Offer pursuant to Section ‎‎4.09 or Change of Control Offer pursuant to ‎Section 4.11,
not involving a transfer.

 

    	 	46	 

     

    

 

Upon presentation for exchange or transfer
of any Note as permitted by the terms of this Indenture and by any legend appearing on such Note, such Note shall be exchanged
or transferred upon the Security Register and one or more new Notes shall be authenticated and issued in the name of the Holder
(in the case of exchanges only) or the transferee, as the case may be. No exchange or transfer of a Note shall be effective under
this Indenture unless and until such Note has been registered in the name of such Person in the Security Register.

 

Furthermore, the exchange or transfer of
any Note shall not be effective under this Indenture unless the request for such exchange or transfer is made by the Holder or
by a duly authorized attorney-in-fact at the office of the Registrar.

 

Every Note presented or surrendered for
registration of transfer or for exchange shall (if so required by the Issuer or the Registrar) be duly endorsed, or be accompanied
by a written instrument of transfer, in form satisfactory to the Issuer and the Registrar, duly executed by the Holder thereof
or his attorney duly authorized in writing.

 

All Notes issued upon any registration of
transfer or exchange of Notes shall be the valid obligations of the Issuer evidencing the same indebtedness, and entitled to the
same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

 

Neither
the Issuer nor the Trustee, Registrar or any Paying Agent shall be required (i) to issue, register the transfer of, or exchange
any Note during a period beginning at the opening of 15 days before the day of the delivery of a notice of redemption of Notes
selected for redemption under Section ‎‎3.02 and ending at the close of business on the day of such delivery,
or (ii) to register the transfer of or exchange any Note so selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part.

 

(b)            Notwithstanding
any provision to the contrary herein, so long as a Global Note remains outstanding and is held by or on behalf of DTC, transfers
of a Global Note, in whole or in part, or of any beneficial interest therein, shall only be made in accordance with Section ‎‎2.01(c),
‎Section ‎2.06(a) and this Section ‎‎2.06(b); provided that a beneficial
interest in a Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same
Global Note in accordance with the transfer restrictions set forth in the restricted Note legend on the Note, if any.

 

(i)             Except
for transfers or exchanges made in accordance with either of clauses ‎‎(ii) or ‎(iii) of
this ‎‎Section 2.06(b), transfers of a Global Note shall be limited to transfers of such Global Note
in whole, but not in part, to nominees of DTC or to a successor of DTC or such successor’s nominee.

 

    	 	47	 

     

    

 

(ii)            Restricted
Global Note to Regulation S Global Note. If the holder of a beneficial interest in the Restricted Global Note at any time wishes
to exchange its interest in such Restricted Global Note for an interest in the Regulation S Global Note, or to transfer its interest
in such Restricted Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Regulation
S Global Note, such transfer or exchange may be effected, only in accordance with this clause ‎‎(ii) and
the rules and procedures of DTC, in each case to the extent applicable (the “Applicable Procedures”). Upon
receipt by the Registrar from the Transfer Agent of (A) written instructions directing the Registrar to credit or cause to
be credited an interest in the Regulation S Global Note in a specified principal amount and to cause to be debited an interest
in the Restricted Global Note in such specified principal amount, and (B) a certificate in the form of Exhibit B attached
hereto given by the holder of such beneficial interest stating that the transfer of such interest has been made in compliance with
the transfer restrictions applicable to the Global Notes and (x) pursuant to and in accordance with Regulation S or (y) that
the interest in the Restricted Global Note being transferred is being transferred in a transaction permitted by Rule 144,
then the Registrar shall reduce or cause to be reduced the principal amount of the Restricted Global Note and shall cause DTC to
increase or cause to be increased the principal amount of the Regulation S Global Note by the aggregate principal amount of the
interest in the Restricted Global Note to be exchanged or transferred.

 

(iii)           Regulation
S Global Note to Restricted Global Note. If the holder of a beneficial interest in the Regulation S Global Note at any time wishes
to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Restricted
Global Note, such transfer may be effected only in accordance with this clause ‎‎(iii) and the Applicable
Procedures. Upon receipt by the Registrar from the Transfer Agent of (A) written instructions directing the Registrar to credit
or cause to be credited an interest in the Restricted Global Note in a specified principal amount and to cause to be debited an
interest in the Regulation S Global Note in such specified principal amount, and (B) a certificate in the form of Exhibit C
attached hereto given by the holder of such beneficial interest stating that the transfer of such interest has been made in compliance
with the transfer restrictions applicable to the Global Notes and stating that (x) the Person transferring such interest reasonably
believes that the Person acquiring such interest is a QIB and is obtaining such interest in a transaction meeting the requirements
of Rule 144A and any applicable securities laws of any state of the United States or (y) that the Person transferring
such interest is relying on an exemption other than Rule 144A from the registration requirements of the U.S. Securities Act
and, in such circumstances, such Opinion of Counsel as the Issuer or the Trustee may reasonably request to ensure that the requested
transfer or exchange is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements
of the U.S. Securities Act, then the Registrar shall reduce or cause to be reduced the principal amount of the Regulation S Global
Note and to increase or cause to be increased the principal amount of the Restricted Global Note by the aggregate principal amount
of the interest in such Regulation S Global Note to be exchanged or transferred.

 

    	 	48	 

     

    

 

(c)            If
Notes are issued upon the transfer, exchange or replacement of Notes bearing the restricted Notes legends set forth in Exhibit A
attached hereto, the Notes so issued shall bear the restricted Notes legends, and a request to remove such restricted Notes legends
from Notes shall not be honored unless there is delivered to the Issuer such satisfactory evidence, which may include an Opinion
of Counsel licensed to practice law in the State of New York, as may be reasonably required by the Issuer, that neither the legend
nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of
Rule 144A or Rule 144 under the U.S. Securities Act. Upon provision of such satisfactory evidence, the Trustee, at the
direction of the Issuer, shall (or shall direct the authenticating agent to) authenticate and deliver Notes that do not bear the
legend.

 

(d)            The
Trustee, the Security Agent and the Agents shall have no responsibility for any actions taken or not taken by DTC, Euroclear or
Clearstream, as the case may be.

 

(e)            The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Participants, members or Beneficial Owners of interests in any Global Note) other than to require delivery of
such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

(f)             In
connection with any proposed exchange of a Global Note for a Definitive Registered Note, the Issuer or DTC or its Participants
shall provide or cause to be provided to the Trustee all information reasonably requested by the Trustee that is necessary to allow
the Trustee to comply with any applicable tax reporting obligations. The Trustee may rely on information provided to it and shall
have no responsibility to verify or ensure the accuracy of such information.

 

(g)            Notwithstanding
anything to the contrary in this ‎‎Section 2.06, the Issuer is not required to register the transfer of any
Definitive Registered Notes:

 

(i)            for
a period of 15 days prior to any date fixed for the redemption of the Notes;

 

(ii)            for
a period of 15 days immediately prior to the date fixed for selection of Notes to be redeemed in part;

 

(iii)            for
a period of 15 days prior to the Record Date with respect to any Interest Payment Date; or

 

    	 	49	 

     

    

 

(iv)           which
the Holder has tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer or an Asset Sale Offer.

 

Section 2.07.          Replacement
Notes. If a mutilated Definitive Registered Note is surrendered to the Registrar or if the Holder claims that the Note has
been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall (or shall direct the authenticating agent
to), upon receipt of an Issuer Order, authenticate a replacement Note in such form as the Note mutilated, lost, destroyed or wrongfully
taken if the Holder satisfies any other reasonable requirements of the Issuer and any requirement of the Trustee. If required by
the Trustee or the Issuer, such Holder shall furnish an indemnity bond sufficient in the judgment of the Issuer and the Trustee
to protect the Issuer, the Trustee, the Security Agent, the Paying Agent, the Transfer Agent, the Registrar and any co-Registrar,
and any authenticating agent, from any loss that any of them may suffer if a Note is replaced. The Issuer and the Trustee may charge
the Holder for their expenses in replacing a Note.

 

In the event any such mutilated, lost, destroyed
or wrongfully taken Note has become or is about to become due and payable, the Issuer in its discretion may pay such Note instead
of issuing a new Note in replacement thereof.

 

Every replacement Note shall be an additional
obligation of the Issuer.

 

The
provisions of this ‎Section ‎2.07 are exclusive
and will preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or wrongfully taken Notes.

 

Section 2.08.          Outstanding
Notes. Notes outstanding at any time are all Notes authenticated by or on behalf of the Trustee except for those cancelled
by it, those delivered to it for cancellation and those described in this ‎‎Section 2.08
as not outstanding. Subject to ‎‎Section 2.09,
a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.

 

If
a Note is replaced pursuant to ‎‎Section 2.07, it ceases to be outstanding unless the Trustee and the Issuer
receive proof satisfactory to them that the Note that has been replaced is held by a bona fide purchaser.

 

If the Paying Agent holds, in accordance
with this Indenture, on a Redemption Date or maturity date money sufficient to pay all principal, interest and Additional Amounts,
if any, payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and
the Paying Agent is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture,
then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

 

Section 2.09.          Notes
Held by Issuer. In determining whether the Holders of the required principal amount of Notes have concurred in any direction
or consent or any amendment, modification or other change to this Indenture, Notes owned by the Issuer or by any of its Affiliates
shall be disregarded and treated as if they were not outstanding, except that for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent or any amendment, modification or other change to this Indenture,
only Notes which a Trust Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned which have
been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right so to act with respect to the Notes and that the pledgee is not the Issuer or any of its Affiliates.

 

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Section 2.10.          Definitive
Registered Notes.

 

(a)            A
Global Note deposited with a custodian for DTC pursuant to Section ‎‎‎2.01 shall be transferred in whole
to the Beneficial Owners thereof in the form of Definitive Registered Notes only if such transfer complies with ‎Section 2.06
and (i) DTC notifies the Issuer that it is unwilling or unable to continue to act as depositary for such Global Note or DTC
ceases to be registered as a clearing agency under the Exchange Act, and in each case a successor depositary is not appointed by
the Issuer within 90 days of such notice, (ii) the Issuer, at its option, executes and delivers to the Trustee an Officer’s
Certificate stating that such Global Note shall be so exchangeable or (iii) the owner of a Book-Entry Interest requests such
an exchange in writing delivered through DTC following an Event of Default under this Indenture. Notice of any such transfer shall
be given by the Issuer in accordance with the provisions of ‎‎‎Section 12.02(a).

 

(b)            Any
Global Note that is transferable to the Beneficial Owners thereof in the form of Definitive Registered Notes pursuant to this Section ‎‎‎2.10
shall be surrendered by the custodian for DTC, to the Transfer Agent, to be so transferred, in whole or from time to time in part,
without charge, and the Trustee shall itself or via the authenticating agent authenticate and deliver, upon such transfer of each
portion of such Global Note, an equal aggregate principal amount at maturity of Notes of authorized denominations in the form of
Definitive Registered Notes. Any portion of a Global Note transferred or exchanged pursuant to this ‎‎‎Section 2.10
shall be executed, authenticated and delivered only in registered form in minimum denominations of $2,000 and any integral multiples
of $1,000 in excess thereof and registered in such names as DTC may direct. Subject to the foregoing, a Global Note is not exchangeable
except for a Global Note of like denomination to be registered in the name of DTC or its nominee. In the event that a Global Note
becomes exchangeable for Definitive Registered Notes, payment of principal, premium, if any, and interest on the Definitive Registered
Notes will be payable, and the transfer of the Definitive Registered Notes will be registrable, at the office or agency of the
Issuer maintained for such purposes in accordance with ‎‎‎Section 2.03. Such Definitive Registered Notes
shall bear the applicable legends set forth in Exhibit A attached hereto.

 

(c)            In
the event of the occurrence of any of the events specified in ‎‎Section 2.10(a), the Issuer shall promptly
make available to the Trustee and the authenticating agent a reasonable supply of Definitive Registered Notes in definitive, fully
registered form without interest coupons.

 

    	 	51	 

     

    

 

Section 2.11.          Cancellation.
The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the
Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee, in accordance with its customary
procedures, and no one else shall cancel (subject to the record retention requirements of the Exchange Act and the Trustee’s
retention policy) all Notes surrendered for registration of transfer, exchange, payment or cancellation and dispose of such cancelled
Notes in its customary manner. Except as otherwise provided in this Indenture, the Issuer may not issue new Notes to replace Notes
it has redeemed, paid or delivered to the Trustee for cancellation.

 

Section 2.12.          Defaulted
Interest. Any interest on any Note that is payable, but is not punctually paid or duly provided for, on the dates and in the
manner provided in the Notes and this Indenture (all such interest herein called “Defaulted Interest”) shall
forthwith cease to be payable to the Holder on the relevant Record Date by virtue of having been such Holder, and such Defaulted
Interest may be paid by the Issuer, at its election in each case, as provided in clause ‎‎(a) or
‎‎(b) below:

 

(a)            The
Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes are registered at the close
of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner.
The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date
of the proposed payment, and at the same time the Issuer may deposit with the Paying Agent an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest; or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held for the benefit of the Persons entitled
to such Defaulted Interest as provided in this clause. In addition, the Issuer shall fix a special record date for the payment
of such Defaulted Interest, such date to be not more than 15 days and not less than 10 days prior to the proposed payment date
and not less than 15 days after the receipt by the Trustee of the notice of the proposed payment date. The Issuer shall promptly
but, in any event, not less than 15 days prior to the special record date, notify the Trustee of such special record date and,
in the name and at the expense of the Issuer, the Trustee shall cause notice of the proposed payment date of such Defaulted Interest
and the special record date therefor to be delivered first-class, postage prepaid to each Holder as such Holder’s address
appears in the Security Register, not less than 10 days prior to such special record date. Notice of the proposed payment date
of such Defaulted Interest and the special record date therefor having been so delivered, such Defaulted Interest shall be paid
to the Persons in whose names the Notes are registered at the close of business on such special record date and shall no longer
be payable pursuant to clause ‎‎(b) below.

 

(b)            The
Issuer may make payment of any Defaulted Interest on the Notes in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after
notice given by the Issuer to the Trustee of the proposed payment date pursuant to this clause, such manner of payment shall be
deemed reasonably practicable.

 

    	 	52	 

     

    

 

 

Subject
to the foregoing provisions of this ‎‎Section 2.12, each Note delivered under this Indenture upon registration
of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other Note.

 

Section 2.13.         Computation
of Interest. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.

 

Section 2.14.          ISIN
and CUSIP Numbers. The Issuer in issuing the Notes may use ISIN and CUSIP numbers (if then generally in use), and, if so,
the Trustee shall use ISIN and CUSIP numbers, as appropriate, in notices of redemption as a convenience to Holders; provided
that any such notice may state that no representation is made as to the correctness of such numbers or codes either as printed
on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers
printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall
promptly notify the Trustee of any change in the ISIN or CUSIP numbers.

 

Section 2.15.          Issuance
of Additional Notes. The Issuer may, subject to ‎‎Section 4.06
of this Indenture, issue Additional Notes under this Indenture in accordance with the procedures of ‎Section 2.02.
The Original Notes issued on the Issue Date and any Additional Notes subsequently issued shall be treated as a single class for
all purposes under this Indenture.

 

Article Three

Redemption; Offers to Purchase

 

Section 3.01.          Right
of Redemption. The Issuer may redeem all or any portion of the Notes upon the terms and at the Redemption Prices set forth
in the Notes. Any redemption pursuant to this ‎‎Section 3.01
shall be made pursuant to the provisions of this ‎‎Article Three.

 

Section 3.02.          Notices
to Trustee. If the Issuer elects to redeem Notes pursuant to ‎‎Section 3.01,
it shall notify the Trustee in writing of the Redemption Date and the record date, the principal amount of Notes to be redeemed,
the Redemption Price and the paragraph of the Notes pursuant to which the redemption will occur.

 

The
Issuer shall give each notice to the Trustee provided for in this ‎‎Section 3.02 in writing at least 10 days
before the date notice is delivered to the Holders pursuant to ‎‎Section 3.04
unless the Trustee consents to a shorter period. Such notice shall be accompanied by an Officer’s Certificate from the Issuer
to the effect that such redemption will comply with the conditions herein. If fewer than all the Notes are to be redeemed, the
record date relating to such redemption shall be selected by the Issuer and given to the Trustee, which record date shall be not
less than 15 days after the date of notice to the Trustee.

 

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Section 3.03.         Selection
of Notes to Be Redeemed. If fewer than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes
to be redeemed by a method that complies with the requirements, as certified to it by the Issuer, of the principal securities
exchange, if any, on which the Notes are listed at such time, and in compliance with the requirements of the relevant clearing
system or, if the Notes are not listed on a securities exchange, or such securities exchange prescribes no method of selection
and the Notes are not held through clearing system or the clearing system prescribes no method of selection, on a pro rata
basis, by lot or by such other method as the Trustee deems fair and appropriate; provided, however, that no
such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $2,000.

 

The Trustee shall make the selection from
the Notes outstanding and not previously called for redemption. The Trustee may select for redemption portions equal to $1,000
in principal amount and any integral multiple thereof; provided that no Notes of $2,000 in principal amount or less may
be redeemed in part. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called
for redemption. The Trustee shall notify the Issuer promptly in writing of the Notes or portions of Notes to be called for redemption.

 

The
Trustee shall not be liable for selections made in accordance with the provisions of this ‎‎Section 3.03 or
for selections made by DTC.

 

Any redemption and notice may, in the Issuer’s
discretion, be subject to the satisfaction of one or more conditions precedent.

 

Section 3.04.          Notice
of Redemption.

 

(a)           At
least 10 days but not more than 60 days before a date for redemption of the Notes, the Issuer shall deliver a notice of redemption
by first-class mail to each Holder to be redeemed at its address contained in the Security Register, except that redemption notices
may be delivered more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes
or a satisfaction and discharge of this Indenture, and shall comply with the provisions of ‎‎Section 12.01(b).

 

(b)           The
notice shall identify the Notes to be redeemed (including ISIN and CUSIP numbers) and shall state:

 

(i)                    the
Redemption Date and the record date;

 

(ii)                   the
appropriate calculation of the Redemption Price and the amount of accrued interest, if any, and Additional Amounts, if any, to
be paid;

 

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

 

(iv)                  that
Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price plus accrued interest, if any,
and Additional Amounts, if any;

 

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(v)                   that,
if any Note is being redeemed in part, the portion of the principal amount (equal to $1,000 in principal amount or any integral
multiple thereof) of such Note to be redeemed and that, on and after the Redemption Date, upon surrender of such Note, a new Note
or Notes in principal amount equal to the unredeemed portion thereof will be reissued;

 

(vi)                  that,
if any Note contains an ISIN or CUSIP number, no representation is being made as to the correctness of such ISIN or CUSIP number
either as printed on the Notes or as contained in the notice of redemption and that reliance may be placed only on the other identification
numbers printed on the Notes;

 

(vii)                 that,
unless the Issuer and the Guarantors default in making such redemption payment, interest on the Notes (or portion thereof) called
for redemption shall cease to accrue on and after the Redemption Date; and

 

(viii)            the
paragraph of the Notes or section of this Indenture pursuant to which the Notes called for redemption are being redeemed.

 

At
the Issuer’s written request, the Trustee shall give a notice of redemption in the Issuer’s name and at the Issuer’s
expense. In such event, the Issuer shall provide the Trustee with the notice and the other information required by this ‎‎Section 3.04.

 

For Notes which are represented by global
certificates held on behalf of DTC, notices may be given by delivery of the relevant notices to DTC for communication to entitled
account holders in substitution for the aforesaid delivery.

 

(c)            In
connection with any redemption of Notes described in this ‎‎Section 3.04, any such redemption and/or notice
of redemption may, at the Issuer’s discretion, be subject to one or more conditions precedent, including the completion of
any related refinancing or a Change of Control. In addition, if such redemption or notice is subject to satisfaction of one or
more conditions precedent, such notice shall state that, in the Issuer’s discretion, the redemption date may be delayed until
such time as any or all such conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded
in the event that any or all such conditions shall not have been satisfied or waived by the redemption date, or by the redemption
date so delayed.

 

Section 3.05.         Deposit
of Redemption Price. At least one Business Day prior to any Redemption Date, by no later than 12:00 p.m. (New York, New
York time) on that date, the Issuer shall deposit or cause to be deposited with the Paying Agent (or, if the Issuer or any of its
Affiliates is the Paying Agent, shall segregate and hold in trust) a sum in same day funds sufficient to pay the Redemption Price
of and accrued interest and Additional Amounts, if any, on all Notes to be redeemed on that date other than Notes or portions of
Notes called for redemption that have previously been delivered by the Issuer to the Trustee for cancellation. The Paying Agent
shall return to the Issuer following a written request by the Issuer any money so deposited that is not required for that purpose.

 

Section 3.06.          [Reserved].

 

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Section 3.07.          Payment
of Notes Called for Redemption. If notice of redemption has been given in the manner provided below, the Notes or portion of
Notes specified in such notice to be redeemed shall become due and payable on the Redemption Date at the Redemption Price stated
therein, together with accrued interest to such Redemption Date, and on and after such date (unless the Issuer shall default in
the payment of such Notes at the Redemption Price and accrued interest to the Redemption Date, in which case the principal, until
paid, shall bear interest from the Redemption Date at the rate prescribed in the Notes) such Notes shall cease to accrue interest.
Upon surrender of any Note for redemption in accordance with a notice of redemption, such Note shall be paid and redeemed by the
Issuer at the Redemption Price, together with accrued interest, if any, to the Redemption Date; provided that installments
of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders registered as such at the
close of business on the relevant Record Date.

 

Notice of redemption shall be deemed to
be given when delivered, whether or not the Holder receives the notice. In any event, failure to give such notice, or any defect
therein, shall not affect the validity of the proceedings for the redemption of Notes held by Holders to whom such notice was properly
given.

 

Section 3.08.          Notes
Redeemed in Part.

 

(a)           Upon
surrender of a Global Note that is redeemed in part, the Paying Agent shall forward such Global Note to the Registrar who shall
make a notation on the Security Register to reduce the principal amount of such Global Note to an amount equal to the unredeemed
portion of the Global Note surrendered; provided that each such Global Note shall be in a principal amount at final Stated
Maturity of $2,000 or an integral multiple of $1,000 in excess thereof.

 

(b)           Upon
surrender and cancellation of a Definitive Registered Note that is redeemed in part, the Issuer shall execute and the Trustee shall
authenticate for the Holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the
Note surrendered and canceled; provided that each such Definitive Registered Note shall be in a principal amount at final
Stated Maturity of $2,000 or an integral multiple of $1,000 in excess thereof.

 

Section 3.09.         Redemption
for Changes in Taxes. The Issuer may redeem the Notes, in whole but not in part, at its discretion at any time upon giving
not less than 10 nor more than 60 days’ prior written notice to the Holders of the Notes (which notice shall be irrevocable
and given in accordance with the procedures set forth under ‎‎Section 3.04),
at a Redemption Price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to the
date fixed by the Issuer for redemption (a “Tax Redemption Date”) and all Additional Amounts (if any) then
due or which will become due on the Tax Redemption Date as a result of the redemption or otherwise (subject to the right of Holders
on the relevant Record Date to receive interest due on the relevant Interest Payment Date and Additional Amounts (if any) in respect
thereof), if on the next date on which any amount would be payable in respect of the Notes or Note Guarantee, the Issuer or any
Guarantor is or would be required to pay Additional Amounts (but, in the case of a Guarantor, only if the payment giving rise
to such requirement cannot be made by the Issuer or another Guarantor without the obligation to pay Additional Amounts), and the
Issuer or the relevant Guarantor cannot avoid any such payment obligation by taking reasonable measures available (including,
for the avoidance of doubt, appointment of a new Paying Agent but excluding the reincorporation or reorganization of the Issuer
or any Guarantor), and the requirement arises as a result of:

 

    	 	56	 

     

    

 

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

 

(b)           any
change in, or amendment to, the official application, administration or interpretation of such laws, regulations or rulings (including
by virtue of a holding, judgment or order by a court of competent jurisdiction or a change in published practice or revenue guidance),
which change or amendment is announced and becomes effective after the date of the Offering Memorandum (or if the applicable Tax
Jurisdiction became a Tax Jurisdiction on a date after the date of this Offering Memorandum, after such later date) (each of the
foregoing clauses ‎‎(a) and ‎‎(b), a “Change in Tax Law”).

 

The Issuer shall not give any such notice
of redemption earlier than 60 days prior to the earliest date on which the Issuer or the relevant Guarantor would be obligated
to make such payment or Additional Amounts if a payment in respect of the Notes or Note Guarantee were then due and at the time
such notice is given, the obligation to pay Additional Amounts must remain in effect. Prior to the publication or, where relevant,
delivery of any notice of redemption of the Notes pursuant to the foregoing, the Issuer shall deliver the Trustee an opinion of
independent tax counsel of recognized standing qualified under the laws of the relevant Tax Jurisdiction (which counsel shall be
reasonably acceptable to the Trustee) to the effect that there has been a Change in Tax Law which would entitle the Issuer to redeem
the Notes hereunder. In addition, before the Issuer delivers a notice of redemption of the Notes as described above, it shall deliver
to the Trustee an Officer’s Certificate to the effect that it cannot avoid its obligation to pay Additional Amounts by the
Issuer or the relevant Guarantor taking reasonable measures available to it.

 

The Trustee will accept and shall be entitled
to rely on such Officer’s Certificate and opinion of counsel as sufficient evidence of the existence and satisfaction of
the conditions as described above, in which event it will be conclusive and binding on all of the Holders.

 

The
foregoing provisions of this ‎‎Section 3.09 will apply, mutatis mutandis, to any successor of the Issuer
(or any Guarantor) with respect to a Change in Tax Law occurring after the time such Person becomes successor to the Issuer (or
any Guarantor).

 

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Article Four

Covenants

 

Section 4.01.          Payment
of Notes. The Issuer and the Guarantors, jointly and severally, covenant and agree for the benefit of the Holders that they
shall duly and punctually pay the principal of, premium, if any, interest and Additional Amounts, if any, on the Notes on the dates
and in the manner provided in the Notes and in this Indenture. Subject to ‎‎Section 2.04,
principal, premium, if any, interest and Additional Amounts, if any, shall be considered paid on the date due if on such date the
Trustee or the Paying Agent (other than the Issuer or any of its Affiliates) holds, as of 10:00 a.m. (New York, New York time)
on the due date, in accordance with this Indenture, money sufficient to pay all principal, premium, if any, interest and Additional
Amounts, if any, then due. If the Issuer or any of its Affiliates acts as Paying Agent, principal, premium, if any, interest and
Additional Amounts, if any, shall be considered paid on the due date if the entity acting as Paying Agent complies with ‎‎Section 2.04.

 

The Issuer or the Guarantors shall pay interest
on overdue principal at the rate specified therefor in the Notes. The Issuer or the Guarantors shall pay interest on overdue installments
of interest at the same rate to the extent lawful.

 

Section 4.02.         Corporate
Existence. Subject to ‎‎Article Five,
the Issuer and each Guarantor shall do or cause to be done all things necessary to preserve and keep in full force and effect their
corporate, partnership, limited liability company or other existence and the rights (charter and statutory), licenses and franchises
of the Issuer and each Guarantor; provided that the Issuer shall not be required to preserve any such right, license or
franchise if the Board of Directors of the Issuer shall determine that the preservation thereof is no longer desirable in the conduct
of the business of the Issuer and the Guarantors as a whole.

 

Section 4.03.         Maintenance
of Properties. The Issuer shall cause all properties owned by it or any Guarantor or used or held for use in the conduct of
its business or the business of any Guarantor to be maintained and kept in good condition, repair and working order and supplied
with all necessary equipment and shall cause to be made all necessary repairs, renewals, replacements, betterments and improvements
thereof, all as in the judgment of the Issuer may be necessary so that the business carried on in connection therewith may be properly
and advantageously conducted at all times; provided that nothing in this ‎‎Section 4.03
shall prevent the Issuer from discontinuing the maintenance of any such properties if such discontinuance is, in the judgment of
the Issuer, desirable in the conduct of the business of the Issuer and the Guarantors as a whole.

 

Section 4.04.          Insurance.
The Issuer shall maintain, and shall cause the Guarantors to maintain, insurance with carriers believed by the Issuer to be responsible,
against such risks and in such amounts, and with such deductibles, retentions, self-insured amounts and coinsurance provisions,
as the Issuer believes are customarily carried by businesses similarly situated and owning like properties, including as appropriate
general liability, property and casualty loss insurance (but on the basis that the Issuer and the Guarantors self-insure Vessels
for certain war risks); provided that in no event shall the Issuer and the Guarantors be required to obtain any business
interruption, loss of hire or delay in delivery insurance.

 

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Section 4.05.          Statement
as to Compliance.

 

(a)           The
Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal year or within 14 days of written request by
the Trustee, an Officer’s Certificate stating that in the course of the performance by the signer of its duties as an Officer
of the Issuer he would normally have knowledge of any Default and whether or not the signer knows of any Default that occurred
during such period and, if any, specifying such Default, its status and what action the Issuer is taking or proposed to take with
respect thereto. For purposes of this ‎‎Section 4.05(a), such compliance shall be determined without regard
to any period of grace or requirement of notice under this Indenture.

 

(b)           If
the Issuer shall become aware that (i) any Default or Event of Default has occurred and is continuing or (ii) any Holder
seeks to exercise any remedy hereunder with respect to a claimed Default under this Indenture or the Notes, the Issuer shall promptly,
and in any event within 30 days, deliver to the Trustee an Officer’s Certificate specifying such event, notice or other action
(including any action the Issuer is taking or propose to take in respect thereof).

 

Section 4.06.         Incurrence
of Indebtedness and Issuance of Preferred Stock or Preference Shares.

 

(a)           The
Issuer will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue,
assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively,
 “incur”) any Indebtedness (including Acquired Debt), and the Issuer will not and will not permit any Restricted
Subsidiary to issue any Disqualified Stock and will not permit any of its Restricted Subsidiaries to issue any shares of preferred
stock or preference shares; provided, however, that the Issuer may incur Indebtedness (including Acquired Debt) or issue Disqualified
Stock, and the Restricted Subsidiaries may incur Indebtedness (including Acquired Debt) or issue preferred stock or preference
shares, if the Fixed Charge Coverage Ratio for the Issuer’s most recently ended four full fiscal quarters for which internal
financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified
Stock or such preferred stock is or preference shares are issued, as the case may be, would have been at least 2.0 to 1.0, determined
on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness
had been incurred or the Disqualified Stock or the preferred stock or preference shares had been issued, as the case may be, at
the beginning of such four-quarter period.

 

(b)           ‎‎Section 4.06(a) shall
not, however, prohibit the incurrence of any of the following items of Indebtedness, without duplication (collectively, “Permitted
Debt”):

 

(i)                    Indebtedness
under Credit Facilities and ECA Facilities in an aggregate principal amount at any time outstanding not to exceed $16,340.8 million;

 

(ii)                   the
incurrence by the Issuer and its Restricted Subsidiaries of Existing Indebtedness (other than Indebtedness under Existing Credit
Agreements and ECA Facilities);

 

(iii)                  the
incurrence by the Issuer and the Guarantors of Indebtedness represented by the Notes issued on the Issue Date and the related Note
Guarantees;

 

(iv)                  the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness represented by Attributable Debt, Capital Lease Obligations,
mortgage financings or purchase money obligations, the issuance by the Issuer or any Restricted Subsidiary of Disqualified Stock
and the issuance by any Restricted Subsidiary of preferred stock or preference shares, in each case, incurred or issued for the
purpose of financing all or any part of the purchase price, lease expense, rental payments or cost of design, construction, installation,
repair, replacement or improvement of property (including Vessels), plant or equipment or other assets (including Capital Stock)
used in the business of the Issuer or any of its Restricted Subsidiaries, in an aggregate principal amount or liquidation preference,
including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness
incurred or Disqualified Stock or preferred stock or preference shares issued pursuant to this clause ‎‎(iv),
not to exceed the greater of $250.0 million and 1.75% of Total Tangible Assets at any time outstanding (it being understood that
any such Indebtedness may be incurred and such Disqualified Stock and preferred stock or preference shares may be issued after
the acquisition, purchase, charter, leasing or rental or the design, construction, installation, repair, replacement or the making
of any improvement with respect to any asset (including Vessels)); provided that any such property (including Vessels),
plant or equipment or other assets do not constitute Collateral; provided further that the principal amount of any Indebtedness,
Disqualified Stock or preferred stock or preference shares permitted under this clause ‎‎(iv) did not
in each case at the time of incurrence exceed, together with amounts previously incurred and outstanding under this clause ‎‎(iv) with
respect to any such applicable Vessel, (A) in the case of a completed Vessel, the greater of the Net Book Value and the Appraised
Value and (B) in the case of an uncompleted Vessel, 90% of the contract price for the acquisition or construction of such
Vessel, in the case of this clause ‎‎(B), as determined on the date on which the agreement for acquisition
or construction of such Vessel was entered into by the Issuer or its Restricted Subsidiary, plus any other Ready for Sea
Cost of such Vessel plus 100% of any related export credit insurance premium;

 

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(v)                  the
incurrence by any Restricted Subsidiary of Indebtedness, the issuance by the Issuer or any Restricted Subsidiary of Disqualified
Stock and the issuance by any Restricted Subsidiary of preferred stock or preference shares in connection with any New Vessel Financing
in an aggregate principal amount at any one time outstanding (including all Permitted Refinancing Indebtedness incurred to renew,
refund, refinance, replace, defease or discharge any Indebtedness incurred or Disqualified Stock or preferred stock or preference
shares issued under this clause ‎‎(v)) not exceeding the New Vessel Aggregate Secured Debt Cap as calculated
on the date of the relevant incurrence under this clause ‎‎(v);

 

(vi)                 Permitted
Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or
discharge, any Indebtedness (other than intercompany Indebtedness, Disqualified Stock or preferred stock or preference shares)
that was permitted to be incurred under ‎‎Section 4.06(a) or clause ‎‎(i),
‎‎(ii), ‎‎(iii), ‎‎(iv), ‎‎(v), ‎‎(vi),
‎(xii) ‎or ‎(xviii) of this ‎‎Section 4.06(b);

 

(vii)                 the
incurrence by the Issuer or any Restricted Subsidiary of intercompany Indebtedness between or among the Issuer or any Restricted
Subsidiary; provided that:

 

(A)                  if
the Issuer or any Guarantor is the obligor on such Indebtedness and the payee is not the Issuer or a Guarantor, such Indebtedness
must be unsecured and ((i) except in respect of the intercompany current liabilities incurred in the ordinary course of business
in connection with the cash management operations of the Issuer and its Restricted Subsidiaries and (ii) only to the extent
legally permitted (the Issuer and its Restricted Subsidiaries having completed all procedures required in the reasonable judgment
of directors or officers of the obligee or obligor to protect such Persons from any penalty or civil or criminal liability in connection
with the subordination of such Indebtedness)) expressly subordinated to the prior payment in full in cash of all Obligations then
due with respect to the Notes, in the case of the Issuer, or the Note Guarantee, in the case of a Guarantor; and

 

(B)                  (i) any
subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the
Issuer or a Restricted Subsidiary and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either
the Issuer or a Restricted Subsidiary, will be deemed, in each case, to constitute an incurrence of such Indebtedness by the Issuer
or such Restricted Subsidiary, as the case may be, that was not permitted by this clause ‎‎(vii);

 

(viii)                the
issuance by any Restricted Subsidiary to the Issuer or to any of its Restricted Subsidiaries of preferred stock or preference shares;
provided that (A) any subsequent issuance or transfer of Equity Interests that results in any such preferred stock
or preference shares being held by a Person other than the Issuer or a Restricted Subsidiary and (B) any sale or other transfer
of any such preferred stock or preference shares to a Person that is not either the Issuer or a Restricted Subsidiary, will be
deemed, in each case, to constitute an issuance of such preferred stock or preference shares by such Restricted Subsidiary that
was not permitted by this clause ‎‎(viii);

 

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(ix)                  the
incurrence by the Issuer or any Restricted Subsidiary of Hedging Obligations that are not for speculative purposes;

 

(x)                   the
Guarantee by the Issuer or any Restricted Subsidiary of Indebtedness of the Issuer or any Restricted Subsidiary to the extent that
the guaranteed Indebtedness was permitted to be incurred by another provision of this ‎‎Section 4.06;
provided that, in each case, if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes
or a Note Guarantee, then the Guarantee must be subordinated or pari passu, as applicable, to the same extent as the Indebtedness
guaranteed;

 

(xi)                  the
incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness (A) in respect of workers’ compensation
claims, self-insurance obligations, captive insurance companies and bankers’ acceptances in the ordinary course of business;
(B) in respect of letters of credit, surety, bid, performance, travel or appeal bonds, completion guarantees, judgment, advance
payment, customs, VAT or other tax guarantees or similar instruments issued in the ordinary course of business of such Person or
consistent with past practice or industry practice (including as required by any governmental authority) and not in connection
with the borrowing of money, including letters of credit or similar instruments in respect of self-insurance and workers compensation
obligations, or for the protection of customer deposits or credit card payments; provided, however, that upon the
drawing of such letters of credit or other instrument, such obligations are reimbursed within 30 days following such drawing; (C) arising
from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against
insufficient funds, so long as such Indebtedness is covered within 30 days; and (D) consisting of (x) the financing of
insurance premiums or (y) take-or-pay obligations contained in supply agreements, in each case, in the ordinary course of
business;

 

(xii)            Indebtedness,
Disqualified Stock, preferred stock or preference shares (A) of any Person outstanding on the date on which such Person becomes
a Restricted Subsidiary or is merged, consolidated, amalgamated or otherwise combined with (including pursuant to any acquisition
of assets and assumption of related liabilities) the Issuer or any Restricted Subsidiary or (B) incurred or issued to provide
all or any portion of the funds used to consummate the transaction or series of related transactions pursuant to which such Person
became a Restricted Subsidiary or was otherwise acquired by the Issuer or a Restricted Subsidiary; provided, however,
with respect to this clause ‎(xii), that at the time of the acquisition or other transaction pursuant to which
such Indebtedness, Disqualified Stock, preferred stock or preference shares were deemed to be incurred or issued, (x) the
Issuer would have been able to incur $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth
in ‎‎Section 4.06(a) after giving pro forma effect to the relevant acquisition or other
transaction and the incurrence of such Indebtedness or issuance of such Disqualified Stock, preferred stock or preference shares
pursuant to this clause ‎(xii) or (y) the Fixed Charge Coverage Ratio for the Issuer’s most recently
ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such
additional Indebtedness is incurred or Disqualified Stock, preferred stock or preference shares is issued pursuant to this clause
‎(xii), taken as one period, would not be less than it was immediately prior to giving pro forma effect
to such acquisition or other transaction and the incurrence of such Indebtedness or issuance of such Disqualified Stock, preferred
stock or preference shares;

 

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(xiii)                Indebtedness
arising from agreements of the Issuer or a Restricted Subsidiary providing for customary indemnification, obligations in respect
of earnouts or other adjustments of purchase price or, in each case, similar obligations, in each case, incurred or assumed in
connection with the acquisition or disposition of any business or assets or Person or any Equity Interests of a Subsidiary; provided
that (in the case of a disposition) the maximum liability of the Issuer and its Restricted Subsidiaries in respect of all such
Indebtedness shall at no time exceed the gross proceeds, including the Fair Market Value of non-cash proceeds (measured at the
time received and without giving effect to any subsequent changes in value), actually received by the Issuer and its Restricted
Subsidiaries in connection with such disposition;

 

(xiv)                the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness in the form of Unearned Customer Deposits and advance payments
received in the ordinary course of business from customers for goods and services purchased in the ordinary course of business;

 

(xv)                 Indebtedness
of the Issuer or any Restricted Subsidiary incurred in connection with credit card processing arrangements or other similar payment
processing arrangements entered into in the ordinary course of business;

 

(xvi)                the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness, the issuance by the Issuer or any Restricted Subsidiary
of Disqualified Stock and the issuance by any Restricted Subsidiary of preferred stock or preference shares to finance the replacement
(through construction or acquisition) of a Vessel upon an Event of Loss of such Vessel in an aggregate amount no greater than the
Ready for Sea Cost for such replacement Vessel, in each case less all compensation, damages and other payments (including insurance
proceeds other than in respect of business interruption insurance) received by the Issuer or any of its Restricted Subsidiaries
from any Person in connection with such Event of Loss in excess of amounts actually used to repay Indebtedness secured by the Vessel
subject to such Event of Loss and any costs and expenses incurred by the Issuer or any of its Restricted Subsidiaries in connection
with such Event of Loss;

 

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(xvii)               the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness in relation to (A) regular maintenance required on any
of the Vessels owned or chartered by the Issuer or any of its Restricted Subsidiaries, and (B) any expenditures that are,
or are reasonably expected to be, recoverable from insurance on such Vessels;

 

(xviii)              the
incurrence of Indebtedness by the Issuer or any Restricted Subsidiary of Indebtedness, the issuance by the Issuer or any Restricted
Subsidiary of Disqualified Stock and the issuance by any Restricted Subsidiary of preferred stock or preference shares in an aggregate
principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred
to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred or Disqualified Stock, preferred stock or
preference shares issued pursuant to this clause ‎‎(xviii), not to exceed the greater of $530.0 million and
3.50% of Total Tangible Assets; and

 

(xix)                 Indebtedness
existing solely by reason of Permitted Liens described in clause (cc) of the definition thereof.

 

(c)           Neither
the Issuer nor any Guarantor will incur any Indebtedness (including Permitted Debt) that is contractually subordinated in right
of payment to any other Indebtedness of the Issuer or such Guarantor unless such Indebtedness is also contractually subordinated
in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided, however,
that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Issuer
or any Guarantor solely by virtue of being unsecured.

 

(d)           For
purposes of determining compliance with this ‎‎Section 4.06, in the event that an item of Indebtedness meets
the criteria of more than one of the categories of Permitted Debt described in clauses ‎‎(i) through ‎‎(xix) of
‎‎Section 4.06(b), or is entitled to be incurred pursuant to ‎‎Section 4.06(a), the Issuer,
in its sole discretion, will be permitted to classify such item of Indebtedness on the date of its incurrence and only be required
to include the amount and type of such Indebtedness in one of such clauses and will be permitted on the date of such incurrence
to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in Sections ‎‎4.06(a) and
‎4.06(b) and from time to time to reclassify all or a portion of such item of Indebtedness, in any manner that
complies with this ‎‎Section 4.06.

 

(e)            In
connection with the incurrence or issuance, as applicable, of (x) revolving loan Indebtedness or (y) any commitment relating
to the incurrence or issuance of Indebtedness, Disqualified Stock, preferred stock or preference shares, in each case, in compliance
with this ‎‎Section 4.06, and the granting of any Lien to secure such Indebtedness, the Issuer or applicable
Restricted Subsidiary may, at its option, designate such incurrence or issuance and the granting of any Lien therefor as having
occurred on the date of first incurrence of such revolving loan Indebtedness or commitment (such date, the “Deemed Date”),
and any related subsequent actual incurrence or issuance and granting of such Lien therefor will be deemed for all purposes under
this Indenture to have been incurred or issued and granted on such Deemed Date, including, without limitation, for purposes of
calculating the Fixed Charge Coverage Ratio, usage of any baskets described herein (if applicable), the Consolidated Total Leverage
Ratio and Consolidated EBITDA (and all such calculations on and after the Deemed Date until the termination or funding of such
commitment shall be made on a pro forma basis giving effect to the deemed incurrence or issuance, the granting of any Lien
therefor and related transactions in connection therewith).

 

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(f)            The
accrual of interest or preferred stock or preference share dividends, the accretion or amortization of original issue discount,
the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of
preferred stock or preference shares as Indebtedness due to a change in accounting principles, the payment of dividends on preferred
stock, preference shares or Disqualified Stock in the form of additional shares of the same class of preferred stock, preference
shares or Disqualified Stock, the accretion of liquidation preference and the increase in the amount of Indebtedness outstanding
solely as a result of fluctuations in exchange rates or currency values will not be deemed to be an incurrence of Indebtedness
or an issuance of preferred stock, preference shares or Disqualified Stock for purposes of this ‎‎Section 4.06;
provided, in each such case, that the amount of any such accrual, accretion, amortization, payment, reclassification or
increase is included in the Fixed Charges of the Issuer as accrued.

 

(g)           For
purposes of determining compliance with any U.S. dollar- denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent
principal amount of Indebtedness denominated in a different currency shall be utilized, calculated based on the relevant currency
exchange rate in effect on the date such Indebtedness was incurred or, in the case of Indebtedness incurred under a revolving credit
facility and at the option of the Issuer, first committed; provided that (a) if such Indebtedness is incurred to refinance
other Indebtedness denominated in a currency other than U.S. dollars, and such refinancing would cause the applicable U.S. dollar-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such
U.S. dollar- denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing
indebtedness does not exceed the aggregate principal amount of such Indebtedness being refinanced; and (b) if and for so long
as any Indebtedness is subject to a Hedging Obligation with respect to the currency in which such Indebtedness is denominated covering
principal amounts payable on such Indebtedness, the amount of such Indebtedness, if denominated in U.S. dollars, will be the amount
of the principal payment required to be made under such Hedging Obligation and, otherwise, the U.S. dollar-equivalent of such amount
plus the U.S. dollar-equivalent of any premium which is at such time due and payable but is not covered by such Hedging Obligation.

 

(h)           Notwithstanding
any other provision of this ‎‎Section 4.06, the maximum amount of Indebtedness that the Issuer or any Restricted
Subsidiary may incur pursuant to this ‎‎Section 4.06 shall not be deemed to be exceeded solely as a result
of fluctuations in exchange rates or currency values. The principal amount of any Indebtedness incurred to refinance other Indebtedness,
if incurred in a different currency from the Indebtedness being refinanced, will be calculated based on the currency exchange rate
applicable to the currencies in which such Permitted Refinancing Indebtedness is denominated that is in effect on the date of such
refinancing.

 

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(i)            The
amount of any Indebtedness outstanding as of any date will be:

 

(i)                    in
the case of any Indebtedness issued with original issue discount, the amount of the liability in respect thereof determined in
accordance with GAAP;

 

(ii)                   the
principal amount of the Indebtedness, in the case of any other Indebtedness; and

 

(iii)                 in
respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

(A)                  the
Fair Market Value of such assets at the date of determination; and

 

(B)                  the
amount of the Indebtedness of the other Person.

 

Section 4.07.         Liens.

 

(a)           The
Issuer shall not and shall not cause or permit any of the Guarantors to, directly or indirectly, create, incur, assume or otherwise
cause to exist or become effective any Lien of any kind securing Indebtedness upon any of their property or assets, now owned or
hereafter acquired, except:

 

(i)                    in
the case of any property or assets that constitute Collateral, Permitted Collateral Liens, which may be secured on a pari passu
basis with or junior to the Liens on the Collateral securing the Notes and the Note Guarantee of the Secured Guarantor; and

 

(ii)                   in
the case of any property or assets that do not constitute Collateral, (A) Permitted Liens or (B) Liens on property or
assets that are not Permitted Liens if, contemporaneously with (or prior to) the incurrence of such Lien, all payments due under
this Indenture and the Notes (or the relevant Note Guarantee, in the case of Liens on property or assets of a Guarantor) are secured
on an equal and ratable basis with or prior to the obligations so secured until such time as such obligations are no longer secured
by a Lien; provided that, if the Indebtedness secured by such Lien is subordinate or junior in right of payment to the Notes
or a Note Guarantee, as the case may be, then the Lien securing such Indebtedness shall be subordinate or junior in priority to
the Lien securing the Notes or the Note Guarantee, as the case may be, at least to the same extent as such Indebtedness is subordinate
or junior to the Notes or a Note Guarantee, as the case may be.

 

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(b)          With
respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount”
of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the
accretion of accreted value, the accretion or amortization of original issue discount, the payment of interest in the form of additional
Indebtedness with the same terms or in the form of common shares of the Issuer, the payment of dividends on preferred stock or
preference shares in the form of additional shares of preferred stock or preference shares of the same class, the accretion of
liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange
rate of currencies or increases in the value of property securing Indebtedness. For the avoidance of doubt, any Lien that is permitted
under this Indenture to secure Indebtedness shall also be permitted to secure any obligations related to such Indebtedness.

 

(c)          Any
Lien created in favor of this Indenture and the Notes or a Note Guarantee pursuant to ‎‎‎Section 4.07(a)(ii) will
be automatically and unconditionally released and discharged (i) upon the release and discharge of the initial Lien to which
it relates and (ii) otherwise as set forth under ‎‎Section 11.04.

 

Section 4.08.         Restricted
Payments.

 

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

 

(i)                    declare
or pay any dividend or make any other payment or distribution on account of the Issuer’s or any of its Restricted Subsidiaries’
Equity Interests (including, without limitation, any payment in connection with any merger, amalgamation or consolidation involving
the Issuer or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Issuer’s or any of its Restricted
Subsidiaries’ Equity Interests in their capacity as holders (in each case, other than dividends or distributions payable
in Equity Interests (other than Disqualified Stock) of the Issuer and other than dividends or distributions payable to the Issuer
or a Restricted Subsidiary);

 

(ii)                   purchase,
redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger, amalgamation or
consolidation involving the Issuer) any Equity Interests of the Issuer or any direct or indirect parent entity of the Issuer;

 

(iii)                  make
any principal payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value, any Indebtedness
of the Issuer or any Guarantor that is expressly contractually subordinated in right of payment to the Notes or to any Note Guarantee
(excluding any intercompany Indebtedness between or among the Issuer and any of its Restricted Subsidiaries), except (A) a
payment of principal at the Stated Maturity thereof or (B) the purchase, repurchase, redemption, defeasance or other acquisition
of Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or scheduled maturity,
in each case due within one year of the date of such purchase, repurchase, redemption, defeasance or other acquisition; or

 

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(iv)                 make
any Restricted Investment;

 

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

 

(A)                  no
Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 

(B)                  the
Issuer would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment
had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in ‎‎Section 4.06(a);

 

(C)                  such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries
since the Issue Date (excluding Restricted Payments permitted by clauses ‎(i) (without duplication of amounts paid pursuant
to any other clause of ‎‎Section 4.08(b)), ‎‎(ii), ‎(iii), ‎‎(iv), ‎‎(v), ‎‎(vi),
 ‎‎(vii), ‎‎(viii), ‎‎(ix), ‎‎(x), ‎‎(xi) and ‎‎(xii) of ‎‎Section 4.08(b)),
is less than the sum, without duplication, of:

 

(1)           50%
of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from the first day of the fiscal quarter
commencing immediately following the fiscal quarter in which the Issue Date occurs to the end of the Issuer’s most recently
ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such
Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus

 

(2)           100%
of the aggregate net cash proceeds and the Fair Market Value of other assets received by the Issuer since the Issue Date as a contribution
to its common equity capital or from the issue or sale of Equity Interests of the Issuer (other than Disqualified Stock) or from
the issue or sale of convertible or exchangeable Disqualified Stock of the Issuer or any Restricted Subsidiary or convertible or
exchangeable debt securities of the Issuer or any Restricted Subsidiary, in each case that have been converted into or exchanged
for Equity Interests of the Issuer (other than (x) net cash proceeds and marketable securities received from an issuance or
sale of Equity Interests, Disqualified Stock or convertible or exchangeable debt securities sold to a Subsidiary of the Issuer,
(y) net cash proceeds and marketable securities received from an issuance or sale of convertible or exchangeable Disqualified
Stock or convertible or exchangeable debt securities that have been converted into, exchanged or redeemed for Disqualified Stock
and (z) net cash proceeds and marketable securities to the extent any Restricted Payment has been made from such proceeds
pursuant to ‎Section 4.08(b)(iv)); plus

 

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(3)           to
the extent that any Restricted Investment that was made after the Issue Date is (i) sold, disposed of or otherwise cancelled,
liquidated or repaid, 100% of the aggregate amount received in cash and the Fair Market Value of marketable securities received;
or (ii) made in an entity that subsequently becomes a Restricted Subsidiary, 100% of the Fair Market Value of the such Restricted
Investment as of the date such entity becomes a Restricted Subsidiary; plus

 

(4)           to
the extent that any Unrestricted Subsidiary of the Issuer designated as such after the Issue Date is redesignated as a Restricted
Subsidiary, or is merged, amalgamated or consolidated into the Issuer or a Restricted Subsidiary, or all of the assets of such
Unrestricted Subsidiary are transferred to the Issuer or a Restricted Subsidiary, in each case, after the Issue Date, the Fair
Market Value of the Issuer’s Restricted Investment in such Subsidiary as of the date of such redesignation, merger, amalgamation,
consolidation or transfer of assets to the extent such investments reduced the restricted payments capacity under this clause ‎(4) and
were not previously repaid or otherwise reduced; provided, however, that no amount will be included in Consolidated
Net Income of the Issuer for purposes of the preceding clause ‎(1) to the extent that it is included under this
clause ‎(4); plus

 

(5)           100%
of any dividends or distributions received by the Issuer or a Restricted Subsidiary after the Issue Date from an Unrestricted Subsidiary
to the extent that such dividends or distributions were not otherwise included in the Consolidated Net Income of the Issuer for
such period (excluding, for the avoidance of doubt, repayments of, or interest payments in respect of, any Permitted Investment
pursuant to clause (p) of the definition thereof); and

 

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(D)                  at
least one year shall have elapsed since the Issue Date, and (x) in the case of a Restricted Payment made on or after the first
anniversary of the Issue Date and before the second anniversary of the Issue Date, the Consolidated Total Leverage Ratio of the
Issuer and its Restricted Subsidiaries would not have been greater than 6.0:1.0 on a pro forma basis and (y) in the
case of a Restricted Payment made on or after the second anniversary of the Issue Date, the Consolidated Total Leverage Ratio of
the Issuer and its Restricted Subsidiaries would not have been greater than 5.0:1.0 on a pro forma basis; provided
that neither clause (x) nor clause (y) shall apply to the making of any Restricted Payment that is a Restricted Investment.

 

(b)           The
preceding provisions will not prohibit the following (“Permitted Payments”):

 

(i)                    the
payment of any dividend or distribution or the consummation of any redemption within 60 days after the date of declaration of the
dividend or distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend
or distribution or redemption payment would have complied with the provisions of this Indenture;

 

(ii)                   the
making of any Restricted Payment in exchange for, or out of or with the net cash proceeds of the substantially concurrent sale
(other than to a Subsidiary of the Issuer) of, Equity Interests of the Issuer or any direct or indirect parent of the Issuer (other
than Disqualified Stock) or from the substantially concurrent contribution of common equity capital to the Issuer (other than the
substantially concurrent offerings of ordinary shares by NCL Holdings and the New Exchangeable Notes, in each case as described
in the Offering Memorandum); provided that the amount of any such net cash proceeds that are utilized for any such Restricted
Payment will be excluded from ‎‎Section 4.08(a)(C)(2);

 

(iii)                  the
purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of the Issuer or any
Guarantor that is contractually subordinated to the Notes or to any Note Guarantee with the net cash proceeds from an incurrence
of Permitted Refinancing Indebtedness;

 

(iv)                 so
long as no Default or Event of Default has occurred and is continuing, the purchase, repurchase, redemption or other acquisition
or retirement for value of any Equity Interests of the Issuer, any direct or indirect parent of the Issuer or any Restricted Subsidiary
held by any current or former officer, director, employee or consultant of the Issuer, any direct or indirect parent of the Issuer
or any of its Restricted Subsidiaries pursuant to any equity subscription agreement, stock option agreement, restricted stock grant,
shareholders’ agreement or similar agreement; provided that the aggregate price paid for all such purchased, repurchased,
redeemed, acquired or retired Equity Interests may not exceed $10.0 million in the aggregate in any twelve- month period with unused
amounts being carried over to any subsequent twelve-month period subject to a maximum aggregate amount of $20.0 million being available
in any twelve-month period; and provided, further, that such amount in any twelve-month period may be increased by
an amount not to exceed the cash proceeds from the sale of Equity Interests of the Issuer or any direct or indirect parent of the
Issuer, in each case, received by the Issuer during such twelve-month period, in each case to members of management, directors
or consultants of the Issuer, any of its direct or indirect parent of the Issuer or any Restricted Subsidiaries to the extent the
cash proceeds from the sale of such Equity Interests have not otherwise been applied to the making of Restricted Payments pursuant
to ‎‎Section 4.08(a)(C)(3) or clause ‎‎‎(ii) of this ‎‎Section 4.08(b);

 

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(v)                   the
repurchase of Equity Interests deemed to occur upon the exercise of stock or share options to the extent such Equity Interests
represent a portion of the exercise price of those stock or share options;

 

(vi)                 so
long as no Default or Event of Default has occurred and is continuing, the declaration and payment of regularly scheduled or accrued
dividends to holders of any class or series of Disqualified Stock of the Issuer or any preferred stock or preference shares of
any Restricted Subsidiary issued on or after the Issue Date in accordance with ‎‎Section 4.06;

 

(vii)                 payments
of cash, dividends, distributions, advances or other Restricted Payments by the Issuer or any of its Restricted Subsidiaries to
allow the payment of cash in lieu of the issuance of fractional shares upon (i) the exercise of options or warrants or (ii) the
conversion or exchange of Capital Stock of any such Person;

 

(viii)                the
payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by a Restricted
Subsidiary to the holders of its Equity Interests (other than the Issuer or any Restricted Subsidiary) on no more than a pro
rata basis;

 

(ix)                  the
making of (i) cash payments made by the Issuer or any of its Restricted Subsidiaries in satisfaction of the conversion obligation
upon conversion of convertible Indebtedness issued in a convertible notes offering and (ii) any payments by the Issuer or
any of its Restricted Subsidiaries pursuant to the exercise, settlement or termination of any related capped call, hedge, warrant
or other similar transactions;

 

(x)                    any
Permitted Tax Distributions;

 

(xi)                   any
dividends or other distributions or payments (directly or indirectly) to any direct or indirect parent of the Issuer in the ordinary
course of business in respect of franchise or similar Taxes and other fees and expenses in connection with the maintenance of its
existence and its direct or indirect ownership of the Issuer;

 

(xii)                  other
Restricted Payments in an aggregate amount not to exceed $50.0 million since the Issue Date so long as, immediately after giving
effect to such Restricted Payment, no Default or Event of Default has occurred and is continuing; and

 

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(xiii)                other
Restricted Payments made on or after the first anniversary of the Issue Date, in an aggregate amount not to exceed $200.0 million
since the Issue Date, provided that (x) in the case of a Restricted Payment made pursuant to this clause ‎(xiii) on
or after the first anniversary of the Issue Date and before the second anniversary of the Issue Date, the Consolidated Total Leverage
Ratio of the Issuer and its Restricted Subsidiaries would not have been greater than 6.0:1.0 on a pro forma basis and (y) in
the case of in the case of a Restricted Payment made pursuant to this clause ‎‎(xiii) on or after the
second anniversary of the Issue Date, the Consolidated Total Leverage Ratio of the Issuer and its Restricted Subsidiaries would
not have been greater than 5.0:1.0 on a pro forma basis.

 

The amount of all Restricted Payments (other
than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be
transferred or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.

 

For purposes of determining compliance with
this covenant, (1) in the event that a proposed Restricted Payment (or portion thereof) meets the criteria of one or more
categories (or subparts thereof) of Permitted Payments or Permitted Investments, or is entitled to be incurred pursuant to the
first paragraph of this covenant, the Issuer will be entitled to classify or re- classify such Restricted Payment (or portion thereof)
based on circumstances existing on the date of such reclassification in any manner that complies with this covenant, and such Restricted
Payment (or portion thereof) will be treated as having been made pursuant to the first paragraph of this covenant or such clause
or clauses (or subparts thereof) in the definition of Permitted Payments or Permitted Investments and (2) the amount of any
return of or on capital from any Investment shall be netted against the amount of such Investment for purposes of determining compliance
with this covenant.

 

Section 4.09.          Asset
Sales.

 

(a)           The
Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, consummate an Asset
Sale unless:

 

(i)                    the
Issuer (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal to
the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and

 

(ii)                  at
least 75% of the consideration received in the Asset Sale by the Issuer or such Restricted Subsidiary is in the form of cash, Cash
Equivalents or Replacement Assets or a combination thereof (which determination may be made by the Issuer, at its option, either
(x) at the time such Asset Sale is approved by the Issuer’s Board of Directors or (y) at the time the Asset Sale
is completed). For purposes of this clause ‎‎(ii), each of the following will be deemed to be cash:

 

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(A)                 any
liabilities, as recorded on the balance sheet of the Issuer or any Restricted Subsidiary (other than contingent liabilities or
liabilities that are by their terms subordinated to the Notes or the Note Guarantees), that are assumed by the transferee of any
such assets and as a result of which the Issuer and its Restricted Subsidiaries are no longer obligated with respect to such liabilities
or are indemnified against further liabilities or that are otherwise retired or repaid;

 

(B)                  any
securities, notes or other obligations received by the Issuer or any such Restricted Subsidiary from such transferee that are converted
by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents within 180 days following the closing of the Asset Sale,
to the extent of the cash or Cash Equivalents received in that conversion;

 

(C)                  any
Capital Stock or assets of the kind referred to in ‎‎Section 4.09(b)(ii) or ‎‎(iv)‎;

 

(D)                  Indebtedness
(other than Indebtedness that is by its terms subordinated to the Notes or the Note Guarantees) of any Restricted Subsidiary that
is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that each Restricted Subsidiary is released
from any Guarantee of such Indebtedness in connection with such Asset Sale;

 

(E)                  consideration
consisting of Indebtedness of the Issuer or any Guarantor received from Persons who are not the Issuer or any Restricted Subsidiary;
and

 

(F)                  consideration
other than cash, Cash Equivalents or Replacement Assets received by the Issuer or any Restricted Subsidiary in Asset Sales with
a Fair Market Value not exceeding $125.0 million in the aggregate outstanding at any one time.

 

(b)          Within
450 days after the receipt of any Net Proceeds from an Asset Sale, any Event of Loss, the Issuer (or the applicable Restricted
Subsidiary, as the case may be) may apply such Net Proceeds:

 

(i)                    to
repurchase the Notes pursuant to an offer to all Holders at a purchase price equal to 100% of the principal amount thereof, plus
accrued and unpaid interest to (but not including) the date of purchase (a “Notes Offer”);

 

(ii)                   to
acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business; provided that (i) after
giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Restricted Subsidiary, (ii) to
the extent the assets that were the subject of such Asset Sale or Event of Loss comprised part of the Collateral, the assets comprising
such Permitted Business shall also be pledged as Collateral, and (iii) to the extent the assets that were the subject of such
Asset Sale or Event of Loss comprised a Subsidiary Guarantor Vessel or Subsidiary Guarantor, the assets or Capital Stock comprising
such Permitted Business shall be held by a Subsidiary Guarantor;

 

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(iii)                   to
make a capital expenditure; provided that (i) to the extent the assets that were the subject of such Asset Sale or Event of
Loss comprised part of the Collateral, such capital expenditures shall be made in respect of assets that are Collateral, and (ii) to
the extent that assets that were the subject of such Asset Sales or Event of Loss comprised a Subsidiary Guarantor Vessel or Subsidiary
Guarantor, such capital expenditures shall be made in respect of a Subsidiary Guarantor;

 

(iv)                  to
acquire other assets (other than Capital Stock) not classified as current assets under GAAP that are used or useful in a Permitted
Business; provided that (i) to the extent the assets that were the subject of such Asset Sale or Event of Loss comprised part
of the Collateral, the assets being acquired shall also be pledged as Collateral, and (ii) to the extent the assets that were
the subject of such Asset Sale or Event of Loss comprised a Subsidiary Guarantor Vessel or Subsidiary Guarantor, the assets acquired
pursuant to this provision shall be held by a Subsidiary Guarantor;

 

(v)                   to
repurchase, prepay, redeem or repay Indebtedness (A) upon the sale of assets that do not constitute Collateral, of the Issuer
or a Restricted Subsidiary which is not a Guarantor (other than Indebtedness owed to the Issuer or a Restricted Subsidiary ), or
of the Issuer or any Guarantor that is secured by a Lien on the assets that were the subject of such Asset Sale or Event of Loss
(provided that the assets secured by such Lien do not constitute Collateral) or (B) of the Issuer or a Guarantor which is
secured by a Lien on the Collateral and which is pari passu in right of payment with the Notes or any Note Guarantee; provided
that, in the case of this clause ‎‎(B), the Issuer (or the applicable Restricted Subsidiary) may repurchase,
prepay, redeem or repay such pari passu Indebtedness only if the Issuer (or the applicable Restricted Subsidiary) makes
an offer to all Holders to purchase their Notes in accordance with the provisions set forth below for an Asset Sale Offer for an
aggregate principal amount of Notes at least equal to the proportion that (x) the total aggregate principal amount of Notes
outstanding bears to (y) the sum of the total aggregate principal amount of Notes outstanding plus the total aggregate principal
amount outstanding of such pari passu Indebtedness;

 

(vi)                  to
enter into a binding commitment to apply the Net Proceeds pursuant to clause ‎(ii), ‎(iii) or
‎(iv) of this ‎‎Section 4.09(b); provided that such binding commitment (or any
subsequent commitments replacing the initial commitment that may be cancelled or terminated) shall be treated as a permitted application
of the Net Proceeds from the date of such commitment until the earlier of (x) the date on which such acquisition or expenditure
is consummated and (y) the 180th day following the expiration of the aforementioned 450 day period; or

 

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(vii)                 any
combination of the foregoing.

 

Pending the final application of any Net
Proceeds, the Issuer (or the applicable Restricted Subsidiary) may temporarily reduce borrowings under any revolving credit facility,
or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture.

 

(c)           Any
Net Proceeds from Asset Sales or an Event of Loss that are not applied or invested as provided in ‎Section 4.09(b) (it
being understood that any portion of such Net Proceeds used to make an offer to purchase Notes as described in ‎‎Section 4.09(b)(i) or
‎‎‎(v) above shall be deemed to have been applied or invested whether or not such Notes Offer is accepted)
will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $100.0 million (or at
an earlier time, at the option of the Issuer), within ten Business Days thereof, the Issuer will make an offer (an “Asset
Sale Offer”) to all Holders and may make an offer to all holders of other Indebtedness that is secured by a Lien on the
Collateral and that is pari passu with the Notes or any Note Guarantees with respect to offers to purchase, prepay or redeem with
the proceeds of sales of assets or events of loss to purchase, prepay or redeem the maximum principal amount of Notes and such
other pari passu Indebtedness (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including
premiums, incurred in connection therewith) that may be purchased, prepaid or redeemed out of the Excess Proceeds. The offer price
for the Notes in any Asset Sale Offer will be equal to 100% of the principal amount, plus accrued and unpaid interest and Additional
Amounts, if any, to the date of purchase, prepayment or redemption, subject to the rights of Holders on the relevant Record Date
to receive interest due on the relevant interest payment date, and will be payable in cash. If any Excess Proceeds remain after
consummation of an Asset Sale Offer, the Issuer may use those Excess Proceeds for any purpose not otherwise prohibited by this
Indenture. If the aggregate principal amount of Notes and such other pari passu Indebtedness tendered into (or to be prepaid or
redeemed in connection with) such Asset Sale Offer exceeds the amount of Excess Proceeds, or if the aggregate amount of Notes tendered
pursuant to a Notes Offer exceeds the amount of the Net Proceeds so applied, the Trustee will select the Notes and such other pari
passu Indebtedness, if applicable, to be purchased on a pro rata basis (or in the manner provided in ‎‎Section 3.03),
based on the amounts tendered or required to be prepaid or redeemed. Upon completion of each Asset Sale Offer, the amount of Excess
Proceeds will be reset at zero.

 

The Issuer will comply with the requirements
of Rule 14e-1 under the U.S. Exchange Act and any other securities laws and regulations (and rules of any exchange on
which the Notes are then listed) to the extent those laws, regulations or rules are applicable in connection with each repurchase
of Notes pursuant to an Asset Sale Offer or a Notes Offer. To the extent that the provisions of any securities laws or regulations
or exchange rules conflict with the Asset Sale or Notes Offer provisions of this Indenture, the Issuer will comply with the
applicable securities laws, regulations and rules and will not be deemed to have breached its obligations under the Asset
Sale or Notes Offer provisions of this Indenture by virtue of such compliance.

 

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Section 4.10.         Transactions
with Affiliates.

 

(a)           The
Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to, make any payment to or sell, lease, transfer
or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend
any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the
Issuer (each, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $50.0 million,
unless:

 

(i)                    the Affiliate Transaction is on terms that are, taken as a whole, no less
favorable to the Issuer or the relevant Restricted Subsidiary than those that would have been obtained in a comparable
transaction by the Issuer or such Restricted Subsidiary with a Person who is not such an Affiliate; and

 

(ii)                   the
Issuer delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate consideration in excess of $125.0 million, a resolution of the Board of Directors of the Issuer set forth in an Officer’s
Certificate certifying that such Affiliate Transaction complies with this ‎‎Section 4.10 and that such
Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors of the Issuer (or
in the event there is only one disinterested director, by such disinterested director, or, in the event there are no disinterested
directors, by unanimous approval of the members of the Board of Directors of the Issuer).

 

(b)           Notwithstanding
the foregoing, the following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions
of ‎‎Section 4.10(a):

 

(i)                    any
employment agreement, collective bargaining agreement, consulting agreement or employee benefit arrangements with any employee,
consultant, officer or director of the Issuer or any Restricted Subsidiary, including under any stock option, stock appreciation
rights, stock incentive or similar plans, entered into in the ordinary course of business;

 

(ii)                   transactions
between or among the Issuer and/or its Restricted Subsidiaries;

 

(iii)                  transactions
with a Person (other than an Unrestricted Subsidiary of the Issuer) that is an Affiliate of the Issuer solely because the Issuer
owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;

 

(iv)                  payment
of reasonable and customary fees, salaries, bonuses, compensation, other employee benefits and reimbursements of expenses (pursuant
to indemnity arrangements or otherwise) of Officers, directors, employees or consultants of the Issuer or any of its Restricted
Subsidiaries;

 

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(v)                  any
issuance of Equity Interests (other than Disqualified Stock) of the Issuer to Affiliates of the Issuer;

 

(vi)                 Restricted
Payments that do not violate ‎‎Section 4.08;

 

(vii)                 transactions
pursuant to or contemplated by any agreement in effect on the Issue Date and transactions pursuant to any amendment, modification
or extension to such agreement, so long as such amendment, modification or extension, taken as a whole, is not materially more
disadvantageous to the Holders than the original agreement as in effect on the Issue Date;

 

(viii)                Permitted
Investments (other than Permitted Investments described in clauses (c), (d), (e), (o), (p), (q) and (r) of the definition
thereof);

 

(ix)                  Management
Advances;

 

(x)                   transactions
with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business
and otherwise in compliance with the terms of this Indenture that are fair to the Issuer or the Restricted Subsidiaries in the
reasonable determination of the members of the Board of Directors of the Issuer or the senior management thereof, or are on terms
at least as favorable as might reasonably have been obtained at such time from an unaffiliated Person;

 

(xi)                  the
granting and performance of any registration rights for the Issuer’s Capital Stock;

 

(xii)                 any
contribution to the capital of the Issuer;

 

(xiii)                 pledges
of Equity Interests of Unrestricted Subsidiaries;

 

(xiv)                transactions
with respect to which the Issuer has obtained an opinion of an accounting, appraisal or investment banking firm of international
standing, or other recognized independent expert of international standing with experience appraising the terms and conditions
of the type of transaction or series of related transactions for which an opinion is required, stating that the transaction or
series of related transactions is (A) fair from a financial point of view taking into account all relevant circumstances or
(B) on terms not less favorable than might have been obtained in a comparable transaction at such time on an arm’s-length
basis from a Person who is not an Affiliate;

 

(xv)                 [Reserved];
and

 

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(xvi)        transactions
undertaken in good faith (as certified by a responsible financial or accounting officer of the Issuer in an Officer’s Certificate)
between the Issuer and any other Person or a Restricted Subsidiary and any other Person with which the Issuer or any of its Restricted
Subsidiaries files a combined, consolidated, unitary or similar group tax return or which the Issuer or any of its Restricted Subsidiaries
is part of a group for tax purposes that are effected for the purpose of improving the combined, consolidated, unitary or similar
group tax efficiency of the Issuer and its Subsidiaries and not for the purpose of circumventing any provision of this Indenture.

 

Section 4.11.                 Purchase
of Notes upon a Change of Control.

 

(a)            If
a Change of Control Triggering Event occurs at any time, then the Issuer shall make an offer (a “Change of Control Offer”)
to each Holder to purchase such Holder’s Notes, at a purchase price (the “Change of Control Purchase Price”)
in cash in an amount equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase
(the “Change of Control Purchase Date”) (subject to the rights of Holders on the relevant Record Dates to receive
interest due on the relevant Interest Payment Date).

 

(b)            Within
30 days following any Change of Control Triggering Event, the Issuer shall deliver a notice to each Holder of the Notes at such
Holder’s registered address or otherwise deliver a notice in accordance with the procedures set forth in ‎‎Section 3.04,
which notice shall state:

 

(i)            that
a Change of Control Triggering Event has occurred, and the date it occurred, and that a Change of Control Offer is being made;

 

(ii)           the
circumstances and relevant facts regarding such Change of Control (including, but not limited to, applicable information with respect
to pro forma historical income, cash flow and capitalization after giving effect to the Change of Control);

 

(iii)          the
Change of Control Purchase Price and the Change of Control Purchase Date, which shall be a Business Day no earlier than 10 days
nor later than 60 days from the date such notice is delivered, pursuant to the procedures required by this Indenture and described
in such notice;

 

(iv)          that
any Note accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control
Purchase Date unless the Change of Control Purchase Price is not paid;

 

(v)           that
any Note (or part thereof) not tendered shall continue to accrue interest; and

 

(vi)          any
other procedures that a Holder must follow to accept a Change of Control Offer or to withdraw such acceptance.

 

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(c)            On
the Change of Control Purchase Date, the Issuer shall, to the extent lawful:

 

(i)            accept
for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

 

(ii)           deposit
with the paying agent an amount equal to the Change of Control Purchase Price in respect of all Notes or portions of Notes properly
tendered; and

 

(iii)          deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Issuer.

 

(d)            The
Paying Agent shall promptly deliver to each Holder which has properly tendered and so accepted the Change of Control Offer for
such Notes, and the Trustee (or an authenticating agent appointed by the Issuer) shall promptly authenticate and deliver (or cause
to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered,
if any. Any Note so accepted for payment will cease to accrue interest on or after the Change of Control Purchase Date. The Issuer
shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Purchase
Date.

 

(e)            This
‎‎Section 4.11 will be applicable whether or not any other provisions of this Indenture are applicable.

 

(f)             If
the Change of Control Purchase Date is on or after an interest Record Date and on or before the related Interest Payment Date,
any accrued and unpaid interest, if any, shall be paid to the Person in whose name a Note is registered at the close of business
on such Record Date, and no additional interest shall be payable to Holders who tender pursuant to the Change of Control Offer.

 

(g)             The
Issuer will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if (1) a third party
makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this
Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Notes properly tendered and not withdrawn
under the Change of Control Offer or (2) a notice of redemption has been given pursuant to the provisions of paragraph 6 of
the Notes, unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary
contained herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned upon the consummation of
such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer
is made.

 

(h)            The
Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations
(and rules of any exchange on which the Notes are then listed) to the extent those laws, regulations or rules are applicable
in connection with the repurchase of the Notes pursuant to a Change of Control Offer. To the extent that the provisions of any
securities laws or regulations or exchange rules conflict with the Change of Control provisions of this Indenture, the Issuer
shall comply with the applicable securities laws, regulations and rules and will not be deemed to have breached its obligations
under this Indenture by virtue of such compliance.

 

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Section 4.12.                 Additional
Amounts.

 

(a)            All
payments made by or on behalf of the Issuer or any of the Guarantors (including, in each case, any successor entity) under or with
respect to the Notes or any Note Guarantee shall be made free and clear of and without withholding or deduction for, or on account
of, any present or future Taxes unless the withholding or deduction of such Taxes is then required by law. If the Issuer, any Guarantor
or any other applicable withholding agent is required by law to withhold or deduct any amount for, or on account of, any Taxes
imposed or levied by or on behalf of (1) any jurisdiction in which the Issuer or any Guarantor is or was incorporated, engaged
in business, organized or resident for tax purposes or any political subdivision thereof or therein or (2) any jurisdiction
from or through which any payment is made by or on behalf of the Issuer or any Guarantor (including, without limitation, the jurisdiction
of any Paying Agent) or any political subdivision thereof or therein (each of (1) and (2), a “Tax Jurisdiction”)
in respect of any payments under or with respect to the Notes or any Note Guarantee, including, without limitation, payments of
principal, redemption price, purchase price, interest or premium, the Issuer or the relevant Guarantor, as applicable, shall pay
such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received
in respect of such payments by each Holder after such withholding or deduction will equal the respective amounts that would have
been received by each Holder in respect of such payments in the absence of such withholding or deduction; provided, however,
that no Additional Amounts shall be payable with respect to:

 

(i)            any
Taxes, to the extent such Taxes would not have been imposed but for the holder or the beneficial owner of the Notes (or a fiduciary,
settlor, beneficiary, partner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial owner,
if the relevant Holder or beneficial owner is an estate, trust, nominee, partnership, limited liability company or corporation)
being or having been a citizen or resident or national of, or incorporated, engaged in a trade or business in, being or having
been physically present in or having a permanent establishment in, the relevant Tax Jurisdiction or having or having had any other
present or former connection with the relevant Tax Jurisdiction, other than any connection arising solely from the acquisition,
ownership or disposition of Notes, the exercise or enforcement of rights under such Note, this Indenture or a Note Guarantee, or
the receipt of payments in respect of such Note or a Note Guarantee;

 

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

 

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(iii)           any
estate, inheritance, gift, sale, transfer, personal property or similar Taxes;

 

(iv)          any
Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes or any Note Guarantee;

 

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

 

(vi)          any
Taxes imposed in connection with a Note presented for payment (where presentation is permitted or required for payment) by or on
behalf of a Holder or beneficial owner of the Notes to the extent such Taxes could have been avoided by presenting the relevant
Note to, or otherwise accepting payment from, another Paying Agent;

 

(vii)         any
Taxes imposed on or with respect to any payment by the Issuer or any of the Guarantors to the Holder of the Notes if such Holder
is a fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that such Taxes
would not have been imposed on such payments had such Holder been the sole beneficial owner of such Note;

 

(viii)        any
Taxes imposed by the United States, any state thereof or the District of Columbia, or any subdivision thereof or territory thereof,
including any U.S. federal withholding taxes and any Taxes that are imposed pursuant to current Sections 1471 through 1474 of the
Code or any amended or successor version that is substantively comparable and not materially more onerous to comply with, any regulations
promulgated thereunder, any official interpretations thereof, any intergovernmental agreement between a non-U.S. jurisdiction and
the United States (or any related law or administrative practices or procedures) implementing the foregoing or any agreements entered
into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described above); or

 

(ix)           any
combination of clauses ‎‎(i) through ‎‎(viii) above.

 

In
addition to the foregoing, the Issuer and the Guarantors will also pay and indemnify the holder for any present or future stamp,
issue, registration, value added, transfer, court or documentary Taxes, or any other excise or property taxes, charges or similar
levies (including penalties, interest and additions to tax related thereto) which are levied by any relevant Tax Jurisdiction on
the execution, delivery, issuance, or registration of any of the Notes, the Indenture, any Note Guarantee or any other document
referred to therein, or the receipt of any payments with respect thereto, or enforcement of, any of the Notes or any Note Guarantee
(limited, solely in the case of Taxes attributable to the receipt of any payments or that are imposed on or result from a sale
or other transfer or disposition of a Note by a Holder or a beneficial owner, to any such Taxes imposed in a Tax Jurisdiction that
are not excluded under clauses ‎‎(i) through ‎‎(iii) or
‎‎(v) through ‎‎(ix) above
or any combination thereof), save in each case for any such taxes, charges or levies which arise or are increased as a result of
any document effecting the registration, issue or delivery of any of the notes either being signed or executed in the United Kingdom
or being brought into the United Kingdom.

 

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(b)            If
the Issuer or any Guarantor, as the case may be, becomes aware that it will be obligated to pay Additional Amounts with respect
to any payment under or with respect to the Notes or any Note Guarantee, the Issuer or the relevant Guarantor, as the case may
be, shall deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to
pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer or the relevant Guarantor
shall notify the Trustee promptly thereafter) an Officer’s Certificate stating the fact that Additional Amounts will be payable
and the amount estimated to be so payable. The Officer’s Certificates must also set forth any other information reasonably
necessary to enable the Paying Agents to pay Additional Amounts to Holders on the relevant payment date. The Issuer or the relevant
Guarantor will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional
Amounts. The Trustee shall be entitled to rely absolutely on an Officer’s Certificate as conclusive proof that such payments
are necessary.

 

(c)            The
Issuer or the relevant Guarantor, if it is the applicable withholding agent, shall make all withholdings and deductions (within
the time period) required by law and shall remit the full amount deducted or withheld to the relevant Tax authority in accordance
with applicable law. The Issuer or the relevant Guarantor shall use its reasonable efforts to obtain Tax receipts from each Tax
authority evidencing the payment of any Taxes so deducted or withheld. The Issuer or the relevant Guarantor shall furnish to the
Trustee (or to a Holder of the Notes upon request), within 60 days after the date the payment of any Taxes so deducted or withheld
is made, certified copies of Tax receipts evidencing payment by the Issuer or a Guarantor, as the case may be, or if, notwithstanding
such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory
to the Trustee) by such entity.

 

(d)            Whenever
in this Indenture or the Notes there is mentioned, in any context, the payment of amounts based upon the principal amount of the
Notes or of principal, interest or of any other amount payable under, or with respect to, any of the Notes or any Note Guarantee,
such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof.

 

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(e)            This
‎‎Section 4.12 shall survive any termination, defeasance or discharge of this Indenture, any transfer by a
Holder or beneficial owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person
to the Issuer (or any Guarantor) is incorporated, engaged in business, organized or resident for tax purposes, or any jurisdiction
from or through which payment is made under or with respect to the Notes (or any Note Guarantee) by or on behalf of such Person
and, in each case, any political subdivision thereof or therein.

 

Section 4.13.                 [Reserved].

 

Section 4.14.                 Note
Guarantees and Security Interests.

 

Subject to the Agreed Security Principles,
the Issuer shall, and shall cause each Guarantor to, (i) complete all filings and other similar actions required in connection
with the creation and perfection of the security interests in the Collateral owned by it in favor of the Holders, the Trustee (on
its own behalf and on behalf of the Holders) and/or the Security Agent (on behalf of itself, the Trustee and the Holders), as applicable,
as and to the extent contemplated by the Security Documents set forth on Schedule II attached hereto within the time periods set
forth therein and deliver, and cause each Guarantor to deliver, such other agreements, instruments, certificates and opinions of
counsel that may be reasonably requested by the Security Agent in connection therewith and (ii) take all actions necessary
to maintain such security interests. For the avoidance of doubt, a Paying Agent shall be held harmless by the Issuer and have no
liability with respect to payments or disbursements to be made by such Paying Agent for which payment instructions are not made
or that are not otherwise deposited by the respective times set forth in this Indenture.

 

Section 4.15.                 Additional
Guarantees.

 

(a)            Subject
to the Agreed Security Principles, the Issuer may, at its option, elect to cause any of its Restricted Subsidiaries that is not
a Guarantor to Guarantee the payment of the Notes by executing and delivering a Supplemental Indenture providing for the Note Guarantee
of the payment of the Notes by such Restricted Subsidiary which Note Guarantee may be senior to or pari passu with such
Restricted Subsidiary’s Guarantee of other permitted Indebtedness and with respect to any Guarantee of Indebtedness that
is expressly contractually subordinated in right of payment to the Notes or to any Note Guarantee by such Restricted Subsidiary,
any such Guarantee will be subordinated to such Restricted Subsidiary’s Note Guarantee at least to the same extent as such
subordinated Indebtedness is subordinated to the Notes.

 

(b)            Following
the provision of any additional Note Guarantees as described in the immediately preceding paragraph, subject to the Agreed Security
Principles, at the Issuer’s election, any such Guarantor may provide security over certain of its material assets to secure
its Note Guarantee on a first-priority basis consistent with the Collateral.

 

In connection with (a) and (b) above,
the Issuer shall deliver to the Trustee an Opinion of Counsel that such Supplemental Indenture and Security Documents, if any,
have been duly authorized, executed and delivered by such Restricted Subsidiary and constitute a valid and binding obligation of
such Restricted Subsidiary, enforceable against such Restricted Subsidiary in accordance with its terms, subject to customary exceptions,
and if such Restricted Subsidiary owns Collateral, addressing customary creation and perfection matters.

 

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Section 4.16.                 Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)            The
Issuer shall not, and shall not cause or permit any of its respective Restricted Subsidiaries to, directly or indirectly, create
or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

 

(i)            pay
dividends or make any other distributions on its Capital Stock to the Issuer or any Restricted Subsidiary, or with respect to any
other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the relevant Issuer or any Restricted
Subsidiary;

 

(ii)            make
loans or advances to the Issuer or any Restricted Subsidiary; or

 

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

 

provided
that (x) the priority of any preferred stock or preference shares in receiving dividends or liquidating distributions prior
to dividends or liquidating distributions being paid on common stock or ordinary shares, (y) the subordination of (including
the application of any standstill period to) loans or advances made to the Issuer or any Restricted Subsidiary to other Indebtedness
incurred by the Issuer or any Restricted Subsidiary and (z) the provisions contained in documentation governing or relating
to Indebtedness requiring transactions between or among the Issuer and any Restricted Subsidiary or between or among any Restricted
Subsidiaries to be on fair and reasonable terms or on an arm’s-length basis, in each case, shall not be deemed to constitute
such an encumbrance or restriction.

 

(b)            The
provisions of ‎‎Section 4.16(a) above shall not apply to encumbrances or restrictions existing under or
by reason of:

 

(i)            agreements
or instruments governing or relating to Indebtedness as in effect on the Issue Date (including pursuant to the Existing Credit
Agreements, the Existing Notes and the ECA Facilities and the related documentation, and including certain perpetual licenses (and
any sublicenses thereunder) with respect to certain intellectual property granted by US NewCo and the U.S. Branch of UK NewCo to
the Issuer in connection with the Existing Secured Notes) and any amendments, restatements, modifications, renewals, supplements,
refundings, replacements or refinancings of those agreements; provided that the amendments, restatements, modifications,
renewals, supplements, refundings, replacements or refinancings are not materially less favorable, taken as a whole, to the Holder
with respect to such dividend and other payment restrictions than those contained in those agreements or instruments on the Issue
Date (as determined in good faith by the Issuer);

 

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(ii)            this
Indenture, the Notes, the Note Guarantees and the Security Documents;

 

(iii)           agreements
or instruments governing other Indebtedness permitted to be incurred under ‎‎Section 4.06 and any amendments,
restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided
that the Issuer determines at the time of the incurrence of such Indebtedness that such encumbrances or restrictions will not adversely
affect, in any material respect, the Issuer’s ability to make principal or interest payments on the Notes;

 

(iv)          applicable
law, rule, regulation or order or the terms of any license, authorization, concession or permit;

 

(v)           any
agreement or instrument governing or relating to Indebtedness or Capital Stock of a Person acquired by the relevant Issuer or any
of its Restricted Subsidiaries as in effect at the time of such acquisition (other than any agreement or instrument entered into
in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person,
or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided
that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred;

 

(vi)          customary
non-assignment and similar provisions in contracts, leases and licenses entered into in the ordinary course of business;

 

(vii)         purchase
money obligations for property acquired in the ordinary course of business and Capital Lease Obligations that impose restrictions
on the property purchased or leased of the nature set forth in ‎‎Section 4.16(a)(iii) or any encumbrance
or restriction pursuant to a joint venture agreement that imposes restrictions on the transfer of the assets of the joint venture;

 

(viii)        any
agreement for the sale or other disposition of the Capital Stock or all or substantially all of the property and assets of a Restricted
Subsidiary that restricts distributions by that Restricted Subsidiary pending its sale or other disposition;

 

(ix)           Permitted
Refinancing Indebtedness; provided that either (i) the restrictions contained in the agreements or instruments governing
such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements
or instruments governing the Indebtedness being refinanced or (ii) the Issuer determines at the time of the incurrence of
such Indebtedness that such encumbrances or restrictions will not adversely effect, in any material respect, the Issuer’s
ability to make principal or interest payments on the Notes;

 

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(x)            Liens
permitted to be incurred under ‎‎Section 4.07 that limit the right of the debtor to dispose of the assets
subject to such Liens;

 

(xi)           provisions
limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback
agreements, stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted
Investment) entered into with the approval of the Issuer’s Board of Directors, which limitation is applicable only to the
assets that are the subject of such agreements;

 

(xii)          restrictions
on cash or other deposits or net worth imposed by customers or suppliers or required by insurance, surety or bonding companies,
in each case, under contracts entered into in the ordinary course of business;

 

(xiii)         any
customary Productive Asset Leases for Vessels and other assets used in the ordinary course of business; provided that such
encumbrance or restriction only extends to the Vessel or other asset financed in such Productive Asset Lease;

 

(xiv)         any
encumbrance or restriction existing with respect to any Unrestricted Subsidiary or the property or assets of such Unrestricted
Subsidiary that is designated as a Restricted Subsidiary in accordance with the terms of this Indenture at the time of such designation
and not incurred in contemplation of such designation, which encumbrances or restrictions are not applicable to any Person other
than such Unrestricted Subsidiary or the property or assets of such Unrestricted Subsidiary; provided that the encumbrances
or restrictions are customary for the business of such Unrestricted Subsidiary and would not, at the time agreed to, be expected
to affect the ability of the Issuer and the Guarantors to make payments under the Notes and this Indenture;

 

(xv)          customary
encumbrances or restrictions contained in agreements in connection with Hedging Obligations permitted under this Indenture;

 

(xvi)        [Reserved];
and

 

(xvii)        any
encumbrance or restriction existing under any agreement that extends, renews, refinances, replaces, amends, modifies, restates
or supplements the agreements containing the encumbrances or restrictions in the foregoing clauses ‎‎(i) through
‎‎(xvi), or in this clause ‎‎(xvii); provided that the terms and conditions
of any such encumbrances or restrictions are no more restrictive in any material respect than those under or pursuant to the agreement
so extended, renewed, refinanced, replaced, amended, modified, restated or supplemented.

 

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Section 4.17.                 Designation
of Restricted and Unrestricted Subsidiaries.

 

(a)            The
Board of Directors of the Issuer may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would
not cause a Default.

 

(b)            If
a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments
owned by the Issuer and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to
be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under ‎‎Section 4.08
or under one or more clauses of the definition of “Permitted Investments,” as determined by the Issuer. The designation
of a Restricted Subsidiary as an Unrestricted Subsidiary will only be permitted if the deemed Investment resulting from such designation
would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.

 

(c)            The
Issuer may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default.

 

(d)            Any
designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee
a copy of a resolution of the Board of Directors giving effect to such designation and an Officer’s Certificate certifying
that such designation complied with the preceding conditions and was permitted by ‎‎Section 4.08. If, at any
time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter
cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to
be incurred by a Restricted Subsidiary as of such date and, if such Indebtedness is not permitted to be incurred as of such date
under ‎‎Section 4.06, the Issuer will be in default of such ‎‎Section 4.06. The Board of
Directors of the Issuer may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that
such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness
of such Unrestricted Subsidiary, and such designation will only be permitted if (i) such Indebtedness is permitted under ‎‎Section 4.06,
calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable reference period;
and (ii) no Default or Event of Default would be in existence following such designation.

 

Section 4.18.                 [Reserved.]

 

Section 4.19.                 Reports
to Holders.

 

(a)            So
long as any Notes are outstanding, notwithstanding that the Issuer may not be subject to the reporting requirements of Section 13
or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly
reporting pursuant to the rules and regulations promulgated by the SEC, the Issuer will file with the SEC within the time
periods specified in the SEC’s rules and regulations that are then applicable to the Issuer (or if the Issuer is not
then subject to the reporting requirements of the Exchange Act, then the time periods for filing applicable to a filer that is
not an “accelerated filer” as defined in such rules and regulations) (in either case, including any extension
as would be permitted by Rule 12b-25 under the Exchange Act or any special order of the SEC):

 

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(i)            all
financial information that would be required to be contained in an annual report on Form 10-K, or any successor or comparable
form, filed with the SEC, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
section and a report on the annual financial statements by the Issuer’s independent registered public accounting firm;

 

(ii)           all
financial information that would be required to be contained in a quarterly report on Form 10-Q, or any successor or comparable
form, filed with the SEC, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
section; and

 

(iii)          all
current reports that would be required to be filed with the SEC on Form 8-K, or any successor or comparable form, if the Issuer
were required to file such reports,

 

in each case in a manner that complies in all material respects
with the requirements specified in such form provided, however, that the Trustee shall have no responsibility whatsoever
to determine if such filing has occurred.

 

(b)            The
requirements set forth in the preceding paragraph may be satisfied by delivering such information to the Trustee and posting copies
of such information on a website or on IntraLinks or any comparable online data system or website.

 

(c)            Not
later than ten Business Days after the furnishing of each such report discussed in ‎‎Section 4.19(a)(i) or
‎(ii), the Issuer will hold a conference call related to the report. Details regarding access to such conference call
will be posted at least 24 hours prior to the commencement of such call on the website, IntraLinks or other online data system
or website on which the report is posted.

 

(d)            The
reports set forth in ‎‎Section 4.19(a)(i) or ‎(ii) shall include disclosure with respect
to (1) the Collateral and (2) with respect to the non-Guarantor Subsidiaries and Collateral similar to what was included
in the Offering Memorandum.

 

(e)            The
Issuer will make the information described in ‎‎Section 4.19(a) available electronically to prospective
investors upon request. For so long as any Notes remain outstanding during any period when it is not or the Issuer is not subject
to Section 13 or 15(d) of the Exchange Act, or otherwise permitted to furnish the SEC with certain information pursuant
to Rule 12g3-2(b) of the Exchange Act, it will furnish to the holders of the Notes and to prospective investors, upon
their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the U.S. Securities Act.

 

(f)            Notwithstanding
the foregoing clauses ‎‎(a) through ‎‎(e) of this ‎‎Section 4.19, the
Issuer will be deemed to have delivered such reports and information referred to above to the holders, prospective investors, market
makers, securities analysts and the Trustee for all purposes of this Indenture if the Issuer or the Issuer has filed such reports
with the SEC via the EDGAR filing system (or any successor system) and such reports are publicly available.

 

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(g)            Delivery
of reports, information and documents to the Trustee is for informational purposes only, and its receipt of such reports, information
and documents shall not constitute actual or constructive notice of any information contained therein or determinable from information
contained therein, including the Issuer’s, any Guarantor’s or any other Person’s compliance with any of its covenants
under this Indenture or the Notes (as to which the Trustee is entitled to rely exclusively on the Officer’s Certificates
delivered pursuant to this Indenture). The Trustee shall have no liability or responsibility for the content, filing or timeliness
of any report delivered or filed under or in connection with this Indenture or the transactions contemplated thereunder.

 

Section 4.20.                 Further
Assurances. Subject to the Agreed Security Principles, the Issuer and its Restricted Subsidiaries will promptly execute, and
use commercially reasonable efforts to cause the execution of, any and all further documents, financing statements, agreements
and instruments, and take, or use commercially reasonable efforts to cause the taking of, all such further actions (including the
filing and recording of financing statements, fixture filings, mortgages, vessel mortgages, deeds of covenants and other documents
and recordings of Liens in stock, or any other, registries), that may be required under any applicable law, or that the Security
Agent may reasonably request, (i) for registering any of the Security Documents in any required register and for granting,
perfecting, preserving or protecting the security intended to be afforded by such Security Documents and (ii) if such Security
Documents have become enforceable, for facilitating the realization of all or any part of the assets which are subject to such
Security Documents and for facilitating the exercise of all powers, authorities and discretions vested in the Security Agent or
in any receiver of all or any part of those assets, all at the expense of the Issuer, and provide to the Security Agent from time
to time upon reasonable request of the Security Agent, evidence reasonably satisfactory to the Security Agent as to the perfection
and priority of the Liens created or intended to be created by the Security Documents.

 

Section 4.21.                 [Reserved].

 

Section 4.22.                 Impairment
of Security Interest. The Issuer shall not, and shall not permit any Restricted Subsidiary to, take or omit to take any action,
which action or omission would have the result of materially impairing the security interest with respect to the Collateral (it
being understood that (i) the incurrence of Permitted Collateral Liens and (ii) the release or modification of the Liens
on the Collateral in accordance with the terms of this Indenture and related Security Documents, in each case of clauses ‎(i) and
‎‎(ii), shall under no circumstances
be deemed to materially impair the security interest with respect to the Collateral) for the benefit of the Trustee, Security Agent
and the holders of the Notes, and the Issuer shall not, and shall not permit any Restricted Subsidiary to, grant to any Person
other than the Security Agent, for the benefit of the Trustee and the holders of the Notes and the other beneficiaries described
in the Security Documents, any Lien over any of the Collateral that is prohibited by ‎‎Section 4.07;
provided that the Issuer and its Restricted Subsidiaries may incur any Lien over any of the Collateral that is not prohibited
by ‎‎Section 4.07, including
Permitted Collateral Liens, and the Collateral may be discharged or released in accordance with this Indenture and the applicable
Security Documents.

 

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Subject
to the foregoing, the Security Documents may be amended, extended, renewed, restated or otherwise modified or released to (i) cure
any ambiguity, omission, defect or inconsistency therein; (ii) add to the Collateral; or (iii) make any other change
thereto that does not adversely affect the holders of the Notes in any material respect; provided, however, that
(except where permitted by this Indenture or to effect or facilitate the creation of Permitted Collateral Liens for the benefit
of the Security Agent and holders of other Indebtedness incurred in accordance with this Indenture) no Security Document may be
amended, extended, renewed, restated or otherwise modified or released, unless contemporaneously with such amendment, extension,
renewal, restatement or modification or release (followed by an immediate retaking of a Lien of at least equivalent ranking over
the same assets), the Issuer delivers to the Security Agent and the Trustee, (1) a solvency opinion, in form and substance
reasonably satisfactory to the Security Agent and the Trustee, from an accounting, appraisal or investment banking firm of international
standing which confirms the solvency of the Issuer and its Subsidiaries, taken as a whole, after giving effect to any transactions
related to such amendment, extension, renewal, restatement, modification or release, (2) a certificate from an Officer of
the relevant Person which confirms the solvency of the Person granting such Lien after giving effect to any transactions related
to such amendment, extension, renewal, restatement, modification or release (followed by an immediate retaking of a Lien of at
least equivalent ranking over the same assets) and (3) an Opinion of Counsel (subject to any qualifications customary for
this type of Opinion of Counsel), in form and substance reasonably satisfactory to the Trustee, confirming that, after giving effect
to any transactions related to such amendment, extension, renewal, restatement, modification or release (followed by an immediate
retaking of a Lien of at least equivalent ranking over the same assets), the Lien or Liens created under the Security Document,
so amended, extended, renewed, restated, modified or released and retaken, are valid and perfected Liens not otherwise subject
to any limitation, imperfection or new hardening period, in equity or at law, that such Lien or Liens were not otherwise subject
to immediately prior to such amendment, extension, renewal, restatement, modification or release and retake and to which the new
Indebtedness secured by the Permitted Collateral Lien is not subject. In the event that the Issuer and its Restricted Subsidiaries
comply with the requirements of this ‎‎Section 4.22, the Trustee and the Security Agent shall (subject to customary
protections and indemnifications) consent to such amendments without the need for instructions from the Holders of the Notes.

 

Section 4.23.                 After-Acquired
Property. Promptly following the acquisition by the Secured Guarantor of any After-Acquired Property (but subject to the Agreed
Security Principles and ‎‎Article Eleven),
the Secured Guarantor shall execute and deliver such amendments or supplements to the relevant Security Documents or such other
mortgages, financing statements, opinions of counsel or other documents as the Security Agent shall reasonably deem necessary or
advisable to grant to the Security Agent a Lien on such property and thereupon all provisions of this Indenture relating to the
Collateral shall be deemed to relate to such After-Acquired Property to the same extent and with the same force and effect.

 

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Section 4.24.                 Re-flagging
of Vessels. Notwithstanding anything to the contrary in this Indenture, a Restricted Subsidiary may reconstitute or continue
itself in another jurisdiction, amalgamate or merge with or into another Restricted Subsidiary, for the purpose of re-flagging
a vessel that it owns or bareboat charters so long as at all times each Restricted Subsidiary remains organized under the laws
of any country recognized by the United States of America with an investment grade credit rating from either S&P or Moody’s
or any Permitted Jurisdiction; provided that contemporaneously with the transactions required to complete the re-flagging
of such vessel, to the extent that any Liens on the Collateral securing the Notes were released as provided for under ‎‎Section 11.04,
(x) the Issuer or the relevant Restricted Subsidiary grants a Lien of at least equivalent ranking over the same assets and
(y) the Issuer delivers to the Security Agent and the Trustee, (1) a solvency opinion, in form and substance reasonably
satisfactory to the Security Agent and the Trustee, from an independent financial advisor or appraiser or investment bank which
confirms the solvency of the Issuer and its Subsidiaries, taken as a whole, after giving effect to any transactions related to
such re-flagging, (2) a certificate from an Officer of the relevant Person which confirms the solvency of the Person granting
such Lien after giving effect to any transactions related to such re-flagging, and (3) an Opinion of Counsel (subject to any
qualifications customary for this type of Opinion of Counsel), in form and substance reasonably satisfactory to the Trustee, confirming
that, after giving effect to any transactions related to such re-flagging, the Lien or Liens created under the Security Document,
as so released and retaken are valid and perfected Liens. For the avoidance of doubt, the provisions of ‎Article Five
will not apply to a reconstitution, amalgamation or merger permitted under this ‎‎Section 4.24.

 

Section 4.25.                 Subsidiary
Guarantor and Subsidiary Guarantor Vessel Restrictions.

 

(a)            The
Issuer will not cause or permit any of the Subsidiary Guarantors to:

 

(i)            create,
incur, assume or otherwise cause to exist or become effective any Lien upon any Subsidiary Guarantor Vessel securing Indebtedness
or other payment obligations, except (A) to the extent that the Subsidiary Guarantor Aggregate Secured Debt Ratio would not
exceed 0.57:1.0 and (B) for Permitted Junior Credit Card Processing Liens; or

 

(ii)           directly
or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise,
with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt) or issue any Disqualified
Stock or shares of preferred stock, other than (1) Guarantees that are subordinated to the Note Guarantees or (2) Guarantees
in existence on the Issue Date that guarantee Indebtedness in an amount not to exceed the amount of Indebtedness so guaranteed
on the Issue Date, including (x) Guarantees pursuant to the ARCA, and any refinancing thereof not in violation of this Indenture,
(y) Guarantees pursuant to the Pride of America Credit Facility, and any refinancing thereof not in violation of this Indenture,
and (z) the Note Guarantees, and any refinancing thereof not in violation of this Indenture.

 

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(b)            The
Issuer will not, and will not cause or permit any of the Subsidiary Guarantors to, directly or indirectly, create, incur, assume
or otherwise cause to exist or become effective any Lien upon the Pride of America vessel securing Indebtedness or other payment
obligations, other than (i) Liens existing on the Issue Date that secure Indebtedness outstanding on the Issue Date pursuant
to the Pride of America Credit Facility, and any refinancing thereof not in violation of this Indenture in an amount not to exceed
the amount of Indebtedness outstanding hereunder on the Issue Date and (ii) Liens described in one or more of clauses (a),
(c) (except Liens related to credit card processing and credit card-related payments), (e), (f), (g), (h), (i), (k), (l),
(n), (t) and (v) of the definition of “Permitted Liens.”

 

(c)            The
Issuer will not permit and will not cause or permit any Subsidiary Guarantor Vessel to be owned by any Subsidiary of the Issuer
other than a Subsidiary Guarantor.

 

Article Five

Merger, Amalgamation, Consolidation or Sale of Assets

 

Section 5.01.                 Merger,
Amalgamation, Consolidation or Sale of Assets.

 

(a)            The
Issuer will not, directly or indirectly: (1) consolidate, amalgamate or merge with or into another Person (whether or not
the Issuer is the surviving company corporation), or (2) sell, assign, transfer, lease, convey or otherwise dispose of all
or substantially all of the properties or assets of the Issuer and its Restricted Subsidiaries taken as a whole, in one or more
related transactions, to another Person, unless:

 

(i)            either:
(A) the Issuer is the surviving company or corporation; or (B) the Person formed by or surviving any such consolidation,
amalgamation or merger (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition
has been made is an entity incorporated, organized or existing under the laws of any Permitted Jurisdiction;

 

(ii)           the
Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Issuer) or the Person to which
such sale, assignment, transfer, lease, conveyance or other disposition has been made assumes (A) by a Supplemental Indenture
entered into with the Trustee, all the obligations of Issuer under the Notes and this Indenture and (B) all obligations of
the Issuer under the Security Documents, subject to the Agreed Security Principles;

 

(iii)          immediately
after such transaction, no Default or Event of Default is continuing;

 

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(iv)          the
Issuer or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Issuer), or to which
such sale, assignment, transfer, lease, conveyance or other disposition has been made would, on the date of such transaction after
giving pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the
applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in ‎‎Section 4.06(a); and

 

(v)           the
Issuer delivers to the Trustee an Officer’s Certificate and Opinion of Counsel, in each case, stating that such consolidation,
amalgamation, merger or transfer and, in the case in which a Supplemental Indenture is entered into, such Supplemental Indenture,
comply with this ‎‎Section 5.01 and that all conditions precedent provided for in this Indenture relating
to such transaction have been complied with.

 

Clauses
 ‎‎(iii) and ‎(iv) of this ‎‎Section 5.01(a) shall
not apply to any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets to
or merger, amalgamation or consolidation of the Issuer with or into a Guarantor and clause ‎‎(iv) of
this ‎‎Section 5.01(a) will not apply to any
sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets to or merger, amalgamation
or consolidation of the Issuer with or into an Affiliate solely for the purpose of reincorporating or continuing the Issuer in
another jurisdiction for tax reasons.

 

(b)            A
Guarantor (other than a Guarantor whose Note Guarantee is to be released in accordance with the terms of the Note Guarantee and
this Indenture as provided in ‎‎Section 10.03) will not, directly or indirectly: (1) consolidate, amalgamate
or merge with or into another Person (whether or not such Guarantor is the surviving company or corporation), or (2) sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially all of the properties or assets of such Guarantor
and its Subsidiaries which are Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person,
unless:

 

(i)            immediately
after giving effect to that transaction, no Default or Event of Default is continuing;

 

(ii)           either:

 

(A)            the
person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation, amalgamation
or merger assumes all the obligations of that Guarantor under its Note Guarantee, this Indenture and the Security Documents to
which such Guarantor is a party, pursuant to a Supplemental Indenture; or

 

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(B)            such
sale, assignment, transfer, lease, conveyance or other disposition of assets does not violate the provisions of this Indenture
(including ‎‎Section 4.09); and

 

(iii)          the
Issuer delivers to the Trustee an Officer’s Certificate and Opinion of Counsel, in each case, stating that such consolidation,
amalgamation, merger or transfer and, in the case in which a Supplemental Indenture is entered into, such Supplemental Indenture,
comply with this ‎‎Section 5.01 and that all conditions precedent provided for in this Indenture relating
to such transaction have been complied with.

 

(c)            Notwithstanding
the provisions of paragraph ‎‎(b) above, (x) (a) any Restricted Subsidiary may consolidate, amalgamate
or merge with or into or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties
and assets to any Guarantor and (b) any Guarantor may consolidate, amalgamate or merge with or into or sell, assign, transfer,
lease, convey or otherwise dispose of all or substantially all of the properties and assets of such Guarantor and its Subsidiaries
which are Restricted Subsidiaries to another Guarantor and (y) any Guarantor may consolidate, amalgamate or merge with or
into an Affiliate incorporated or organized for the purpose of changing the legal domicile of such Guarantor, reincorporating or
continuing such Guarantor in another jurisdiction or changing the legal form of such Guarantor.

 

Section 5.02.                 Successor
Substituted. Upon any consolidation, amalgamation or merger, or any sale, conveyance, transfer, lease or other disposition
of all or substantially all of the property and assets of the Issuer in accordance with ‎‎Section 5.01
of this Indenture, any surviving entity formed by such consolidation or amalgamation or into which the Issuer is merged or to which
such sale, conveyance, transfer, lease or other disposition is made, shall succeed to, and be substituted for, and may exercise
every right and power of, the Issuer under this Indenture with the same effect as if such surviving entity had been named as the
Issuer herein; provided that the Issuer shall not be released from its obligation to pay the principal of, premium, if any,
or interest and Additional Amounts, if any, on the Notes in the case of a lease of all or substantially all of its property and
assets.

 

Article Six

Defaults and Remedies

 

Section 6.01.                 Events
of Default.

 

(a)            Each
of the following shall be an “Event of Default”:

 

(i)            default
for 30 days in the payment when due of interest or Additional Amounts, if any, with respect to the Notes;

 

(ii)           default
in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the Notes;

 

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(iii)          failure
by the Issuer or relevant Guarantor to comply with ‎‎Sections 4.09(c), ‎‎4.11 or ‎‎5.01;

 

(iv)          failure
by the Issuer or relevant Guarantor for 60 days after written notice to the Issuer by the Trustee or the Holders of at least 30%
in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the agreements in this
Indenture (other than a default in performance, or breach, or a covenant or agreement which is specifically dealt with in clause
‎‎(i), ‎‎(ii) or ‎‎(iii) above);

 

(v)           default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Issuer or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Issuer or
any of its Restricted Subsidiaries), other than Indebtedness owed to the Issuer or any of its Restricted Subsidiaries, whether
such Indebtedness or Guarantee now exists, or is created after the Issue Date, if that default:

 

(A)            is
caused by a failure to pay principal of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness
on the date of such default; or

 

(B)            results
in the acceleration of such Indebtedness prior to its express maturity,

 

(C)            and,
in each case, the principal amount of any such Indebtedness that is due and has not been paid, together with the principal amount
of any other such Indebtedness that is due and has not been paid or the maturity of which has been so accelerated, equals or exceeds
$125.0 million in aggregate;

 

(vi)            failure
by the Issuer or any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary, to pay final judgments entered by a court or courts of competent jurisdiction
aggregating in excess of $125.0 million (exclusive of any amounts for which a solvent insurance company has acknowledged liability),
which judgments shall not have been discharged or waived and there shall have been a period of 60 consecutive days during which
a stay of enforcement of such judgment or order, by reason of an appeal, waiver or otherwise, shall not have been in effect;

 

(vii)         any
security interest under the Security Documents on any Collateral having a Fair Market Value in excess of $150.0 million shall,
at any time, cease to be in full force and effect (other than as a result of any action or inaction by the Security Agent and other
than in accordance with the terms of the relevant Security Document and this Indenture) for any reason other than the satisfaction
in full of all obligations under this Indenture or the release or amendment of any such security interest in accordance with the
terms of this Indenture or such Security Document or any such security interest created thereunder shall be declared invalid or
unenforceable in a final non-appealable decision of a court of competent jurisdiction or the Issuer or any Guarantor shall assert
in writing that any such security interest is invalid or unenforceable and any such Default continues for ten days;

 

(viii)        except
as permitted by this Indenture (including with respect to any limitations), any Note Guarantee is held in any judicial proceeding
to be unenforceable or invalid or ceases for any reason to be in full force and effect, or any Guarantor or any Person acting on
behalf of any such Guarantor, denies or disaffirms its obligations under its Note Guarantee and such Default continues for 30 days;
or

 

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(ix)           (A) a
court having jurisdiction over the Issuer, a Guarantor or a Significant Subsidiary enters (x) a decree or order for relief
in respect of the Issuer, any Guarantor or any of the Issuer’s Restricted Subsidiaries that is a Significant Subsidiary or
any group of its Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary in an involuntary case
or proceeding under any Bankruptcy Law or (y) a decree or order adjudging the Issuer, any Guarantor or any of the Issuer’s
Restricted Subsidiaries that is a Significant Subsidiary, or any group of its Restricted Subsidiaries that, taken together, would
constitute a Significant Subsidiary, as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Issuer, any such Guarantor or any such Subsidiary or group of Restricted
Subsidiaries under any Bankruptcy Law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Issuer, any such Guarantor or any such Subsidiary or group of Restricted Subsidiaries or of any substantial
part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order
for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days or (B) the Issuer,
any Guarantor or any of the Issuer’s Restricted Subsidiaries that is a Significant Subsidiary or any group of its Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary (i) commences a voluntary case under any Bankruptcy
Law or consents to the entry of an order for relief in an involuntary case under any Bankruptcy Law, (ii) consents to the
appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of
the Issuer or any such Subsidiary or group of Restricted Subsidiaries or for all or substantially all the property and assets of
the Issuer, any such Guarantor or any such Subsidiary or group of Restricted Subsidiaries, (iii) effects any general assignment
for the benefit of creditors or (iv) admits in writing that it generally is not paying its debts as they become due or is
found by a court of competent jurisdiction not to be so paying such debts.

 

(b)          If
a Default or an Event of Default occurs and is continuing and is actually known to a Trust Officer of the Trustee, the Trustee
shall deliver to each Holder notice of the Default or Event of Default within the earlier of 90 days after its occurrence or 30
days after it received actual knowledge thereof by registered or certified mail or facsimile transmission of an Officer’s
Certificate specifying such event, notice or other action, its status and what action the Issuer is taking or proposes to take
with respect thereto. Except in the case of a Default or an Event of Default in payment of principal of, premium, if any, and Additional
Amounts or interest on any Notes, the Trustee may withhold the notice to the Holders of such Notes if a committee of its Trust
Officers in good faith determines that withholding the notice is in the interests of the Holders. The Trustee shall not be deemed
to have knowledge of a Default unless a Trust Officer has actual knowledge of such Default or a Trust Officer receives a notice
of default at its corporate trust officer and such notice specifies the Default or Event of Default and the applicable section(s) of
the Indenture and/or Security Documents subject to such Default or Event of Default. The Issuer shall also notify the Trustee within
30 days of the occurrence of any Default stating what action, if any, they are taking with respect to that Default.

 

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(c)          If
any report or conference call required by ‎Section 4.19 is provided after the deadlines indicated for such report
or conference call, the provision of such report or conference call shall cure a Default caused by the failure to provide such
report or conference call prior to the deadlines indicated, so long as no Event of Default shall have occurred and be continuing
as a result of such failure.

 

Section 6.02.                 Acceleration.

 

(a)          If
an Event of Default (other than an Event of Default specified in ‎‎Section 6.01(a)(ix)) occurs and is continuing,
the Trustee may, or the Holders of at least 30% in aggregate principal amount of the then outstanding Notes by written notice to
the Issuer (and to the Trustee if such notice is given by the Holders) may and the Trustee shall, if so directed by the Holders
of at least 30% in aggregate principal amount of the then outstanding Notes, declare all the Notes to be due and payable immediately.
In the event a declaration of acceleration of the Notes pursuant to ‎‎Section 6.01(a)(v) has occurred
and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if the event of default or payment
default triggering such Event of Default pursuant to ‎‎Section 6.01(a)(v) shall be remedied or cured,
or waived by the Holders of the relevant Indebtedness, or the Indebtedness that gave rise to such Event of Default shall have been
discharged in full, within 30 days after the declaration of acceleration with respect thereto and if the annulment of the acceleration
of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction.

 

(b)          In
the case of an Event of Default arising under ‎‎Section 6.01(a)(ix), with respect to the Issuer, any Restricted
Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice.

 

(c)            Upon
the Notes becoming due and payable upon an Event of Default, whether automatically or by declaration, such Notes will immediately
become due and payable and (i) if prior to August 1, 2023 the entire unpaid principal amount of such Notes plus the Applicable
Premium as of the date of such acceleration or (ii) if on or after August 1, 2023 the applicable Redemption Price as
set forth in Section 6 of the Notes, plus in each case accrued and unpaid interest thereon shall all be immediately due and
payable.

 

    	 	96	 

     

    

 

(d)            Without
limiting the generality of the foregoing, it is understood and agreed that if the Notes are accelerated or otherwise become due
prior to their maturity date, in each case, in respect of any Event of Default (including an Event of Default relating to certain
events of bankruptcy, insolvency or reorganization (including the acceleration of claims by operation of law)), the premium applicable
with respect to an optional redemption of the Notes will also be due and payable as though the Notes were optionally redeemed and
shall constitute part of the Obligations on the Notes, in view of the impracticability and extreme difficulty of ascertaining actual
damages and by mutual agreement of the parties as to a reasonable calculation of each holder’s lost profits as a result thereof.
Any premium payable above shall be presumed to be the liquidated damages sustained by each holder as the result of the early redemption
and the Issuer and each Guarantor agree that it is reasonable under the circumstances currently existing. The premium shall also
be payable if the Notes (and/or the Indenture) are satisfied or released by foreclosure (whether by power of judicial proceeding,
deed in lieu of foreclosure or by any other means). THE ISSUER AND EACH GUARANTOR EXPRESSLY WAIVE (TO THE FULLEST EXTENT IT MAY LAWFULLY
DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING
PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. The Issuer and each Guarantor expressly agree (to the fullest extent it may lawfully
do so) that:

 

(i)            the
premium is reasonable and is the product of an arm’s length transaction between sophisticated business people, ably represented
by counsel;

 

(ii)           the
premium shall be payable notwithstanding the then prevailing market rates at the time payment is made;

 

(iii)          there
has been a course of conduct between holders and the Issuer and the Guarantors giving specific consideration in this transaction
for such agreement to pay the premium; and

 

(iv)          the
Issuer and each Guarantor shall be estopped hereafter from claiming differently than as agreed to in this ‎‎Section 6.02(d).
The Issuer and each Guarantor expressly acknowledge that the agreement to pay the premium to holders as herein described is a material
inducement to holders to purchase the Notes.

 

(e)            The
holders of not less than a majority in aggregate principal amount of the Notes outstanding by notice to the Trustee may, on behalf
of the holders of all outstanding Notes, rescind acceleration or waive any existing Default or Event of Default and its consequences
under this Indenture, except a continuing Default or Event of Default:

 

    	 	97	 

     

    

 

 

(i)            in
the payment of the principal of, premium, if any, any Additional Amounts or interest on any Note held by a non-consenting holder
(which may only be waived with the consent of each holder of Notes affected); or

 

(ii)            for
any Note held by a non-consenting holder, in respect of a covenant or provision which under this Indenture cannot be modified or
amended without the consent of the Holder of each Note affected by such modification or amendment.

 

Upon any such rescission or waiver, such
Default shall cease to exist and any Event of Default arising therefrom shall be deemed to have been cured for every purpose under
this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

(f)            Holders
of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or in its exercise of any trust or power conferred on it. However,
the Trustee may refuse to follow any direction that conflicts with applicable law or this Indenture, that the Trustee determines
may be unduly prejudicial to the rights of other holders of the Notes (it being understood that the Trustee does not have an affirmative
duty to ascertain whether or not any such directions are unduly prejudicial to such Holders) or that may involve the Trustee in
personal liability. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default if
it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment of principal,
interest or Additional Amounts or premium, if any.

 

(g)           Subject
to the provisions of ‎‎Article Seven, in case an Event of Default occurs and is continuing, the Trustee will
be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any Holders
unless such Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or
expense. Except (subject to the provisions of ‎‎Article Nine) to enforce the right to receive payment of principal,
premium, if any, or interest or Additional Amounts when due, no Holder of a Note may pursue any remedy with respect to this Indenture
or the Notes unless:

 

(i)             such
Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(ii)            Holders
of at least 30% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the
remedy;

 

(iii)           such
Holders have offered, and if requested, provide to the Trustee reasonable security or indemnity against any loss, liability or
expense;

 

(iv)           the
Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity;
and

 

    	 	98	 

     

    

 

(v)            Holders
of a majority in aggregate principal amount of the then outstanding Notes have not given the Trustee a direction inconsistent with
such request within such 60-day period.

 

(h)            Within
30 days of the occurrence of any Default or Event of Default, the Issuer is required to deliver to the Trustee a statement specifying
such Default or Event of Default.

 

Section 6.03.     Other
Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy at law or in equity
to collect the payment of principal of, or interest if any, on the Notes or to enforce the performance of any provision of the
Notes or this Indenture. The Trustee may direct the Security Agent to take enforcement action with respect to the Collateral if
any amount is declared or becomes due and payable pursuant to ‎‎Section 6.02
(but not otherwise).

 

All rights of action and claims under this
Indenture or the Notes may be prosecuted and enforced by the Trustee, and all rights of action and claims under the Security Documents
may be prosecuted or enforced under the Security Documents by the Security Agent (in consultation with the Trustee, where appropriate),
without the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee or the Security Agent shall be brought in its own name and as trustee of an express trust, and any recovery
of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the
Trustee or the Security Agent, their agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment
has been recovered. A delay or omission by the Trustee, the Security Agent or any Holder in exercising any right or remedy accruing
upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.
No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law.

 

Each Holder, by accepting a Note, acknowledges
that the exercise of remedies by the Security Agent with respect to the Collateral is subject to the terms and conditions of the
Security Documents.

 

Section 6.04.     Waiver
of Past Defaults. The Holders of not less than a majority in aggregate principal amount of the outstanding Notes may, by written
notice to the Trustee, on behalf of the Holders of all the Notes, waive any past Default hereunder and its consequences, except
a Default:

 

(a)            in
the payment of the principal of, premium, if any, Additional Amounts, if any, or interest on any Note; or

 

(b)            in
respect of a covenant or provision hereof which under ‎‎Article Nine cannot be modified or amended without
the consent of the holders of each Note affected by such modification or amendment.

 

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Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

 

Section 6.05.     Control
by Majority. The Holders of a majority in aggregate principal amount of the Notes may direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee
under this Indenture; provided that:

 

(a)            the
Trustee may refuse to follow any direction that conflicts with law, this Indenture or that the Trustee determines, without obligation,
in good faith may be unduly prejudicial to the rights of Holders not joining in the giving of such direction;

 

(b)            the
Trustee may refuse to follow any direction that the Trustee determines is unduly prejudicial to the rights of other Holders or
would involve the Trustee in personal liability; and

 

(c)            the
Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.

 

Section 6.06.     Limitation
on Suits. A Holder may not institute any proceedings or pursue any remedy with respect to this Indenture or the Notes unless:

 

(a)            Such
Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(b)            the
Holders of at least 30% in aggregate principal amount of outstanding Notes shall have made a written request to the Trustee to
pursue such remedy;

 

(c)            such
Holder or Holders offer the Trustee indemnity and/or security (including by way of pre-funding) reasonably satisfactory to the
Trustee against any costs, liability or expense;

 

(d)            the
Trustee does not comply with the request within 30 days after receipt of the request and the offer of indemnity and/or security
(including by way of pre-funding); and

 

(e)            during
such 30-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a
direction that is inconsistent with the request.

 

The
limitations in the foregoing provisions of this ‎‎Section 6.06, however, do not apply to a suit instituted
by a Holder for the enforcement of the payment of the principal of, premium, if any, Additional Amounts, if any, or interest, if
any, on such Note on or after the respective due dates expressed in such Note.

 

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A Holder may not use this Indenture to prejudice
the rights of any other Holder or to obtain a preference or priority over another Holder.

 

Section 6.07.     Unconditional
Right of Holders to Bring Suit for Payment.

 

Notwithstanding any other provision of this
Indenture, the right of any Holder to bring suit for the enforcement of payment of principal, premium, if any, Additional Amounts,
if any, and interest, if any, on the Notes held by such Holder, on or after the respective due dates expressed in the Notes shall
not be impaired or affected without the consent of such Holder.

 

Section 6.08.     Collection
Suit by Trustee. The Issuer covenants that if default is made in the payment of:

 

(a)            any
installment of interest on any Note when such interest becomes due and payable and such default continues for a period of 30 days,
or

 

(b)            the
principal of (or premium, if any, on) any Note at the Stated Maturity thereof,

 

the
Issuer shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Notes, the whole amount then
due and payable on such Notes for principal (and premium, if any), Additional Amounts, if any and interest, and interest on any
overdue principal (and premium, if any) and Additional Amounts, if any and, to the extent that payment of such interest shall be
legally enforceable, upon any overdue installment of interest, at the rate borne by the Notes, and, in addition thereto, such further
amount as shall be sufficient to cover the amounts provided for in ‎‎Section 7.05 and such further amount as
shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel.

 

If the Issuer fails to pay such amounts
forthwith upon such demand, the Trustee, in its own name as trustee of an express trust, may institute a judicial proceeding for
the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same
against the Issuer or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided
by law out of the property of the Issuer or any other obligor upon the Notes, wherever situated.

 

Section 6.09.     Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including any claim for the properly incurred compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under ‎‎Section 7.05)
and the Holders allowed in any judicial proceedings relative to any of the Issuer or Guarantors, their creditors or their property
and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders at their direction in any election of
a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby
authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for the properly incurred compensation, expenses,
disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under ‎‎Section 7.05.
To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due to the Trustee under ‎‎Section 7.05
hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien
on, and shall be paid out of, any and all distributions, dividends, money securities and other properties which the Holders may
be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.

 

    	 	101	 

     

    

 

Nothing herein contained shall be deemed
to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any Holder, any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding.

 

Section 6.10.     Application
of Money Collected. If the Trustee collects any money or property pursuant to this ‎‎Article Six,
it shall pay out the money or property in the following order:

 

FIRST:
to the Trustee, any Agent, and the Security Agent for amounts due under ‎‎Section 7.05;

 

SECOND: to Holders for amounts
due and unpaid on the Notes for principal of, premium, if any, interest, if any, and Additional Amounts, if any, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, interest,
if any, and Additional Amounts, if any, respectively; and

 

THIRD: to the Issuer, any Guarantor
or any other obligors of the Notes, as their interests may appear, or as a court of competent jurisdiction may direct.

 

The
Trustee may fix a record date and payment date for any payment to Holders pursuant to this ‎‎Section 6.10.
At least 30 days before such record date, the Issuer shall deliver to each Holder and the Trustee a notice that states the record
date, the payment date and amount to be paid. This ‎‎Section 6.10
is subject at all times to the provisions set forth in ‎‎Section 11.02.

 

Section 6.11.     Undertaking
for Costs. A court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture
or in any suit against the Trustee or the Security Agent for any action taken or omitted by it as Trustee or as the Security Agent,
the filing by any party litigant in the suit of an undertaking to pay the costs of such suit, and such court may in its discretion
assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard
to the merits and good faith of the claims or defenses made by the party litigant. This ‎‎Section 6.11
does not apply to a suit by the Trustee or the Security Agent, a suit by Holders of more than 10% in aggregate principal amount
of the outstanding Notes or to any suit by any Holder pursuant to ‎‎Section 6.07.

 

    	 	102	 

     

    

 

Section 6.12.     Restoration
of Rights and Remedies. If the Trustee or the Security Agent or any Holder has instituted any proceeding to enforce any right
or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely
to the Trustee or the Security Agent or to such Holder, then and in every such case, subject to any determination in such proceeding,
the Issuer, any Guarantor, the Trustee, the Security Agent and the Holders shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of the Trustee, the Security Agent and the Holders shall continue
as though no such proceeding had been instituted.

 

Section 6.13.     Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Notes in ‎‎Section 2.07,
no right or remedy herein conferred upon or reserved to the Trustee, or the Security Agent or to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

 

Section 6.14.     Delay
or Omission Not Waiver. No delay or omission of the Trustee, or the Security Agent or of any Holder of any Note to exercise
any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by this ‎‎Article Six
or by law to the Trustee, or the Security Agent or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.

 

Section 6.15.     Record
Date. The Issuer may set a record date for purposes of determining the identity of Holders entitled to vote or to consent to
any action by vote or consent authorized or permitted by Sections ‎‎6.04
and ‎‎6.05. Unless this Indenture provides
otherwise, such record date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most
recent list of Holders furnished to the Trustee pursuant to ‎‎Section 2.05
prior to such solicitation.

 

Section 6.16.     Waiver
of Stay or Extension Laws. Each Issuer covenants (to the extent that it may lawfully do so) that it shall not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Issuer (to
the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it shall
not hinder, delay or impede the execution of any power herein granted to the Trustee or to the Security Agent, but shall suffer
and permit the execution of every such power as though no such law had been enacted.

 

    	 	103	 

     

    

 

Article Seven

Trustee and Security Agent

 

Section 7.01.     Duties
of Trustee and the Security Agent.

 

(a)            If
an Event of Default has occurred and is continuing of which a Trust Officer of the Trustee or the Security Agent has actual knowledge,
the Trustee or the Security Agent shall exercise such of the rights and powers vested in it by this Indenture and the Security
Documents and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances
in the conduct of such person’s own affairs.

 

(b)            Subject
to the provisions of ‎‎Section 7.01(a), (i) the Trustee and the Security Agent undertakes to perform such
duties and only such duties as are specifically set forth in this Indenture and the Security Documents and no others and no implied
covenants or obligations shall be read into this Indenture against the Trustee and the Security Agent; and (ii) in the absence
of bad faith on its part, the Trustee and the Security Agent may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and the Security Agent and conforming
to the requirements of this Indenture and the Security Documents. In the case of any such certificates or opinions which by any
provisions hereof are specifically required to be furnished to the Trustee or the Security Agent, the Trustee and the Security
Agent, as applicable, shall examine same to determine whether they conform to the requirements of this Indenture (but need not
confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 

(c)            The
Security Agent shall execute and deliver, if necessary, and act as beneficiary under, the Security Documents on behalf of the Holders
under this Indenture and shall take such other actions as may be necessary or advisable in accordance with the Security Documents.
The Security Agent shall remit any proceeds recovered from enforcement of the Security Documents; provided that all necessary
approvals are obtained from each relevant jurisdiction in which the Collateral is located.

 

(d)            Neither
the Trustee nor the Security Agent shall be relieved from liability for its own grossly negligent action, its own grossly negligent
failure to act or its own willful misconduct, except that:

 

(i)            this
paragraph does not limit the effect of paragraph ‎(b) of this ‎‎Section 7.01;

 

    	 	104	 

     

    

 

(ii)            the
Trustee and the Security Agent shall not be liable for any error of judgment made in good faith by a Trust Officer of the
Trustee or the Security Agent unless it is proved that the Trustee or the Security Agent was grossly negligent in
ascertaining the pertinent facts; and

 

(iii)            the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to ‎Section ‎6.02 or ‎‎6.05.

 

(e)            The
Trustee, any Paying Agent and the Security Agent shall not be liable for interest on any money received by it except as the Trustee,
any Paying Agent and the Security Agent may agree in writing with the Issuer or the Subsidiary Guarantors. Money held by the Trustee,
the Principal Paying Agent or the Security Agent need not be segregated from other funds except to the extent required by law and,
for the avoidance of doubt, shall not be held in accordance with the UK client money rules.

 

(f)            No
provision of this Indenture or the Security Documents shall require the Trustee, each Agent, the Principal Paying Agent or the
Security Agent to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder
or in the exercise of any of its rights or powers, if it shall have grounds to believe that repayment of such funds or adequate
indemnity against such risk or liability is not assured to it.

 

(g)            Any
provisions hereof or of the Security Documents relating to the conduct or affecting the liability of or affording protection to
the Trustee, each Agent, or the Security Agent, as the case may be, shall be subject to the provisions of this ‎‎Section 7.01.

 

Section 7.02.     Certain
Rights of Trustee and the Security Agent.

 

(a)            Subject
to ‎‎Section 7.01:

 

(i)            following
the occurrence of a Default or an Event of Default, the Trustee is entitled to require all Agents to act under its direction;

 

(ii)            the
Trustee and the Security Agent may rely conclusively, and shall be protected in acting or refraining from acting, upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence
of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper person;

 

(iii)            before
the Trustee or the Security Agent act or refrain from acting, they may require an Officer’s Certificate or an Opinion of
Counsel or both, which shall conform to ‎‎Section 12.04. Neither the Trustee nor the Security Agent
shall be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion and such certificate
or opinion will be equal to complete authorization;

 

    	 	105	 

     

    

 

(iv)            the
Trustee and the Security Agent may act through their attorneys and agents and shall not be responsible for the misconduct or negligence
of any attorney or agent appointed with due care by them hereunder;

 

(v)            neither
the Trustee nor the Security Agent shall be under any obligation to exercise any of the rights or powers vested in it by this Indenture
or the Security Documents at the request or direction of any of the Holders, unless such Holders shall have offered to the Trustee
and the Security Agent security and/or indemnity (including by way of pre- funding) satisfactory to them against the costs, expenses
and liabilities that might be incurred by them in compliance with such request or direction;

 

(vi)            unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient
if signed by an officer of such Issuer;

 

(vii)           neither
the Trustee nor the Security Agent shall be liable for any action it takes or omits to take in good faith that it believes to be
authorized or within its rights or powers;

 

(viii)         whenever,
in the administration of this Indenture and the Security Documents, the Trustee and the Security Agent shall deem it desirable
that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee and the Security
Agent (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s
Certificate;

 

(ix)            neither
the Trustee nor the Security Agent shall be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence
of indebtedness or other paper or document, but the Trustee and the Security Agent, individually, may (without a corresponding
duty to do so) make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee or
the Security Agent shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Issuer personally or by agent or attorney;

 

(x)            neither
the Trustee nor the Security Agent shall be required to give any bond or surety with respect to the performance of its duties or
the exercise of its powers under this Indenture or the Security Documents;

 

(xi)            in
the event the Trustee or the Security Agent receives inconsistent or conflicting requests and indemnity from two or more groups
of Holders, each representing less than a majority in aggregate principal amount of the Notes then outstanding, pursuant to the
provisions of this Indenture, the Trustee and the Security Agent may determine what action, if any, will be taken and shall incur
no liability for their failure to act until such inconsistency or conflict is, in their reasonable opinion, resolved;

 

    	 	106	 

     

    

 

(xii)            the
permissive rights of the Trustee and the Security Agent to take the actions permitted by this Indenture and the Security Documents
will not be construed as an obligation or duty to do so;

 

(xiii)            delivery
of reports, information and documents to the Trustee under ‎‎Section 4.19 is for informational purposes
only and the Trustee’s receipt of the foregoing will not constitute actual or constructive notice of any information contained
therein or determinable from information contained therein, including the Issuer’s or any of its Restricted Subsidiary’s
compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates);

 

(xiv)            the
rights, privileges, protections, immunities and benefits given to each of the Trustee and the Security Agent in this Indenture,
including, without limitation, its rights to be indemnified and compensated, are extended to, and will be enforceable by, the Trustee
and the Security Agent in each of their capacities hereunder, by the Registrar, the Agents, and each agent, custodian and other
Person employed to act hereunder;

 

(xv)            the
Trustee and the Security Agent may consult with counsel or other professional advisors and the advice of such counsel or professional
advisor or any Opinion of Counsel will, subject to ‎‎Section 7.01(c), be full and complete authorization
and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon;

 

(xvi)            the
Trustee and the Security Agent shall have no duty to inquire as to the performance of the covenants of the Issuer and/or its Restricted
Subsidiaries in ‎‎Article Four hereof;

 

(xvii)            the
Trustee and the Security Agent shall not have any obligation or duty to monitor, determine or inquire as to compliance, and shall
not be responsible or liable for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable,
of minimum denominations imposed under this Indenture, the Security Documents or under applicable law or regulation with respect
to any transfer, exchange, redemption, purchase or repurchase, as applicable, of any interest in any Notes, but may at its sole
discretion, choose to do so;

 

(xviii)            in
no event shall the Trustee or the Security Agent be responsible or liable for any failure or delay in the performance of its obligations
hereunder or under the Security Documents arising out of, or caused by, directly or indirectly, forces beyond its control, including,
without limitation, acts of war or terrorism, civil or military disturbances, public health emergencies, nuclear or natural catastrophes,
pandemics or acts of God; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances; and

 

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(xix)            neither
the Trustee nor the Security Agent shall under any circumstance be liable for any indirect or consequential loss, special or punitive
damages (including loss of business, goodwill or reputation, opportunity or profit of any kind) of the Issuer, any Guarantor or
any Restricted Subsidiary even if advised of it in advance and even if foreseeable.

 

(b)            The
Trustee and the Security Agent may request that the Issuer deliver an Officer’s Certificate setting forth the names of the
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s
Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so
authorized in any such certificate previously delivered and not superseded.

 

(c)            The
Security Agent shall accept without investigation, requisition or objection such right and title as the Issuer and any Guarantor
may have to any of the Collateral and shall not be bound or concerned to examine or enquire into or be liable for any defect or
failure in the right or title of the Issuer or any Guarantor to the Collateral or any part thereof whether such defect or failure
was known to the Security Agent or might have been discovered upon examination or enquiry and whether capable of remedy or not
and shall have no responsibility for the validity, value or sufficiency of the Collateral.

 

(d)            Without
prejudice to the provisions hereof, the Security Agent shall not be under any obligation to insure any of the Collateral or any
certificate, note, bond or other evidence in respect thereof, or to require any other person to maintain any such insurance and
shall not be responsible for any loss, expense or liability which may be suffered as a result of any assets comprised in the Collateral
being uninsured or inadequately insured.

 

(e)            The
Security Agent shall not be responsible for any loss, expense or liability occasioned to the Collateral, howsoever caused, by the
Security Agent or by any act or omission on the part of any other person (including any bank, broker, depositary, warehouseman
or other intermediary or by any clearing system or other operator thereof), or otherwise, unless such loss is occasioned by the
willful misconduct or fraud of the Security Agent.

 

(f)            Beyond
the exercise of reasonable care in the custody thereof, the Security Agent shall have no duty or liability as to any Collateral
in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation
of rights against prior parties or any other rights pertaining thereto and the Security Agent shall not be responsible for filing
any financing or continuation statements or recording any documents or instruments in any public office at any time or times or
otherwise perfecting or maintaining the perfection of any security interest in the Collateral. The Security Agent shall be deemed
to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially
equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution in the value
of any of the Collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by
the Security Agent in good faith.

 

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(g)            Neither
the Trustee nor the Security Agent is required to give any bond or surety with respect to the performance of its duties or the
exercise of its powers under this Indenture or the Notes.

 

(h)            Neither
the Trustee nor the Security Agent will be liable to any person if prevented or delayed in performing any of its obligations or
discretionary functions under this Indenture or the Security Documents by reason of any present or future law applicable to it,
by any governmental or regulatory authority or by any circumstances beyond its control.

 

(i)            No
provision of this Indenture shall require the Trustee or the Security Agent to do anything which, in its opinion, may be illegal
or contrary to applicable law or regulation.

 

(j)            The
Trustee and the Security Agent may refrain from taking any action in any jurisdiction if the taking of such action in that jurisdiction
would, in its opinion, based upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction or, to
the extent applicable, the State of New York and may without liability (other than in respect of actions constituting willful misconduct
or gross negligence) do anything which is, in its opinion, necessary to comply with any such law, directive or regulation.

 

(k)            Both
the Trustee and the Security Agent may assume without inquiry in the absence of actual knowledge that the Issuer is duly complying
with its obligations contained in this Indenture required to be performed and observed by it, and that no Default or Event of Default
or other event which would require repayment of the Notes has occurred.

 

(l)            At
any time that the security granted pursuant to the Security Documents has become enforceable and the Holders have given a direction
to the Trustee to enforce such security, the Trustee is not required to give any direction to the Security Agent with respect thereto
unless it has been indemnified and/or secured to its satisfaction in accordance with this Indenture. In any event, in connection
with any enforcement of such security, the Trustee is not responsible for:

 

(i)            any
failure of the Security Agent to enforce such security within a reasonable time or at all;

 

(ii)            any
failure of the Security Agent to pay over the proceeds of enforcement of the security;

 

(iii)            any
failure of the Security Agent to realize such security for the best price obtainable;

 

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(iv)           monitoring
the activities of the Security Agent in relation to such enforcement;

 

(v)            taking
any enforcement action itself in relation to such security;

 

(vi)           agreeing
to any proposed course of action by the Security Agent which could result in the Trustee incurring any liability for its own account;
or

 

(vii)          paying
any fees, costs or expenses of the Security Agent.

 

(m)          In
addition to the foregoing, the Trustee and the Security Agent agree to accept and act upon notice, instructions or directions pursuant
to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided
that any communication sent to the Trustee or the Security Agent, as applicable, hereunder must be in the form of a document that
is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified
in writing to Trustee by the authorized representative). If the party elects to give the Trustee or the Security Agent, as applicable,
e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee or the Security Agent, as applicable,
in its discretion elects to act upon such instructions, the Trustee’s or the Security Agent’s, as applicable, understanding
of such instructions shall be deemed controlling. The Trustee and the Security Agent, as applicable, shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Trustee’s or the Security Agent’s, as applicable,
reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent
written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic
methods to submit instructions and directions to the Trustee or the Security Agent, as applicable, including without limitation
the risk of the Trustee or the Security Agent, as applicable, acting on unauthorized instructions, and the risk or interception
and misuse by third parties.

 

Section 7.03.     Individual
Rights of Trustee and the Security Agent. The Trustee, the Security Agent, any Transfer Agent, any Paying Agent, any Registrar
or any other agent of the Issuer or of the Trustee or Security Agent, in its individual or any other capacity, may become the owner
or pledgee of Notes and, may otherwise deal with the Issuer with the same rights it would have if it were not Trustee, the Security
Agent, Paying Agent, Transfer Agent, Registrar or such other agent. The Trustee and the Security Agent may accept deposits from,
lend money to, and generally engage in any kind of banking, trust or other business with the Issuer or any of its Affiliates or
Subsidiaries as if it were not performing the duties specified herein and in the Security Documents, and may accept fees and other
consideration from the Issuer for services in connection with this Indenture and otherwise without having to account for the same
to the Trustee, the Security Agent or to the Holders from time to time.

 

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Section 7.04.     Disclaimer
of Trustee and Security Agent. The recitals contained herein and in the Notes, except for the Trustee’s certificates
of authentication, shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for their correctness.
The Trustee and the Security Agent make no representations as to the validity or sufficiency of this Indenture, the Notes or the
Security Documents. The Trustee and the Security Agent shall not be accountable for the Issuer’s use of the proceeds from
the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture nor shall
it be responsible for the use or application of any money received by any Paying Agent other than the Trustee and the Security
Agent and they will not be responsible for any statement or recital herein or any statement on the Notes or any other document
in connection with the sale of the Notes or pursuant to this Indenture other than the Trustee’s certificate of authentication.
The Security Agent shall not, nor shall any receiver appointed by or any agent of the Security Agent, by reason of taking possession
of any Collateral or any part thereof or any other reason or on any basis whatsoever, be liable to account for anything expect
actual receipts or be liable for any loss or damage arising from a realization of the Collateral or any part thereof or from any
act, default or omission in relation to the Collateral or any part thereof or from any exercise or non-exercise by it of any power,
authority or discretion conferred upon it in relation to the Collateral or any part thereof unless such loss or damage shall be
caused by its own fraud or gross negligence. The Security Agent shall not have any responsibility or liability arising from the
fact that the Collateral may be held in safe custody by a custodian. The Security Agent assumes no responsibility for the validity,
sufficiency or enforceability (which the Security Agent has not investigated) of the Collateral purported to be created by any
Supplemental Indenture or other document. In addition, the Security Agent has no duty to monitor the performance by the Issuer
and the Guarantors of their obligations to the Security Agent nor is it obliged (unless indemnified and/or secured (including by
way of prefunding to its satisfaction) to take any other action which may involve the Security Agent in any personal liability
or expense). The Security Agent may at any time solicit written confirmatory instructions from the Holders, an Officer’s
Certificate or an order of a court of competent jurisdiction, as to any action that it may be requested or required to take, or
that it may propose to take, in the performance of any of its obligations under this Indenture or the Security Documents. In the
event there is any good faith disagreement between the other parties to this Indenture or any of the Security Documents resulting
in adverse claims being made in connection with Collateral held by the Security Agent and the terms of this Indenture or any of
the Security Documents do not unambiguously mandate the action the Security Agent is to take or not to take in connection therewith
under the circumstances then existing, or the Security Agent is in doubt as to what action it is required to take or not to take
hereunder or under the Security Agent, it will be entitled to refrain from taking any action (and will incur no liability for doing
so) until directed otherwise in writing by a request signed jointly by the parties hereto entitled to give such direction or by
order of a court of competent jurisdiction.

 

In the event that the Security Agent or
Trustee is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in
order to carry out any fiduciary or trust obligation for the benefit of another, which in the Security Agent’s or Trustee’s
sole discretion may cause the Security Agent or Trustee to be considered an “owner or operator” under any environmental
laws or otherwise cause the Security Agent or Trustee to incur, or be exposed to, any environmental liability or any liability
under any other federal, state, foreign or local law, the Security Agent and Trustee reserve the right, instead of taking such
action, either to resign as Security Agent or Trustee, as the case may be, or to arrange for the transfer of the title or control
of the asset to a court appointed receiver. The Security Agent will not be liable to any Person for any environmental liability
or any environmental claims or contribution actions under any federal, state, foreign or local law, rule or regulation by
reason of the Security Agent’s actions and conduct as authorized, empowered and directed hereunder or relating to any kind
of discharge or release or threatened discharge or release of any hazardous materials into the environment and shall be indemnified
and held harmless by the Issuers against any such claims, liabilities or actions.

 

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Section 7.05.     Compensation
and Indemnity. The Issuer and the Guarantors, jointly and severally, shall pay to the Trustee (acting in any capacity hereunder)
and the Security Agent such compensation as shall be agreed in writing for their services hereunder. The Trustee’s and the
Security Agent’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer
and the Guarantors, jointly and severally, shall reimburse the Trustee and the Security Agent promptly upon request for all properly
incurred disbursements, advances or expenses incurred or made by them, including costs of collection, in addition to the compensation
for their services. Such expenses shall include the properly incurred compensation, disbursements, charges, advances and expenses
of the Trustee’s and the Security Agent’s agents and counsel.

 

The
Issuer and the Guarantors, jointly and severally, shall indemnify the Trustee (acting in any capacity hereunder) and the Security
Agent and each of their officers, directors, employees and agents against any and all loss, liability or expense (including attorneys’
fees and expenses) incurred by either of them without willful misconduct or gross negligence on their part arising out of or in
connection with the administration of this trust and the performance of their duties hereunder (including the costs and expenses
of enforcing this Indenture and the Security Documents against the Issuer and the Guarantors (including this ‎‎Section 7.05)
and defending themselves against any claim, whether asserted by the Issuer, the Guarantors, any Holder or any other Person, or
liability in connection with the execution and performance of any of their powers and duties hereunder). The Trustee and the Security
Agent shall notify the Issuer promptly of any claim for which they may seek indemnity. Failure by the Trustee or the Security Agent
to so notify the Issuer shall not relieve the Issuer or any Guarantor of its obligations hereunder. The Issuer shall, at the sole
discretion of the Trustee or Security Agent, as applicable, defend the claim and the Trustee and the Security Agent may cooperate
and may participate at the Issuer’s expense in such defense. Alternatively, the Trustee and the Security Agent may at their
option have separate counsel of their own choosing and the Issuer shall pay the properly incurred fees and expenses of such counsel.
The Issuer need not pay for any settlement made without its consent, which consent may not be unreasonably withheld. The Issuer
shall not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s
own willful misconduct or gross negligence.

 

To
secure the Issuer’s payment obligations in this ‎‎Section 7.05, the Trustee and the Security Agent shall
have a Lien prior to the Notes on all money or property held or collected by the Trustee, in their capacity as Trustee and the
Security Agent, except money or property, including any proceeds from the sale of Collateral, held in trust to pay principal of,
premium, if any, additional amounts, if any, and interest on particular Notes. Such Lien shall survive the satisfaction and discharge
of all Notes under this Indenture.

 

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When
either the Trustee or the Security Agent incur expenses after the occurrence of a Default specified in ‎‎Section 6.01(a)(ix) with
respect to the Issuer, the Guarantors, or any Restricted Subsidiary, the expenses are intended to constitute expenses of administration
under Bankruptcy Law.

 

The
Issuer’s obligations under this ‎‎Section 7.05 and any claim or Lien arising hereunder shall survive
the resignation or removal of any Trustee and the Security Agent, the satisfaction and discharge of the Issuer’s obligations
pursuant to ‎‎Article Eight and any rejection or termination
under any Bankruptcy Law, and the termination of this Indenture.

 

Section 7.06.     Replacement
of Trustee or Security Agent. A resignation or removal of the Trustee and the Security Agent and appointment of a successor
Trustee and successor Security Agent shall become effective only upon the successor Trustee’s and the successor Security
Agent’s acceptance of appointment as provided in this ‎‎Section 7.06.

 

The
Trustee and, subject to the appointment and acceptance of a successor Security Agent as provided in this Section and the last
paragraph of this ‎‎Section 7.06, the Security Agent may resign at any time without giving any reason by so
notifying the Issuer. The Holders of a majority in outstanding principal amount of the outstanding Notes may remove the Trustee
and the Security Agent by so notifying the Trustee, the Security Agent and the Issuer. The Issuer shall remove the Trustee or the
Security Agent if:

 

(a)            the
Trustee or the Security Agent fails to comply with ‎‎Section 7.09;

 

(b)            the
Trustee or the Security Agent is adjudged bankrupt or insolvent;

 

(c)            a
receiver or other public officer takes charge of the Trustee or the Security Agent or their property; or

 

(d)            the
Trustee or the Security Agent otherwise becomes incapable of acting.

 

If
the Trustee or the Security Agent resigns or is removed, or if a vacancy exists in the office of Trustee or the Security Agent
for any reason, the Issuer shall promptly appoint a successor Trustee or a successor Security Agent, as the case may be. Within
one year after the successor Trustee or Security Agent takes office, the Holders of a majority in principal amount of the outstanding
Notes may appoint a successor Trustee or Security Agent to replace the successor Trustee or Security Agent appointed by the Issuer.
If the successor Trustee or Security Agent does not deliver its written acceptance required by the next succeeding paragraph of
this ‎‎Section 7.06 within 30 days after the retiring Trustee or Security Agent resigns or is removed, the
retiring Trustee or Security Agent, the Issuer or the Holders of a majority in principal amount of the outstanding Notes may, at
the expense of the Issuer, petition any court of competent jurisdiction for the appointment of a successor Trustee or Security
Agent.

 

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A
successor Trustee or Security Agent shall deliver a written acceptance of its appointment to the retiring Trustee or Security Agent,
as the case may be, and to the Issuer. Thereupon the resignation or removal of the retiring Trustee or Security Agent shall become
effective, and the successor Trustee or Security Agent shall have all the rights, powers and duties of the Trustee or the Security
Agent under this Indenture. The successor Trustee or Security Agent shall deliver a notice of its succession to Holders. The retiring
Trustee or Security Agent shall, at the expense of the Issuer, promptly transfer all property held by it as Trustee or Security
Agent to the successor Trustee or Security Agent; provided that all sums owing to the Trustee or Security Agent hereunder have
been paid and subject to the Lien provided for in ‎‎Section 7.05.

 

If a successor Trustee or Security Agent
does not take office within 60 days after the retiring Trustee or Security Agent resigns or is removed, the retiring Trustee or
Security Agent, the Issuer or the Holders of at least 30% in outstanding principal amount of the Notes may petition any court of
competent jurisdiction for the appointment of a successor Trustee or Security Agent at the expense of the Issuer. Without prejudice
to the right of the Issuer to appoint a successor Trustee or a successor Security Agent in accordance with the provisions of this
Indenture, the retiring Trustee or Security Agent may appoint a successor Trustee or Security Agent at any time prior to the date
on which a successor Trustee or Security Agent takes office.

 

If
the Trustee or the Security Agent fails to comply with ‎‎Section 7.09, any Holder who has been a bona fide
Holder of a Note for at least six months may petition any court of competent jurisdiction for the removal of the Trustee or the
Security Agent and the appointment of a successor Trustee or Security Agent.

 

In
addition to the foregoing and notwithstanding any provision to the contrary, any resignation, removal or replacement of the Security
Agent pursuant to this ‎‎Section 7.06 shall not be effective until (a) a successor to the Security Agent
has agreed to act under the terms of this Indenture and (b) all of the Liens in the Collateral have been transferred to such
successor. Any replacement or successor Security Agent shall be a bank with an office in New York, New York or an Affiliate of
any such bank. Upon acceptance of its appointment as Security Agent hereunder by a replacement or successor, such replacement or
successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Security Agent
hereunder, and the retiring Security Agent shall be discharged from its duties and obligations hereunder.

 

Notwithstanding
the replacement of the Trustee or the Security Agent pursuant to this ‎‎Section 7.06, the Issuer’s and
the Guarantors’ obligations under ‎‎Section 7.05
shall continue for the benefit of the retiring Trustee or Security Agent.

 

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Section 7.07.     Successor
Trustee or Security Agent by Merger. Any corporation into which the Trustee or the Security Agent may be merged or converted
or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee
or the Security Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business
of the Trustee or the Security Agent, shall be the successor of the Trustee or the Security Agent hereunder; provided such
corporation shall be otherwise qualified and eligible under this ‎‎Article Seven,
without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes shall
have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if
such successor Trustee had itself authenticated such Notes. In case at that time any of the Notes shall not have been authenticated,
any successor Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor
Trustee. In all such cases such certificates shall have the full force and effect which this Indenture provides for the certificate
of authentication of the Trustee shall have; provided that the right to adopt the certificate of authentication of any predecessor
Trustee or to authenticate Notes in the name of any predecessor Trustee shall apply only to its successor or successors by merger,
conversion or consolidation.

 

Section 7.08.     Appointment
of Security Agent and Supplemental Security Agents. The parties hereto acknowledge and agree, and each Holder by accepting
the Notes acknowledges and agrees, that the Issuer hereby appoints U.S. Bank National Association to act as Security Agent hereunder,
and U.S. Bank National Association accepts such appointment. The Trustee and the Holders acknowledge that the Security Agent will
be acting in respect to the Security Documents and the security granted thereunder on the terms outlined therein (which terms in
respect of the rights and protections of the Security Agent, in the event of an inconsistency with the terms of this Indenture,
will prevail).

 

(a)            The
Security Agent may perform any of its duties and exercise any of its rights and powers through one or more sub-agents or co-trustees
appointed by it. The Security Agent and any such sub-agent or co-trustee may perform any of its duties and exercise any of its
rights and powers through its affiliates. All of the provisions of this Indenture applicable to the Security Agent including, without
limitation, its rights to be indemnified, shall apply to and be enforceable by any such sub-agent and affiliates of a Security
Agent and any such sub-agent or co-trustee. All references herein to a “Security Agent” shall include any such sub-agent
or co- trustee and affiliates of a Security Agent or any such sub-agent or co-trustee.

 

(b)            It
is the purpose of this Indenture and the Security Documents that there shall be no violation of any law of any jurisdiction denying
or restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction.
Without limiting paragraph ‎(a) of this Section, it is recognized that in case of litigation under, or enforcement
of, this Indenture or any of the Security Documents, or in case the Security Agent deems that by reason of any present or future
law of any jurisdiction it may not exercise any of the rights, powers or remedies granted herein or in any of the Security Documents
or take any other action which may be desirable or necessary in connection therewith, the Security Agent is hereby authorized to
appoint an additional individual or institution selected by the Security Agent in its sole discretion as a separate trustee, co-trustee,
administrative agent, Security Agent, administrative sub-agent or administrative co-agent (any such additional individual or institution
being referred to herein individually as a “Supplemental Security Agent” and collectively as “Supplemental
Security Agents”).

 

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(c)           In
the event that the Security Agent appoints a Supplemental Security Agent with respect to any Collateral, (i) each and every
right, power, privilege or duty expressed or intended by this Indenture or any of the other Security Documents to be exercised
by or vested in or conveyed to such Security Agent with respect to such Collateral shall be exercisable by and vest in such Supplemental
Security Agent to the extent, and only to the extent, necessary to enable such Supplemental Security Agent to exercise such rights,
powers and privileges with respect to such Collateral and to perform such duties with respect to such Collateral, and every covenant
and obligation contained in the Security Documents and necessary to the exercise or performance thereof by such Supplemental Security
Agent shall run to and be enforceable by either such Security Agent or such Supplemental Security Agent, and (ii) the provisions
of this Indenture (and, in particular, this ‎‎Article Seven) that refer to the Security Agent shall inure to
the benefit of such Supplemental Security Agent and all references therein to the Security Agent shall be deemed to be references
to a Security Agent and/or such Supplemental Security Agent, as the context may require.

 

(d)           Should
any instrument in writing from the Issuer or any other obligor be required by any Supplemental Security Agent so appointed by the
Security Agent for more fully and certainly vesting in and confirming to him or it such rights, powers, privileges and duties,
the Issuer shall, or shall cause the Issuer and relevant Guarantor to, execute, acknowledge and deliver any and all such instruments
promptly upon request by the Security Agent. In case any Supplemental Security Agent, or a successor thereto, shall die, become
incapable of acting, resign or be removed, all the rights, powers, privileges and duties of such Supplemental Security Agent, to
the extent permitted by law, shall vest in and be exercised by the Security Agent until the appointment of a new Supplemental Security
Agent.

 

Section 7.09.     Eligibility;
Disqualification. There will at all times be a Trustee hereunder that is a corporation organized and doing business under the
laws of England and Wales or the United States of America or of any state thereof that is authorized under such laws to exercise
corporate trustee power and which is generally recognized as a corporation which customarily performs such corporate trustee roles
and provides such corporate trustee services in transactions similar in nature to the offering of the Notes as described in the
Offering Memorandum. Each of the Trustee and the Security Agent shall have a combined capital and surplus of at least $50,000,000,
as set forth in its most recent published annual report of condition.

 

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Section 7.10.     Appointment
of Co-Trustee.

 

(a)            It
is the purpose of this Indenture that there shall be no violation of any law of any jurisdiction denying or restricting the right
of banking corporations or associations to transact business as trustee in such jurisdiction. It is recognized that in case of
litigation under this Indenture, and in particular in case of the enforcement thereof on Default, or in the case the Trustee deems
that by reason of any present or future law of any jurisdiction it may not exercise any of the powers, rights or remedies herein
granted to the Trustee or hold title to the properties, in trust, as herein granted or take any action which may be desirable or
necessary in connection therewith, it may be necessary that the Trustee appoint an individual or institution as a separate or co-trustee.
The following provisions of this ‎‎Section 7.10 are adopted to these ends.

 

(b)            In
the event that the Trustee appoints an additional individual or institution as a separate or co-trustee, each and every remedy,
power, right, claim, demand, cause of action, immunity, estate, title, interest and Lien expressed or intended by this Indenture
to be exercised by or vested in or conveyed to the Trustee with respect thereto shall be exercisable by and vest in such separate
or co-trustee but only to the extent necessary to enable such separate or co-trustee to exercise such powers, rights and remedies,
and only to the extent that the Trustee by the laws of any jurisdiction is incapable of exercising such powers, rights and remedies,
and every covenant and obligation necessary to the exercise thereof by such separate or co-trustee shall run to and be enforceable
by either of them.

 

(c)            Should
any instrument in writing from the Issuer be required by the separate or co-trustee so appointed by the Trustee for more fully
and certainly vesting in and confirming to him or it such properties, rights, powers, trusts, duties and obligations, any and all
such instruments in writing shall to the extent permitted by the laws of the State of New York and the jurisdictions of organization
of the Issuer, on request, be executed, acknowledged and delivered by the Issuer; provided that if an Event of Default shall
have occurred and be continuing, if the Issuer do not execute any such instrument within 15 days after request therefor, the Trustee
shall be empowered as an attorney-in-fact for the Issuer to execute any such instrument in the Issuer’s name and stead. In
case any separate or co-trustee or a successor to either shall die, become incapable of acting, resign or be removed, all the estates,
properties, rights, powers, trusts, duties and obligations of such separate or co-trustee, so far as permitted by law, shall vest
in and be exercised by the Trustee until the appointment of a new trustee or successor to such separate or co-trustee.

 

(d)            Each
separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions
and conditions:

 

(i)            all
rights and powers, conferred or imposed upon the Trustee shall be conferred or imposed upon and may be exercised or performed by
such separate trustee or co-trustee; and

 

(ii)            no
trustee hereunder shall be liable by reason of any act or omission of any other trustee hereunder.

 

(e)            Any
notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall
refer to this Indenture and the conditions of this ‎‎Article Seven.

 

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(f)            Any
separate trustee or co-trustee may at any time appoint the Trustee as its agent or attorney-in-fact with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name.
If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment
of a new or successors trustee.

 

Section 7.11.         Resignation
of Agents.

 

(a)            Any
Agent may resign its appointment hereunder at any time without the need to give any reason and without being responsible for any
costs associated therewith by giving to the Issuer and the Trustee and (except in the case of resignation of the Principal Paying
Agent) the Principal Paying Agent 30 days’ written notice to that effect (waivable by the Issuer and the Trustee); provided
that in the case of resignation of the Principal Paying Agent no such resignation shall take effect until a new Principal Paying
Agent (approved in advance in writing by the Trustee) shall have been appointed by the Issuer to exercise the powers and undertake
the duties hereby conferred and imposed upon the Principal Paying Agent. Following receipt of a notice of resignation from any
Agent, the Issuer shall promptly give notice thereof to the Holders in accordance with ‎‎Section 12.01. Such
notice shall expire at least 30 days before or after any due date for payment in respect of the Notes.

 

(b)            If
any Agent gives notice of its resignation in accordance with this ‎‎Section 7.11 and a replacement Agent is
required and by the tenth day before the expiration of such notice such replacement has not been duly appointed, such Agent may
itself appoint as its replacement any reputable and experienced financial institution. Immediately following such appointment,
the Issuer shall give notice of such appointment to the Trustee, the remaining Agents and the Holders whereupon the Issuer, the
Trustee, the remaining Agents and the replacement Agent shall acquire and become subject to the same rights and obligations between
themselves as if they had entered into an agreement in the form mutatis mutandis of this Indenture.

 

(c)            Upon
its resignation becoming effective the Principal Paying Agent shall forthwith transfer all moneys held by it hereunder hereof to
the successor Principal Paying Agent or, if none, the Trustee or to the Trustee’s order, but shall have no other duties or
responsibilities hereunder, and shall be entitled to the payment by the Issuer of its remuneration for the services previously
rendered hereunder and to the reimbursement of all reasonable expenses (including legal fees) incurred in connection therewith.

 

Section 7.12.         Agents
General Provisions.

 

(a)            Actions
of Agents. The rights, powers, duties and obligations and actions of each Agent under this Indenture are several and not joint
or joint and several.

 

(b)            Agents
of Trustee. The Issuer and the Agents acknowledge and agree that in the event of a Default or Event of Default, the Trustee may,
by notice in writing to the Issuer and the Agents, require that the Agents act as agents of, and take instructions exclusively
from, the Trustee. Prior to receiving such written notification from the Trustee, the Agents shall be the agents of the Issuer
and need have no concern for the interests of the Holders.

 

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(c)            Funds
held by Agents. The Agents will hold all funds subject to the terms of this Indenture.

 

(d)            Publication
of Notices. Any obligation the Agents may have to publish a notice to Holders of Global Notes on behalf of the Issuer will be met
upon delivery of the notice to DTC.

 

(e)            Instructions.
In the event that instructions given to any Agent are not reasonably clear, then such Agent shall be entitled to seek clarification
from the Issuer or other party entitled to give the Agents instructions under this Indenture by written request promptly, and in
any event within one Business Day of receipt by such Agent of such instructions. If an Agent has sought clarification in accordance
with this ‎‎Section 7.12, then such Agent shall be entitled to take no action until such clarification is provided,
and shall not incur any liability for not taking any action pending receipt of such clarification.

 

(f)            No
Fiduciary Duty. No Agent shall be under any fiduciary duty or other obligation towards, or have any relationship of agency or trust,
for or with any person.

 

(g)            Mutual
Undertaking. Each party shall, within ten Business Days of a written request by another party, supply to that other party such
forms, documentation and other information relating to it, its operations, or the Notes as that other party reasonably requests
for the purposes of that other party’s compliance with applicable law and shall notify the relevant other party reasonably
promptly in the event that it becomes aware that any of the forms, documentation or other information provided by such party is
(or becomes) inaccurate in any material respect; provided, however, that no party shall be required to provide any
forms, documentation or other information pursuant to this ‎‎Section 7.12(g) to the extent that: (i) any
such form, documentation or other information (or the information required to be provided on such form or documentation) is not
reasonably available to such party and cannot be obtained by such party using reasonable efforts; or (ii) doing so would or
might in the reasonable opinion of such party constitute a breach of any: (A) applicable law or (B) duty of confidentiality.
For purposes of this ‎‎Section 7.12(g), “applicable law” shall be deemed to include (iii) any
rule or practice of any regulatory or governmental authority by which any party is bound or with which it is accustomed to
comply; (iv) any agreement between any Authorities; and (v) any agreement between any regulatory or governmental authority
and any party that is customarily entered into by institutions of a similar nature.

 

(h)            Tax
Withholding.

 

(i)            In
order to enable the Issuer and the Agents to comply with any of their obligations with respect to this Indenture and the Notes
under FATCA, each of the Issuer and each Agent shall provide each other such reasonable information that is within its possession
and is reasonably requested by the other to assist the other in determining whether it has tax related obligations under FATCA.

 

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(ii)            Notwithstanding
any other provision of this Indenture, each Agent shall be entitled to make a deduction or withholding from any payment which it
makes under the Notes for or on account of any Tax, if and only to the extent so required by an Authority, in which event the Agent
shall make such payment after such deduction or withholding has been made and shall account to the relevant Authority within the
time allowed for the amount so deducted or withheld or, at its option, shall reasonably promptly after making such payment return
to the Issuer the amount so deducted or withheld and provide the Issuer with the reason for such deduction or withholding, in which
case, the Issuer shall so account to the relevant Authority for such amount. For the avoidance of doubt, FATCA Withholding is a
deduction or withholding which is deemed to be required by an Authority for the purposes of this ‎Section 7.12(h)(ii).

 

Article Eight

Defeasance; Satisfaction and Discharge

 

Section 8.01.         Issuer’s
Option to Effect Defeasance or Covenant Defeasance. The Issuer may, at its option and at any time prior to the Stated Maturity
of the Notes, by a resolution of its Board of Directors, elect to have either ‎‎Section 8.02
or Section ‎‎8.03 be applied to all
outstanding Notes upon compliance with the conditions set forth below in this ‎‎Article Eight.

 

Section 8.02.         Defeasance
and Discharge. Upon the Issuer’s exercise under ‎‎Section 8.01
of the option applicable to this ‎‎Section 8.02,
the Issuer and the Guarantors shall be deemed to have been discharged from their obligations with respect to the Notes on the date
the conditions set forth in ‎‎Section 8.04
are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Issuer
shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes and to have satisfied
all their other obligations under the Notes and this Indenture (and the Trustee, at the expense of the Issuer, shall execute proper
instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged
hereunder: (a) the rights of Holders of outstanding Notes to receive, solely from the trust fund described in ‎‎Section 8.08
and as more fully set forth in such Section, payments in respect of the principal of (and premium, if any, on) and interest (including
Additional Amounts) on such Notes when such payments are due, (b) the Issuer’s obligations with respect to the Notes
concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an
office or agency for payment and money for security payments held in trust, (c) the rights, powers, trusts, duties and immunities
of the Trustee and the Security Agent hereunder and the Issuer’s and the Guarantors’ obligations in connection therewith
and (d) the provisions of this ‎‎Article Eight.
Subject to compliance with this ‎‎Article Eight,
the Issuer may exercise its option under this ‎‎Section 8.02
notwithstanding the prior exercise of its option under ‎‎Section 8.03
below with respect to the Notes. If the Issuer exercises its Legal Defeasance option, payment of the Notes may not be accelerated
because of an Event of Default.

 

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Section 8.03.         Covenant
Defeasance. Upon the Issuer’s exercise under ‎‎Section 8.01
of the option applicable to this ‎‎Section 8.03,
the Issuer and the Guarantors shall be released from their obligations under any covenant contained in Sections ‎‎4.04
through ‎‎4.11, ‎‎4.13
through ‎4.17, ‎‎4.19
through ‎‎‎4.25 and ‎‎5.01
with respect to the Notes on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”).
For this purpose, such Covenant Defeasance means that, the Issuer may omit to comply with and shall have no liability in respect
of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a Default or an Event of Default, but, except as specified above,
the remainder of this Indenture and such Notes shall be unaffected thereby.

 

Section 8.04.         Conditions
to Defeasance. In order to exercise either Legal Defeasance or Covenant Defeasance:

 

(a)            the
Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the holders of the Notes, cash in U.S. dollars,
non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts
as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public
accountants, to pay the principal of, or interest (including Additional Amounts and premium, if any) on the outstanding Notes on
the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Issuer must specify whether
the Notes are being defeased to such stated date for payment or to a particular redemption date;

 

(b)            in
the case of Legal Defeasance, the Issuer must deliver to the Trustee:

 

(i)            an
opinion of United States counsel, which counsel is reasonably acceptable to the Trustee, confirming that (i) the Issuer has
received from, or there has been published by, the U.S. Internal Revenue Service a ruling or (ii) since the Issue Date, there
has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such opinion
of counsel will confirm that, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for U.S. federal
income tax purposes as a result of such Legal Defeasance and will be subject to tax on the same amounts, in the same manner and
at the same times as would have been the case if such Legal Defeasance had not occurred; and

 

(ii)            an
Opinion of Counsel in the jurisdiction of incorporation of the Issuer, which counsel is reasonably acceptable to the Trustee, to
the effect that the holders of the Notes will not recognize income, gain or loss for tax purposes of such jurisdiction as a result
of such deposit and defeasance and will be subject to tax in such jurisdiction on the same amounts and in the same manner and at
the same times as would have been the case if such deposit and defeasance had not occurred;

 

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(c)            in
the case of Covenant Defeasance, the Issuer must deliver to the Trustee:

 

(i)            an
opinion of United States counsel, which counsel is reasonably acceptable to the Trustee, confirming that the beneficial owners
of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant
Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred; and

 

(ii)            an
opinion of counsel in the jurisdiction of incorporation of the Issuer, which counsel is reasonably acceptable to the Trustee, to
the effect that the beneficial owners of the Notes will not recognize income, gain or loss for tax purposes of such jurisdiction
as a result of such deposit and defeasance and will be subject to tax in such jurisdiction on the same amounts and in the same
manner and at the same times as would have been the case if such deposit and defeasance had not occurred;

 

(d)            no
Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness),
and the granting of Liens to secure such borrowings);

 

(e)            such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, the Exchangeable
Notes or any other material agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness
being defeased, discharged or replaced) to which the Issuer or any of the Guarantors is a party or by which the Issuer or any of
the Guarantors is bound;

 

(f)            the
Issuer must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the
intent of preferring the holders of Notes over the other creditors of the Issuer with the intent of defeating, hindering, delaying
or defrauding any creditors of the Issuer or others; and

 

(g)            the
Issuer must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

If the funds deposited with the Trustee
to effect Covenant Defeasance are insufficient to pay the principal of, premium, if any, and interest on the Notes when due because
of any acceleration occurring after an Event of Default, then the Issuer and the Guarantors shall remain liable for such payments.

 

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Section 8.05.          Satisfaction
and Discharge of Indenture. This Indenture, and the rights of the Trustee and the Holders of the Notes under the Security Documents,
shall be discharged and shall cease to be of further effect as to all Notes issued thereunder, when:

 

(a)            either:

 

(i)            all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for cancellation;
or

 

(ii)            all
Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the delivery of a notice
of redemption or otherwise or will become due and payable within one year and the Issuer or any Guarantor has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the holders, cash in U.S. dollars,
non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts
as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public
accountants, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not
delivered to the Trustee for cancellation for principal, premium and Additional Amounts, if any, and accrued interest to the date
of maturity or redemption;

 

(b)            the
Issuer or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture;

 

(c)            the
Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Notes at maturity or on the redemption date, as the case maybe; and

 

(d)            the
Issuer has delivered an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent
to satisfaction and discharge have been satisfied; provided that any such counsel may rely on any Officer’s Certificate
as to matters of fact (including as to compliance with the foregoing clauses (a), (b) and (c)).

 

Section 8.06.         Survival
of Certain Obligations. Notwithstanding Sections ‎8.01
and ‎8.03, any obligations of the Issuer and
the Guarantors in Sections ‎‎‎2.02
through ‎‎2.14, ‎‎6.07,
‎‎7.05 and ‎‎7.06
shall survive until the Notes have been paid in full. Thereafter, any obligations of the Issuer or the Guarantors in ‎‎Section 7.05
shall survive such satisfaction and discharge. Nothing contained in this ‎‎Article Eight
shall abrogate any of the obligations or duties of the Trustee under this Indenture.

 

Section 8.07.         Acknowledgment
of Discharge by Trustee. Subject to ‎‎Section 8.09,
after the conditions of ‎‎Section 8.02
or ‎‎8.03 have been satisfied, the Trustee
upon written request shall acknowledge in writing the discharge of all of the Issuer’s and Guarantor’s obligations
under this Indenture except for those surviving obligations specified in this ‎‎Article Eight.

 

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Section 8.08.         Application
of Trust Money. Subject to ‎‎Section 8.09,
the Trustee shall hold in trust cash in U.S. dollars or U.S. Government Obligations deposited with it pursuant to this ‎‎Article Eight.
It shall apply the deposited cash or Government Securities through the Paying Agent and in accordance with this Indenture to the
payment of principal of, premium, if any, interest, and Additional Amounts, if any, on the Notes; but such money need not be segregated
from other funds except to the extent required by law.

 

Section 8.09.         Repayment
to Issuer. Subject to Sections ‎‎7.05,
and ‎‎8.01 through ‎‎8.04,
the Trustee and the Paying Agent shall promptly pay to the Issuer upon request set forth in an Officer’s Certificate any
excess money held by them at any time and thereupon shall be relieved from all liability with respect to such money. The Trustee
and the Paying Agent shall pay to the Issuer upon request any money held by them for the payment of principal, premium, if any,
interest or Additional Amounts, if any, that remains unclaimed for two years; provided that the Trustee or Paying Agent
before being required to make any payment may cause to be published through the newswire service of Bloomberg or, if Bloomberg
does not then operate, any similar agency or deliver to each Holder entitled to such money at such Holder’s address (as set
forth in the Security Register) notice that such money remains unclaimed and that after a date specified therein (which shall be
at least 30 days from the date of such publication or delivery) any unclaimed balance of such money then remaining will be repaid
to the Issuer. After payment to the Issuer, Holders entitled to such money must look to the Issuer for payment as general creditors
unless an applicable law designates another Person, and all liability of the Trustee and such Paying Agent with respect to such
money shall cease.

 

Section 8.10.         Indemnity
for Government Securities. The Issuer shall pay and shall indemnify the Trustee and the Paying Agent against any tax, fee or
other charge imposed on or assessed against deposited Government Securities or the principal, premium, if any, interest, if any,
and Additional Amounts, if any, received on such Government Securities.

 

Section 8.11.         Reinstatement.
If the Trustee or Paying Agent is unable to apply cash in dollars or Government Securities in accordance with this ‎‎Article Eight
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Issuer’s and the Guarantors’ obligations under this Indenture and the
Notes shall be revived and reinstated as though no deposit had occurred pursuant to this ‎Article Eight
until such time as the Trustee or any such Paying Agent is permitted to apply all such cash or Government Securities in accordance
with this ‎‎Article Eight; provided
that, if the Issuer has made any payment of principal of, premium, if any, interest, if any, and Additional Amounts, if any, on
any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such
Notes to receive such payment from the cash in dollars or Government Securities held by the Trustee or Paying Agent.

 

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Article Nine

Amendments and Waivers

 

Section 9.01.         Without
Consent of Holders.

 

(a)            The
Issuer, the Guarantors, the Security Agent and the Trustee may modify, amend or supplement this Indenture, the Notes, the Note
Guarantees and the Security Documents without notice to or consent of any Holder:

 

(i)            to
cure any ambiguity, omission, error, defect or inconsistency;

 

(ii)            to
provide for the assumption of the Issuer’s or a Guarantor’s obligations to Holders of Notes and Note Guarantees in
the case of a consolidation, amalgamation or merger or sale, assignment, transfer, lease, conveyance or other disposition of all
or substantially all of the Issuer’s or such Guarantor’s assets, as applicable;

 

(iii)          to
make any change that would provide any additional rights or benefits to the Holders of Notes or that, in the good faith judgment
of the Board of Directors of the Issuer, does not adversely affect the legal rights under this Indenture of any such holder in
any material respect;

 

(iv)          to
conform the text of this Indenture, the Notes or the Note Guarantees to any provision of the section entitled “Description
of Notes” in the Offering Memorandum to the extent that such provision in the “Description of Notes” was intended
to be a verbatim recitation of a provision of this Indenture, the Notes or the Note Guarantees, as set forth in an Officer’s
Certificate delivered to the Trustee;

 

(v)           to
provide for any Restricted Subsidiary to provide a Note Guarantee in accordance with ‎‎Section 4.06
and ‎‎Section 4.15 to add security to or for the benefit of the Notes or to confirm and evidence the
release, termination, discharge or retaking of any Note Guarantee or Lien (including the Collateral and the Security Documents)
or any amendment in respect thereof with respect to or securing the Notes when such release, termination, discharge or retaking
or amendment is permitted under this Indenture and the Security Documents;

 

(vi)          in
the case of the Security Documents, to mortgage, charge, pledge, hypothecate or grant a security interest in favor of any other
party that is granted a Lien on Collateral in accordance with the terms of this Indenture, in each case, in any property which
is required by the documents governing such Indebtedness to be mortgaged, charged, pledged or hypothecated, or in which a security
interest is required to be granted to the Security Agent, or to the extent necessary to grant a security interest for the benefit
of any Person; provided that the granting of such security interest is not prohibited by this Indenture and ‎‎Section 4.22
is complied with;

 

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(vii)         to
provide for the issuance of additional Notes in accordance with the limitations set forth in this Indenture as of the Issue Date;

 

(viii)        to
allow any Guarantor to execute a Supplemental Indenture and a Note Guarantee with respect to the Notes;

 

(ix)          to
provide for uncertificated Notes in addition to or in place of Definitive Registered Notes (provided that the uncertificated
Notes are issued in registered form for purposes of Section 163(f) of the Code; or

 

(x)           to
evidence and provide the acceptance of the appointment of a successor Trustee under this Indenture.

 

(b)            In
connection with any proposed amendment or supplement in respect of such matters, the Trustee will be entitled to receive, and rely
conclusively on, an Opinion of Counsel and/or an Officer’s Certificate.

 

For the avoidance of doubt (and without
limiting the generality of any other statements in this Indenture), the provisions of the Trust Indenture Act of 1939, as amended,
shall not apply to any amendments to or waivers or consents under this Indenture.

 

Section 9.02.         With
Consent of Holders.

 

(a)            Except
as provided in ‎‎Section 9.02(b) below and ‎‎Section 6.04 and without prejudice to
‎‎Section 9.01, this Indenture, the Notes, the Note Guarantees and the Security Documents may be amended or
supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding
(including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes),
and any existing Default or Event of Default or compliance with any provision of this Indenture, the Notes or the Note Guarantees
may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes); provided
that any such amendment, supplement or waiver to release the security interests in the Collateral granted for the benefit of the
Trustee and the Holders (other than pursuant to the terms of the Security Documents or this Indenture, as applicable) shall in
respect of all or substantially all of the Collateral, require the consent of the holders of at least 66 2/3% in aggregate principal
amount of the Notes.

 

(b)            Without
the consent of each Holder affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting
Holder):

 

(i)            reduce
the principal amount of Notes whose holders must consent to an amendment, supplement or waiver;

 

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(ii)            reduce
the principal of or change the fixed maturity of any Note or reduce the premium payable upon the redemption of any such Note or
change the time at which such Note may be redeemed;

 

(iii)            reduce
the rate of or change the time for payment of interest, including default interest, on any Note;

 

(iv)          impair
the right of any Holder to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes or
any Note Guarantee in respect thereof;

 

(v)           waive
a Default or Event of Default in the payment of principal of, or interest, Additional Amounts or premium, if any, on, the Notes
(except a rescission of acceleration of the Notes by the holders of at least a majority in aggregate principal amount of the then
outstanding Notes and a waiver of the payment Default that resulted from such acceleration);

 

(vi)           make
any Note payable in money other than that stated in the Notes;

 

(vii)          make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of holders of Notes to receive
payments of principal of, or interest, Additional Amounts or premium, if any, on, the Notes;

 

(viii)        waive
a redemption payment with respect to any Note (other than a payment required by ‎‎Section 4.09 or Section ‎‎4.11);

 

(ix)           make
any change to or modify the ranking of the Notes as to contractual right of payment in a manner that would adversely affect the
holders thereof;

 

(x)            release
any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this
Indenture; or

 

(xi)           make
any change in the preceding amendment and waiver provisions.

 

(c)           The
consent of the Holders shall not be necessary under this Indenture to approve the particular form of any proposed amendment, modification,
supplement, waiver or consent. It is sufficient if such consent approves the substance of the proposed amendment, modification,
supplement, waiver or consent. A consent to any amendment or waiver under this Indenture by any Holder given in connection with
a tender of such Holder’s Notes will not be rendered invalid by such tender.

 

Section 9.03.         Effect
of Supplemental Indentures. Upon the execution of any Supplemental Indenture under this ‎‎Article Nine,
this Indenture shall be modified in accordance therewith, and such Supplemental Indenture shall form a part of this Indenture for
all purposes; and every Holder theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

 

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Section 9.04.         Notation
on or Exchange of Notes. If an amendment, modification or supplement changes the terms of a Note, the Issuer or the Trustee
may require the Holder to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note and on any Note
subsequently authenticated regarding the changed terms and return it to the Holder.

 

Alternatively, if the Issuer so determines,
the Issuer in exchange for the Note shall issue, and the Trustee shall authenticate, a new Note that reflects the changed terms.
Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment, modification or
supplement.

 

Section 9.05.         [Reserved].

 

Section 9.06.         Notice
of Amendment or Waiver. Promptly after the execution by the Issuer and the Trustee of any Supplemental Indenture or waiver
pursuant to the provisions of ‎‎Section 9.02,
the Issuer shall give notice thereof to the Holders of each outstanding Note affected, in the manner provided for in ‎‎Section 12.01(b),
setting forth in general terms the substance of such Supplemental Indenture or waiver.

 

Section 9.07.         Trustee
to Sign Amendments, Etc. The Trustee or the Security Agent, as the case may be, shall execute any amendment, supplement or
waiver authorized pursuant and adopted in accordance with this ‎‎Article Nine;
provided that the Trustee or the Security Agent, as the case may be, may, but shall not be obligated to, execute any such
amendment, supplement or waiver which affects the Trustee’s or Security Agent’s, as the case may be, own rights, duties
or immunities under this Indenture. The Trustee and the Security Agent shall receive, if requested, an indemnity and/or security
(including by way of pre-funding) satisfactory to it and to receive, and shall be fully protected in relying upon, an Opinion of
Counsel and an Officer’s Certificate each stating that the execution of any amendment, supplement or waiver authorized pursuant
to this ‎‎Article Nine is authorized
or permitted by this Indenture and that such amendment has been duly authorized, executed and delivered and is the legally valid
and binding obligation of the Issuer enforceable against them in accordance with its terms (for the avoidance of doubt, such Opinion
of Counsel is not required with respect to any Guarantor). Such Opinion of Counsel shall be an expense of the Issuer.

 

Section 9.08.         Additional
Voting Terms; Calculation of Principal Amount.

 

(a)            All
Notes issued under this Indenture shall vote and consent together on all matters (as to which any of such Notes may vote) as one
class and no series of Notes will have the right to vote or consent as a separate series on any matter; provided, however,
that if any amendment, waiver or other modification will only affect one series of Notes, only the consent of the Holders of not
less than a majority in principal amount of the affected series of Notes then outstanding (and not the consent of the Holders of
at least a majority of all Notes), shall be required. Determinations as to whether Holders of the requisite aggregate principal
amount of Notes have concurred in any direction, waiver or consent shall be made in accordance with this ‎‎Article Nine.

 

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(b)            The
aggregate principal amount of the Notes, at any date of determination, shall be the principal amount of the Notes at such date
of determination. With respect to any matter requiring consent, waiver, approval or other action of the Holders of a specified
percentage of the principal amount of all the Notes, such percentage shall be calculated, on the relevant date of determination,
by dividing (i) the principal amount, as of such date of determination, of Notes, the Holders of which have so consented by
(ii) the aggregate principal amount, as of such date of determination, of the Notes then outstanding, in each case, as determined
in accordance with the preceding sentence, ‎‎Section 2.08 and ‎Section ‎2.09 of
this Indenture. Any such calculation made pursuant to this ‎‎Section 9.08(b) shall be made by the Issuer
and delivered to the Trustee pursuant to an Officer’s Certificate.

 

Article Ten

Guarantee

 

Section 10.01.       Note
Guarantees.

 

(a)            The
Guarantors, either by execution of this Indenture or a Supplemental Indenture, fully and, subject to the limitations on the effectiveness
and enforceability set forth in this Indenture or such Supplemental Indenture, as applicable, unconditionally guarantee, on a joint
and several basis to each Holder and to the Trustee and its successors and assigns on behalf of each Holder, the full payment of
principal of, premium, if any, interest, if any, and Additional Amounts, if any, on, and all other monetary obligations of the
Issuer under this Indenture and the Notes (including obligations to the Trustee and the Security Agent and the obligations to pay
Additional Amounts, if any) with respect to, each Note authenticated and delivered by the Trustee or its agent pursuant to and
in accordance with this Indenture, in accordance with the terms of this Indenture (all the foregoing being hereinafter collectively
called the “Note Obligations”). The Guarantors further agree that the Note Obligations may be extended or renewed,
in whole or in part, without notice or further assent from the Guarantors and that the Guarantors shall remain bound under this
‎‎Article Ten notwithstanding any extension or renewal of any Note Obligation. All payments under each Note
Guarantee will be made in U.S. dollars.

 

(b)            The
Guarantors hereby agree that their obligations hereunder shall be as if they were each principal debtor and not merely surety,
unaffected by, and irrespective of, any invalidity, irregularity or unenforceability of any Note or this Indenture, any failure
to enforce the provisions of any Note or this Indenture, any waiver, modification or indulgence granted to the Issuer with respect
thereto by the Holders or the Trustee, or any other circumstance which may otherwise constitute a legal or equitable discharge
of a surety or guarantor (except payment in full); provided that notwithstanding the foregoing, no such waiver, modification,
indulgence or circumstance shall without the written consent of the Guarantors increase the principal amount of a Note or the interest
rate thereon or change the currency of payment with respect to any Note, or alter the Stated Maturity thereof. The Guarantors hereby
waive diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer,
any right to require that the Trustee pursue or exhaust its legal or equitable remedies against the Issuer prior to exercising
its rights under a Note Guarantee (including, for the avoidance of doubt, any right which a Guarantor may have to require the seizure
and sale of the assets of the Issuer to satisfy the outstanding principal of, interest on or any other amount payable under each
Note prior to recourse against such Guarantor or its assets), protest or notice with respect to any Note or the Indebtedness evidenced
thereby and all demands whatsoever, and each covenant that their Note Guarantee will not be discharged with respect to any Note
except by payment in full of the principal thereof and interest thereon or as otherwise provided in this Indenture, including ‎‎Section 10.04.
If at any time any payment of principal of, premium, if any, interest, if any, or Additional Amounts, if any, on such Note is rescinded
or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Issuer, the Guarantors’
obligations hereunder with respect to such payment shall be reinstated as of the date of such rescission, restoration or returns
as though such payment had become due but had not been made at such times.

 

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(c)            The
Guarantors also agree to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee
or any Holder in enforcing any rights under this ‎‎Section 10.01.

 

Section 10.02.        Subrogation.

 

(a)            Each
Guarantor shall be subrogated to all rights of the Holders against the Issuer in respect of any amounts paid to such Holders by
such Guarantor pursuant to the provisions of its Note Guarantee.

 

(b)            The
Guarantors agree that they shall not be entitled to any right of subrogation in relation to the Holders in respect of any Obligations
guaranteed hereby until payment in full of all Obligations. The Guarantors further agree that, as between them, on the one hand,
and the Holders and the Trustee, on the other hand, (x) the maturity of the Obligations guaranteed hereby may be accelerated
as provided in ‎‎Section 6.02 for the purposes of the Note Guarantees herein, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby, and (y) in the event of
any declaration of acceleration of such Obligations as provided in ‎‎Section 6.02, such Obligations (whether
or not due and payable) shall forthwith become due and payable by the Guarantors for the purposes of this ‎‎Section 10.02.

 

Section 10.03.       Release
of Note Guarantees. The Note Guarantee of a Guarantor shall automatically be released:

 

(a)            in
connection with any sale or other disposition of all or substantially all of the assets of such Guarantor (including by way of
merger, consolidation, amalgamation or combination) to a Person that is not (either before or after giving effect to such transaction)
the Issuer or a Restricted Subsidiary, if the sale or other disposition does not violate ‎‎Section 4.09;

 

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(b)            in
connection with any sale or other disposition of Capital Stock of that Guarantor to a Person that is not (either before or after
giving effect to such transaction) the Issuer or a Restricted Subsidiary, if the sale or other disposition does not violate ‎Section 4.09
and the Guarantor ceases to be a Restricted Subsidiary as a result of such sale or other disposition;

 

(c)            if
the Issuer designates such Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture;

 

(d)            upon
the full and final payment of the Notes and performance of all Obligations (in each case, other than contingent or unliquidated
obligations or liabilities) of the Issuer and the Guarantors under this Indenture, the Notes and the Note Guarantees;

 

(e)            upon
Legal Defeasance, Covenant Defeasance or satisfaction and discharge of the Notes, the Note Guarantees and this Indenture as provided
under ‎‎Article Eight;

 

(f)            as
described under ‎‎Article Nine; or

 

(g)            upon
such Guarantor (other than the Secured Guarantor) being released from all of its obligations in respect of the ARCA or the Pride
of America Credit Facility, as applicable;

 

provided
that, in each case, such Guarantor has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating
that all conditions precedent provided for in this Indenture relating to such release have been complied with.

 

The Trustee shall take all necessary actions
at the request of the Issuer to effectuate any release of a Note Guarantee in accordance with these provisions.

 

Each of the releases set forth above shall
be effected by the Trustee without the consent of the Holders and will not require any other action or consent on the part of the
Trustee.

 

Section 10.04.        Limitation
and Effectiveness of Note Guarantees. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it
is the intention of all such parties that the Guarantee of such Guarantor does not constitute a fraudulent conveyance or a fraudulent
transfer for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar
federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders
and the Guarantors hereby irrevocably agree that the obligations of each Guarantor under its Guarantee will be limited to the maximum
amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to
any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor
under its Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor
under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law and not otherwise
being void or voidable under any similar laws affecting the rights of creditors generally. Each Guarantor that makes a payment
under its Guarantee shall be entitled upon payment in full of all guaranteed obligations under this Indenture to a contribution
from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the
respective net assets of all the Guarantors at the time of such payment determined in accordance with accounting principles generally
accepted in the United States.

 

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Section 10.05.       Notation
Not Required. Neither the Issuer nor any Guarantor shall be required to make a notation on the Notes to reflect any Note Guarantee
or any release, termination or discharge thereof.

 

Section 10.06.        Successors
and Assigns. This ‎‎Article Ten
shall be binding upon the Guarantors and each of their successors and assigns and shall inure to the benefit of the successors
and assigns of the Trustee, the Security Agent and the Holders and, in the event of any transfer or assignment of rights by any
Holder or the Trustee or the Security Agent, the rights and privileges conferred upon that party in this Indenture and in the Notes
shall automatically extend to and be vested in such transferee or assigns, all subject to the terms and conditions of this Indenture.

 

Section 10.07.        No
Waiver. Neither a failure nor a delay on the part of the Trustee, the Security Agent or the Holders in exercising any right,
power or privilege under this ‎‎Article Ten
shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any
right, power or privilege. The rights, remedies and benefits of the Trustee, the Security Agent and the Holders herein expressly
specified are cumulative and are not exclusive of any other rights, remedies or benefits which either may have under this ‎‎Article Ten
at law, in equity, by statute or otherwise.

 

Section 10.08.        Modification.
No modification, amendment or waiver of any provision of this ‎‎Article Ten,
nor the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing
and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose
for which given. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice
or demand in the same, similar or other circumstance.

 

Article Eleven

Security

 

Section 11.01.       Security;
Security Documents.

 

(a)            The
due and punctual payment of the principal of, interest on and Additional Amounts, if any, on the Notes and the Note Guarantees
when and as the same shall be due and payable, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption
or otherwise, interest on the overdue principal of and interest (to the extent permitted by law), if any, on the Notes and Note
Guarantees and performance of all other obligations under this Indenture, shall be secured as provided in the Security Documents.
The Trustee, the Security Agent, the Issuer and the Guarantors hereby agree that, subject to Permitted Collateral Liens, the Security
Agent is hereby appointed as trustee and shall hold the Collateral in trust for the benefit of itself, the Trustee and all of the
Holders pursuant to the terms of the Security Documents, and shall act as mortgagee or security holder under all mortgages or standard
securities, beneficiary under all deeds of trust and as secured party under the applicable security agreements. The Security Agent
hereby accepts its appointment as trustee of the Collateral with effect from the date of this Agreement and declares that it holds
the Collateral in trust for the benefit of itself, the Trustee and all the other Holders in accordance with this Agreement and
the other provisions of the Security Documents.

 

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(b)            Each
Holder of the Notes, by its acceptance thereof, consents and agrees to the terms of the Security Documents (including, without
limitation, the provisions providing for foreclosure and release of Collateral) as the same may be in effect or may be amended
from time to time in accordance with their terms and authorizes and directs the Security Agent to perform its respective obligations
and exercise its rights thereunder in accordance therewith.

 

(c)            The
Trustee, the Security Agent and each Holder, by accepting the Notes and the Note Guarantees, acknowledges that, as more fully set
forth in the Security Documents, the Collateral as now or hereafter constituted shall be held for the benefit of all the Holders
under the Security Documents, and that the Lien of this Indenture and the Security Documents in respect of the Security Agent and
the Holders is subject to and qualified and limited in all respects by the Security Documents and actions that may be taken thereunder.

 

(d)            Notwithstanding
(i) anything to the contrary contained in this Indenture, the Security Documents, the Notes, the Note Guarantees or any other
instrument governing, evidencing or relating to any Indebtedness, (ii) the time, order or method of attachment of any Liens,
(iii) the time or order of filing or recording of financing statements or other documents filed or recorded to perfect any
Lien upon any Collateral, (iv) the time of taking possession or control over any Collateral or (v) the rules for
determining priority under any law of any relevant jurisdiction governing relative priorities of secured creditors:

 

(i)            the
Liens will rank equally and ratably with all valid, enforceable and perfected Liens, whenever granted upon any present or future
Collateral, but only to the extent such Liens are permitted under this Indenture to exist and to rank equally and ratably with
the Notes and the Note Guarantees; and

 

(ii)            all
proceeds of the Collateral applied under the Security Documents shall be allocated and distributed as set forth in the Security
Documents.

 

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(e)            Subject
to ‎Section 11.01(f) and the Agreed Security Principles, the Security Agent’s Liens on the Collateral
are required to be perfected:

 

(i)            in
the case of the Collateral described in clause (a) of the definition of “Collateral,” the Secured Guarantor must
make all necessary UCC filings against such assets on the Issue Date; and

 

(ii)            in
the case of the Pledged Vessel, (x) not later than two succeeding Business Days after the Issue Date, by providing evidence
to the Security Agent of the registration of the mortgage over the Pledged Vessel at the ship registry relating to the Pledged
Vessel and (y) in order to assist in establishing priority, not later than the next succeeding Business Day after the Issue
Date, by providing evidence to the Security Agent that each notice under the relevant earnings assignment and the insurance assignment
has been validly served in accordance with the provisions thereof. No steps are required under the laws of Bermuda to perfect the
security interest; however, in order to secure its ranking in point of priority, the security interest granted over the Pledged
Vessel will be registered with the Registrar of Companies in Bermuda within five days of the Issue Date pursuant to section 55
of the Companies Act 1981 of Bermuda.

 

(f)            Security
Limitations.

 

(i)            With
respect to all time periods set forth in Section 11.01(e), (x) to the extent any date for a required action falls on
a day that is not a business or working day in the relevant jurisdiction, the required date shall instead be the next business
or working day in such jurisdiction and (y) if any government office required for an action is closed on one or more days
on which it would normally be open, the applicable time periods set forth in Section 11.01(e) shall not commence until
the business or working day following the latest date such government office was closed on a day on which it would normally be
open.

 

(ii)            Notwithstanding
the foregoing, certain assets will be excluded from the Collateral and/or may not be pledged or such security interest may not
be perfected in accordance with the terms of the Indenture and Security Documents (including the Agreed Security Principles).

 

Section 11.02.     Authorization
of Actions to Be Taken by the Security Agent Under the Security Documents. The Security Agent shall be the representative on
behalf of the Holders and shall act upon the written direction of the Trustee (in turn, acting on written direction of the Holders)
with regard to all voting, consent and other rights granted to the Trustee and the Holders under the Security Documents. Subject
to the provisions of the Security Documents, the Security Agent may, in its sole discretion and without the consent of the Holders,
on behalf of the Holders, take all actions it deems necessary or appropriate in order to (a) enforce any of its rights or
any of the rights of the Holders under the Security Documents and (b) receive any and all amounts payable from the Collateral
in respect of the obligations of the Issuer and the Guarantors hereunder.

 

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Subject
to the provisions of the Security Documents, the Security Agent shall have the power to institute and to maintain such suits and
proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts of impairment that may be unlawful
or in violation of the Security Documents or this Indenture, and such suits and proceedings as the Security Agent (after consultation
with the Trustee, where appropriate) may deem expedient to preserve or protect its interest and the interests of the Holders in
the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with
any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement
of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the
interests of the Holders or the Security Agent). The Security Agent is hereby irrevocably authorized by each Holder of the Notes
to effect any release of Liens or Collateral authorized by ‎‎Section 11.04 hereof or by the terms of the Security
Documents.

 

Each Holder, by accepting a Note, shall
be deemed (i) to have irrevocably appointed U.S. Bank National Association as Security Agent, (ii) to have irrevocably
authorized the Security Agent and the Trustee to (a) perform the duties and exercise the rights, powers and discretions that
are specifically given to each of them under the Security Documents or other documents to which the Security Agent and/or the Trustee
is a party, together with any other incidental rights, power and discretions and (b) execute each document expressed to be
executed by the Security Agent and/or the Trustee on its behalf.

 

Section 11.03.       Authorization
of Receipt of Funds by the Security Agent Under the Security Documents. The Security Agent is authorized to receive and distribute
any funds for the benefit of the Holders under the Security Documents, and to make further distributions of such funds to the Holders
according to the provisions of this Indenture and the Security Documents.

 

Section 11.04.        Release
of the Collateral.

 

(a)            To
the extent a release is required by a Security Document, the Security Agent shall automatically release, and the Trustee, if so
required by the requisite holders under this Indenture (if applicable) or pursuant to a court order (if applicable), shall be deemed
to direct the Security Agent to automatically release, without the need for consent of the Holders of the Notes or any further
action, Liens on the Collateral securing the Notes:

 

(i)            as
to all of the Collateral, upon payment in full of principal of, interest and all other Obligations (in each case, other than contingent
or unliquidated obligations or liabilities) on the Notes issued under this Indenture;

 

(ii)            as
to the Collateral held by a Guarantor, upon release of the Note Guarantee of such Guarantor (with respect to the Liens securing
such Note Guarantee granted by such Guarantor) in accordance with the applicable provisions of this Indenture;

 

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(iii)          upon
the consummation of any transaction permitted by the Indenture as a result of which such Guarantor ceases to be a Subsidiary of
the Issuer or otherwise ceases to be a Guarantor;

 

(iv)          as
to any Collateral, upon any sale or other transfer by any Guarantor of any Collateral that is permitted under the Indenture to
any person that is not a Guarantor (but excluding any transaction subject to ‎‎Article Five);

 

(v)           as
to any Collateral held by a Guarantor, if the Issuer designates such Guarantor to be an Unrestricted Subsidiary in accordance with
the applicable provisions of this Indenture, the release of the property and assets of and Capital Stock issued by such Unrestricted
Subsidiary;

 

(vi)          as
may be permitted by ‎‎Section 4.22, ‎Section 9.01 or ‎Section ‎9.02;

 

(vii)         in
order to effectuate a (i) merger, consolidation, amalgamation, conveyance, transfer or other business combination conducted
in compliance with ‎‎Section 5.01 or (ii) a reconstitution or merger for the purpose of re-flagging
a vessel in compliance with ‎‎Section 4.24; and

 

(viii)        upon
Legal Defeasance, Covenant Defeasance or satisfaction and discharge of the Notes, the Note Guarantees and this Indenture as provided
under ‎Article Eight.

 

Each of the foregoing releases shall be
automatic without any further action by the Security Agent and without the consent of the Holders of the Notes or any action on
the part of the Trustee.

 

(b)           Any
release of Collateral made in compliance with this ‎‎Section 11.04 shall not be deemed to impair the Lien under
the Security Documents or the Collateral thereunder in contravention of the provisions of this Indenture or the Security Documents
(including ‎‎Section 4.22 hereof).

 

(c)            Upon
the Issuer’s or any Guarantor’s request, the Security Agent shall execute, deliver or acknowledge any necessary or
proper instruments of termination, satisfaction or release to evidence the release of any Collateral permitted to be released pursuant
to this Indenture; provided that the Issuer or such Guarantor shall have delivered an Officer’s Certificate (which the Trustee
and Security Agent may rely upon in connection with such release) to the Trustee and the Security Agent setting forth that the
specified release complies with the terms of this Indenture.

 

Article Twelve

Miscellaneous

 

Section 12.01.       Notices.

 

(a)            Any
notice or communication shall be in writing and delivered in person or mailed by first class mail or sent by facsimile transmission
addressed as follows:

 

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if to the Issuer or the Guarantors:

 

NCL Corporation Ltd.

7665 Corporate Center Drive

Miami, FL 33126-1201

Telephone: (305) 436-4000

Facsimile: (305) 436-4117

Attn: General Counsel

 

if to the Trustee, Principal Paying Agent,
Security Agent or Transfer Agent:

 

U.S. Bank National Association

Global Corporate Trust

West Side Flats

60 Livingston Avenue

St. Paul, MN 55107-1419

Telephone: (651) 466-6309

Facsimile: (651) 466-7430

Attn: Norwegian Cruise Lines (“NCL”) Corporate Trust Administrator

 

The Issuer, the Guarantors or the Trustee
by notice to the other may designate additional or different addresses for subsequent notices or communications.

 

(b)            Notices
regarding the Notes shall be:

 

(i)            delivered
to Holders electronically or mailed by first-class mail, postage paid; and

 

(ii)            in
the case of Definitive Registered Notes, delivered to each Holder by first-class mail at such Holder’s respective address
as it appears on the registration books of the Registrar.

 

Notices given by first-class mail shall
be deemed given five calendar days after mailing and notices given by publication shall be deemed given on the first date on which
publication is made. Failure to deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency
with respect to other Holders. If a notice or communication is delivered in the manner provided above, it is duly given, whether
or not the addressee receives it.

 

In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall
be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

(c)            If
and so long as the Notes are represented by Global Notes, notice to Holders, in lieu of being given in accordance with ‎‎Section 12.01(b) above,
may be given by delivery of the relevant notice to DTC for communication.

 

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(d)           Where
this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver.

 

(e)           All
notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication
sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided
by DocuSign (or such other digital signature provider as specified in writing to Trustee by the authorized representative), in
English). The Issuer and Guarantors agree to assume all risks arising out of the use of using digital signatures and electronic
methods to submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions,
and the risk of interception and misuse by third parties.

 

Section 12.02.        Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Issuer or any Guarantor to the Trustee or the
Security Agent to take or refrain from taking any action under this Indenture (except in connection with the original issuance
of the Original Notes on the date hereof), the Issuer or any Guarantor, as the case may be, shall furnish upon request to the Trustee
or the Security Agent:

 

(a)            an
Officer’s Certificate in form reasonably satisfactory to the Trustee or the Security Agent stating that, in the opinion of
the Officer, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with; and

 

(b)           an
Opinion of Counsel in form reasonably satisfactory to the Trustee or the Security Agent stating that, in the opinion of such counsel,
all such conditions precedent have been complied with.

 

Any Officer’s Certificate may be based,
insofar as it relates to legal matters, upon an Opinion of Counsel, unless the Officer signing such certificate knows, or in the
exercise of reasonable care should know, that such Opinion of Counsel with respect to the matters upon which such Officer’s
Certificate is based are erroneous. Any Opinion of Counsel may be based and may state that it is so based, insofar as it relates
to factual matters, upon certificates of public officials or an Officer’s Certificate stating that the information with respect
to such factual matters is in the possession of the Issuer, unless the counsel signing such Opinion of Counsel knows, or in the
exercise of reasonable care should know, that the Officer’s Certificate with respect to the matters upon which such Opinion
of Counsel is based are erroneous.

 

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Section 12.03.        Statements
Required in Certificate or Opinion. Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

 

(a)           a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;

 

(b)           a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(c)           a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d)           a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

Section 12.04.        Rules by
Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or at a meeting of Holders. The
Registrar and the Paying Agent may make reasonable rules for their functions.

 

Section 12.05.        No
Personal Liability of Directors, Officers, Employees and Shareholders. No director, officer, employee, incorporator, shareholder
or stockholder of the Issuer or any Guarantor, as such, shall have any liability for any obligations of the Issuer or the Guarantors
under the Notes, this Indenture and the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each holder of Notes by accepting a Note waives and releases all such liability.

 

Section 12.06.        Legal
Holidays. If an Interest Payment Date or other payment date is not a Business Day, payment shall be made on the next succeeding
day that is a Business Day, and no interest shall accrue for the intervening period. If a Record Date is not a Business Day, the
Record Date shall not be affected.

 

Section 12.07.        Governing
Law. THIS INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

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Section 12.08.        Jurisdiction.
The Issuer and each Guarantor agree that any suit, action or proceeding against the Issuer or any Guarantor brought by any Holder
or the Trustee or the Security Agent arising out of or based upon this Indenture, the Notes or the Note Guarantees may be instituted
in any state or Federal court in the Borough of Manhattan, New York, New York, and any appellate court from any thereof, and each
of them irrevocably submits to the non- exclusive jurisdiction of such courts in any suit, action or proceeding. Each of the Issuer
and the Guarantors irrevocably waives, to the fullest extent permitted by law, any objection to any suit, action, or proceeding
that may be brought in connection with this Indenture, the Notes or the Note Guarantees, including such actions, suits or proceedings
relating to securities laws of the United States of America or any state thereof, in such courts whether on the grounds of venue,
residence or domicile or on the ground that any such suit, action or proceeding has been brought in an inconvenient forum. The
Issuer and the Guarantors agree that final judgment in any such suit, action or proceeding brought in such court shall be conclusive
and binding upon the Issuer or any Guarantor, as the case may be, and may be enforced in any court to the jurisdiction of which
the Issuer or any Guarantor, as the case may be, are subject by a suit upon such judgment; provided that service of process
is effected upon the Issuer or any Guarantor, as the case may be, in the manner provided by this Indenture. Each of the Issuer
and the Guarantors not resident in the United States has appointed National Registered Agents, Inc., located at 28 Liberty
Street, New York, New York 10005, or any successor so long as such successor is resident in the United States and can act for this
purpose, as its authorized agent (the “Authorized Agent”), upon whom process may be served in any suit, action
or proceeding arising out of or based upon this Indenture, the Notes or the Note Guarantees or the transactions contemplated herein
which may be instituted in any state or Federal court in the Borough of Manhattan, New York, New York, by any Holder or the Trustee,
and expressly accepts the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. National
Registered Agents, Inc. has hereby accepted such appointment and has agreed to act as said agent for service of process, and
the Issuer agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such
respective appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent shall be deemed, in
every respect, effective service of process upon the Issuer. Notwithstanding the foregoing, any action involving the Issuer arising
out of or based upon this Indenture, the Notes or the Note Guarantees may be instituted by any Holder or the Trustee or the Security
Agent in any other court of competent jurisdiction. The Issuer expressly consents to the jurisdiction of any such court in respect
of any such action and waives any other requirements of or objections to personal jurisdiction with respect thereto.

 

EACH OF THE ISSUER, THE GUARANTORS AND
THE TRUSTEE, AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Section 12.09.        No
Recourse Against Others. A director, officer, employee, incorporator, member or shareholder, as such, of the Issuer or any
Guarantor shall not have any liability for any obligations of the Issuer or any Guarantor under this Indenture, the Notes or any
Note Guarantee or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note,
each Holder shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue
of the Notes. Such waiver and release may not be effective to waive liabilities under the U.S. federal securities laws.

 

Section 12.10.        Successors.
All agreements of the Issuer and any Guarantor in this Indenture and the Notes shall bind their respective successors. All agreements
of the Trustee in this Indenture shall bind its successors.

 

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Section 12.11.       Counterparts.
The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this Indenture and of signature
pages by facsimile or other electronic transmission shall constitute effective execution and delivery of this Indenture as
to the parties hereto. Signatures of the parties hereto transmitted by facsimile or other electronic transmission shall be deemed
to be their original signatures for all purposes. For the avoidance of doubt, the words “execution,” “signed,”
 “signature,” “delivery,” and words of like import in or relating to this Indenture or any document to be
signed in connection with this Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent
to conduct the transactions contemplated hereunder by electronic means.

 

Section 12.12.        Table
of Contents and Headings. The table of contents and headings of the Articles and Sections of this Indenture have been inserted
for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the
terms or provisions hereof.

 

Section 12.13.        Severability.
In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 12.14.       Currency
Indemnity. Any payment on account of an amount that is payable in U.S. dollars (the “Required Currency”)
which is made to or for the account of any holder or the Trustee in lawful currency of any other jurisdiction (the “Judgment
Currency”), whether as a result of any judgment or order or the enforcement thereof or the liquidation of the Issuer
or any Guarantor, shall constitute a discharge of the Issuer or the Guarantor’s obligation under this Indenture and the Notes
or Note Guarantee, as the case may be, only to the extent of the amount of the Required Currency with such holder or the Trustee,
as the case may be, could purchase in the London foreign exchange markets with the amount of the Judgment Currency in accordance
with normal banking procedures at the rate of exchange prevailing on the first Business Day following receipt of the payment in
the Judgment Currency. If the amount of the Required Currency that could be so purchased is less than the amount of the Required
Currency originally due to such holder or the Trustee, as the case may be, the Issuer and the Guarantors shall indemnify and hold
harmless the holder or the Trustee, as the case may be, from and against all loss or damage arising out of, or as a result of,
such deficiency. This indemnity shall constitute an obligation separate and independent from the other obligations contained in
this Indenture or the Notes, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence
granted by any holder or the Trustee from time to time and shall continue in full force and effect notwithstanding any judgment
or order for a liquidated sum in respect of an amount due hereunder or under any judgment or order.

 

[Remainder of Page Intentionally Left
Blank]

 

    	 	141	 

     

    

 

IN WITNESS WHEREOF, the parties have caused
this Indenture to be duly executed as of the date first written above.

 

	 	NCL
CORPORATION LTD.
	 	as Issuer
	 	 
	 	By:	/s/ Mark A. Kempa
	 	 	Name:	Mark A. Kempa
	 	 	Title:	Executive Vice President and Chief Financial Officer

 

	 	NORWEGIAN EPIC, LTD.
	 	as Guarantor
	 	 
	 	By:	/s/ Mark A. Kempa
	 	 	Name:	Mark A. Kempa
	 	 	Title:	Executive Vice President and Chief Financial Officer

 

[Signature
Page to Indenture]

 

    	 		 

     

    

 

	 	NORWEGIAN DAWN LIMITED
	 	as Guarantor
	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	Director

 

	 	NORWEGIAN STAR LIMITED
	 	as Guarantor
	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	Director

 

	 	NORWEGIAN GEM, LTD.
	 	as Guarantor
	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	President & Chief Executive Officer

 

	 	NORWEGIAN PEARL, LTD.
	 	as Guarantor
	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	President & Chief Executive Officer

 

[Signature
Page to Indenture]

 

    	 		 

     

    

 

	 	NORWEGIAN SKY, LTD.
	 	as Guarantor
	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	President & Chief Executive Officer

 

	 	NORWEGIAN SPIRIT, LTD.
	 	as Guarantor
	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	President & Chief Executive Officer

 

[Signature
Page to Indenture]

 

    	 		 

     

    

 

	 	NORWEGIAN SUN LIMITED
	 	as Guarantor
	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	President & Chief Executive Officer

 

	 	MARINER, LLC 
	 	as Guarantor
	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	Authorized Person

 

[Signature
Page to Indenture]

 

    	 		 

     

    

 

	 	INSIGNIA VESSEL ACQUISITION, LLC
	 	as Guarantor
	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	Authorized Person

 

	 	NAUTICA ACQUISITION, LLC
	 	as Guarantor
	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	Authorized Person

 

	 	NAVIGATOR VESSEL COMPANY, LLC
	 	as Guarantor
	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	Authorized Person

 

[Signature
Page to Indenture]

 

    	 		 

     

    

 

	 	PRIDE OF AMERICA SHIP HOLDING, LLC
	 	as Guarantor
	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	Authorized Person

 

	 	REGATTA ACQUISITION, LLC
	 	as Guarantor
	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	Authorized Person

 

	 	VOYAGER VESSEL COMPANY, LLC
	 	as Guarantor
	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	Authorized Person

 

[Signature
Page to Indenture]

 

    	 		 

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION
	 	as Trustee, Principal Paying Agent, Transfer Agent, Registrar and Security Agent
	 	 
	 	By:	

/s/ Joshua A. Hahn
	 	 	Name:	Joshua A. Hahn
	 	 	Title:	Vice President

 

[Signature
Page to Indenture]

 

    	 		 

     

    

 

 

Schedule I

 

SUBSIDIARY GUARANTORS

 

	Entity	Jurisdiction
	Norwegian Epic, Ltd.	Bermuda
	 	 
	Norwegian Star Limited  	Isle of Man
	 	 
	Norwegian Dawn Limited  	Isle of Man
	 	 
	Norwegian Spirit, Ltd.  	Bermuda
	 	 
	Norwegian Sun Limited 	Bermuda
	 	 
	Norwegian Pearl, Ltd.	Bermuda
	 	 
	Norwegian Gem, Ltd.  	Bermuda
	 	 
	Norwegian Sky, Ltd 	Bermuda
	 	 
	Mariner, LLC  	Marshall Islands
	 	 
	Insignia Vessel Acquisition, LLC 	Delaware
	 	 
	Nautica Acquisition, LLC 	Delaware
	 	 
	Regatta Acquisition, LLC	
        Delaware

	 	 
	
        Navigator Vessel Company, LLC
	Delaware
	 	 
	
        Voyager Vessel Company, LLC
	Delaware
	 	 
	Pride of America Ship Holding, LLC	
        Delaware

 

    142

     

    

 

Schedule II

 

SECURITY DOCUMENTS

 

		1.	Collateral Agreement, to be dated as of the Issue Date, between the Secured Guarantor and the Security Agent

 

		2.	Statutory First Priority Bahamian Mortgage, to be dated as of the Issue Date, executed by the Secured Guarantor in favor of
the Security Agent

 

		3.	Deed of Covenants, to be dated as of the Issue Date, made between the Secured Guarantor and the Security Agent

 

		4.	First Lien Insurance Assignment, to be dated as of the Issue Date, by the Secured Guarantor to the Security Agent

 

		5.	First Lien Earnings Assignment, to be dated as of the Issue Date, by the Secured Guarantor to the Security Agent

 

    143

     

    

 

Schedule III

 

AGREED SECURITY PRINCIPLES

 

		1.	Agreed security principles

 

The security to be provided under
and in connection with this Indenture will be given in accordance with the security principles set out in this Schedule (the Agreed
Security Principles).

 

		2.	General principles

 

		2.1.	The Agreed Security Principles embody a recognition by all parties that there may be certain legal
and practical difficulties in obtaining effective security from the Issuer and its Subsidiaries (collectively, the NCL Group)
in certain jurisdictions. In particular:

 

		(a)	general statutory limitations, capital maintenance, financial assistance, corporate benefit, fraudulent
preference, “thin capitalisation” rules, retention of title claims, regulatory restrictions and similar principles
may limit the ability of a member of the NCL Group to provide security or may require that the security be limited by an amount
or otherwise; provided that the NCL Group will use commercially reasonable efforts to overcome any such obstacle and assist in
demonstrating that adequate corporate benefit accrues to the NCL Group and the Secured Guarantor. If any such limit applies, the
security provided will be limited to the maximum amount which the relevant member of the NCL Group may provide having regard to
applicable law;

 

		(b)	a factor in determining whether or not security shall be taken is the applicable cost which shall
not be disproportionate to the benefit to the holders of the Notes (or any other beneficiary of the security) of obtaining such
security. For these purposes, “cost” includes, but is not limited to, income or corporate tax cost, registration taxes
payable on the creation or enforcement or for the continuance of any security, notary costs, stamp duties, out-of-pocket expenses
and other fees and expenses directly incurred by the relevant grantor of security or any of its direct or indirect owners, subsidiaries
or Affiliates;

 

		(c)	except in the case of the Secured Guarantor, unless each consent required by law, statute, the
terms of any applicable contract, instrument or constitutional document or otherwise from the minority shareholders in, or any
relevant corporate body of, any member of the NCL Group which is not wholly owned (directly or indirectly) by another member of
the NCL Group is obtained, such member shall not be required to grant security; provided that the relevant company and the Issuer
have used commercially reasonable efforts to obtain such consent, it being acknowledged that commercially reasonable efforts shall
not require the payment by the Issuer or the relevant company of any monetary consent or waiver excluding any reasonable legal
fees that may be payable;

 

    III-1

     

    

 

		(d)	security shall not be created or perfected to the extent that it would result in the directors
or officers of the relevant grantor being in contravention of any statutory duty in such capacity or their fiduciary duties and/or
which could reasonably be expected to result in personal, civil or criminal liability on the part of any such director or officer;
provided that the relevant member of the NCL Group shall use commercially reasonable efforts to overcome any such obstacle, it
being acknowledged that commercially reasonable efforts shall not require the payment by the Issuer or the relevant company of
any monetary consent or waiver;

 

		(e)	any assets (other than, for the avoidance of doubt, the Pledged Vessel) subject to third party
arrangements (including shareholder agreements or joint venture agreements) which are permitted by the terms of the Indenture and
which would prevent or prohibit those assets from being subject to legal, valid, binding and enforceable security will be excluded
from the security created by any relevant security document; provided that the relevant member of the NCL Group has used commercially
reasonable efforts to obtain any necessary consent or waiver if the asset is material, it being acknowledged that commercially
reasonable efforts shall not require the payment by the Issuer or the relevant company of any monetary consent or waiver excluding
any reasonable legal fees that may be payable;

 

		(f)	where a class of assets to be secured includes material and immaterial assets, if the cost of granting
security over the immaterial assets is disproportionate to the benefit of such security, security will be granted over the material
assets only;

 

		(g)	the granting of security or the perfection of the security granted will not be required if:

 

		(i)	it has or is reasonably likely to have a material adverse effect on the ability of the relevant
member of the NCL Group to conduct its operations and business in the ordinary course as otherwise permitted by the Indenture;
or

 

		(ii)	it has or is reasonably likely to have a material adverse effect on the tax arrangements of the
NCL Group or any member of the NCL Group, provided that, in each case, the relevant member of the NCL Group shall use commercially
reasonable efforts to overcome such obstacle. The secured obligations will be limited where necessary to prevent any material additional
tax liability of any member of the NCL Group;

 

    III-2

     

    

 

		(h)	in the case of any security granted by any member of the NCL Group, no fixed security will be given
over hedging or intellectual property registered and applied for outside of the United States, which instead in each case shall
be subject to floating security to the extent applicable under the laws of the jurisdiction governing the relevant security agreement.
Nothing in this paragraph will restrict any provision permitting the crystallisation of any floating charge in certain circumstances
as set out in the security documents; and

 

		(i)	other than in respect of: (i) (1) the registration of the mortgages in respect of the
Pledged Vessel with the relevant ship registry and in the jurisdiction in which the Vessel owner is organized, to the extent required
under the law of such jurisdiction and (2) the display of notice thereof onboard the Pledged Vessel as required by the mortgages
or deeds of covenant collateral thereto; (ii) UCC financing statements to be filed in the applicable jurisdictions and (iii) any
other notifications expressly contemplated in these Agreed Security Principles, no perfection action will be required in jurisdictions
in which the Secured Guarantor is not located.

 

		3.	Security

 

Security will be for all liabilities
of the relevant members of the NCL Group (including the Secured Guarantor) under the Notes and the Indenture, in accordance with,
and subject to, the requirements of the Agreed Security Principles in each relevant jurisdiction.

 

		4.	Terms of security documents

 

		4.1.	Security will be first ranking, to the extent legally possible (and subject to certain liens mandatorily
preferred by applicable laws).

 

		4.2.	Security shall (to the extent legally possible, subject to the general principles above) be created
in favour of the Security Agent, the Trustee and the holders of the Notes or the Security Agent on behalf of or as trustee for
the Trustee and the holders of the Notes ((it being anticipated that the latter option shall be appropriate in most cases), to
secure all of the obligations of the party giving the relevant security as well as all liabilities under the Indenture and the
Notes (to the extent permitted by local law) and provided that “parallel debt” provisions may be used where necessary.

 

    III-3

     

    

 

		4.3.	The security documents should only operate to create security rather than to impose new commercial
obligations other than to the extent required by local law in order to create, enforce or perfect the security interest expressed
to be created thereby, or to deal with requirements directly related thereto. Accordingly, subject to customary representations
and undertakings as to the Pledged Vessel, representations and undertakings (such as in respect of insurance, maintenance of assets,
information or the payment of costs) shall be strictly limited to those necessary for the creation, registration and/or perfection
of the security, will not unreasonably interfere with the normal running of the business and/or the Pledged Vessel and shall not
be included to the extent the subject matter thereof is the same as a corresponding undertaking in this Indenture and shall not
operate so as to prevent transactions which are otherwise permitted under this Indenture or to require additional consents or authorizations
or to impose commercial obligations, in each case other than to the extent required by local law in order to create, enforce or
perfect the security interest expressed to be created thereby, or to deal with requirements directly related thereto.

 

		4.4.	Unless otherwise required under applicable law, if a member of the NCL Group grants security over
any asset it shall, subject to the terms of the Indenture and the Notes, be free to deal with that asset in the ordinary course
of its business until a Declared Default (as defined below) has occurred.

 

		4.5.	The following principles will be reflected in the terms of any security taken as part of this transaction:

 

		(a)	security will not be enforceable in respect of the Notes until an Event of Default has occurred
and is continuing in respect of which the Notes are being accelerated in compliance with the terms and subject to the conditions
of this Indenture in all respects (a Declared Default);

 

		(b)	information, such as lists of assets, will be provided if, in the opinion of counsel to the Security
Agent or the Trustee, these are required by local law to be provided to perfect or register the security or to ensure the security
can be enforced and, unless in the opinion of counsel to the Security Agent or the Trustee required to be provided by local law
more frequently, be provided annually or, following an Event of Default which is continuing, on the Security Agent’s or the
Trustee’s reasonable request; and

 

		(c)	each of the Trustee, the Security Agent and the holders of the Notes should only be able to exercise
any power of attorney granted to it under the security documents following a Declared Default.

 

		5.	Bank accounts

 

No security will be given over
bank accounts.

 

		6.	Real estate

 

No security will be given over
land, building and improvements or other real estate.

 

		7.	Security in respect of the Pledged Vessel

 

		7.1.	Security will be given over the Vessel Norwegian Epic, flagged in the Commonwealth of The
Bahamas (the Pledged Vessel).

 

    III-4

     

    

 

		7.2.	The mortgage in respect of the Pledged Vessel must be perfected by its due registration in the
ship registry of the Ship’s Flag State (and evidence of such registration shall be provided in the form of transcript, certificate
of ownership and encumbrance or equivalent mortgage registration document from the relevant registry or, to the extent such transcript,
certificate of ownership and encumbrance or registration document is not available, such other evidence as may be provided by the
relevant local counsel that evidences (to the satisfaction of the Security Agent (acting reasonably) that the mortgage has been
duly registered in its favour)) not later than two succeeding Business Days after the Issue Date.

 

		7.3.	Subject to Section 8.3 below, all other vessel security in respect of the Pledged Vessel shall
be entered into on or before the same deadline as its mortgage. No manager’s undertakings will be procured or given.

 

		7.4.	In addition to the mortgage over the Pledged Vessel, the vessel security shall include: (a) in
connection with any mortgage that is in account current form, a deed of covenants; (b) an assignment of insurances (as set
out in more detail below) from the owner, NCL Corporation Ltd. (if applicable) and (if applicable) the bareboat charterer (with
such assignment from the bareboat charterer also including a subordination of its rights under the charter in favour of the Security
Agent); and (c) an assignment of earnings and any requisition compensation generated by the Pledged Vessel from the owner
and (if applicable) the bareboat charterer.

 

		8.	Insurances in respect of Pledged Vessel

 

		8.1.	The owner of the Pledged Vessel will be required to take out and maintain in its name or procure
to be taken out and maintained in its name customary insurances on the Pledged Vessel with financially sound and reputable insurers
or underwriters, including without limitation: (a) hull, machinery and equipment insurance (covering all fire and usual marine
risks including excess risks and war risks); and (b) protection and indemnity insurance (including pollution risks and war
risks).

 

		8.2.	The policies shall be assigned by the owner, NCL Corporation Ltd. (if applicable) and the bareboat
charterer of the Pledged Vessel simultaneously with the granting of the Pledged Vessel mortgage described in paragraph 7 above,
and the insurers shall be instructed to apply claims proceeds as follows:

 

		(a)	all claims under the hull and machinery (and war risks) policy for the Pledged Vessel in respect
of an actual or constructive or compromised or arranged total loss of the Pledged Vessel shall be paid in full to the Security
Agent or to its order; and

 

		(b)	all other claims under the hull and machinery (and war risks) policy and the protection and indemnity
cover for the Pledged Vessel shall be paid in full to the owner or NCL Corporation Ltd. (if applicable), or, in the case of a Pledged
Vessel subject to a bareboat charter, the charterer or to its order, unless and until the Security Agent shall have notified the
insurers to the contrary, whereupon all such claims shall be paid to the Security Agent or to its order.

 

    III-5

     

    

 

		8.3.	No later than the next succeeding Business Day after the Issue Date, the owner, NCL Corporation
Ltd. (if applicable) and (if applicable) the charterer of the Pledged Vessel shall serve a notice of assignment of insurances over
the Pledged Vessel on the relevant brokers and Protection and Indemnity Club and shall then use reasonable endeavours to obtain:

 

		(a)	a loss payee or other endorsement or, in the case of entries in a protection and indemnity association,
a note of the Security Agent’s interest made on the insurance policy; and

 

		(b)	a letter of undertaking issued to the Security Agent by the broker(s) through whom the relevant
policy is placed (or, in the case of entries in protection and indemnity or war risks associations, by their managers).

 

If, despite using commercially
reasonable efforts, the owner and (if applicable) the charterer has not been able to obtain the items referred to in (a) and
(b) above for a period of six (6) weeks from the serving of the notice of assignment, such obligation to obtain those
items shall cease at the end of that six (6) week period.

 

		9.	Intellectual property

 

		9.1.	Security will only be granted over intellectual property to the extent expressly required under
the Indenture and subject to these Agreed Security Principles. No security shall be granted over any licensed intellectual property
which cannot be secured under the terms of the relevant licensing agreement. No notice shall be prepared or given to any third
party from whom intellectual property is licensed until a Declared Default has occurred.

 

		9.2.	The security documents will not be required to be registered outside of the United States unless
otherwise agreed. No perfection step, further assurance step, filing, recordation, registration or other formalities will be required
in relation to the creation, perfection or priority of any security over intellectual property and in relation to any relevant
security document, other than the security documents that are required to be recorded with the United States Patent and Trademark
Office, the United States Copyright Office or applicable jurisdictions by way of UCC financing statements, as applicable, not later
than the Issue Date.

 

		9.3.	Any intellectual property required to be secured in accordance with the Indenture and these Agreed
Security Principles will only be required to be secured under a security document governed by the laws of the United States (or
any state or district thereof) irrespective of the jurisdiction of incorporation of the relevant member of the NCL Group which
holds the interest in the intellectual property, the location of the intellectual property or otherwise.

 

    III-6

     

    

 

		10.	Shares and partnership interests

 

No security will be granted over
shares or partnership interests in the Secured Guarantor or any direct or indirect subsidiary thereof.

 

		11.	Intercompany receivables

 

No security will be granted over
intercompany receivables.

 

		12.	Business Day Overriding Principle

 

With respect to all time periods
set forth herein, (x) to the extent any date for a required action falls on a day that is not a business or working day in
the relevant jurisdiction, the required date shall instead be the next business or working day in such jurisdiction and (y) if
any government office required for any action is closed on one or more days on which it would normally be open, the applicable
time periods set forth herein shall not commence until the business or working day following the latest date such government office
was closed on a day on which it would normally be open.

 

    III-7

     

    

 

Schedule IV

 

COLLATERAL VESSEL

 

	Owner	Vessel	Flag State
	Norwegian Epic, Ltd.	Norwegian Epic	Bahamas

 

    8

     

    

 

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

NCL CORPORATION LTD.

 

[If Regulation S Global Note – CUSIP Number [●]1
/ ISIN [●]2]

[If Restricted Global Note – CUSIP Number [●]3 / ISIN [●]4]

No. [●]

 

[Include if Global Note — UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE OF DTC OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE
FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE
OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]

  

 

1
Issue Date Regulation S CUSIP: G6436QAK2

 

2
Issue Date Regulation S ISIN: USG6436QAK25

 

3
Issue Date Rule 144A CUSIP: 62886HAY7

 

4
Issue Date Rule 144A ISIN: US62886HAY71

 

    	 	A-2	 

     

    

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS
SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: REPRESENTS THAT
(A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE “SECURITIES ACT”) (A
 “QIB”) OR (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS NOTE FOR THE ACCOUNT OR FOR THE BENEFIT OF A
U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, AND
AGREES THAT IT WILL NOT WITHIN [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND
THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE)]
[IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE DATE WHEN THE NOTES WERE FIRST OFFERED TO PERSONS OTHER THAN
DISTRIBUTORS IN RELIANCE ON REGULATION S AND THE DATE OF THE COMPLETION OF THE DISTRIBUTION] RESELL OR OTHERWISE TRANSFER THIS
NOTE EXCEPT (A) TO THE ISSUER OR ANY RESPECTIVE SUBSIDIARY THEREOF, (B) IN THE UNITED STATES TO A PERSON WHOM THE HOLDER
REASONABLY BELIEVES IS A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED
BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT (PROVIDED THAT PRIOR TO A TRANSFER PURSUANT TO CLAUSE (D) OR (E), THE TRUSTEE IS FURNISHED WITH AN OPINION
OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT) OR (F) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS,
AND AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED (OTHER THAN A TRANSFER PURSUANT
TO CLAUSE (D) OR (F) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE
HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES THAT IT SHALL NOT
TRANSFER THE SECURITIES IN AN AMOUNT LESS THAN $2,000.

 

THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL
ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN
REQUEST, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE
AND DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE.
HOLDERS SHOULD CONTACT THE ISSUER AT NCL CORPORATION, 7665 CORPORATE CENTER DRIVE MIAMI, FLORIDA 33126, ATTENTION: TREASURER.

 

    	 	A-3	 

     

    

 

10.250% SENIOR SECURED NOTE DUE 2026

 

 

NCL
Corporation Ltd., a Bermuda exempted company, for value received, promises to pay to [●] or registered assigns the
principal sum of $[●] (as such amount may be increased or decreased as indicated in Schedule A (Schedule of Principal Amount
in the Global Note) of this Note) on February 1, 2026.

 

From July 21, 2020 or from the most
recent interest payment date to which interest has been paid or provided for, cash interest on this Note will accrue at 10.250%,
payable semi-annually on February 1 and August 1 of each year, beginning on February 1, 2021, to the Person in whose
name this Note (or any predecessor Note) is registered at the close of business on the preceding January 15 or July 15,
as the case may be. Interest on overdue principal and interest, including Additional Amounts, if any, will accrue at a rate that
is 1.0% higher than the interest rate on the Notes.

 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF.

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of an authorized signatory, this
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

Reference is hereby made to the further
provisions of this Note set forth on the reverse hereof and to the provisions of the Indenture, which provisions shall for all
purposes have the same effect as if set forth at this place.

 

    	 	A-4	 

     

    

 

IN WITNESS WHEREOF, NCL Corporation Ltd.
has caused this Note to be signed manually or by facsimile by its duly authorized signatory.

 

Dated:
[●], 20[●]

 

	 	 	NCL CORPORATION LTD.

 

	 	By:	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	 	A-5	 

     

    

 

 

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes referred to in the Indenture.

 

U.S. BANK NATIONAL ASSOCIATION, as Trustee

 

	By:	 	 
	 	Authorized Officer	 

 

 

    	 	A-6	 

     

    

 

[FORM OF REVERSE SIDE OF NOTE]

10.250% Senior Secured Note due 2026

 

1.            Interest

 

NCL Corporation Ltd., a Bermuda exempted
company (together with it successors and assigns under the Indenture, the “Issuer”), for value received, promises
to pay interest on the principal amount of this Note from July 21, 2020 or from the most recent interest payment date to which
interest has been paid or provided for at the rate per annum shown above. Interest will be computed on the basis of a 360-day year
of twelve 30-day months. The Issuer shall pay interest on overdue principal at the interest rate borne by the Notes compounded
semi-annually, and it shall pay interest on other overdue amounts at the same rate to the extent lawful. Any interest paid on this
Note shall be increased to the extent necessary to pay Additional Amounts as set forth in this Note.

 

2.            Additional
Amounts

 

(a)           All
payments made by or on behalf of the Issuer or any of the Guarantors (including, in each case, any successor entity) under or with
respect to the Notes or any Note Guarantee shall be made free and clear of and without withholding or deduction for, or on account
of, any present or future Taxes unless the withholding or deduction of such Taxes is then required by law. If the Issuer, any Guarantor
or any other applicable withholding agent is required by law to withhold or deduct any amount for, or on account of, any Taxes
imposed or levied by or on behalf of (1) any jurisdiction in which the Issuer or any Guarantor is or was incorporated, engaged
in business, organized or resident for tax purposes or any political subdivision thereof or therein or (2) any jurisdiction
from or through which any payment is made by or on behalf of the Issuer or any Guarantor (including, without limitation, the jurisdiction
of any Paying Agent) or any political subdivision thereof or therein (each of (1) and (2), a “Tax Jurisdiction”)
in respect of any payments under or with respect to the Notes or any Note Guarantee, including, without limitation, payments of
principal, redemption price, purchase price, interest or premium, the Issuer or the relevant Guarantor, as applicable, shall pay
such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received
in respect of such payments by each Holder after such withholding or deduction will equal the respective amounts that would have
been received by each Holder in respect of such payments in the absence of such withholding or deduction; provided, however, that
no Additional Amounts shall be payable with respect to:

 

(1)            any
Taxes, to the extent such Taxes would not have been imposed but for the holder or the beneficial owner of the Notes (or a fiduciary,
settlor, beneficiary, partner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial owner,
if the relevant Holder or beneficial owner is an estate, trust, nominee, partnership, limited liability company or corporation)
being or having been a citizen or resident or national of, or incorporated, engaged in a trade or business in, being or having
been physically present in or having a permanent establishment in, the relevant Tax Jurisdiction or having or having had any other
present or former connection with the relevant Tax Jurisdiction, other than any connection arising solely from the acquisition,
ownership or disposition of Notes, the exercise or enforcement of rights under such Note, the Indenture or a Note Guarantee, or
the receipt of payments in respect of such Note or a Note Guarantee;

 

    	 	A-7	 

     

    

 

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

 

(3)            any
estate, inheritance, gift, sale, transfer, personal property or similar Taxes;

 

(4)            any
Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes or any Note Guarantee;

 

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

 

(6)            any
Taxes imposed in connection with a Note presented for payment (where presentation is permitted or required for payment) by or on
behalf of a Holder or beneficial owner of the Notes to the extent such Taxes could have been avoided by presenting the relevant
Note to, or otherwise accepting payment from, another Paying Agent;

 

(7)            any
Taxes imposed on or with respect to any payment by the Issuer or any of the Guarantors to the Holder of the Notes if such Holder
is a fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that such Taxes
would not have been imposed on such payments had such Holder been the sole beneficial owner of such Note;

 

(8)            any
Taxes imposed by the United States, any state thereof or the District of Columbia, or any subdivision thereof or territory thereof,
including any U.S. federal withholding taxes and any Taxes that are imposed pursuant to current Section 1471 through 1474
of the Internal Revenue Code of 1986, as amended (the “Code”) or any amended or successor version that is substantively
comparable and not materially more onerous to comply with, any regulations promulgated thereunder, any official interpretations
thereof, any intergovernmental agreement between a non-U.S. jurisdiction and the United States (or any related law or administrative
practices or procedures) implementing the foregoing or any agreements entered into pursuant to current Section 1471(b)(1) of
the Code (or any amended or successor version described above); or

 

    	 	A-8	 

     

    

 

(9)            any
combination of clauses (1) through (8) above.

 

In addition to the foregoing, the Issuer and the Guarantors
will also pay and indemnify the holder for any present or future stamp, issue, registration, value added, transfer, court or documentary
Taxes, or any other excise or property taxes, charges or similar levies (including penalties, interest and additions to tax related
thereto) which are levied by any relevant Tax Jurisdiction on the execution, delivery, issuance, or registration of any of the
Notes, the Indenture, any Note Guarantee or any other document referred to therein, or the receipt of any payments with respect
thereto, or enforcement of, any of the Notes or any Note Guarantee (limited, solely in the case of Taxes attributable to the receipt
of any payments or that are imposed on or result from a sale or other transfer or disposition of a Note by a Holder or a beneficial
owner, to any such Taxes imposed in a Tax Jurisdiction that are not excluded under clauses (1) through (3) or (5) through
(9) above or any combination thereof), save in each case for any such taxes, charges or levies which arise or are increased
as a result of any document effecting the registration, issue or delivery of any of the notes either being signed or executed in
the United Kingdom or being brought into the United Kingdom.

 

(b)            If
the Issuer or any Guarantor, as the case may be, becomes aware that it will be obligated to pay Additional Amounts with respect
to any payment under or with respect to the Notes or any Note Guarantee, the Issuer or the relevant Guarantor, as the case may
be, shall deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to
pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer or the relevant Guarantor
shall notify the Trustee promptly thereafter) an Officer’s Certificate stating the fact that Additional Amounts will be payable
and the amount estimated to be so payable. The Officer’s Certificates must also set forth any other information reasonably
necessary to enable the Paying Agents to pay Additional Amounts to Holders on the relevant payment date. The Issuer or the relevant
Guarantor will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional
Amounts. The Trustee shall be entitled to rely absolutely on an Officer’s Certificate as conclusive proof that such payments
are necessary.

 

(c)            The
Issuer or the relevant Guarantor, if it is the applicable withholding agent, will make all withholdings and deductions (within
the time period) required by law and will remit the full amount deducted or withheld to the relevant Tax authority in accordance
with applicable law. The Issuer or the relevant Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax
authority evidencing the payment of any Taxes so deducted or withheld. The Issuer or the relevant Guarantor will furnish to the
Trustee (or to a Holder of this Note upon request), within 60 days after the date the payment of any Taxes so deducted or withheld
is made, certified copies of Tax receipts evidencing payment by the Issuer or a Guarantor, as the case may be, or if, notwithstanding
such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory
to the Trustee) by such entity.

 

    	 	A-9	 

     

    

 

(d)            Whenever
in the Indenture or this Note there is mentioned, in any context, the payment of amounts based upon the principal amount of the
Notes or of principal, interest or of any other amount payable under, or with respect to, any of the Notes or any Note Guarantee,
such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof.

 

(e)            The
preceding obligations will survive any termination, defeasance or discharge of the Indenture, any transfer by a Holder or beneficial
owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Issuer (or
any Guarantor) is incorporated, engaged in business, organized or resident for tax purposes, or any jurisdiction from or through
which payment is made under or with respect to the Notes (or any Note Guarantee) by or on behalf of such Person and, in each case,
any political subdivision thereof or therein.

 

3.            Method
of Payment

 

The Issuer shall pay interest on this Note
(except defaulted interest) to the Holder at the close of business on the Record Date for the next Interest Payment Date even if
this Note is cancelled after the Record Date and on or before the Interest Payment Date. The Issuer shall pay principal and interest
in dollars in immediately available funds that at the time of payment is legal tender for payment of public and private debts;
provided that payment of interest may be made at the option of the Issuer by check mailed to the Holder.

 

The amount of payments in respect of interest
on each Interest Payment Date shall correspond to the aggregate principal amount of Notes represented by this Note, as established
by the Registrar at the close of business on the relevant Record Date. Payments of principal shall be made upon surrender of this
Note to the Paying Agent.

 

4.            Paying
Agent and Registrar

 

Initially, U.S. Bank National Association
or one of its affiliates will act as Principal Paying Agent and Registrar. The Issuer or any of its Affiliates may act as Paying
Agent, Registrar or co-Registrar.

 

5.            Indenture

 

The Issuer issued this Note under an indenture
dated as of July 21, 2020 (as amended, supplemented or otherwise modified from time to time, the “Indenture”),
among, inter alios, the Issuer and U.S. Bank National Association, as trustee (the “Trustee”) and as
Security Agent. The terms of this Note include those stated in the Indenture. Terms defined in the Indenture and not defined herein
have the meanings ascribed thereto in the Indenture. To the extent any provision of this Note conflicts with the express provisions
of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

    	 	A-10	 

     

    

 

6.            Optional
Redemption

 

(a)            At
any time prior to August 1, 2023, the Issuer may on any one or more occasions redeem all or a part of the Notes, at its option,
upon giving not less than 10 nor more than 60 days’ notice, at a redemption price equal to 100.0% of the principal amount
of the Notes to be redeemed, plus the Applicable Premium (as calculated by the Issuer) as of, and accrued and unpaid interest and
Additional Amounts, if any, to, but excluding, the date of redemption, subject to the rights of Holders of the Notes on the relevant
Record Date to receive interest due on the relevant Interest Payment Date.

 

At
any time and from time to time on or after August 1, 2023, the Issuer may on any one or more occasions redeem all or
a part of the Notes, at its option, upon giving not less than 10 nor more than 60 days’ notice, at a redemption price (expressed
as percentages of the principal amount to be redeemed) set forth below, plus accrued and unpaid interest and Additional Amounts,
if any, to, but excluding, the date of redemption, subject to the rights of Holders of the Notes on the relevant Record Date to
receive interest due on the relevant Interest Payment Date, if redeemed during the six-month or twelve-month, as applicable, period
beginning on:

 

	Date	 	Percentage	 
	August 1, 2023	 	 	105.125	%
	August 1, 2024	 	 	102.563	%
	February 1, 2025 and thereafter	 	 	100.000	%

 

(b)            At
any time and from time to time prior to August 1, 2023, the Issuer may redeem Notes with the net cash proceeds received by
the Issuer from any Equity Offering at a redemption price equal to 110.25% of the principal amount of such Notes, plus accrued
and unpaid interest and Additional Amounts, if any, to, but excluding, the date of redemption, in an aggregate principal amount
for all such redemptions not to exceed 35% of the aggregate principal amount of the Notes issued under the Indenture on the Issue
Date (together with Additional Notes); provided that

 

(1)            in
each case the redemption takes place not later than 180 days after the closing of the related Equity Offering, and

 

(2)            not
less than 65% of the aggregate principal amount of the then-outstanding Notes issued under the Indenture remains outstanding immediately
thereafter (including Additional Notes but excluding Notes held by the Issuer or any of its Restricted Subsidiaries), unless all
such Notes are redeemed substantially concurrently.

 

Notwithstanding the foregoing, in connection
with any tender offer for the Notes, including a Change of Control Offer or Asset Sale Offer, if Holders of not less than 90% in
aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the
Issuer, or any third party making such tender offer in lieu of the Issuer, purchases all of the Notes validly tendered and not
withdrawn by such Holders, the Issuer or such third party will have the right upon not less than 10 nor more than 60 days’
prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following such
purchase at a redemption price equal to the price offered to each other Holder (excluding any early tender or incentive fee) in
such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest and Additional Amounts,
if any, thereon, to, but excluding, the date of such redemption.

 

    	 	A-11	 

     

    

 

7.            Redemption
for Changes in Taxes

 

The
Issuer may redeem the Notes, in whole but not in part, at its discretion at any time upon giving not less than 10 nor more than
60 days’ prior written notice to the Holders of the Notes (which notice shall be irrevocable and given in accordance with
the procedures set forth under ‎‎Section 3.04 of the Indenture), at a Redemption Price equal to 100% of the
principal amount thereof, together with accrued and unpaid interest, if any, to the date fixed by the Issuer for redemption (a
 “Tax Redemption Date”) and all Additional Amounts (if any) then due or which will become due on the Tax Redemption
Date as a result of the redemption or otherwise (subject to the right of Holders on the relevant Record Date to receive interest
due on the relevant Interest Payment Date and Additional Amounts (if any) in respect thereof), if on the next date on which any
amount would be payable in respect of the Notes or Note Guarantee, the Issuer or any Guarantor is or would be required to pay Additional
Amounts (but, in the case of a Guarantor, only if the payment giving rise to such requirement cannot be made by the Issuer or another
Guarantor without the obligation to pay Additional Amounts), and the Issuer or the relevant Guarantor cannot avoid any such payment
obligation by taking reasonable measures available (including, for the avoidance of doubt, appointment of a new Paying Agent but
excluding the reincorporation or reorganization of the Issuer or any Guarantor), and the requirement arises as a result of: (1) any
change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the relevant Tax Jurisdiction which
change or amendment is announced and becomes effective after the date of the Offering Memorandum (or if the applicable Tax Jurisdiction
became a Tax Jurisdiction on a date after the date of the Offering Memorandum, after such later date); or (2) any change in,
or amendment to, the official application, administration or interpretation of such laws, regulations or rulings (including by
virtue of a holding, judgment or order by a court of competent jurisdiction or a change in published practice or revenue guidance),
which change or amendment is announced and becomes effective after the date of the Offering Memorandum (or if the applicable Tax
Jurisdiction became a Tax Jurisdiction on a date after the date of the Offering Memorandum, after such later date) (each of the
foregoing clauses (1) and (2), a “Change in Tax Law”).

 

The Issuer shall not give any such notice
of redemption earlier than 60 days prior to the earliest date on which the Issuer or the relevant Guarantor would be obligated
to make such payment or Additional Amounts if a payment in respect of the Notes or Note Guarantee were then due and at the time
such notice is given, the obligation to pay Additional Amounts must remain in effect. Prior to the publication or, where relevant,
mailing of any notice of redemption of the Notes pursuant to the foregoing, the Issuer shall deliver the Trustee an opinion of
independent tax counsel of recognized standing qualified under the laws of the relevant Tax Jurisdiction (which counsel shall be
reasonably acceptable to the Trustee) to the effect that there has been a Change in Tax Law which would entitle the Issuer to redeem
the Notes hereunder. In addition, before the Issuer mails notice of redemption of the Notes as described above, it shall deliver
to the Trustee an Officer’s Certificate to the effect that it cannot avoid its obligation to pay Additional Amounts by the
Issuer or the relevant Guarantor taking reasonable measures available to it.

 

    	 	A-12	 

     

    

 

The Trustee will accept and shall be entitled
to rely on such Officer’s Certificate and opinion of counsel as sufficient evidence of the existence and satisfaction of
the conditions as described above, in which event it will be conclusive and binding on all of the Holders.

 

The foregoing provisions of this paragraph
7 will apply, mutatis mutandis, to any successor of the Issuer (or any Guarantor) with respect to a Change in Tax Law occurring
after the time such Person becomes successor to the Issuer (or any Guarantor).

 

8.             Repurchase
at the Option of Holders

 

(a)            Upon
a Change of Control Triggering Event, the Holders shall have the right to require the Issuer to offer to repurchase the Notes pursuant
to ‎‎Section 4.11 of the Indenture.

 

(b)            The
Notes may also be subject to Asset Sale Offers pursuant to ‎‎Section 4.09
of the Indenture.

 

10.            Denominations

 

The Notes (including this Note) are in denominations
of $2,000 and integral multiples of $1,000 in excess thereof of principal amount at maturity. The transfer of Notes (including
this Note) may be registered, and Notes (including this Note) may be exchanged, as provided in the Indenture. The Registrar may
require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture.

 

11.            Unclaimed
Money

 

All moneys paid by the Issuer or the Guarantors
to the Trustee or a Paying Agent for the payment of the principal of, or premium, if any, or interest on, this Note or any other
Note that remain unclaimed at the end of two years after such principal, premium or interest has become due and payable may be
repaid to the Issuer or the Guarantors, subject to applicable law, and the Holder of such Note thereafter may look only to the
Issuer or the Guarantors for payment thereof.

 

    	 	A-13	 

     

    

 

12.            Discharge
and Defeasance

 

The
Notes shall be subject to defeasance, satisfaction and discharge as provided in ‎‎Article Eight of the Indenture.

 

13.            Amendment,
Supplement and Waiver

 

The
Notes, the Note Guarantees, the Indenture and the Security Documents may be amended or modified as provided in ‎‎Article Nine
of the Indenture.

 

14.            Defaults
and Remedies

 

This
Note and the other Notes have the Events of Default as set forth in ‎‎Section 6.01 of the Indenture.

 

15.            Security

 

This
Note and the other Notes will be secured by the Liens in the Collateral, subject to Permitted Collateral Liens, as set forth in
 ‎‎Article Eleven of the Indenture.

 

16.            Trustee
and Security Agent Dealings with the Issuer

 

The Trustee and the Security Agent under
the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and
collect obligations owed to it by the Issuer, the Guarantors or any of their Affiliates with the same rights it would have if it
were not Trustee or the Security Agent. Any Paying Agent, Registrar, co- Registrar or co-Paying Agent may do the same with like
rights.

 

17.            No
Recourse Against Others

 

A director, officer, employee, incorporator,
member or shareholder, as such, of the Issuer or the Guarantors shall not have any liability for any obligations of the Issuer
or the Guarantors under this Note, the other Notes, the Note Guarantees or the Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. By accepting a Note, each Holder shall waive and release all such liability.
The waiver and release are part of the consideration for issuance of the Notes.

 

18.            Authentication

 

This Note shall not be valid until an authorized
officer of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this
Note.

 

19.            Abbreviations

 

Customary abbreviations may be used in the
name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint
tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

    	 	A-14	 

     

    

 

20.            ISIN
and/or CUSIP Numbers

 

The Issuer may cause ISIN and/or CUSIP numbers
to be printed on the Notes, and if so the Trustee shall use ISIN and/or CUSIP numbers in notices of redemption as a convenience
to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption, and reliance may be placed only on the other identification numbers placed on the Notes.

 

21.            Governing
Law

 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF.

 

    	 	A-15	 

     

    

 

ASSIGNMENT FORM

 

 

To assign and transfer this Note, fill in the form below:

 

(I) or (the Issuer) assign and transfer this Note to

 

 

(Insert assignee’s social security or tax I.D. no.)

 

(Print or type assignee’s name, address and postal code)

 

and irrevocably appoint ____________________ agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

	Your Signature:	 	 
	 	 	(Sign exactly as your name appears on the other side of this Note)

 

	Signature Guarantee:	 	 
	 	 	(Participant in a recognized signature guarantee medallion program)

 

	Date:	 	 	 

 

Certifying Signature

 

In connection with any transfer of any Notes
evidenced by this certificate occurring prior to the date that is one year after the later of the date of original issuance of
such Notes and the last date, if any, on which the Notes were owned by the Issuer or any of its Affiliates, the undersigned confirms
that such Notes are being transferred in accordance with the transfer restrictions set forth in such Notes and:

 

CHECK ONE BOX BELOW

 

(1)      ̈     to
the Issuer or any Subsidiary; or

 

(2)      ̈     pursuant
to an effective registration statement under the U.S. Securities Act of 1933; or

 

(3)      ̈     pursuant
to and in compliance with Rule 144A under the U.S. Securities Act of 1933; or

 

(4)      ̈     pursuant
to and in compliance with Regulation S under the U.S. Securities Act of 1933; or

 

(5)      ̈     pursuant
to another available exemption from the registration requirements of the U.S. Securities Act of 1933.

 

    	 	A-16	 

     

    

 

Unless one of the boxes is checked, the
Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered
Holder thereof; provided, however, that if box (3) is checked, by executing this form, the Transferor is deemed
to have certified that such Notes are being transferred to a person it reasonably believes is a “qualified institutional
buyer” as defined in Rule 144A under the U.S. Securities Act of 1933 who has received notice that such transfer is being
made in reliance on Rule 144A; if box (4) is checked, by executing this form, the Transferor is deemed to have certified
that such transfer is made pursuant to an offer and sale that occurred outside the United States in compliance with Regulation
S under the U.S. Securities Act; and if box (5) is checked, the Trustee may require, prior to registering any such transfer
of the Notes, such legal opinions, certifications and other information as the Issuer reasonably requests to confirm that such
transfer is being made pursuant to an exemption from or in a transaction not subject to, the registration requirements of the U.S.
Securities Act of 1933.

 

 

	Signature:	 
	 	 

	Signature Guarantee:	 

(Participant in a recognized signature guarantee medallion program)

 

	Certifying Signature:	 	 	Date:	 
	 	 	 	 	 

	Signature Guarantee:	 

(Participant
in a recognized signature guarantee medallion program)

 

    	 	A-17	 

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

 

If
you want to elect to have this Note or a portion thereof repurchased pursuant to Section ‎4.09 or ‎4.11
of the Indenture, check the box:  ̈

 

If the purchase is in part, indicate the
portion (in denominations of $2,000 or any integral multiple of $1,000 in excess thereof) to be purchased:

 

	Your Signature:	 

(Sign
exactly as your name appears on the other side of this Note)

 

	Date:	 	 
	 	 	 

	Certifying Signature:  	 

 

    	 	A-18	 

     

    

 

SCHEDULE A

 

SCHEDULE OF PRINCIPAL AMOUNT IN THE GLOBAL
NOTE

 

The following exchanges of a part of this
Global Note for an interest in another Global Note or for a Definitive Registered Note, or exchanges of a part of another Global
Note or Definitive Registered Note for an interest in this Global Note, have been made:

 

	Date of 
 Decrease/Increase	 	Amount of 
 Decrease in

 Principal Amount	 	 	Amount of 
 Increase in 
 Principal Amount	 	 	Principal Amount

 Following such

 Decrease/Increase	 	 	Signature of

 Authorized Officer

 of Registrar	 
	 	 	 	   	 	 	 	   	 	 	 	   	 	 	 	  	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    	 	A-19	 

     

    

 

EXHIBIT B

 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER
FROM RESTRICTED GLOBAL NOTE TO REGULATION S GLOBAL NOTE5

 

(Transfers pursuant to § 2.06(b)(ii) of the Indenture)

 

U.S. Bank National Association

U.S. Bank Global Corporate Trust Services

60 Livingston Avenue

St. Paul, Minnesota 55017

EP-MN-WS3C

Attention: Transfer Agent

 

Re: 10.250% Senior Secured Notes due 2026
(the “Notes”)

 

Reference is hereby made to the Indenture
dated as of July 21, 2020 (as amended, supplemented or otherwise modified from time to time, the “Indenture”)
among, inter alios, NCL Corporation Ltd., a Bermuda exempted company, as Issuer, the guarantors party thereto, as Guarantors,
and U.S. Bank National Association, as Trustee and as Security Agent. Capitalized terms used but not defined herein shall have
the meanings given them in the Indenture.

 

This letter relates to $________ aggregate
principal amount of Notes that are held as a beneficial interest in the form of the Restricted Global Note (CUSIP No.: [●]6;
ISIN No: [●]7) with DTC in the name of [name of transferor] (the “Transferor”). The
Transferor has requested an exchange or transfer of such beneficial interest for an equivalent beneficial interest in the Regulation
S Global Note (CUSIP No.: [●]8; ISIN No: [●]9).

 

In connection with such request, the Transferor
does hereby certify that such transfer has been effected in accordance with the transfer restrictions set forth in the Notes and:

 

(a)           with
respect to transfers made in reliance on Regulation S (“Regulation S”) under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”), does certify that:

 

 

5
If the Note is a Definitive Registered Note, appropriate changes need to be made to the form of this transfer certificate.

 

6
Issue Date Rule 144A CUSIP: 62886HAY7

 

7
Issue Date Rule 144A ISIN: US62886HAY71

 

8
Issue Date Regulation S CUSIP: G6436QAK2

 

9
Issue Date Regulation S ISIN: USG6436QAK25

 

    B-1

     

    

 

(i)             the
offer of the Notes was not made to a person in the United States;

 

(ii)            either
(i) at the time the buy order is originated the transferee is outside the United States or the Transferor and any person acting
on its behalf reasonably believe that the transferee is outside the United States; or (ii) the transaction was executed in,
on or through the facilities of a designated offshore securities market described in paragraph (b) of Rule 902 of Regulation
S and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the
United States;

 

(iii)            no
directed selling efforts have been made in the United States by the Transferor, an affiliate thereof or any person their behalf
in contravention of the requirements of Rule 903 or 904 of Regulation S, as applicable;

 

(iv)           the
transaction is not part of a plan or scheme to evade the registration requirements of the U.S. Securities Act; and

 

(v)            the
Transferor is not the Issuer, a distributor of the Notes, an affiliate of the Issuer or any such distributor (except any officer
or director who is an affiliate solely by virtue of holding such position) or a person acting on behalf of any of the foregoing.

 

(b)           with
respect to transfers made in reliance on Rule 144 the Transferor certifies that the Notes are being transferred in a transaction
permitted by Rule 144 under the U.S. Securities Act.

 

You, the Issuer, the Guarantors and the
Trustee are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in
this certificate have the meanings set forth in Regulation S.

 

	 	[Name of Transferor]
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	Date:

 

cc:

 

Attn:

 

    B-2

     

    

 

EXHIBIT C

 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER
FROM REGULATION S GLOBAL NOTE TO RESTRICTED GLOBAL NOTE

 

(Transfers pursuant to § 2.06(b)(iii) of the Indenture)

 

U.S. Bank National Association

U.S. Bank Global Corporate Trust Services

60 Livingston Avenue

St. Paul, Minnesota 55017

EP-MN-WS3C

Attention: Transfer Agent

 

Re: 10.250% Senior Secured Notes due 2026 (the “Notes”)

 

Reference is hereby made to the Indenture
dated as of July 21, 2020 (as amended, supplemented or otherwise modified from time to time, the “Indenture”)
among, inter alios, NCL Corporation Ltd., a Bermuda exempted company, as Issuer, the guarantors party thereto, as Guarantors,
and U.S. Bank National Association, as Trustee and as Security Agent. Capitalized terms used but not defined herein shall have
the meanings given them in the Indenture.

 

This letter relates to $___________ aggregate
principal amount at maturity of Notes that are held in the form of the Regulation S Global Note with DTC (CUSIP No.: [●]10;
ISIN No.: [●]11) in the name of [name of transferor] (the “Transferor”) to effect the transfer
of the Notes in exchange for an equivalent beneficial interest in the Restricted Global Note (CUSIP No.: [●]12;
ISIN No.: [●]13).

 

In connection with such request, and in
respect of such Notes the Transferor does hereby certify that such Notes are being transferred in accordance with the transfer
restrictions set forth in the Notes and that:

 

CHECK ONE BOX BELOW:

 

		 ̈	the Transferor is relying on Rule 144A under the Securities Act for exemption from such Act’s registration requirements;
it is transferring such Notes to a person it reasonably believes is a QIB as defined in Rule 144A that purchases for its own
account, or for the account of a qualified institutional buyer, and to whom the Transferor has given notice that the transfer is
made in reliance on Rule 144A and the transfer is being made in accordance with any applicable securities laws of any state
of the United States; or

 

 

10
Issue Date Regulation S CUSIP: G6436QAK2

 

11
Issue Date Regulation S ISIN: USG6436QAK25

 

12
Issue Date Rule 144A CUSIP: 62886HAY7

 

13
Issue Date Rule 144A ISIN: US62886HAY71

 

    C-1

     

    

 

		 ̈	the Transferor is relying on an exemption other than Rule 144A from the registration requirements of the Securities Act,
subject to the Issuer’s and the Trustee’s right prior to any such offer, sale or transfer to require the delivery of
an Opinion of Counsel, certification and/or other information satisfactory to each of them.

 

You, the Issuer, the Guarantors, and the
Trustee are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	[Name of Transferor]
	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	Date:

 

cc:

 

Attn:

 

    C-2

     

    

 

EXHIBIT D

 

FORM OF SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE dated as of [●],
20[●] (this “Supplemental Indenture”) by and among NCL Corporation Ltd. (the “Issuer”),
the other parties listed as New Guarantors on the signature pages hereto (each, a “New Guarantor” and,
collectively, the “New Guarantors”) and U.S. Bank National Association, as trustee (in such capacity, the “Trustee”).

 

W I T N E S E T H

 

WHEREAS, the Issuer, the Trustee and the
other parties thereto have heretofore executed and delivered an Indenture, dated as of July 21, 2020 (as amended, supplemented
or otherwise modified from time to time, the “Indenture”), providing for the issuance of 10.250% Senior Secured
Notes due 2026 of the Issuer (the “Notes”), initially in the aggregate principal amount of $750,000,000;

 

WHEREAS,
pursuant to ‎Section 9.01 of the Indenture, the Issuer and the Trustee are authorized to execute and deliver this
Supplemental Indenture; and

 

WHEREAS, all necessary acts have been done
to make this Supplemental Indenture a legal, valid and binding agreement of each New Guarantor in accordance with the terms of
this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
for the equal and ratable benefit of the Holders as follows:

 

ARTICLE I

Definitions

 

Section 1.01.           Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

ARTICLE II

Agreement to be Bound

 

Section 2.01.           Agreement
to Guarantee. The New Guarantor acknowledges that it has received and reviewed a copy of the Indenture and all other documents
it deems necessary to review in order to enter into this Supplemental Indenture, and acknowledges and agrees to (i) join and
become a party to the Indenture as indicated by its signature below; (ii) be bound by the Indenture, as of the date hereof,
as if made by, and with respect to, each signatory hereto; and (i) perform all obligations and duties required of a Guarantor
pursuant to the Indenture. The New Guarantor hereby agrees to provide a Note Guarantee on the terms and subject to the conditions
set forth in the Indenture, including, but not limited to, ‎‎Article Ten
thereof.

 

    D-1

     

    

 

Section 2.02.           Execution
and Delivery. The New Guarantor agrees that the Note Guarantee shall remain in full force and effect notwithstanding the absence
of the endorsement of any notation of such Note Guarantee on the Notes.

 

[Section 2.03.           Guarantee
Limitations. Schedule IV of the Indenture is hereby amended by adding the following:

 

[New Guarantee Limitation Language].]

 

ARTICLE III

Miscellaneous

 

Section 3.01.           Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 3.02.           Severability.
In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 3.03.           Ratification.
Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions
thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes,
and every Holder heretofore or hereafter shall be bound hereby. The Trustee makes no representation or warranty as to the validity
or sufficiency of this Supplemental Indenture.

 

Section 3.04.           Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. One signed copy is enough to prove this Supplemental Indenture. The exchange of copies of
this Supplemental Indenture and of signature pages by facsimile or other electronic transmission shall constitute effective
execution and delivery of this Supplemental Indenture as to the parties hereto. Signatures of the parties hereto transmitted by
facsimile or other electronic transmission shall be deemed to be their original signatures for all purposes.

 

Section 3.05.           Effect
of Headings. The headings herein are convenience of reference only and shall not affect the construction hereof.

 

Section 3.06.           The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the
New Guarantor.

 

Section 3.07.           Benefits
Acknowledged. The New Guarantor’s Note Guarantee is subject to the terms and conditions set forth in the Indenture. The
New Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the
Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to its Note Guarantee and this
Supplemental Indenture are knowingly made in contemplation of such benefits.

 

    D-2

     

    

 

Section 3.08.     Successors.
All agreements of the New Guarantor in this Supplemental Indenture shall bind its successors, except as otherwise provided in this
Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.

 

[Remainder of Page Intentionally Left
Blank]

 

    D-3

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed, all as of the date first above written.

 

	
         
	ISSUER:

         

        NCL CORPORATION LTD.

	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 

 

	
         
	NEW GUARANTORS:

         

        [NEW GUARANTORS]

	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 

 

	
         
	TRUSTEE:

         

        U.S. BANK NATIONAL ASSOCIATION, as Trustee

	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    D-4

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