Document:

Exhibit 10.48

 

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

Execution version

 

DATED 19 December 2018

 

O CLASS PLUS
ONE, LLC

as Borrower

 

and

 

THE BANKS AND
FINANCIAL INSTITUTIONS

LISTED IN SCHEDULE 1

as Lenders

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

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

HSBC BANK PLC

KFW IPEX-BANK GMBH

CASSA DEPOSITI E PRESTITI S.P.A.

Banco Santander, S.A.

Société Générale

as Joint Mandated Lead Arrangers

 

and

 

BNP PARIBAS

as Facility Agent

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

as SACE Agent

 

and

 

HSBC CORPORATE
TRUSTEE COMPANY (UK) LIMITED

as Security Trustee

 

with the support of

 

SACE S.P.A.

 

LOAN AGREEMENT

 

relating to

the part financing of the 1,258 passenger cruise ship

newbuilding presently designated as

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

 

 

 

     

     

    

 

Index

 

	Clause	 	Page
	 	 	 
	1	Interpretation	2
	2	Facility	29
	3	Conditions Precedent	31
	4	Drawdown	39
	5	Repayment	41
	6	Interest	41
	7	Interest Periods	47
	8	SACE Premium and Italian Authorities	47
	9	Fees	49
	10	Taxes, Increased Costs, Costs and related Charges	50
	11	Representations and Warranties	58
	12	General Undertakings	64
	13	Ship Undertakings	72
	14	Insurance Undertakings	79
	15	Security Value Maintenance	83
	16	Cancellation, Prepayment and Mandatory Prepayment	84
	17	Interest on Late Payments	86
	18	Events of Default	87
	19	Application of Sums Received	92
	20	Indemnities	93
	21	Illegality, etc.	96
	22	Set-Off	97
	23	Bail-In	98
	24	Changes to the Lenders	98
	25	Changes to the Obligors	105
	26	Role of the Facility Agent, the Joint Mandated Lead Arrangers, the SACE Agent and the Reference Banks	105
	27	The Security Trustee	112
	28	Conduct of Business by the Creditor Parties	125
	29	Sharing among the Creditor Parties	125
	30	Payment Mechanics	127
	31	Variations and Waivers	129
	32	Notices	130
	33	Confidentiality	133
	34	Confidentiality of FUNDING RATES AND Reference Bank Quotations	137
	35	Legal Independence and Unconditional Obligations of the Borrower	138
	36	SACE Subrogation and Reimbursement	139
	37	Supplemental	141
	38	Governing Law	143
	39	Enforcement	143
	40	Waiver of Immunity	144
	41	Effective Date	144
	 	 	 
	Schedules	 
	 	 
	Schedule 1 Lenders and Commitments	145
	Schedule 2 Form of Drawdown Notice	146
	Schedule 3 Documents to be produced by the Builder to the Facility Agent on Delivery	148
	Schedule 4 Form of Transfer Certificate	149
	Schedule 5 Qualifying Certificate	153
	 	 
	Execution	 
	 	 
	Execution Pages	155

 

     

     

    

  

THIS AGREEMENT is made on 19 December
2018.

 

PARTIES

 

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

 

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

 

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

 

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

 

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

 

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

 

BACKGROUND

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

as each such event is described
in the Shipbuilding Contract.

 

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

 

		(D)	The Lenders have agreed to make available to the Borrower a Dollar loan facility for the purpose
of assisting the Borrower in financing, subject to exchange rate fluctuations, up to eighty per cent. (80%) of the Final Contract
Price (and subject to an aggregate amount no greater than the Eligible Amount) and one hundred per cent. (100%) of the SACE Premium.

 

OPERATIVE
PROVISIONS

 

		1	Interpretation

 

		1.1	Definitions

 

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

 

"Affected
Lender" has the meaning given in Clause 6.6 (Unavailability of Screen Rate).

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	2	 

     

    

 

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

 

		(a)	the earlier to occur of (i) the Delivery Date and (ii) 28 July
2023 (or such later date as the Facility Agent may, with the authorisation of the Lenders, agree with the Borrower); or

 

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

 

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

 

"Bail-In
Legislation" means:

 

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

 

		(b)	in relation to any other state, any analogous law or regulation from time to time which requires
contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	3	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	4	 

     

    

 

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

 

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

 

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

 

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

 

		(iv)	any Reference Bank Quotation.

 

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

 

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

 

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

 

		(a)	the Base Rate; or

 

		(b)	the FOREX Contracts Weighted Average Rate.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	5	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Effective
Date" means the earlier of:

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	6	 

     

    

 

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

 

"Environmental
Incident" means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	7	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

"FATCA"
means:

 

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

 

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

 

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

 

"FATCA
Application Date" means:

 

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

 

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

 

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

 

    	 	8	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Finance
Documents" means:

 

		(a)	this Agreement;

 

		(b)	any Fee Letter;

 

		(c)	the Guarantee;

 

		(d)	the General Assignment;

 

		(e)	the Mortgage;

 

		(f)	the Pledge Agreement;

 

		(g)	the Post-Delivery Assignment;

 

		(h)	any Subordinated Debt Security;

 

		(i)	the Approved Manager's Undertaking;

 

		(j)	any Transfer Certificate;

 

		(k)	any Compliance Certificate;

 

		(l)	any Drawdown Notice;

 

    	 	9	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(a)	the applicable Margin; and

 

		(b)	the CIRR.

 

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

 

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

 

    	 	10	 

     

    

 

		(a)	the applicable Margin; and

 

		(b)	LIBOR for the relevant period.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(b)	the difference between the Euro amount available under (a) above and the Euro amount balance payable
to the Builder on the Delivery Date is assumed to be purchased at the official daily fixing rate of the Bloomberg Fx Fixings for
the purchase of Euro with Dollars as displayed on World Markets Reuters (or such other pages as may replace that page on that service
or a successor service) at or around 1 p.m. (London time) on the Conversion Rate Fixing Date;

 

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

 

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

 

Any marked to market valuation,
as required in paragraph (c) above, shall be performed by BNP Paribas's dedicated desk in accordance with market practices. The
Borrower shall have the right to request indicative valuations from time to time prior to the Conversion Rate Fixing Date.

 

    	 	11	 

     

    

 

"Funding
Rate" means any individual rate notified by a Lender to the Facility Agent pursuant to Clause 6.11(b).

 

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

 

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

 

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

 

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

 

"Group"
means the Guarantor and its Subsidiaries.

 

"Guarantee"
means a guarantee issued by the Guarantor in favour of the Security Trustee in the agreed form.

 

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

 

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

 

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

 

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

 

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

 

"Insurances"
means:

 

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

 

    	 	12	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	13	 

     

    

 

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

 

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

 

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

 

"Majority
Lenders" means:

 

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

 

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

 

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

 

"Margin"
means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Maximum
Loan Amount" means the aggregate of:

 

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

 

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

 

    	 	14	 

     

    

 

provided that such amount shall
not, at any time, exceed six hundred and ninety million seven hundred and eighteen thousand and seventy Dollars and fifty-four
cents ($690,718,070.54),

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Overnight
LIBOR" means, on any date, the London interbank offered rate, being the day to day rate at which Dollars are offered
to prime banks in the London interbank market and published by the Intercontinental Exchange at or about 11.00 a.m. London time
on page LIBOR01 of the Reuters screen. If the agreed page is replaced or the service ceases to be available, the Facility Agent
may specify another page or service displaying the appropriate rate after consultation with the Borrower, provided that if the
rate is less than zero, Overnight LIBOR shall be deemed to be zero (except with respect to the Interest Make-up Agreement).

 

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

 

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

 

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

 

"Permitted
Financial Indebtedness" means any Financial Indebtedness:

 

		(a)	incurred under the Finance Documents; or

 

    	 	15	 

     

    

 

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

 

"Permitted
Security Interests" means:

 

		(a)	in the case of the Borrower:

 

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

 

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

 

		(b)	in the case of the Guarantor:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	16	 

     

    

 

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

 

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

 

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

 

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

 

"Pertinent
Document" means:

 

		(a)	any Finance Document;

 

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

 

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

 

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

 

"Pertinent
Matter" means:

 

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

 

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

 

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

 

    	 	17	 

     

    

 

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

 

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

 

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

 

"Prohibited
Payment" means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	18	 

     

    

 

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

 

		(a)	if:

 

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

 

		(ii)	it consists of a single figure,

 

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

 

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

 

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

 

"Relevant
Interbank Market" means the London Interbank Market.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Replacement
Benchmark" means a benchmark rate which is:

 

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

 

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

 

		(ii)	any Relevant Nominating Body,

 

    	 	19	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"SACE"
means SACE S.p.A.

 

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

 

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

 

"SACE
Premium" means the amount payable by the Borrower to SACE directly or through the SACE Agent in two instalments
in respect of the SACE Insurance Policy as set out in Clause 8 (SACE Premium and Italian Authorities).

 

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

 

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

 

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

 

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

 

    	 	20	 

     

    

 

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

 

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

 

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

 

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

 

		(c)	otherwise imposed by any law or regulation.

 

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

 

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

 

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

 

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

 

		(b)	

 

		(i)	

 

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

 

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

 

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

 

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

 

    	 	21	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Security
Interest" means:

 

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

 

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

 

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

 

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

 

    	 	22	 

     

    

 

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

 

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

 

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

 

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

 

"Security
Property" means:

 

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

 

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

 

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

 

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

 

except:

 

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

 

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

 

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

 

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

 

    	 	23	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

"Subsidiary"
has the following meaning:

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	24	 

     

    

 

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

 

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

 

"Total
Loss" means:

 

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

 

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

 

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

 

"Total
Loss Date" means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	25	 

     

    

 

"US"
means the United States of America.

 

"VAT"
means:

 

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

 

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

 

"Write-down
and Conversion Powers" means:

 

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

 

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

 

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

 

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

 

		1.2	Construction of certain terms

 

In this Agreement:

 

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

 

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

 

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

 

    	 	26	 

     

    

 

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

 

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

 

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

 

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

 

"date
of this Agreement" means 19 December 2018.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	27	 

     

    

 

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

 

		1.3	Construction of Insurance Terms

 

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

 

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

 

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

 

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

 

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

 

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

 

		1.4	Meaning of "month"

 

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

 

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

 

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

 

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

 

		1.5	General Interpretation

 

In this Agreement:

 

    	 	28	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		1.6	Headings

 

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

 

		1.7	Schedules

 

The schedules form an integral
part of this Agreement.

 

		2	Facility

 

		2.1	Amount of facility

 

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

 

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

 

    	 	29	 

     

    

 

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

 

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

 

		2.2	Lenders' participations in Loan

 

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

 

		2.3	Purpose of Loan

 

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

 

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

 

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

 

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

 

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

 

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

 

		2.4	Creditor Parties' rights and obligations

 

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

 

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

 

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

 

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

 

    	 	30	 

     

    

 

		2.5	Monitoring

 

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

 

		2.6	Obligations of Lenders several

 

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

 

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

 

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

 

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

 

		3	Conditions Precedent

 

		3.1	General

 

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

 

		3.2	No later than the Effective Date

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	31	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(b)	notification of the Approved Manager;

 

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

 

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

 

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

 

    	 	32	 

     

    

 

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

 

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

 

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

 

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

 

		(a)	notification of the Intended Delivery Date;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	33	 

     

    

 

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

 

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

 

		3.10	No later than the Delivery Date

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	34	 

     

    

 

		3.11	At Delivery

 

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

 

		(a)	evidence that immediately following delivery:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	35	 

     

    

 

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

 

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

 

		3.12	Immediately following Delivery

 

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

 

		(a)	a duly executed original of the Mortgage;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	36	 

     

    

 

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

 

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

 

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

 

		3.13	Notification of satisfaction of conditions precedent

 

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

 

		3.14	Waiver of conditions precedent

 

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

 

		3.15	Changes to SACE's or SIMEST's requirements

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	37	 

     

    

 

		3.16	No claim against the Creditor Parties

 

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

 

		3.17	Examination and reliance on documents by the Facility Agent

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	38	 

     

    

 

		4	Drawdown

 

		4.1	Borrower's irrevocable payment instructions

 

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

 

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

 

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

 

		(b)	to reimburse the Borrower the amount of the First Instalment of the SACE Premium already paid by
the Borrower to SACE on the date specified in paragraph (a) of Clause 8.1; and

 

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

 

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

 

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

 

		4.2	Conversion Rate for Loan

 

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

 

		4.3	Modification of payment terms

 

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

 

    	 	39	 

     

    

 

		4.4	Availability and conditions

 

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

 

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

 

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

 

		4.5	Notification to Lenders of receipt of a Drawdown Notice

 

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

 

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

 

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

 

		(c)	the duration of the first Interest Period.

 

		4.6	Lenders to make available Contributions

 

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

 

		4.7	Disbursement of Loan

 

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

 

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

 

    	 	40	 

     

    

 

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

 

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

 

		4.8	Disbursement of Loan to third party

 

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

 

		5	Repayment

 

		5.1	Number of repayment instalments

 

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

 

		5.2	Repayment Dates

 

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

 

		5.3	Amount of repayment instalments

 

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

 

		5.4	Final Repayment Date

 

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

 

		6	Interest

 

		6.1	Fixed or Floating Interest Rate

 

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

 

		6.2	Fixed Interest Rate

 

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

 

    	 	41	 

     

    

 

		6.3	Floating Interest Rate

 

If:

 

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

 

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

 

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

 

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

 

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

 

		6.4	Payment of Floating Interest Rate

 

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

 

		6.5	Notification of Interest Periods and Floating Interest Rate

 

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

 

		6.6	Unavailability of Screen Rate

 

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

 

		(b)	If:

 

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

 

    	 	42	 

     

    

 

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

 

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

 

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

 

		6.7	Notification of market disruption

 

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

 

		6.8	Suspension of drawdown

 

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

 

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

 

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

 

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

 

		6.9	Negotiation of alternative rate of interest

 

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

 

		6.10	Application of agreed alternative rate of interest

 

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

 

    	 	43	 

     

    

 

		6.11	Alternative rate of interest in absence of agreement

 

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

 

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

 

		6.12	Notice of prepayment

 

If the Borrower does not agree
with an interest rate set by the Facility Agent under Clause 6.11 (Alternative rate of interest in absence of agreement),
the Borrower may give the Facility Agent not less than 15 Business Days', or, if the Fixed Interest Rate has been selected pursuant
to Clause 6.1 (Fixed or Floating Interest Rate), 30 days, notice of its intention to prepay at the end of the interest
period set by the Facility Agent.

 

		6.13	Prepayment; termination of Commitments

 

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

 

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

 

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

 

		6.14	Application of prepayment

 

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

 

    	 	44	 

     

    

 

		6.15	Certain Circumstances

 

Notwithstanding anything to the
contrary in this Agreement:

 

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

 

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

 

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

 

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

 

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

 

		6.16	Change of currency

 

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

 

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

 

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

 

    	 	45	 

     

    

 

		6.17	Modification and/or discontinuation of certain benchmarks

 

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

 

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

 

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

 

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

 

		6.18	Replacement rate

 

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

 

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

 

		(ii)	

 

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

 

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

 

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

 

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

 

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

 

    	 	46	 

     

    

 

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

 

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

 

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

 

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

 

		7	Interest Periods

 

		7.1	Commencement of Interest Periods

 

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

 

		7.2	Duration of Interest Periods

 

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

 

		7.3	Duration of Interest Periods for Repayment Instalments

 

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

 

		8	SACE Premium and Italian Authorities

 

		8.1	SACE Premium

 

The estimated SACE Premium for
an amount equal to [*] (being [*] per cent. ([*]%) of the Maximum Loan Amount), is due and payable
in two instalments as follows:

 

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

 

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

 

    	 	47	 

     

    

 

		8.2	Reimbursement by the Borrower of the SACE Premium

 

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

 

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

 

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

 

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

 

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

 

		8.3	Italian Authorities

 

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

 

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

 

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

 

		8.4	Refund

 

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

 

    	 	48	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

		9	Fees

 

		9.1	Fees

 

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

 

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

 

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

 

    	 	49	 

     

    

 

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

 

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

 

		(iii)	from 1 January 2021 to and including the Delivery Date, [*] per cent. ([*]%) per annum;

 

and calculated on the undrawn amount
of the Maximum Loan Amount and payable in arrears on the date falling six (6) months after the Effective Date and on each date
falling at the end of each following consecutive six (6) month period, with the exception of the commitment fee due in respect
of the last period, which shall be paid on the Delivery Date, or the date of receipt by the Facility Agent of the written cancellation
notice (as described in Clause 16.1(a)) or written termination notice (as described in Clause 16.1(b)) (as applicable) sent
by the Borrower, whichever is the earliest, such commitment fee to be calculated on the actual number of days elapsed divided by
three hundred and sixty (360). For the purpose of the computation of the periodical commitment fee payable to the Lenders, the
Maximum Loan Amount is assumed to be six hundred and ninety million seven hundred and eighteen thousand and seventy Dollars and
fifty-four cents ($690,718,070.54);

 

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

 

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

 

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

 

		10	Taxes, Increased Costs, Costs and related Charges

 

		10.1	Definitions

 

		(a)	In this Agreement:

 

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

 

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

 

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

 

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

 

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

 

    	 	50	 

     

    

 

		10.2	Tax gross-up

 

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

 

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

 

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

 

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

 

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

 

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

 

		10.3	Tax indemnity

 

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

 

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

 

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

 

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

 

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

 

    	 	51	 

     

    

 

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

 

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

 

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

 

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

 

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

 

		10.4	Tax Credit

 

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

 

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

 

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

 

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

 

		10.5	Stamp taxes

 

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

 

		10.6	VAT

 

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

 

    	 	52	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

		10.7	Lender Status

 

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

 

    	 	53	 

     

    

 

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

 

		10.8	FATCA Deduction

 

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

 

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

 

		10.9	FATCA Information

 

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

 

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

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party;

 

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

 

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

 

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

 

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

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

    	 	54	 

     

    

 

		(iii)	any duty of confidentiality.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		10.10	Increased Costs

 

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

 

    	 	55	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	56	 

     

    

 

		10.11	Transaction Costs

 

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

 

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

 

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

 

		(b)	the Borrower further undertakes to pay:

 

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

 

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

 

		10.12	Costs of delayed Delivery Date

 

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

 

    	 	57	 

     

    

 

		10.13	SACE obligations

 

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

 

		11	Representations and Warranties

 

		11.1	Timing and repetition

 

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

 

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

 

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

 

		11.2	Continuing representations and warranties

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	58	 

     

    

 

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

 

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

 

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

 

		(ii)	the constitutional documents of any Obligor; or

 

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

 

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

 

		(h)	except for:

 

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

 

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

 

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

 

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

 

		(i)	it is disregarded as an entity separate from its owner for U.S. federal Tax purposes;

 

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

 

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

 

		(l)	the obligations of the Borrower, the Member and the Guarantor under the Finance Documents rank
at least pari passu with all its other present unsecured and unsubordinated indebtedness with the exception of any obligations
which are mandatorily preferred by law;

 

    	 	59	 

     

    

 

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

 

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

 

		(o)	(in relation to any date on which this representation and warranty is deemed to be repeated pursuant
to paragraph (a) of Clause 11.1 (Timing and repetition)) the latest available annual consolidated audited accounts of the
Guarantor at the date of repetition (which accounts have been prepared in accordance with GAAP) fairly represent the financial
condition of the Guarantor as shown in such audited accounts;

 

		(p)	none of the Obligors nor any of their respective assets enjoys any right of immunity (sovereign
or otherwise) from set-off, any legal action or proceeding including, without limitation, suit, attachment prior to judgment, execution
or other enforcement in respect of their obligations under this Agreement or any of the other Transaction Documents or by any relevant
or applicable law;

 

		(q)	all of the limited liability company interest in the Borrower and all shares or limited liability
company interest in any Approved Manager which is a member of the Group shall be legally and beneficially owned directly or indirectly
by (in the case of the Borrower), the Member and (in the case of such Approved Manager) the Guarantor and such structure shall
remain so throughout the Security Period;

 

		(r)	the copy of the Shipbuilding Contract is a true and complete copy of such document constituting
valid and binding obligations of the parties thereto enforceable in accordance with its terms and, subject to Clause 12.23 (Shipbuilding
Contract), no amendments thereto or variations thereof have been agreed nor has any action been taken by the parties thereto
which would in any way render such document inoperative or unenforceable;

 

		(s)	the Borrower is the sole legal and beneficial owner of all rights and interests which the Shipbuilding
Contract creates in favour of the Borrower;

 

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

 

		(u)	no Obligor:

 

		(i)	nor to its knowledge, any director, manager, officer or Affiliate of any Obligor or any member
of the Group, is a Prohibited Person;

 

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

 

    	 	60	 

     

    

 

		(iii)	owns or controls a Prohibited Person;

 

		(v)	no proceeds of the Loan shall be made available directly or indirectly to or for the benefit of
a Prohibited Person or in a Prohibited Jurisdiction nor shall they be otherwise directly or indirectly applied in a manner or for
a purpose prohibited by Sanctions or in any other manner that would result in a violation of any Sanctions by any Obligor or any
Creditor Party;

 

		(w)	the choice of governing law of each Transaction Document to which it is a party will be recognised
and enforced in its Relevant Jurisdictions and any judgment obtained in relation to a Transaction Document to which it is a party
in the jurisdiction of the governing law of that Transaction Document will be recognised and enforced in its Relevant Jurisdictions;

 

		(x)	for the purposes of The Council of the European Union Regulation No. 2015/848 on Insolvency Proceedings
(recast) (the "Regulation"), its centre of main interest (as that term is used in Article 3(1) of the Regulation)
is situated outside of the European Union and it has no "establishment" (as that term is used in Article 2(10) of the
Regulation) in a European Union country;

 

		(y)	no investments made and no payments made, received or to be made by the Borrower, the Member or
the Guarantor under this Agreement, the Transaction Documents or any Finance Document have been or shall be funded, whether directly
or, to the knowledge of the Borrower, indirectly, out of funds of Illicit Origin or otherwise derived from any activity with a
Prohibited Person or in a Prohibited Jurisdiction or which would otherwise cause any Party to be in breach of any Sanctions and
none of the sources of funds to be used by the Borrower, the Member or the Guarantor in connection with the Transaction Documents,
the construction of the Ship or its business are, whether directly or, to the knowledge of the Borrower, indirectly, of Illicit
Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction;

 

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

 

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

 

		(bb)	none of the assets or rights of the Borrower is subject to any Security Interest except any Security
Interest which (i) qualifies as a Permitted Security Interest with respect to the Borrower or (ii) is permitted by Clause 12.8
(Negative pledge) of this Agreement;

 

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

 

    	 	61	 

     

    

 

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

 

		(ee)	it is not required to make any deduction for or on account of Tax from any payment it may make
under any Finance Document to which it is a party with respect to any Lender that provides the documentation described in paragraph
(b) of Clause 10.7 (Lender Status) indicating that it is not subject to tax withholding;

 

		(ff)	under the laws of its Relevant Jurisdictions it is not necessary that any stamp or similar taxes
or fees be paid on or in relation to the Finance Documents to which it is a party or the transactions contemplated by those Finance
Documents;

 

		(gg)	each member of the Group has good and marketable title to all its assets which are reflected in
the audited accounts referred to in paragraph (o) of Clause 11.2 (Continuing representations and warranties);

 

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

 

		(ii)	the Borrower does not have a place of business in any country (except as already disclosed) other
than that of its Original Jurisdiction;

 

		(jj)	the Borrower is in all material respects (except in the case of compliance with Sanctions which
the Borrower complies with in all respects) compliant with all laws or regulations relating to it and its business generally;

 

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

 

		(i)	is in compliance with all Environmental Laws and Environmental Approvals provided that any non-compliance
would not be expected to result in a Material Adverse Effect;

 

		(ii)	has not received any notice or threat of any Environmental Claim against any member of the Group
and no person has claimed that an Environmental Incident has occurred in each case that would reasonably be expected to result
in a Material Adverse Effect;

 

		(iii)	confirms that no Environmental Incident has occurred and no person has claimed that an Environmental
Incident has occurred in each case that would reasonably be expected to result in a Material Adverse Effect;

 

		(ll)	the Borrower has read and acknowledged the principles provided under the Code of Ethics and Model;

 

		(mm)	the Borrower has implemented adequate internal procedures aimed at preventing commission of crimes
provided under Legislative Decree 231/01;

 

    	 	62	 

     

    

 

		(nn)	no litigation is pending against the Borrower in relation to administrative liability provided
under Legislative Decree 231/01;

 

		(oo)	no final judgment under Legislative Decree 231/01 has been issued against the Borrower and no plea
bargain (also known as patteggiamento under Italian law) has been agreed by the Borrower pursuant to article 444 of the
Italian code of criminal procedure; and

 

		(pp)	neither the Borrower nor any of its assets are subject to any precautionary measure provided under
Legislative Decree 231/01.

 

		11.3	Representations on the Delivery Date

 

The Borrower further represents
and warrants to each of the Secured Parties at the Delivery Date that:

 

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

 

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

 

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

 

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

 

		(e)	the Ship is in compliance with the ISM Code, the ISPS Code and Annex VI as they relate to the Borrower,
any Approved Manager and the Ship;

 

		(f)	the Ship is insured in accordance with the provisions of Clause 14 (Insurance Undertakings)
and in compliance with the requirements therein in respect of such insurances;

 

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

 

		(h)	there is no agreement or understanding to allow or pay any rebate, premium, inducement, commission,
discount or other benefit or payment (however described) to the Borrower or any other member of the Group, the Builder or a third
party in connection with the purchase by the Borrower of the Ship, other than as disclosed to the Facility Agent in writing on
or before the date of this Agreement;

 

		(i)	no Obligor has delivered particulars, whether in its name stated in the Finance Documents or any
other name, of any UK Establishment to the Registrar of Companies as required under the Overseas Regulations or, if it has so registered,
it has provided to the Facility Agent sufficient details to enable an accurate search against it to be undertaken by the Lenders
at the Companies Registry;

 

		(j)	the Borrower is in all material respects (except in the case of compliance with Sanctions which
the Borrower complies with in all respects) compliant with all laws or regulations relating to the Ship, its ownership, employment,
operation, management and registration; and

 

    	 	63	 

     

    

 

		(k)	the copies of any Management Agreement, any charter and any charter guarantee which require a notice
of assignment to be served under the terms of the General Assignment (if any) and any other relevant third party agreements including
but without limitation the copies of any documents in respect of the Insurances delivered to the Facility Agent are true and complete
copies of each such document constituting valid and binding obligations of the parties thereto enforceable in accordance with their
respective terms and, subject to Clause 13.2 (Management and employment), no amendments thereto or variations thereof
have been agreed nor has any action been taken by the parties thereto which would in any way render such document inoperative or
unenforceable.

 

		12	General Undertakings

 

		12.1	General

 

The Borrower undertakes with each
Secured Party to comply with the following undertakings during the Security Period:

 

		12.2	Information

 

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

 

		(a)	as soon as practicable (and in any event within one hundred and twenty (120) days after the close
of its financial year) a Certified Copy of the audited consolidated accounts of the Guarantor and its subsidiaries for that year
(commencing with accounts made up to 31 December 2018 in the case of the consolidated accounts of the Guarantor);

 

		(b)	as soon as practicable (and in any event within ninety (90) days of the commencement of each financial
year) the budgetary forecast (profit and loss statement, balance sheet statement and cash flow statement) for the two following
years for the Guarantor;

 

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

 

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

 

		(e)	details of any material litigation, arbitration or administrative proceedings (including proceedings
relating to any alleged or actual breach of Sanctions, the ISM Code of the ISPS Code) which affect any company in the Group as
soon as the same are instituted and served, or, to the knowledge of the Borrower, threatened (and for this purpose proceedings
shall be deemed to be material if they involve a claim in an amount exceeding twenty million Dollars ($20,000,000) or the equivalent
in another currency provided that this threshold shall not apply to any proceedings relating to Sanctions).

 

    	 	64	 

     

    

 

All accounts required under this
Clause 12.2 (Information) shall be prepared in accordance with GAAP and shall fairly represent the financial condition of
the relevant company.

 

		12.3	Equator Principles Compliance

 

Upon the request of the Facility
Agent, the Borrower shall provide to the Facility Agent information as may be reasonably requested by the Lenders for the purposes
of monitoring that the Borrower conducts its operations in all material respects in accordance with the Equator Principles.

 

		12.4	Sanctions and Illicit Payments

 

		(a)	The Borrower shall not directly or indirectly use or make available any of the proceeds of the
Loan to or for the benefit of a Prohibited Person or in a Prohibited Jurisdiction nor shall they be otherwise directly or indirectly
applied in a manner or for a purpose prohibited by Sanctions or in any other manner that would result in a violation of any Sanctions
by any Obligor or any Creditor Party.

 

		(b)	No payments made or received by the Borrower, the Member, the Guarantor or any Approved Manager
which is a member of the Group under this Agreement or any Finance Document shall be funded directly or, to the knowledge of the
Borrower, indirectly out of funds of Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction
or which would otherwise cause any Party to be in breach of any Sanctions, and none of the sources of funds to be used by the Borrower,
the Member, the Guarantor or any Approved Manager which is a member of the Group in connection with the Transaction Documents or
the construction of the Ship or its business shall be of directly or, to the knowledge of the Borrower, indirectly Illicit Origin
or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction.

 

		(c)	Without limiting the generality of the foregoing, no Loan nor any proceeds of the Loan shall be
used to finance trade of equipment or any other kind of activity in relation to goods, technologies or sectors in a manner or for
a purpose prohibited by Sanctions.

 

		12.5	Prohibited Payments

 

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

 

		12.6	Notification of default

 

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

 

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		12.7	Consents and registrations

 

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

 

		12.8	Negative pledge

 

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

 

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

 

		(b)	Security Interests qualifying as Permitted Security Interests with respect to the Borrower and
described in paragraphs (a) and (b) of the definition of "Permitted Security Interests" in Clause 1.1 (Definitions);
or

 

		(c)	Security Interests qualifying as Permitted Security Interests with respect to the Borrower and
described in paragraph (C), (E), (H) or (I) of such definition, provided that insofar as they are enforceable against the Ship
they do not prevail over the Mortgage.

 

		12.9	Disposals

 

Except in the case of a sale of
the Ship if the completion of the sale is contemporaneous with prepayment of the Loan in accordance with the provisions of Clause
16.3 (Mandatory prepayment – Sale and Total Loss) and except for charters and other arrangements complying with Clause
13.1 (Pooling of earnings and charters) the Borrower shall not without the consent of the Majority Lenders and SACE, either
in a single transaction or in a series of transactions whether related or not and whether voluntarily or involuntarily:

 

		(a)	sell, transfer, lease or otherwise dispose of the Ship or any of the Ship's equipment except in
the case of items:

 

		(i)	being replaced (by an equivalent or superior item) or renewed; or

 

		(ii)	that are being disposed of in the ordinary course of business,

 

provided that in the case
of both sub-paragraphs (i) and (ii) above the net impact does not reduce the value of the Ship and, in the case of sub-paragraph
(ii), the value of any such disposals during the term of this Agreement do not, in aggregate, exceed ten million Dollars ($10,000,000);

 

		(b)	sell, transfer or otherwise dispose of any of its receivables on recourse terms;

 

    	 	66	 

     

    

 

		(c)	enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set off or made subject to a combination of accounts; or

 

		(d)	enter into any other preferential arrangement having the same effect in circumstances where the
arrangement or transaction is entered into primarily as a method of raising financial indebtedness or of financing the acquisition
of an asset.

 

		12.10	Change of business

 

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

 

		12.11	Mergers

 

Except with the prior consent of
the Lenders and SACE and subject to compliance with all necessary "know your customer" requirements, the Borrower will
not enter into any amalgamation, restructure, substantial reorganisation, merger, de-merger or consolidation or anything analogous
to the foregoing nor will it acquire any equity, share capital or obligations of any corporation or other entity.

 

		12.12	Maintenance of status and franchises

 

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

 

		12.13	Financial records

 

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

 

		12.14	Financial Indebtedness and subordination of indebtedness

 

The following restrictions shall
apply:

 

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

 

		(b)	the Borrower shall procure that:

 

		(i)	any and all indebtedness (and in particular with any other Obligor) is at all times fully subordinated
to the Finance Documents and the obligations of the Borrower hereunder; and

 

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		(ii)	if required by any applicable laws, the subordinated liabilities created pursuant to such indebtedness
shall be subject to security (in form and substance satisfactory to the Secured Parties) in favour of the Security Trustee ("Subordinated
Debt Security") and any related legal opinions shall be issued if so required by the Secured Parties; and

 

		(iii)	upon the occurrence of an Event of Default, the Borrower shall not make any repayments of principal,
payments of interest or of any other costs, fees, expenses or liabilities arising from or representing such indebtedness. In this
paragraph (b) of Clause 12.14 (Financial Indebtedness and subordination of indebtedness) "fully subordinated"
shall mean that any claim of the lender against the Borrower in relation to such indebtedness shall rank after and be in all respects
subordinate to all of the rights and claims of the Secured Parties under this Agreement and the other Finance Documents and that
the lender shall not take any steps to enforce its rights to recover any monies owing to it by the Borrower and in particular but
without limitation the lender will not institute any legal or quasi-legal proceedings under any jurisdiction at any time against
the Ship, her Earnings or Insurances or the Borrower and it will not compete with the Secured Parties or any of them in a liquidation
or other winding-up or bankruptcy of the Borrower or in any proceedings in connection with the Ship, her Earnings or Insurances.

 

		12.15	Investments

 

The Borrower shall not:

 

		(a)	be the creditor in respect of any loan or any form of credit to any person other than another Obligor
and where such loan or form of credit is Permitted Financial Indebtedness;

 

		(b)	give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person
in respect of any obligation of any other person or enter into any document under which the Borrower assumes any liability of any
other person other than any guarantee or indemnity given under the Finance Documents.

 

		(c)	enter into any material agreement other than:

 

		(i)	the Transaction Documents;

 

		(ii)	any other agreement expressly allowed under any other term of this Agreement; and

 

		(d)	enter into any transaction on terms which are, in any respect, less favourable to the Borrower
than those which it could obtain in a bargain made at arms' length; or

 

		(e)	acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit
issued by major North American or European banks.

 

		12.16	Unlawfulness, invalidity and ranking; security imperilled

 

No Obligor shall do (or fail to
do) or cause or permit another person to do (or omit to do) anything which is likely to:

 

		(a)	make it unlawful for an Obligor to perform any of its obligations under the Transaction Documents;

 

    	 	68	 

     

    

 

		(b)	cause any obligation of an Obligor under the Finance Documents to cease to be legal, valid, binding
or enforceable if that cessation individually or together with any other cessations materially or adversely affects the interests
of the Secured Parties under the Transaction Documents;

 

		(c)	cause any Transaction Document to cease to be in full force and effect;

 

		(d)	cause any Security Interest to rank after, or lose its priority to, any other Security Interest;
and

 

		(e)	imperil or jeopardise any Security Interest.

 

		12.17	Distributions

 

The Borrower shall not make or
pay any distribution (in cash or in kind) in respect of its equity interests other than distributions that are transferred to the
Member or the Guarantor provided that no Event of Default has occurred or is continuing or would result from the payment of any
distribution.

 

		12.18	Loans and guarantees by the Borrower

 

Otherwise than in the ordinary
course of business in its ownership and operation of the Ship following the Delivery Date, the Borrower will not make any loan
or advance or extend credit to any person, firm or corporation (other than as permitted pursuant to paragraph (a) of Clause 12.15
(Investments)), or issue or enter into any guarantee or indemnity or otherwise become directly or contingently liable for
the obligations of any other person, firm or corporation.

 

		12.19	Acquisition of shares

 

The Borrower will not:

 

		(a)	acquire any equity, share capital, assets or obligations of any corporation or other entity; or

 

		(b)	permit any of its limited liability company interests to be directly held other than by the Member.

 

		12.20	Further assurance

 

The Borrower will, from time to
time on being required to do so by the Facility Agent, do or procure the doing of all such acts and/or execute or procure the execution
of all such documents in a form satisfactory to the Facility Agent as the Facility Agent may reasonably consider necessary for
giving full effect to any of the Transaction Documents, the Interest Make-up Agreement or the SACE Insurance Policy or securing
to the Secured Parties the full benefit of the rights, powers and remedies conferred upon the Secured Parties or any of them in
any such Transaction Document, the Interest Make-up Agreement or the SACE Insurance Policy.

 

		12.21	Irrevocable payment instructions

 

The Borrower shall not modify,
revoke or withhold the payment instructions set out in Clause 4.1 (Borrower's irrevocable payment instructions) without
the agreement of the Builder (in the case of paragraph (a) of Clause 4.1 (Borrower's irrevocable payment instructions) only),
the Facility Agent, SACE and the Lenders.

 

    	 	69	 

     

    

 

		12.22	"Know your customer" checks

 

		(a)	If:

 

		(i)	the introduction of or any change in (or in the interpretation, administration or application of)
any law or regulation made after the date of this Agreement;

 

		(ii)	any change in the status of the Borrower after the date of this Agreement; or

 

		(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement
to a party that is not a Lender prior to such assignment or transfer,

 

obliges the Facility Agent or any
Lender (or, in the case of paragraph (a)(iii) of Clause 12.22 ("Know your customer" checks), any prospective new
Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary
information is not already available to it or the Lenders (acting reasonably) require any additional documents to supplement those
already provided, the Borrower shall promptly upon the request of the Facility Agent or any Lender supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender)
or any Lender (for itself or, in the case of the event described in paragraph (a)(iii) of Clause 12.22 ("Know your customer"
checks), on behalf of any prospective new Lender) in order for the Facility Agent and, such Lender to carry out and be satisfied
it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations
pursuant to the transactions contemplated in the Finance Documents.

 

		(b)	Each Lender shall promptly upon the request of a Servicing Party supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Servicing Party (for itself) in order for that Servicing
Party to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

 

		12.23	Shipbuilding Contract

 

		(a)	The Shipbuilding Contract constitutes legal, valid and binding and enforceable obligations of the
Builder and accordingly the Borrower shall not modify the Shipbuilding Contract, directly or indirectly, in such a manner that
would result in a change of the type, principal dimensions or class of the Ship or decrease the value of the Ship by equal to or
greater than 5 per cent. (in aggregate) without the prior written consent of the Lenders and SACE.

 

		(b)	The Borrower will, therefore, submit to the Facility Agent any proposals for any such modification
and SACE and the Facility Agent on behalf of the Lenders will indicate in a timely manner whether the modification proposed will
allow the Loan to be maintained.

 

		(c)	The Borrower also undertakes to notify the Facility Agent of any change in the Intended Delivery
Date as soon as practicable after each change has occurred.

 

    	 	70	 

     

    

 

		(d)	The Borrower shall notify the Facility Agent promptly, and in any event within ten (10) Business
Days of any other changes to the Shipbuilding Contract (other than Minor Modifications) and provide copies of the same to the Facility
Agent.

 

		(e)	The Borrower undertakes to notify the Facility Agent promptly of any termination and/or repudiation
of the Shipbuilding Contract (including a termination and/or repudiation pursuant to article 32 of the Shipbuilding Contract).

 

		(f)	For the avoidance of doubt, all modifications not falling under paragraph (a) above shall be permitted
and the Borrower shall not be obliged to seek or obtain any consent from the Lenders and/or SACE in respect of any such modifications
subject to the notification requirements as set out in paragaphs (d) and (e) above.

 

		12.24	FOREX Contracts

 

The Borrower shall:

 

		(a)	provide the Facility Agent with a copy of all FOREX Contracts together with all relevant details
within ten (10) days of their execution; and

 

		(b)	inform the Facility Agent, when requested by the Facility Agent, of its intended hedging policy
for purchasing Euro with Dollars.

 

The Facility Agent shall inform
the Lenders within ten (10) days of receipt of such information from the Borrower.

 

		12.25	Compliance with laws etc.

 

The Borrower shall:

 

		(a)	comply, or procure compliance with:

 

		(i)	in all material respects (except in the case of compliance with Sanctions which the Borrower shall
comply with in all respects), all laws and regulations relating to it and its business generally; and

 

		(ii)	in all material respects (except in the case of compliance with Sanctions which the Borrower shall
comply with in all respects), all laws or regulations relating to the Ship, its ownership, employment, operation, management and
registration,

 

including the ISM Code, the ISPS
Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag;

 

		(b)	obtain, comply with and do all that is necessary to maintain in full force and effect any Environmental
Approvals which are applicable to it; and

 

		(c)	without limiting paragraph (a) above, not employ the Ship nor allow its employment, operation or
management in any Prohibited Jurisdiction or in any manner contrary to any law or regulation including but not limited to the ISM
Code, the ISPS Code, all Environmental Laws and all Sanctions and applicable anti-corruption laws.

 

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		12.26	Most favoured nations

 

The Borrower shall procure that
if at any time after the date of this Agreement the Guarantor enters into any financial contract or financial document relating
to any Financial Indebtedness with or which has the support of any export credit agency and which contains pari passu provisions
or cross default provisions which are more favourable to the lenders than those contained in paragraph (l) of Clause 11.2 (Continuing
representations and warranties) and Clause 18.6 (Cross default) respectively, the Borrower or the Guarantor shall immediately
notify the Facility Agent of such provisions and the relevant provisions contained in this Agreement shall be deemed amended so
that such more favourable pari passu provisions or cross default provisions are granted to the Creditor Parties pursuant
to this Agreement.

 

		12.27	Code of Ethics and Model

 

		(a)	The Borrower shall not behave so as to cause any of the following persons to violate the principles
set out in the Code of Ethics and/or Model:

 

		(i)	persons who are representatives, administrators or managers of CDP or of any of its organizational
units with financial and functional independence;

 

		(ii)	persons who are managed or supervised by one of the persons referred to in paragraph (i) above;
or

 

		(iii)	external advisors of CDP.

 

		(b)	The Borrower shall maintain adequate internal procedures aimed at preventing liabilities provided
under Legislative Decree 231/01.

 

		(c)	The Borrower shall inform CDP of any (i) new pending litigation against it in relation to administrative
liability provided under Legislative Decree 231/01; (ii) new final judgment under Legislative Decree 231/01, including, without
limitation, any plea bargain (also known as patteggiamento under Italian law) pursuant to article 444 of the Italian code
of criminal procedure; and (iii) new precautionary measures under Legislative Decree 231/01.

 

		13	Ship Undertakings

 

		13.1	Pooling of earnings and charters

 

The Borrower will not without the
prior written consent of the Facility Agent or SACE enter into in respect of the Ship (such consent for the purposes of paragraph
(e) of Clause 13.1 (Pooling of earnings and charters) shall not be unreasonably withheld or delayed), nor permit to exist
at any time following the Delivery Date:

 

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

 

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

 

    	 	72	 

     

    

 

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

 

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

 

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

 

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

 

		(e)	any time charter of the Ship with a company outside the Group (other than a time charter entered
into in the ordinary course of business which does not exceed [*] provided that (x) any such time charter is assigned to
the Security Trustee and (y) during the period of such time charter, the Ship continues to be managed by the existing Approved
Manager), provided however that such consent shall not be unreasonably withheld in the event that:

 

		(i)	such time charter is assigned to the Security Trustee and the Borrower agrees to:

 

		(A)	serve a notice of assignment of any time charter, the Earnings therefrom and any guarantee of the
charterer's obligations on the time charterer and any time charter guarantor; and

 

		(B)	use commercially reasonable endeavours to obtain an acknowledgement of such assignment,

 

and each of the notice of assignment
and acknowledgement of assignment being substantially in the form appended to the General Assignment;

 

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

 

		(iii)	during the term of such time charter, the Ship continues to be managed by the existing Approved
Manager.

 

		13.2	Management and employment

 

The Borrower will not as from the
Delivery Date:

 

		(a)	permit any person other than an Approved Manager to be the manager of, including providing crewing
services to, the Ship, at all times acting upon terms approved in writing by the Facility Agent and having entered into (in the
case of the Approved Manager) an Approved Manager's Undertaking;

 

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

 

    	 	73	 

     

    

 

		(c)	permit the Ship to be employed other than within the Norwegian Cruise Line brand unless the Borrower
notifies the Lenders that they intend to employ the Ship within another brand of the Group and the ship remains employed within
the Group.

 

		13.3	Trading with the United States of America

 

The Borrower shall in respect of
the Ship take all reasonable precautions as from the Delivery Date to prevent any infringements of the Anti-Drug Abuse Act of 1986
of the United States of America (as the same may be amended and/or re-enacted from time to time hereafter) or any similar legislation
applicable to the Ship in any other jurisdiction in which the Ship shall trade (a "Trading Jurisdiction") where
the Ship trades in the territorial waters of the United States of America or a Trading Jurisdiction.

 

		13.4	Valuation of the Ship

 

The following shall apply in relation
to the valuation of the Ship:

 

		(a)	the Borrower will on or before 31 May of each year that commences after the delivery of the Ship,
unless an Event of Default has occurred and remains unremedied, at the Borrower's expense, procure that the Ship is valued by an
Approved Broker (such valuation to be made without taking into account the benefit or otherwise of any fixed employment relating
to the Ship);

 

		(b)	the Borrower shall procure that forthwith upon the issuance of any valuation obtained pursuant
to this Clause 13.4 (Valuation of the Ship) a copy thereof is sent directly to the Facility Agent and the Security Trustee
for review; and

 

		(c)	in the event that the Borrower fails to procure a valuation in accordance with paragraph (a) of
Clause 13.4 (Valuation of the Ship), the Facility Agent shall be entitled to procure a valuation of the Ship on the same
basis.

 

		13.5	Earnings

 

The Borrower will procure that
the Earnings (if any) are paid in full without set off and free and clear of and without deduction for any taxes, levies, duties,
imposts, charges, fees, restrictions or conditions of any nature whatsoever.

 

		13.6	Operation and maintenance of the Ship

 

From the Delivery Date until the
end of the Security Period at its own expense the Borrower will keep the Ship in a good and efficient state of repair so as to
maintain it to the highest classification notation available for the Ship of its age and type free of all recommendations and qualifications
with Bureau Veritas. On the Delivery Date and annually thereafter, it will furnish to the Facility Agent (with copy to the Security
Trustee) a statement by such classification society that such classification notation is maintained. It will comply with all recommendations,
regulations and requirements (statutory or otherwise) from time to time applicable to the Ship and shall have on board as and when
required thereby valid certificates showing compliance therewith and shall procure that all repairs to or replacements of any damaged,
worn or lost parts or equipment are carried out (both as regards workmanship and quality of materials) so as not to diminish the
value or class of the Ship. It will not make any substantial modifications or alterations to the Ship or any part thereof which
would reduce the market and commercial value of the Ship determined in accordance with Clause 13.4 (Valuation of the Ship).

 

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		13.7	Surveys and inspections

 

The Borrower will:

 

		(a)	submit the Ship to continuous survey in respect of its machinery and hull and such other surveys
as may be required for classification purposes and, if so required by the Facility Agent, supply to the Facility Agent (with copy
to the Security Trustee) copies in English of the survey reports;

 

		(b)	permit surveyors or agents appointed by the Facility Agent to board the Ship to inspect its condition
or satisfy themselves as to repairs proposed or already carried out and afford all proper facilities for such inspections provided
that, unless an Event of Default has occurred or there is an accident to the Ship involving repairs the cost of which will
or is likely to exceed [*], such inspections shall be limited to one a year and shall all be at reasonable times.

 

		13.8	ISM Code

 

The Borrower will comply, or procure
that the Approved Manager will comply, with the ISM Code (as the same may be amended from time to time) or any replacement of the
ISM Code (as the same may be amended from time to time) and in particular, without prejudice to the generality of the foregoing,
as and when required to do so by the ISM Code and at all times thereafter:

 

		(a)	hold, or procure that the Approved Manager holds, a valid Document of Compliance duly issued to
the Borrower or the Approved Manager (as the case may be) pursuant to the ISM Code and a valid Safety Management Certificate duly
issued to the Ship pursuant to the ISM Code;

 

		(b)	provide the Facility Agent (with copy to the Security Trustee) with copies of any such Document
of Compliance and Safety Management Certificate as soon as the same are issued; and

 

		(c)	keep, or procure that there is kept, on board the Ship a copy of any such Document of Compliance
and the original of any such Safety Management Certificate.

 

		13.9	ISPS Code

 

The Borrower will comply, or procure
that the Approved Manager will comply, with the ISPS Code (as the same may be amended from time to time) or any replacement of
the ISPS Code (as the same may be amended from time to time) and in particular, without prejudice to the generality of the foregoing,
as and when required to do so by the ISPS Code and at all times thereafter:

 

		(a)	keep, or procure that there is kept, on board the Ship the original of the International Ship Security
Certificate required by the ISPS Code; and

 

		(b)	keep, or procure that there is kept, on board the Ship a copy of the ship security plan prepared
pursuant to the ISPS Code.

 

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		13.10	Annex VI

 

The Borrower will comply with Annex
VI (as the same may be amended from time to time) or any replacement of Annex VI (as the same may be amended from time to time)
and in particular, without limitation, to:

 

		(a)	procure that the Ship's master and crew are familiar with, and that the Ship complies with, Annex
VI; and

 

		(b)	maintain for the Ship throughout the Security Period a valid and current IAPPC and provide a copy
to the Facility Agent (with copy to the Security Trustee); and

 

		(c)	notify the Facility Agent (with copy to the Security Trustee) immediately in writing of any actual
or threatened withdrawal, suspension, cancellation or modification of the IAPPC.

 

		13.11	Employment of Ship

 

The Borrower shall:

 

		(a)	not employ the Ship or permit its employment in any trade or business which is forbidden by any
applicable law or is otherwise illicit or in carrying illicit or prohibited goods or in any manner whatsoever which may render
it liable to condemnation in a prize court or to destruction, seizure or confiscation or that may expose the Ship to penalties.
In the event of hostilities in any part of the world (whether war be declared or not) it will not employ the Ship or permit its
employment in carrying any contraband goods; and

 

		(b)	promptly provide the Facility Agent (with copy to the Security Trustee) with (i) all information
which the Facility Agent may reasonably require regarding the Ship, its employment, earnings, position and engagements (ii) particulars
of all towages and salvages and (iii) copies of all charters and other contracts for its employment and otherwise concerning it.

 

		13.12	Provision of information

 

The Borrower shall give notice
to the Facility Agent and the Security Trustee promptly and in reasonable detail upon the Borrower or any other Obligor becoming
aware of:

 

		(a)	accidents to the Ship involving repairs the cost of which will or is likely to exceed [*];

 

		(b)	the Ship becoming or being likely to become a Total Loss;

 

		(c)	any recommendation or requirement made by any insurer or classification society or by any competent
authority which is not complied with, or cannot be complied with, within any time limit relating thereto and that might reasonably
affect the maintenance of either the Insurances or the classification of the Ship;

 

		(d)	any writ or claim served against or any arrest of the Ship or the exercise of any lien or purported
lien on the Ship, her Earnings or Insurances;

 

		(e)	the Ship ceasing to be registered under the flag of the Maritime Registry or anything which is
done or not done whereby such registration may be imperilled;

 

		(f)	it becoming impossible or unlawful for it to fulfil any of its obligations under the Finance Documents;
and

 

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		(g)	anything done or permitted or not done in respect of the Ship by any person which is likely to
imperil the security created by the Finance Documents.

 

		13.13	Payment of liabilities

 

The Borrower shall promptly pay
and discharge:

 

		(a)	all debts, damages and liabilities, taxes, assessments, charges, fines, penalties, tolls, dues
and other outgoings in respect of the Ship and keep proper books of account in respect thereof provided always that the Borrower
shall not be obliged to compromise any debts, damages and liabilities as aforesaid which are being contested in good faith subject
always that full details of any such contested debt, damage or liability which, either individually or in aggregate exceeds [*]
shall forthwith be provided to the Facility Agent (with copy to the Security Trustee). As and when the Facility Agent may so require
the Borrower will make such books available for inspection on behalf of the Facility Agent and provide evidence satisfactory to
the Facility Agent that the wages and allotments and the insurance and pension contributions of the master and crew are being regularly
paid, that all deductions of crew's wages in respect of any tax liability are being properly accounted for and that the master
has no claim for disbursements other than those incurred in the ordinary course of trading on the voyage then in progress or completed
prior to such inspection;

 

		(b)	all liabilities which have given rise, or may give rise, to liens or claims enforceable against
the Ship under the laws of all countries to whose jurisdiction the Ship may from time to time be subject and in particular the
Borrower hereby agrees to indemnify and hold the Secured Parties, their successors, assigns, directors, officers, shareholders,
employees and agents harmless from and against any and all claims, losses, liabilities, damages, expenses (including attorneys,
fees and expenses and consultant fees) and injuries of any kind whatsoever asserted against the Secured Parties, with respect to
or as a result of the presence, escape, seepage, spillage, release, leaking, discharge or migration from the Ship or other properties
owned or operated by the Borrower of any hazardous substance, including without limitation, any claims asserted or arising under
any applicable environmental, health and safety laws, codes and ordinances, and all rules and regulations promulgated thereunder
of all governmental agencies, regardless of whether or not caused by or within the control of the Borrower subject to the following:

 

		(i)	it is the parties' understanding that the Secured Parties do not now, have never and do not intend
in the future to exercise any operational control or maintenance over the Ship or any other properties and operations owned or
operated by the Borrower, nor in the past, presently, or intend in the future to, maintain an ownership interest in the Ship or
any other properties owned or operated by the Borrower except as may arise upon enforcement of the Lenders' rights under the Mortgage;

 

		(ii)	unless and until an Event of Default shall have occurred and without prejudice to the right of
each Lender to be indemnified pursuant to this paragraph (b) of Clause 13.13 (Payment of liabilities):

 

		(A)	each Lender will, if it is reasonably practicable to do so, notify the Borrower upon receiving
a claim in respect of which the relevant Lender is or may become entitled to an indemnity under this paragraph (b) of Clause 13.13
(Payment of liabilities); and

 

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		(B)	subject to the prior written approval of the relevant Lender which the Lender shall have the right
to withhold, the Borrower will be entitled to take, in the name of the relevant Lender, such action as the Borrower may see fit
to avoid, dispute, resist, appeal, compromise or defend any such claims, losses, liabilities, damages, expenses and injuries as
are referred to above in this paragraph (b) of Clause 13.13 (Payment of liabilities) or to recover the same from any third
party, subject to the Borrower first ensuring that the relevant Lender is secured to its reasonable satisfaction against all expenses
thereby incurred or to be incurred,

 

provided always that the Borrower
shall not be obliged to compromise any liabilities as aforesaid which are being contested in good faith subject always that full
details of any such contested liabilities which, either individually or in aggregate, exceed [*] shall be forthwith provided to
the Facility Agent (with copy to the Security Trustee). If the Ship is arrested or detained for any reason it will procure its
immediate release by providing bail or taking such other steps as the circumstances may require.

 

		13.14	Certificate as to liabilities

 

The Borrower shall give to the
Facility Agent (with copy to the Security Trustee) at such times as it may from time to time reasonably require a certificate,
duly signed on its behalf, as to the total amount of any debts, damages and liabilities relating to the Ship and details of such
of those debts, damages and liabilities as are over a certain amount to be specified by the Facility Agent at the relevant time
and, if so required by the Facility Agent, forthwith discharge such of those debts, damages and liabilities as the Facility Agent
shall require other than those being contested in good faith.

 

		13.15	Modifications

 

The Borrower shall maintain the
type of the Ship as at the Delivery Date and not put the Ship into the possession of any person for the purpose of work being done
on it in an amount exceeding or likely to exceed [*] unless such person shall first have given to the Facility Agent a written
undertaking addressed to the Facility Agent in terms satisfactory to the Facility Agent agreeing not to exercise a lien on the
Ship or her Earnings for the cost of such work or for any other reason (or the Borrower is able to demonstrate to the reasonable
satisfaction of the Facility Agent that the Borrower or the relevant Group company has set aside and will have funds readily available
for payment when due of the cost of the work (to the extent not fully covered by insurance proceeds in the case of a partial loss)).

 

		13.16	Registration of Ship

 

The Borrower shall maintain the
registration of the Ship under and fly the flag of the Maritime Registry and not do or permit anything to be done whereby such
registration may be forfeited or imperilled.

 

		13.17	Environmental Law

 

The Borrower shall comply with
all Environmental Laws, obtain, maintain and ensure compliance with all requisite Environmental Approvals, and implement procedures
to monitor compliance with and to prevent liability under any Environmental Law.

 

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		13.18	Notice of Mortgage

 

The Borrower shall keep the Mortgage
registered against the Ship as a valid first preferred mortgage, carry on board the Ship a certified copy of the Mortgage and place
and maintain in a conspicuous place in the navigation room and the master's cabin of the Ship a framed printed notice stating that
the Ship is mortgaged by the Borrower to the Security Trustee.

 

		13.19	Environmental claims

 

Each Obligor shall, (through the
Guarantor), promptly upon becoming aware of the same, inform the Facility Agent in writing of:

 

		(a)	any Environmental Claim which is likely to result in a Material Adverse Effect against any member
of the Group which is current, pending or threatened; and

 

		(b)	any facts or circumstances which are reasonably likely to result in any Environmental Claim being
commenced or threatened against any member of the Group which is likely to result in a Material Adverse Effect.

 

		13.20	Trading in war zones

 

In the event of hostilities in
any part of the world (whether war is declared or not), the Borrower shall not cause or permit the Ship to enter or trade to any
zone which is declared a war zone by the Ship's war risks insurers unless:

 

		(a)	the prior written consent of the Security Trustee has been given; and

 

		(b)	the Borrower has (at its expense) effected any special, additional or modified insurance cover
which the Security Trustee may require.

 

		14	Insurance Undertakings

 

		14.1	General

 

The undertakings in this Clause
14 (Insurance Undertakings) remain in force on and from the Delivery Date and throughout the rest of the Security Period
except as the Facility Agent may otherwise permit.

 

		14.2	Maintenance of obligatory insurances

 

The Borrower shall insure the Ship
in its name and keep the Ship insured on an agreed value basis for an amount in the currency in which the Loan is denominated approved
by the Facility Agent (acting on the instructions of the Majority Lenders) but not being less than the greater of (x) [*] per cent.
([*]%) of the amount of the Loan; and (y) the full market and commercial value of the Ship determined in accordance with Clause
13.4 (Valuation of the Ship) from time to time through internationally recognised independent first class insurance companies,
underwriters, war risks and protection and indemnity associations acceptable to the Facility Agent (acting on the instruction of
the Majority Lenders), acting reasonably, in each instance on terms and conditions approved by the Facility Agent including as
to deductibles but at least in respect of:

 

		(a)	fire and marine risks including but without limitation hull and machinery and all other risks customarily
and usually covered by first-class and prudent shipowners in the global insurance markets under English or Norwegian marine policies
or Facility Agent-approved policies containing the ordinary conditions applicable to similar Ships;

 

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		(b)	war risks (including terrorism, piracy, blocking and trapping and protection and indemnity war
risks) up to the insured amount;

 

		(c)	excess risks that is to say the proportion of claims for general average and salvage charges and
under the running down clause not recoverable in consequence of the value at which the Ship is assessed for the purpose of such
claims exceeding the insured value;

 

		(d)	protection and indemnity risks with full standard coverage as offered by first-class protection
and indemnity associations which are a member of the International Group of P&I Association and up to the highest limit of
liability available (for oil pollution risk the highest limit currently available is one billion Dollars ($1,000,000,000) and this
to be increased if reasonably requested by the Facility Agent and the increase is possible in accordance with the standard protection
and indemnity cover for Ships of its type and is compatible with prudent insurance practice for first class cruise shipowners or
operators in waters where the Ship trades from time to time from the Delivery Date until the end of the Security Period);

 

		(e)	when and while the Ship is laid-up, in lieu of hull insurance, normal port risks; and

 

		(f)	such other risks as the Facility Agent may from time to time reasonably require;

 

and in any event in respect of
those risks and at those levels covered by first class and prudent owners and/or financiers in the international market in respect
of similar tonnage provided that if any of such insurances are also effected in the name of any other person (other than the Borrower
and/or a Secured Party) such person shall if so required by the Facility Agent execute a first priority assignment of its interest
in such insurances in favour of the Secured Parties in similar terms mutatis mutandis to the relevant provisions of the
General Assignment.

 

		14.3	Mortgagee's interest and pollution risks insurances

 

The Facility Agent shall take out
mortgagee interest insurance on such conditions as the Facility Agent may reasonably require and mortgagee interest insurance for
pollution risks as from time to time agreed each for an amount in the currency in which the Loan is denominated of [*] per cent.
([*]%) of the amount of the Loan, the Borrower having no interest or entitlement in respect of such policies; the Borrower shall
upon demand of the Facility Agent reimburse the Facility Agent for the costs of effecting and/or maintaining any such insurance(s).

 

		14.4	Trading in the United States of America

 

If the Ship shall trade in the
United States of America and/or the Exclusive Economic Zone of the United States of America (the "EEZ") as such
term is defined in the US Oil Pollution Act 1990 ("OPA"), to comply strictly with the requirements of OPA and
any similar legislation which may from time to time be enacted in any jurisdiction in which the Ship presently trades or may or
will trade at any time during the existence of this Agreement and in particular before such trade is commenced and during the entire
period during which such trade is carried on:

 

		(a)	to pay any additional premiums required to maintain full standard protection and indemnity cover
for oil pollution up to the highest limit available to it for the Ship in the market;

 

    	 	80	 

     

    

 

		(b)	to make all such quarterly or other voyage declarations as may from time to time be required by
the Ship's protection and indemnity association and to comply with all obligations in order to maintain such cover, and promptly
to deliver to the Facility Agent (with copy to the Security Trustee) copies of such declarations;

 

		(c)	to submit the Ship to such additional periodic, classification, structural or other surveys which
may be required by the Ship's protection and indemnity insurers to maintain cover for such trade and promptly to deliver to the
Facility Agent copies of reports made in respect of such surveys;

 

		(d)	to implement any recommendations contained in the reports issued following the surveys referred
to in paragraph (c) of Clause 14.4 (Trading in the United States of America) within the time limit specified therein and
to provide evidence satisfactory to the Facility Agent that the protection and indemnity insurers are satisfied that this has been
done;

 

		(e)	in particular strictly to comply with the requirements of any applicable law, convention, regulation,
proclamation or order with regard to financial responsibility for liabilities imposed on the Borrower or the Ship with respect
to pollution by any state or nation or political subdivision thereof, including but not limited to OPA, and to provide the Facility
Agent on demand with such information or evidence as it may reasonably require of such compliance;

 

		(f)	to procure that the protection and indemnity insurances do not contain a clause excluding the Ship
from trading in waters of the United States of America and the EEZ or any other provision analogous thereto and to provide the
Facility Agent with evidence that this is so; and

 

		(g)	strictly to comply with any operational or structural regulations issued from time to time by any
relevant authorities under OPA so that at all times the Ship falls within the provisions which limit strict liability under OPA
for oil pollution.

 

		14.5	Protections for Secured Parties

 

		(a)	The Borrower shall give notice forthwith of any assignment of its interest in the Insurances to
the relevant brokers, insurance companies, underwriters and/or associations in the form approved by the Facility Agent.

 

		(b)	The Borrower shall execute and deliver all such documents and do all such things as may be necessary
to confer upon the Secured Parties legal title to the Insurances in respect of the Ship and to procure that the interest of the
Secured Parties is at all times filed with all slips, cover notes, policies and certificates of entry and to procure (a) that a
loss payable clause in the form approved by the Facility Agent shall be filed with all the hull, machinery and equipment and war
risks policies in respect of the Ship and (b) that a loss payable clause in the form approved by the Facility Agent shall be endorsed
upon the protection and indemnity certificates of entry in respect of the Ship.

 

		(c)	In the event of the Borrower making default in insuring and keeping insured the Ship as hereinbefore
provided then the Facility Agent may (but shall not be bound to) insure the Ship or enter the Ship in such manner and to such extent
as the Facility Agent in its discretion thinks fit and in such case all the cost of effecting and maintaining such insurance together
with interest thereon at the interest rate shall be paid on demand by the Borrower to the Facility Agent.

 

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		14.6	Copies of policies; letters of undertaking

 

The Borrower will procure that
each of the relevant brokers and associations furnishes the Facility Agent with a letter of undertaking in the standard form available
in the relevant insurance market or otherwise in such form as may be required by the Facility Agent and waives any lien for premiums
or calls except in relation to premiums or calls solely attributable to the Ship.

 

		14.7	Payment of premiums

 

The Borrower shall punctually pay
all premiums, calls, contributions or other sums payable in respect of the Insurances on the Ship and to produce all relevant receipts
when so required by the Facility Agent.

 

		14.8	Renewal of obligatory insurances

 

The Borrower shall notify the Facility
Agent (with copy to the Security Trustee) of the renewal of the obligatory insurances at least five (5) days before the expiry
thereof and shall procure that the relevant brokers or associations shall promptly confirm in writing to the Facility Agent (with
copy to the Security Trustee) that such renewal is effected, it being understood by the Borrower that any failure to renew the
Insurances on the Ship at least two (2) days before the expiry thereof or to give or procure the relevant notices of such renewal
shall constitute an Event of Default.

 

		14.9	Guarantees

 

The Borrower shall arrange for
the execution of such guarantees as may from time to time be required by any protection and indemnity and/or war risks association.

 

		14.10	Provision of insurances information

 

The Borrower will furnish the Facility
Agent (with copy to the Security Trustee) from time to time on request with full information about all Insurances maintained on
the Ship and the names of the offices, companies, underwriters, associations or clubs with which such Insurances are placed.

 

		14.11	Alteration to terms of insurances

 

The Borrower shall not make or
agree to any variation in the terms of any of the Insurances on the Ship without the prior approval of the Facility Agent nor to
do any act or voluntarily suffer or permit any act to be done whereby any Insurances shall or may be rendered invalid, void, voidable,
suspended, defeated or unenforceable and not to suffer or permit the Ship to engage in any voyage nor to carry any cargo not permitted
under any of the Insurances without first obtaining the consent of the insurers or reinsurers concerned and complying with such
requirements as to payment of extra premiums or otherwise as the insurers or reinsurers may impose.

 

		14.12	Settlement of claims

 

The Borrower shall not settle,
compromise or abandon any claim in respect of any of the Insurances on the Ship other than a claim of less than [*] Dollars ($[*])
or the equivalent in any other currency and not being a claim arising out of a Total Loss.

 

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		14.13	Application of insurance proceeds

 

The Borrower shall apply or ensure
the appliance of all such sums receivable in respect of the Insurances on the Ship for the purpose of making good the loss and
fully repairing all damage in respect whereof the insurance monies shall have been received.

 

		14.14	Insurance advisers

 

The Facility Agent shall be entitled,
immediately prior to the Delivery Date and thereafter no more frequently than annually on renewals but also additionally at any
time when there is a proposed change of underwriters or the terms of any Insurances, to instruct independent reputable insurance
advisers for the purpose of obtaining any advice or information regarding any matter concerning the Insurances which the Facility
Agent shall deem necessary, it being hereby specifically agreed that the Borrower shall reimburse the Facility Agent on demand
for the costs and expenses incurred by the Facility Agent in connection with the instruction of such advisers subject to a limit
of ten thousand Dollars ($10,000) at the time of delivery of the Ship or in the event of a change of underwriters or of terms of
any Insurances and otherwise ten thousand Dollars ($10,000) annually thereafter.

 

		15	Security Value Maintenance

 

		15.1	Security Shortfall

 

If, upon receipt of a valuation
of the Ship in accordance with Clause 13.4 (Valuation of the Ship), the Security Value shall be less than the Security Requirement,
the Facility Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless
the Ship has become a Total Loss) either:

 

		(a)	prepay within a period of 30 days of the date of receipt by the Borrower of the Facility Agent's
said notice such sum in Dollars as will result in the Security Requirement after such repayment (taking into account any other
repayment of the Loan made between the date of the notice and the date of such prepayment) being equal to the Security Value; or

 

		(b)	within 30 days of the date of receipt by the Borrower of the Facility Agent's said notice constitute
to the reasonable satisfaction of the Facility Agent such further security for the Loan as shall be reasonably acceptable to the
Facility Agent having a value for security purposes (as determined by the Facility Agent in its absolute discretion) at the date
upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Security
Requirement as at such date.

 

Clauses 15.2 (Costs) and
15.4 (Documents and evidence) and paragraph (c) of Clause 16.2 (Voluntary prepayment) shall apply to prepayments
under paragraph (a) of Clause 15.1 (Security Shortfall).

 

		15.2	Costs

 

All costs in connection with the
Facility Agent obtaining any valuation of the Ship referred to in Clause 13.4 (Valuation of the Ship), and obtaining
any valuation either of any additional security for the purposes of ascertaining the Security Value at any time or necessitated
by the Borrower electing to constitute additional security pursuant to paragraph (b) of Clause 15.1 (Security Shortfall)
shall be borne by the Borrower.

 

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		15.3	Valuation of additional security

 

For the purpose of this Clause
15 (Security Value Maintenance), the market value of any additional security provided or to be provided to the Facility
Agent and/or the Security Trustee shall be determined by the Facility Agent and the Security Trustee in their absolute discretion
without any necessity for the Facility Agent or the Security Trustee assigning any reason thereto.

 

		15.4	Documents and evidence

 

In connection with any additional
security provided in accordance with this Clause 15 (Security Value Maintenance), the Facility Agent shall be entitled to
receive such evidence and documents of the kind referred to in Clause 3 (Conditions Precedent) in respect of other Finance
Documents as may in the Facility Agent's opinion be appropriate.

 

		15.5	Valuations binding

 

Any valuation under this Clause
15 (Security Value Maintenance) shall be binding and conclusive as regards the Borrower.

 

		15.6	Provision of information

 

		(a)	The Borrower shall promptly provide the Facility Agent (with copy to the Security Trustee) and
any shipbroker acting under this Clause 15 (Security Value Maintenance) with any information which the Facility Agent or
the shipbroker may reasonably request for the purposes of the valuation.

 

		(b)	If the Borrower fails to provide the information referred to in paragraph (a) above by the date
specified in the request, the valuation may be made on any basis and assumptions which the shipbroker or the Facility Agent considers
prudent.

 

		16	Cancellation, Prepayment and Mandatory Prepayment

 

		16.1	Cancellation

 

		(a)	Subject to paragraph (b) below, at any time between the Effective Date and prior to the end of
the Availability Period, the Borrower may give notice to the Facility Agent in writing that it wishes to cancel the whole or any
part of the available Commitments whereupon (without penalty to the Borrower but without prejudice to any liabilities of the Borrower
including, without limitation, in respect of fees payable or accrued under this Agreement, arising on or prior to the date of such
cancellation) such available Commitments shall terminate upon the date specified in such notice. Any cancellation under this Clause
16.1(a) shall reduce the remaining Commitments of the Lenders rateably.

 

		(b)	If the SBC Effective Date has not occurred by 31 January 2019, then at any time thereafter, the
Borrower may, by written notice (signed by the Borrower, the Member and the Guarantor) to the Facility Agent, terminate this Agreement
and the other Finance Documents and, except for this Clause, Clause 10.11 (Transaction Costs), Clause 33 (Confidentiality)
and the Fee Letter in relation to the Structuring Fee, this Agreement and the other Finance Documents shall, with effect from such
termination, be null and void and no party nor any of its respective parents, subsidiaries, affiliates, officers or employees of
any of the foregoing shall have any further liability or obligation whatsoever (including payment of fees and expenses other than
in respect of fees payable or accrued under this Agreement, arising on or prior to the date of such termination) under or in connection
with this Agreement and/or any other Finance Document or their termination and clause 4(c) of the Fee Letter in relation to the
Structuring Fee shall apply.

 

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		16.2	Voluntary prepayment

 

		(a)	The Borrower may prepay all or part of the Loan (but if in part being an amount that reduces the
Loan by a minimum amount of one (1) repayment instalment of principal of the Loan) together with interest thereon. Such prepayment
shall, regardless of the date on which such prepayment is made, be made together with all of the amounts that SIMEST is entitled
to charge, whether for taxes, costs, expenses, indemnities, penalties, losses or liabilities whatsoever, under and in accordance
with the Interest Make-up Agreement and Clause 20.2 (Breakage costs and SIMEST arrangements) but without any other penalty
provided that the prepayment is made on the last day of an Interest Period and thirty-five (35) days prior written notice indicating
the intended date of prepayment is given to the Facility Agent and the SACE Agent. However, the following amounts shall be payable
to the Facility Agent if any prepayment made pursuant to this Clause 16.2 (Voluntary prepayment) is not made on the last
day of an Interest Period:

 

		(i)	for the account of the Lenders, whether the Borrower elected a Floating Interest Rate or a Fixed
Interest Rate pursuant to Clause 6.1 (Fixed or Floating Interest Rate), the difference (if positive), calculated by the
Lenders and notified by them to the Facility Agent, between the actual cost for the Lenders of the funding for the Loan and the
rate of interest for the monies to be invested by the Lenders, applied to the amounts so prepaid for the period from the said prepayment
until the last day of the Interest Period during which the prepayment occurs (if prepayment does not occur on the last day of that
Interest Period), details of any such calculation being supplied to the Borrower by the Facility Agent on behalf of the Lenders;
or

 

		(ii)	for the account of SIMEST, if the Borrower elected a Fixed Interest Rate pursuant to Clause 6.1
(Fixed or Floating Interest Rate), the sum of charges (if any) imposed by SIMEST representing funding or breakage costs
of the Italian Authorities as more specifically set out in Clause 20 (Indemnities).

 

		(b)	For the avoidance of doubt, regardless of the date on which a voluntary prepayment is made, such
prepayment shall be paid together with all amounts payable in accordance with Clause 20.2 (Breakage costs and SIMEST arrangements)
and if a voluntary prepayment is made other than on the last day of an Interest Period, the prepayment shall be paid together with
such other amounts payable in accordance with Clauses 20.1 (Indemnities regarding borrowing and repayment of Loan) and 20.2
(Breakage costs and SIMEST arrangements).

 

		(c)	If the Borrower has selected the Fixed Interest Rate pursuant to Clause 6.1 (Fixed or Floating
Interest Rate), the SACE Agent shall give SIMEST thirty (30) days written notice of the intended date of prepayment.

 

		16.3	Mandatory prepayment – Sale and Total Loss

 

The Borrower shall be obliged to
prepay the whole of the Loan if the Ship is sold (without prejudice to Clause 12.9 (Disposals)) or becomes a Total Loss:

 

		(a)	in the case of a sale, on or before the date on which the sale is completed by delivery of the
Ship to the buyer; or

 

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		(b)	in the case of a Total Loss, on the earlier of the date falling 120 days after the Total Loss Date
and the date of receipt by the Facility Agent or the Security Trustee (as the case may be) of the proceeds of insurance relating
to such Total Loss.

 

		16.4	Mandatory prepayment – SACE Insurance Policy

 

		(a)	The Borrower shall be obliged to prepay the whole of the Loan if it is or becomes unlawful for
SACE to perform or comply with any or all of its payment obligations pursuant to the SACE Insurance Policy, if the SACE Insurance
Policy is revoked, rescinded, cancelled, terminated, suspended or otherwise becomes unenforceable or ceases to be valid, binding
or in full force and effect.

 

		(b)	In the event that any other event occurs or any other circumstances arise or develop which would
have a material adverse effect on SACE's ability to perform its obligations under the SACE Insurance Policy, the Borrower and the
Lenders shall, provided that no Event of Default has occurred and is continuing, negotiate in good faith for a period of not less
than 30 days with a view to agreeing such revised terms and conditions as the Lenders may require to enable the Lenders to maintain
the entire Loan (and during such 30 day period, no Lender shall be obliged to make available to the Borrower their portion of the
Loan to the extent such amounts have not already been drawn). In the event that following such negotiations the Borrower and the
Lenders fail to agree on such revised terms, the Borrower shall be obliged to prepay, on demand by the Facility Agent, the outstanding
principal amount of the Loan to the extent of the amount covered pursuant to the SACE Insurance Policy. If, during the period while
negotiations are on-going pursuant to this paragraph (b) of Clause 16.4 (Mandatory prepayment – SACE Insurance Policy)
the events described in paragraph (b) of Clause 16.4 (Mandatory prepayment – SACE Insurance Policy) should occur,
the Borrower shall be obliged to prepay the Loan in full as required by paragraph (a) of Clause 16.4 (Mandatory prepayment –
SACE Insurance Policy).

 

		16.5	Other amounts

 

Any prepayment of the whole of
the Loan shall be made together with all other sums due under this Agreement (including, without limitation, the compensation calculated
in accordance with Clause 16.2 (Voluntary prepayment)).

 

		16.6	Application of partial prepayment

 

Amounts prepaid shall be applied
in accordance with paragraph (b) of Clause 19.1 (Receipts).

 

		16.7	No reborrowing

 

Amounts prepaid may not be reborrowed.

 

		17	Interest on Late Payments

 

		17.1	Default rate of interest

 

Without prejudice to the provisions
of Clause 18 (Events of Default) and without this Clause in any way constituting a waiver of terms of payment, all sums
due by the Borrower under this Agreement will automatically bear interest on a day to day basis from the date when they are payable
until the date of actual payment at a rate per annum equal to the higher of:

 

		(a)	where the Floating Interest Rate is applicable, the aggregate of:

 

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		(i)	Overnight LIBOR;

 

		(ii)	the applicable Margin; and

 

		(iii)	[*] per cent. ([*]%) per annum; or

 

		(b)	where the Fixed Interest Rate is applicable, the higher of:

 

		(i)	the Fixed Interest Rate plus [*] per cent. ([*]%) per annum; and

 

		(ii)	Overnight LIBOR plus the applicable Margin plus [*] per cent. ([*]%) per annum.

 

		17.2	Compounding of default interest

 

To the extent permitted by applicable
law, any such interest will itself bear interest at the above rate if it is due for at least three (3) months and thereafter at
three monthly intervals.

 

		18	Events of Default

 

		18.1	Events of Default

 

An Event of Default occurs if any
of the events or circumstances described in Clauses 18.2 (Non-payment) to 18.20 (Material Adverse Change) occur.

 

		18.2	Non-payment

 

Any Obligor fails to pay when due
or (if so payable) on demand any sum payable under a Finance Document or under any document relating to a Finance Document and
such failure is not remedied within three (3) Business Days of the due date or (if payable on demand) within three (3) Business
Days of receiving the demand.

 

		18.3	Non-remediable breaches

 

The Borrower fails to comply with
the provisions of Clauses 12.4 (Sanctions and Illicit payments), 12.5 (Prohibited payments) 12.8 (Negative pledge),
12.9 (Disposals), 12.11 (Mergers) or 12.18 (Loans and guarantees by the Borrower).

 

		18.4	Breach of other obligations

 

		(a)	Any Obligor fails to comply with any provision of any Finance Document (other than a failure to
comply covered by any of the other provisions of Clauses 18.2 (Non-payment) to 18.20 (Material Adverse Change)) and
in particular but without limitation the Guarantor fails to comply with the provisions of clause 11 (Undertakings) of its
Guarantee or there is any material breach in the opinion of the Majority Lenders and SACE of any of the Underlying Documents provided
that (save in respect of Clause 12.27 (Code of Ethics and Model)) no Event of Default shall be deemed to have occurred if,
in the opinion of the Majority Lenders and SACE, such failure or material breach is capable of remedy and is remedied within the
Relevant Period (as defined below) from the date of its occurrence, if the failure or material breach was known to that Obligor,
or from the date the relevant Obligor is notified by the Facility Agent of the failure or material breach, if the failure or material
breach was not known to that Obligor, unless in any such case as aforesaid the Majority Lenders and SACE consider that the failure
or material breach is or could reasonably be expected to become materially prejudicial to the interests, rights or position of
the Lenders, "Relevant Period" meaning
for the purposes of this Clause fifteen (15) days in respect of a remedy period commencing after the date of this Agreement.

 

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		(b)	There is a repudiation or termination of any Transaction Document (save for the Shipbuilding Contract
and, to the extent replaced, any Management Agreement and any charter) or any of the parties thereto becomes entitled to terminate
or repudiate any of them and evidences an intention so to do.

 

		18.5	Misrepresentation

 

Any representation, warranty or
statement made or repeated in, or in connection with, any Transaction Document or the SACE Insurance Policy or in any accounts,
certificate, statement or opinion delivered by or on behalf of any Obligor thereunder or in connection therewith is materially
incorrect or misleading when made or would, if repeated at any time hereafter by reference to the facts subsisting at such time,
no longer be materially correct.

 

		18.6	Cross default

 

		(a)	Any event of default occurs under any financial contract or financial document relating to any
Financial Indebtedness of the Borrower.

 

		(b)	Any such Financial Indebtedness or any sum payable in respect thereof is not paid when due (after
the expiry of any applicable grace period(s)) whether by acceleration or otherwise.

 

		(c)	Any other Financial Indebtedness of any member of the Group is not paid when due or is or becomes
capable of being declared due prematurely by reason of default or any Security Interest securing the same becomes enforceable by
reason of default provided that no Event of Default will arise if the aggregate amount of the relevant Financial Indebtedness and
liabilities secured by the relevant Security Interests is less than [*] Dollars ($[*]) or its equivalent in other currencies.

 

		(d)	Any other Security Interest over any assets of any member of the Group securing any alleged liability
that does not qualify as Financial Indebtedness becomes enforceable where the alleged liability is in respect of a sum of, or sum
aggregating, [*] Dollars ($[*]) or its equivalent in other currencies, unless the alleged liability is being contested in good
faith by appropriate means by the relevant Group member and the Facility Agent is reasonably satisfied that the relevant member
of the Group has reasonable grounds for succeeding in its action.

 

		18.7	Winding-up

 

Any order is made or an effective
resolution passed or other action taken for the suspension of payments or reorganisation, dissolution, termination of existence,
liquidation, winding-up or bankruptcy of any Obligor.

 

		18.8	Appointment of liquidators etc.

 

A liquidator, trustee, administrator,
receiver, administrative receiver, manager or similar officer is appointed in respect of any Obligor or in respect of all or any
substantial part of the assets of any Obligor.

 

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		18.9	Enforcement of any security

 

Any corporate action, legal proceeding
or other procedure or step is taken in relation to enforcement of any security interests over any assets of the Borrower.

 

		18.10	Insolvency

 

		(a)	An Obligor is unable or admits inability to pay its debts as they fall due, is deemed to or declared
to be unable to pay its debts under applicable law, suspends or threatens to suspend making payments on any of its debts.

 

		(b)	The value of the assets of any Obligor is less than its liabilities (taking into account contingent
liabilities).

 

		(c)	A moratorium in respect of all or any debts of any Obligor or a compromise, composition, assignment
or an arrangement with creditors of any Obligor or any similar proceeding or arrangement by which the assets of any Obligor are
submitted to the control of its creditors is applied for, ordered or declared or any Obligor commences negotiations with any one
or more of its creditors with a view to the general readjustment or rescheduling of all or a significant part of its Financial
Indebtedness. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

 

		18.11	Legal process

 

Any corporate action, legal proceeding,
distress, execution, attachment or other process affects the whole or any substantial part of the assets of any Obligor and remains
undischarged for a period of thirty (30) days, any step is taken in relation to enforcement of any security interests over any
assets of any Obligor (other than the Borrower) or any uninsured judgment which, in each case, is in excess of [*] Dollars ($[*])
following final appeal, remains unsatisfied for a period of ten (10) days.

 

		18.12	Analogous events

 

Anything analogous to or having
a substantially similar effect to any of the events specified in Clauses 18.7 (Winding-up) to 18.11 (Legal process)
shall occur under the laws of any applicable jurisdiction.

 

		18.13	Cessation of business

 

Any Obligor ceases to carry on
all or a substantial part of its business.

 

		18.14	Revocation of consents

 

Any authorisation, approval, consent,
licence, exemption, filing, registration or notarisation or other requirement necessary to enable any Obligor to comply with any
of its obligations under any of the Transaction Documents is materially adversely modified, revoked or withheld or does not remain
in full force and effect and within ninety (90) days of the date of its occurrence such event is not remedied to the satisfaction
of the Facility Agent consider that such failure is or might be expected to become materially prejudicial to the interests, rights
or position of the Lenders provided that the Borrower shall not be entitled to the aforesaid ninety (90) day period if the modification,
revocation or withholding of the authorisation, approval or consent is due to an act or omission of any Obligor and the Majority
Lenders and SACE are satisfied that the Lenders' interests might reasonably be expected to be materially adversely affected.

 

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		18.15	Unlawfulness

 

At any time it is unlawful or impossible
for any Obligor to perform any of its material (to the Secured Parties or any of them) obligations under any Transaction Document
to which it is a party or it is unlawful or impossible for the Secured Parties or any Lender to exercise any of their or its rights
under any of the Transaction Documents provided that no Event of Default shall be deemed to have occurred where the unlawfulness
or impossibility does not relate to the payment obligation of any Obligor under any Transaction Document and is cured within the
period of twenty one (21) days of the date of occurrence of the event giving rise to the unlawfulness or impossibility and the
affected Obligor performs its obligation within such period.

 

		18.16	Insurances

 

The Borrower fails to insure the
Ship in the manner specified in Clause 14 (Insurance Undertakings) or fails to renew the Insurances at least five (5) days
prior to the date of expiry thereof and produce prompt confirmation of such renewal to the Facility Agent provided that if the
insurers withdraw their cover an Event of Default shall be deemed to have occurred upon issue of the insurer's notice of withdrawal.

 

		18.17	Disposals

 

If the Borrower or any other Obligor
shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay
or defraud its creditors or any of them, or made or suffered a transfer of any of its property which may be fraudulent under any
bankruptcy, fraudulent conveyance or similar law, or shall have made any transfer of its property to or for the benefit of a creditor
with the intention of preferring such creditor over any other creditor.

 

		18.18	Prejudice to security

 

Anything is done or suffered or
omitted to be done by any Obligor which in the reasonable opinion of the Facility Agent would or might be expected to imperil the
security created by any of the Finance Documents.

 

		18.19	Governmental intervention

 

The authority of any Obligor in
the conduct of its business is wholly or substantially curtailed by any seizure or intervention by or on behalf of any authority
and within ninety (90) days of the date of its occurrence any such seizure or intervention is not relinquished or withdrawn and
the Facility Agent reasonably considers that the relevant occurrence is or might be expected to become materially prejudicial to
the interests, rights or position of the Lenders provided that the Borrower shall not be entitled to the aforesaid ninety (90)
day period if the seizure or intervention executed by any authority is due to an act or omission of any Obligor and the Majority
Lenders and SACE are satisfied that the Lenders' interest might reasonably be expected to be materially adversely affected.

 

		18.20	Material Adverse Change

 

		(a)	Any event or circumstance occurs which results in a Material Adverse Effect.

 

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		(b)	Any event or circumstance occurs (including, without limitation, following the sending of a notice
by the Borrower under paragraph (c) of Clause 12.27 (Code of Ethics and Model)), which results in a material adverse effect
on the ability of the Borrower, also under an economic and/or financial standpoint, to perform its obligations under this Agreement.

 

		18.21	Actions following an Event of Default

 

On, or at any time after, the occurrence
of an Event of Default the Facility Agent may, and if so instructed by the Majority Lenders and SACE (acting through the SACE Agent),
the Facility Agent shall:

 

		(a)	serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender
to the Borrower under this Agreement are terminated; and/or

 

		(b)	serve on the Borrower a notice stating that the Loan (including but without limitation the amount
representing the financed First Instalment and Second Instalment of the SACE Premium), all accrued interest and all other amounts
accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or

 

		(c)	take any other action which, as a result of the Event of Default or any notice served under paragraph
(a) or (b), the Facility Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.

 

		18.22	Termination of Commitments

 

On the service of a notice under
paragraph (a) of Clause 18.21 (Actions following an Event of Default), the Commitments and all other obligations of each
Lender to the Borrower under this Agreement shall terminate.

 

		18.23	Acceleration of Loan

 

On the service of a notice under
paragraph (b) of Clause 18.21 (Actions following an Event of Default), the Loan, all accrued interest and all other amounts
accrued or owing from the Borrower or any Obligor under this Agreement and every other Finance Document shall become immediately
due and payable or, as the case may be, payable on demand.

 

		18.24	Further amounts payable

 

Upon an acceleration of repayment
of the Loan following an Event of Default the Borrower shall be liable to pay compensation calculated in accordance with Clause
16.2 (Voluntary prepayment).

 

		18.25	Multiple notices; action without notice

 

The Facility Agent may serve notices
under paragraphs (a) and (b) of Clause 18.21 (Actions following an Event of Default) simultaneously or on different dates
and it may take any action referred to in paragraph (c) of Clause 18.21 (Actions following an Event of Default) if no such
notice is served simultaneously with or at any time after the service of both or either of such notices.

 

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		18.26	Notification of Secured Parties and Obligors

 

The Facility Agent shall send to
the Italian Authorities, each Lender and each Obligor a copy or the text of any notice which the Facility Agent serves on the Borrower
under Clause 18.21 (Actions following an Event of Default); but the notice shall become effective when it is served
on the Borrower, and no failure or delay by the Facility Agent to send a copy or the text of the notice to any other person shall
invalidate the notice or provide any Obligor with any form of claim or defence.

 

		18.27	Lender's rights unimpaired

 

Nothing in this Clause 18 (Events
of Default) shall be taken to impair or restrict the exercise of any right given to individual Lenders under a Finance Document
or the general law; and, in particular, this Clause is without prejudice to Clauses 2.4 (Creditor Parties' rights and obligations)
and 2.6 (Obligations of Lenders several).

 

		18.28	Exclusion of Secured Party liability

 

No Secured Party, and no receiver
or manager appointed by the Facility Agent, shall have any liability to an Obligor:

 

		(a)	for any loss caused by an exercise of rights under, or enforcement of a Security Interest created
by, a Finance Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or

 

		(b)	as mortgagee in possession or otherwise, for any income or principal amount which might have been
produced by or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the value
of such an asset.

 

		19	Application of Sums Received

 

		19.1	Receipts

 

		(a)	Except as any Finance Document may otherwise provide, all sums received under this Agreement or
any other Finance Document by the Facility Agent, on behalf of the Lenders, the SACE Agent, the Security Trustee, Receiver, Delegate
or by any of the Lenders for any reason whatsoever will be applied in the following order of priority:

 

		(i)	first, in discharging any unpaid fees, costs and expenses of, and any amounts owed to the Facility
Agent, SACE Agent, Security Trustee, any Receiver or any Delegate on a pro rata basis;

 

		(ii)	second, to payments of any kind due or in arrears in the order of their due payment dates due to
the Lenders and Joint Mandated Lead Arrangers in the following order of priority:

 

		(A)	first, to interest payable pursuant to Clause 17 (Interest on Late Payments);

 

		(B)	second, to interest payable pursuant to Clause 6 (Interest);

 

		(C)	third, to the principal of the Loan payable pursuant to Clause 5 (Repayment);

 

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		(D)	fourth, to any sums due pursuant to Clause 20.2 (Breakage costs and SIMEST arrangements);
and

 

		(E)	fifth, to any other sums due under this Agreement or any other Finance Document,

 

and, if relevant,
payments under paragraphs (a)(ii)(A) to (a)(ii)(E) above, shall be made pro rata to each of the Lenders and Joint Mandated
Lead Arrangers as applicable.

 

		(b)	if no payments are in arrears or if these payments have been discharged as set out above, then
and to sums remaining due under this Agreement or any other Finance Document and, if relevant, pro rata to each of the Lenders
and in each case in inverse order of maturity, the interest being recalculated accordingly.

 

		(c)	The Facility Agent shall, if so directed by the Lenders and subject to SACE's prior written consent,
vary the order set out in paragraphs (a)(ii)(A) to (a)(ii)(D) above.

 

		(d)	Paragraphs (a), (b) and (c) above will override any appropriation made by an Obligor.

 

		20	Indemnities

 

		20.1	Indemnities regarding borrowing and repayment of Loan

 

		(a)	The Borrower shall fully indemnify the Facility Agent, SACE Agent, Security Trustee, any Delegate,
any Receiver, each Lender, SACE and SIMEST (but without double counting to the extent that a Lender is making a claim in respect
of amounts owing to SIMEST) on the Facility Agent's demand in respect of all costs, claims, expenses, liabilities and losses which
are made or brought against or incurred by that Secured Party, or which that Secured Party reasonably and with due diligence estimates
that it will incur, as a result of or in connection with:

 

		(i)	the Loan not being borrowed on the date specified in the Drawdown Notice for any reason other than
a default by the Lender claiming the indemnity;

 

		(ii)	the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the
last day of an Interest Period or other relevant period;

 

		(iii)	any failure (for whatever reason) by the Borrower to comply with its obligations to make payment
of any amount due under a Finance Document on the due date or, if so payable, on demand (after giving credit for any default interest
paid by the Borrower on the amount concerned under Clause 17 (Interest on Late Payments));

 

		(iv)	the occurrence and/or continuance of an Event of Default and/or the acceleration of repayment of
the Loan under Clause 18 (Events of Default);

 

		(v)	the taking, holding, protection or enforcement of a Security Interest;

 

		(vi)	the exercise of any of the rights, powers, discretions, authorities and remedies vested in the
Security Trustee, each Receiver and each Delegate by a Finance Document or by law;

 

		(vii)	any default by any Obligor in the performance of any of the obligations expressed to be assumed
by it in the Finance Documents; and

 

    	 	93	 

     

    

 

		(viii)	acting as Facility Agent, SACE Agent, Security Trustee, Receiver or Delegate under the Finance
Documents or which otherwise relates to any of the Security Interests or Security Property (otherwise, in each case, excluding
sub-paragraphs (v) and (vi) above, than by reason of the relevant Facility Agent's, Security Trustee's, Receiver's or Delegate's
Gross Negligence or wilful misconduct).

 

		(b)	The Security Trustee and every Receiver and Delegate may, in priority to any payment to the Secured
Parties, indemnify itself out of the Security Property in respect of, and pay and retain, all sums necessary to give effect to
the indemnity in this Clause 20.1 (Indemnities regarding borrowing and repayment of Loan) and shall have a lien on the Security
Interests and the proceeds of the enforcement of the Security Interests for all moneys payable to it.

 

		20.2	Breakage costs and SIMEST arrangements

 

Without limiting its generality,
Clause 20.1 (Indemnities regarding borrowing and repayment of Loan) covers:

 

		(a)	any claim, expense, liability or loss, including a loss of a prospective profit, incurred by a
Lender in liquidating or employing deposits from third parties acquired or arranged to fund or maintain all or any part of its
Contribution and/or any overdue amount (or an aggregate amount which includes its Contribution or any overdue amount);

 

		(b)	if the Borrower has selected the Fixed Interest Rate in accordance with Clause 6.1 (Fixed or
Floating Interest Rate), the CIRR Break Costs; and

 

		(c)	any other costs whatsoever or howsoever arising under or in respect of the Interest Make-up Agreement
which are passed to the SACE Agent,

 

and any such costs imposed by SIMEST
shall be paid by the Borrower to SIMEST through the SACE Agent.

 

		20.3	Miscellaneous indemnities

 

The Borrower shall fully indemnify
each Secured Party severally on their respective demands in respect of all claims, expenses, liabilities and losses which may be
made or brought against or incurred by a Secured Party, in any country, as a result of or in connection with:

 

		(a)	any action taken, or omitted or neglected to be taken, under or in connection with any Finance
Document by the Facility Agent or any other Secured Party or by any receiver appointed under a Finance Document;

 

		(b)	any other Pertinent Matter,

 

other than claims, expenses, liabilities
and losses which are shown to have been directly and mainly caused by the relevant Secured Party's (or its officers' or employees')
Gross Negligence or wilful misconduct.

 

Without prejudice to its generality,
this Clause 20.3 (Miscellaneous indemnities) covers (i) any claims, expenses, liabilities and losses which arise, or
are asserted, under or in connection with any law relating to safety at sea, the ISM Code or any Environmental Laws or any Sanctions
and (ii) any claims, expenses, liabilities (including, without limitation, under a reputational standpoint) and losses which arise,
or are asserted, against CDP under or in connection with any breach by the Borrower of any of the provisions of paragraphs (ll)
to (pp) of Clause 11.2 (Continuing representations and warranties) and/or of Clause 12.27 (Code of Ethics and Model).

 

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		20.4	Currency indemnity

 

If any sum due from an Obligor
to a Secured Party under a Finance Document or under any order or judgment relating to a Finance Document has to be converted from
the currency in which the Finance Document provided for the sum to be paid (the "Contractual
Currency") into another currency (the "Payment
Currency") for the purpose of:

 

		(a)	making or lodging any claim or proof against an Obligor, whether in its liquidation, any arrangement
involving it or otherwise; or

 

		(b)	obtaining an order or judgment from any court or other tribunal; or

 

		(c)	enforcing any such order or judgment,

 

the Borrower shall indemnify the
Secured Party concerned against the loss arising when the amount of the payment actually received by that Secured Party is converted
at the available rate of exchange into the Contractual Currency.

 

In this Clause 20.4 (Currency
indemnity) the "available rate of exchange"
means the rate at which the Secured Party concerned is able at the opening of business (Paris time) on the Business Day after it
receives the sum concerned to purchase the Contractual Currency with the Payment Currency.

 

This Clause 20.4 (Currency indemnity)
creates a separate liability of the Borrower which is distinct from its other liabilities under the Finance Documents and which
shall not be merged in any judgment or order relating to those other liabilities.

 

		20.5	Certification of amounts

 

A notice which is signed by 2 officers
of a Secured Party, which states that a specified amount, or aggregate amount, is due to that Secured Party under this Clause 20
(Indemnities) and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which
the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due.

 

		20.6	Sums deemed due to a Lender

 

For the purposes of this Clause
20 (Indemnities), a sum payable by the Borrower to the Facility Agent for distribution to a Lender shall be treated as a
sum due to that Lender.

 

		20.7	SACE obligations

 

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

 

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		21	Illegality, etc.

 

		21.1	Illegality and Sanctions

 

This Clause 21 (Illegality,
etc.) applies if:

 

		(a)	a Lender (the "Notifying Lender")
notifies the Facility Agent that:

 

		(i)	it is or becomes unlawful or contrary to any law, regulation (including Sanctions) – including
by way of civil, administrative or criminal liability - in any applicable jurisdiction for the Notifying Lender to perform any
of its obligations as contemplated by the Finance Documents or to fund its participation in the Loan; and/or

 

		(ii)	it is or becomes unlawful or contrary to any law, regulation (including Sanctions) – including
by way of civil, administrative or criminal liability - in any applicable jurisdiction for the Notifying Lender to maintain its
participation in the Loan; or

 

		(b)	an Obligor is or becomes a Prohibited Person,

 

(such event, an "Illegality
or Sanctions Event").

 

		21.2	Notification of illegality

 

The Borrower
shall promptly notify the Facility Agent of the occurrence of an event under Clause 21.1(b) above and the Facility Agent shall
promptly notify the Lenders. The Facility Agent shall promptly notify the Borrower, the Obligors and the other Lenders of the notice
under Clause 21.1(a) which the Facility Agent receives from the Notifying Lender.

 

		21.3	Prepayment; termination of Commitment

 

		(a)	Upon the Facility Agent notifying the Borrower of an event under Clause 21.1(a)(i) above, the Notifying
Lender's Commitment will be immediately suspended and that Lender shall act in accordance with Clause 21.4 (Mitigation).
To the extent no alternative arrangements have been agreed in accordance with Clause 21.4 (Mitigation) within the earlier
of (i) the grace period permitted by law and (ii) a period of 15 Business Days from the date on which the Facility Agent became
aware of the event (or if the mitigation or grace period described above is not permissible under applicable Sanctions, immediately
upon the Facility Agent becoming aware of that event), the Notifying Lender may cancel, by notice to the Facility Agent (which
notice the Facility Agent shall promptly send to the Borrower), its available Commitment;

 

		(b)	upon the Facility Agent notifying the Borrower of an event under Clause 21.1(a)(ii) above, the
Notifying Lender shall act in accordance with Clause 21.4 (Mitigation). To the extent no alternative arrangements have been
agreed in accordance with Clause 21.4 (Mitigation), within the earlier of (i) the grace period permitted by law and (ii)
a period of 15 Business Days from the date on which the Facility Agent became aware of the event (or if the mitigation or grace
period described above is not permissible under applicable Sanctions, immediately upon the Facility Agent becoming aware of that
event) the Notifying Lender may require prepayment of its share of any Loan, in which case, that Lender's share of such Loan shall
be prepaid in accordance with paragraph (d) below;

 

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		(c)	upon the Borrower notifying the Facility Agent and the Facility Agent notifying the Lenders of
an event under Clause 21.1(b) above, the Lenders shall act in accordance with Clause 21.4 (Mitigation). To the extent no
alternative arrangements have been agreed in accordance with Clause 21.4 (Mitigation), within the earlier of (i) the grace
period permitted by law and (ii) a period of 15 Business Days from the date on which the Facility Agent became aware of the event
(or if the mitigation or grace period described above is not permissible under applicable Sanctions, immediately upon the Facility
Agent becoming aware of that event) any Lender may cancel, by notice to the Facility Agent (which notice the Facility Agent shall
promptly send to the Borrower), its available Commitment and may require prepayment of its share of any Loan, in which case, that
Lender's share of such Loan shall be prepaid in accordance with paragraph (d) below;

 

		(d)	The date for repayment or prepayment of a Lender's share in the Loan will be:

 

		(i)	the date specified by the Facility Agent in the notification under Clause 21.2 above; or

 

		(ii)	the last day of the current Interest Period for the Loan or, if earlier, the date specified by
the Lender in the notification under paragraph (a) above and which must not be earlier than the last day of any applicable grace
period allowed by law.

 

		21.4	Mitigation

 

		(a)	Each Creditor Party shall, in consultation with the Borrower, take all reasonable steps to mitigate
any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant
to Clause 21.1 (Illegality and Sanctions) or Clause 10 (Taxes, Increased Costs, Costs and related Charges) including
(but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.

 

		(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance
Documents.

 

		22	Set-Off

 

		22.1	Application of credit balances

 

Each Creditor Party may without
prior notice:

 

		(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account
in the name of the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due
from the Borrower to that Creditor Party under any of the Finance Documents; and

 

		(b)	for that purpose:

 

		(i)	break, or alter the maturity of, all or any part of a deposit of the Borrower;

 

		(ii)	convert or translate all or any part of a deposit or other credit balance into Dollars;

 

		(iii)	enter into any other transaction or make any entry with regard to the credit balance which the
Creditor Party concerned considers appropriate.

 

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		22.2	Existing rights unaffected

 

No Creditor Party shall be obliged
to exercise any of its rights under Clause 22.1 (Application of credit balances); and those rights shall be without prejudice
and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party
is entitled (whether under the general law or any document).

 

		22.3	Sums deemed due to a Lender

 

For the purposes of this Clause
22 (Set-Off), a sum payable by the Borrower to the Facility Agent for distribution to, or for the account of, a Lender shall
be treated as a sum due to that Lender; and each Lender's proportion of a sum so payable for distribution to, or for the account
of, the Lenders shall be treated as a sum due to such Lender.

 

		22.4	No Security Interest

 

This Clause 22 (Set-Off)
gives the Creditor Parties a contractual right of set-off only, and does not create any equitable charge or other Security Interest
over any credit balance of the Borrower.

 

		23	Bail-In

 

Notwithstanding any other term
of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each Party
acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents
may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

 

		(a)	any Bail-In Action in relation to any such liability, including (without limitation):

 

		(i)	a reduction, in full or in part, in the principal amount, or outstanding amount due (including
any accrued but unpaid interest) in respect of any such liability;

 

		(ii)	a conversion of all, or part of, any such liability into shares or other instruments of ownership
that may be issued to, or conferred on, it; and

 

		(iii)	a cancellation of any such liability; and

 

		(b)	a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-in
Action in relation to any such liability.

 

		24	Changes to the Lenders

 

		24.1	Transfer by a Lender

 

Subject to Clause 24.2 (Conditions
of assignment or transfer), Clause 24.5 (No transfer without Transfer Certificate), Clause 24.17 (Assignment or transfer
to SACE) and Clause 24.14 (Change of Facility Office), a Lender (the "Transferor
Lender") may at any time provided they have obtained the prior written consent of the Italian Authorities cause:

 

		(a)	its rights in respect of all or part of its Contribution; or

 

		(b)	its obligations in respect of all or part of its Commitment; or

 

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		(c)	a combination of (a) and (b),

 

to be (in the case of its rights)
transferred to, or (in the case of its obligations) assumed by, in whole or in part any of its Affiliates or another bank or financial
institution or a trust, fund, insurance or reinsurance company or other entity which is regularly engaged in or established for
the purpose of making, purchasing or investing in loans, securities or other financial assets (a "Transferee
Lender") by delivering to the Facility Agent a completed certificate in the form set out in Schedule 4 (Form
of Transfer Certificate) with any modifications approved or required by the Facility Agent (a "Transfer
Certificate") executed by the Transferor Lender and the Transferee Lender.

 

However any rights and obligations
of the Transferor Lender in its capacity as Facility Agent or Security Trustee will have to be dealt with separately in accordance
with the provisions of Clauses 26 (Role of the Facility Agent and the Joint Mandated Lead Arrangers) and 27 (The Security
Trustee) respectively.

 

		24.2	Conditions of assignment or transfer

 

		(a)	The consent of the Borrower is required at all times (subject to the provisions of Clauses 24.5
(No transfer without Transfer Certificate) and 24.17 (Assignment or transfer to SACE)) for an assignment or transfer
by an Transferor Lender, unless (i) there is an Event of Default or (ii) the assignment or transfer is to another Lender or an
Affiliate of a Lender or a vehicle (including trusts or funds) whose majority shares or notes are held by a Lender or an Affiliate
of a Lender.

 

		(b)	The consent of the Borrower to an assignment or transfer must not be unreasonably withheld or delayed.
The Borrower will be deemed to have given its consent ten (10) Business Days after the Transferor Lender has requested it unless
consent is expressly refused by that Borrower within that time.

 

		(c)	The assignment or transfer must be with respect to a minimum Commitment of [*]Dollars ($[*]) or,
if less, the Transferor Lender's full Commitment.

 

		24.3	Transfer Certificate, delivery and notification

 

As soon as reasonably practicable
after a Transfer Certificate is delivered to the Facility Agent, it shall (unless it has reason to believe that the Transfer Certificate
may be defective):

 

		(a)	sign the Transfer Certificate on behalf of itself, the Borrower, any other Obligors, the Security
Trustee and each of the other Lenders;

 

		(b)	on behalf of the Transferee Lender, send to the Borrower and each Obligor letters or faxes notifying
them of the Transfer Certificate and attaching a copy of it; and

 

		(c)	send to the Transferee Lender copies of the letters or faxes sent under paragraph (b) above,

 

but the Facility Agent shall only
be obliged to execute a Transfer Certificate delivered to it by the Transferor Lender and the Transferee Lender once it is satisfied
that itself and the Security Trustee have complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations in relation to the transfer to that Transferee Lender.

 

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		24.4	Effective Date of Transfer Certificate

 

A Transfer Certificate becomes
effective on the date, if any, specified in the Transfer Certificate as its effective date, provided that it is signed by the Facility
Agent under Clause 24.3 (Transfer Certificate, delivery and notification) on or before that date.

 

		24.5	No transfer without Transfer Certificate

 

Except as provided in Clause 24.16
(Security over Lenders' rights), no assignment or transfer of any right or obligation of a Lender under any Finance Document
is binding on, or effective in relation to, the Borrower, any Obligor, the Facility Agent or the Security Trustee unless it is
effected, evidenced or perfected by a Transfer Certificate.

 

		24.6	Lender re-organisation; waiver of Transfer Certificate

 

However, if a Lender enters into
any merger, de-merger or other reorganisation as a result of which all its rights or obligations vest in another person (the "successor"),
the Facility Agent may, if it sees fit, by notice to the successor and the Borrower and the Security Trustee waive the need for
the execution and delivery of a Transfer Certificate; and, upon service of the Facility Agent's notice, the successor shall become
a Lender with the same Commitment and Contribution as were held by the predecessor Lender.

 

		24.7	Effect of Transfer Certificate

 

A Transfer Certificate takes effect
in accordance with English law as follows:

 

		(a)	to the extent specified in the Transfer Certificate, all rights and interests (present, future
or contingent) which the Transferor Lender has under or by virtue of the Finance Documents are assigned to the Transferee Lender
absolutely, free of any defects in the Transferor Lender's title and of any rights or equities which the Borrower or any Obligor
had against the Transferor Lender;

 

		(b)	the Transferor Lender's Commitment is discharged to the extent specified in the Transfer Certificate;

 

		(c)	the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor
Lender and a Commitment of an amount specified in the Transfer Certificate;

 

		(d)	the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable
to the Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and the indemnification
of, the Facility Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions
(other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them;

 

		(e)	any part of the Loan which the Transferee Lender advances after the Transfer Certificate's effective
date ranks in point of priority and security in the same way as it would have ranked had it been advanced by the Transferor Lender,
assuming that any defects in the Transferor Lender's title and any rights or equities of the Borrower or any Obligor against the
Transferor Lender had not existed;

 

		(f)	the Transferee Lender becomes entitled to all the rights under the Finance Documents which are
applicable to the Lenders generally, including but not limited to those relating to the Majority Lenders and those under paragraph
(b) of Clause 6.6 (Unavailability of Screen Rate)and Clause 9 (Fees), and to the extent that the Transferee Lender
becomes entitled to such rights, the Transferor Lender ceases to be entitled to them; and

 

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		(g)	in respect of any breach of a warranty, undertaking, condition or other provision of a Finance
Document or any misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to
recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether
the original Lender would have incurred a loss of that kind or amount.

 

The rights and equities of the
Borrower or any Obligor referred to above include, but are not limited to, any right of set off and any other kind of cross-claim.

 

		24.8	Maintenance of register of Lenders

 

During the Security Period the
Facility Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative details
(including the Facility Office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance
with Clause 24.4 (Effective Date of Transfer Certificate)) of the Transfer Certificate; and the Facility Agent shall make
the register available for inspection by any Lender, the Security Trustee and the Borrower during normal banking hours, subject
to receiving at least 3 Business Days' prior notice.

 

		24.9	Reliance on register of Lenders

 

The entries on that register shall,
in the absence of manifest error, be conclusive in determining the identities of the Lenders and the amounts of their Commitments
and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Facility Agent and the other parties
to the Finance Documents for all purposes relating to the Finance Documents.

 

		24.10	Authorisation of Facility Agent to sign Transfer Certificates

 

The Borrower, the Security Trustee
and each Lender irrevocably authorise the Facility Agent to sign Transfer Certificates on its behalf.

 

		24.11	Fees and Costs

 

In respect of any Transfer Certificate:

 

		(a)	the Facility Agent shall be entitled to recover a registration fee of five thousand Euros (€5,000)
from the Transferor Lender or (at the Facility Agent's option) the Transferee Lender;

 

		(b)	the Transferee Lender shall pay to the Facility Agent, upon demand, all reasonable costs and expenses,
duties and fees, including but without limitation legal costs and out of pocket expenses, incurred by the Facility Agent or the
Lenders in connection with any necessary amendment to or supplementing of the Transaction Documents or any of them or the SACE
Insurance Policy as a consequence of the assignment or transfer; and

 

		(c)	the Transferee Lender shall pay to the Facility Agent, upon demand, such amount as is payable to
the Italian Authorities to cover its costs of giving its approval under Clause 24.1 (Transfer by a Lender).

 

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		24.12	Sub-participation; subrogation assignment

 

A Lender may sub-participate all
or any part of its rights and/or obligations under or in connection with the Finance Documents without the consent of, or any notice
to, the Borrower, any Obligor, the Facility Agent or the Security Trustee but with the prior written consent of SACE.

 

		24.13	Disclosure of information

 

A Lender may disclose to a potential
Transferee Lender or sub participant any information which the Lender has received in relation to the Borrower, any Obligor or
their affairs under or in connection with any Finance Document, unless the information is clearly of a confidential nature.

 

		24.14	Change of Facility Office

 

Subject to the prior written consent
of SACE, a Lender may change its Facility Office by giving notice to the Facility Agent and the change shall become effective on
the later of:

 

		(a)	the date on which the Facility Agent receives the notice; and

 

		(b)	the date, if any, specified in the notice as the date on which the change will come into effect,
provided that if (i) a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its
Facility Office, and (ii) as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor
would be obliged to make a payment or an increased payment to the new Lender or Lender acting through its new Facility Office under
Clause 10 (Taxes, Increased Costs, Costs and related Charges), then the new Lender or Lender acting through its new Facility
Office is only entitled to receive payment under that Clause to the same extent as the existing Lender or Lender acting through
its previous Facility Office would have been if the assignment, transfer or change had not occurred.

 

		24.15	Notification

 

On receiving such a notice, the
Facility Agent shall notify the Borrower and the Security Trustee; and, until the Facility Agent receives such a notice, it shall
be entitled to assume that a Lender is acting through the Facility Office of which the Facility Agent last had notice.

 

		24.16	Security over Lenders' rights

 

In addition to
the other rights provided to Lenders under this Clause 24 (Changes to the Lenders) each Lender may without consulting with
or obtaining consent from the Borrower or any Obligor but subject to the prior written consent of SACE, at any time charge, assign
or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any
Finance Document to secure obligations of that Lender (i) to the benefit of any Affiliate and/or (ii) within the framework of its,
or its Affiliates', direct or indirect funding operations including, without limitation:

 

		(a)	any charge, assignment or other Security Interest to secure obligations to a federal reserve, central
bank or a multilateral development bank (including the European Investment Bank and the European Investment Fund); and

 

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		(b)	in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted
to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security
for those obligations or securities;

 

except that no such charge, assignment
or Security Interest shall:

 

		(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
of the relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents; or

 

		(ii)	alter the obligations of the Obligor or require any payments to be made by the Borrower or any
Obligor or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under
the Finance Documents.

 

Notwithstanding
any provision to the contrary, upon the enforcement of any charge, assignment or other Security Interest referred to in paragraph
(a) above, the beneficiary thereof (the "Beneficiary") shall deliver a notice of that enforcement to the Facility Agent
(such notice to take effect in accordance with its terms) and the Beneficiary shall, upon fulfilment of the conditions referred
to in Clauses 24.2 and 24.3, become party as a new Lender in respect of the rights which are subject to that charge, assignment
or Security Interest.

 

The Borrower
shall comply with all necessary formalities, if any, and take all steps necessary in order to ensure the enforceability, recognition,
priority and enforcement of the charge, assignment or Security Interest granted pursuant to this Clause 24.16.

 

		24.17	Assignment or transfer to SACE or as directed by SACE

 

		(a)	Notwithstanding the above provisions of this Clause 24 (Changes to the Lenders) each Lender
and the Facility Agent may, if so requested by SACE in accordance with the provisions of the SACE Insurance Policy and without
any requirement for the consent of any Obligor, assign its rights or (as the case may be) transfer its rights and obligations to
SACE or to any person specified by SACE (but for the avoidance of doubt, SACE will not assume any of the Lenders' obligations (if
any) under this Agreement), which assignment or transfer shall take effect upon the date stated in the relevant documentation subject
to the relevant parties being satisfied that they have complied with all necessary "know your customer" requirements
in relation to such assignment or transfer.

 

		(b)	The Facility Agent shall promptly notify the Borrower of any such assignment or transfer to SACE
(or as directed by SACE) and, following an Event of Default, the Borrower shall pay to the Facility Agent, upon demand, all reasonable
costs and expenses, duties and fees, including but without limitation, legal costs and out of pocket expenses, incurred by SACE,
the Facility Agent or the Lenders in connection with any such assignment or transfer.

 

		24.18	Assignment or transfer by SACE

 

		(a)	SACE may, without any requirement for the consent of any Obligor, assign its rights or (as the
case may be) transfer its rights under this Agreement, the Finance Documents or the SACE Insurance Policy to:

 

		(i)	providers of reinsurance, counter-guarantee or any form of risk enhancement (in each case, in favour
of SACE);

 

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		(ii)	pursuant to article 32 of the Italian law decree no. 91/2014 converted into law 116/2014; or

 

		(iii)	following any payment under the SACE Insurance Policy, any person.

 

		(b)	The Facility Agent shall promptly notify the Obligors of such assignment or transfer by SACE and,
following an Event of Default, the Obligors shall pay to the Facility Agent, within three (3) Business Days of a demand, all reasonable
costs and expenses, duties and fees, including but without limitation, legal costs and out of pocket expenses, incurred by SACE,
the Facility Agent or the Lenders in connection with any such assignment or transfer.

 

		24.19	No prejudice to SACE rights

 

Nothing in the Finance Documents
shall prejudice or otherwise limit:

 

		(a)	the rights of any Lender to assign its rights or transfer its rights and obligations, under or
in connection with, any Finance Document, to SACE or as directed by SACE, or the rights of SACE to assign its rights or (as the
case may be) transfer its rights and obligations pursuant to Clause 24.18 (Assignment or transfer by SACE); and

 

		(b)	the right of SACE to be subrogated to any Lender's rights under, or in connection with, any Finance
Document.

 

		24.20	SACE's power to direct

 

		(a)	The Creditor Parties agree and the Obligors acknowledge that SACE has the right to direct the decision
making of the Facility Agent, including (without limitation) following an Event of Default; and

 

		(b)	to the extent SACE makes any payment to the Creditor Parties under the SACE Insurance Policy in
respect of principal and/or following an assignment or transfer pursuant to Clause 24.17 (Assignment or transfer to SACE or
as directed by SACE) or Clause 24.18 (Assignment or transfer by SACE), SACE shall be entitled to exercise all voting
rights with respect to the relevant principal as if the relevant corresponding Commitment had been transferred to it.

 

		24.21	Definition of Affiliate

 

For the purposes of this Clause
24 (Changes to the Lenders), the definition of "Affiliate" in respect of Crédit Agricole Corporate and
Investment Bank shall, for the avoidance of doubt, include any other member of Crédit Agricole Group, and in particular:

 

		(a)	Crédit Agricole S.A.;

 

		(b)	Caisses Régionales de Crédit Agricole;

 

		(c)	Crédit Agricole Assurances;

 

		(d)	LCL SA; and/or

 

		(e)	any company or legal entity in which one or more of the companies or entities referred to in paragraphs
(a) to (d) above, together or separately, owns a direct majority interest.

 

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		25	Changes to the Obligors

 

		25.1	No change without consent

 

No Obligor may assign any of its
rights or transfer any of its rights or obligations under the Finance Documents.

 

		26	Role of the Facility Agent, the Joint Mandated Lead Arrangers, the SACE Agent and the Reference
Banks

 

		26.1	Appointment of the Facility Agent

 

		(a)	Each other Creditor Party appoints the Facility Agent to act as its agent under and in connection
with this Agreement, the other Finance Documents and the Interest Make-Up Agreement.

 

		(b)	Each other Creditor Party authorises the Facility Agent to exercise the rights, powers, authorities
and discretions specifically given to the Facility Agent under or in connection with the Finance Documents together with any other
incidental rights, powers, authorities and discretions.

 

		26.2	Duties of the Facility Agent

 

		(a)	The Facility Agent shall promptly forward to a Party the original or a copy of any document which
is delivered to the Facility Agent for that Party by any other Party.

 

		(b)	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged
to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(c)	If the Facility Agent receives notice from a Party referring to this Agreement, describing an Event
of Default and stating that the circumstance described is an Event of Default, it shall promptly notify the other Secured Parties.

 

		(d)	If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or
other fee payable to a Secured Party (other than the Facility Agent or a Joint Mandated Lead Arranger) under this Agreement it
shall promptly notify the other Secured Parties.

 

		(e)	The Facility Agent's duties under the Finance Documents are solely administrative in nature.

 

		26.3	Role of Joint Mandated Lead Arrangers

 

None of the Joint Mandated Lead
Arrangers has any obligations of any kind to any other Party under or in connection with any Transaction Document, the Interest
Make-Up Agreement or the SACE Insurance Policy.

 

		26.4	No fiduciary duties

 

		(a)	Nothing in this Agreement constitutes the Facility Agent or any of the Joint Mandated Lead Arrangers
as a trustee or fiduciary of any other person.

 

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		(b)	Neither the Facility Agent nor any of the Joint Mandated Lead Arrangers shall be bound to account
to any Lender for any sum or the profit element of any sum received by it for its own account.

 

		26.5	Business with the Guarantor

 

The Facility Agent and each of
the Joint Mandated Lead Arrangers may accept deposits from, lend money to and generally engage in any kind of banking or other
business with any Affiliate or Subsidiary of the Guarantor.

 

		26.6	Rights and discretions of the Facility Agent

 

		(a)	The Facility Agent may rely on:

 

		(i)	any representation, notice or document believed by it to be genuine, correct and appropriately
authorised; and

 

		(ii)	any statement made by a director, manager, authorised signatory or employee of any person regarding
any matters which may reasonably be assumed to be within his knowledge or within his power to verify.

 

		(b)	The Facility Agent may assume (unless it has received notice to the contrary in its capacity as
agent for the Lenders) that:

 

		(i)	no Event of Default has occurred (unless it has actual knowledge of an Event of Default); and

 

		(ii)	any right, power, authority or discretion vested in any Party or the Lenders has not been exercised.

 

		(c)	The Facility Agent may engage, pay for and rely on the advice or services of any lawyers, accountants,
surveyors or other experts.

 

		(d)	The Facility Agent may act in relation to the Finance Documents through its personnel and agents.

 

		(e)	The Facility Agent may disclose to any other Party any information it reasonably believes it has
received as the Facility Agent under this Agreement.

 

		(f)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility
Agent nor any of the Joint Mandated Lead Arrangers is obliged to do or omit to do anything if it would or might in its reasonable
opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

 

		26.7	Lenders' and SACE's instructions

 

		(a)	Unless a contrary indication appears in a Finance Document, the Facility Agent (and in the case
of SACE, the SACE Agent) shall:

 

		(i)	exercise any right, power, authority or discretion vested in it as Facility Agent (or as SACE Agent
as the case may be) in accordance with any instructions given to it by the Majority Lenders (or in the case of the SACE Agent,
by SACE) (or, if so instructed by the Majority Lenders or, in the case of the SACE Agent, by SACE, refrain from exercising any
right, power, authority or discretion vested in it as the Facility Agent or as the SACE Agent (as the case may be)); and

 

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		(ii)	not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance
with an instruction of the Majority Lenders and/or SACE (as applicable).

 

		(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority
Lenders and SACE will be binding on all the Secured Parties.

 

		(c)	The Facility Agent (and the SACE Agent as regards SACE) may refrain from acting in accordance with
the instructions of the Majority Lenders and SACE until it has received such security as it may require for any cost, loss or liability
(together with any associated VAT) which it may incur in complying with the instructions.

 

		(d)	In the absence of instructions from the Majority Lenders and SACE, the Facility Agent (or the SACE
Agent as the case may be) may act (or refrain from taking action) as it considers to be in the best interest of the Secured Parties.

 

		(e)	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that
Lender's consent) in any legal or arbitration proceedings relating to any Finance Document.

 

		(f)	Notwithstanding anything to the contrary, the Lenders agree that if the Facility Agent (acting
in its sole discretion) is of the opinion that or if any Lender notifies the Facility Agent that it is of the opinion that, the
prior approval of the Italian Authorities should be obtained in relation to the exercise or non-exercise by the Facility Agent
or the Lenders of any power, authority or discretion specifically given to them under or in connection with the Finance Documents
or in relation to any other incidental rights, powers, authorities or discretions, then the SACE Agent shall seek such approval
of the Italian Authorities prior to such exercise or non-exercise.

 

		26.8	Responsibility for documentation

 

The Facility Agent is not responsible
for:

 

		(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied
by the Facility Agent, a Joint Mandated Lead Arranger, an Obligor or any other person given in or in connection with any Transaction
Document, the SACE Insurance Policy or the Interest Make-Up Agreement; nor for

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document the
SACE Insurance Policy or the Interest Make-Up Agreement or any other agreement, arrangement or document entered into, made or executed
in anticipation of or in connection with any Transaction Document, the SACE Insurance Policy or the Interest Make-up Agreement.

 

		26.9	Exclusion of liability

 

		(a)	Without limiting paragraph (b) of Clause 26.9 (Exclusion of liability), the Facility Agent
will not be liable for any action taken by it under or in connection with any Finance Document, the SACE Insurance Policy or the
Interest Make-Up Agreement, unless directly caused by its Gross Negligence or wilful misconduct.

 

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		(b)	No Party (other than the Facility Agent) may take any proceedings against any officer, employee
or agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission
of any kind by that officer, employee or agent in relation to any Finance Document, the SACE Insurance Policy or the Interest Make-Up
Agreement and any officer, employee or agent of the Facility Agent may rely on this Clause subject to Clause 37.4 (Third party
rights) and the provisions of the Third Party Act.

 

		(c)	The Facility Agent will not be liable for any delay (or any related consequences) in crediting
an account with an amount required under the Finance Documents, the SACE Insurance Policy or the Interest Make-Up Agreement to
be paid by the Facility Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with
the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that purpose.

 

		(d)	Nothing in this Agreement shall oblige the Facility Agent or a Joint Mandated Lead Arranger to
carry out any "know your customer" or other checks in relation to any person on behalf of any Lender and each Lender
confirms to the Facility Agent and the Joint Mandated Lead Arrangers that it is solely responsible for any such checks it is required
to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent or a Joint Mandated
Lead Arranger.

 

		26.10	Lenders' indemnity to the Facility Agent

 

Each Lender shall (in proportion
to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately
prior to their reduction to zero) indemnify the Facility Agent, within three (3) Business Days of demand, against any cost, loss
or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent's Gross Negligence or wilful misconduct)
in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by an Obligor pursuant to
a Finance Document).

 

		26.11	Resignation of the Facility Agent

 

		(a)	The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to
the other Creditor Parties, the Borrower and SACE and with the consent of SACE.

 

		(b)	Alternatively the Facility Agent may resign by giving notice to the other Secured Parties and the
Borrower, in which case the Lenders (after consultation with the Borrower and the prior consent of SACE) may appoint a successor
Facility Agent.

 

		(c)	If the Lenders have not appointed a successor Facility Agent in accordance with paragraph (b)
of Clause 26.11 (Resignation of the Facility Agent) within thirty (30) days after notice of resignation was given,
the Facility Agent (after consultation with the Borrower and SACE) may appoint a successor Facility Agent.

 

		(d)	The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent
such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes
of performing its functions as Facility Agent under the Finance Documents.

 

		(e)	The Facility Agent's resignation notice shall only take effect upon the appointment of a successor.

 

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		(f)	Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further
obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 26 (Role of the Facility
Agent and the Joint Mandated Lead Arrangers). Its successor and each of the other Parties shall have the same rights and obligations
amongst themselves as they would have had if such successor had been an original Party.

 

		(g)	After consultation with the Italian Authorities, the Majority Lenders may, subject to the prior
consent of the Italian Authorities, by notice to the Facility Agent, require it to resign in accordance with paragraph (b) of Clause
26.11 (Resignation of the Facility Agent). In this event, the Facility Agent shall resign in accordance with paragraph (b)
of Clause 26.11 (Resignation of the Facility Agent) but the cost referred to in paragraph (d) above shall be for the account
of the Borrower.

 

		(h)	The appointment of a successor Facility Agent pursuant to this Clause 26.11 (Resignation of
the Facility Agent) shall be subject to compliance with all necessary "know your customer" requirements of the Lenders.

 

		26.12	Confidentiality

 

		(a)	In acting as agent for the Secured Parties, the Facility Agent shall be regarded as acting through
its agency division which shall be treated as a separate entity from any other of its divisions or departments.

 

		(b)	If information is received by another division or department of the Facility Agent, it may be treated
as confidential to that division or department and the Facility Agent shall not be deemed to have notice of it.

 

		26.13	Relationship with the Lenders

 

The Facility Agent may treat each
Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received not
less than five (5) Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

 

		26.14	Credit appraisal by the Lenders

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to
the Facility Agent and each of the Joint Mandated Lead Arrangers that it has been, and will continue to be, solely responsible
for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document
including but not limited to:

 

		(a)	the financial condition, status and nature of the Guarantor and each Subsidiary of the Guarantor;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any
other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document;

 

		(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance
Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Finance Document;

 

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		(d)	the adequacy, accuracy and/or completeness of any information provided by the Facility Agent, any
Party or by any other person under or in connection with any Finance Document, the transactions contemplated by the Finance Documents
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and

 

		(e)	the right or title of any person in or to or the value or sufficiency of any part of the Charged
Property, the priority of any Security Interests or the existence of any Security Interest affecting the Charged Property.

 

		26.15	Deduction from amounts payable by the Facility Agent

 

If any Party owes an amount to
the Facility Agent under the Finance Documents the Facility Agent may, after giving notice to that Party, deduct an amount not
exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the Finance
Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents
that Party shall be regarded as having received any amount so deducted.

 

		26.16	Full freedom to enter into transactions

 

Notwithstanding any rule of law
or equity to the contrary, the Facility Agent shall be absolutely entitled:

 

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind
with or affecting any Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent
and/or security agent for, and/or participating in, other facilities to such Obligor or any person who is party to, or referred
to in, a Finance Document);

 

		(b)	to deal in and enter into and arrange transactions relating to:

 

		(i)	any securities issued or to be issued by any Obligor or any other person; or

 

		(ii)	any options or other derivatives in connection with such securities; and

 

		(c)	to provide advice or other services to the Borrower or any person who is a party to, or referred
to in, a Finance Document,

 

and, in particular, the Facility
Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and
in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation)
any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such
dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit
all profits and benefits derived from the dealings transactions or other matters.

 

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		26.17	SACE Agent, SACE Insurance Policy and Interest Make-Up Agreement

 

With the prior
written consent of each of the Lenders, the SACE Agent (with a copy to the Facility Agent) may require SACE or SIMEST to amend
or modify the SACE Insurance Policy and the Interest Make-up Agreement provided that such amendments are not inconsistent with
the commercial terms of this Agreement, otherwise, the SACE Agent (with a copy to the Facility Agent) undertakes not to require
SACE or SIMEST to amend or modify the SACE Insurance Policy or the Interest Make-up Agreement.

 

		26.18	Resignation of the Facility Agent in relation to FATCA

 

The Facility Agent shall resign
in accordance with Clause 26.11 (Resignation of the Facility Agent) (and, to the extent applicable, shall use reasonable
endeavours to appoint a successor Facility Agent pursuant to paragraph (c) of Clause 26.11 (Resignation of the Facility Agent))
if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Facility
Agent under the Finance Documents, either:

 

		(a)	the Facility Agent fails to respond to a request under Clause 10.9 (FATCA Information) and
a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that
FATCA Application Date;

 

		(b)	the information supplied by the Facility Agent pursuant to Clause 10.9 (FATCA Information)
indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date; or

 

		(c)	the Facility Agent notifies the Borrower and the Lenders that the Facility Agent will not be (or
will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

and (in each case) a Lender reasonably
believes that a Party will be required to make a FATCA Deduction that would not be required if the Facility Agent were a FATCA
Exempt Party, and that Lender, by notice to the Facility Agent, requires it to resign.

 

		26.19	No duty to monitor

 

The Facility Agent shall not be
bound to enquire:

 

		(a)	whether or not any Event of Default has occurred;

 

		(b)	as to the performance, default or any breach by any Party of its obligations under any Finance
Document; or

 

		(c)	whether any other event specified in any Finance Document has occurred.

 

		26.20	Appointment of the SACE Agent

 

		(a)	Each Lender and each Joint Mandated Lead Arranger irrevocably appoints the SACE Agent to act as
its agent under and in connection with:

 

		(i)	the SACE Insurance Policy; and

 

		(ii)	the Finance Documents in relation to matters involving SACE, SIMEST and the SACE Insurance Policy.

 

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		(b)	Each Lender and each Joint Mandated Lead Arranger irrevocably authorises the SACE Agent to:

 

		(i)	perform the duties, obligation and responsibilities and exercise the rights, powers, authorities
and discretions specifically given to the SACE Agent under or in connection with the Finance Documents and the SACE Insurance Policy,
together with any other incidental rights, powers, authorities and discretions; and

 

		(ii)	execute the SACE Insurance Policy.

 

		26.21	Application of certain Clauses

 

The provisions
of Clauses 26.2 (Duties of the Facility Agent), 26.4 (No fiduciary duties), 26.6 (Rights and discretions of the
Facility Agent), 26.7 (Lenders' and SACE's instructions) 26.8 (Responsibility for documentation), 26.9 (Exclusion
of liability), 26.10 (Lenders' indemnity to the Facility Agent), 26.11 (Resignation of the Facility Agent), 26.12
(Confidentiality), 26.13 (Relationship with the Lenders), 26.14 (Credit appraisal by the Lenders), 26.16 (Full
freedom to enter into transactions), 26.19 (No duty to monitor) and 27.23 (Business with the Group) shall apply
in respect of the SACE Agent in its capacity as such as if each reference to the Facility Agent (or Security Trustee in the case
of Clause 27.23 (Business with the Group)) were a reference to the SACE Agent and each reference to the Finance Documents
or Transaction Documents included a reference to the SACE Insurance Policy.

 

		26.22	Role of Reference Banks

 

		(a)	No Reference Bank is under any obligation to provide a quotation or any other information to the
Facility Agent.

 

		(b)	No Reference Bank will be liable for any action taken by it under or in connection with any Finance
Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.

 

		(c)	No Party (other than the relevant Reference Bank) may take any proceedings against any officer,
employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any
act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation,
and any officer, employee or agent of each Reference Bank may rely on this Clause 26.22 (Role of Reference Banks) subject
to Clause 37.4 (Third party rights) and the provisions of the Third Parties Act.

 

		26.23	Third Party Reference Banks

 

A Reference Bank which is not a
Party may rely on Clause 26.22 (Role of Reference Banks) and Clause 34 (Confidentiality of Funding Rates and Reference
Bank Quotations) subject to Clause 37.4 (Third party rights) and the provisions of the Third Parties Act.

 

		27	The Security Trustee

 

		27.1	Trust

 

		(a)	The Security Trustee declares that it shall hold the Security Property on trust for the Secured
Parties on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause 27 (The
Security Trustee) and the other provisions of the Finance Documents.

 

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		(b)	Each of the parties to this Agreement agrees that the Security Trustee shall have only those duties,
obligations and responsibilities expressly specified in this Agreement or in the Finance Documents (and no others shall be implied).

 

		(c)	The Security Trustee shall not have any liability to any person in respect of its duties, obligations
and responsibilities under this Agreement or the other Finance Documents except as expressly set out in paragraph (a) of Clause
27.1 (Trust) and as excluded or limited by this Clause 27 (The Security Trustee) including in particular Clause 27.8
(Instructions to Security Trustee and exercise of discretion), Clause 27.13 (Responsibility for documentation), Clause 27.14
(Exclusion of liability), Clause 27.16 (Lenders' indemnity to the Security Trustee), Clause 27.23 (Business with
the Group) and Clause 27.28 (Full freedom to enter into transactions).

 

		27.2	Parallel Debt (Covenant to pay the Security Trustee)

 

		(a)	Each Obligor irrevocably and unconditionally undertakes to pay to the Security Trustee its Parallel
Debt which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.

 

		(b)	The Parallel Debt of an Obligor:

 

		(i)	shall become due and payable at the same time as its Corresponding Debt;

 

		(ii)	is independent and separate from, and without prejudice to, its Corresponding Debt.

 

		(c)	For purposes of this Clause 27.2 (Parallel Debt (Covenant to pay the Security Trustee)),
the Security Trustee:

 

		(i)	is the independent and separate creditor of each Parallel Debt;

 

		(ii)	acts in its own name and not as agent, representative or trustee of the Secured Parties and its
claims in respect of each Parallel Debt shall not be held on trust; and

 

		(iii)	shall have the independent and separate right to demand payment of each Parallel Debt in its own
name (including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications
for and voting in any kind of insolvency proceeding).

 

		(d)	The Parallel Debt of an Obligor shall be:

 

		(i)	decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid
or discharged; and

 

		(ii)	increased to the extent that its Corresponding Debt has increased,

 

and the Corresponding Debt of an
Obligor shall be:

 

		(A)	decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or
discharged; and

 

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		(B)	increased to the extent that its Parallel Debt has increased,

 

in each case provided that the
Parallel Debt of an Obligor shall never exceed its Corresponding Debt.

 

		(e)	All amounts received or recovered by the Security Trustee in connection with this Clause 27.2
(Parallel Debt (Covenant to pay the Security Trustee)) to the extent permitted by applicable law, shall be applied in accordance
with Clause 19 (Application of sums received).

 

		(f)	This Clause 27.2 (Parallel Debt (Covenant to pay the Security Trustee)) shall apply, with
any necessary modifications, to each Finance Document.

 

		27.3	No independent power

 

The Secured Parties shall not have
any independent power to enforce, or have recourse to, any Security Interest created by any of the Finance Documents or to exercise
any rights or powers arising under the Finance Documents creating the Security Interest except through the Security Trustee.

 

		27.4	Application of receipts

 

		(a)	Except as expressly stated to the contrary in any Finance Document, any moneys which the Security
Trustee receives or recovers and which are, or are attributable to, Security Property (for the purposes of this Clause 27 (The
Security Trustee), the "Recoveries") shall be transferred to the Facility Agent for application in accordance
with Clause 19 (Application of sums received).

 

		(b)	Paragraph (a) above is without prejudice to the rights of the Security Trustee, any Receiver or
any Delegate:

 

		(i)	under Clause 26.10 (Lenders' indemnity to the Facility Agent) to be indemnified out of the
Charged Property; and

 

		(ii)	under any Finance Document to credit any moneys received or recovered by it to any suspense account.

 

		(c)	Any transfer by the Security Trustee to the Facility Agent in accordance with paragraph (a) above
shall be a good discharge, to the extent of that payment, by the Security Trustee.

 

		(d)	The Security Trustee is under no obligation to make the payments to the Facility Agent under paragraph
(a) of this Clause 27.4 (Application of receipts) in the same currency as that in which the obligations and liabilities
owing to the relevant Secured Party are denominated.

 

		27.5	Deductions from receipts

 

		(a)	Before transferring any moneys to the Facility Agent under Clause 27.4 (Application of receipts),
the Security Trustee may, in its discretion:

 

		(i)	deduct any sum then due and payable under this Agreement or any other Finance Documents to the
Security Trustee or any receiver and retain that sum for itself or, as the case may require, pay it to another person to whom it
is then due and payable;

 

    	 	114	 

     

    

 

		(ii)	set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings
(on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment
made by it under this Agreement; and

 

		(iii)	pay all Taxes which may be assessed against it in respect of any of the Security Property, or as
a consequence of performing its duties, or by virtue of its capacity as Security Trustee under any of the Finance Documents or
otherwise (other than in connection with its remuneration for performing its duties under this Agreement).

 

		(b)	For the purposes of paragraph (a)(i) above, if the Security Trustee has become entitled to require
a sum to be paid to it on demand, that sum shall be treated as due and payable, even if no demand has yet been served.

 

		27.6	Prospective liabilities

 

Following acceleration of any Security
Interest, the Security Trustee may, in its discretion, or at the request of the Facility Agent, hold any recoveries in an interest
bearing suspense or impersonal account(s) in the name of the Security Trustee with such financial institution (including itself)
and for so long as the Security Trustee shall think fit (the interest being credited to the relevant account) for later payment
to the Facility Agent for application in accordance with Clause 19 (Application of sums received) in respect of:

 

		(a)	any sum to the Security Trustee, any Receiver or Delegate; and

 

		(b)	any part of the Secured Liabilities,

 

that the Security Trustee or, in
the case of paragraph (b) only, the Facility Agent, reasonably considers, in each case, might become due or owing at any time in
the future.

 

		27.7	Investment of proceeds

 

Prior to the payment of the proceeds
of the recoveries to the Facility Agent for application in accordance with Clause 27.4 (Application of receipts) the Security
Trustee may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in
the name of the Security Trustee with such financial institution (including itself) and for so long as the Security Trustee shall
think fit (the interest being credited to the relevant account) pending the payment from time to time of those moneys in the Security
Trustee's discretion in accordance with the provisions of this Clause 27.7 (Investment of proceeds).

 

		27.8	Instructions to Security Trustee and exercise of discretion

 

		(a)	Subject to paragraph (d) below, the Security Trustee shall act in accordance with any instructions
given to it by the Facility Agent (acting on the instructions of SACE and the Majority Lenders or all the Lenders (as appropriate))
or, if so instructed by the Facility Agent (acting on the instructions of SACE and the Majority Lenders or all the Lenders (as
appropriate)), refrain from exercising any right, power, authority or discretion vested in it as Security Trustee and shall be
entitled to assume that:

 

		(i)	any instructions received by it from the Facility Agent (acting on the instructions of SACE and
the Majority Lenders or all the Lenders (as appropriate)) are duly given in accordance with the terms of the Finance Documents;
and

 

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		(ii)	unless it has received actual notice of revocation, that those instructions or directions have
not been revoked.

 

		(b)	The Security Trustee shall be entitled to request instructions, or clarification of any direction,
from the Facility Agent (acting on the instructions of SACE and the Majority Lenders or all the Lenders (as appropriate)) as to
whether, and in what manner, it should exercise or refrain from exercising any rights, powers, authorities and discretions and
the Security Trustee may refrain from acting unless and until those instructions or clarification are received by it.

 

		(c)	Any instructions given to the Security Trustee by the Facility Agent (acting on the instructions
of SACE and the Majority Lenders or all the Lenders (as appropriate)) shall override any conflicting instructions given by any
other Party.

 

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

 

		(i)	where a contrary indication appears in this Agreement;

 

		(ii)	where this Agreement requires the Security Trustee to act in a specified manner or to take a specified
action;

 

		(iii)	in respect of any provision which protects the Security Trustee's own position in its personal
capacity as opposed to its role of Security Trustee for the Secured Parties including, without limitation, the provisions set out
in Clauses 27.10 (Security Trustee's discretions) to Clause 27.28 (Full freedom to enter into transactions); and

 

		(iv)	in respect of the exercise of the Security Trustee's discretion to exercise a right, power or authority
under any of Clause 27.5 (Deductions from receipts) and Clause 27.6 (Prospective liabilities).

 

		27.9	Security Trustee's Actions

 

Without prejudice to the provisions
of Clause 27.4 (Application of receipts), the Security Trustee may (but shall not be obliged to), in the absence of any
instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it
considers in its discretion to be appropriate.

 

		27.10	Security Trustee's discretions

 

		(a)	The Security Trustee may:

 

		(i)	assume (unless it has received actual notice to the contrary from the Facility Agent) that (i) no
Event of Default has occurred and no Obligor is in breach of or default under its obligations under any of the Finance Documents
and (ii) any right, power, authority or discretion vested by any Finance Document in any person has not been exercised;

 

		(ii)	assume that any notice or request made by the Borrower (other than a Drawdown Notice) is made on
behalf of and with the consent and knowledge of all the Obligors;

 

		(iii)	if it receives any instructions or directions to take any action in relation to a Security Interest
under the Finance Documents, assume that all applicable conditions under the Finance Documents for taking that action have been
satisfied;

 

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		(iv)	engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers,
surveyors or other experts (whether obtained by the Security Trustee or by any other Secured Party) whose advice or services may
at any time seem necessary, expedient or desirable;

 

		(v)	act in relation to the Finance Documents through its personnel and agents;

 

		(vi)	disclose to any other Party any information it reasonably believes it has received as Security
Trustee under this Agreement;

 

		(vii)	rely upon any communication or document believed by it to be genuine and, as to any matters of
fact which might reasonably be expected to be within the knowledge of a Secured Party or an Obligor, upon a certificate signed
by or on behalf of that person; and

 

		(viii)	refrain from acting in accordance with the instructions of any Party (including bringing any legal
action or proceeding arising out of or in connection with the Finance Documents) until it has received any indemnification and/or
security that it may in its discretion require (which may be greater than that contained in the Finance Documents and which may
include payment in advance or otherwise) for all costs, losses and liabilities which it may incur in so acting.

 

		(b)	Notwithstanding any other provision of any Finance Document to the contrary, the Security Trustee
is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or
regulation or a breach of a fiduciary duty or duty of confidentiality.

 

		(c)	Notwithstanding any provision of any Finance Document to the contrary, the Security Trustee is
not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations
or responsibilities or the exercise of any right, power, authority or discretion, if it has grounds for believing the repayment
of such funds or adequate indemnity against, or security for, such risk or liability is not assured to it.

 

		27.11	Security Trustee's obligations

 

The Security Trustee shall promptly:

 

		(a)	copy to the Facility Agent the contents of any notice or document received by it from any Obligor
under any Finance Document;

 

		(b)	forward to a Party the original or a copy of any document which is delivered to the Security Trustee
for that Party by any other Party provided that the Security Trustee is not obliged to review or check the adequacy, accuracy or
completeness of any document it forwards to another Party; and

 

		(c)	inform the Facility Agent of the occurrence of any Event of Default or any default by an Obligor
in the due performance of or compliance with its obligations under any Finance Document of which the Security Trustee has received
notice from any other party to this Agreement.

 

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		27.12	Excluded obligations

 

Notwithstanding anything to the
contrary expressed or implied in the Finance Documents, the Security Trustee shall not:

 

		(a)	be bound to enquire as to (i) whether or not any Event of Default has occurred or (ii) the performance,
default or any breach by an Obligor of its obligations under any of the Finance Documents;

 

		(b)	be bound to account to any other Party for any sum or the profit element of any sum received by
it for its own account;

 

		(c)	be bound to disclose to any other person (including but not limited to any Secured Party) (i) any
confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute a breach
of any law or be a breach of fiduciary duty;

 

		(d)	be or be deemed to be an agent, trustee or fiduciary of any Obligor.

 

		27.13	Responsibility for documentation

 

None of the Security Trustee, any
Receiver or Delegate shall accept responsibility or be liable for:

 

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by
the Security Trustee or any other person in or in connection with any Finance Document or the transactions contemplated in the
Finance Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Finance Document;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the
Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document or the Security Property; or

 

		(c)	any determination as to whether any information provided or to be provided to any Secured Party
is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing
or otherwise.

 

		27.14	Exclusion of liability

 

		(a)	Without limiting Clause 27.15 (No proceedings), (and without prejudice to any other provision
of any Finance Document excluding or limiting the liability of the Security Trustee, any Receiver or Delegate), none of the Security
Trustee or any Receiver nor any Delegate will be liable for:

 

		(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever
arising as a result of any action taken by it or not taken by it under or in connection with any Finance Document or any Security
Interest, unless directly caused by its Gross Negligence or wilful misconduct;

 

		(ii)	exercising or not exercising any right, power, authority or discretion given to it by or in connection
with any of the Finance Documents, the Security Property or any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with, the Finance Documents or the Security Property;

 

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		(iii)	any shortfall which arises on the enforcement or realisation of the Security Property; or

 

		(iv)	without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs, losses,
any diminution in value or any liability whatsoever arising as a result of:

 

		(A)	any act, event or circumstance not reasonably within its control; or

 

		(B)	the general risks of investment in, or the holding of assets in, any jurisdiction,

 

including (in each case and without
limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation
or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the
execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport,
telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution;
or strikes or industrial action.

 

		(b)	Nothing in this Agreement shall oblige the Security Trustee to carry out any "know your customer"
or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Security Trustee that it is solely
responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks
made by the Security Trustee.

 

		(c)	Without prejudice to any provision of any Finance Document excluding or limiting the liability
of the Security Trustee, any Receiver or Delegate, any liability of the Security Trustee, any Receiver or Delegate arising under
or in connection with any Finance Document or the Security Property shall be limited to the amount of actual loss which has been
finally judicially determined to have been suffered (as determined by reference to the date of default of the Security Trustee,
Receiver or Delegate (as the case may be) or, if later, the date on which the loss arises as a result of such default) but without
reference to any special conditions or circumstances known to the Security Trustee, Receiver or Delegate (as the case may be) at
any time which increase the amount of that loss. In no event shall the Security Trustee, any Receiver or Delegate be liable for
any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential
damages, whether or not the Security Trustee, Receiver or Delegate (as the case may be) has been advised of the possibility of
such loss or damages.

 

		27.15	No proceedings

 

No Party (other than the Security
Trustee or that Receiver or that Delegate (as applicable)) may take any proceedings against any officer, employee or agent of the
Security Trustee, Receiver or Delegate in respect of any claim it might have against the Security Trustee, Receiver or Delegate
in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Security
Property and any officer, employee or agent of the Security Trustee, Receiver or Delegate may rely on this Clause subject to Clause
37.4 (Third party rights) and the provisions of the Third Party Act.

 

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		27.16	Lenders' indemnity to the Security Trustee

 

Each Lender shall (in proportion
to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately
prior to their reduction to zero) indemnify the Security Trustee and every Receiver and every Delegate within three Business Days
of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the relevant Security Trustee's,
Receiver's or Delegate's Gross Negligence or wilful misconduct) in acting as Security Trustee, Receiver or Delegate under the Finance
Documents (unless the relevant Security Trustee, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document).

 

		27.17	Own responsibility

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Creditor Party confirms
to the Security Trustee that it has been, and will continue to be, solely responsible for making its own independent appraisal
and investigation of all risks arising under or in connection with any Finance Document including but not limited to:

 

		(a)	the financial condition, status and nature of each member of the Group;

 

		(b)	the legality, validity, effectiveness, adequacy and enforceability of any Finance Document, the
Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Finance Document or the Security Property;

 

		(c)	whether that Creditor Party has recourse, and the nature and extent of that recourse, against any
Party or any of its respective assets under or in connection with any Finance Document, the Security Property, the transactions
contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Finance Document or the Security Property;

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Security Trustee
or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and

 

		(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged
Property, the priority of any of the Security Interests created by the Finance Documents or the existence of any Security Interest
affecting the Charged Property,

 

and each Creditor Party warrants
to the Security Trustee that it has not relied on and will not at any time rely on the Security Trustee in respect of any of these
matters.

 

		27.18	No responsibility to perfect Security Interests

 

The Security Trustee shall not
be liable for any failure to:

 

		(a)	require the deposit with it of any deed or document certifying, representing or constituting the
title of any Obligor to any of the Charged Property;

 

    	 	120	 

     

    

 

		(b)	obtain any licence, consent or other authority for the execution, delivery, legality, validity,
enforceability or admissibility in evidence of any of the Finance Documents or any Security Interest;

 

		(c)	register, file or record or otherwise protect any Security Interests (or the priority of any of
Security Interest) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of the
Finance Documents or of any Security Interest;

 

		(d)	take, or to require any of the Obligors to take, any steps to perfect its title to any of the Charged
Property or to render any Security Interest effective or to secure the creation of any ancillary Security Interest under the laws
of any jurisdiction; or

 

		(e)	require any further assurances in relation to any of the Finance Documents creating the Security
Interests.

 

		27.19	Insurance by Security Trustee

 

		(a)	The Security Trustee shall not be under any obligation to insure any of the Charged Property, to
require any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in the
Finance Documents. The Security Trustee shall not be responsible for any loss which may be suffered by any person as a result of
the lack of or inadequacy of any such insurance.

 

		(b)	Where the Security Trustee is named on any insurance policy as an insured party, it shall not be
responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any
material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Facility Agent shall
have requested it to do so in writing and the Security Trustee shall have failed to do so within fourteen (14) days after receipt
of that request.

 

		27.20	Custodians and nominees

 

The Security Trustee may appoint
and pay any person to act as a custodian or nominee on any terms in relation to any assets of the trust as the Security Trustee
may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created
under this Agreement and the Security Trustee shall not be responsible for any loss, liability, expense, demand, cost, claim or
proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement
or be bound to supervise the proceedings or acts of any person.

 

		27.21	Acceptance of title

 

The Security Trustee shall be entitled
to accept without enquiry, and shall not be obliged to investigate, any right and title that any of the Obligors may have to any
of the Charged Property and shall not be liable for or bound to require any Obligor to remedy any defect in its right or title.

 

		27.22	Refrain from illegality

 

Notwithstanding anything to the
contrary expressed or implied in the Finance Documents, the Security Trustee may refrain from doing anything which in its opinion
will or may be contrary to any relevant law, directive or regulation of any jurisdiction and the Security Trustee may do anything
which is, in its opinion, necessary to comply with any such law, directive or regulation.

 

    	 	121	 

     

    

 

		27.23	Business with the Group

 

The Security Trustee may accept
deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.

 

		27.24	Winding up of trust

 

If the Security Trustee, with the
approval of the Facility Agent determines that (a) all of the Secured Liabilities and all other obligations secured by the Finance
Documents creating the Security Interests have been fully and finally discharged and (b) none of the Secured Parties is under any
commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Obligor
pursuant to the Finance Documents:

 

		(a)	the trusts set out in this Agreement shall be wound up and the Security Trustee shall release,
without recourse or warranty, all of the Security Interests and the rights of the Security Trustee under each of the Finance Documents
creating the Security Interests; and

 

		(b)	any Retiring Security Trustee shall release, without recourse or warranty, all of its rights under
each of the Finance Documents creating the Security Interests.

 

		27.25	Powers supplemental

 

The rights, powers and discretions
conferred upon the Security Trustee by this Agreement shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and
in addition to any which may be vested in the Security Trustee by general law or otherwise.

 

		27.26	Trustee division separate

 

		(a)	In acting as trustee for the Secured Parties, the Security Trustee shall be regarded as acting
through its trustee division which shall be treated as a separate entity from any of its other divisions or departments.

 

		(b)	If information is received by another division or department of the Security Trustee, it may be
treated as confidential to that division or department and the Security Trustee shall not be deemed to have notice of it nor shall
it be obliged to disclose such information to any Party.

 

		27.27	Disapplication

 

In addition to its rights under
or by virtue of this Agreement and the other Finance Documents, the Security Trustee shall have all the rights conferred on a trustee
by the Trustee Act 1925, the Trustee Delegation Act 1999, the Trustee Act 2000 and by general law or otherwise, provided that:

 

		(a)	section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Trustee in relation
to the trusts constituted by this Agreement and the other Finance Documents; and

 

		(b)	where there are any inconsistencies between (i) the Trustee Acts 1925 and 2000 and (ii) the provisions
of this Agreement and any other Finance Document, the provisions of this Agreement and any other Finance Document shall, to the
extent allowed by law, prevail and, in the case of any inconsistency with the Trustee Act 2000, such provisions shall constitute
a restriction or exclusion for the purposes of the Trustee Act 2000.

 

    	 	122	 

     

    

 

		27.28	Full freedom to enter into transactions

 

Notwithstanding any rule of law
or equity to the contrary, the Security Trustee shall be absolutely entitled:

 

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind
with or affecting any Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent
and/or security trustee for, and/or participating in, other facilities to such Obligor or any person who is party to, or referred
to in, a Finance Document);

 

		(b)	to deal in and enter into and arrange transactions relating to:

 

		(i)	any securities issued or to be issued by any Obligor or any other person; or

 

		(ii)	any options or other derivatives in connection with such securities; and

 

		(c)	to provide advice or other services to the Borrower or any person who is a party to, or referred
to in, a Finance Document,

 

and, in particular, each Servicing
Party shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and
in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation)
any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such
dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit
all profits and benefits derived from the dealings transactions or other matters.

 

		27.29	Resignation of the Security Trustee

 

		(a)	The Security Trustee may resign and appoint one of its affiliates as successor by giving notice
to the Borrower and each Secured Party.

 

		(b)	Alternatively the Security Trustee may resign by giving notice to the other Parties in which case
the Majority Lenders (with the prior consent of SACE) may appoint a successor Security Trustee.

 

		(c)	If the Majority Lenders have not appointed a successor Security Trustee in accordance with paragraph
(b) above within 30 days after the notice of resignation was given, the Security Trustee (after consultation with the Facility
Agent and SACE) may appoint a successor Security Trustee.

 

		(d)	The retiring Security Trustee (the "Retiring
Security Trustee") shall, at its own cost, make available to the successor Security Trustee such documents and
records and provide such assistance as the successor Security Trustee may reasonably request for the purposes of performing its
functions as Security Trustee under the Finance Documents.

 

    	 	123	 

     

    

 

		(e)	The Security Trustee's resignation notice shall only take effect upon (i) the appointment of a
successor and (ii) the transfer, by way of a document expressed as a deed, of all of the Security Property to that successor.

 

		(f)	Upon the appointment of a successor, the Retiring Security Trustee shall be discharged, by way
of a document executed as a deed, from any further obligation in respect of the Finance Documents (other than its obligations under
paragraph (b) of Clause 27.24 (Winding up of trust) and under paragraph (d) above) but shall, in respect of any act or omission
by it whilst it was the Security Trustee, remain entitled to the benefit of Clause 27 (The Security Trustee), Clause 27.5
(Deductions from receipts), Clause 27.16 (Lenders' indemnity to the Security Trustee) and any other provisions of
a Finance Document which are expressed to limit or exclude its liability in acting as Security Trustee. Its successor and each
of the other Parties shall have the same rights and obligations amongst themselves as they would have had if that successor had
been an original Party.

 

		(g)	The Majority Lenders may, by notice to the Security Trustee, require it to resign in accordance
with paragraph (b) above. In this event, the Security Trustee shall resign in accordance with paragraph (b) above but the cost
referred to in paragraph (d) above shall be for the account of the Borrower.

 

		(h)	The consent of the Borrower (or any other Obligor) is not required for an assignment or transfer
of rights and/or obligations by the Security Trustee.

 

		(i)	The appointment of a successor Security Trustee pursuant to this Clause 27.29 (Resignation of
the Security Trustee) shall be subject to compliance with all necessary "know your customer" requirements of the
Lenders.

 

		27.30	Delegation

 

		(a)	Each of the Security Trustee, any Receiver or any Delegate may, at any time, delegate by power
of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any of
the Finance Documents.

 

		(b)	That delegation may be made upon any terms and conditions and subject to any restrictions that
the Security Trustee, that Receiver or that Delegate (as the case may be) considers in its discretion to be appropriate and it
shall not be bound to supervise, or be in any way responsible for any damages, costs or losses incurred by reason of any misconduct
or default on the part of any such delegate or sub delegate.

 

		(c)	The Security Trustee shall exercise reasonable care in the selection of any such delegate or sub
delegate.

 

		27.31	Additional Security Trustee

 

		(a)	The Security Trustee may at any time appoint (and subsequently remove) any person to act as a separate
trustee or as a co-trustee jointly with it:

 

		(i)	if it considers that appointment to be appropriate; or

 

		(ii)	for the purposes of conforming to any legal requirements, restrictions or conditions which the
Security Trustee deems to be relevant; or

 

		(iii)	for obtaining or enforcing any judgment in any jurisdiction,

 

    	 	124	 

     

    

 

and the Security Trustee shall
give prior notice to the Borrower and the Facility Agent of that appointment.

 

		(b)	Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred
on the Security Trustee by this Agreement) and the duties and obligations that are conferred or imposed by the instrument of appointment.

 

		(c)	The remuneration that the Security Trustee may pay to that person, and any costs and expenses (together
with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes
of this Agreement, be treated as costs and expenses incurred by the Security Trustee.

 

		27.32	Financial Services and Markets Act 2000

 

		(a)	Notwithstanding anything in any Finance Document to the contrary, the Security Trustee shall not
do, or be authorised or required to do, anything which might constitute a regulated activity for the purpose of the Financial Services
and Markets Act 2000 ("FSMA"), unless it is authorised under FSMA to do so.

 

		(b)	The Security Trustee shall have the discretion at any time:

 

		(i)	to delegate any of the functions which fall to be performed by an authorised person under FSMA
to any other agent or person which also has the necessary authorisations and licences; and

 

		(ii)	to apply for authorisation under FSMA and perform any or all such functions itself if, in its absolute
discretion, it considers it necessary, desirable or appropriate to do so.

 

		28	Conduct of Business by the Creditor Parties

 

No provision of this Agreement
will:

 

		(a)	interfere with the right of any Creditor Party to arrange its affairs (Tax or otherwise) in whatever
manner it thinks fit;

 

		(b)	oblige any Creditor Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

 

		(c)	oblige any Creditor Party to disclose any information relating to its affairs (Tax or otherwise)
or any computations in respect of Tax.

 

		29	Sharing among the Creditor Parties

 

		29.1	Payments to Creditor Parties

 

If a Creditor Party (a "Recovering
Creditor Party") receives or recovers any amount from an Obligor other than in accordance with Clause 29 (Sharing
among the Creditor Parties) and applies that amount to a payment due under the Finance Documents then:

 

		(a)	the Recovering Creditor Party shall, within three (3) Business Days, notify details of the receipt
or recovery to the Facility Agent;

 

    	 	125	 

     

    

 

		(b)	the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the
Recovering Creditor Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed
in accordance with Clause 19 (Application of sums received) and Clause 30 (Payment Mechanics), without taking account
of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and

 

		(c)	the Recovering Creditor Party shall, within three (3) Business Days of demand by the Facility Agent,
pay to the Facility Agent an amount (the "Sharing Payment")
equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Creditor
Party as its share of any payment to be made, in accordance with Clause 19 (Application of sums received) and Clause
30 (Payment Mechanics).

 

		29.2	Redistribution of payments

 

The Facility Agent shall treat
the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Creditor Parties (other than the
Recovering Creditor Party) in accordance with Clause 19 (Application of sums received) and Clause 30 (Payment Mechanics).

 

		29.3	Recovering Creditor Party's rights

 

		(a)	On a distribution by the Facility Agent under Clause 29.2 (Redistribution of payments),
the Recovering Creditor Party will, if possible under the relevant applicable laws, be subrogated to the rights of the Creditor
Parties which have shared in the redistribution.

 

		(b)	If and to the extent that the Recovering Creditor Party is not able to rely on its rights under
paragraph (a) of Clause 29.3 (Recovering Creditor Party's rights), the relevant Obligor shall be liable to the Recovering
Creditor Party for a debt equal to the Sharing Payment which is immediately due and payable.

 

		29.4	Reversal of redistribution

 

If any part of the Sharing Payment
received or recovered by a Recovering Creditor Party becomes repayable and is repaid by that Recovering Creditor Party, then:

 

		(a)	each Lender which has received a share of the relevant Sharing Payment pursuant to Clause 29.2
(Redistribution of payments) shall, upon request of the Facility Agent, pay to the Facility Agent for account of that Recovering
Creditor Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary
to reimburse that Recovering Creditor Party for its proportion of any interest on the Sharing Payment which that Recovering Creditor
Party is required to pay); and

 

		(b)	that Recovering Creditor Party's rights of subrogation in respect of any reimbursement shall be
cancelled and the relevant Obligor will be liable to the reimbursing Creditor Party for the amount so reimbursed.

 

		29.5	Exceptions

 

		(a)	This Clause 29 (Sharing among the Creditor Parties) shall not apply to the extent that the
Recovering Creditor Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against
the relevant Obligor.

 

    	 	126	 

     

    

 

		(b)	A Recovering Creditor Party is not obliged to share with any other Creditor Party any amount which
the Recovering Creditor Party has received or recovered as a result of taking legal or arbitration proceedings, if:

 

		(i)	it notified that other Creditor Party of the legal or arbitration proceedings; and

 

		(ii)	that other Creditor Party had an opportunity to participate in those legal or arbitration proceedings
but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

 

		(c)	Following full indemnification by SACE of the SACE Agent (on behalf of the Lenders) under the SACE
Insurance Policy, the provisions relating to the sharing of proceeds among the Creditor Parties in this Clause 29 (Sharing among
the Creditor Parties) shall not apply to any payment made to SACE by a Lender or the Borrower following a payment by SACE to
any Lender under the SACE Insurance Policy.

 

		30	Payment Mechanics

 

		30.1	Payments to the Facility Agent

 

		(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document,
that Obligor or Lender shall make the same available to the Facility Agent (unless a contrary indication appears in a Finance Document)
for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement
of transactions in the relevant currency in the place of payment.

 

		(b)	Payment shall be made to such account in the principal financial centre of the country of that
currency (or, in relation to Euro, in a principal financial centre in a Participating Member State or London) with such bank as
the Facility Agent specifies.

 

		(c)	Payment shall be made before 11.00 a.m. New York time or 11.00 a.m. Paris time (in the case of
a payment in Euro).

 

		(d)	For each payment by the Borrower, it shall notify the Facility Agent on the third Business Day
prior to the due date for payment that it will issue to its bank (which shall be named in such notification) to make the payment.

 

		30.2	Distributions by the Facility Agent or the SACE Agent

 

Each payment received by the Facility
Agent or the SACE Agent under the Finance Documents or the SACE Insurance Policy for another Party shall, subject to Clause 30.3
(Distributions to an Obligor), Clause 30.4 (Clawback) be made available by the Facility Agent or SACE Agent (as the
case may be) as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in
the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent (following
which the Facility Agent shall promptly notify the SACE Agent, if relevant to it) by not less than five (5) Business Days' notice
with a bank in the principal financial centre of the country of that currency.

 

		30.3	Distributions to an Obligor

 

The Facility Agent may in accordance
with Clause 22 (Set-Off) apply any amount received by it for that Obligor in or towards payment (on the date and in the
currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any
amount of any currency to be so applied.

 

    	 	127	 

     

    

 

		30.4	Clawback

 

		(a)	Where a sum is to be paid to the Facility Agent or the SACE Agent under the Finance Documents or
the SACE Insurance Policy for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter
into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received
that sum.

 

		(b)	If the Facility Agent pays an amount to another Party and it proves to be the case that the Facility
Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract)
was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from
the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.

 

		30.5	No set-off by Obligors

 

All payments to be made by an Obligor
under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

 

		30.6	Business Days

 

		(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next
Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

 

		(b)	During any extension of the due date for payment of any principal or unpaid sum under this Agreement
interest is payable on the principal or unpaid sum at the rate payable on the original due date.

 

		30.7	Currency of account

 

		(a)	Subject to paragraphs (b) and (c) of Clause 30.7 (Currency of account) Dollars is the currency
of account and payment for any sum from an Obligor under any Finance Document.

 

		(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the
costs, expenses or taxes are incurred.

 

		(c)	Any amount expressed to be payable in a currency other than Dollars shall be paid in that other
currency.

 

		30.8	Change of currency

 

		(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same
time recognised by the central bank of any country as the lawful currency of that country, then:

 

		(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents
in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated
by the Facility Agent (after consultation with the Lenders and the Borrower); and

 

    	 	128	 

     

    

 

		(ii)	any translation from one currency or currency unit to another shall be at the official rate of
exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down
by the Facility Agent (acting reasonably).

 

		(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Facility
Agent (acting reasonably and after consultation with the Lenders and the Borrower) specifies to be necessary, be amended to comply
with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change
in currency.

 

		30.9	Distributions under the Interest Make-up Agreement

 

Each payment received by the Facility
Agent under the Interest Make-up Agreement for a Lender shall be made available by the Facility Agent as soon as practicable after
receipt to the Lender entitled to receive such payment in accordance with this Agreement (for the account of its Facility Office),
to such account as that Lender may notify to the Facility Agent by not less than five (5) Business Days' notice with a bank in
the principal financial centre of the country of that currency (or, in relation to Euro, in the principal financial centre of a
Participating Member State).

 

		31	Variations and Waivers

 

		31.1	Variations, waivers etc. by Majority Lenders

 

Subject to Clause 31.2 (Variations,
waivers etc. requiring agreement of all Lenders), a document shall be effective to vary, waive, amend, suspend or limit any
provision of a Finance Document, or any Creditor Party's rights or remedies under such a provision or the general law, only if
the document is signed, or specifically agreed to by fax, by the Borrower, by the Facility Agent on behalf of the Majority Lenders,
by the Facility Agent and the Security Trustee in their own rights, and, if the document relates to a Finance Document to which
an Obligor is party, by an Obligor (provided that no amendment or variation may be made to this Agreement or any other Finance
Document without the consent of the Italian Authorities); provided, further, that no amendment or variation may be made before
the date falling ten Business Days after the terms of that amendment or variation have been notified by the Facility Agent to the
Lenders. The Facility Agent shall notify the Lenders reasonably promptly of any amendments or variations proposed by the Borrower.

 

		31.2	Variations, waivers etc. requiring agreement of all Lenders

 

However, as regards the following,
Clause 31.1 (Variations, waivers etc. by Majority Lenders) applies as if the words "by the Facility Agent on behalf
of the Majority Lenders" were replaced by the words "by or on behalf of every Lender":

 

		(a)	a reduction in the Margin;

 

		(b)	a postponement to the date for, or a reduction in the amount of, any payment of principal, interest,
fees, commission or other sum payable under this Agreement;

 

		(c)	an increase in or extension of any Lender's Commitment or any requirement that a cancellation of
Commitments reduces the Commitments rateably under the Loan;

 

		(d)	a change to the definition of "Majority Lenders";

 

    	 	129	 

     

    

 

		(e)	a change to Clause 2 (Facility), Clause 6 (Interest), Clause 24 (Changes to the
Lenders) or this Clause 31 (Variations and Waivers);

 

		(f)	any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination
arrangement set out in a Finance Document; and

 

		(g)	any other change or matter as regards which this Agreement or another Finance Document expressly
provides that each Lender's consent is required.

 

		31.3	Exclusion of other or implied variations

 

Except for a document which satisfies
the requirements of Clauses 31.1 (Variations, waivers etc. by Majority Lenders) and 31.2 (Variations, waivers etc. requiring
agreement of all Lenders), no document, and no act, course of conduct, failure or neglect to act, delay or acquiescence on
the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties
or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being
precluded (permanently or temporarily) from enforcing, relying on or exercising:

 

		(a)	a provision of this Agreement or another Finance Document; or

 

		(b)	an Event of Default; or

 

		(c)	a breach by the Borrower or an Obligor of an obligation under a Finance Document or the general
law; or

 

		(d)	any right or remedy conferred by any Finance Document or by the general law,

 

and there shall not be implied
into any Finance Document any term or condition requiring any such provision to be enforced, or such right or remedy to be exercised,
within a certain or reasonable time.

 

		32	Notices

 

		32.1	General

 

Unless otherwise specifically provided,
any notice under or in connection with any Finance Document shall be given by letter or fax; and references in the Finance Documents
to written notices, notices in writing and notices signed by particular persons shall be construed accordingly.

 

		32.2	Addresses for communications

 

A notice shall be sent:

 

	(a)	to the Borrower:	 	
        7665 Corporate Center Drive

        Miami FL 33126 USA

        Fax No: (00) 1 305 436 4140

	 	 	 	 
	(b)	to a Lender:	 	At the address below its name in Schedule 1 (Lenders and Commitments) or (as the case may require) in the relevant Transfer Certificate.

 

    	 	130	 

     

    

 

	(c)	to the Facility Agent:	 	
        CIB- COO Office-TMEF

        Millénaire 4

        35 rue de la gare

        75019 Paris

        Fax No. (33) 1 43 16 81 84

        Attn: Attention: S. CASET-CARRICABURU/B. SOHIER

        Email: sylvie.casetcarricaburu@bnpparibas.com

        beatrice.sohier@bnpparibas.com

	 	 	 	 
	(d)	to the SACE Agent:	 	
        12, place des Etats-Unis

        CS 70052

        92547 Montrouge cedex

        Paris

        Fax No. (33) 1 41 89 19 34

        Attn: Shipping Middle Office – Ms Clémentine
        Costil and Romy Roussel

        E-mail: clementine.costil@ca-cib.com

        romy.roussel@ca-cib.com

	 	 	 	 
	(e)	to the Security Trustee:	 	
        8 Canada Square

        London

        E14 5HQ

        Fax:+44 20 7991 4350

        Email:Ctla.trustee.admin@hsbc.com

        Attention:CTLA Trustee Services Administration

 

or to such other address as the
relevant party may notify the Facility Agent or, if the relevant party is the Facility Agent, the Borrower and the Lenders.

 

		32.3	Effective date of notices

 

Subject to Clauses 32.4 (Service
outside business hours) and 32.5 (Electronic communication):

 

		(a)	a notice which is delivered personally or posted shall be deemed to be served, and shall take effect,
at the time when it is delivered;

 

		(b)	a notice which is sent by fax shall be deemed to be served, and shall take effect, 2 hours after
its transmission is completed.

 

		32.4	Service outside business hours

 

However, if under Clause 32.3 (Effective
date of notices) a notice would be deemed to be served:

 

		(a)	on a day which is not a business day in the place of receipt; or

 

		(b)	on such a business day, but after 6 p.m. local time;

 

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the notice shall (subject to Clause
32.5 (Electronic communication)) be deemed to be served, and shall take effect, at 9 a.m. on the next day which is such
a business day.

 

		32.5	Electronic communication

 

		(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents
may be made by electronic mail or other electronic means, to the extent that those two Parties agree that, unless and until notified
to the contrary, this is to be an accepted form of communication and if those two Parties:

 

		(i)	notify each other in writing of their electronic mail address and/or any other information required
to enable the sending and receipt of information by that means; and

 

		(ii)	notify each other of any change to their address or any other such information supplied by them
by not less than five Business Days' notice.

 

		(b)	Any electronic communication made between those two Parties will be effective only when actually
received in readable form and in the case of any electronic communication made by a Party to the Facility Agent only if it is addressed
in such a manner as the Facility Agent shall specify for this purpose.

 

		(c)	Any electronic communication which becomes effective, in accordance with paragraph (b) above, after
5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

		32.6	Illegible notices

 

Clauses 32.3 (Effective date
of notices) and 32.4 (Service outside business hours) do not apply if the recipient of a notice notifies the sender
within 1 hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a
form which is illegible in a material respect.

 

		32.7	Valid notices

 

A notice under or in connection
with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply with the requirements
of this Agreement or, where appropriate, any other Finance Document under which it is served if:

 

		(a)	the failure to serve it in accordance with the requirements of this Agreement or other Finance
Document, as the case may be, has not caused any party to suffer any significant loss or prejudice; or

 

		(b)	in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the
party on which the notice was served what the correct or missing particulars should have been.

 

		32.8	English language

 

Any notice under or in connection
with a Finance Document shall be in English.

 

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		32.9	Meaning of "notice"

 

In this Clause 32 (Notices),
"notice" includes any demand, consent, authorisation,
approval, instruction, waiver or other communication.

 

		33	Confidentiality

 

		33.1	Confidential Information

 

Each Creditor Party agrees to keep
all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 33.2 (Disclosure
of Confidential Information) and to ensure that all Confidential Information is protected with security measures and a degree
of care that would apply to its own confidential information.

 

		33.2	Disclosure of Confidential Information

 

Any Creditor Party may disclose:

 

		(a)	to the Italian Authorities, to any of its Affiliates and any of its or their officers, directors,
employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Creditor Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed
in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information
except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain
the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential
Information;

 

		(b)	to any person:

 

		(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any
of its rights and/or obligations under one or more Finance Documents and to any of that person's Affiliates, Representatives and
professional advisers;

 

		(ii)	who is an insurer or reinsurer of any Creditor Party and requests such information;

 

		(iii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference
to, one or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Representatives and professional
advisers;

 

		(iv)	appointed by any Creditor Party or by a person to whom paragraph (b)(i) or (ii) above applies to
receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf;

 

		(v)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly
or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above;

 

		(vi)	to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange
or pursuant to any applicable law or regulation;

 

    	 	133	 

     

    

 

		(vii)	to whom information is required to be disclosed in connection with, and for the purposes of, any
litigation, arbitrations, administrative or other investigations, proceedings or disputes;

 

		(viii)	who is a Party, a member of the Group or any related entity of an Obligor;

 

		(ix)	as a result of the registration of any Finance Document as contemplated by any Finance Document
or any legal opinion obtained in connection with any Finance Document; or

 

		(x)	with the consent of the Guarantor; or

 

		(xi)	any employee, officer, director or Representative of any Italian Authorities to whom information
is required to be disclosed in the course of such person's employment or duties;

 

		(xii)	to whom or for whose benefit that Creditor Party charges, assigns or otherwise creates a Security
Interest (or may do so) pursuant to Clause 24.16 (Security over Lenders' rights).

 

in each case, such Confidential
Information as that Creditor Party shall consider appropriate if:

 

		(A)	in relation to paragraphs (b)(i), (b)(ii), (b)(iii) and (b)(iv) above, the person to whom the Confidential
Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality
Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality
of the Confidential Information;

 

		(B)	in relation to paragraph (b)(v) above, the person to whom the Confidential Information is to be
given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the
Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information;

 

		(C)	in relation to paragraphs (b)(vi), (b)(vii) and (b)(xii) above, the person to whom the Confidential
Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be
price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Creditor Party, it
is not practicable so to do in the circumstances;

 

		(c)	to any person appointed by that Creditor Party or by a person to whom sub-paragraphs (i) or (ii)
of paragraph (b) above applies to provide administration or settlement services in respect of one or more of the Finance Documents
including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential
Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this
paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement
substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers
or such other form of confidentiality undertaking agreed between the Borrower and the relevant Creditor Party;

 

    	 	134	 

     

    

 

		(d)	to any rating agency (including its professional advisers) such Confidential Information as may
be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents
and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature
and that some or all of such Confidential Information may be price-sensitive information.

 

		33.3	Entire agreement

 

This Clause 33 (Confidentiality)
constitutes the entire agreement between the Parties in relation to the obligations of the Creditor Parties under the Finance Documents
regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

 

		33.4	Disclosure to information services

 

		(a)	Any Creditor Party may disclose to any national or international information service company such
as Dealogic, TF, GTR, TXF, IFR and any other similar information service company appointed by that Creditor Party, the following
information:

 

		(i)	names of Parties;

 

		(ii)	country of domicile of Obligors;

 

		(iii)	place of incorporation or formation, as the case may be, of Obligors;

 

		(iv)	date of this Agreement and Effective Date;

 

		(v)	Clause 38 (Governing Law);

 

		(vi)	the name of the Facility Agent;

 

		(vii)	amount of Total Commitments;

 

		(viii)	currency of the Facility;

 

		(ix)	type of Facility;

 

		(x)	ranking of Facility; and

 

		(xi)	duration of Facility,

 

to enable such information service
company to provide its usual services.

 

		(b)	Each Obligor represents that none of the information set out in sub-paragraphs (i) to (xi) of paragraph
(a) above is, nor will at any time be, unpublished price-sensitive information.

 

		33.5	Inside information

 

Each of the Creditor Parties acknowledges
that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information
may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse
and each of the Creditor Parties undertakes not to use any Confidential Information for any unlawful purpose.

 

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		33.6	Notification of disclosure

 

Each of the Creditor Parties agrees
(to the extent permitted by law and regulation) to inform the Borrower:

 

		(a)	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(vi)
of Clause 33.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred
to in that paragraph during the ordinary course of its supervisory or regulatory function; and

 

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 33
(Confidentiality).

 

		33.7	Continuing obligations

 

The obligations in this Clause
33 (Confidentiality) are continuing and, in particular, shall survive and remain binding on each Creditor Party for a period
of 12 months from the earlier of:

 

		(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement
have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

 

		(b)	the date on which such Creditor Party otherwise ceases to be a Creditor Party.

 

		33.8	Disclosure by SACE

 

Notwithstanding any other provision
of this Agreement to the contrary, SACE may disclose any Confidential Information:

 

		(a)	as required to be disclosed by applicable law, regulation, rule or order of a competent authority
in the context of litigation, arbitration or administrative proceedings to which SACE is subject or as required to be disclosed
as a consequence of the participation of SACE and/or the Republic of Italy to an international organisation of which SACE and/or
the Republic of Italy is a member (and in such event, upon notification from SACE, the SACE Agent shall inform the Obligors of
such requirement as soon as reasonably practicable to the extent permitted by law, regulation, rule or order of a competent authority
and the person to whom such Confidential Information is to be given is informed of its confidential nature);

 

		(b)	to its ultimate shareholder, holding company, parent, subsidiaries and affiliates;

 

		(c)	to any providers of any reinsurance, counter-guarantee or any form of risk enhancement (including
but not limited to SACE's agents, brokers and consultants) subject to such persons entering into confidentiality arrangements with
SACE unless such persons are subject to professional obligations of confidentiality;

 

		(d)	if required for the purposes of the state guarantee in favour of SACE pursuant to article 32 of
law-decree no. 91/2014 converted into law 116/2014 in the Republic of Italy;

 

    	 	136	 

     

    

 

		(e)	following any payment due under the SACE Insurance Policy; or

 

		(f)	with the consent of the Borrower, such consent not to be unreasonably withheld.

 

		33.9	Disclosure by SIMEST

 

Notwithstanding any other provision
of this Agreement to the contrary, SACE may disclose any Confidential Information to SIMEST provided that SIMEST may, in turn,
disclose such Confidential Information:

 

		(a)	to its ultimate shareholder, holding company, parent, subsidiaries and affiliates;

 

		(b)	to its professional advisers provided that such advisers are under a professional duty to keep
such information confidential;

 

		(c)	to providers of hedging arrangements entered into by SIMEST in connection with the Facility (including
their agents, brokers and consultants) subject to such persons undertaking confidentiality obligations with SIMEST (unless they
are subject to professional duties of confidentiality) and with the written consent of the Borrower (such consent not to be unreasonably
withheld); or

 

		(d)	with the consent of the Borrower.

 

		33.10	Press release

 

Neither SACE nor the Borrower will
issue any press release or make any public announcement in relation to the SACE Insurance Policy without the prior consent of the
other party (such consent not to be unreasonably withheld).

 

		34	Confidentiality of FUNDING RATES AND Reference Bank Quotations

 

		34.1	Confidentiality and disclosure

 

		(a)	The Facility Agent and the Borrower agree to keep each Funding Rate (and, in case of the Facility
Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by paragraphs
(b) and (c) below.

 

		(b)	The Facility Agent may disclose any Funding Rate or Reference Bank Quotation to any person appointed
by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such
service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality
agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service
Providers or such other form of confidentiality undertaking agreed between the Facility Agent and the relevant Lender or Reference
Bank, as the case may be.

 

		(c)	The Facility Agent may disclose any Funding Rate or any Reference Bank Quotation and the Borrower
may disclose any Funding Rate to:

 

		(i)	any of its Affiliates and any of its or their officers, directors, employees, professional advisers,
auditors, partners and Representatives, if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant
to this sub-paragraph (i) is informed in writing of its confidential nature and that it may be price sensitive information except
that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality
of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;

 

    	 	137	 

     

    

 

		(ii)	any person to whom information is required or requested to be disclosed by any court of competent
jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is
to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there
shall be no requirement to so inform if, in the opinion of the Facility Agent or the Borrower, as the case may be, it is not practicable
to do so in the circumstances;

 

		(iii)	any person to whom information is required to be disclosed in connection with, and for the purposes
of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding
Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price sensitive
information except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the Borrrower, as
the case may be, it is not practicable to do so in the circumstances; and

 

		(iv)	any person with the consent of the relevant Lender or Reference Bank, as the case may be.

 

		34.2	Related obligations

 

		(a)	The Facility Agent and the Borrower acknowledge that each Funding Rate (and, in the case of the
Facility Agent, each Reference Bank Quotation) is or may be price sensitive information and that its use may be regulated or prohibited
by applicable legislation including securities law relating to insider dealing and market abuse and the Facility Agent and the
Borrower undertake not to use any Funding Rate (or, in the case of the Facility Agent, any Reference Bank Quotation) for any unlawful
purpose.

 

		(b)	The Facility Agent and the Borrower agree (to the extent permitted by law and regulation) to inform
the relevant Lender or Reference Bank, as the case may be:

 

		(i)	of the circumstances of any disclosure made pursuant to sub-paragraph (ii) of paragraph (c) of
Clause 34.1 (Confidentiality and disclosure) except where such disclosure is made to any of the persons referred to in that
paragraph during the ordinary course of its supervisory or regulatory function; and

 

		(ii)	upon becoming aware that any information has been disclosed in breach of this Clause 34 (Confidentiality
of Funding Rates and Reference Bank Quotations).

 

		35	Legal Independence and Unconditional Obligations of the Borrower

 

		35.1	Legal independence and Unconditional Obligations of the Borrower

 

This Agreement is legally independent
from the Shipbuilding Contract. The obligations of the Borrower to make payments and to observe and perform its obligations under
the Transaction Documents are absolute, unconditional, irrevocable and several and such obligations shall not:

 

    	 	138	 

     

    

 

		(a)	in any way be affected or discharged by reason of any matter affecting the Shipbuilding Contract
including its performance, frustration or validity, the insolvency or dissolution of any party to the Shipbuilding Contract or
the destruction, non-completion or non-functioning of the goods and equipment supplied under the Shipbuilding Contract;

 

		(b)	in any way be affected or discharged by reason of any dispute under the Shipbuilding Contract or
any claim which it or any other person may have against, or consider that it has against, any person under the Shipbuilding Contract;

 

		(c)	in any way be affected or discharged by reason of unenforceability, illegality or invalidity of
any obligation of the Borrower or any other person under the Shipbuilding Contract or any documents or agreements relating to the
Shipbuilding Contract;

 

		(d)	in any way be affected by the fact that all or any part of the amount requested referred to in
the Drawdown Notice is not or was not due or payable to the Builder;

 

		(e)	be conditional on the performance by the Creditor Parties of any obligations (except as otherwise
stated herein) in order to give rise to a relevant obligation of the Borrower hereunder; or

 

		(f)	in any way be affected or discharged by the insolvency or dissolution of the Borrower.

 

		36	SACE Subrogation and Reimbursement

 

		36.1	Acknowledgement of Subrogation

 

Each of the Parties acknowledges
that, upon any payment being made by or on behalf of SACE of any amount under the SACE Insurance Policy, SACE will be immediately
and automatically subrogated to the rights of the Lenders in the amount of such payment under the Finance Documents in accordance
with the SACE Insurance Policy. Following such subrogation, the Creditor Parties shall provide all assistance required by SACE
to enforce its rights under this Agreement and the other Finance Documents.

 

		36.2	Reimbursement

 

		(a)	Without prejudice to Clause 36.1 (Acknowledgement of Subrogation), each Obligor, jointly
and severally undertakes to pay to SACE, and keep SACE indemnified from and against, each and every amount paid (whether by direct
payment or set-off) by SACE to the Creditor Parties or any person on any of their behalf under the SACE Insurance Policy;

 

		(b)	Each Obligor undertakes to pay SACE an amount in Dollars equal to:

 

		(i)	for each payment made by SACE to any of the Creditor Parties or any person on any of their behalf
under the SACE Insurance Policy, the amount of such payment; and

 

		(ii)	for each deduction or withholding imposed, levied, collected, withheld or assessed on any payment
by SACE to any of the Creditor Parties or any person on any of their behalf under the SACE Insurance Policy, the amount of such
deduction or withholding,

 

in each case together with interest
thereon (calculated in accordance with Clause 17.1 (Default rate of interest) of this Agreement).

 

    	 	139	 

     

    

 

		(c)	Each Obligor further agrees that its obligations under this Clause 36.2 (Reimbursement)
are separate from and in no way conditional upon the Obligor's obligations under this Agreement or any of the other Finance Documents
and will not be affected or discharged by any matter relating thereto including, but not limited to, whether or not the Obligor
is itself liable to make payment, or is disputing its liability to make payment, under this Agreement or any of the other Finance
Documents.

 

		(d)	SACE will promptly inform the Obligors of any amounts to be reimbursed and indemnified under this
Clause 36.2 (Reimbursement).

 

		(e)	Each amount that is payable by the Obligors pursuant to Clause 36.2 (Reimbursement) is due
and payable to SACE in Dollars within five (5) Business Days of demand by SACE to the Obligors.

 

		36.3	Obligations Absolute

 

The obligations of the Obligors
under this Clause 36.2 (Reimbursement), to the extent permitted by applicable law:

 

		(a)	are absolute and unconditional;

 

		(b)	are to be discharged and/or performed strictly in accordance with this Agreement under all circumstances;

 

		(c)	are continuing obligations and will extend to the ultimate balance of sums payable by SACE to any
Creditor Party or any person on any of their behalf under the SACE Insurance Policy, regardless of any intermediate payment or
discharge in whole or in part;

 

		(d)	will not be affected by an act, omission, matter or thing which, but for this Clause, would reduce,
release or prejudice any of its obligations under Clause 36.2 (Reimbursement) (without limitation and whether or not known
to it or any Creditor Party) including:

 

		(i)	any time, waiver or consent granted to, or composition with any Obligor;

 

		(ii)	any lack of validity or enforceability of, or any amendment or other modifications of, or waiver
with respect to, any of the Finance Documents;

 

		(iii)	any reduction or release of any other obligations under this Agreement;

 

		(iv)	the release of any Obligor or any other person under the terms of any composition or arrangement;

 

		(v)	the taking, variation, compromise, exchange, renewal, discharge, substitution or release of, or
refusal or neglect to perfect, take up, realise or enforce, any rights against, or security over assets of, any Obligor or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise
the full value of any security;

 

		(vi)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of any Obligor, any Creditor Party or any other person;

 

    	 	140	 

     

    

 

		(vii)	any amendment (however fundamental) or replacement of a Finance Document, the SACE Insurance Policy
or any other document or security;

 

		(viii)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance
Document, the SACE Insurance Policy or any other document or security;

 

		(ix)	any insolvency or similar proceedings;

 

		(x)	the existence of any claim, set-off, defence, reduction, abatement or other right which any Obligor
may have at any time against SACE;

 

		(xi)	any document presented in connection with the SACE Insurance Policy proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;

 

		(xii)	any payment by SACE against presentation of a demand for payment substantially, on its face, in
the form of a claim under the SACE Insurance Policy where any certificate or other document required to be provided with such claim
in accordance with the terms of the SACE Insurance Policy either is not provided or does not comply with the terms of the SACE
Insurance Policy; and

 

		(xiii)	any other circumstances which might otherwise constitute a defence available to, or discharge of
any Obligor.

 

		37	Supplemental

 

		37.1	Rights cumulative, non-exclusive

 

The rights and remedies which the
Finance Documents give to each Secured Party are:

 

		(a)	cumulative;

 

		(b)	may be exercised as often as appears expedient; and

 

		(c)	shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude
or limit any right or remedy conferred by any law.

 

		37.2	Severability of provisions

 

If any provision of a Finance Document
is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity, enforceability or legality of the
other provisions of that Finance Document or of the provisions of any other Finance Document.

 

		37.3	Counterparts

 

A Finance Document may be executed
in any number of counterparts.

 

		37.4	Third party rights

 

		(a)	Except for SACE, SIMEST and their successors, transferees and assignees or as otherwise provided
in a Finance Document, a person who is not a Party has no right under the Third Party Act to enforce or to enjoy the benefit of
any term of this Agreement.

 

    	 	141	 

     

    

 

		(b)	Notwithstanding any provision of any Finance Document, the consent of any person (other than SACE,
SIMEST or their successors, transferees and assignees) who is not a party to a Finance Document is not required to rescind, vary
or terminate any Finance Document at any time.

 

		(c)	Subject to the provisions of the Third Party Act, and without prejudice to the provisions of paragraphs
(a) and (b) above, each of SACE and/or SIMEST (as applicable) has the right to enforce and to enjoy the benefit of Clause 36
(SACE Subrogation and Reimbursement), Clause 17 (Interest on Late Payments), Clause 8 (SACE Premium and Italian
Authorities), Clause 10.2 (Tax gross-up), Clause 10.3 (Tax indemnity), Clause 10.11 (Transaction Costs),
Clause 20.1 (Indemnities regarding borrowing and repayment of Loan), Clause 20.2 (Breakage costs and SIMEST arrangements),
Clause 20.3 (Miscellaneous indemnities), Clause 20.4 (Currency indemnity), Clause 22 (Set-Off), Clause 27
(The Security Trustee), Clause 10.6 (VAT), Clause 10.13 (SACE obligations), Clauses 33.8 (Disclosure
by SACE), Clause 33.9 (Disclosure by SIMEST), 33.10 (Press release), Clause 39 (Enforcement) and any other
provision of this Agreement which expressly confers rights on SACE and/or SIMEST (as applicable).

 

		(d)	Any amendment or waiver which relates to the rights of SACE and/or SIMEST (as applicable) under
this Agreement, including under Clause 36 (SACE Subrogation and Reimbursement), Clause 17 (Interest on Late Payments),
Clause 8 (SACE Premium and Italian Authorities), Clause 10.2 (Tax gross-up), Clause 10.3 (Tax indemnity),
Clause 20.4 (Currency indemnity), Clause 22 (Set-Off), Clause 27 (The Security Trustee), Clause 20.3 (Miscellaneous
indemnities), Clause 10.6 (VAT), Clause 10.11 (Transaction Costs), Clause 20.1 (Indemnities regarding
borrowing and repayment of Loan), Clauses 33.8 (Disclosure by SACE), Clause 33.9 (Disclosure by SIMEST), 33.10
(Press release), Clause 39 (Enforcement) and any other provision of this Agreement which expressly confers rights
on SACE and/or SIMEST (as applicable) may not be effected without the consent of SACE and/or SIMEST (as applicable).

 

		37.5	No waiver

 

No failure or delay on the part
of a Secured Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single
or partial exercise thereof preclude any other or further exercise thereof by the Secured Parties or the exercise by the Secured
Parties of any other right, power or privilege. The rights and remedies of the Secured Parties herein provided are cumulative and
not exclusive of any rights or remedies provided by law.

 

		37.6	Writing required

 

This Agreement shall not be capable
of being modified otherwise than by an express modification in writing signed by the Borrower, the Facility Agent and the Lenders.

 

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

 

		(a)	A Creditor Party that is incorporated in the Federal Republic of
Germany or is otherwise subject to the EU Blocking Regulation may notify the Facility Agent in writing that it elects that any
provisions with respect to Sanctions, including, without limitation, the undertakings and covenants given under paragraph (e) of
Clause 12.2 (Information), Clause 12.4 (Sanctions and Illicit Payments), Clause 12.5 (Prohibited Payments),
Clause 12.25 (Compliance with laws etc.) or provisions contained in Clause 20.3 (Miscellaneous indemnities) or Clause 21.1
(Illegality and Sanctions) and the representations and warranties given under paragraphs (u), (v), (y), (z) and (jj) of
Clause 11.2 (Continuing representations and warranties) and paragraph (j) of Clause 11.3 (Representations on the Delivery
Date) respectively (the "Sanctions Provisions") shall only enure to the benefit of, and be applicable to,
that Creditor Party to the extent that such provisions would not result in: (i) any violation of, conflict with or liability
under the EU Blocking Regulation; or (ii) in the case of a Creditor Party that is incorporated in the Federal Republic of
Germany only, a violation or conflict with the German Blocking Provisions.

 

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

 

		38	Governing Law

 

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

 

		39	Enforcement

 

		39.1	Jurisdiction of English Courts

 

The courts of England have exclusive
jurisdiction to settle any Dispute arising out of or in connection with this Agreement (including a dispute regarding the existence,
validity or termination of this Agreement) (a "Dispute"). Each Party agrees that the courts of England are the
most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

 

		39.2	Service of process

 

Without prejudice to any other
mode of service allowed under any relevant law, the Borrower:

 

		(a)	irrevocably appoints Hannaford Turner LLP of 4th Floor, 15 Old Bailey, London EC4M 7EF, United
Kingdom, as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance
Document; and

 

		(b)	agrees that failure by a process agent to notify the Borrower of the process will not invalidate
the proceedings concerned.

 

If any person appointed as an agent
for service of process is unable for any reason to act as agent for service of process, the Borrower (on behalf of all the Obligors)
must immediately (and in any event within 15 days of such event taking place) appoint another agent on terms acceptable to the
Facility Agent. Failing this, the Facility Agent may appoint another agent for this purpose.

 

    	 	143	 

     

    

 

		40	Waiver of Immunity

 

		40.1	To the fullest extent permitted by applicable law, the Borrower hereby irrevocably and unconditionally:

 

		(a)	submits to the jurisdiction of the English courts in accordance with Clause 39 (Enforcement)
and agrees not to claim any sovereign or other immunity from the jurisdiction of any such court;

 

		(b)	submits to the jurisdiction of the English courts in respect of any proceedings arising out of
or connected with the enforcement and/or execution of any judgment made against it and waives and agrees not to claim any sovereign
or other immunity from the jurisdiction of the English courts or the courts of any other jurisdiction in relation to the recognition
of any such judgment or court order and agrees to ensure that no such claim is made on its behalf;

 

		(c)	consents generally in respect of any such proceedings to the giving of any relief in the English
courts and the courts of any other jurisdiction whether before or after a final judgment including, without limitation: suit, relief
by way of interim or final injunction or order for specific performance or recovery of any property, attachment of its assets prior
to judgment, other attachment, the obtaining of judgment and enforcement or execution against any property, revenues or other assets
whatsoever (irrespective of their use or intended use) and waives and agrees not to claim any sovereign or other immunity from
the jurisdiction of the English courts or the courts of any other jurisdiction in relation to such enforcement and the giving of
such relief (including to the extent that such immunity may be attributed to it) against itself or with respect to its assets,
and agrees to ensure that no such claim is made on its behalf or with respect to its assets;

 

		(d)	waives any right of immunity which it or its assets now has or may subsequently acquire; and

 

		(e)	agrees not to claim any sovereign or other immunity from service of process against its assets
or revenues for the enforcement of a judgment or an action in rem, for the arrest, detention or sale of any of its assets and revenues.

 

		40.2	The Borrower agrees that in any proceedings in the English courts this waiver shall have the fullest
scope permitted by the English State Immunity Act 1978 (the "Act") and that this waiver is intended to be irrevocable
for the purposes of such Act.

 

		41	Effective Date

 

This
Agreement and the other Finance Documents shall not come into force or have any legal effect until the occurrence of the Effective
Date.

 

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

 

    	 	144	 

     

    

 

Schedule
1

Lenders and Commitments

  

	Lender	 	Facility Office	 	Commitment

(%)	 	Amount

(US$)
	 	 	 	 	 	 	 
	Banco Santander S.A.	 	Avda. Cantabria s/n. 28660

                                             Boadilla del Monte, Madrid,

                                             Spain
	 	[*]%	 	[*]   
	 	 	 	 	 	 	 
	BNP Paribas Fortis S.A./N.V.	 	3, Montagne du Parc, 1 KA1E

1000 Brussels, Belgium	 	[*]%	 	[*]   
	 	 	 	 	 	 	 
	Cassa Depositi e Prestiti S.p.A.	 	Via Goito, 4 – 00185, Rome, Italy	 	[*]%	 	[*]   
	 	 	 	 	 	 	 
	Crédit Agricole Corporate and Investment Bank	 	12, place des Etats-Unis, CS 70052,

92547 Montrouge cedex,

France	 	[*]%	 	[*]
	 	 	 	 	 	 	 
	HSBC Bank plc	 	Level 2, 8 Canada Square,

                                             London E14 5HQ,

                                             United Kingdom
	 	[*]%	 	[*]   
	 	 	 	 	 	 	 
	KfW IPEX-Bank GmbH	 	Palmengartenstr. 5-9

60325 Frankfurt

Germany	 	[*]%	 	[*]   
	 	 	 	 	 	 	 
	Société Générale	 	
        29, boulevard Haussmann

        75009 Paris

        France
	 	[*]%	 	[*]   

 

    	 	145	 

     

    

 

Schedule
2

Form of Drawdown Notice

 

To:         BNP Paribas

 

Attention: Loans Administration

 

[·]

 

DRAWDOWN NOTICE

 

		1	We refer to the loan agreement (the "Loan Agreement") dated [·]
2018 and made between, inter alios, ourselves, as Borrower, the Lenders, and the Joint Mandated Lead Arrangers referred
to therein and yourselves as Facility Agent in connection with a facility of the Dollar Equivalent of up to € [·].
Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice.

 

		2	We request to borrow as follows:-

 

		(a)	Amount:

 

		(i)	$[·] in respect of the payment of part of the
Eligible Amount of the Final Contract Price to be paid to the Builder to the account specified in paragraph (d) below;

 

		(ii)	$[·] in respect of the First Instalment of
the SACE Premium to be reimbursed to the Borrower to the account specified in paragraph (d) below;

 

		(iii)	$[·] in respect of the Second Instalment of
the SACE Premium to be paid, in accordance with paragraph (d) below to SACE.

 

		(b)	Drawdown Date: [·];

 

		(c)	Duration of the first Interest Period shall be 6 months;

 

		(d)	Payment instructions:

 

		(i)	in respect of Clause 2(a)(i) above and for the countervalue in EUR at the Conversion Rate:

 

Beneficiary: FINCANTIERI S.p.A.

[account details to be completed]]

 

		(ii)	[in respect of Clause 2(a)(ii) above:

 

Beneficiary: O CLASS PLUS ONE,
LLC

[account details to be completed]]

 

		(iii)	[in respect of Clause 2(a)(iii) above:

 

Beneficiary: SACE S.p.A.

[account details to be completed]]

 

		3	We represent and warrant that:

 

    	 	146	 

     

    

 

		(a)	the representations and warranties in Clauses 11.2 (Continuing representations and warranties)
and 11.3 (Representations on the Delivery Date) of the Loan Agreement would remain true and not misleading if repeated on
the date of this notice with reference to the circumstances now existing;

 

		(b)	no Event of Default has occurred or will result from the borrowing of the Loan.

 

		4	This notice cannot be revoked without the prior consent of the Facility Agent.

 

[Name of Signatory]

 

Manager

 

for and on behalf of

O CLASS PLUS ONE, LLC

 

    	 	147	 

     

    

 

Schedule
3

Documents to be produced by the Builder to the Facility Agent on Delivery

 

		1	Qualifying Certificate, duly signed by the Builder, and the related attachments:

 

		1.1	a copy (certified as a true copy by the Builder) of the invoices from the Builder in respect of
the Contract Price (as defined under the Shipbuilding Contract), as well as a copy (certified as a true copy by the Builder) of
the relevant bank statements attesting receipt of the amounts paid directly by the Borrower in respect of the Contract Price (as
defined in the Shipbuilding Contract);

 

		1.2	a copy (certified as a true copy by the Builder) of the Builder's Certificate and Declaration of
Warranty (as each is defined in the Shipbuilding Contract);

 

		1.3	a copy (certified as a true copy by the Builder) of the Protocol of Delivery and Acceptance issued
under the Shipbuilding Contract; and

 

		1.4	a duly executed Exporter Declaration.

 

		2	Certified copy of the acknowledgement of the notice of assignment of the Borrower's rights under
the post-delivery warranty given by the Builder under the Shipbuilding Contract pursuant to the Post-Delivery Assignment.

 

		3	Certified Copy of the power of attorney pursuant to which the authorised signatory of the Builder
signed the documents referred to in this Schedule 3 (Documents to be produced by the Builder to the Facility Agent on Delivery)
and a specimen of his signature.

 

		4	Evidence that, at the time of delivery of the Ship on the Delivery Date, no encumbrances whatsoever
are registered against the Ship in the competent Italian registry of ships under construction.

 

    	 	148	 

     

    

 

Schedule
4

Form of Transfer Certificate

 

The Transferor and the Transferee accept exclusive
responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal and regulatory
requirements applicable to them respectively.

 

		To:	[Name of Facility Agent] for itself and for and on behalf of the Borrower, any other Obligor, the
Security Trustee and each Lender, as defined in the Loan Agreement referred to below.

 

[·]

 

		1	This Certificate relates to Loan Agreement (the "Loan Agreement") dated [·]
2018 and made between (1) O CLASS PLUS ONE, LLC (the "Borrower"), (2) the banks and financial institutions named
therein as lenders (3) BNP Paribas as Facility Agent and (4) HSBC Corporate Trustee Company (UK) Limited as Security Trustee for
a loan facility of up to $[·].

 

		2	In this Certificate, terms defined in the Loan Agreement shall, unless the contrary intention appears,
have the same meanings and:

 

"Relevant
Parties" means the Facility Agent, the Borrower, any other Obligor, the Security Trustee and each Lender.

 

"Transferee"
means [full name] of [facility office].

 

"Transferor"
means [full name] of [facility office].

 

		3	The effective date of this Certificate is [·],
provided that this Certificate shall not come into effect unless it is signed by the Facility Agent on or before that date.

 

		4	The Transferor assigns to the Transferee absolutely all rights and interests (present, future or
contingent) which the Transferor has as Lender under or by virtue of the Loan Agreement and every other Finance Document in relation
to [·] per cent. of its Contribution, which percentage represents $[·].

 

		5	By virtue of this Certificate and clause 24 (Changes to the Lender) of the Loan Agreement,
the Transferor is discharged [entirely from its Commitment which amounts to $][·]
from [·] per cent. of its Commitment, which percentage represents $[·]
and the Transferee acquires a Commitment of $[·].

 

		6	The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee
will observe and perform all the obligations under the Finance Documents which clause 24 (Changes to the Lender) of the
Loan Agreement provides will become binding on it upon this Certificate taking effect.

 

		7	The Facility Agent, at the request of the Transferee (which request is hereby made) accepts, for
the Facility Agent itself and for and on behalf of every other Relevant Party, this Certificate as a Transfer Certificate taking
effect in accordance with clause 24 (Changes to the Lender) of the Loan Agreement.

 

    	 	149	 

     

    

 

		8	The Transferor:

 

		(a)	warrants to the Transferee and each Relevant Party that:

 

		(i)	the Transferor has full capacity to enter into this transaction and has taken all corporate action
and obtained all consents which are in connection with this transaction; and

 

		(ii)	this Certificate is valid and binding as regards the Transferor;

 

		(b)	warrants to the Transferee that the Transferor is absolutely entitled, free of encumbrances, to
all the rights and interests covered by the assignment in paragraph 4 above; and

 

		(c)	undertakes with the Transferee that the Transferor will, at its own expense, execute any documents
which the Transferee reasonably requests for perfecting in any relevant jurisdiction the Transferee's title under this Certificate
or for a similar purpose.

 

		9	The Transferee:

 

		(a)	confirms that it has received a copy of the Loan Agreement and each of the other Finance Documents;

 

		(b)	agrees that it will have no rights of recourse on any ground against either the Transferor, the
Facility Agent, the Security Trustee or any Lender in the event that:

 

		(i)	any of the Finance Documents prove to be invalid or ineffective;

 

		(ii)	the Borrower or any Obligor fails to observe or perform its obligations, or to discharge its liabilities,
under any of the Finance Documents;

 

		(iii)	it proves impossible to realise any asset covered by a Security Interest created by a Finance Document,
or the proceeds of such assets are insufficient to discharge the liabilities of the Borrower or other Obligors under the Finance
Documents;

 

		(c)	agrees that it will have no rights of recourse on any ground against the Facility Agent, the Security
Trustee or any Lender in the event that this Certificate proves to be invalid or ineffective;

 

		(d)	warrants to the Transferor and each Relevant Party that:

 

		(i)	it has full capacity to enter into this transaction and has taken all corporate action and obtained
all consents which it needs to take or obtain in connection with this transaction; and

 

		(ii)	this Certificate is valid and binding as regards the Transferee; and

 

		(e)	confirms the accuracy of the administrative details set out below regarding the Transferee.

 

		10	The Transferor and the Transferee each undertake with the Facility Agent and the Security Trustee
severally, on demand, fully to indemnify the Facility Agent and/or the Security Trustee in respect of any claim, proceeding, liability
or expense (including all legal expenses) which they or either of them may incur in connection with this Certificate or any matter
arising out of it, except such as are shown to have been mainly and directly caused by the gross and culpable negligence or dishonesty
of the Facility Agent's or the Security Trustee's own officers or employees.

 

    	 	150	 

     

    

 

		11	The Transferee shall repay to the Transferor on demand so much of any sum paid by the Transferor
under paragraph 10 as exceeds one-half of the amount demanded by the Facility Agent or the Security Trustee in respect of a claim,
proceeding, liability or expense which was not reasonably foreseeable at the date of this Certificate; but nothing in this paragraph
shall affect the liability of each of the Transferor and the Transferee to the Facility Agent or the Security Trustee for the full
amount demanded by it.

 

	[Name of Transferor]	[Name of Transferee]
	 	 
	By:	By:
	 	 
	Date:	Date:

 

Facility Agent

 

Signed for itself and for and on behalf of
itself

 

as Facility Agent and for every other Relevant
Party

 

[Name of Facility Agent]

 

By:

 

Date:

 

    	 	151	 

     

    

 

Administrative Details of Transferee

 

Name of Transferee:

 

Facility Office:

 

Contact Person

 

(Loan Administration Department):

 

Telephone:

 

Fax:

 

Contact Person

 

(Credit Administration Department):

 

Telephone:

 

Fax:

 

Account for payments:

 

		Note:	This Transfer Certificate alone may not be sufficient to transfer a proportionate share of the
Transferor's interest in the security constituted by the Finance Documents in the Transferor's or Transferee's jurisdiction. It
is the responsibility of each Lender to ascertain whether any other documents are required for this purpose.

 

    	 	152	 

     

    

 

Schedule
5

Qualifying Certificate

 

	To:	BNP Paribas as Facility Agent (the "Facility Agent")
	 	 
	cc:	O CLASS PLUS ONE, LLC. as Borrower
	 	 
	From:	Fincantieri S.p.A (the "Builder")

 

Date: [·]

 

Dear Sirs,

 

		1	We refer to the SACE backed term facility agreement dated [·]
2018 (as supplemented, amended and/or restated from time to time, the "Facility Agreement") and entered into between,
among others, the Facility Agent, the Borrower and the financial institutions named therein as Lenders. Terms defined in the Facility
Agreement shall have the same meaning when used herein.

 

		2	This is a Qualifying Certificate.

 

		3	This Qualifying Certificate relates to the Drawdown Notice dated [·].

 

		4	We attach hereto the following documents in respect of the Ship to be delivered on the Delivery
Date under the Shipbuilding Contract:

 

		(a)	a copy (certified as a true copy by the Builder) of the invoices from the Builder in respect of
the Contract Price (as defined in the Shipbuilding Contract) as well as a copy (certified as a true copy by the Builder) of the
relevant bank statements attesting receipt of the amounts paid directly by the Borrower in respect of the Contract Price (as defined
in the Shipbuilding Contract);

 

		(b)	a copy (certified as a true copy by the Builder) of the Builder's Certificate and Declaration of
Warranty (as each is defined in the Shipbuilding Contract) duly executed by the Builder;

 

		(c)	a copy (certified as a true copy by the Builder) of the Protocol of Delivery and Acceptance issued
under the Shipbuilding Contract duly executed by the Builder and the Borrower; and

 

		(d)	a duly executed Exporter Declaration.

 

		5	We hereby certify that the cumulative total amount invoiced by us pursuant to the Contract Price
(as defined in the Shipbuilding Contract) paid by the Borrower as direct payment is as follows: €[·]
corresponding to not less than twenty per cent. (20)% of the Final Contract Price of the Ship.

 

		6	We hereby warrant that:

 

		(a)	the amount claimed does not include any sum in respect of any matter currently the subject of arbitration
or other proceeding nor to the best of our knowledge and belief will it be the subject of arbitration or other proceeding;

 

    	 	153	 

     

    

 

		(b)	the Shipbuilding Contract has not been terminated, suspended or amended and to the best of our
knowledge and belief no action is proceeding which might lead to the termination or suspension thereof;

 

		(c)	all relevant authorisations (if any) in respect of the Ship intended to be financed by the proposed
Loan have been obtained and are in full force and effect;

 

		(d)	all documents supplied by us in support of this Qualifying Certificate are in all material respect
in conformity with the Shipbuilding Contract and SACE's requirements; you may rely on the accuracy and completeness of all information
and documents contained in or supplied with this Qualifying Certificate or delivered pursuant thereto:

 

		(i)	the goods incorporated in and used for the construction of the Ship have the origin set out in
the table below and complies with the requirements of the SACE Insurance Policy; and

 

	Origin of the goods 

incorporated in the Ship	 	Value in percentage of 

the total Contract Price of 

the Ship	 	Relevant portion of the 

Contract Price of the Ship
	 	 	 	 	 
	Italian goods	 	[·]%	 	€ [·]
	 	 	 	 	 
	Other EU goods	 	[·]%	 	€ [·]
	 	 	 	 	 
	Extra EU goods (if any)	 	[·]%	 	€ [·]
	 	 	 	 	 
	 	 	Total Contract Price of the Ship (in percentage) = 100%	 	Total Contract Price of the Ship = € [·]

 

		(ii)	the aggregate amounts transferred abroad (importi trasferiti all'estero) up to the date
hereof and to be transferred abroad following the Drawdown Date for any reason connected to the performance of the Shipbuilding
Contract, are equal to € [·].

 

Yours faithfully,

 

Fincantieri S.p.A

For and on behalf of the Builder

(the Authorised Signatory of the Builder)

 

    	 	154	 

     

    

 

Execution Pages

 

	BORROWER	 
	 	 
	SIGNED by	) /s/Paul A. Turner
	 	) Paul A. Turner
	for and on behalf of	) Attorney-in-Fact
	O CLASS PLUS ONE, LLC 	 
	 	 
	in the presence of:	) /s/Nicholas Block
	 	Solicitor
	 	Clyde & Co LLP
	 	The St. Botolph Building
	 	138 Houndsditch
	 	London EC3A 7AR
	 	United Kingdom

 

	LENDERS	 
	 	 
	SIGNED by	) /s/Jérôme LEBLOND
	 	) Jerome LEBLOND
	for and on behalf of	)
	CRÉDIT AGRICOLE CORPORATE	) /s/Anne-Laure ORANGE
	AND INVESTMENT BANK	) Anne-Laure ORANGE
	in the presence of:	)
	 	/s/Anne-Sophie Spach
	 	Anne-Sophie Spach
	 	 
	SIGNED by	) /s/Véronique DE BLIC
	 	) Véronique DE BLIC
	for and on behalf of	) Head of Export Finance EMEA
	BNP PARIBAS FORTIS S.A./N.V.	)
	in the presence of:	) /s/Bruno CLOQUET
	 	Bruno CLOQUET
	 	Global Head of Exporters and ECAs Origination
	 	 
	 	/s/Scheerlinck Lieve
	 	Scheerlinck Lieve
	 	 
	SIGNED by	) /s/Parit Patani
	 	) Parit Patani
	for and on behalf of	) Attorney-in-Fact
	KFW IPEX-BANK GMBH	)
	in the presence of:	) /s/Pierre Welch
	 	Pierre Welch 

 

    	 	155	 

     

    

 

	SIGNED by	) /s/Philip E. Lewis
	 	) Philip E. Lewis
	for and on behalf of	)
	HSBC BANK PLC	) /s/Kirstie Moore
	in the presence of:	) Kirstie Moore

 

    	 	156	 

     

    

 

	SIGNED by	) /s/Francesco De Bartolo
	 	) Francesco De Bartolo
	for and on behalf of	) Head of Execution Export Banca
	CASSA DEPOSITI E PRESTITI S.P.A.	)
	in the presence of:	) /s/Giulio Dal Magro
	 	Giulio Dal Magro
	 	Head of International Financing
	 	 
	 	/s/Matteo Primicerio
	 	Matteo Primicerio
	 	 
	 	 
	SIGNED by	) /s/Jose Luis Vicent
	 	) Jose Luis Vicent
	for and on behalf of	) 
	BANCO SANTANDER S.A.	) /s/Antonio Sala
	in the presence of:	) Antonio Sala
	 	 
	 	/s/Juan Carlos García Rosas
	 	Juan Carlos García Rosas
	 	 
	SIGNED by	) /s/Konstantina Kyprianidou
	 	) Konstantina Kyprianidou
	for and on behalf of	) Attorney-in-Fact
	SOCIETE GENERALE	)
	in the presence of:	) /s/Natasha Seel
	 	Natasha Seel
	 	Solicitor
	 	Watson Farley & Williams LLP
	 	28 avenue Victor Hugo
	 	75116 Paris
	 	 
	JOINT MANDATED LEAD ARRANGERS	 
	 	 
	SIGNED by	) /s/Jérôme LEBLOND
	 	) Jérôme LEBLOND
	for and on behalf of	)
	CRÉDIT AGRICOLE CORPORATE	) /s/Anne-Laure ORANGE
	AND INVESTMENT BANK	) Anne-Laure ORANGE
	in the presence of:	)
	 	/s/Anne-Sophie Spach
	 	Anne-Sophie Spach

 

    	 	157	 

     

    

 

	SIGNED by	) /s/ Véronique DE BLIC
	 	) Véronique DE BLIC
	for and on behalf of	) Head of Export Finance EMEA
	BNP PARIBAS FORTIS S.A./N.V.	)
	in the presence of:	) /s/Bruno CLOQUET
	 	Bruno CLOQUET
	 	Global Head of Exporters and ECAs Origination
	 	 
	 	/s/Scheerlinck Lieve
	 	Scheerlinck Lieve

 

    	 	158	 

     

    

 

	SIGNED by	) /s/Parit Patani
	 	) Parit Patani
	for and on behalf of	) Attorney-in-Fact
	KFW IPEX-BANK GMBH	)
	in the presence of:	) /s/Pierre Welch
	 	Pierre Welch
	 	 
	SIGNED by	) /s/Philip E. Lewis
	 	) Philip E. Lewis
	for and on behalf of	)
	HSBC BANK PLC	) /s/Kirstie Moore
	in the presence of:	) Kirstie Moore
	 	 
	SIGNED by	) /s/Francesco De Bartolo
	 	) Francesco De Bartolo
	for and on behalf of	) Head of Execution Export Banca
	CASSA DEPOSITI E PRESTITI S.P.A.	)
	in the presence of:	) /s/Giulio Dal Magro
	 	Giulio Dal Magro
	 	Head of International Financing
	 	 
	 	/s/Matteo Primicerio
	 	Matteo Primicerio
	 	 
	SIGNED by	) /s/Jose Luis Vicent
	 	) Jose Luis Vicent
	for and on behalf of	) 
	BANCO SANTANDER S.A.	) /s/Antonio Sala
	in the presence of:	) Antonio Sala
	 	 
	 	/s/Juan Carlos García Rosas
	 	Juan Carlos García Rosas
	 	 
	SIGNED by	) /s/Konstantina Kyprianidou
	 	) Konstantina Kyprianidou
	for and on behalf of	) Attorney-in-Fact
	SOCIETE GENERALE	)
	in the presence of:	) /s/Natasha Seel
	 	Natasha Seel
	 	Solicitor
	 	Watson Farley & Williams LLP
	 	28 avenue Victor Hugo
	 	75116 Paris

 

    	 	159	 

     

    

 

	FACILITY AGENT	 
	 	 
	SIGNED by	) /s/Luca Lunari
	 	) Luca Lunari
	for and on behalf of	) Head of Export Finance Italy BNP Paribas
	BNP PARIBAS	)
	in the presence of:	) /s/Stefano Leo
	 	Stefano Leo
	 	Deputy Head of Export Finance Italy BNP Paribas
	 	 
	 	/s/Lorenzo Canestri
	 	Lorenzo Canestri
	 	 
	SACE AGENT	 
	 	 
	SIGNED by	) /s/Jérôme LEBLOND
	 	) Jérôme LEBLOND
	for and on behalf of	)
	CRÉDIT AGRICOLE CORPORATE	) /s/Anne-Laure ORANGE
	AND INVESTMENT BANK	) Anne-Laure ORANGE
	in the presence of:	)
	 	/s/Anna-Sophie Spach
	 	Anna-Sophie Spach
	 	 
	SECURITY TRUSTEE	 
	 	 
	SIGNED by	) /s/Andrea Stevenson
	 	) Andrea Stevenson
	for and on behalf of	) Authorised Signatory
	HSBC CORPORATE TRUSTEE	)
	COMPANY (UK) LIMITED	) /s/Hanish Bhatt
	in the presence of:	) Hanish Bhatt

 

    	 	160Exhibit 10.49

 

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

 

Execution version

 

Dated 19 December 2018

 

NCL
CORPORATION LTD.

as Guarantor

 

and

 

HSBC CORPORATE TRUSTEE COMPANY (UK)
LIMITED

as Security Trustee

 

Guarantee

 

relating to a Loan Agreement dated 19 December
2018 in respect of

the passenger cruise ship newbuilding presently designated as Hull No. [*]

 

 

    	 

     

    

  

Index

 

	Clause	 	Page
	 	 	 
	1	Interpretation	3
	2	Guarantee	5
	3	Liability as Principal and Independent Debtor	5
	4	Expenses	6
	5	Adjustment of Transactions	7
	6	Payments	7
	7	Interest	9
	8	Subordination	9
	9	Enforcement	10
	10	Representations and Warranties	11
	11	Undertakings	13
	12	Judgments and Currency Indemnity	22
	13	Set-Off	23
	14	Supplemental	23
	15	Assignment and Transfer	25
	16	Notices	25
	17	Invalidity of Loan Agreement	26
	18	Governing Law and Jurisdiction	26

 

	Schedules	 
	 	 
	Schedule 1 Form of Compliance Certificate	28
	 	 
	Execution	 
	 	 
	Execution Page	30

 

    	 

     

    

  

THIS GUARANTEE is made on 19 December
2018

 

parties

 

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

 

		(2)	HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED, a company incorporated in England and Wales
(with registered number 06447555) whose registered office is at 8 Canada Square, London E14 5HQ as security trustee on behalf of
the Secured Parties (the "Security Trustee", which expression includes its successors, transferees and assigns)

 

BACKGROUND

 

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

 

		(B)	By a loan agreement dated 19 December 2018 (as amended from time to time), and made between (i)
the Borrower, (ii) the Lenders, (iii) the Joint Mandated Lead Arrangers, (iv) the Facility Agent, (v) the SACE Agent and (vi) the
Security Trustee, it was agreed that the Lenders would make available to the Borrower, a facility of the Dollar Equivalent of up
to four hundred and sixty two million and nine hundred and sixty thousand Euros (€ 462,960,000) and the amount of the SACE
Premium (but not exceeding six hundred and ninety million, seven hundred and eighteen thousand
and seventy Dollars and fifty four cents ($ 690,718,070.54)) for the purpose of assisting the Borrower, in financing (a) payment
or reimbursement under the Shipbuilding Contract of all or part of 80% of the Final Contract Price up to the Eligible Amount and
(b) reimbursement to the Borrower of 100% of the First Instalment of the SACE Premium paid by it to SACE and payment to SACE of
100% of the Second Instalment of the SACE Premium (as defined therein).

 

		(C)	The execution and delivery to the Security Trustee of this Guarantee is one of the conditions precedent
to the availability of the facility under the Loan Agreement.

 

OPERATIVE
PROVISIONS

 

		1	Interpretation

 

		1.1	Defined expressions

 

Words and expressions defined
in the Loan Agreement shall have the same meanings when used in this Guarantee unless the context otherwise requires.

 

		1.2	Construction of certain terms

 

In this Guarantee:

 

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"Bankruptcy"
includes a liquidation, receivership or administration and any form of suspension of payments, arrangement with creditors or reorganisation
under any corporate or insolvency law of any country.

 

"Capital
Stock" means:

 

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

 

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

 

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

 

		(d)	any other interest or participation that confers on a person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing person.

 

"First
Financial Quarter" means the financial quarter ending immediately prior to or on the date falling forty five (45)
days before the Intended Delivery Date.

 

"Loan
Agreement" means the loan agreement dated 19 December 2018 referred to in Recital (B) and includes any existing
or future amendments, restatements, or supplements, whether made with the Guarantor's consent or otherwise.

 

"Management"
means the employees of the Guarantor and its subsidiaries or their dependants or any trust for which such persons are the intended
beneficiary.

 

"Party"
means a party to this Guarantee.

 

		1.3	Application of construction and interpretation provisions of Loan Agreement

 

Clauses 1.2 (Construction
of certain terms) to 1.5 (General Interpretation) of the Loan Agreement apply, with any necessary modifications, to
this Guarantee.

 

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

 

		(a)	A Creditor Party that is incorporated in the Federal Republic of Germany or is otherwise subject
to the EU Blocking Regulation may notify the Facility Agent in writing that it elects that any provisions with respect to Sanctions,
including, without limitation, the undertakings and covenants given under any of Clause 10.12 (Sanctions) or any undertakings
in Clause 11.19 (Sanctions and Illicit Payments), Clause 11.20 (Prohibited Payments) and Clause 11.21 (Sanctions)
of this Guarantee respectively (the "Sanctions Provisions") shall only enure to the benefit of, and be applicable
to, that Creditor Party to the extent that such provisions would not result in: (i) any violation of, conflict with or liability
under the EU Blocking Regulation; or (ii) in the case of a Creditor Party that is incorporated in the Federal Republic of
Germany only, a violation or conflict with the German Blocking Provisions.

 

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

 

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		2	Guarantee

 

		2.1	Guarantee and indemnity

 

The Guarantor unconditionally
and irrevocably:

 

		(a)	guarantees to the Security Trustee (acting on behalf of the Secured Parties) punctual performance
by the Borrower of all the Borrower's obligations under or in connection with the Loan Agreement and every other Finance Document;

 

		(b)	undertakes to the Security Trustee that whenever the Borrower does not pay any amount when due
under or in connection with the Loan Agreement and the other Finance Documents, the Guarantor shall immediately on demand pay that
amount as if it was the principal obligor;

 

		(c)	agrees that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal,
it will, as an independent and primary obligation, indemnify the Security Trustee and each other Secured Party immediately on demand
by the Security Trustee against any cost, loss or liability it incurs as a result of the Borrower not paying any amount which would,
but for such unenforceability, invalidity or illegality, have been payable by it under the Loan Agreement or any other Finance
Document on the date when it would have been due. Any such demand for indemnification shall be made through the Security Trustee,
for itself or on behalf of the Secured Parties. The amount payable by the Guarantor under this indemnity will not exceed the amount
it would have had to pay under this Clause 2.1 (Guarantee and indemnity) if the amount claimed had been recoverable on the
basis of a guarantee.

 

		2.2	No limit on number of demands

 

The Security Trustee may serve
any number of demands under Clause 2.1 (Guarantee and indemnity).

 

		3	Liability as Principal and Independent Debtor

 

		3.1	Principal and independent debtor

 

The Guarantor shall be liable
under this Guarantee as a principal and independent debtor and accordingly it shall not have, as regards this Guarantee, any of
the rights or defences of a surety.

 

		3.2	Waiver of rights and defences

 

Without limiting the generality
of Clause 3.1 (Principal and independent debtor), the obligations of the Guarantor under this Guarantee will not be affected
by an act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under
this Guarantee (without limitation and whether or not known to it or any Secured Party) including:

 

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		(a)	any time, waiver or consent granted to, or composition with, the Borrower or other person;

 

		(b)	the release of the Borrower or any other person under the terms of any composition or arrangement
with any creditor of any affiliate of the Borrower;

 

		(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, the Borrower or other person or any non-presentation or non-observance
of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

 

		(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of the Borrower or any other person;

 

		(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or
not more onerous) or replacement of any Finance Document or any other document or security including without limitation any change
in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document
or other document or security;

 

		(f)	any insolvency or similar proceedings;

 

		(g)	any arrangement or concession (including a rescheduling or acceptance of partial payments) relating
to, or affecting, the Finance Documents;

 

		(h)	any release or loss whatsoever of any guarantee, right or Security Interest created by the Finance
Documents;

 

		(i)	any failure whatsoever promptly or properly to exercise or enforce any such right or Security Interest,
including a failure to realise for its full market value an asset covered by such a Security Interest; or

 

		(j)	any other Finance Document or any Security Interest now being or later becoming void, unenforceable,
illegal or invalid or otherwise defective for any reason, including a neglect to register it.

 

		4	Expenses

 

		4.1	Costs of preservation of rights, enforcement etc.

 

The Guarantor shall pay to
the Security Trustee on its demand the amount of all expenses incurred by the Security Trustee or any other Secured Party in connection
with any matter arising out of this Guarantee or any Security Interest connected with it, including any advice, claim or proceedings
relating to this Guarantee or such a Security Interest.

 

		4.2	Fees and expenses payable under Loan Agreement

 

Clause 4.1 (Costs of preservation
of rights, enforcement etc.) is without prejudice to the Guarantor's liabilities in respect of the Borrower's obligations under
clauses 9 (Fees) and 10 (Taxes, Increased Costs, Costs and Related Charges) of the Loan Agreement and under similar
provisions of other Finance Documents.

 

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		5	Adjustment of Transactions

 

		5.1	Reinstatement of obligation to pay

 

The Guarantor shall pay to
the Security Trustee on its demand any amount which any Secured Party is required, or agrees, to pay pursuant to any claim by,
or settlement with, a trustee in bankruptcy of the Borrower or of any other Obligor (or similar person) on the ground that the
Loan Agreement or any other Finance Document, or a payment by the Borrower or of such other Obligor, was invalid or on any similar
ground.

 

		6	Payments

 

		6.1	Method of payments

 

Any amount due under this Guarantee
shall be paid:

 

		(a)	in immediately available funds;

 

		(b)	to such account as the Security Trustee may from time to time notify to the Guarantor;

 

		(c)	without any form of set-off, cross-claim or condition; and

 

		(d)	free and clear of any Tax Deduction except a Tax Deduction which the Guarantor is required by law
to make.

 

		6.2	Grossing-up for taxes

 

If the Guarantor is
required by law to make a Tax Deduction, the amount due to the Security Trustee shall be increased by the amount necessary to
ensure that the Security Trustee and (if the payment is not due to the Security Trustee for its own account) the Secured
Party beneficially interested in the payment receives and retains a net amount which, after the Tax Deduction, is equal to
the full amount that it would otherwise have received; provided that a payment shall not be increased under this Clause 6.2
if clause 10.2(d) of the Loan Agreement applies mutatis mutandis.

 

		6.3	Tax Credits

 

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

 

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		6.4	FATCA Deduction

 

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

 

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

 

		6.5	FATCA Information

 

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

 

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

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party.

 

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

 

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

 

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

 

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

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

		(iii)	any duty of confidentiality.

 

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

 

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		6.6	No obligations on SACE

 

To the extent
that this Clause 6 (Payments) imposes obligations or restrictions on a Secured Party, such obligations or restrictions shall
not apply to SACE and SACE shall have no obligations hereunder nor be constrained by such restrictions.

 

		7	Interest

 

		7.1	Accrual of interest

 

Any amount due under this Guarantee
shall carry interest after the date on which the Security Trustee demands payment of it until it is actually paid, unless interest
on that same amount also accrues under the Loan Agreement.

 

		7.2	Calculation of interest

 

Interest on sums payable under
this Guarantee shall be calculated and accrue in the same way as interest under clause 6 (Interest) of the Loan Agreement.

 

		7.3	Guarantee extends to interest payable under Loan Agreement

 

For the avoidance of doubt,
it is confirmed that this Guarantee covers all interest payable under the Loan Agreement, including that payable under clause 17
(Interest on Late Payments) of the Loan Agreement.

 

		8	Subordination

 

		8.1	Subordination of rights of Guarantor

 

Until all amounts which may
be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless
the Facility Agent otherwise directs, all rights which the Guarantor at any time has (whether in respect of this Guarantee or any
other transaction) against the Borrower, any other Obligor or their respective assets shall be fully subordinated to the rights
of the Secured Parties under the Finance Documents; and in particular, the Guarantor shall not:

 

		(a)	claim, or in a bankruptcy of the Borrower or any other Obligor prove for, any amount payable to
the Guarantor by the Borrower or any other Obligor, whether in respect of this Guarantee or any other transaction;

 

		(b)	take or enforce any Security Interest for any such amount;

 

		(c)	exercise any right to be indemnified by an Obligor;

 

		(d)	bring legal or other proceedings for an order requiring the Borrower or any other Obligor to make
any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under
this Guarantee;

 

		(e)	claim to set-off any such amount against any amount payable by the Guarantor to the Borrower or
any other Obligor; or

 

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		(f)	claim any subrogation or right of contribution or other right in respect of any Finance Document
or any sum received or recovered by any Secured Party under a Finance Document.

 

If the Guarantor receives any
benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary
to enable all amounts which may be or become payable to the Secured Parties by the Obligors under or in connection with the Finance
Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Security Trustee
or as the Security Trustee may direct for application in accordance with the Loan Agreement and the Finance Documents.

 

		9	Enforcement

 

		9.1	No requirement to commence proceedings against Borrower

 

The Guarantor waives any right
it may have of first requiring the Security Trustee or any other Secured Party to proceed against or enforce any other rights or
security or claim payment from any person before claiming from the Guarantor under this Guarantee. Neither the Security Trustee
nor any other Secured Party will need to make any demand under, commence any proceedings under, or enforce any guarantee or any
Security Interest contained in or created by, the Loan Agreement or any other Finance Document before claiming or commencing proceedings
under this Guarantee. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

 

		9.2	Conclusive evidence of certain matters

 

However, as against the Guarantor:

 

		(a)	any judgment or order of a court in England or the jurisdiction of the Approved Flag or Bermuda
or the United States of America in connection with the Loan Agreement; and

 

		(b)	any statement or admission by the Borrower in connection with the Loan Agreement,

 

shall be binding and conclusive
as to all matters of fact and law to which it relates.

 

		9.3	Suspense account

 

Until all amounts which may
be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, the
Security Trustee and any Secured Party may:

 

		(a)	refrain from applying or enforcing any other moneys, security or rights held or received by it
(or any trustee or agent on its behalf which, in the case of a Secured Party, shall include the Facility Agent and the Security
Trustee) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those
amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and

 

		(b)	hold in an interest-bearing suspense account any moneys received from the Guarantor or on account
of the Guarantor's liability under this Guarantee.

 

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		10	Representations and Warranties

 

		10.1	General

 

The Guarantor represents
and warrants to the Security Trustee as follows on the Effective Date, which representations and warranties shall be deemed
to be repeated, with reference mutatis mutandis to the facts and circumstances subsisting, as if made on each day from
the Effective Date to the end of the Security Period.

 

		10.2	Status

 

The Guarantor is duly incorporated
and validly existing and in good standing under the laws of Bermuda as an exempted company.

 

		10.3	Corporate power

 

The Guarantor has the corporate
capacity, and has taken all corporate action and obtained all consents necessary for it:

 

		(a)	to execute this Guarantee; and

 

		(b)	to make all the payments contemplated by, and to comply with, this Guarantee.

 

		10.4	Consents in force

 

All the consents referred to
in Clause 10.3 (Corporate power) remain in force and nothing has occurred which makes any of them liable to revocation.

 

		10.5	Legal validity

 

This Guarantee constitutes
the Guarantor's legal, valid and binding obligations enforceable against the Guarantor in accordance with its terms subject to
any relevant insolvency laws affecting creditors' rights generally.

 

		10.6	No conflicts

 

The execution by the Guarantor
of this Guarantee and its compliance with this Guarantee will not involve or lead to a contravention of:

 

		(a)	any law or regulation; or

 

		(b)	the constitutional documents of the Guarantor; or

 

		(c)	any contractual or other obligation or restriction which is binding on the Guarantor or any of
its assets.

 

		10.7	No withholding taxes

 

All payments which the Guarantor
is liable to make under this Guarantee may be made without deduction or withholding for or on account of any tax payable under
any law of Bermuda or the United States of America (other than a FATCA Deduction).

 

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		10.8	No default

 

To the knowledge of the Guarantor,
no Event of Default has occurred which is continuing.

 

		10.9	Information

 

All information which has been provided
in writing by or on behalf of the Guarantor to the Security Trustee or any other Secured Party in connection with any Finance Document
satisfied the requirements of Clause 11.2 (Information provided to be accurate); all audited and unaudited accounts which
have been so provided satisfied the requirements of Clause 11.4 (Form of financial statements); and there has been no material
adverse change in the financial position or state of affairs of the Guarantor from that disclosed in the latest of those accounts.

 

		10.10	No litigation

 

No legal or administrative
action involving the Guarantor has been commenced or taken or, to the Guarantor's knowledge, is likely to be commenced or taken
which, in either case, would be likely to have a material adverse effect on the Guarantor's ability to perform its obligations
under this Guarantee.

 

		10.11	No Security Interests

 

None of the assets or rights
of the Guarantor is subject to any Security Interest except any Security Interest which (i) qualifies as a Permitted Security Interest
with respect to the Guarantor or (ii) is permitted by Clause 11.11 (Negative pledge).

 

		10.12	Sanctions

 

		(a)	No investments made and no payments made, received or to be made by the Guarantor under the Loan
Agreement, the Transaction Documents or any Finance Document have been or shall be funded, whether directly or, to the knowledge
of the Guarantor, indirectly out of funds of Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited
Jurisdiction or which would otherwise cause any Party to be in breach of any Sanctions and none of the sources of funds to be used
by the Guarantor in connection with the Transaction Documents, the construction of the Ship or its business, whether directly or,
to the knowledge of the Guarantor, indirectly, are of Illicit Origin or derived from any activity with a Prohibited Person or in
a Prohibited Jurisdiction.

 

		(b)	No Prohibited Payment has been or will be made, received or provided, directly or indirectly, by
(or on behalf of) it or the Borrower (to the best of the Guarantor's knowledge), any of its affiliates, officers, directors or
any other person acting on its behalf to, or for the benefit of, any authority or any public or government entity (or any official,
officer, director, agent or key employee of, or other person with management responsibilities in, any authority or public or government
entity) in connection with the Ship, the Loan Agreement and/or the Finance Documents.

 

		(c)	The Guarantor:

 

		(i)	nor to its knowledge any director, officer, or Affiliate of any Obligor or member of the Group,
is not a Prohibited Person;

 

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		(ii)	is not owned or controlled by or acting directly or indirectly on behalf of or for the benefit
of, a Prohibited Person; or

 

		(iii)	does not own or control a Prohibited Person.

 

		11	Undertakings

 

		11.1	General

 

The Guarantor undertakes with
the Security Trustee to comply with the following provisions of this Clause 11 (Undertakings) at all times from the Effective
Date to the end of the Security Period, except as the Security Trustee may otherwise permit.

 

		11.2	Information provided to be accurate

 

All financial and other information
(but, in respect of information relating to the business and affairs of the Guarantor, excluding any forward looking statements
and projections) which is provided in writing by or on behalf of the Guarantor under or in connection with this Guarantee will
be true and not misleading and will not omit any material fact or consideration.

 

		11.3	Provision of financial statements

 

The Guarantor will send to
the Security Trustee:

 

		(a)	as soon as practicable, but in no event later than 120 days after the end of each financial year
of the Guarantor beginning with the year ending 31 December 2018, the audited consolidated accounts of the Guarantor and its subsidiaries;

 

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

 

		(c)	a compliance certificate in the form set out in Schedule 1 (Form of Compliance Certificate)
to this Guarantee or in such other form as the Security Trustee may reasonably require (each a "Compliance Certificate"):

 

		(i)	for the first time, no later than the First Financial Quarter on the basis of the latest available
quarterly financial statements, and

 

		(ii)	at the same time as there is delivered to the Security Trustee, and together with, each set of
unaudited consolidated quarterly management accounts under paragraph (b) and, if applicable, audited consolidated accounts under
paragraph (a), duly signed by the chief financial officer of the Guarantor and certifying whether or not the requirements of Clause
11.15 (Financial Covenants) are then complied with;

 

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		(d)	such additional financial or other relevant information regarding the Guarantor and the Group as
the Security Trustee may reasonably request;

 

		(e)	as soon as practicable (and in any event within 120 days after the close of each fiscal year),
commencing with the fiscal year ending 31 December 2018, annual cash flow projections on a consolidated basis of the Group showing
on a monthly basis advance ticket sales (for at least 12 months following the date of such statement) for the Group;

 

		(f)	as soon as practicable (and in any event not later than January 31 of each fiscal year):

 

		(i)	a budget for the Group for such new fiscal year including a 12 month liquidity budget for such
new fiscal year;

 

		(ii)	updated financial projections of the Group for at least the next five years (including an income
statement, balance sheet statement and cash flow statement and quarterly break downs for the first of those five years); and

 

		(iii)	an outline of the assumptions supporting such budget and financial projections including but without
limitation any scheduled drydockings.

 

		11.4	Form of financial statements

 

All accounts (audited and unaudited)
delivered under Clause 11.3 (Provision of financial statements) will:

 

		(a)	be prepared in accordance with GAAP;

 

		(b)	when required to be audited, be audited by the auditors which are the Guarantor's auditors at the
Effective Date or other auditors approved by the Security Trustee, provided that, such approval by the Security Trustee shall not
be unreasonably withheld or delayed;

 

		(c)	give a true and fair view of the state of affairs of the Guarantor and its subsidiaries at the
date of those accounts and of their profit for the period to which those accounts relate; and

 

		(d)	fully disclose or provide for all significant liabilities of the Guarantor and its subsidiaries.

 

		11.5	Shareholder and creditor notices

 

The Guarantor will send the
Security Trustee, at the same time as they are despatched, copies of all communications which are despatched to the Guarantor's
shareholders or creditors generally or any class of them.

 

		11.6	Consents

 

The Guarantor will maintain
in force and promptly obtain or renew, and will promptly send certified copies to the Security Trustee of, all consents required:

 

		(a)	for the Guarantor to perform its obligations under this Guarantee;

 

		(b)	for the validity or enforceability of this Guarantee,

 

and the Guarantor will comply
with the terms of all such consents.

 

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		11.7	Notification of litigation

 

The Guarantor will provide
the Security Trustee with details of any material legal or administrative action involving the Guarantor as soon as such action
is instituted or it becomes apparent to the Guarantor that it is likely to be instituted (and for this purpose proceedings shall
be deemed to be material if they involve a claim in an amount exceeding twenty million Dollars ($20,000,000) or the equivalent
in another currency).

 

		11.8	Domicile and principal place of business

 

The Guarantor:

 

		(a)	will maintain its domicile and registered office at the address stated at the commencement of this
Guarantee or at such other address in Bermuda as is notified beforehand to the Security Trustee;

 

		(b)	will maintain its principal place of business and keep its corporate documents and records in the
United States of America at 7665 Corporate Center Drive, Miami, 33126, Florida (Fax: (305) 436 4140) or at such other address in
the United States of America as is notified beforehand to the Security Trustee; and

 

		(c)	will not move its domicile out of Bermuda nor its principal place of business out of the United
States of America without the prior agreement of the Security Trustee, acting with the authorisation of the Secured Parties, such
agreement not to be unreasonably withheld.

 

		11.9	Notification of default

 

The Guarantor will notify the
Security Trustee as soon as the Guarantor becomes aware of the occurrence of an Event of Default and will thereafter keep the Security
Trustee fully up-to-date with all developments.

 

		11.10	Maintenance of status

 

The Guarantor will maintain
its separate corporate existence and remain in good standing under the laws of Bermuda.

 

		11.11	Negative pledge

 

The Guarantor shall not, and
shall procure that the Borrower will not, create or permit to arise any Security Interest over any asset present or future except
Security Interests created or permitted by the Finance Documents and except for the following:

 

		(a)	Security Interests created with the prior consent of the Security Trustee or otherwise permitted
by the Finance Documents;

 

		(b)	in the case of the Guarantor, Security Interests which qualify as Permitted Security Interests
with respect to the Guarantor;

 

		(c)	in the case of the Borrower, Security Interests permitted under clause 12.8 (Negative pledge)
of the Loan Agreement;

 

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		(d)	Security Interests provided in favour of lenders under and in connection with any refinancing of
the Existing Indebtedness or any financing arrangements entered into by any member of the Group for the acquisition of additional
or replacement ship(s) (including any refinancing of any such arrangement) but limited to:

 

		(i)	pledges of the share capital of the relevant ship owning subsidiary(/ies); and/or

 

		(ii)	ship mortgages and other securities over the financed ship(s).

 

		11.12	No disposal of assets, change of business

 

The Guarantor will:

 

		(a)	not, and shall procure that its subsidiaries, as a group, shall not, transfer all or substantially
all of the cruise vessels owned by them and shall procure that any cruise vessels which are disposed of in compliance with the
foregoing shall be disposed on a willing seller willing buyer basis at or about market rate and at arm's length subject always
to the provisions of any pertinent loan documentation, and

 

		(b)	continue to be a holding company for a group of companies whose main business is the operation
of cruise vessels as well as the marketing of cruises on board such vessels and the Guarantor will not change its main line of
business so as to affect any Obligor's ability to perform its obligations under the Finance Documents or to imperil, in the opinion
of the Security Trustee, the security created by any of the Finance Documents or the SACE Insurance Policy.

 

		11.13	No merger etc.

 

The Guarantor shall not enter
into any form of merger, sub-division, amalgamation, restructuring, consolidation, winding-up, dissolution or anything analogous
thereto or acquire any entity, share capital or obligations of any corporation or other entity (each of the foregoing being a "Transaction")
unless:

 

		(a)	the Guarantor has notified the Security Trustee in writing of the agreed terms of the relevant
Transaction promptly after such terms have been agreed as heads of terms (or similar) and thereafter notified the Security Trustee
in writing of any significant amendments to such terms during the course of the negotiation of the relevant Transaction; and

 

		(b)	the relevant Transaction does not require or involve or result in any dissolution of the Guarantor
so that at all times the Guarantor remains in existence; and

 

		(c)	each notice delivered to the Security Trustee pursuant to paragraph (a) above is accompanied by
a certificate signed by the chief financial officer of the Guarantor whereby the Guarantor represents and warrants to the Security
Trustee that the relevant Transaction will not:

 

		(i)	adversely affect the ability of any Obligor to perform its obligations under the Finance Documents;

 

		(ii)	imperil the security created by any of the Finance Documents or the SACE Insurance Policy; or

 

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		(iii)	affect the ability of the Guarantor to comply with the financial covenants contained in Clause
11.15 (Financial Covenants); and

 

		(d)	if the merger or analogous transaction involves the Guarantor or the Borrower, all the necessary
"Know your customer requirements" have been complied with.

 

		11.14	Maintenance of ownership of Borrower and Guarantor.

 

		(a)	The Guarantor shall remain the direct or indirect beneficial owner of the entire issued and allotted
share capital of the Shareholder, free from any Security Interest and the Shareholder shall remain the legal holder and direct
beneficial owner of all shares in the Borrower, free from any Security Interest, except that created in favour of the Security
Trustee.

 

		(b)	No person or "group" (within the meaning of Rules 13d-3 and 13d-5 under the Securities
Exchange Act of 1934 (15 USC §78a et seq.) as in effect on the date of this Guarantee) shall acquire beneficial ownership
of 35% or more on a fully diluted basis of the voting interest in the Guarantor's equity interests unless the Management shall
own directly or indirectly, more than such person or “group” on a fully diluted basis of the voting interest in the
Guarantor’s equity interests.

 

		11.15	Financial Covenants

 

		(a)	The Guarantor will not permit the Free Liquidity to be less than fifty million Dollars ($50,000,000)
at any time.

 

		(b)	The Guarantor will not permit the ratio of Total Net Funded Debt to Total Capitalization to be
greater than 0.70:1.00 at any time.

 

		(c)	The Guarantor will not permit the ratio of Consolidated EBITDA to Consolidated Debt Service for
the Group at the end of any fiscal quarter, computed for the period of the four consecutive fiscal quarters ending as at the end
of the relevant fiscal quarter, to be less than 1.25:1.00 unless the Free Liquidity of the Group at all times during such period
of four consecutive fiscal quarters ending as at the end of such fiscal quarter was equal to or greater than one hundred million
Dollars ($100,000,000).

 

		11.16	Financial definitions

 

For the purposes of Clause
11.15 (Financial Covenants):

 

		(a)	"Cash Balance" shall mean, at any date of determination, the unencumbered and
otherwise unrestricted cash and Cash Equivalents of the Group;

 

		(b)	"Cash Equivalents" shall mean (i) securities issued or directly and fully guaranteed
or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United
States is pledged in support thereof) having maturities of not more than one year from the date of acquisition, (ii) time deposits
and certificates of deposit of any commercial bank having, or which is the principal banking subsidiary of a bank holding company
having capital, surplus and undivided profits aggregating in excess of two hundred million Dollars ($200,000,000), with maturities
of not more than one year from the date of acquisition by any person, (iii) repurchase obligations with a term of not more than
90 days for underlying securities of the types described in clause (i) above entered into with any bank meeting the qualifications
specified in clause (ii) above, (iv) commercial paper issued by any person incorporated in the United States rated at least A-1
or the equivalent thereof by S&P or at least P-1 or the equivalent thereof by Moody's and in each case maturing not more than
one year after the date of acquisition by any other person, and (v) investments in money market funds substantially all of whose
assets are comprised of securities of the types described in clauses (i) through (iv) above;

 

    	17

     

    

  

		(c)	"Consolidated Debt Service" shall mean, for any relevant period, the sum (without
double counting), determined in accordance with GAAP, of:

 

		(i)	the aggregate principal payable or paid during such period on any Indebtedness for Borrowed Money
of any member of the Group, other than:

 

		(A)	principal of any such Indebtedness for Borrowed Money prepaid at the option of the relevant member
of the Group or by virtue of "cash sweep" or "special liquidity" cash sweep provisions (or analogous provisions)
in any debt facility of the Group;

 

		(B)	principal of any such Indebtedness for Borrowed Money prepaid upon a sale or a Total Loss of any
ship (as if references in that definition were to all ships and not just the Ship) owned or leased under a capital lease by any
member of the Group; and

 

		(C)	balloon payments of any such Indebtedness for Borrowed Money payable during such period (and for
the purpose of this paragraph (c) a "balloon payment" shall not include any scheduled repayment instalment of such Indebtedness
for Borrowed Money which forms part of the balloon);

 

		(ii)	Consolidated Interest Expense for such period;

 

		(iii)	the aggregate amount of any dividend or distribution of present or future assets, undertakings,
rights or revenues to any shareholder of any member of the Group (other than the Guarantor, or one of its wholly owned Subsidiaries)
or any dividends or distributions other than tax distributions in each case paid during such period; and

 

		(iv)	all rent under any capital lease obligations by which the Guarantor or any consolidated Subsidiary
is bound which are payable or paid during such period and the portion of any debt discount that must be amortized in such period;

 

as calculated in accordance
with GAAP and derived from the then latest accounts delivered under Clause 11.3 (Provision of financial statements);

 

		(d)	"Consolidated EBITDA" shall mean, for any relevant period, the aggregate of:

 

		(i)	Consolidated Net Income from the Guarantor's operations for such period; and

 

		(ii)	the aggregate amounts deducted in determining Consolidated Net Income for such period in respect
of gains and losses from the sale of assets or reserves relating thereto, Consolidated Interest Expense, depreciation and amortization,
impairment charges and any other non-cash charges and deferred income tax expense for such period.

 

    	18

     

    

  

		(e)	"Consolidated Interest Expense" shall mean, for any relevant period, the consolidated
interest expense (excluding capitalized interest) of the Group for such period;

 

		(f)	"Consolidated Net Income" shall mean, for any relevant period, the consolidated
net income (or loss) of the Group for such period as determined in accordance with GAAP;

 

		(g)	"Free Liquidity" shall mean, at any date of determination, the aggregate of the
Cash Balance or any other amounts available for drawing under other revolving or other credit facilities of the Group, which remain
undrawn, could be drawn for general working capital purposes or other general corporate purposes and would not, if drawn, be repayable
within six months;

 

		(h)	"Indebtedness" shall mean any obligation
for the payment or repayment of money, whether as principal or as surety and whether present or future, actual or contingent including,
without limitation, pursuant to an Interest Rate Protection Agreement or Other Hedging Agreement;

 

		(i)	"Indebtedness for Borrowed Money" shall mean Indebtedness (whether present or
future, actual or contingent, long-term or short-term, secured or unsecured) in respect of:

 

		(i)	moneys borrowed or raised;

 

		(ii)	the advance or extension of credit (including interest and other charges on or in respect of any
of the foregoing);

 

		(iii)	the amount of any liability in respect of leases which, in accordance with GAAP, are capital leases;

 

		(iv)	the amount of any liability in respect of the purchase price for assets or services payment of
which is deferred for a period in excess of 180 days;

 

		(v)	all reimbursement obligations whether contingent or not in respect of amounts paid under a letter
of credit or similar instrument; and

 

		(vi)	(without double counting) any guarantee of Indebtedness falling within paragraphs (i) to (v) above;

 

PROVIDED THAT the following
shall not constitute Indebtedness for Borrowed Money:

 

		(A)	loans and advances made by other members of the Group which are subordinated to the rights of the
Secured Parties;

 

		(B)	loans and advances made by any shareholder of the Guarantor which are subordinated to the rights
of the Secured Parties on terms reasonably satisfactory to the Facility Agent; and

 

		(C)	any liabilities of the Guarantor or any other member of the Group under any Interest Rate Protection
Agreement or any Other Hedging Agreement or other derivative transactions of a non-speculative nature;

 

		(j)	"Interest Rate Protection Agreement" shall mean any interest rate swap agreement,
interest rate cap agreement, interest collar agreement, interest rate hedging agreement, interest rate floor agreement or other
similar agreement or arrangement entered into between a Lender or its Affiliate, or a Joint Mandated Lead Arranger or its Affiliate,
and the Guarantor and/or the Borrower in relation to the Secured Liabilities of the Borrower under the Loan Agreement;

 

    	19

     

    

  

		(k)	"Other Hedging Agreement" shall mean any foreign exchange contracts, currency
swap agreements, commodity agreements or other similar agreements or arrangements entered into between a Lender or its Affiliate,
or a Joint Mandated Lead Arranger or its Affiliates, and the Guarantor and/or the Borrower in relation to the Secured Liabilities
of the Borrower under the Loan Agreement and designed to protect against the fluctuations in currency or commodity values;

 

		(l)	"Total Capitalization" means, at any date
of determination, the Total Net Funded Debt plus the consolidated stockholders' equity of the Group at such date determined in
accordance with GAAP and derived from the then latest accounts delivered under Clause 11.3 (Provision of financial statements);
provided it is understood that the effect of any impairment of intangible assets shall be added back to stockholders' equity;
and

 

		(m)	"Total Net Funded Debt" shall mean, as at any relevant date:

 

		(i)	Indebtedness for Borrowed Money of the Group on a consolidated basis; and

 

		(ii)	the amount of any Indebtedness for Borrowed Money of any person which is not a member of the Group
but which is guaranteed by a member of the Group as at such date;

 

less an amount equal
to any Cash Balance as at such date; provided that any Commitments and other amounts available for drawing under other revolving
or other credit facilities of the Group which remain undrawn shall not be counted as cash or indebtedness for the purposes of this
Guarantee.

 

		11.17	Negative Undertakings

 

		(a)	The Guarantor may:

 

		(i)	at any time prior to the end of the First Financial Quarter, declare or pay dividends or make other
distributions or payment in respect of Financial Indebtedness owed to its shareholders without the prior written consent of the
Security Trustee;

 

		(ii)	at any time after the end of the First Financial Quarter, declare or pay dividends or make other
distributions or payment in respect of Financial Indebtedness owed to its shareholders without the prior written consent of the
Security Trustee, subject to it on each such occasion satisfying the Security Trustee acting on behalf of the Secured Parties that
it will continue to meet all the requirements of Clause 11.15 (Financial Covenants), if such covenants were to be tested
immediately following the payment of any such dividend; and

 

		(iii)	pay dividends (x) to persons responsible for paying the tax liability in respect of consolidated,
combined, unitary or affiliated tax returns for each relevant jurisdiction of the Group, or (y) to holders of the Guarantor's Capital
Stock with respect to income taxable as a result of a member of the Group being taxed as a pass-through entity for U.S. Federal,
state and local income tax purposes or attributable to any member of the Group,

 

    	20

     

    

  

provided that the actions in
paragraphs (ii) and (iii) above shall only be permitted if there is no Event of Default which is continuing under the Loan Agreement
and no Event of Default would arise from the payment of such dividend.

 

		(b)	The Guarantor shall not, and shall procure that none of its subsidiaries shall:

 

		(i)	make loans to any person that is not the Guarantor or a direct or indirect subsidiary of the Guarantor;
or

 

		(ii)	issue or enter into one or more guarantees covering the obligations of any person which is not
the Guarantor or a direct or indirect subsidiary of the Guarantor,

 

except if such loan is granted to a non
subsidiary or such guarantee is issued in the ordinary course of business covering the obligations of a non subsidiary and the
aggregate amount of all such loans and guarantees made or issued by the Guarantor and its subsidiaries does not exceed [*] Dollars
($[*]) or is otherwise approved by the Security Trustee which approval shall not be unreasonably withheld if such loan or guarantee
in respect of a non subsidiary would neither:

 

		(A)	affect the ability of any Obligor to perform its obligations under the Finance Documents; nor

 

		(B)	imperil the security created by any of the Finance Documents or the SACE Insurance Policy; nor

 

		(C)	affect the ability of the Guarantor to comply with the financial covenants contained in Clause
11.15 (Financial Covenants) if such covenants were to be tested immediately following the grant of such loan or the issuance
of such guarantee, as demonstrated by evidence satisfactory to the Security Trustee.

 

		11.18	Most favoured nations

 

The Guarantor undertakes that
if at any time after the Effective Date it enters into any financial contract or financial document relating to any Financial Indebtedness
with or which has the support of any export credit agency and which contains pari passu provisions or cross default provisions
which are more favourable to the lenders than those contained in paragraph (l) of clause 11.2 (Continuing representations
and warranties) of the Loan Agreement and clause 18.6 (Cross default) of the Loan Agreement respectively, the Guarantor
shall immediately notify the Borrower and the Facility Agent of such provisions and the relevant provisions contained in the Loan
Agreement shall be deemed amended so that such more favourable pari passu provisions or cross default provisions are granted
to the Creditor Parties pursuant to the Loan Agreement.

 

		11.19	Sanctions and Illicit Payments

 

No payments made or received
by the Guarantor under the Loan Agreement or any Finance Document shall be funded directly or, to the knowledge of the Guarantor,
indirectly out of funds of Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction
or which would otherwise cause any Party to be in breach of any Sanctions, and none of the sources of funds to be used by the Guarantor
in connection with the Transaction Documents or the construction of the Ship or its business shall be of directly or, to the knowledge
of the Guarantor, indirectly Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction.

 

    	21

     

    

  

		11.20	Prohibited Payments

 

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

 

		11.21	Sanctions

 

The Guarantor shall comply,
or procure compliance by the entities and persons referred to in Clause 11.20, with all Sanctions and shall provide details of
any material litigation, arbitration or administrative proceedings relating to any alleged or actual breach of Sanctions.

 

		11.22	Additional Undertakings

 

The Guarantor shall not and
shall procure that no Obligor shall do (or fail to do) or cause or permit another person to do (or omit to do) anything which is
likely to:

 

		(a)	make it unlawful for an Obligor to perform any of its obligations under the Transaction Documents;

 

		(b)	cause any obligation of an Obligor under the Finance Documents to cease to be legal, valid, binding
or enforceable if that cessation individually or together with any other cessations materially or adversely affects the interests
of the Secured Parties under the Transaction Documents;

 

		(c)	cause any Transaction Document to cease to be in full force and effect;

 

		(d)	cause any Security Interest created under the Finance Documents to lose its priority or ranking;
and

 

		(e)	imperil or jeopardise any Security Interest created under the Finance Documents.

 

		12	Judgments and Currency Indemnity

 

		12.1	Judgments relating to Loan Agreement

 

This Guarantee shall cover
any amount payable by the Borrower under or in connection with any judgment relating to the Loan Agreement.

 

		12.2	Currency indemnity

 

In addition, clause 20.4 (Currency
indemnity) of the Loan Agreement shall apply, with any necessary adaptations, in relation to this Guarantee.

 

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		13	Set-Off

 

		13.1	Application of credit balances

 

Each Secured Party may without
prior notice:

 

		(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account
in the name of the Guarantor at any office in any country of that Secured Party in or towards satisfaction of any sum then due
from the Guarantor to that Secured Party under this Guarantee; and

 

		(b)	for that purpose:

 

		(i)	break, or alter the maturity of, all or any part of a deposit of the Guarantor;

 

		(ii)	convert or translate all or any part of a deposit or other credit balance into Dollars; or

 

		(iii)	enter into any other transaction or make any entry with regard to the credit balance which the
Secured Party concerned considers appropriate.

 

		13.2	Existing rights unaffected

 

No Secured Party shall be obliged
to exercise any of its rights under Clause 13.1 (Application of credit balances); and those rights shall be without prejudice
and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Secured Party
is entitled (whether under the general law or any document).

 

		13.3	Sums deemed due to a Lender

 

For the purposes of this Clause
13 (Set-Off), a sum payable by the Guarantor to the Security Trustee for distribution to, or for the account of, a Lender
shall be treated as a sum due to that Lender; and each Lender's proportion of a sum so payable for distribution to, or for the
account of, the Lenders shall be treated as a sum due to that Lender.

 

		14	Supplemental

 

		14.1	Continuing guarantee

 

This Guarantee shall remain
in force as a continuing security at all times during the Security Period, regardless of any intermediate payment or discharge
in whole or in part.

 

		14.2	Rights cumulative, non-exclusive

 

The Security Trustee's rights
under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient and shall not be taken
to exclude or limit any right or remedy conferred by law.

 

		14.3	No impairment of rights under Guarantee

 

If the Security Trustee omits
to exercise, delays in exercising or invalidly exercises any of its rights under this Guarantee, that shall not impair that or
any other right of the Security Trustee under this Guarantee.

 

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		14.4	Severability of provisions

 

If any provision of this Guarantee
is or subsequently becomes void, illegal, unenforceable or otherwise invalid, that shall not affect the validity, legality or enforceability
of its other provisions.

 

		14.5	Guarantee not affected by other security

 

This Guarantee is in addition
to and shall not impair, nor be impaired by, any other guarantee, any Security Interest or any right of set-off or netting or to
combine accounts which the Security Trustee or any Secured Party may now or later hold in connection with the Loan Agreement.

 

		14.6	Guarantor bound by Loan Agreement

 

The Guarantor agrees with the
Security Trustee to be bound by all provisions of the Loan Agreement which are applicable to the Obligors in the same way as if
those provisions had been set out (with any necessary modifications) in this Guarantee.

 

		14.7	Applicability of provisions of Guarantee to other Security Interests

 

Any Security Interest which
the Guarantor creates (whether at the time at which it signs this Guarantee or at any later time) to secure any liability under
this Guarantee shall be a principal and independent security, and Clauses 3 (Liability as Principal and Independent Debtor)
and 17 (Invalidity of Loan Agreement) shall, with any necessary modifications, apply to it, notwithstanding that the document
creating the Security Interest neither describes it as a principal or independent security nor includes provisions similar to Clauses
3 (Liability as Principal and Independent Debtor) and 17 (Invalidity of Loan Agreement).

 

		14.8	Applicability of provisions of Guarantee to other rights

 

Clauses 3 (Liability as
Principal and Independent Debtor) and 17 (Invalidity of Loan Agreement) shall also apply to any right of set-off or
netting or to combine accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee or at any
later time (notwithstanding that the agreement does not include provisions similar to Clauses 3 (Liability as Principal and
Independent Debtor) and 17 (Invalidity of Loan Agreement)), being an agreement referring to this Guarantee.

 

		14.9	Third party rights

 

Other than a Secured Party
or the Italian Authorities, no person who is not a party to this Guarantee has any right under the Contracts (Rights of Third Parties)
Act 1999 to enforce or to enjoy the benefit of any term of this Guarantee.

 

		14.10	Waiver of rights against SACE

 

Nothing in this Guarantee or
any of the Finance Documents is intended to grant to the Guarantor or any other person any right of contribution from or any other
right or claim against SACE and the Guarantor hereby waives irrevocably any right of contribution or other right or claim as between
itself and SACE.

 

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		14.11	Certification or determination

 

Any certification or determination
by the Security Trustee of a rate or amount under any Finance Document or this Guarantee is, in the absence of manifest error,
conclusive evidence of the matters to which it relates.

 

		14.12	SACE subrogation

 

The Guarantor acknowledges
that immediately upon any payment by SACE of any amount due under the SACE Insurance Policy, SACE shall be automatically subrogated
to the extent of such payment to the rights of the Security Trustee under this Guarantee in accordance with the SACE Insurance
Policy.

 

		15	Assignment and Transfer

 

		15.1	Assignment and transfer by Security Trustee

 

		(a)	The Security Trustee may assign or transfer its rights under and in connection with this Guarantee
to the same extent as it may assign or transfer its rights under the Loan Agreement.

 

		(b)	The Guarantor may not assign or transfer its rights under and in connection with this Guarantee.

 

		16	Notices

 

		16.1	Notices to Guarantor

 

Any notice or demand to the
Guarantor under or in connection with this Guarantee shall be given by letter or fax at:

 

NCL Corporation Ltd.

7665 Corporate Center Drive

Miami

Florida, 33126

Fax: (305) 436 4140

 

or to such other address which
the Guarantor may notify to the Security Trustee.

 

		16.2	Application of certain provisions of Loan Agreement

 

Clauses 32.3 (Effective
date of notices) to 32.9 (Meaning of "notice") of the Loan Agreement apply to any notice or demand under or
in connection with this Guarantee.

 

		16.3	Validity of demands

 

A demand under this Guarantee
shall be valid notwithstanding that it is served:

 

		(a)	on the date on which the amount to which it relates is payable by the Borrower under the Loan Agreement;
or

 

		(b)	at the same time as the service of a notice under clause 18.21 (Actions following an Event of
Default) of the Loan Agreement;

 

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and a demand under this Guarantee
may refer to all amounts payable under or in connection with the Loan Agreement without specifying a particular sum or aggregate
sum.

 

		16.4	Notices to Security Trustee

 

Any notice to the Security
Trustee under or in connection with this Guarantee shall be sent to the same address and in the same manner as notices to the Security
Trustee under the Loan Agreement.

 

		17	Invalidity of Loan Agreement

 

		17.1	Invalidity of Loan Agreement

 

In the event of:

 

		(a)	the Loan Agreement or any provision thereof now being or later becoming, with immediate or retrospective
effect, void, illegal, unenforceable or otherwise invalid for any reason whatsoever; or

 

		(b)	without limiting the scope of paragraph (a) above, a bankruptcy of the Borrower, the introduction
of any law or any other matter resulting in the Borrower being discharged from liability under the Loan Agreement, or the Loan
Agreement ceasing to operate (for example, by interest ceasing to accrue);

 

this Guarantee shall cover
any amount which would have been or become payable under or in connection with the Loan Agreement if the Loan Agreement had been
and remained entirely valid, legal and enforceable, or the Borrower had not suffered bankruptcy, or any combination of such events
or circumstances, as the case may be, and the Borrower had remained fully liable under it for liabilities whether invalidly incurred
or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts payable by the Borrower
under or in connection with the Loan Agreement shall include references to any amount which would have so been or become payable
as aforesaid.

 

		17.2	Invalidity of Finance Documents

 

Clause 17.1 (Invalidity
of Loan Agreement) also applies to each of the other Finance Documents to which the Borrower is a party.

 

		18	Governing Law and Jurisdiction

 

		18.1	English law

 

This Guarantee and any non-contractual
obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law.

 

		18.2	Exclusive English jurisdiction

 

The courts of England shall
have exclusive jurisdiction to settle any Dispute.

 

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		18.3	Process agent

 

The Guarantor irrevocably appoints
Hannaford Turner LLP of 4th Floor, 15 Old Bailey, London EC4M 7EF, United Kingdom, to act as its agent to receive and
accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with a
Dispute.

 

		18.4	Secured Parties' rights unaffected

 

Nothing in this Clause 18 (Governing
Law and Jurisdiction) shall exclude or limit any right which any Secured Party may have (whether under the law of any country,
an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or
enforcement of a judgment or any similar or related matter in any jurisdiction.

 

		18.5	Meaning of "proceedings"

 

In this Clause 18 (Governing Law and
Jurisdiction), "proceedings" means proceedings of any kind, including an application for a provisional or
protective measure and a "Dispute" means any dispute arising out of or in connection with this Guarantee (including
a dispute relating to the existence, validity or termination of this Guarantee) or any non-contractual obligation arising out of
or in connection with this Guarantee.

 

THIS GUARANTEE has been entered into
on the date stated at the beginning of this Guarantee.

 

    	27

     

    

  

Schedule
1

 

Form of Compliance Certificate

 

		To:	HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED

8 Canada Square

London

E14 5HQ

 

Attn:       [l]

[l]
20[l]

 

Dear Sirs

 

Loan Agreement dated [l]
2018 (as amended from time to time, the "Loan Agreement") made between (1) O
Class Plus One, LLC (the "Borrower"), (2) the banks and financial institutions named at schedule
1 therein as lenders, (3) Crédit Agricole Corporate and Investment Bank, BNP Paribas Fortis
S.A./N.V., HSBC Bank plc, KFW IPEX-BANK GmbH, Cassa Depositi e Prestiti S.p.A., Banco Santander S.A. and Société
Générale as Joint Mandated Lead Arrangers, (4) Crédit Agricole Corporate and Investment Bank as SACE Agent
(5) BNP Paribas as Facility Agent and (6) HSBC Corporate Trustee Company (UK) Limited as Security Trustee for a facility of up
to the aggregate of the Dollar Equivalent of up to four hundred and sixty two million and nine hundred and sixty thousand Euros
(€ 462,960,000) and the amount of the SACE Premium (but not exceeding six hundred and ninety million, seven hundred and eighteen
thousand and seventy Dollars and fifty four cents ($ 690,718,070.54)) and Guarantee dated [l]
2018 (the "Guarantee") made between (1) us as guarantor and (2) HSBC Corporate Trustee Company (UK) Limited as
Security Trustee.

 

We refer to the Loan Agreement and the
Guarantee. Terms defined in the Loan Agreement and the Guarantee have their defined meanings when used in this Compliance Certificate.

 

We also refer to the financial covenants
set out in Clause 11.15 (Financial Covenants) of the Guarantee.

 

We certify that in relation to such covenants
and by reference to the latest accounts provided under Clause 11.3[(11.3(a))/(11.3(b))] of the Guarantee:

 

		(a)	Free Liquidity is $[●] and [was / was not] less than fifty million Dollars ($50,000,000)
at all times during the three month period ending at the end of the fiscal quarter for which the latest accounts have been provided;

 

		(b)	the ratio of Total Net Funded Debt to Total Capitalization is [l]
and therefore [was/was not] greater than 0.70:1.00 at all times during the three month period ending at the end of the fiscal quarter
for which the latest accounts have been provided; and

 

		(c)	[the Free Liquidity of the Group at all times during the period of four consecutive fiscal quarters
ending as at the end of the fiscal quarter for which the latest accounts have been provided was equal to or greater than one hundred
million Dollars ($100,000,000)] [as at the end of the fiscal quarter for which the latest accounts have been provided, computed
for the period of four consecutive fiscal quarters ending at the end of such fiscal quarter, Consolidated EBITDA to Consolidated
Debt Service is [l] and therefore [is/is not] less than 1.25:1.00].

 

    	28

     

    

  

To evidence compliance with the terms of
Clause 11.15 (Financial Covenants), we attach:

 

a copy of the latest quarterly
consolidated accounts of the Group as Appendix A [and a copy of the latest annual consolidated accounts of the Group as Appendix
B].

 

No Event of Default has occurred in relation
to the Borrower or the Guarantor.

 

	Signed:  	     	 
	 	 
	Chief Financial Officer of	 
	NCL Corporation Ltd.	 

 

    	29

     

    

  

Execution
Page

 

	GUARANTOR	 
	 	 
	SIGNED by	) /s/Paul A. Turner
	for and on behalf of	) Paul A. Turner
	NCL CORPORATION LTD.	) Attorney-in-Fact
	as its duly appointed attorney-in-fact	)
	in the presence of:	) /s/Nicholas Block
	 	Nicholas Block
	 	Solicitor
	 	Clyde & Co LLP
	 	The St. Botolph Building
	 	138 Houndsditch
	 	London EC3A 7AR
	 	United Kingdom
	 	 
	SECURITY TRUSTEE	 
	 	 
	SIGNED by	) /s/Andrea Stevenson
	for and on behalf of	) Andrea Stevenson
	HSBC CORPORATE TRUSTEE COMPANY	) Authorised Signatory
	(UK) LIMITED	)
	acting by its attorney/director	) /s/Hanish Bhatt
	in the presence of:	) Hanish Bhatt

 

    	30

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