Document:

Indenture

 Exhibit 4.1 

 
  

 
 SEVEN SEAS CRUISES S. DE R.L.,

 as Issuer 
 and 
 CELTIC PACIFIC (UK) TWO LIMITED 

SUPPLYSTILL LIMITED 

REGENT SEVEN SEAS CRUISES UK LIMITED 
 CELTIC PACIFIC (UK) LIMITED 
 SSC (FRANCE) LLC 

MARINER, LLC 
 as
Subsidiary Guarantors 
 9.125% Second-Priority Senior Secured Notes due 2019 

 
  

INDENTURE 
 Dated
as of May 19, 2011 
  
  

Wilmington Trust FSB, 
 as Trustee 
 and 

Wilmington Trust FSB, 
 as Collateral Agent 
  

 
  

 TABLE OF CONTENTS 

 

							
	  	  	 	  	Page	 
		  	ARTICLE I	  			
		  	 DEFINITIONS AND INCORPORATION BY REFERENCE

1
	  			
	SECTION 1.01	  	Definitions	  	 	1	  
	SECTION 1.02	  	Other Definitions	  	 	45	  
	SECTION 1.03	  	Incorporation by Reference of Trust Indenture Act	  	 	47	  
	SECTION 1.04	  	Rules of Construction	  	 	47	  
			
		  	 ARTICLE II
	  			
		  	 THE NOTES

48
	  			
			
	SECTION 2.01	  	Amount of Notes	  	 	48	  
	SECTION 2.02	  	Form and Dating	  	 	49	  
	SECTION 2.03	  	Execution and Authentication	  	 	49	  
	SECTION 2.04	  	Registrar and Paying Agent	  	 	50	  
	SECTION 2.05	  	Paying Agent to Hold Money in Trust	  	 	51	  
	SECTION 2.06	  	Holder Lists	  	 	51	  
	SECTION 2.07	  	Transfer and Exchange	  	 	51	  
	SECTION 2.08	  	Replacement Notes	  	 	52	  
	SECTION 2.09	  	Outstanding Notes	  	 	52	  
	SECTION 2.10	  	[Intentionally Omitted]	  	 	53	  
	SECTION 2.11	  	Cancellation	  	 	53	  
	SECTION 2.12	  	Defaulted Interest	  	 	53	  
	SECTION 2.13	  	CUSIP Numbers, ISINs, Etc	  	 	53	  
	SECTION 2.14	  	Calculation of Principal Amount of Notes	  	 	53	  
			
		  	 ARTICLE III
	  			
		  	 REDEMPTION

54
	  			
			
	SECTION 3.01	  	Redemption	  	 	54	  
	SECTION 3.02	  	Applicability of Article	  	 	54	  
	SECTION 3.03	  	Notices to Trustee	  	 	54	  
	SECTION 3.04	  	Selection of Notes to Be Redeemed	  	 	54	  
	SECTION 3.05	  	Notice of Optional Redemption	  	 	54	  
	SECTION 3.06	  	Effect of Notice of Redemption	  	 	55	  
	SECTION 3.07	  	Deposit of Redemption Price	  	 	55	  
	SECTION 3.08	  	Notes Redeemed in Part	  	 	56	  
	SECTION 3.09	  	Redemption for Changes in Withholding Taxes	  	 	56	  
			
		  	 ARTICLE IV
	  			
		  	 COVENANTS

57
	  			
			
	SECTION 4.01	  	Payment of Notes	  	 	57	  
	SECTION 4.02	  	Reports and Other Information	  	 	59	  

  
 i 

 TABLE OF CONTENTS 
 (cont’d) 
  

							
	  	  	 	  	Page	 
	SECTION 4.03	  	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	61	  
	SECTION 4.04	  	Limitation on Restricted Payments	  	 	67	  
	SECTION 4.05	  	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	 	73	  
	SECTION 4.06	  	Asset Sales	  	 	76	  
	SECTION 4.07	  	Transactions with Affiliates	  	 	81	  
	SECTION 4.08	  	Change of Control	  	 	84	  
	SECTION 4.09	  	Compliance Certificate	  	 	86	  
	SECTION 4.10	  	Further Instruments and Acts	  	 	86	  
	SECTION 4.11	  	Future Subsidiary Guarantors	  	 	86	  
	SECTION 4.12	  	Liens	  	 	87	  
	SECTION 4.13	  	Re-flagging of Vessels	  	 	88	  
	SECTION 4.14	  	Maintenance of Office or Agency	  	 	88	  
	SECTION 4.15	  	Amendment of Security Documents	  	 	89	  
	SECTION 4.16	  	Covenant Suspension	  	 	89	  
	SECTION 4.17	  	Maintenance of Insurance	  	 	90	  
			
		  	 ARTICLE V
	  			
		  	 SUCCESSOR COMPANY

90
	  			
			
	SECTION 5.01	  	When Issuer May Merge or Transfer Assets	  	 	90	  
			
		  	 ARTICLE VI
	  			
		  	 DEFAULTS AND REMEDIES

93
	  			
			
	SECTION 6.01	  	Events of Default	  	 	93	  
	SECTION 6.02	  	Acceleration	  	 	95	  
	SECTION 6.03	  	Other Remedies	  	 	95	  
	SECTION 6.04	  	Waiver of Past Defaults	  	 	96	  
	SECTION 6.05	  	Control by Majority	  	 	96	  
	SECTION 6.06	  	Limitation on Suits	  	 	96	  
	SECTION 6.07	  	Rights of the Holders to Receive Payment	  	 	97	  
	SECTION 6.08	  	Collection Suit by Trustee	  	 	97	  
	SECTION 6.09	  	Trustee May File Proofs of Claim	  	 	97	  
	SECTION 6.10	  	Priorities	  	 	97	  
	SECTION 6.11	  	Undertaking for Costs	  	 	98	  
	SECTION 6.12	  	Waiver of Stay or Extension Laws	  	 	98	  
			
		  	 ARTICLE VII
	  			
		  	 TRUSTEE

98
	  			
			
	SECTION 7.01	  	Duties of Trustee	  	 	98	  
	SECTION 7.02	  	Rights of Trustee	  	 	99	  

  
 ii 

 TABLE OF CONTENTS 
 (cont’d) 
  

							
	  	  	 	  	Page	 
	SECTION 7.03	  	Individual Rights of Trustee	  	 	101	  
	SECTION 7.04	  	Trustee’s Disclaimer	  	 	101	  
	SECTION 7.05	  	Notice of Defaults	  	 	102	  
	SECTION 7.06	  	Reports by Trustee to the Holders	  	 	102	  
	SECTION 7.07	  	Compensation and Indemnity	  	 	102	  
	SECTION 7.08	  	Replacement of Trustee	  	 	103	  
	SECTION 7.09	  	Successor Trustee by Merger	  	 	104	  
	SECTION 7.10	  	Eligibility; Disqualification	  	 	104	  
	SECTION 7.11	  	Preferential Collection of Claims Against the Issuer	  	 	105	  
			
		  	 ARTICLE VIII
	  			
		  	 DISCHARGE OF INDENTURE; DEFEASANCE

105
	  			
			
	SECTION 8.01	  	Discharge of Liability on Notes; Defeasance	  	 	105	  
	SECTION 8.02	  	Conditions to Defeasance	  	 	106	  
	SECTION 8.03	  	Application of Trust Money	  	 	107	  
	SECTION 8.04	  	Repayment to Issuer	  	 	108	  
	SECTION 8.05	  	Indemnity for U.S. Government Obligations	  	 	108	  
	SECTION 8.06	  	Reinstatement	  	 	108	  
			
		  	 ARTICLE IX
	  			
		  	 AMENDMENTS AND WAIVERS

108
	  			
			
	SECTION 9.01	  	Without Consent of the Holders	  	 	108	  
	SECTION 9.02	  	With Consent of the Holders	  	 	109	  
	SECTION 9.03	  	Compliance with Trust Indenture Act	  	 	111	  
	SECTION 9.04	  	Revocation and Effect of Consents and Waivers	  	 	111	  
	SECTION 9.05	  	Notation on or Exchange of Notes	  	 	111	  
	SECTION 9.06	  	Trustee to Sign Amendments	  	 	111	  
	SECTION 9.07	  	Additional Voting Terms; Calculation of Principal Amount	  	 	112	  
			
		  	 ARTICLE X
	  			
		  	 RANKING OF NOTE LIENS

112
	  			
			
	SECTION 10.01	  	Relative Rights	  	 	112	  
			
		  	 ARTICLE XI
	  			
		  	 COLLATERAL

113
	  			
			
	SECTION 11.01	  	Security Documents	  	 	113	  
	SECTION 11.02	  	Collateral Agent	  	 	114	  
	SECTION 11.03	  	Authorization of Actions to Be Taken	  	 	115	  
	SECTION 11.04	  	Release of Collateral	  	 	116	  

  
 iii

 TABLE OF CONTENTS 
 (cont’d) 
  

							
	  	  	 	  	Page	 
	SECTION 11.05	  	Filing, Recording and Opinions	  	 	119	  
	SECTION 11.06	  	[Intentionally omitted]	  	 	119	  
	SECTION 11.07	  	Powers Exercisable by Receiver or Trustee	  	 	119	  
	SECTION 11.08	  	Release Upon Termination of the Issuer’s Obligations	  	 	120	  
	SECTION 11.09	  	Designations	  	 	120	  
			
		  	 ARTICLE XII
	  			
		  	 GUARANTEE

120
	  			
			
	SECTION 12.01	  	Guarantee	  	 	120	  
	SECTION 12.02	  	Limitation on Liability	  	 	123	  
	SECTION 12.03	  	Successors and Assigns	  	 	124	  
	SECTION 12.04	  	No Waiver	  	 	124	  
	SECTION 12.05	  	Modification	  	 	124	  
	SECTION 12.06	  	Execution of Supplemental Indenture for Future Note Guarantors	  	 	125	  
	SECTION 12.07	  	Non-Impairment	  	 	125	  
			
		  	 ARTICLE XIII
	  			
		  	 MISCELLANEOUS

125
	  			
			
	SECTION 13.01	  	Trust Indenture Act Controls	  	 	125	  
	SECTION 13.02	  	Notices	  	 	125	  
	SECTION 13.03	  	Communication by the Holders with Other Holders	  	 	126	  
	SECTION 13.04	  	Certificate and Opinion as to Conditions Precedent	  	 	126	  
	SECTION 13.05	  	Statements Required in Certificate or Opinion	  	 	126	  
	SECTION 13.06	  	When Notes Disregarded	  	 	127	  
	SECTION 13.07	  	Rules by Trustee, Paying Agent and Registrar	  	 	127	  
	SECTION 13.08	  	Legal Holidays	  	 	127	  
	SECTION 13.09	  	GOVERNING LAW	  	 	127	  
	SECTION 13.10	  	No Recourse Against Others	  	 	127	  
	SECTION 13.11	  	Successors	  	 	127	  
	SECTION 13.12	  	Multiple Originals	  	 	127	  
	SECTION 13.13	  	Table of Contents; Headings	  	 	128	  
	SECTION 13.14	  	Indenture Controls	  	 	128	  
	SECTION 13.15	  	Severability	  	 	128	  
	SECTION 13.16	  	Intercreditor Agreement	  	 	128	  
	SECTION 13.17	  	Agent for Service; Submission to Jurisdiction; Waiver of Immunity	  	 	128	  
		
	Appendix A   –	  	    Provisions Relating to Initial Notes, Additional Notes and Exchange Notes	  
		
	EXHIBIT INDEX	  			
			
	Exhibit A       –	  	    Form of Initial Note	  			
	Exhibit B        –	  	    Form of Exchange Note	  			

  
 iv 

 TABLE OF CONTENTS 
 (cont’d) 
  

					
	Exhibit C       –	  	    Form of Transferee Letter of Representation	  	
	Exhibit D       –	  	    Form of Supplemental Indenture	  	

  
 v 

 CROSS-REFERENCE TABLE 

 

					
	 TIA

Section
	  	 	  	Indenture
Section
	 310
	  	(a)(1)	  	7.10
		  	(a)(2)	  	7.10
		  	(a)(3)	  	N.A.
		  	(a)(4)	  	N.A.
		  	(b)	  	7.08; 7.10
		  	(c)	  	N.A.
	 311
	  	(a)	  	7.11
		  	(b)	  	7.11
		  	(c)	  	N.A.
	 312
	  	(a)	  	2.06
		  	(b)	  	13.03
		  	(c)	  	13.03
	 313
	  	(a)	  	7.06
		  	(b)(1)	  	N.A.
		  	(b)(2)	  	7.06
		  	(c)	  	7.06
		  	(d)	  	4.02; 4.09
	 314
	  	(a)	  	4.02; 4.09
		  	(b)	  	N.A.
		  	(c)(1)	  	13.04
		  	(c)(2)	  	13.04
		  	(c)(3)	  	N.A.
		  	(d)	  	N.A.
		  	(e)	  	13.05
		  	(f)	  	4.10
	 315
	  	(a)	  	7.01
		  	(b)	  	7.05
		  	(c)	  	7.01
		  	(d)	  	7.01
		  	(e)	  	6.11
	 316
	  	(a)(last sentence)	  	13.06
		  	(a)(1)(A)	  	6.05
		  	(a)(1)(B)	  	6.04
		  	(a)(2)	  	N.A.
		  	(b)	  	6.07
	 317
	  	(a)(1)	  	6.08
		  	(a)(2)	  	6.09
		  	(b)	  	2.05
	 318
	  	(a)	  	13.01

 N.A. Means Not Applicable. 
 Note: This Cross-Reference Table shall not, for any purposes, be deemed to be part of this Indenture. 

 INDENTURE dated as of May 19, 2011 among SEVEN SEAS CRUISES S. DE R.L., a Panamanian
sociedad de responsibilidad limitada (the “Issuer”), Celtic Pacific (UK) Two Limited, a company organized under the laws of the Bahamas (“Celtic II”), Supplystill Limited, a private limited company
incorporated under the laws of England and Wales (“Supplystill”), Regent Seven Seas Cruises UK Limited, a private limited company incorporated under the laws of England and Wales (“Regent UK”), Celtic Pacific (UK)
Limited, an English limited company (“Celtic I”), SSC (France) LLC, a Delaware limited liability company (“SSC”), and Mariner, LLC, a limited liability company organized and existing under the laws of the Republic
of the Marshall Islands (“Mariner” and together with Celtic II, Supplystill, Regent UK, Celtic I, SSC, and Mariner, the “Subsidiary Guarantors”), Wilmington Trust FSB, as Trustee, and Wilmington Trust FSB, as
Collateral Agent. 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of
the holders of (i) $225,000,000 aggregate principal amount of the Issuer’s 9.125% Second-Priority Senior Secured Notes due 2019 issued on the date hereof (the “Initial Notes”), (ii) exchange notes issued in exchange
for the Initial Notes pursuant to the Registration Rights Agreement or pursuant to an effective registration statement under the Securities Act (the “Exchange Notes”) and (iii) Additional Notes issued from time to time as
either Initial Notes or Exchange Notes (together with the Initial Notes and any Exchange Notes, the “Notes”): 

ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.01 Definitions. 
 “Acceptable Flag Jurisdiction”
shall mean the Bahamas, Liberia, Bermuda, Panama, the Marshall Islands, the United States, Isle of Man or such other flag jurisdiction as the Issuer may identify to the Collateral Agent, provided that in no event shall Acceptable Flag Jurisdiction
include any jurisdiction the use of which could reasonably be expected to have a material adverse affect on the rights of the Collateral Agent or the holders as determined in good faith by the Board of Directors of the Issuer. 

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

(1) Indebtedness of any other Person existing at the time such other Person is merged, consolidated or amalgamated with or
into or became a Restricted Subsidiary of such specified Person, and 
 (2) Indebtedness secured by a Lien
encumbering any asset acquired by such specified Person. 
 Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause
(1) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of Vessels or other assets. 

“Acquisition” means the acquisition by the Issuer of 100% of the equity interests and

 
assets of each of Radisson France, Celtic II and Supplystill and all other equity interests and assets constituting the Regent Seven Sea Cruises Business (as specified in the Acquisition
Agreements) pursuant to the Acquisition Agreements. 
 “Acquisition Agreements” means (i) the Regent Seven
Seas Cruises Master Agreement dated December 8, 2007 by and among Carlson Cruises Worldwide, Inc, a Minnesota corporation, Vlasov Shipping Corporation, a Liberian corporation and the Issuer, (ii) the Agreement dated December 8, 2007
by and between Carlson Cruises Worldwide, Inc. and the Issuer for the Sale and Purchase of the Interest of Carlson Cruises Worldwide Inc. in the Regent Seven Seas Cruise Business and (iii) the Agreement dated December 8, 2007 by and
between Vlasov Shipping Corporation and the Issuer for the Contribution of the Issued Share Capital of Vlasov Leisure Limited and 50 percent of the Issued Share Capital of each of Golden Ocean Line, Limited, a company organized under the laws of the
Bahamas and Celtic I. 
 “Acquisition Documents” means the Acquisition Agreements and any other document
entered into in connection therewith, in each case as amended, supplemented or modified from time to time prior to the Issue Date or thereafter. 
 “Acquisition Transactions” means the Acquisition transactions contemplated by the Acquisition Agreements. 
 “Additional Notes” means Notes issued under the terms of this Indenture subsequent to the Issue Date. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For
purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 

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

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

(2) the excess of: 
 (a) the present value at such redemption date of (i) the redemption price of the Note at May 15, 2015 (such redemption price being set forth in Paragraph 6 of the Note) plus (ii) all
required interest payments due on the Note through May 15, 2015 (excluding accrued but unpaid interest), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 

(b) the then outstanding principal amount of the Note. 

  
 2 

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

“Asset Sale” means: 
 (1) the sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions) of property or assets (including by way of a Sale/ Leaseback Transaction)
outside the ordinary course of business of the Issuer or any Restricted Subsidiary of the Issuer (each referred to in this definition as a “disposition”) or 

(2) the issuance or sale of Equity Interests (other than directors’ qualifying shares and shares issued to foreign
nationals or other third parties to the extent required by applicable law) of any Restricted Subsidiary (other than to the Issuer or another Restricted Subsidiary of the Issuer) (whether in a single transaction or a series of related transactions),

 in each case other than: 
 (a) a disposition of Cash Equivalents or Investment Grade Securities or obsolete, damaged or worn out property or equipment in the ordinary course of business; 

(b) the disposition of all or substantially all of the assets of the Issuer in a manner permitted pursuant to
Section 5.01 or any disposition that constitutes a Change of Control; 
 (c) any Restricted Payment or
Permitted Investment that is permitted to be made, and is made, under Section 4.04; 
 (d) any disposition
of assets of the Issuer or any Restricted Subsidiary or issuance or sale of Equity Interests of any Restricted Subsidiary, which assets or Equity Interests so disposed or issued have an aggregate Fair Market Value (as determined in good faith by the
Issuer) of less than $7.5 million; 
 (e) any disposition of property or assets, or the issuance of securities,
by a Restricted Subsidiary of the Issuer to the Issuer or by the Issuer or a Restricted Subsidiary of the Issuer to a Restricted Subsidiary of the Issuer; 
 (f) any exchange of assets (including a combination of assets and Cash Equivalents) for assets related to a Similar Business of comparable or greater market value or usefulness to the business of the
Issuer and its Restricted Subsidiaries as a whole, as determined in good faith by the Issuer; 
 (g) foreclosure
or any similar action with respect to any property or other asset of the Issuer or any of its Restricted Subsidiaries; 

  
 3 

 (h) any sale of Equity Interests in, or Indebtedness or other securities of,
an Unrestricted Subsidiary; 
 (i) the lease, assignment or sublease of any real or personal property in the
ordinary course of business; 
 (j) any sale of inventory or other assets in the ordinary course of business;

 (k) any grant in the ordinary course of business of any license of patents, trademarks, know-how or any other
intellectual property; 
 (l) in the ordinary course of business, any swap of assets, or lease, assignment or
sublease of any real or personal property, in exchange for services (including in connection with any outsourcing arrangements) of comparable or greater value or usefulness to the business of the Issuer and its Restricted Subsidiaries as a whole, as
determined in good faith by the Issuer; 
 (m) a transfer of accounts receivable and related assets of the type
specified in the definition of “Receivables Financing” (or a fractional undivided interest therein) by a Receivables Subsidiary in a Qualified Receivables Financing; 

(n) any financing transaction with respect to property built or acquired by the Issuer or any Restricted Subsidiary after
the Issue Date, including any Sale/Leaseback Transaction or asset securitization permitted by this Indenture; 

(o) dispositions in connection with Permitted Liens; 

(p) any disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a
Person (other than the Issuer or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary acquired its business and assets (having been newly formed in connection with such acquisition), made
as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition; 
 (q) the sale of any property in a Sale/Leaseback Transaction within six months of the acquisition of such property; 
 (r) dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or
similar arrangements; 
 (s) any surrender or waiver of contract rights or the settlement, release, recovery on
or surrender of contract, tort or other claims of any kind; 

  
 4 

 (t) time charters and other similar arrangements; and 

(u) any Events of Loss. 
 “Bank Indebtedness” means any and all amounts payable under or in respect of (a)(i) the Credit Agreement and the other Credit Agreement Documents and (ii) New Vessel Financings and
related documents, in case of each clause (i) or (ii) as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or
otherwise modified from time to time (including after termination of the Credit Agreement or the New Vessel Financings), including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or
any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the
maturity thereof, including principal, premium (if any), interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Issuer whether or not a claim for post-filing interest is
allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees and all other amounts payable thereunder or in respect thereof and (b) whether or not the Indebtedness referred to in clause (a) remains
outstanding, if designated by the Issuer to be included in this definition, one or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of
receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt
instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented,
modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time; 

“Board of Directors” means, as to any Person, the board of administrators, directors or managers, as applicable, of such
Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof. 
 “Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in New York City. 

“Capital Stock” means: 
 (1) in the case of a corporation, corporate stock or shares; 
 (2)
in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 

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

  
 5 

 (4) any other interest or participation that confers on a Person the right
to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
 “Capitalized
Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet
(excluding the footnotes thereto) in accordance with GAAP. 
 “Capitalized Software Expenditures” means, for
any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted Subsidiaries during such period in respect of purchased software or internally developed software and software enhancements
that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of such Person and such Restricted Subsidiaries. 
 “Cash Equivalents” means: 
 (1) U.S. dollars,
pounds sterling, euros, the national currency of any member state in the European Union, or such local currencies held by an entity from time to time in the ordinary course of business; 

(2) securities issued or directly and fully guaranteed or insured by the U.S. government or any country that is a member
of the European Union or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition; 
 (3) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances, in each case with maturities not
exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250.0 million and whose long-term debt is rated “A” or the equivalent thereof by Moody’s or S&P (or
reasonably equivalent ratings of another internationally recognized ratings agency); 
 (4) repurchase
obligations for underlying securities of the types described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 

(5) commercial paper issued by a corporation (other than an Affiliate of the Issuer) rated at least “A-1” or the
equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case maturing within one year after the date of acquisition; 

(6) readily marketable direct obligations issued by any state of the United States of America or any political subdivision
thereof having one of the two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from
the date of acquisition; 

  
 6 

 (7) Indebtedness issued by Persons (other than the Sponsors or any of their
Affiliates) with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two
years from the date of acquisition; and 
 (8) investment funds investing at least 95% of their assets in
securities of the types described in clauses (1) through (7) above. 
 “Change of Control” means the
occurrence of either of the following: 
 (1) the sale, lease or transfer, in one or a series of related
transactions, of all or substantially all the assets of the Issuer and its Subsidiaries, taken as a whole, to a Person other than any of the Permitted Holders; or 

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

 “Charter Agreements” means the Mariner Time Charter, the Navigator Time Charter and the Voyager Time
Charter. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means all property subject or purported to be subject, from time to time, to a Lien under any Security
Documents. 
 “Collateral Agent” means Wilmington Trust FSB in its capacity as “Collateral
Agent” under this Indenture and under the Security Documents and any successor thereto in such capacity. 

“Collateral Agreement” means the collateral agreement among Mariner, Supplystill and Celtic II, and the Collateral
Agent, dated the date hereof, as it may be further amended, restated, supplemented or otherwise modified from time to time in accordance with its terms and this Indenture. 
 “Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of depreciation and amortization expense, including the
amortization of intangible assets, deferred financing fees and Capitalized Software Expenditures and amortization of unrecognized prior service costs and actuarial gains and losses related to pensions and other post-employment benefits, of such
Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

  
 7 

 “Consolidated Interest Expense” means, with respect to any Person for any
period, the sum, without duplication, of: 
 (1) consolidated interest expense of such Person and its Restricted
Subsidiaries for such period, to the extent such expense was deducted in computing Consolidated Net Income (including amortization of original issue discount, the interest component of Capitalized Lease Obligations, and net payments and receipts (if
any) pursuant to interest rate Hedging Obligations and excluding Additional Interest in respect of the Notes, amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses and expensing of any bridge, commitment or
other financing fees); plus 
 (2) consolidated capitalized interest of such Person and its Restricted
Subsidiaries for such period, whether paid or accrued; plus 
 (3) commissions, discounts, yield and other
fees and charges Incurred in connection with any Receivables Financing which are payable to Persons other than the Issuer and its Restricted Subsidiaries; minus 

(4) interest income for such period. 
 For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by the Issuer to be the rate of interest implicit in such
Capitalized Lease Obligation in accordance with GAAP. 
 “Consolidated Leverage Ratio” means, with respect to
any Person, at any date the ratio of (i) Consolidated Total Indebtedness (other than Qualified Non-Recourse Debt) of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance
with GAAP) less the amount of cash and Cash Equivalents in excess of any Restricted Cash that would be stated on the balance sheet of such Person and its Restricted Subsidiaries and held by such Person and its Restricted Subsidiaries as of such date
of determination to (ii) EBITDA of such Person for the four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is Incurred. In the event that the
Issuer or any of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement of the period for which the Consolidated Leverage Ratio is being calculated but prior to the event for which the
calculation of the Consolidated Leverage Ratio is made (the “Consolidated Leverage Calculation Date”), then the Consolidated Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase
or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period (including in the case of any such Incurrence or issuance a pro forma application of the net proceeds therefrom); provided
that the Issuer may elect pursuant to an Officers’ Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being Incurred at such time, in which case any subsequent Incurrence of Indebtedness
under such commitment shall not be deemed, for purposes of this calculation, to be an Incurrence at such subsequent time. 
 For
purposes of making the computation referred to above, Investments, acquisitions, 

  
 8 

 
dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any
operational changes that the Issuer or any of its Restricted Subsidiaries has determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Consolidated
Leverage Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and operational changes (and the change of any
associated Indebtedness and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged
with or into the Issuer or any Restricted Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation, amalgamation, discontinued operation or operational change, in each case with
respect to an operating unit of a business, that would have required adjustment pursuant to this definition, then the Consolidated Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment,
acquisition, disposition, discontinued operation, merger, amalgamation, consolidation or operational change had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to any event, the pro forma calculations shall be
made in good faith by a responsible financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Issuer as set forth in an Officers’
Certificate, to reflect (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event (including, to the extent applicable, from the Acquisition Transactions),
(2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in footnote 6 to the “Summary Historical Consolidated Financial and Other Data” under “Summary” in the
Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period and (3) any adjustments to EBITDA in connection with Vessels sold to the extent such sale would not constitute a sale
of a business for which financial statements are available. 
 For purposes of this definition, any amount in a currency other
than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency for the most recent 12-month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA
for the applicable period. 
 “Consolidated Net Income” means, with respect to any Person for any period, the
aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis; provided, however, that: 
 (1) any net after-tax extraordinary, nonrecurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses or charges, any severance expenses, relocation expenses, curtailments
or modifications to pension and post-retirement employee benefit plans, any expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternate uses and fees, expenses or charges relating to
facilities closing costs, acquisition integration costs, facilities opening costs, project start-up costs, business optimization costs, signing, 

  
 9 

 
retention or completion bonuses, expenses or charges related to any issuance of Equity Interests, Investment, acquisition, disposition, recapitalization or issuance, repayment, refinancing,
amendment or modification of Indebtedness (in each case, whether or not successful), and any fees, expenses, charges or change in control payments made under the Refinancing Documents or otherwise related to the Acquisition Transactions or the
Refinancing Transactions or the offering of the Notes, in each case, shall be excluded; 
 (2) effects of
purchase accounting adjustments (including the effects of such adjustments pushed down to such Person and such Restricted Subsidiaries) in amounts required or permitted by GAAP, resulting from the application of purchase accounting in relation to
the Acquisition Transactions or any consummated acquisition or the amortization or write-off of any amounts thereof, net of taxes, shall be excluded; 
 (3) the Net Income for such period shall not include the cumulative effect of a change in accounting principles during such period; 

(4) any net after-tax income or loss from disposed, abandoned, transferred, closed or discontinued operations and any net
after-tax gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded; 
 (5) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to business dispositions or asset dispositions other than in the ordinary course of business (as
determined in good faith by management of the Issuer) shall be excluded; 
 (6) any net after-tax gains or losses
(less all fees and expenses or charges relating thereto) attributable to the early extinguishment of indebtedness, Hedging Obligations or other derivative instruments shall be excluded; 

(7) the Net Income for such period of any Person that is not a Subsidiary of such Person, or is an Unrestricted Subsidiary
or a Qualified Non-Recourse Subsidiary, or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments paid in cash (or to the extent converted into
cash) to the referent Person or a Restricted Subsidiary thereof (other than a Qualified Non-Recourse Subsidiary of such referent Person) in respect of such period; 

(8) solely for the purpose of determining the amount available for Restricted Payments under clause (A) of the
definition of “Cumulative Credit,” the Net Income for such period of any Restricted Subsidiary (other than any Subsidiary Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by
such Restricted Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restrictions with respect to the payment of dividends or similar distributions have
been legally waived; 

  
 10 

 
provided that the Consolidated Net Income of such Person shall be increased by the amount of dividends or other distributions or other payments actually paid in cash (or converted into
cash) by any such Restricted Subsidiary to such Person, to the extent not already included therein; 
 (9) an
amount equal to the amount of Permitted Tax Distributions actually made to any parent or equity holder of such Person in respect of such period in accordance with Section 4.04(b)(xii) shall be included as though such amounts had been paid as
income taxes directly by such Person for such period; 
 (10) any impairment charges or asset write-offs, in each
case pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP shall be excluded; 
 (11)
any non-cash expense realized or resulting from stock option plans, employee benefit plans or post-employment benefit plans, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other
rights, shall be excluded; 
 (12) any (a) one-time non-cash compensation charges, (b) costs and
expenses after the Issue Date related to employment of terminated employees, or (c) costs or expenses realized in connection with or resulting from stock appreciation or similar rights, stock options or other rights existing on the Issue Date
of officers, directors and employees, in each case of such Person or any of its Restricted Subsidiaries, shall be excluded; 
 (13) accruals and reserves that are established or adjusted within 12 months after the Issue Date and that are so required to be established or adjusted in accordance with GAAP or as a result of adoption
or modification of accounting policies shall be excluded; 
 (14) solely for purposes of calculating EBITDA,
(a) the Net Income of any Person and its Restricted Subsidiaries shall be calculated without deducting the income attributable to, or adding the losses attributable to, the minority equity interests of third parties in any non-Wholly Owned
Restricted Subsidiary except to the extent of dividends declared or paid in respect of such period or any prior period on the shares of Capital Stock of such Restricted Subsidiary held by such third parties and (b) any ordinary course dividend,
distribution or other payment paid in cash and received from any Person in excess of amounts included in clause (7) above shall be included; 
 (15)(a)(i) the non-cash portion of “straight-line” rent expense shall be excluded and (ii) the cash portion of “straight-line” rent expense which exceeds the amount
expensed in respect of such rent expense shall be included and (b) non-cash gains, losses, income and expenses resulting from fair value accounting required by the applicable standard under GAAP and related interpretations shall be excluded;

 (16) any currency translation gains and losses related to currency remeasurements of Indebtedness, and any net
loss or gain resulting from hedging transactions for currency exchange risk, shall be excluded; 

  
 11 

 (17) to the extent covered by insurance and actually reimbursed, or, so long
as such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (a) not denied by the applicable carrier in writing within 180
days and (b) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business
interruption shall be excluded; and 
 (18) any credit card fees or discounts in advance of cruises shall be
excluded; provided that such credit card fees or discounts shall be included in Consolidated Net Income during the period when the revenue corresponding to such fee or discount is accrued. 

Notwithstanding the foregoing, for the purpose of Section 4.04 only, there shall be excluded from Consolidated Net Income any
dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries of the Issuer or a Restricted Subsidiary of the Issuer to the extent such dividends, repayments or transfers increase the amount of Restricted
Payments permitted under such Section pursuant to clauses (D) and (E) of the definition of “Cumulative Credit.” 
 “Consolidated Non-cash Charges” means, with respect to any Person for any period, the non-cash expenses (other than Consolidated Depreciation and Amortization Expense) of such Person and
its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such period on a consolidated basis and otherwise determined in accordance with GAAP, provided that if any such non-cash expenses represent an accrual or reserve
for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from EBITDA in such future period to the extent paid, but excluding from this proviso, for the avoidance of doubt,
amortization of a prepaid cash item that was paid in a prior period. 
 “Consolidated Taxes” means, with
respect to any Person for any period, the provision for taxes based on income, profits or capital, including, without limitation, state, franchise, property and similar taxes, foreign withholding taxes (including penalties and interest related to
such taxes or arising from tax examinations) and any Permitted Tax Distributions taken into account in calculating Consolidated Net Income. 
 “Consolidated Total Indebtedness” means, as of any date of determination, an amount equal to the sum (without duplication) of (1) the aggregate amount of all outstanding Indebtedness
of the Issuer and its Restricted Subsidiaries (excluding any undrawn letters of credit) consisting of Capitalized Lease Obligations, bankers’ acceptances, Indebtedness for borrowed money and Indebtedness in respect of the deferred purchase
price of property or services, plus (2) the aggregate amount of all outstanding Disqualified Stock of the Issuer and its Restricted Subsidiaries and all Preferred Stock of Restricted Subsidiaries of the Issuer, with the amount of such
Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences. 
 “Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute

  
 12 

 
Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation,
any obligation of such Person, whether or not contingent: 
 (1) to purchase any such primary obligation or any
property constituting direct or indirect security therefor, 
 (2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation; or 

(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose
of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 
 “Credit Agreement” means (i) the credit agreement, date as of January 31, 2008, entered into in connection with the consummation of the Acquisition, among the Issuer, Radisson
France, Celtic II and Supplystill, as borrower, Prestige Cruise Holdings, Inc., as guarantor, the subsidiary guarantors party thereto, the financial institutions named therein and HSBC Bank Plc, as Administrative Agent and Collateral Agent, as
amended as of December 21, 2009, and as may be further amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or
otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or
indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof and (ii) whether or not the credit agreement referred to in
clause (i) remains outstanding, if designated by the Issuer to be included in the definition of “Credit Agreement,” one or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans,
receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt
financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or
issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time. 

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

“Cumulative Credit” means the sum of (without duplication): 

  
 13 

 (A) 50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting
period), from January 1, 2011 to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, in the case such Consolidated Net Income for such
period is a deficit, minus 100% of such deficit), plus 
 (B) 100% of the aggregate net proceeds, including cash and the
Fair Market Value (as determined in good faith by the Issuer) of property other than cash (which, if the Fair Market Value of such investment shall exceed $100 million, shall be determined by the Board of Directors of the Issuer, a copy of the
resolution of which with respect thereto shall be delivered to the Trustee), received by the Issuer after the Issue Date (other than net proceeds to the extent such net proceeds have been used to Incur Indebtedness, Disqualified Stock or Preferred
Stock pursuant to Section 4.03(b)(xiii)) from the issue or sale of Equity Interests of the Issuer (excluding Refunding Capital Stock, Designated Preferred Stock, Excluded Contributions and Disqualified Stock), including Equity Interests issued
upon exercise of warrants or options (other than an issuance or sale to a Restricted Subsidiary of the Issuer), plus 

(C) 100% of the aggregate amount of contributions to the capital of the Issuer received in cash and the Fair Market Value (as determined
in good faith by the Issuer) of property other than cash after the Issue Date (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock and Disqualified Stock and other than contributions to the extent such
contributions have been used to Incur Indebtedness, Disqualified Stock or Preferred Stock pursuant to Section 4.03(b)(xiii)), plus 
 (D) 100% of the principal amount of any Indebtedness or the liquidation preference or maximum fixed repurchase price, as the case may be, of any Disqualified Stock of the Issuer or any Restricted
Subsidiary thereof issued after the Issue Date (other than Indebtedness or Disqualified Stock issued to a Restricted Subsidiary) which has been converted into or exchanged for Equity Interests in the Issuer (other than Disqualified Stock) or any
direct or indirect parent of the Issuer (provided in the case of any parent, such Indebtedness or Disqualified Stock is retired or extinguished), plus 
 (E) 100% of the aggregate amount received by the Issuer or any Restricted Subsidiary in cash and the Fair Market Value (as determined in good faith by the Issuer) of property other than cash received by
the Issuer or any Restricted Subsidiary from: 
 (I) the sale or other disposition (other than to the Issuer or a Restricted
Subsidiary of the Issuer) of Restricted Investments made by the Issuer and its Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from the Issuer and its Restricted Subsidiaries by any Person (other than the
Issuer or any of its Restricted Subsidiaries) and from repayments of loans or advances, and releases of guarantees, which constituted Restricted Investments (other than in each case to the extent that the Restricted Investment was made pursuant to
clause (vii) of Section 4.04(b)), 
 (II) the sale (other than to the Issuer or a Restricted Subsidiary of the Issuer)
of the Capital Stock of an Unrestricted Subsidiary, or 

  
 14 

 (III) a distribution or dividend from an Unrestricted Subsidiary, plus 

(F) in the event any Unrestricted Subsidiary of the Issuer has been redesignated as a Restricted Subsidiary or has been merged,
consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary of the Issuer, the Fair Market Value (as determined in good faith by the Issuer) of the Investment of the
Issuer in such Unrestricted Subsidiary (which, if the Fair Market Value of such investment shall exceed $25.0 million, shall be determined by the Board of Directors of the Issuer, a copy of the resolution of which with respect thereto shall be
delivered to the Trustee) at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable) (other than in each case to the extent that the designation of such Subsidiary as an Unrestricted
Subsidiary was made pursuant to clause (vii) of Section 4.04(b) or constituted a Permitted Investment). 

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

 “Designated Non-cash Consideration” means the Fair Market Value (as determined in good faith by the Issuer)
of non-cash consideration received by the Issuer or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate, setting forth the basis of
such valuation, less the amount of Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration. 
 “Designated Preferred Stock” means Preferred Stock of the Issuer or any direct or indirect parent of the Issuer (other than Disqualified Stock), that is issued for cash (other than to the
Issuer or any of its Subsidiaries or an employee stock ownership plan or trust established by the Issuer or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officers’ Certificate, on the issuance date
thereof. 
 “Discharge of Senior Lender Claims” means, except to the extent otherwise provided in the
Intercreditor Agreement, payment in full in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim has been made) of (a) all Obligations in respect of all outstanding First-Priority Lien
Obligations and, with respect to letters of credit or letter of credit guaranties outstanding thereunder, delivery of cash collateral or backstop letters of credit in respect thereof in compliance with the Credit Agreement, in each case after or
concurrently with the termination of all commitments to extend credit thereunder and (b) any other First-Priority Lien Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are
paid; provided that the Discharge of Senior Lender Claims shall not be deemed to have occurred if such payments are made with the proceeds of other First-Priority Lien Obligations that constitute an exchange or replacement for or a
refinancing of such Obligations or First-Priority Lien Obligations. In the event the First-Priority Lien Obligations are modified and the Obligations are paid over time or otherwise modified pursuant to Section 1129 of the United States
Bankruptcy Code, the First-Priority Lien Obligations shall be deemed to be discharged when the final payment is made, in cash, in respect of such indebtedness and any obligations pursuant to such new indebtedness shall have been satisfied.

  
 15 

 “Disqualified Stock” means, with respect to any Person, any Capital Stock
of such Person which, by its terms (or by the terms of any security into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event: 

(1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a
change of control or asset sale), 
 (2) is convertible or exchangeable for Indebtedness or Disqualified Stock of
such Person, or 
 (3) is redeemable at the option of the holder thereof, in whole or in part (other than solely
as a result of a change of control or asset sale), 
 in each case prior to 91 days after the earlier of the maturity date of the Notes or the
date the Notes are no longer outstanding; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior
to such date shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such
employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s
termination, death or disability; provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock
shall not be deemed to be Disqualified Stock. 
 “EBITDA” means, with respect to any Person for any period, the
Consolidated Net Income of such Person for such period plus, without duplication, to the extent the same was deducted in calculating Consolidated Net Income: 
 (1) Consolidated Taxes; plus 
 (2) Fixed Charges;
plus 
 (3) Consolidated Depreciation and Amortization Expense; plus 

(4) Consolidated Non-cash Charges; plus 

(5) any expenses or charges (other than Consolidated Depreciation and Amortization Expense) related to any issuance of
Equity Interests, Investment, acquisition, disposition, recapitalization or the Incurrence or repayment of Indebtedness permitted to be Incurred by this Indenture (including a refinancing thereof) (whether or not successful), including (i) such
fees, expenses or charges related to the offering of the Notes, the Refinancing Transactions or the Bank Indebtedness, (ii) any amendment or other modification of the Notes or other Indebtedness, (iii) any Additional Interest in respect of
the Notes and (iv) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Qualified Receivables Financing; plus 

  
 16 

 (6) business optimization expenses and other restructuring charges, reserves
or expenses (which, for the avoidance of doubt, shall include, without limitation, the effect of inventory optimization programs, facility consolidations, retention, systems establishment costs, contract termination costs, future lease commitments
and excess pension charges); plus 
 (7) the amount of management, monitoring, consulting, transaction and
advisory fees and related expenses paid to the Sponsors (or any accruals relating to such fees and related expenses) during such period to the extent otherwise permitted by Section 4.07; plus 

(8) the amount of loss on sale of receivables and related assets to a Receivables Subsidiary in connection with a
Qualified Receivables Financing; plus 
 (9) any costs or expense Incurred pursuant to any management
equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of
the Issuer or a Subsidiary Guarantor or net cash proceeds of an issuance of Equity Interests of the Issuer (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation of the Cumulative Credit;
plus 
 (10) Pre-Launch Expenses; 
 less, without duplication, 
 (11) non-cash items increasing
Consolidated Net Income for such period (excluding the recognition of deferred revenue or any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period and any items
for which cash was received in a prior period). 
 “Equity Interests” means Capital Stock and all warrants,
options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means any public or private sale after the Issue Date of common stock or Preferred Stock of the Issuer or any direct or indirect parent of the Issuer, as applicable
(other than Disqualified Stock), other than: 
 (1) public offerings with respect to the Issuer’s or such
direct or indirect parent’s common stock registered on Form S-4 or Form S-8; 
 (2) issuances to any
Subsidiary of the Issuer; and 
 (3) any such public or private sale that constitutes an Excluded Contribution.

 “Event of Loss” means any of the following events: (a) the actual or constructive total loss or the
arranged or compromised total loss of a Mortgaged Vessel or (b) the capture, 

  
 17 

 
condemnation, confiscation, requisition, purchase, sale, seizure or forfeiture of, or any taking of title to, a Mortgaged Vessel. An Event of Loss shall be deemed to have occurred (i) in the
event of an actual loss of a Mortgaged Vessel, at noon Greenwich Mean Time on the date of such loss, or if that is not known, on the date which such Mortgaged Vessel was last heard from, (ii) in the event of damage which results in a
constructive or compromised or arranged total loss of a Mortgaged Vessel, at noon Greenwich Mean Time on the date of the event giving rise to such damage, or (iii) in the case of an event referred to in clause (b) above, at noon Greenwich
Mean Time on the date on which such event is expressed to take effect by the person making the same. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Exchange Offer Registration Statement” means the registration statement filed with the SEC in connection with the Registered Exchange Offer. 

“Excluded Collateral” means any equity interests, including any shares of capital stock of any Subsidiary Guarantor or
any other Subsidiary of the Issuer. 
 “Excluded Contributions” means the Cash Equivalents or other assets
(valued at their Fair Market Value as determined in good faith by senior management or the Board of Directors of the Issuer) received by the Issuer after the Issue Date from: 

(1) contributions to its common equity capital, and 

(2) the sale (other than to a Subsidiary of the Issuer or to any Subsidiary management equity plan or stock option plan or
any other management or employee benefit plan or agreement) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Issuer, 
 in each case designated as Excluded Contributions pursuant to an Officers’ Certificate executed by an Officer of the Issuer on or promptly after the date such capital contributions are made or the
date such Capital Stock is sold, as the case may be. 
 “Fair Market Value” means, with respect to any asset or
property, the price which could be negotiated in an arm’s-length transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. 

“First Lien Agent” has the meaning given to such term in the Intercreditor Agreement. 

“First Lien Secured Indebtedness Leverage Ratio” means, with respect to any Person, at any date the ratio of
(i) Consolidated Total Indebtedness that constitutes First-Priority Lien Obligations of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) less the
amount of cash and Cash Equivalents in excess of any Restricted Cash held by such Person and its Restricted Subsidiaries as of such date of determination to (ii) EBITDA of such Person for the four full fiscal quarters for which internal
financial statements are available immediately preceding such date on which such additional Indebtedness is Incurred. In the event that the Issuer or any of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness
subsequent to the 

  
 18 

 
commencement of the period for which the First Lien Secured Indebtedness Leverage Ratio is being calculated but prior to the event for which the calculation of the First Lien Secured Indebtedness
Leverage Ratio is made (the “First Lien Secured Leverage Calculation Date”), then the First Lien Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or
redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period (including in the case of any such Incurrence or issuance a pro forma application of the net proceeds therefrom); provided that the
Issuer may elect pursuant to an Officers’ Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being Incurred at such time, in which case any subsequent Incurrence of Indebtedness under
such commitment shall not be deemed, for purposes of this calculation, to be an Incurrence at such subsequent time. 
 For
purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit
of a business, and any operational changes that the Issuer or any of its Restricted Subsidiaries has determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously
with the First Lien Secured Leverage Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and other
operational changes (and the change of any associated Indebtedness and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently
became a Restricted Subsidiary or was merged with or into the Issuer or any Restricted Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation, amalgamation, discontinued
operation or operational change, in each case with respect to an operating unit of a business, that would have required adjustment pursuant to this definition, then the First Lien Secured Indebtedness Leverage Ratio shall be calculated giving pro
forma effect thereto for such period as if such Investment, acquisition, disposition, discontinued operation, merger, amalgamation, consolidation or operational change had occurred at the beginning of the applicable four-quarter period.

 For purposes of this definition, whenever pro forma effect is to be given to any event, the pro forma
calculations shall be made in good faith by a responsible financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Issuer as set forth
in an Officers’ Certificate, to reflect (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event (including, to the extent applicable, from the Acquisition
Transactions), (2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in footnote 6 to the “Summary Historical Consolidated Financial and Other Data” under
“Summary” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period and (3) any adjustments to EBITDA in connection with Vessels sold to the extent such sale
would not constitute a sale of a business for which financial statements are available. In addition, with respect to any such pro forma calculation on or following the delivery date of any new Vessel and for so long as such four-quarter
period includes such delivery date, in the event that the Issuer or any of its Subsidiary took delivery of any new Vessel during such four-quarter 

  
 19 

 
period, Adjusted EBITDA shall include the projected EBITDA (based on reasonable assumptions) for such Vessel as if such Vessel had been in operation on the first day of such four-quarter period
(as set forth in reasonable detail in an Officers’ Certificate). 
 For purposes of this definition, any amount in a
currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency for the most recent 12-month period immediately prior to the date of determination in a manner consistent with that used in
calculating EBITDA for the applicable period. 
 “First-Priority Lien Obligations” means (i) all Secured
Bank Indebtedness and (ii) all other Obligations of the Issuer or any of its Restricted Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash management services in each case owing to a Person that is a holder of
Secured Bank Indebtedness or an Affiliate of such holder at the time of entry into such Hedging Obligations or Obligations in respect of cash management services. 
 “Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of EBITDA of such Person for such period to the Fixed Charges (other than Fixed Charges in
respect of Qualified Non-Recourse Debt) of such Person for such period. In the event that the Issuer or any of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness (other than in the case of revolving credit borrowings
or revolving advances under any Qualified Receivables Financing, in which case interest expense shall be computed based upon the average daily balance of such Indebtedness during the applicable period) or issues, repurchases or redeems Disqualified
Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation
Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or
Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period (including in the case of any such Incurrence or issuance a pro forma application of the net proceeds therefrom). 

For purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations
and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes that the Issuer or any of its Restricted Subsidiaries has determined to make and/or made
during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions,
dispositions, mergers, amalgamations, consolidations, discontinued operations and operational changes (and the change of any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the
four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any Restricted Subsidiary since the beginning of such period shall have made
any Investment, acquisition, disposition, merger, consolidation, amalgamation, discontinued operation or operational change, in each case with respect to an operating unit of a business, that would have required adjustment pursuant to this
definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, 

  
 20 

 
disposition, discontinued operation, merger, amalgamation, consolidation or operational change had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to any event, the pro forma calculations shall be
made in good faith by a responsible financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Issuer as set forth in an Officers’
Certificate, to reflect (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event (including, to the extent applicable, from the Acquisition Transactions),
(2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in footnote 6 to the “Summary Historical Consolidated Financial and Other Data” under “Summary” in the
Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period and (3) any adjustments to EBITDA in connection with Vessels sold to the extent such sale would not constitute a sale
of a business for which financial statements are available. 
 If any Indebtedness bears a floating rate of interest and is
being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to
such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting
officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed
on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or
similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Issuer may designate. 

For purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the average
exchange rate for such currency for the most recent 12-month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period. 

“Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of: 

(1) Consolidated Interest Expense of such Person for such period, and 

(2) all cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred Stock or
Disqualified Stock of such Person and its Restricted Subsidiaries. 
 “Foreign Subsidiary” means a Restricted
Subsidiary not organized or existing under the laws of the United States of America or any state or territory thereof or the District of Columbia 

  
 21 

 
and any direct or indirect subsidiary of such Restricted Subsidiary. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements
of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a
significant segment of the accounting profession, which are in effect on the Issue Date. For the purposes of this Indenture, the term “consolidated” with respect to any Person shall mean such Person consolidated with its Restricted
Subsidiaries, and shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment. 
 “guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including,
without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 
 “Hedging Obligations” means, with respect to any Person, the obligations of such Person under: 
 (1) currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency exchange, interest rate or commodity collar agreements; and

 (2) other agreements or arrangements designed to protect such Person against fluctuations in currency
exchange, interest rates or commodity prices. 
 “holder” or “noteholder” means the Person in
whose name a Note is registered on the Registrar’s books. 
 “Incur” means issue, assume, guarantee, incur
or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) shall be
deemed to be Incurred by such Person at the time it becomes a Subsidiary. 
 “Indebtedness” means, with respect
to any Person: 
 (1) the principal and premium (if any) of any indebtedness of such Person, whether or not
contingent, (a) in respect of borrowed money, (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof),
(c) representing the deferred and unpaid purchase price of any property (except any such balance that constitutes (i) a trade payable or similar obligation to a trade creditor Incurred in the ordinary course of business, (ii) any
earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and (iii) liabilities accrued in the ordinary course of business), which purchase price is due more than six months after
the date of placing the property in service or taking delivery and title thereto, (d) in respect of Capitalized Lease Obligations, or (e) representing any Hedging 

  
 22 

 
Obligations, if and to the extent that any of the foregoing indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability on a balance sheet (excluding the
footnotes thereto) of such Person prepared in accordance with GAAP; 
 (2) to the extent not otherwise included,
any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise, the obligations referred to in clause (1) of another Person (other than by endorsement of negotiable instruments for collection in the ordinary
course of business); and 
 (3) to the extent not otherwise included, Indebtedness of another Person secured by a
Lien on any asset owned by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market Value (as determined in good faith by
the Issuer) of such asset at such date of determination, and (b) the amount of such Indebtedness of such other Person; 

provided, however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations
Incurred in the ordinary course of business and not in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other
unperformed obligations of the respective seller; (4) Obligations under or in respect of Qualified Receivables Financing or (5) obligations under the Acquisition Documents. 

Notwithstanding anything in this Indenture to the contrary, Indebtedness shall not include, and shall be calculated without giving effect
to, the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of
accounting for any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but for the application of this sentence shall not be deemed an Incurrence of
Indebtedness under this Indenture. 
 “Indenture” means this Indenture as amended, supplemented or otherwise
modified from time to time. 
 “Independent Financial Advisor” means an accounting, appraisal or investment
banking firm or consultant, in each case of nationally recognized standing, that is, in the good faith determination of the Issuer, qualified to perform the task for which it has been engaged. 

“Intercreditor Agreement” means the intercreditor agreement among HSBC Bank Plc, as agent under the Credit Agreement
Documents, the Trustee, the Issuer and each Subsidiary Guarantor that is a Subsidiary of the Issuer, dated as of May 19, 2011, as it may be amended, restated, supplemented or otherwise modified from time to time in accordance with this
Indenture. 
 “Interest Payment Date” has the meaning set forth in Exhibit A and Exhibit B
hereto. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the

  
 23 

 
equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency. 
 “Investment Grade Securities” means: 
 (1)
securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other than Cash Equivalents), 
 (2) securities that have a rating equal to or higher than Baa3 (or equivalent) by Moody’s and BBB- (or equivalent) by S&P, but excluding any debt securities or loans or advances between and among
the Issuer and its Subsidiaries, 
 (3) investments in any fund that invests exclusively in investments of the
type described in clauses (1) and (2) which fund may also hold immaterial amounts of cash pending investment and/or distribution, and 
 (4) corresponding instruments in countries other than the United States customarily utilized for high quality investments and in each case with maturities not exceeding two years from the date of
acquisition. 
 “Investments” means, with respect to any Person, all investments by such Person in other
Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel and similar advances to officers, employees
and consultants made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified
on the balance sheet of the Issuer in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of the definition of “Unrestricted
Subsidiary” and Section 4.04: 
 (1) “Investments” shall include the portion (proportionate
to the Issuer’s equity interest in such Subsidiary) of the Fair Market Value (as determined in good faith by the Issuer) of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal
to: 
 (a) the Issuer’s “Investment” in such Subsidiary at the time of such redesignation
less 
 (b) the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the
Fair Market Value (as determined in good faith by the Issuer) of the net assets of such Subsidiary at the time of such redesignation; and 
 (2) any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value (as determined in good faith by the Issuer) at the time of

  
 24 

 
such transfer, in each case as determined in good faith by the Board of Directors of the Issuer. 
 “Issue Date” means the date on which the Notes are originally issued. 
 “Junior Lien Obligations” means the Obligations with respect to other Indebtedness permitted to be incurred under this Indenture, which is by its terms intended to be secured by the
Collateral on a basis junior to the Notes; provided such Lien is permitted to be incurred under this Indenture. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or similar encumbrance of
any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell
or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction); provided that in no event shall an operating lease be deemed to
constitute a Lien. 
 “Liquidating Entity” means Radisson France. 

“Loan-to-Value Ratio” means, at any time, the ratio of (i) Consolidated Total Indebtedness at such time that both
(x) constitutes First-Priority Lien Obligations, Other Second-Lien Obligations or the Obligations under the Notes and (y) is secured by the Collateral to (ii) the aggregate Appraised Value of all Mortgaged Vessels which have not been
sold, transferred, lost or otherwise disposed plus the aggregate Fair Market Value of any other Collateral, provided if the Fair Market Value of any item (or group of the same items) of any such other Collateral (other than all earnings and proceeds
of insurance relating to the Mortgaged Vessels and the Mortgaged Vessel Operations Agreements) shall exceed $100 million, an Officers’ Certificate shall be delivered to the Trustee certifying the basis of such valuation. 

“Management Group” means the group consisting of the directors, executive officers and other management personnel of the
Issuer or any direct or indirect parent of the Issuer, as the case may be, on the Issue Date together with (1) any new directors whose election by such boards of directors or whose nomination for election by the shareholders of the Issuer or
any direct or indirect parent of the Issuer, as applicable, was approved by a vote of a majority of the directors of the Issuer or any direct or indirect parent of the Issuer, as applicable, then still in office who were either directors on the
Issue Date or whose election or nomination was previously so approved and (2) executive officers and other management personnel of the Issuer or any direct or indirect parent of the Issuer, as applicable, hired at a time when the directors on
the Issue Date together with the directors so approved constituted a majority of the directors of the Issuer or any direct or indirect parent of the Issuer, as applicable. 
 “Management Agreements” means the Mariner Management Agreement, the Navigator Management Agreement and the Voyager Management Agreement. 

“Mariner Management Agreement” means the Ship Management Agreement dated December 15, 2005 between Celtic I, as
Manager, and Mariner (as assignee of Radisson France), as Owner, with respect to SEVEN SEAS MARINER or any other management agreement 

  
 25 

 
entered into from time to time by the owner of SEVEN SEAS MARINER with a technical manager of SEVEN SEAS MARINER, as such agreement may be amended, restated, supplemented, waived or otherwise
modified from time to time. 
 “Mariner Time Charter” means the Charter Agreement dated as of January 31,
2008 for SEVEN SEAS MARINER between Mariner (as assignee of Radisson France), as Owner, and the Issuer, as Charterer, or any other time charter entered into from time to time by the owner of SEVEN SEAS MARINER with a charterer of SEVEN SEAS MARINER,
as the same may be amended, restated, supplemented, waived or otherwise modified from time to time. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.

 “Mortgaged Vessel” means each of SEVEN SEAS MARINER, SEVEN SEAS NAVIGATOR and SEVEN SEAS VOYAGER, and any
additional Vessels added from time to time as Collateral and, in each case, all appurtenances thereto. 
 “Mortgaged
Vessel Operations Agreements” means the Charter Agreements and the Management Agreements. 
 “Mortgaged Vessel
Operations Subordination Agreement” means a letter of undertaking or other written instrument executed by a counterparty to a Mortgaged Vessel Operations Agreement (other than the Subsidiary Guarantor that is the record owner of the related
Mortgaged Vessel) in favor of the Collateral Agent pursuant to which such counterparty agrees to subordinate any Liens on the related Mortgaged Vessel that such counterparty may from time to time hold to the Liens on such Mortgaged Vessel securing
the Obligations. 
 “Navigator Management Agreement” means the Ship Management Agreement dated
November 29, 2000 between Celtic I, as Manager, and Celtic II, as Owner or any other management agreement entered into from time to time by the owner of SEVEN SEAS NAVIGATOR with a technical manager of SEVEN SEAS NAVIGATOR, as such agreements
may be amended, restated, supplemented, waived or otherwise modified from time to time. 
 “Navigator Time
Charter” means the Charter Agreement dated as of January 31, 2008 for SEVEN SEAS NAVIGATOR between Celtic II, as Owner, and the Issuer, as Charterer, or any other time charter entered into from time to time by the owner of SEVEN SEAS
NAVIGATOR with a charterer of SEVEN SEAS NAVIGATOR, as the same may be amended, restated, supplemented, waived or otherwise modified from time to time. 
 “Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends.

 “Net Proceeds” means the aggregate cash proceeds received by the Issuer or any of its Restricted
Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale and any cash payments received by way
of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and 

  
 26 

 
when received, but excluding the assumption by the acquiring person of Indebtedness relating to the disposed assets or other consideration received in any other non-cash form), net of the direct
costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions), and any relocation expenses
Incurred as a result thereof, taxes paid or payable as a result thereof (including Permitted Tax Distributions and after taking into account any available tax credits or deductions and any tax sharing arrangements related thereto), amounts required
to be applied to the repayment of principal, premium (if any) and interest on Indebtedness required (other than pursuant to Section 4.06(b)(i) or (b)(ii)) to be paid as a result of such transaction, all expenditures incurred to inspect, repair
or modify a Vessel and bring such Vessel to the condition and place of delivery in connection with the sale of such Vessel as may be specified in the related purchase and sale agreement or otherwise as the Board of Directors of the Issuer shall
determine as advisable in connection with such sale, and any deduction of appropriate amounts to be provided by the Issuer as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and
retained by the Issuer after such sale or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations
associated with such transaction. 
 “New Vessel Aggregate Secured Debt Cap” means the sum of each of the New
Vessel Secured Debt Caps (with such New Vessel Aggregate Secured Debt Cap to be expressed as the sum of the euro and U.S. dollar denominations of the New Vessel Secured Debt Caps reflected in this New Vessel Aggregate Secured Debt Cap). 

“New Vessel Financing” means any financing arrangement entered into by any New Vessel Subsidiary in connection with any
acquisition of one or more Vessels. 
 “New Vessel Secured Debt Cap” means, in respect of a New Vessel
Financing, 80% of the contract price for the acquisition and any other Ready for Sea Cost of the related Vessel (and 100% of any related export credit insurance premium), expressed in euros or U.S. dollars, as the case may be. 

“New Vessel Subsidiary” means any Subsidiary of the Issuer that is formed for the purpose of acquiring one or more
Vessels. 
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements
(including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any Indebtedness; provided that Obligations
with respect to the Notes shall not include fees or indemnifications in favor of the Trustee and other third parties other than the holders of the Notes. 
 “Offering Memorandum” means the confidential offering memorandum, dated May 13, 2011, relating to the issuance of the Initial Notes. 

“Officer” means the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, any Executive
Vice President, Senior Vice President or Vice President, the 

  
 27 

 
Treasurer or the Secretary of the Issuer. 
 “Officers’
Certificate” means a certificate signed on behalf of the Issuer by two Officers of the Issuer, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the
Issuer, which meets the requirements set forth in this Indenture. 
 “Opinion of Counsel” means a written
opinion from legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer or the Trustee. 
 “Other Second-Lien Obligations” means other Indebtedness of the Issuer and its Restricted Subsidiaries that is equally and ratably secured with the Notes as permitted by this Indenture
and is designated by the Issuer as an Other Second-Lien Obligation. 
 “Pari Passu Indebtedness” means:

 (1) with respect to the Issuer, the Notes and any Indebtedness which ranks pari passu in right of payment to
the Notes; and 
 (2) with respect to any Subsidiary Guarantor, its Subsidiary Guarantee and any Indebtedness
which ranks pari passu in right of payment to such Subsidiary Guarantor’s Subsidiary Guarantee. 
 “PCH”
means Prestige Cruise Holdings, Inc., a Panamanian corporation. 
 “Permitted Holders” means, at any time, each
of (i) the Sponsors, (ii) the Management Group, (iii) any Person that has no material assets other than the Capital Stock of the Issuer and, directly or indirectly, holds or acquires 100% of the total voting power of the Voting Stock
of the Issuer, and of which no other Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), other than any of the other Permitted Holders specified in clauses
(i) and (ii) above, holds more than 50% of the total voting power of the Voting Stock thereof and (iv) any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision)
the members of which include any of the Permitted Holders specified in clauses (i) and (ii) above and that, directly or indirectly, hold or acquire beneficial ownership of the Voting Stock of the Issuer (a “Permitted Holder
Group”), so long as (1) each member of the Permitted Holder Group has voting rights proportional to the percentage of ownership interests held or acquired by such member and (2) no Person or other “group” (other
than the Permitted Holders specified in clauses (i) and (ii) above) beneficially owns more than 50% on a fully diluted basis of the Voting Stock held by the Permitted Holder Group. Any Person or group whose acquisition of beneficial
ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder.

 “Permitted Investments” means: 

(1) any Investment in the Issuer or any Restricted Subsidiary; 

  
 28 

 (2) any Investment in Cash Equivalents or Investment Grade Securities;

 (3) any Investment by the Issuer or any Restricted Subsidiary of the Issuer in a Person if as a result of such
Investment (a) such Person becomes a Restricted Subsidiary of the Issuer, or (b) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or
substantially all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary of the Issuer; 

(4) any Investment in securities or other assets not constituting Cash Equivalents and received in connection with an
Asset Sale made pursuant to the provisions of Section 4.06 or any other disposition of assets not constituting an Asset Sale; 
 (5) any Investment existing on, or made pursuant to binding commitments existing on, the Issue Date or an Investment consisting of any extension, modification or renewal of any Investment existing on the
Issue Date; provided that the amount of any such Investment may be increased (x) as required by the terms of such Investment as in existence on the Issue Date or (y) as otherwise permitted under this Indenture; 

(6) advances to employees, taken together with all other advances made pursuant to this clause (6), not to exceed $12.5
million at any one time outstanding; 
 (7) any Investment acquired by the Issuer or any of its Restricted
Subsidiaries (a) in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of
such other Investment or accounts receivable, or (b) as a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in
default; 
 (8) Hedging Obligations permitted under Section 4.03(b)(x); 

(9) [Reserved]; 
 (10) additional Investments by the Issuer or any of its Restricted Subsidiaries having an aggregate Fair Market Value (as determined in good faith by the Issuer), taken together with all other Investments
made pursuant to this clause (10) that are at that time outstanding, not to exceed the greater of (x) $75.0 million and (y) 5.0% of Total Assets at the time of such Investment (with the Fair Market Value of each Investment being
measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (10) is made in any Person that is not a Restricted Subsidiary of the Issuer at the
date of the making of such Investment and such Person becomes a Restricted Subsidiary of the Issuer after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made
pursuant to this clause (10) for so long as such Person continues to be a Restricted Subsidiary; 

  
 29 

 (11) loans and advances to officers, directors or employees for
business-related travel expenses, moving expenses and other similar expenses, in each case Incurred in the ordinary course of business or consistent with past practice or to fund such person’s purchase of Equity Interests of the Issuer or any
direct or indirect parent of the Issuer; 
 (12) Investments the payment for which consists of Equity Interests
of the Issuer (other than Disqualified Stock) or any direct or indirect parent of the Issuer, as applicable; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under clause (C) of
the definition of “Cumulative Credit”; 
 (13) any transaction to the extent it constitutes an
Investment that is permitted by and made in accordance with the provisions of Section 4.07(b) (except transactions described in clauses (ii), (vi), (vii) and (xi)(b) of such Section); 

(14) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing
arrangements with other Persons; 
 (15) guarantees issued in accordance with Section 4.03 and
Section 4.11, including, without limitation, any guarantee or other obligation issued or Incurred under the Credit Agreement in connection with any letter of credit issued for the account of the Issuer or any of its Subsidiaries (including with
respect to the issuance of, or payments in respect of drawings under, such letters of credit); 
 (16)
Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or licenses or leases of intellectual property; 

(17) any Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in
connection with a Qualified Receivables Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Receivables Financing or any related Indebtedness; 

(18) any Investment in an entity or purchase of a business or assets in each case owned (or previously owned) by a
customer of a Restricted Subsidiary as a condition or in connection with such customer (or any member of such customer’s group) contracting with a Restricted Subsidiary, in each case in the ordinary course of business; 

(19) any Investment in an entity which is not a Restricted Subsidiary to which a Restricted Subsidiary sells accounts
receivable pursuant to a Receivables Financing; 
 (20) additional Investments in joint ventures not to exceed at
any one time in the aggregate outstanding under this clause (20), $25.0 million; provided, however, that if any Investment pursuant to this clause (20) is made in any Person that is not a Restricted Subsidiary of the Issuer at the date
of the making of such Investment and such Person becomes a Restricted Subsidiary of the Issuer after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to

  
 30 

 
have been made pursuant to this clause (20) for so long as such Person continues to be a Restricted Subsidiary; 

(21) Investments of a Restricted Subsidiary of the Issuer acquired after the Issue Date or of an entity merged into,
amalgamated with or consolidated with the Issuer or a Restricted Subsidiary of the Issuer in a transaction that is not prohibited by Section 5.01 after the Issue Date to the extent that such Investments were not made in contemplation of such
acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 
 (22) any Investment in any Subsidiary of the Issuer or any joint venture in connection with intercompany cash management arrangements or related activities; arising in the ordinary course of business; and

 (23) any Permitted Reflagging Transaction. 

“Permitted Jurisdiction” means (i) any state of the United States, the District of Columbia or any territory of the
United States, (ii) Bermuda, (iii) the Bahamas, (iv) England and Wales, (v) Panama, (vi) the Marshall Islands, (vii) the Isle of Man, (viii) Liberia or (ix) any other jurisdiction as the Issuer may identify to
the Collateral Agent, provided that in no event shall Permitted Jurisdiction include any jurisdiction the use of which could reasonably be expected to have a material adverse affect on the rights of the Collateral Agent or the holders as determined
in good faith by the Board of Directors of the Issuer. 
 “Permitted Liens” means, with respect to any Person:

 (1) pledges or deposits by such Person under workmen’s compensation laws, unemployment insurance laws or
similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or
deposits of cash or U.S. government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of
business; 
 (2) Liens imposed by law, such as landlord’s, carriers’, warehousemen’s,
mechanics’, materialmen’s, repairmen’s, construction or other like Liens arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or that are being contested in good faith by
appropriate proceedings and in respect of which, if applicable, the Issuer or any Restricted Subsidiary shall have set aside on its books reserves in accordance with GAAP; and with respect to the Vessels: (i) Liens fully covered (in excess of
customary deductibles) by valid policies of insurance, (ii) Liens for master’s and crew’s wages on the current voyage, if not yet due and payable, (iii) Liens for trade debt incurred in the ordinary course of business over a
period not exceeding thirty (30) days and not by its terms overdue, and (iv) Liens for general average and salvage, including contract salvage, and provided that (x) Permitted Liens shall not include any Liens described in clauses
(i) through (iv) of this paragraph unless such Liens are subordinate to the Liens created under the applicable Vessel Mortgage, or constitute 

  
 31 

 
maritime liens that would in any event be entitled to priority over the applicable Vessel Mortgage under applicable law; 

(3) Liens for taxes, assessments or other governmental charges (i) that are not yet due or payable or (ii) which
are being contested in good faith by appropriate proceedings that have the effect of preventing the forfeiture or sale of the property subject to any such Lien and for which adequate reserves are being maintained to the extent required by GAAP;

 (4) Liens in favor of issuers of performance and surety bonds or bid bonds or with respect to other regulatory
requirements or letters of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business (including as required by the U.S. Federal Maritime Commission or other similar U.S. or foreign government
authority); 
 (5) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others
for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to
the ownership of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of
such Person; 
 (6)(A)Liens on assets (other than Collateral) of the Issuer or a Restricted Subsidiary that is
not a Subsidiary Guarantor securing Indebtedness of such Restricted Subsidiary or the Issuer permitted to be Incurred pursuant to Section 4.03; 
 (B) Liens securing an aggregate principal amount of First-Priority Lien Obligations not to exceed the greater of (x) the aggregate amount of Indebtedness permitted to be incurred pursuant to
Section 4.03(b)(i) and (y) the maximum principal amount of Indebtedness that, as of the date such Indebtedness was Incurred, and after giving effect to the Incurrence of such Indebtedness and the application of proceeds therefrom on such
date, would not cause the First Lien Secured Indebtedness Leverage Ratio of the Issuer to be greater than 3.00 to 1.00; and 
 (C) Liens securing Indebtedness permitted to be Incurred pursuant to clause (iv), (xii) or (xvi) of Section 4.03(b) (provided that in the case of clauses (iv) and (xvi), such
Lien extends only to the assets and/or Capital Stock, the acquisition, lease, construction, repair, replacement or improvement of which is financed thereby and any proceeds or products thereof, and provided that in the case of clause (xii),
such Lien does not extend to Collateral); 
 (7) Liens existing on the Issue Date (other than Liens in favor of
the lenders under the Credit Agreement), including Liens securing the Notes issued on the Issue Date (or exchange Notes) and Notes Obligations in respect thereof and guarantees relating thereto; 

  
 32 

 (8) Liens on assets, property or shares of stock of a Person at the time
such Person becomes a Subsidiary; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided further, however, that such Liens may not extend to
any other property owned by the Issuer or any Restricted Subsidiary of the Issuer; 
 (9) Liens on assets or
property at the time the Issuer or a Restricted Subsidiary of the Issuer acquired the assets or property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Issuer or any Restricted Subsidiary of the
Issuer; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such acquisition; provided, further, however, that the Liens may not extend to any other property owned by the Issuer or any
Restricted Subsidiary of the Issuer (other than pursuant to after acquired property clauses in effect with respect to such Lien at the time of acquisition on property of the type that would have been subject to such Lien notwithstanding the
occurrence of such acquisition); 
 (10) Liens securing Indebtedness or other obligations of a Restricted
Subsidiary owing to the Issuer or another Restricted Subsidiary of the Issuer permitted to be Incurred in accordance with Section 4.03; 
 (11) Liens securing Hedging Obligations not incurred in violation of this Indenture; provided that with respect to Hedging Obligations relating to Indebtedness, such Lien extends only to the property
securing such Indebtedness; 
 (12) Liens on specific items of inventory or other goods and proceeds of any
Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(13) leases and subleases of real property which do not materially interfere with the ordinary conduct of the business of
the Issuer or any of its Restricted Subsidiaries; 
 (14) Liens arising from Uniform Commercial Code financing
statement filings regarding operating leases entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business; 
 (15) Liens in favor of the Issuer or any Subsidiary Guarantor; 

(16) Liens on accounts receivable and related assets of the type specified in the definition of “Receivables
Financing” Incurred in connection with a Qualified Receivables Financing; 
 (17) deposits made in the
ordinary course of business to secure liability to insurance carriers; 
 (18) Liens on the Equity Interests of
Unrestricted Subsidiaries; 

  
 33 

 (19) grants of software and other technology licenses in the ordinary course
of business; 
 (20) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive
refinancings, refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7), (8), (9), (10), (11) and (15); provided, however, that (x) such
new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of
(A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (6), (7), (8), (9), (10), (11) and (15) at the time the original Lien became a Permitted Lien under this Indenture, and
(B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement; provided further, however, that in the case of any Liens to secure any refinancing, refunding,
extension or renewal of Indebtedness secured by a Lien referred to in clause (6)(B), the principal amount of any Indebtedness Incurred for such refinancing, refunding, extension or renewal shall be deemed secured by a Lien under clause
(6)(B) and not this clause (20) for purposes of determining the principal amount of Indebtedness outstanding under clause (6)(B), for purposes of Section 11.04(a)(1) and for purposes of the definition of “Secured Bank
Indebtedness”; 
 (21) Liens on equipment of the Issuer or any Restricted Subsidiary granted in the ordinary
course of business to the Issuer’s or such Restricted Subsidiary’s client at which such equipment is located; 
 (22) judgment and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings
and for which adequate reserves have been made; 
 (23) Liens arising out of conditional sale, title retention,
consignment or similar arrangements for the sale of goods entered into in the ordinary course of business; 

(24) Liens Incurred to secure cash management services or to implement cash pooling arrangements in the ordinary course of
business; 
 (25) other Liens securing obligations which obligations do not exceed $15 million at any one time
outstanding; 
 (26) any encumbrance or restriction (including put and call arrangements) with respect to Capital
Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 
 (27) any
amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds issued for the benefit of the Issuer or any Restricted Subsidiary; 

  
 34 

 (28) Liens arising by virtue of any statutory or common law provisions
relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution; 

(29) Liens in favor of any counterparty to a Mortgaged Vessel Operations Agreement (other than the Subsidiary Guarantor
that is the record owner of the related Mortgaged Vessel) arising in connection with such Mortgaged Vessel Operations Agreement; 
 (30) pledges of, and other Liens on, the Equity Interests in and the assets of New Vessel Subsidiaries in favor of lenders under and in connection with New Vessel Financing permitted to be incurred under
clause (i) of Section 4.03(b); 
 (31) Liens arising out of judgments or awards against such Person
with respect to which such Person shall then be proceeding with any appeal or other proceedings for review; 

(32) Liens (i) in favor of credit card companies pursuant to agreements therewith and (ii) in favor of
customers; 
 (33) Liens incurred in the ordinary course of business of the Issuer or any Restricted Subsidiary
arising from vessel chartering, drydocking, maintenance, the furnishing of supplies and bunkers to vessels, repairs and improvements to Vessels, crews’ wages and maritime Liens; and 

(34) Liens securing Junior Lien Obligations, provided that the Notes are secured on a senior priority basis to the
obligations so secured until such time as such obligations are no longer secured by a Lien. 
 “Permitted Reflagging
Transaction” means (a) the transfer of a Mortgaged Vessel (and related Collateral) from one Subsidiary Guarantor to another Subsidiary Guarantor (or to a Restricted Subsidiary that, concurrently with such Permitted Reflagging
Transaction, becomes a Subsidiary Guarantor) and/or (b) the transfer of the registration and flag of a Mortgaged Vessel from one Acceptable Flag Jurisdiction to another Acceptable Flag Jurisdiction. 

“Permitted Tax Distributions” means with respect to each taxable period (or portion thereof) in which the Issuer is
treated for U.S. federal and/or applicable state and local income tax purposes as a partnership or a disregarded entity, distributions to PCH to pay PCH’s U.S. federal and/or applicable state and local income taxes attributable to the income of
the Issuer, in an amount not to exceed the amount of such taxes that the Issuer would have paid directly with respect to such taxable period if the Issuer had always been a corporation for U.S. federal and applicable state and local income tax
purposes. 
 “Person” means any individual, corporation, partnership, limited liability company, joint venture,
association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “Preferred Stock” means any Equity Interest with preferential right of payment of 

  
 35 

 
dividends or upon liquidation, dissolution, or winding up. 

“Pre-Launch Expenses” means, with respect to any fiscal period, the amount of expenses (other than interest expense)
incurred with respect to any new Vessels incurred prior to the commencement of ordinary course revenue generating cruises and directly related to such commencement of the new Vessel. 

“Qualified Non-Recourse Debt” means Indebtedness that (1) is (a) Incurred by a Qualified Non-Recourse
Subsidiary to finance (whether prior to or within 270 days after) the acquisition, lease, construction, repair, replacement or improvement of any property (real or personal) or equipment (whether through the direct purchase of property or the Equity
Interests of any person owning such property and whether in a single acquisition or a series of related acquisitions) or (b) assumed by a Qualified Non-Recourse Subsidiary, (2) is non-recourse to the Issuer and any Subsidiary Guarantor and
(3) is non-recourse to any Restricted Subsidiary that is not a Qualified Non-Recourse Subsidiary. 
 “Qualified
Non-Recourse Subsidiary” means (1) a Restricted Subsidiary that is not a Subsidiary Guarantor and that is formed or created after the Issue Date in order to finance an acquisition, lease, construction, repair, replacement or
improvement of any property or equipment (directly or through one of its Subsidiaries) that secures Qualified Non-Recourse Debt and (2) any Restricted Subsidiary of a Qualified Non-Recourse Subsidiary. 

“Qualified Receivables Financing” means any Receivables Financing of a Receivables Subsidiary that meets the following
conditions: 
 (1) the Board of Directors of the Issuer shall have determined in good faith that such Qualified
Receivables Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Issuer and the Receivables Subsidiary; 

(2) all sales of accounts receivable and related assets to the Receivables Subsidiary are made at Fair Market Value (as
determined in good faith by the Issuer); and 
 (3) the financing terms, covenants, termination events and other
provisions thereof shall be market terms (as determined in good faith by the Issuer) and may include Standard Securitization Undertakings. 
 The grant of a security interest in any accounts receivable of the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) to secure Bank Indebtedness, Indebtedness in respect
of the Notes or any Refinancing Indebtedness with respect to the Notes shall not be deemed a Qualified Receivables Financing. 

“Radisson France” means Radisson Seven Seas (France) SNC, a société en nom collectif incorporated under
the laws of France. 
 “Rating Agency” means (1) each of Moody’s and S&P and (2) if
Moody’s or S&P ceases to rate the Notes for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15cs-1(c)(2)(vi)(F) under the Exchange Act

  
 36 

 
selected by the Issuer or any direct or indirect parent of the Issuer as a replacement agency for Moody’s or S&P, as the case may be. 

“Ready for Sea Cost” means with respect to a vessel or vessels to be acquired, constructed or leased (pursuant to a
Capitalized Lease Obligation) by the Issuer or any Restricted Subsidiary of the Issuer, the aggregate amount of all expenditures incurred to acquire or construct and bring such vessel or vessels to the condition and location necessary for its
intended use, including any and all inspections, appraisals, repairs, modifications, additions, permits and licenses in connection with such acquisition or lease, which would be classified and accounted for as “property, plant and
equipment” in accordance with GAAP and any assets relating to such vessel or vessels. 
 “Receivables
Fees” means distributions or payments made directly or by means of discounts with respect to any participation interests issued or sold in connection with, and all other fees paid to a Person that is not a Restricted Subsidiary in
connection with, any Receivables Financing. 
 “Receivables Financing” means any transaction or series of
transactions that may be entered into by the Issuer or any of its Subsidiaries pursuant to which the Issuer or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in the case of a transfer by the
Issuer or any of its Subsidiaries); and (b) any other Person (in the case of a transfer by a Receivables Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the Issuer or
any of its Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such
accounts receivable and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable and any Hedging Obligations
entered into by the Issuer or any such Subsidiary in connection with such accounts receivable. 
 “Receivables
Repurchase Obligation” means any obligation of a seller of receivables in a Qualified Receivables Financing to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a
result of a receivable or portion thereof becoming subject to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Receivables Subsidiary” means a Wholly Owned Restricted Subsidiary of the Issuer (or another Person formed for the
purposes of engaging in a Qualified Receivables Financing with the Issuer in which the Issuer or any Subsidiary of the Issuer makes an Investment and to which the Issuer or any Subsidiary of the Issuer transfers accounts receivable and related
assets) which engages in no activities other than in connection with the financing of accounts receivable of the Issuer and its Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto,
and any business or activities incidental or related to such business, and which is designated by the Board of Directors of the Issuer (as provided below) as a Receivables Subsidiary and: 

  
 37 

 (a) no portion of the Indebtedness or any other obligations (contingent or
otherwise) of which (i) is guaranteed by the Issuer or any other Subsidiary of the Issuer (excluding guarantees of obligations (other than the principal of and interest on, Indebtedness) pursuant to Standard Securitization Undertakings),
(ii) is recourse to or obligates the Issuer or any other Subsidiary of the Issuer in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset of the Issuer or any other Subsidiary of the
Issuer, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings; 
 (b) with which neither the Issuer nor any other Subsidiary of the Issuer has any material contract, agreement, arrangement or understanding other than on terms which the Issuer reasonably believes to be
no less favorable to the Issuer or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Issuer; and 
 (c) to which neither the Issuer nor any other Subsidiary of the Issuer has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of
operating results. 
 Any such designation by the Board of Directors of the Issuer shall be evidenced to the Trustee by filing
with the Trustee a certified copy of the resolution of the Board of Directors of the Issuer giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing conditions. 

“Record Date” has the meaning specified in Exhibits A and B hereto. 

“Refinancing Documents” means the Credit Agreement (as amended in connection with the Refinancing Transactions), this
Indenture, and any other document entered into in connection therewith, in each case as amended, supplemented or modified from time to time prior to the Issue Date. 
 “Refinancing Transactions” means the transactions related to the initial offering of the Notes, the related amendment of the Credit Agreement and any related transactions, including any
amendment, restatements or assignments pursuant thereto. 
 “Representative” means the trustee, agent or
representative (if any) for an issue of Indebtedness; provided that if, and for so long as, such Indebtedness lacks such a Representative, then the Representative for such Indebtedness shall at all times constitute the holder or holders of a
majority in outstanding principal amount of obligations under such Indebtedness. 
 “Restricted Cash” means
cash and Cash Equivalents held by Restricted Subsidiaries that is contractually restricted from being distributed to the Issuer, except for such cash and Cash Equivalents subject only to such restrictions that are contained in agreements governing
Indebtedness permitted under this Indenture and that is secured by such cash or Cash Equivalents. 
 “Restricted
Investment” means an Investment other than a Permitted Investment. 

  
 38 

 “Restricted Subsidiary” means, with respect to any Person, any Subsidiary
of such Person other than an Unrestricted Subsidiary of such Person. Unless otherwise indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Issuer. 

“Reversion Date” means the date on which one or both of the Rating Agencies withdraw their Investment Grade Rating or
downgrade the rating assigned to the Notes below an Investment Grade Rating. 
 “Sale/Leaseback Transaction”
means an arrangement relating to property now owned or hereafter acquired by the Issuer or a Restricted Subsidiary whereby the Issuer or a Restricted Subsidiary transfers such property to a Person and the Issuer or such Restricted Subsidiary leases
it from such Person, other than leases between the Issuer and a Restricted Subsidiary of the Issuer or between Restricted Subsidiaries of the Issuer. 
 “S&P” means Standard & Poor’s Ratings Group or any successor to the rating agency business thereof. 

“SEC” means the Securities and Exchange Commission. 

“Second-Priority Liens” means the Liens securing the Obligations of the Issuer in respect of the Notes and this
Indenture and all present and future Liens securing Other Second-Lien Obligations as set forth in the Collateral Agreement. 

“Secured Bank Indebtedness” means any Bank Indebtedness that is secured by a Permitted Lien incurred or deemed incurred
pursuant to clause (6)(B) of the definition of “Permitted Liens”. 
 “Secured Indebtedness”
means any Indebtedness secured by a Lien. 
 “Secured Vessel Debt Cap” means the U.S. dollar equivalent of the
sum of (i) (a) $475 million minus (b) the amount of Indebtedness Incurred pursuant to clause (a) that is permanently retired with the Net Proceeds from any Asset Sale of the Collateral applied from and after the Issue Date to
reduce the outstanding amounts pursuant to Section 4.06 (provided that the amount determined by this clause (i) shall never be less than $0) and (ii) the New Vessel Aggregate Secured Debt Cap. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Security Documents” means the security agreements, pledge agreements, collateral assignments,
mortgages and related agreements, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified from time to time, creating the security interests in the Collateral as contemplated by this
Indenture. 
 “SEVEN SEAS MARINER” means the Vessel SEVEN SEAS MARINER, IMO number 9210139, as such name is
changed from time to time. 

  
 39 

 “SEVEN SEAS NAVIGATOR” means the Vessel SEVEN SEAS NAVIGATOR, IMO number
9064126, as such name is changed from time to time. 
 “SEVEN SEAS VOYAGER” means the Vessel SEVEN SEAS
VOYAGER, IMO number 9247144, as such name is changed from time to time. 
 “Significant Subsidiary” means any
Restricted Subsidiary that would be a “Significant Subsidiary” of the Issuer within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC (or any successor provision). 

“Similar Business” means a business, the majority of whose revenues are derived from the activities of the Issuer and
its Subsidiaries as of the Issue Date or any business or activity that is reasonably similar or complementary thereto or a reasonable extension, development or expansion thereof or ancillary thereto. 

“Sponsors” means (i) Apollo Management, L.P. and any of its respective Affiliates other than any portfolio
companies not primarily engaged in the cruise business and (ii) any Person that forms a group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) with any Sponsor; provided
that the Sponsor (x) owns a majority of the voting power and (y) controls a majority of the Board of Directors of the Issuer. 
 “Standard Securitization Undertakings” means representations, warranties, covenants, indemnities and guarantees of performance entered into by the Issuer or any Subsidiary of the Issuer
which the Issuer has determined in good faith to be customary in a Receivables Financing including, without limitation, those relating to the servicing of the assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase
Obligation shall be deemed to be a Standard Securitization Undertaking. 
 “Stated Maturity” means, with
respect to any security, the date specified in such security as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision
providing for the repurchase of such security at the option of the holder thereof upon the happening of any contingency beyond the control of the issuer unless such contingency has occurred). 

“Subordinated Indebtedness” means (a) with respect to the Issuer, any Indebtedness of the Issuer which is by its
terms subordinated in right of payment to the Notes, and (b) with respect to any Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor which is by its terms subordinated in right of payment to obligations in respect of the Notes.

 “Subsidiary” means, with respect to any Person, (1) any corporation, association or other business
entity (other than a partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, and (2) any partnership, joint
venture or limited liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership 

  
 40 

 
interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of
membership, general, special or limited partnership interests or otherwise, and (y) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 

“Subsidiary Guarantee” means a guarantee of the obligations of the Issuer under this Indenture and the Notes by any
Restricted Subsidiary in accordance with the provisions of this Indenture. 
 “Subsidiary Guarantor” means any
Restricted Subsidiary that Incurs a Subsidiary Guarantee; provided that upon the release or discharge of such Subsidiary from its Subsidiary Guarantee in accordance with this Indenture, such Subsidiary ceases to be a Subsidiary Guarantor.

 “Suspension Period” means the period of time between a Covenant Suspension Event and the related Reversion
Date. 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date
of this Indenture. 
 “Total Assets” means the total consolidated assets of the Issuer and its Restricted
Subsidiaries, as shown on the most recent balance sheet of the Issuer, without giving effect to any amortization of the amount of intangible assets since March 31, 2011, calculated on a pro forma basis giving effect to any subsequent
acquisition or disposition of a Person or business. 
 “Total Secured Indebtedness Leverage Ratio” means, with
respect to any Person, at any date the ratio of (i) the sum of Consolidated Total Indebtedness that constitutes First-Priority Lien Obligations, Other Second-Lien Obligations or the Obligations under the Notes of such Person and its Restricted
Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) less the amount of cash and Cash Equivalents in excess of any Restricted Cash held by such Person and its Restricted Subsidiaries as of
such date of determination to (ii) EBITDA of such Person for the four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is Incurred. In the event
that the Issuer or any of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement of the period for which the Total Secured Indebtedness Leverage Ratio is being calculated but prior to the
event for which the calculation of the Total Secured Indebtedness Leverage Ratio is made (the “Total Secured Leverage Calculation Date”), then the Total Secured Indebtedness Leverage Ratio shall be calculated giving pro forma
effect to such Incurrence, repayment, repurchase or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period (including in the case of any such Incurrence or issuance a pro forma application of
the net proceeds therefrom); provided that the Issuer may elect pursuant to an Officers’ Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being Incurred at such time, in which
case any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be an Incurrence at such subsequent time. 

  
 41 

 For purposes of making the computation referred to above, Investments, acquisitions,
dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes that the Issuer or any of its
Restricted Subsidiaries has determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Total Secured Leverage Calculation Date shall be calculated on a
pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and other operational changes (and the change of any associated Indebtedness and the change in
EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any Restricted
Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation, amalgamation, discontinued operation or operational change, in each case with respect to an operating unit of a business,
that would have required adjustment pursuant to this definition, then the Total Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition,
discontinued operation, merger, amalgamation, consolidation or operational change had occurred at the beginning of the applicable four-quarter period (including in the case of any such Incurrence or issuance a pro forma application of the net
proceeds therefrom). 
 For purposes of this definition, whenever pro forma effect is to be given to any event, the
pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the
Issuer as set forth in an Officers’ Certificate, to reflect (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event (including, to the extent applicable, from
the Acquisition Transactions), (2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in footnote 6 to the “Summary Historical Consolidated Financial and Other Data” under
“Summary” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period and (3) any adjustments to EBITDA in connection with Vessels sold to the extent such sale
would not constitute a sale of a business for which financial statements are available. In addition, with respect to any such pro forma calculation on or following the delivery date of any new Vessel and for so long as such four-quarter
period includes such delivery date, in the event that the Issuer or any of its Subsidiary took delivery of any new Vessel during such four-quarter period, Adjusted EBITDA shall include the projected EBITDA (based on reasonable assumptions) for such
Vessel as if such Vessel had been in operation on the first day of such four-quarter period (as set forth in reasonable detail in an Officers’ Certificate). 
 For purposes of this definition, any amount in a currency than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency for the most recent twelve month period
immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period. 
 “Treasury Rate” means, as of the applicable redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled

  
 42 

 
and published in the most recent Federal Reserve Statistical Release H. 15 (519) that has become publicly available at least two Business Days prior to such redemption date (or, if such
Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to May 15, 2015; provided, however, that if the period from such redemption date
to May 15, 2015 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trust Officer” means: 
 (1) any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer
of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and
familiarity with the particular subject, and 
 (2) who shall have direct responsibility for the administration
of this Indenture. 
 “Trustee” means the party named as such in this Indenture until a successor replaces it
and, thereafter, means the successor. 
 “Unearned Customer Deposits” means amounts paid to the Issuer or any
of its Subsidiaries representing customer deposits for unsailed bookings (whether paid directly by the customer or by a credit card company). 
 “Uniform Commercial Code” or “UCC” means the New York Uniform Commercial Code as in effect from time to time. 

“Unrestricted Subsidiary” means: 

(1) any Subsidiary of the Issuer that at the time of determination shall be designated an Unrestricted Subsidiary by the
Board of Directors of such Person in the manner provided below; and 
 (2) any Subsidiary of an Unrestricted
Subsidiary; 
 The Issuer may designate any Subsidiary of the Issuer (including any newly acquired or newly formed Subsidiary of
the Issuer) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of, the Issuer or any other Subsidiary of the Issuer that is not a
Subsidiary of the Subsidiary to be so designated; provided, however, that the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have and do not thereafter Incur any Indebtedness pursuant to which the lender
has recourse to any of the assets of the Issuer or any of its Restricted Subsidiaries; provided, further, however, that either: 

  
 43 

 (a) the Subsidiary to be so designated has total consolidated assets of
$1,000 or less; or 
 (b) if such Subsidiary has consolidated assets greater than $1,000, then such designation
would be permitted under Section 4.04. 
 The Issuer may designate any Unrestricted Subsidiary to be a Restricted
Subsidiary; provided, however, that immediately after giving effect to such designation: 
 (x)(1) the Issuer could Incur
$1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a), or (2) the Fixed Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries would be greater than such ratio for the
Issuer and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation, and 
 (y) no Event of Default shall have occurred and be continuing. 
 Any such
designation by Issuer shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the resolution of the Board of Directors or any committee thereof of the Issuer giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the foregoing provisions. 
 “U.S. Government Obligations” means
securities that are: 
 (1) direct obligations of the United States of America for the timely payment of which
its full faith and credit is pledged, or 
 (2) obligations of a Person controlled or supervised by and acting as
an agency or instrumentality of the United States of America, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 
 which, in each case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities
Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such depository receipt;
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government
Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person.

 “Vessel” means a passenger cruise vessel. 

“Vessel Event” means any Asset Sale of a Mortgaged Vessel or any Event of Loss. 

  
 44 

 “Vessel Mortgages” means each second-priority statutory ship mortgage
granting a Lien on a Mortgaged Vessel substantially in the form proscribed by statute for SEVEN SEAS MARINER, SEVEN SEAS VOYAGER, SEVEN SEAS NAVIGATOR and any additional vessel from time to time. 

“Voyager Management Agreement” means the Ship Management Agreement dated October 25, 2001 between CP(UK), as
Manager, and Supplystill, as Owner, with respect to SEVEN SEAS VOYAGER, or any management agreement entered into by the owner of SEVEN SEAS VOYAGER with a technical manager of SEVEN SEAS VOYAGER, as such agreement may be amended, restated,
supplemented, waived or otherwise modified from time to time. . 
 “Voyager Time Charter” means the Charter
Agreement dated as of January 31, 2008 for SEVEN SEAS VOYAGER between Supplystill, as Owner, and the Issuer, as Charterer, or any other time charter entered into from time to time by the owner of SEVEN SEAS VOYAGER with a charterer of SEVEN
SEAS VOYAGER, as the same may be amended, restated, supplemented, waived or otherwise modified from time to time. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness or Disqualified Stock or Preferred Stock, as
the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or
similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by (2) the sum of all such payments. 
 “Wholly Owned Restricted Subsidiary” is any Wholly Owned Subsidiary that is a Restricted Subsidiary. 
 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person 100% of the outstanding Capital Stock or other ownership interests of which (other than directors’
qualifying shares or shares required pursuant to applicable law) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person. 
 SECTION 1.02 Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Additional Amount”
	  	4.01(c)
	 “Additional Interest”
	  	Appendix A
	 “Affiliate Transaction”
	  	4.07
	 “Asset Sale Offer”
	  	4.06(b)
	 “Bankruptcy Law”
	  	6.01
	 “Change of Control Offer”
	  	4.08
	 “Collateral Asset Sale Offer”
	  	4.06(b)
	 “Collateral Asset Sale Offer Period”
	  	4.06(e)
	 “Collateral Excess Proceeds”
	  	4.06(b)
	 “covenant defeasance option”
	  	8.01(b)
	 “Covenant Suspension Event”
	  	4.16

  
 45 

			
	 Term
	  	Defined in
Section
	 “Custodian”
	  	6.01
	 “Definitive Note”
	  	Appendix A
	 “Depository”
	  	Appendix A
		
	 “Euroclear”
	  	Appendix A
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.06(b)
	 “Exchange Notes”
	  	Preamble
	 “Global Notes”
	  	Appendix A
	 “Global Notes Legend”
	  	Appendix A
	 “Guaranteed Obligations”
	  	12.01(a)
	 “IAI”
	  	Appendix A
	 “incorporated provision”
	  	13.01
	 “Initial Notes”
	  	Preamble
	 “Initial Purchasers”
	  	Appendix A
	 “Issuer”
	  	Preamble
	 “legal defeasance option”
	  	8.01(b)
	 “Notes”
	  	Preamble
	 “Notes Custodian”
	  	Appendix A
	 “Notice of Default”
	  	6.01
	 “Offer Period”
	  	4.06(d)
	 “Paying Agent”
	  	2.04(a)
	 “protected purchaser”
	  	2.08
	 “QIB”
	  	Appendix A
	 “Refinancing Indebtedness”
	  	4.03(b)
	 “Refunding Capital Stock”
	  	4.04(b)
	 “Registered Exchange Offer”
	  	Appendix A
	 “Registrar”
	  	2.04(a)
	 “Registration Rights Agreement”
	  	Appendix A
	 “Regulation S”
	  	Appendix A
	 “Regulation S Notes”
	  	Appendix A
	 “Restricted Notes Legend”
	  	Appendix A
	 “Restricted Payment”
	  	4.04(a)
	 “Restricted Period”
	  	Appendix A
	 “Retired Capital Stock”
	  	4.04(b)
	 “Rule 501”
	  	Appendix A
	 “Rule 144A”
	  	Appendix A
	 “Rule 144A Notes”
	  	Appendix A
	 “Second Commitment”
	  	4.06
	 “Shelf Registration Statement”
	  	Appendix A
	 “Successor Issuer”
	  	5.01(a)
	 “Successor Subsidiary Guarantor”
	  	5.01
	 “Suspended Covenants”
	  	4.16
	 “Tax Jurisdiction”
	  	4.01(c)

  
 46 

			
	 “Taxes”
	  	4.01(c)
	 “Temporary Regulation S Legend”
	  	Appendix A
	 “Transfer Restricted Definitive Notes”
	  	Appendix A
	 “Transfer Restricted Global Notes”
	  	Appendix A
	 “Unrestricted Global Notes”
	  	Appendix A

 SECTION 1.03 Incorporation by Reference of Trust Indenture Act. This Indenture incorporates by
reference certain provisions of the TIA. The following TIA terms have the following meanings: 
 “Commission”
means the SEC. 
 “indenture securities” means the Notes and any Subsidiary Guarantee. 

“indenture security holder” means a holder. 
 “indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Issuer and each Guarantor and any other obligor on the Notes.

 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or
defined by SEC rule have the meanings assigned to them by such definitions. 
 SECTION 1.04 Rules of Construction. Unless
the context otherwise requires: 
 (a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 
 (d) “including” means including without limitation; 
 (e) words
in the singular include the plural and words in the plural include the singular; 
 (f) unsecured Indebtedness shall not be
deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; 
 (g) the
principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 

  
 47 

 (h) the principal amount of any Preferred Stock shall be (i) the maximum liquidation
value of such Preferred Stock or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; 
 (i) unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered
hereunder shall be prepared in accordance with GAAP; 
 (j) “$” and “U.S. dollars” each refer
to United States dollars, or such other money of the United States of America that at the time of payment is legal tender for payment of public and private debts; and 
 (k) whenever in this Indenture or the Notes there is mentioned, in any context, principal, interest or any other amount payable under or with respect to any Notes, such mention shall be deemed to include
mention of the payment of Additional Interest, to the extent that, in such context, Additional Interest is, were or would be payable in respect thereof. 
 ARTICLE II 
 THE NOTES 

SECTION 2.01 Amount of Notes. The aggregate principal amount of Notes which may be authenticated and delivered under this
Indenture on the Issue Date is $225,000,000. 
 The Issuer may from time to time after the Issue Date issue Additional Notes
under this Indenture in an unlimited principal amount, so long as (i) the Incurrence of the Indebtedness represented by such Additional Notes is at such time permitted by Section 4.03 and 4.12 and (ii) such Additional Notes are issued
in compliance with the other applicable provisions of this Indenture. With respect to any Additional Notes issued after the Issue Date (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Notes pursuant to Section 2.07, 2.08, 2.09, 3.06, 4.06(e), 4.08(c) or Appendix A), there shall be (a) established in or pursuant to a resolution of the Board of Directors and (b) (i) set forth or determined in the manner
provided in an Officers’ Certificate or (ii) established in one or more indentures supplemental hereto, prior to the issuance of such Additional Notes: 
 (a) the aggregate principal amount of such Additional Notes which may be authenticated and delivered under this Indenture; 
 (b) the issue price and issuance date of such Additional Notes, including the date from which interest on such Additional Notes shall accrue; 

(c) if applicable, that such Additional Notes shall be issuable in whole or in part in the form of one or more Global Notes and, in such
case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global Notes in addition to or in lieu of those set forth in Exhibit A hereto and any circumstances in addition to or in
lieu of those set forth in Section 2.3 of Appendix A in which any such Global Note may be exchanged in whole or in part for Additional Notes registered, or any transfer of such Global 

  
 48 

 
Note in whole or in part may be registered, in the name or names of Persons other than the depositary for such Global Note or a nominee thereof; and 

(d) if applicable, that such Additional Notes that are not Transfer Restricted Notes shall not be issued in the form of Initial Notes as
set forth in Exhibit A, but shall be issued in the form of Exchange Notes as set forth in Exhibit B. 
 If any of
the terms of any Additional Notes are established by action taken pursuant to a resolution of the Board of Directors, a copy of an appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of the Issuer and
delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or the indenture supplemental hereto setting forth the terms of the Additional Notes. 
 The Initial Notes, including any Additional Notes, may, at the Issuer’s option, be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, amendments,
redemptions and offers to purchase, provided that if the Additional Notes are not fungible with the then-outstanding Notes for U.S. federal income tax purposes, the Additional Notes will have a separate CUSIP number, if applicable.

 SECTION 2.02 Form and Dating. Provisions relating to the Initial Notes and the Exchange Notes are set forth in
Appendix A, which is hereby incorporated in and expressly made a part of this Indenture. The (i) Initial Notes and the Trustee’s certificate of authentication and (ii) any Additional Notes (if issued as Transfer Restricted
Notes) and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Indenture. The (i) Exchange Notes and the
Trustee’s certificate of authentication and (ii) any Additional Notes issued other than as Transfer Restricted Notes and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit B hereto,
which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Issuer or any Subsidiary Guarantor is subject, if any,
or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Issuer). Each Note shall be dated the date of its authentication. The Notes shall be issuable only in registered form without interest coupons and
in denominations of $2,000 and any integral multiples of $1,000; provided, interest in the Notes may be recorded in denominations of less than $1,000 solely to accommodate book-entry positions that may have been created by participants at or
by DTC in denominations of less than $1,000. 
 SECTION 2.03 Execution and Authentication. The Trustee shall authenticate
and make available for delivery upon a written order of the Issuer signed by one Officer (a) Initial Notes for original issue on the date hereof in an aggregate principal amount of $225,000,000, (b) subject to the terms of this Indenture,
Additional Notes in an aggregate principal amount to be determined at the time of issuance and specified therein and (c) the Exchange Notes for issue in a Registered Exchange Offer pursuant to the Registration Rights Agreement for a like
principal amount of Initial Notes exchanged pursuant thereto or otherwise pursuant to an effective registration statement under the Securities Act. Such order shall specify the amount of separate Note certificates to be authenticated, the principal
amount of each of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated, the 

  
 49 

 
registered holder of each of the Notes and delivery instructions and whether the Notes are to be Initial Notes or Exchange Notes. Notwithstanding anything to the contrary in this Indenture or
Appendix A, any issuance of Additional Notes after the Issue Date shall be in a principal amount of at least $2,000 and integral multiples of $1,000 in excess of $2,000. 
 One Officer shall sign the Notes for the Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be
valid nevertheless. 
 A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of
authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee may appoint one or more authenticating agents reasonably acceptable to the Issuer to authenticate the Notes. Any such appointment shall be evidenced by an instrument signed by a Trust Officer,
a copy of which shall be furnished to the Issuer. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 
 SECTION 2.04 Registrar and Paying Agent. 
 (a) The Issuer shall maintain
(i) an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”) and (ii) an office or agency where Notes may be presented for payment (the “Paying
Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Issuer may have one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any
co-registrars. The term “Paying Agent” includes the Paying Agent and any additional paying agents. The Issuer initially appoints the Trustee as Registrar, Paying Agent and the Notes Custodian with respect to the Global Notes.

 (b) The Issuer may enter into an agency agreement with any Registrar or Paying Agent not a party to this Indenture, which
shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee in writing of the name and address of any such agent. If the Issuer fails to
maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to compensation therefor pursuant to Section 7.07. The Issuer or any of its domestically organized Wholly Owned Subsidiaries may act as Paying Agent or
Registrar. 
 (c) The Issuer may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and
to the Trustee; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor as evidenced by an agreement entered into by the Issuer and such successor Registrar or
Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above. The
Registrar or Paying Agent may resign at any time upon 

  
 50 

 
written notice to the Issuer and the Trustee; provided, however, that the Trustee may resign as Paying Agent or Registrar only if the Trustee also resigns as Trustee in accordance with
Section 7.08. 
 SECTION 2.05 Paying Agent to Hold Money in Trust. Prior to each due date of the principal of and
interest on any Note, the Issuer shall deposit with each Paying Agent (or if the Issuer or a Wholly Owned Subsidiary is acting as Paying Agent, segregate and hold in trust for the benefit of the Persons entitled thereto) a sum sufficient to pay such
principal and interest when so becoming due. The Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in trust for the benefit of holders or the Trustee all money held by a Paying Agent
for the payment of principal of and interest on the Notes, and shall notify the Trustee of any default by the Issuer in making any such payment. If the Issuer or a Wholly Owned Subsidiary of the Issuer acts as Paying Agent, it shall segregate the
money held by it as Paying Agent and hold it in trust for the benefit of the Persons entitled thereto. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying
Agent. Upon complying with this Section 2.05, a Paying Agent shall have no further liability for the money delivered to the Trustee. 
 SECTION 2.06 Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of holders. If the Trustee is
not the Registrar, the Issuer shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such
form and as of such date as the Trustee may reasonably require of the names and addresses of holders. 
 SECTION 2.07
Transfer and Exchange. The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for registration of transfer and in compliance with Appendix A. When a Note is presented to the Registrar
with a request to register a transfer, the Registrar shall register the transfer as requested if its requirements therefor are met. When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of
other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit registration of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Notes at the Registrar’s
request. The Issuer may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section 2.07. The Issuer shall not be required to make, and the
Registrar need not register, transfers or exchanges of Notes selected for redemption (except, in the case of Notes to be redeemed in part, the portion thereof not to be redeemed) or of any Notes for a period of 15 days before a selection of Notes to
be redeemed. 
 Prior to the due presentation for registration of transfer of any Note, the Issuer, the Subsidiary Guarantors,
the Trustee, the Paying Agent and the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest, if any, on such Note and for all
other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Subsidiary Guarantors, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

  
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 Any holder of a beneficial interest in a Global Note shall, by acceptance of such beneficial
interest, agree that transfers of beneficial interests in such Global Note may be effected only through a book-entry system maintained by (a) the holder of such Global Note (or its agent) or (b) any holder of a beneficial interest in such
Global Note, and that ownership of a beneficial interest in such Global Note shall be required to be reflected in a book entry. 

All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled
to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
 SECTION 2.08
Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate a replacement Note
if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the holder (a) satisfies the Issuer or the Trustee within a reasonable time after such holder has notice of such loss, destruction or wrongful taking
and the Registrar does not register a transfer prior to receiving such notification, (b) makes such request to the Issuer or the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform
Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Issuer, such holder shall furnish an indemnity bond sufficient in the judgment of
the Trustee to protect itself and sufficient in the judgment of the Issuer to protect the Issuer, the Trustee, a Paying Agent and the Registrar from any loss or liability that any of them may suffer if a Note is replaced and subsequently presented
or claimed for payment. The Issuer and the Trustee may charge the holder for their expenses in replacing a Note (including without limitation, attorneys’ fees and disbursements in replacing such Note). In the event any such mutilated, lost,
destroyed or wrongfully taken Note has become or is about to become due and payable, the Issuer in its discretion may pay such Note instead of issuing a new Note in replacement thereof. 

Every replacement Note is an additional obligation of the Issuer. 

The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 
 SECTION 2.09 Outstanding
Notes. Notes outstanding at any time are all Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.09 as not outstanding. Subject to
Section 13.06, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 

If a Note is replaced pursuant to Section 2.08 (other than a mutilated Note surrendered for replacement), it ceases to be
outstanding unless the Trustee and the Issuer receive proof satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to
Section 2.08. 
 If a Paying Agent segregates and holds in trust, in accordance with this Indenture, on a

  
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redemption date or maturity date money sufficient to pay all principal and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case
may be, and no Paying Agent is prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to
accrue. 
 SECTION 2.10 [Intentionally Omitted]. 

SECTION 2.11 Cancellation. The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and each Paying
Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and
shall dispose of canceled Notes in accordance with its customary procedures. The Issuer may not issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee for cancellation. The Trustee shall not authenticate Notes in place of
canceled Notes other than pursuant to the terms of this Indenture. 
 SECTION 2.12 Defaulted Interest. If the Issuer
defaults in a payment of interest on the Notes, the Issuer shall pay the defaulted interest then borne by the Notes (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Issuer may pay the defaulted
interest to the Persons who are holders on a subsequent special record date. The Issuer shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail or cause to be
mailed to each affected holder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 
 SECTION 2.13 CUSIP Numbers, ISINs, Etc. The Issuer in issuing the Notes may use CUSIP numbers, ISINs and “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use
CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers, either as
printed on the Notes or as contained in any notice of a redemption that reliance may be placed only on the other identification numbers printed on the Notes and that any such redemption shall not be affected by any defect in or omission of such
numbers. The Issuer shall advise the Trustee of any change in the CUSIP numbers, ISINs and “Common Code” numbers. 
 SECTION 2.14 Calculation of Principal Amount of Notes. The aggregate principal amount of the Notes, at any date of determination, shall be the principal amount of the Notes outstanding at such date
of determination. With respect to any matter requiring consent, waiver, approval or other action of the holders of a specified percentage of the principal amount of all the Notes then outstanding, such percentage shall be calculated, on the relevant
date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the holders of which have so consented, by (b) the aggregate principal amount, as of such date of determination, of the Notes then
outstanding, in each case, as determined in accordance with the preceding sentence, Section 2.09 and Section 13.06 of this Indenture. Any such calculation made pursuant to this Section 2.14 shall be made by the Issuer and delivered to
the Trustee pursuant to an Officers’ Certificate. 

  
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 ARTICLE III 
 REDEMPTION 
 SECTION 3.01 Redemption. The Notes may be redeemed, in
whole, or from time to time in part, subject to the conditions and at the redemption prices set forth in Paragraph 6 of the forms of Note set forth in Exhibit A and B hereto, which are hereby incorporated by reference and made a part
of this Indenture, together with accrued and unpaid interest to the redemption date. 
 SECTION 3.02 Applicability of
Article. Redemption of Notes at the election of the Issuer or otherwise, as permitted or required by any provision of this Indenture, shall be made in accordance with such provision and this Article III. 

SECTION 3.03 Notices to Trustee. If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Paragraph
6 of the Note, it shall notify the Trustee in writing of (i) the Section of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the
redemption price. The Issuer shall give notice to the Trustee provided for in this paragraph at least 30 days but not more than 60 days before a redemption date if the redemption is pursuant to Paragraph 6 of the Note, unless a shorter period is
acceptable to the Trustee. Such notice shall be accompanied by an Officers’ Certificate and Opinion of Counsel from the Issuer to the effect that such redemption will comply with the conditions herein, as well as such notice required to be
delivered under Section 3.05 below. If fewer than all the Notes are to be redeemed, the record date relating to such redemption shall be selected by the Issuer and given to the Trustee, which record date shall be not fewer than 15 days after
the date of notice to the Trustee. Any such notice may be canceled at any time prior to notice of such redemption being mailed to any holder and shall thereby be void and of no effect. 

SECTION 3.04 Selection of Notes to Be Redeemed. In the case of any partial redemption, selection of the Notes for redemption will
be made by the Trustee on a pro rata basis to the extent practicable, or by lot or by such other method as the Trustee shall deem fair and appropriate (and in such manner as applies with applicable legal requirements and the requirements of the
Depository, if applicable); provided that no Notes of $2,000 or less shall be redeemed in part. The Trustee shall make the selection from outstanding Notes not previously called for redemption. The Trustee may select for redemption portions
of the principal of Notes that have denominations larger than $2,000. Notes and portions of them the Trustee selects shall be in amounts of $2,000 or any integral multiple of $1,000. Provisions of this Indenture that apply to Notes called for
redemption also apply to portions of Notes called for redemption. The Trustee shall notify the Issuer promptly of the Notes or portions of Notes to be redeemed. 
 SECTION 3.05 Notice of Optional Redemption. 
 (a) At least 30 days but not
more than 60 days before a redemption date pursuant to Paragraph 6 of the Note, the Issuer shall mail or cause to be mailed by first-class mail a notice of redemption to each holder whose Notes are to be redeemed. 

  
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 Any such notice shall identify the Notes to be redeemed and shall state: 

(i) the redemption date; 
 (ii) the redemption price and the amount of accrued interest to the redemption date; 
 (iii) the name and address of the Paying Agent; 
 (iv) that Notes
called for redemption must be surrendered to the Paying Agent to collect the redemption price, plus accrued interest; 
 (v) if fewer than all the outstanding Notes are to be redeemed, the certificate numbers and principal amounts of the particular Notes to be redeemed, the aggregate principal amount of Notes to be redeemed
and the aggregate principal amount of Notes to be outstanding after such partial redemption; 
 (vi) that, unless
the Issuer defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the
redemption date; 
 (vii) the CUSIP number, ISIN and/or “Common Code” number, if any, printed on
the Notes being redeemed; and 
 (viii) that no representation is made as to the correctness or accuracy of the
CUSIP number or ISIN and/or “Common Code” number, if any, listed in such notice or printed on the Notes. 
 (b)
At the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s expense. In such event, the Issuer shall provide the Trustee with the information required by this Section 3.05 no
later than 10:00AM on a Business Day that is at least one Business Day prior to the date such notice is to be provided to holders in the final form such notice is to be delivered to holders and such notice may not be canceled. 

SECTION 3.06 Effect of Notice of Redemption. Once notice of redemption is mailed in accordance with Section 3.05, Notes
called for redemption become due and payable on the redemption date and at the redemption price stated in the notice, except as provided in the final sentence of paragraph 6 of the Notes. Upon surrender to the Paying Agent, such Notes shall be paid
at the redemption price stated in the notice, plus accrued interest, to, but not including, the redemption date; provided, however, that if the redemption date is after a regular Record Date and on or prior to the Interest Payment
Date, the accrued interest shall be payable to the holder of the redeemed Notes registered on the relevant Record Date. Failure to give notice or any defect in the notice to any holder shall not affect the validity of the notice to any other holder.

 SECTION 3.07 Deposit of Redemption Price. With respect to any Notes, prior to 10:00 a.m., New York City time, on the
redemption date, the Issuer shall deposit with the Paying 

  
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Agent (or, if the Issuer or a Wholly Owned Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest on all Notes or
portions thereof to be redeemed on that date other than Notes or portions of Notes called for redemption that have been delivered by the Issuer to the Trustee for cancellation. On and after the redemption date, interest shall cease to accrue on
Notes or portions thereof called for redemption so long as the Issuer has deposited with the Paying Agent funds sufficient to pay the principal of, plus accrued and unpaid interest on, the Notes to be redeemed, unless the Paying Agent is
prohibited from making such payment pursuant to the terms of this Indenture. 
 SECTION 3.08 Notes Redeemed in Part. Upon
surrender of a Note that is redeemed in part, the Issuer shall execute and the Trustee shall authenticate for the holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered.

 SECTION 3.09 Redemption for Changes in Withholding Taxes. 

The Issuer may redeem the Notes, in whole but not in part, at its discretion at any time upon giving not less than 30 nor more than 60
days’ prior written notice to the holders, at a redemption price equal to 100% of the aggregate principal amount thereof, together with accrued and unpaid interest, if any, to the redemption date and all Additional Amounts, if any, which
otherwise would be payable, if on the next date on which any amount would be payable in respect of the Notes, the Issuer would be required to pay Additional Amounts, and the Issuer cannot avoid any such payment obligation by taking reasonable
measures available to it, as a result of: 
 (A) any amendment to, or change in, the laws or any regulations or
rulings promulgated thereunder of a relevant Tax Jurisdiction which is announced and becomes effective after the date of the Offering Memorandum (or, if the applicable Tax Jurisdiction became a Tax Jurisdiction on a date after the date of the
Offering Memorandum, any amendment or change that is announced and becomes effective after such later date); or 

(B) any amendment to, or change in, an official interpretation or application regarding such laws, regulations or rulings,
including by virtue of a holding, judgment or order by a court of competent jurisdiction which is announced and becomes effective after the date of the Offering Memorandum (or, if the applicable Tax Jurisdiction became a Tax Jurisdiction on a date
after the date of the Offering Memorandum, such later date). 
 The Issuer will not give any such notice of redemption earlier
than 90 days prior to the earliest date on which the Issuer would be obligated to make such payment or withholding if a payment in respect of the Notes were then due, and, at the time such notice is given, the obligation to pay Additional Amounts
must remain in effect. 
 Prior to the publication or, where relevant, mailing of any notice of redemption of the Notes pursuant
to the foregoing, the Issuer will deliver to the Trustee (i) an opinion of independent tax counsel, the choice of such counsel to be subject to the prior written approval of 

  
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the Trustee (such approval not to be unreasonably withheld) to the effect that there has been such change or amendment which would entitle the Issuer to redeem the Notes hereunder and (ii) a
certificate signed by an officer of the Issuer stating that the Issuer cannot avoid any obligation to pay Additional Amounts by taking reasonable measures available to it. 
 ARTICLE IV 
 COVENANTS 

SECTION 4.01 Payment of Notes. 
 (a) The Issuer shall promptly pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture. An installment of principal of or interest shall be
considered paid on the date due if on such date the Trustee or the Paying Agent holds as of 12:00 p.m. Eastern time money sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not
prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture. 
 (b) The Issuer shall
pay interest on overdue principal at the rate specified therefor in the Notes, and it shall pay interest on overdue installments of interest at the same rate borne by the Notes to the extent lawful. 

(c) All payments made by or on behalf of the Issuer under or with respect to the Notes or by or on behalf of any of the Subsidiary
Guarantors under or with respect to its Subsidiary Guarantee will be made free and clear of and without withholding or deduction for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including
penalties, interest and other liabilities related thereto) (collectively, “Taxes”) unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed
or levied by or on behalf of (1) any jurisdiction in which the Issuer or any Subsidiary Guarantor, is then incorporated, resident or doing business for tax purposes or any department or political subdivision thereof or therein or (2) any
jurisdiction from or through which payment is made or any department or political subdivision thereof or therein (each, a “Tax Jurisdiction”), will at any time be required to be made from any payments made by or on behalf of the
Issuer under or with respect to the Notes or by or on behalf of any of the Subsidiary Guarantors, under or with respect to any Subsidiary Guarantee, including payments of principal, redemption price, purchase price, interest or premium, the Issuer
or the relevant Subsidiary Guarantor, as applicable, will pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of such payments by each holder after such
withholding or deduction (including any such deduction or withholding in respect of such Additional Amounts) will equal the respective amounts which would have been received in respect of such payments in the absence of such withholding or
deduction; provided, however, that no Additional Amounts will be payable with respect to: 
  

	 	(1)	 any Taxes, to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the holder or the
beneficial owner of the Notes and the relevant Tax Jurisdiction (other 

  
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than solely from the mere acquisition, ownership, holding or disposition of such Note, the enforcement of rights under such Note or under a Subsidiary Guarantee and/or the receipt of any payments
in respect of such Note or a Subsidiary Guarantee); 

  

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

 

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

 

	 	(4)	any estate, inheritance, gift, sales, transfer, personal property or similar tax or assessment; 

 

	 	(5)	any Taxes payable otherwise than by deduction or withholding from payments made under or with respect to any Note or Subsidiary Guarantee; or 

 

	 	(6)	any combination of the above clauses (1) through (5). 

 (d) The Issuer and the Subsidiary Guarantors will pay and indemnify the holder for any present or future stamp, issue, registration, transfer, court or documentary taxes, or any other excise or property
taxes, charges or similar levies (including penalties, interest and other liabilities related thereto) which are levied by any jurisdiction on the execution, delivery, issuance, or registration of any of the Notes, this Indenture, any Subsidiary
Guarantee, or any other document or instrument referred to therein, or the receipt of any payments with respect to, or enforcement of, the Notes or any Subsidiary Guarantee (such sum being recoverable from the Issuer as a liquidated sum payable as a
debt). 
 (e) If the Issuer or any Subsidiary Guarantor, as the case may be, becomes aware that it will be obligated to pay
Additional Amounts with respect to any payment under or with respect to the Notes or any Subsidiary Guarantee, the Issuer or the relevant Subsidiary Guarantor, as the case may be, will deliver to the Trustee on a date which is at least 30 days prior

  
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to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer or the relevant Subsidiary Guarantor
shall notify the Trustee promptly thereafter) notice stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The notice must also set forth any other information reasonably necessary to enable the Paying
Agents to pay Additional Amounts to holders on the relevant payment date. The Issuer or the relevant Subsidiary Guarantor will provide the Trustee with documentation evidencing the payment of Additional Amounts. 

(f) The Issuer or the relevant Subsidiary Guarantor will make all withholdings and deductions (within the time period and in the minimum
amount) required by law and will remit the full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. The Issuer or the relevant Subsidiary Guarantor will use its reasonable efforts to obtain Tax receipts from
each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Issuer or the relevant Subsidiary Guarantor will furnish to the Trustee (or to a holder upon request), within a reasonable time after the date the payment of any
Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Issuer or a Subsidiary Guarantor, as the case may be, or if, notwithstanding such entity’s efforts to obtain receipts, receipts are not obtained,
other evidence of payments by such entity. 
 (g) The obligations described under Sections 4.01(c), (d), (e) and
(f) shall survive any termination, defeasance or discharge of this Indenture and shall apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Issuer or any Subsidiary Guarantor is incorporated, or resident or doing
business for tax purposes or any jurisdiction from or through which any payment on the Notes (or any Subsidiary Guarantee) is made by or on behalf of such Person and any department or political subdivision thereof or therein. 

SECTION 4.02 Reports and Other Information. 
 (a) Notwithstanding that the Issuer may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided
for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, the Issuer shall file with the SEC (and provide the Trustee and holders with copies thereof, without cost to each holder, within 15 days after it files
them with the SEC), 
 (i) within the time period specified in the SEC’s rules and regulations for
non-accelerated filers, annual reports on Form 10-K (or any successor or comparable form) containing the information required to be contained therein (or required in such successor or comparable form) except to the extent permitted to be excluded by
the SEC; 
 (ii) within the time period specified in the SEC’s rules and regulations for non-accelerated
filers, reports on Form 10-Q (or any successor or comparable form) containing the information required to be contained therein (or required in such successor or comparable form) except to the extent permitted to be excluded by the SEC;
provided that in the case of the quarterly report on Form 10-Q for the period ending June 30, 2011, such quarterly report shall not be required to be provided until August 31, 2011; 

  
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 (iii) promptly from time to time after the occurrence of an event required
to be therein reported (and in any event within the time period specified in the SEC’s rules and regulations), such other reports on Form 8-K (or any successor or comparable form), and 

(iv) subject to clauses (i)-(iii) above, any other information, documents and other reports which the Issuer would be
required to file with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act; 
 provided, however, that the Issuer
shall not be so obligated to file such reports with the SEC if the SEC does not permit such filing, in which event the Issuer will make available such information to prospective purchasers of Notes in addition to providing such information to the
Trustee and the holders, in each case within 15 days after the time the Issuer would be required to file such information with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act (or such later dates as provided for in clause
(ii) above for the quarterly report on Form 10-Q for the period ending June 30, 2011), subject, in the case of any such information, certificates or reports provided prior to the effectiveness of the Exchange Offer Registration
Statement or Shelf Registration Statement, to exceptions and exclusions consistent with the presentation of financial and other information in the Offering Memorandum (including with respect to any periodic reports provided prior to effectiveness of
the Exchange Offer Registration Statement or Shelf Registration Statement, the omission of an audit opinion with respect to January 2008 if the auditor’s consent to include such opinion is not available for any reason and financial information
required by Rule 3-10 under Regulation S-X promulgated by the SEC (or any successor provision)) provided, however, for the avoidance of doubt in no event is the Issuer required to update the appraisal information with respect to the Mortgaged
Vessels. 
 Notwithstanding the foregoing, the Issuer shall not be required to furnish any information, certificates or reports
required by Items 307 or 308 of Regulation S-K prior to the effectiveness of the Exchange Offer Registration Statement or Shelf Registration Statement. 
 (b) In the event that: 
 (i) the rules and regulations of the SEC
permit the Issuer and any direct or indirect parent of the Issuer to report at such parent entity’s level on a consolidated basis and such parent entity is not engaged in any business in any material respect other than incidental to its
ownership, directly or indirectly, of the capital stock of the Issuer, or 
 (ii) any direct or indirect parent
of the Issuer is or becomes a Subsidiary Guarantor of the Notes, 
 consolidating reporting at the parent entity’s level in a manner
consistent with that described in this Section 4.02 for the Issuer will satisfy this Section 4.02. The Issuer will be deemed to have satisfied its obligations under this Section 4.02 with respect to financial information relating to
the Issuer by furnishing financial information relating to such direct or indirect parent; provided that such financial information is accompanied by consolidating information that explains in reasonable detail the differences between the
information relating to such direct or indirect 

  
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parent and any of its Subsidiaries other than the Issuer and its Subsidiaries, on the one hand, and the information relating to the Issuer, the Subsidiary Guarantors and the other Subsidiaries of
the Issuer on a standalone basis, on the other hand. The Issuer will make such information available to prospective investors upon request. 
 (c) For so long as any Notes remain outstanding during any period when it is not subject to Section 13 or 15(d) of the Exchange Act, or otherwise permitted to furnish the SEC with certain information
pursuant to Rule 12g3-2(b) of the Exchange Act, the Issuer will furnish to the holders of the Notes and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 Notwithstanding the foregoing, the Issuer will be deemed to have furnished such reports referred to above to the Trustee and
the holders if the Issuer has filed such reports with the SEC via the EDGAR filing system and such reports are publicly available. In addition, the requirements of this Section 4.02 shall be deemed satisfied prior to the commencement of the
exchange offer contemplated by the Registration Rights Agreement relating to the Notes or the effectiveness of the Shelf Registration Statement by (1) the filing with the SEC of the Exchange Offer Registration Statement and/or Shelf
Registration Statement in accordance with the provisions of such Registration Rights Agreement, and any amendments thereto, and such registration statement and/or amendments thereto are filed at times that otherwise satisfy the time requirements set
forth in Section 4.02(a) and/or (2) the posting of reports that would be required to be provided to the Trustee and the holders on the Issuer’s website (or that of any of its parent companies). 

SECTION 4.03 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 

(a)(i) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness
(including Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) the Issuer shall not permit any of its Restricted Subsidiaries (other than a Subsidiary Guarantor) to issue any shares of Preferred Stock; provided,
however, that the Issuer and any Subsidiary Guarantor may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary of the Issuer that is not a Subsidiary Guarantor may Incur
Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock or issue shares of Preferred Stock, in each case if the Fixed Charge Coverage Ratio of the Issuer for the most recently ended four full fiscal quarters for which
internal financial statements are available immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00 determined on a pro
forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of
proceeds therefrom had occurred at the beginning of such four-quarter period. 
 (b) The limitations set forth in
Section 4.03(a) shall not apply to: 
 (i) the Incurrence by the Issuer or its Restricted Subsidiaries of
Bank Indebtedness in an aggregate principal amount not exceeding the Secured Vessel Debt 

  
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Cap (as calculated on the date of the relevant Incurrence under this clause (a)) at the time of Incurrence; 

(ii) the Incurrence of Indebtedness represented by the Notes and the Subsidiary Guarantees, as applicable (not including
any additional Notes, but including any exchange Notes and related guarantees thereof); 
 (iii) Indebtedness
existing on the Issue Date (other than Indebtedness described in clauses (i) and (ii) of this Section 4.03(b)); 
 (iv) Indebtedness (including Capitalized Lease Obligations) Incurred by the Issuer or any of its Restricted Subsidiaries, Disqualified Stock issued by the Issuer or any of its Restricted Subsidiaries and
Preferred Stock issued by any Restricted Subsidiaries of the Issuer to finance (whether prior to or within 270 days after) the acquisition, lease, construction, repair, replacement or improvement of property (real or personal) or equipment (whether
through the direct purchase of assets or the Capital Stock of any Person owning such assets) in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount or liquidation preference of all other
Indebtedness, Disqualified Stock and Preferred Stock then outstanding (including any Refinancing Indebtedness with respect thereto) and Incurred pursuant to this clause (iv) does not exceed the greater of $25 million and 2.5% of Total Assets at
the time of Incurrence (it being understood that any Indebtedness Incurred pursuant to this clause (iv) shall cease to be deemed Incurred or outstanding for purposes of this clause (iv) but shall be deemed Incurred for purposes of
Section 4.03(a) from and after the first date on which the Issuer, or the Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness under Section 4.03(a) without reliance upon this clause (iv)); 

(v) Indebtedness Incurred by the Issuer or any of its Restricted Subsidiaries constituting reimbursement obligations with
respect to letters of credit and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation claims, health, disability or other benefits to employees or former
employees or their families or property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or pursuant to the requirements of, environmental or other permits or licenses from governmental
authorities, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; 
 (vi) Indebtedness arising from agreements of the Issuer or a Restricted Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, Incurred in connection
with the Refinancing Transactions or any other acquisition or disposition of any business, assets or a Subsidiary of the Issuer in accordance with the terms of this Indenture, other than guarantees of Indebtedness Incurred by any Person acquiring
all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 
 (vii)
Indebtedness of the Issuer to a Restricted Subsidiary; provided that (except in respect of intercompany current liabilities Incurred in the ordinary course of 

  
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business in connection with the cash management operations of the Issuer and its Subsidiaries) any such Indebtedness owed to a Restricted Subsidiary that is not a Subsidiary Guarantor is
subordinated in right of payment to the obligations of the Issuer under the Notes; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to
be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an
Incurrence of such Indebtedness not permitted by this clause (vii); 
 (viii) shares of Preferred Stock of a
Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary that holds such shares of
Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Issuer or another Restricted Subsidiary) shall be deemed, in each case, to
be an issuance of shares of Preferred Stock not permitted by this clause (viii); 
 (ix) Indebtedness of a
Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided that if a Subsidiary Guarantor Incurs such Indebtedness to a Restricted Subsidiary that is not a Subsidiary Guarantor (except in respect of intercompany current
liabilities Incurred in the ordinary course of business in connection with the cash management operations of the Issuer and its Subsidiaries), such Indebtedness is subordinated in right of payment to the Subsidiary Guarantee of such Subsidiary
Guarantor; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted Subsidiary or any other subsequent
transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this
clause (ix); 
 (x) Hedging Obligations that are not Incurred for speculative purposes but (1) for the
purpose of fixing or hedging interest rate risk with respect to any Indebtedness that is permitted by the terms of this Indenture to be outstanding; (2) for the purpose of fixing or hedging currency exchange rate risk with respect to any
currency exchanges; or (3) for the purpose of fixing or hedging commodity price risk with respect to any commodity purchases or sales; 
 (xi) obligations (including reimbursement obligations with respect to letters of credit and bank guarantees) in respect of performance, bid, appeal and surety bonds and completion guarantees provided by
the Issuer or any Restricted Subsidiary in the ordinary course of business or consistent with past practice or industry practice (including as required by the U.S. Federal Maritime Commission, or other similar U.S. or foreign government authority);

 (xii) Indebtedness or Disqualified Stock of the Issuer or Indebtedness, Disqualified Stock or Preferred Stock
of any Restricted Subsidiary of the Issuer not 

  
 63 

 
otherwise permitted hereunder in an aggregate principal amount or liquidation preference which, when aggregated with the principal amount or liquidation preference of all other Indebtedness,
Disqualified Stock and Preferred Stock then outstanding (including any Refinancing Indebtedness with respect thereto) and Incurred pursuant to this clause (xii), does not exceed the greater of $50 million and 4.0% of Total Assets at the time of
Incurrence (it being understood that any Indebtedness Incurred pursuant to this clause (xii) shall cease to be deemed Incurred or outstanding for purposes of this clause (xii) but shall be deemed Incurred for purposes of
Section 4.03(a) from and after the first date on which the Issuer, or the Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness under Section 4.03(a) without reliance upon this clause (xii)); 

(xiii) Indebtedness or Disqualified Stock of the Issuer or any Restricted Subsidiary of the Issuer and Preferred Stock of
any Restricted Subsidiary of the Issuer not otherwise permitted hereunder in an aggregate principal amount or liquidation preference not greater than 200.0% of the net cash proceeds received by the Issuer and its Restricted Subsidiaries since
immediately after the Issue Date (other than from Excluded Contributions) from the issue or sale of Equity Interests of the Issuer or any direct or indirect parent entity of the Issuer (which proceeds are contributed to the Issuer or its Restricted
Subsidiary) or cash contributed to the capital of the Issuer (in each case other than proceeds of Disqualified Stock or sales of Equity Interests to, or contributions received from, the Issuer or any of its Subsidiaries) as determined in accordance
with clauses (B) and (C) of the definition of “Cumulative Credit” to the extent such net cash proceeds or cash have not been applied pursuant to such clauses to make Restricted Payments or to make other Investments, payments or
exchanges pursuant to Section 4.04(b) or to make Permitted Investments (other than Permitted Investments specified in clauses (1) and (3) of the definition thereof); 

(xiv) any guarantee by the Issuer or any Restricted Subsidiary of the Issuer of Indebtedness or other obligations of the
Issuer or any of its Restricted Subsidiaries so long as the Incurrence of such Indebtedness Incurred by the Issuer or such Restricted Subsidiary is permitted under the terms of this Indenture; provided that (i) if such Indebtedness is by
its express terms subordinated in right of payment to the Notes or the Subsidiary Guarantee of such Restricted Subsidiary, as applicable, any such guarantee of such Subsidiary Guarantor with respect to such Indebtedness shall be subordinated in
right of payment to such Subsidiary Guarantor’s Subsidiary Guarantee with respect to the Notes substantially to the same extent as such Indebtedness is subordinated to the Notes or the Subsidiary Guarantee of such Restricted Subsidiary, as
applicable and (ii) if such guarantee is of Indebtedness of the Issuer, such guarantee is Incurred in accordance with, or not in contravention of, Section 4.11 solely to the extent such Section is applicable; 

(xv) the Incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness or Disqualified Stock or Preferred
Stock of a Restricted Subsidiary of the Issuer which serves to refund, refinance or defease any Indebtedness Incurred or Disqualified Stock or Preferred Stock issued as permitted under Section 4.03(a) and clauses (ii), (iii), (iv), (xii),
(xiii), (xv), (xvi) or (xxiii) of this Section 4.03(b) up to the outstanding principal amount (or, if applicable, the liquidation preference face amount, or the like) or, if greater, committed amount (only to the extent the committed
amount could 

  
 64 

 
have been Incurred on the date of initial Incurrence) of such Indebtedness or Disqualified Stock or Preferred Stock, in each case at the time such Indebtedness was Incurred or Disqualified Stock
or Preferred Stock was issued pursuant to Section 4.03(a) or clauses (ii), (iii), (iv), (xii), (xiii), (xv), (xvi) or (xxiii) ( of this Section 4.03(b), or any Indebtedness, Disqualified Stock or Preferred Stock Incurred to so
refund or refinance such Indebtedness, Disqualified Stock or Preferred Stock, including any additional Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay premiums (including tender premiums), expenses, defeasance costs and fees in
connection therewith (subject to the following proviso, “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness: 

(1) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than
the shorter of (x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded, refinanced or defeased and (y) the Weighted Average Life to Maturity that would result if all
payments of principal on the Indebtedness, Disqualified Stock and Preferred Stock being refunded or refinanced that were due on or after the date that is one year following the last maturity date of any Notes then outstanding were instead due on
such date; 
 (2) to the extent such Refinancing Indebtedness refinances (a) Indebtedness junior to the
Notes or the Subsidiary Guarantee of such Restricted Subsidiary, as applicable, such Refinancing Indebtedness is junior to the Notes or such Subsidiary Guarantee of such Restricted Subsidiary, as applicable, or (b) Disqualified Stock or
Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or Preferred Stock; and 
 (3) shall not
include Indebtedness of the Issuer or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary: 
 provided,
further, that subclause (1) of this clause (xv) will not apply to any refunding or refinancing of any Secured Indebtedness constituting First-Priority Lien Obligations; 

(xvi) Indebtedness, Disqualified Stock or Preferred Stock of (x) the Issuer or any of its Restricted Subsidiaries
Incurred to finance an acquisition or (y) Persons that are acquired by the Issuer or any of its Restricted Subsidiaries or merged, consolidated or amalgamated with or into the Issuer or any of its Restricted Subsidiaries in accordance with the
terms of this Indenture; provided that after giving effect to such acquisition or merger, consolidation or amalgamation, either: 
 (1) the Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a); or 

  
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 (2) the Fixed Charge Coverage Ratio of the Issuer would be greater than
immediately prior to such acquisition or merger, consolidation or amalgamation; 
 (xvii) Indebtedness Incurred
by a Receivables Subsidiary in a Qualified Receivables Financing that is not recourse to the Issuer or any Restricted Subsidiary other than a Receivables Subsidiary (except for Standard Securitization Undertakings); 

(xviii) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its Incurrence; 

(xix) Indebtedness of the Issuer or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued
pursuant to the Bank Indebtedness, in a principal amount not in excess of the stated amount of such letter of credit (so long as such letter of credit is treated as outstanding for the purposes of calculating outstanding amounts of Bank
Indebtedness); 
 (xx) Indebtedness of the Issuer or any Restricted Subsidiary consisting of (1) the
financing of insurance premiums or (2) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 
 (xxi) Indebtedness consisting of Indebtedness issued by the Issuer or a Restricted Subsidiary of the Issuer to current or former officers, directors and employees thereof or any direct or indirect parent
thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Issuer or any of its direct or indirect parent companies to the extent described in Section 4.04(b)(iv);

 (xxii) Indebtedness of the Issuer or any Restricted Subsidiary Incurred in connection with credit card
processing arrangements entered into in the ordinary course of business; and 
 (xxiii) Indebtedness incurred on
behalf of, or representing Guarantees of Indebtedness of, joint ventures of the Issuer or any Restricted Subsidiary not in excess, at any one time outstanding of $10 million. 
 (c) [Intentionally Omitted.] 
 (d) For purposes of determining compliance
with this Section 4.03: 
 (i) in the event that an item of Indebtedness, Disqualified Stock or Preferred
Stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness described in clauses (i) through (xxiii) above or is entitled to be Incurred pursuant to Section 4.03(a), the Issuer shall,
in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such item of Indebtedness, 

  
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Disqualified Stock or Preferred Stock (or any portion thereof) in any manner that complies with this Section 4.03; 

(ii) at the time of Incurrence, the Issuer will be entitled to divide and classify an item of Indebtedness in more than
one of the types of Indebtedness described in Section 4.03(a) and (b) without giving pro forma effect to the Indebtedness Incurred pursuant to Section 4.03(b) when calculating the amount of Indebtedness that may be Incurred
pursuant to Section 4.03(a); 
 (iii) if any Indebtedness denominated in U.S. dollars is exchanged,
converted or refinanced into Indebtedness denominated in euros, then (in connection with such exchange, conversion or refinancing, and thereafter), the U.S. dollar amount limitations set forth in any of clauses (i) through (xxiii) above
with respect to such exchange, conversion or refinancing shall be deemed to be the amount of euros into which such Indebtedness has been exchanged, converted or refinanced at the time of such exchange, conversion or refinancing; and 

(iv) if any Indebtedness denominated in euros is exchanged, converted or refinanced into Indebtedness denominated in U.S.
dollars, then (in connection with such exchange, conversion or refinancing, and thereafter), the euro amount limitations set forth in any of clauses (i) through (xxiii) above with respect to such exchange, conversion or refinancing shall
be deemed to be the amount of U.S. dollars into which such Indebtedness has been exchanged, converted or refinanced at the time of such exchange, conversion or refinancing. 
 Accrual of interest, the accretion of accreted value, the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as applicable, amortization of
original issue discount, the accretion of liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence of Indebtedness,
Disqualified Stock or Preferred Stock for purposes of this Section 4.03. Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of
Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the Incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this
Section 4.03. 
 (e) Notwithstanding any other provision of this Section 4.03, the maximum amount of Indebtedness that
the Issuer and its Restricted Subsidiaries may Incur pursuant to this Section 4.03 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, solely as a result of fluctuations in the exchange rate of currencies.

 SECTION 4.04 Limitation on Restricted Payments. 

(a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(i) declare or pay any dividend or make any distribution on account of the Issuer’s or any of its Restricted
Subsidiaries’ Equity Interests, including any payment 

  
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made in connection with any merger, amalgamation or consolidation involving the Issuer (other than (A) dividends or distributions by the Issuer payable solely in Equity Interests (other than
Disqualified Stock) of the Issuer; or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted
Subsidiary other than a Wholly Owned Restricted Subsidiary, the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities);

 (ii) purchase or otherwise acquire or retire for value any Equity Interests of the Issuer or any direct or
indirect parent of the Issuer; 
 (iii) make any principal payment on, or redeem, repurchase, defease or
otherwise acquire or retire for value, in each case prior to any scheduled repayment or scheduled maturity, any Subordinated Indebtedness of the Issuer or any of its Restricted Subsidiaries (other than the payment, redemption, repurchase,
defeasance, acquisition or retirement of (A) Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption,
repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under clauses (vii) and (ix) of Section 4.03(b)); or 
 (iv) make any Restricted Investment 
 (all such payments and other actions set
forth in clauses (i) through (iv) being collectively referred to as “Restricted Payments”), unless, at the time of such Restricted Payment: 

(1) no Default shall have occurred and be continuing or would occur as a consequence thereof; 

(2) immediately after giving effect to such transaction on a pro forma basis, the Issuer could Incur $1.00 of
additional Indebtedness under Section 4.03(a); and 
 (3) such Restricted Payment, together with the
aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clauses (i), (ii) (with respect to the payment of dividends on Refunding
Capital Stock (as defined below) pursuant to clause (C) thereof), (vi)(C), (viii), (xiii)(B) and (xvii) of Section 4.04(b), but excluding all other Restricted Payments permitted by Section 4.04(b)), is less than the amount equal
to the Cumulative Credit: 
 provided that the Issuer will not permit any of its Restricted Subsidiaries to make any
Restricted Payments of the type described in (A) clauses (i) or (ii) of this Section 4.04(a) or (B) clause (iv) of this Section 4.04(a) (to the extent such Restricted Investment is an Investment in an Affiliate of
the Issuer (other than a Restricted Subsidiary)), in each case by means of utilization of the Cumulative Credit, unless after giving effect to such Restricted Payment the Total Secured Indebtedness Leverage Ratio of the Issuer and its Restricted
Subsidiaries is less 

  
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than or equally to 5.00 to 1.00. 
 (b) The provisions of
Section 4.04(a) shall not prohibit: 
 (i) the payment of any dividend or distribution within 60 days after
the date of declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Indenture; 
 (ii)(A) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital Stock”) or Subordinated Indebtedness of the Issuer, any direct or indirect
parent of the Issuer or any Subsidiary Guarantor in exchange for, or out of the proceeds of, the substantially concurrent sale of, Equity Interests of the Issuer or any direct or indirect parent of the Issuer or contributions to the equity capital
of the Issuer (other than any Disqualified Stock or any Equity Interests sold to a Subsidiary of the Issuer) (collectively, including any such contributions, “Refunding Capital Stock”), 

(B) the declaration and payment of dividends on the Retired Capital Stock out of the proceeds of the substantially
concurrent sale (other than to a Subsidiary of the Issuer) of Refunding Capital Stock, and 
 (C) if immediately
prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted under clause (vi) of this Section 4.04(b) and not made pursuant to clause (ii)(B), the declaration and payment of dividends on
the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent of the Issuer) in an aggregate amount per year
no greater than the aggregate amount of dividends per annum that were declarable and payable on such Retired Capital Stock immediately prior to such retirement; 
 (iii) the redemption, repurchase, defeasance, or other acquisition or retirement of Subordinated Indebtedness of the Issuer or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the
substantially concurrent sale of, new Indebtedness of the Issuer or a Subsidiary Guarantor which is Incurred in accordance with Section 4.03 so long as: 
 (A) the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount (or accreted value, if applicable), plus any accrued and unpaid interest,
of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired for value (plus the amount of any premium required to be paid under the terms of the instrument governing the Subordinated Indebtedness being so
redeemed, repurchased, acquired or retired, any tender premiums, plus any defeasance costs, fees and expenses Incurred in connection therewith), 
 (B) such Indebtedness is subordinated to the Notes or the related Subsidiary Guarantee in respect of the Notes, as the case may be, at least 

  
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to the same extent as such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased, defeased, acquired or retired for value, 

(C) such Indebtedness has a final scheduled maturity date equal to or later than the earlier of (x) the final
scheduled maturity date of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired and (y) 91 days following the last maturity date of any Notes then outstanding, and 

(D) such Indebtedness has a Weighted Average Life to Maturity at the time Incurred which is not less than the shorter of
(x) the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired and (y) the Weighted Average Life to Maturity that would result if all payments of principal
on the Subordinated Indebtedness being redeemed, repurchased, defeased, acquired or retired that were due on or after the date that is one year following the last maturity date of any Notes then outstanding were instead due on such date; 

(iv) a Restricted Payment to pay for the repurchase, retirement or other acquisition for value of Equity Interests of the
Issuer or any direct or indirect parent of the Issuer held by any future, present or former employee, director or consultant of the Issuer or any direct or indirect parent of the Issuer or any Subsidiary of the Issuer pursuant to any management
equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement; provided, however, that the aggregate Restricted Payments made under this clause (iv) do not exceed $12.5 million in any
calendar year (with unused amounts in any calendar year being permitted to be carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of $25.0 million in any calendar year (which shall increase
to $40.0 million subsequent to the consummation of an underwritten public Equity Offering of common stock); provided, further, however, that such amount in any calendar year may be increased by an amount not to exceed: 

(A) the cash proceeds received by the Issuer or any of its Restricted Subsidiaries from the sale of Equity Interests
(other than Disqualified Stock) of the Issuer or any direct or indirect parent of the Issuer (to the extent contributed to the Issuer) to members of management, directors or consultants of the Issuer and its Restricted Subsidiaries or any direct or
indirect parent of the Issuer that occurs after the Issue Date (provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition or dividend will not increase the amount available for Restricted
Payments under Section 4.04(a)(iii)), plus 
 (B) the cash proceeds of key man life insurance
policies received by the Issuer or any direct or indirect parent of the Issuer (to the extent contributed to the Issuer) or the Issuer’s Restricted Subsidiaries after the Issue Date; 

  
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 provided that the Issuer may elect to apply all or any portion of the aggregate increase contemplated
by clauses (A) and (B) above in any calendar year; and provided, further, that cancellation of Indebtedness owing to the Issuer or any Restricted Subsidiary from any present or former employees, directors, officers or consultants of
the Issuer, any of its Restricted Subsidiaries or its direct or indirect parents in connection with a repurchase of Equity Interests of the Issuer or any of its direct or indirect parents will not be deemed to constitute a Restricted Payment for
purposes of this Section 4.04 or any other provision of this Indenture; 
 (v) the declaration and payment
of dividends or distributions to holders of any class or series of Disqualified Stock of the Issuer or any of its Restricted Subsidiaries issued or Incurred in accordance with Section 4.03 to the extent such dividends are included in the
definition of “Fixed Charges”; 
 (vi)(A) the declaration and payment of dividends or distributions to
holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; 
   (B) a Restricted Payment to any direct or indirect parent of the Issuer, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated
Preferred Stock (other than Disqualified Stock) of any direct or indirect parent of the Issuer issued after the Issue Date; provided that the aggregate amount of dividends declared and paid pursuant to this clause (B) does not exceed the
net cash proceeds actually received by the Issuer from any such sale of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; and 

  (C) the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of
the dividends declarable and payable thereon pursuant to Section 4.04(b)(ii); 
 provided, however, in the case of each of
(A) and (C) above of this clause (vi), that for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock, after
giving effect to such issuance (and the payment of dividends or distributions) on a pro forma basis (including a pro forma application of the net proceeds therefrom), the Issuer would have had a Fixed Charge Coverage Ratio of at least 2.00 to
1.00; 
 (vii) Investments in Unrestricted Subsidiaries having an aggregate Fair Market Value (as determined in
good faith by the Issuer), taken together with all other Investments made pursuant to this clause (vii) that are at that time outstanding, not to exceed $25.0 million at the time of such Investment (with the Fair Market Value of each Investment
being measured at the time made and without giving effect to subsequent changes in value); 
 (viii) the payment
of dividends on the Issuer’s common stock (or a Restricted Payment to any direct or indirect parent of the Issuer to fund the payment by such direct or indirect parent of the Issuer of dividends on such entity’s common stock)

  
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of up to 6% per annum of the net proceeds received by the Issuer from any public offering of common stock of the Issuer or any direct or indirect parent of the Issuer, other than public
offerings with respect to the Issuer’s (or such direct or indirect parent’s) common stock registered on Form S-4 or Form S-8 and other than any public sale constituting an Excluded Contribution; 

(ix) Restricted Payments that are made with Excluded Contributions; 

(x) other Restricted Payments in an aggregate amount not to exceed the greater of $35.0 million and 2.5% of Total Assets
at the time made; 
 (xi) the distribution, as a dividend or otherwise, of shares of Capital Stock of, or
Indebtedness owed to the Issuer or a Restricted Subsidiary of the Issuer by, Unrestricted Subsidiaries; 
 (xii)
Permitted Tax Distributions; 
 (xiii) the payment of a Restricted Payment, if applicable: 

(A) in amounts required for any direct or indirect parent of the Issuer to pay fees and expenses (including franchise or
similar taxes) required to maintain its corporate existence, customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of any direct or indirect parent of the Issuer and general
corporate operating and overhead expenses of any direct or indirect parent of the Issuer in each case to the extent such fees and expenses are attributable to the ownership or operation of the Issuer, if applicable, and its Subsidiaries; 

(B) in amounts required for any direct or indirect parent of the Issuer, if applicable, to pay interest and/or principal
on Indebtedness the proceeds of which have been contributed to the Issuer or any of its Restricted Subsidiaries and that has been guaranteed by, or is otherwise considered Indebtedness of, the Issuer Incurred in accordance with Section 4.03;
and 
 (C) in amounts required for any direct or indirect parent of the Issuer to pay fees and expenses, other
than to Affiliates of the Issuer, related to any unsuccessful equity or debt offering of such parent; 
 (xiv)
any Restricted Payment used to fund the Refinancing Transactions and the payment of fees and expenses Incurred in connection with the Refinancing Transactions or owed by the Issuer or any direct or indirect parent of the Issuer or Restricted
Subsidiaries of the Issuer to Affiliates, and any other payments made, including any such payments made to any direct or indirect parent of the Issuer to enable it to make payments, in connection with the consummation of the Refinancing
Transactions, whether payable on the Issue Date or thereafter, in each case to the extent permitted by Section 4.07; 

  
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 (xv) repurchases of Equity Interests deemed to occur upon exercise of stock
options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 
 (xvi) purchases of receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables Financing and the payment or distribution of Receivables Fees; 

(xvii) Restricted Payments by the Issuer or any Restricted Subsidiary to allow the payment of cash in lieu of the issuance
of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; and 
 (xviii) the repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to provisions similar to those described under Sections 4.06 and 4.08;
provided that all Notes tendered by holders of the Notes in connection with a Change of Control Offer, Collateral Asset Sale Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired for value; 

(xix) payments or distributions to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a
consolidation, amalgamation, merger or transfer of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries, taken as a whole, that complies with Section 5.01; provided that as a result of such consolidation,
amalgamation, merger or transfer of assets, the Issuer shall have made a Change of Control Offer (if required by this Indenture) and that all Notes tendered by holders in connection with such Change of Control Offer have been repurchased, redeemed
or acquired for value; 
 provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under
clauses (vi)(B), (vii), (x), (xi) and (xiii)(B) of this Section 4.04(b), no Default shall have occurred and be continuing or would occur as a consequence thereof; provided further that any Restricted Payments made with property
other than cash shall be calculated using the Fair Market Value (as determined in good faith by the Issuer) of such property. 

(c) The Issuer will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the definition of
“Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so
designated will be deemed to be Restricted Payments in an amount determined as set forth in the last sentence of the definition of “Investments.” Such designation will only be permitted if a Restricted Payment or Permitted Investment in
such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 

SECTION 4.05 Dividend and Other Payment Restrictions Affecting Subsidiaries. The Issuer shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to: 

  
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 (a)(i) pay dividends or make any other distributions to the Issuer or any of its Restricted
Subsidiaries (1) on its Capital Stock; or (2) with respect to any other interest or participation in, or measured by, its profits; or (ii) pay any Indebtedness owed to the Issuer or any of its Restricted Subsidiaries; 

(b) make loans or advances to the Issuer or any of its Restricted Subsidiaries; or 

(c) sell, lease or transfer any of its properties or assets to the Issuer or any of its Restricted Subsidiaries; 

except in each case for such encumbrances or restrictions existing under or by reason of: 

(1) contractual encumbrances or restrictions pursuant to any agreement or instrument in effect on the Issue Date,
including pursuant to the Credit Agreement and the other Credit Agreement Documents and any similar contractual encumbrances or restrictions effected by any amendments, modifications, restatements, renewals, supplements, refundings, replacements or
refinancings of such agreements or instruments; 
 (2) this Indenture, the Notes (and any Exchange Notes) or the
Subsidiary Guarantees; 
 (3) applicable law or any applicable rule, regulation or order; 

(4) any agreement or other instrument of a Person acquired by the Issuer or any Restricted Subsidiary which was in
existence at the time of such acquisition (but not created in contemplation thereof or to provide all or any portion of the funds or credit support utilized to consummate such acquisition), which encumbrance or restriction is not applicable to any
Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired; 

(5) contracts or agreements for the sale of assets, including any restriction with respect to a Restricted Subsidiary
imposed pursuant to an agreement entered into for the sale or disposition of the Capital Stock or assets of such Restricted Subsidiary; 
 (6) Secured Indebtedness otherwise permitted to be Incurred pursuant to Sections 4.03 and 4.12 that limit the right of the debtor to dispose of the assets securing such Indebtedness; 

(7) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; 

  
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 (8) customary provisions in joint venture agreements and other similar
agreements entered into in the ordinary course of business; 
 (9) purchase money obligations for property
acquired and Capitalized Lease Obligations in the ordinary course of business; 
 (10) customary provisions
contained in leases, licenses and other similar agreements entered into in the ordinary course of business; 

(11) any encumbrance or restriction of a Receivables Subsidiary effected in connection with a Qualified Receivables
Financing; provided, however, that such restrictions apply only to such Receivables Subsidiary; 
 (12)
other Indebtedness, Disqualified Stock or Preferred Stock (a) of any Restricted Subsidiary of the Issuer that is a Subsidiary Guarantor or a New Vessel Subsidiary or (b) of any Restricted Subsidiary that is not a Subsidiary Guarantor or a
New Vessel Subsidiary so long as such encumbrances and restrictions contained in any agreement or instrument will not materially affect the Issuer’s ability to make anticipated principal or interest payments on the Notes (as determined in good
faith by the Issuer), provided that such Indebtedness, Disqualified Stock or Preferred Stock is permitted to be Incurred subsequent to the Issue Date pursuant to Section 4.03; 

(13) any Restricted Investment not prohibited by Section 4.04 and any Permitted Investment; or 

(14) any encumbrances or restrictions of the type referred to in clauses (a), (b) or (c) above imposed by any
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (13) above; provided that such
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Issuer, no more restrictive with respect to such dividend and other payment restrictions than
those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

For purposes of determining compliance with this Section 4.05, (i) the priority of any Preferred Stock in receiving dividends
or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of loans or advances

  
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made to the Issuer or a Restricted Subsidiary of the Issuer to other Indebtedness Incurred by the Issuer or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make
loans or advances. 
 SECTION 4.06 Asset Sales. 
 (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, cause or make an Asset Sale, unless (x) the Issuer or any of its Restricted Subsidiaries, as the case may be,
receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined in good faith by the Issuer) of the assets sold or otherwise disposed of, and (y) at least 75% of the consideration therefor received
by the Issuer or such Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of: 
 (i) any liabilities (as shown on the Issuer’s or such Restricted Subsidiary’s most recent balance sheet or in the Notes thereto) of the Issuer or any Restricted Subsidiary of the Issuer (other
than liabilities that are by their terms subordinated to the Notes or any Subsidiary Guarantee) that are assumed by the transferee of any such assets or that are otherwise cancelled or terminated in connection with the transaction with such
transferee, 
 (ii) any notes or other obligations or other securities or assets received by the Issuer or such
Restricted Subsidiary of the Issuer from such transferee that are converted by the Issuer or such Restricted Subsidiary of the Issuer into cash within 180 days of the receipt thereof (to the extent of the cash received), and 

(iii) any Designated Non-cash Consideration received by the Issuer or any of its Restricted Subsidiaries in such Asset
Sale having an aggregate Fair Market Value (as determined in good faith by the Issuer), taken together with all other Designated Non-cash Consideration received pursuant to this Section 4.06(a)(iii) that is at that time outstanding, not to
exceed the greater of 5.0% of Total Assets and $100.0 million at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and
without giving effect to subsequent changes in value) 
 shall be deemed to be Cash Equivalents for the purposes of this Section 4.06(a),
provided that clause (iii) of this Section 4.06(a) shall only apply to any Asset Sale of Collateral if, after giving effect to such Asset Sale of Collateral and any related transactions, the Loan-to-Value Ratio shall either be
(x) equal to or less than the Loan-to-Value Ratio immediately prior to giving effect to such Asset Sale of Collateral or (y) no greater than 75%. 
 (b) Within 12 months after the Issuer’s or any Restricted Subsidiary of the Issuer’s receipt of the Net Proceeds of any Asset Sale or Event of Loss, the Issuer or such Restricted Subsidiary of
the Issuer may apply the Net Proceeds from such Asset Sale or Event of Loss, at its option: 
 (i) if the subject
assets constitute Collateral or the stock of a Subsidiary Guarantor which directly or indirectly owns any Mortgaged Vessels, 

  
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 (A) to repay: (i) Indebtedness constituting First-Priority Lien
Obligations (and, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto); (ii) Obligations under the Notes; or (iii) other Pari Passu Indebtedness secured by the Collateral
on an equal and ratable basis (provided that if the Issuer or any Subsidiary Guarantor shall so reduce Obligations under Pari Passu Indebtedness secured by the Collateral on an equal and ratable basis that does not constitute First-Priority
Lien Obligations, the Issuer will equally and ratably reduce Obligations under the Notes as provided under Section 3.01 or by making an offer (in accordance with the procedures set forth below for a Collateral Asset Sale Offer or Asset Sale
Offer, as applicable) to all holders to purchase at a purchase price equal to 100% of the principal amount thereof (or in the event the Notes were issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and
unpaid interest and Additional Interest, if any), in each case other than Indebtedness owed to the Issuer or an Affiliate of the Issuer, provided that in the case of an Asset Sale, upon giving effect to such repayment and any related
transactions, the Loan-to-Value Ratio shall either be (x) equal to or less than the Loan-to-Value Ratio immediately prior to giving effect to such repayment or (y) no greater than 75%; or 

(B) to make an Investment in any one or more businesses (provided that if such Investment is in the form of the
acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Issuer), assets, or property or capital expenditures, in each case (i) used or useful in a Similar Business or
(ii) that replace the properties and assets that are the subject of such Asset Sale; provided that the assets acquired are pledged as additional “Collateral” to the First Lien Agent on behalf of the holders of First-Priority Lien
Obligations and to the Trustee on behalf of the holders of the Notes; and 
 (ii) if the subject assets do not
constitute Collateral (other than the stock of a Subsidiary Guarantor which directly or indirectly owns any Mortgaged Vessels which shall be applied in accordance with clause (i) of this Section 4.06(b)), 

(A) to repay: (i) Indebtedness constituting First-Priority Lien Obligations (and, if the Indebtedness repaid is
revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto); (ii) Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor and/or Indebtedness of the Issuer that is guaranteed by a Subsidiary
that is not a Subsidiary Guarantor; (iii) Obligations under the Notes; or (iv) other Pari Passu Indebtedness (provided that if the Issuer or any Subsidiary Guarantor shall so reduce Obligations under Pari Passu Indebtedness that
does not constitute First-Priority Lien Obligations, the Issuer will equally and ratably reduce Obligations under the Notes as provided under Section 3.01, through open-market purchases (provided that such purchases are at or above 100%
of the principal amount thereof, or in the event the Notes were issued with significant original issue discount, 100% of the accreted value thereof) or by making an offer (in accordance with the procedures set forth below

  
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for a Collateral Asset Sale Offer or Asset Sale Offer, as applicable, to all holders to purchase at a purchase price equal to 100% of the principal amount thereof (or in the event the Notes were
issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest and Additional Interest, if any, the pro rata principal amount of Notes), in each case other than Indebtedness owed to the Issuer
or an Affiliate of the Issuer; or 
 (B) to make an Investment in any one or more businesses (provided
that if such Investment is in the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Issuer), assets, or property or capital expenditures, in each case (i) used
or useful in a Similar Business or (ii) that replace the properties and assets that are the subject of such Asset Sale. 

In the case of Section 4.06(b)(i)(B) or 4.06(b)(ii)(B), a binding commitment shall be treated as a permitted application of the Net
Proceeds from the date of such commitment; provided that in the event such binding commitment is later canceled or terminated for any reason before such Net Proceeds are so applied, the Issuer or such Restricted Subsidiary enters into another
binding commitment (a “Second Commitment”) within six months of such cancellation or termination of the prior binding commitment; provided, further that the Issuer or such Restricted Subsidiary may only enter into a
Second Commitment under the foregoing provision one time with respect to each Asset Sale or Event of Loss and to the extent such Second Commitment is later cancelled or terminated for any reason before such Net Proceeds are applied, then such Net
Proceeds shall constitute Collateral Excess Proceeds or Excess Proceeds, as applicable. Pending the final application of any such Net Proceeds, the Issuer or such Restricted Subsidiary of the Issuer may temporarily reduce Indebtedness under a
revolving credit facility, if any, or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture. 
 Any
Net Proceeds from Asset Sales or Events of Loss of Collateral or the stock of a Subsidiary Guarantor which directly or indirectly owns any Mortgaged Vessels that are not invested or applied as provided and within the time period set forth in this
Section 4.06(b) (it being understood that any portion of such Net Proceeds used to make an offer to purchase Notes, as described in clause (i) of this Section 4.06(b), shall be deemed to have been invested whether or not such offer is
accepted) will be deemed to constitute “Collateral Excess Proceeds.” When the aggregate amount of Collateral Excess Proceeds exceeds $25 million, the Issuer shall make an offer to all holders of the Notes and, if required by the
terms of any Pari Passu Indebtedness secured by the Collateral on an equal and ratable basis, to the holders of such Pari Passu Indebtedness secured by the Collateral on an equal and ratable basis (a “Collateral Asset Sale Offer”),
to purchase the maximum aggregate principal amount of the Notes and such Pari Passu Indebtedness secured by the Collateral on an equal and ratable basis that is a minimum of $2,000 or an integral multiple of $1,000 in excess thereof that may be
purchased out of the Collateral Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof (or, in the event such Notes or Pari Passu Indebtedness secured by the Collateral on an equal and ratable basis were
issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest and Additional Interest, if any (or, in respect of 

  
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such Pari Passu Indebtedness secured by the Collateral on an equal and ratable basis, such lesser price, if any, as may be provided for by the terms of such Pari Passu Indebtedness), to the date
fixed for the closing of such offer, in accordance with the procedures set forth in this Section 4.06. The Issuer will commence a Collateral Asset Sale Offer with respect to Collateral Excess Proceeds within ten (10) Business Days after
the date that Collateral Excess Proceeds exceed $25 million by mailing the notice required pursuant to the terms of Section 4.06(g), with a copy to the Trustee. 
 Any Net Proceeds from any Asset Sale of non-Collateral (other than stock of a Subsidiary Guarantor which directly or indirectly owns any Mortgaged Vessels which shall be applied in accordance with clause
(i) of this Section 4.06(b)) that are not invested or applied as provided and within the time period set forth in this Section 4.06(b) (it being understood that any portion of such Net Proceeds used to make an offer to purchase Notes,
as described in clause (ii) of this Section 4.06(b), shall be deemed to have been invested whether or not such offer is accepted) will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds
exceeds $25 million, the Issuer shall make an offer to all holders of Notes (and, at the option of the Issuer, to holders of any Pari Passu Indebtedness) (an “Asset Sale Offer”) to purchase the maximum principal amount of Notes (and
such Pari Passu Indebtedness), that is at least $2,000 and an integral multiple of $1,000 in excess thereof that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof (or, in
the event the Notes or such Pari Passu Indebtedness were issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest and Additional Interest, if any (or, in respect of such Pari Passu
Indebtedness, such lesser price, if any, as may be provided for by the terms of such Pari Passu Indebtedness), to the date fixed for the closing of such offer, in accordance with the procedures set forth in this Section 4.06. The Issuer will
commence an Asset Sale Offer with respect to Excess Proceeds within ten (10) Business Days after the date that Excess Proceeds exceed $25 million by mailing the notice required pursuant to the terms of Section 4.06(g), with a copy to the
Trustee. To the extent that the aggregate amount of Notes (and such Pari Passu Indebtedness secured by the Collateral on an equal and ratable basis) tendered pursuant to a Collateral Asset Sale Offer is less than the Collateral Excess Proceeds, the
Issuer may use any remaining Collateral Excess Proceeds for any purpose that is not prohibited by this Indenture. 
 To the
extent that the aggregate amount of Notes (and such Pari Passu Indebtedness) tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for any purpose that is not prohibited by this
Indenture. If the aggregate principal amount of Notes (and such Pari Passu Indebtedness) surrendered by holders thereof pursuant to a Collateral Asset Sale Offer or an Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select
the Notes to be purchased in the manner described in Section 4.06(f). Upon completion of any such Collateral Asset Sale Offer or Asset Sale Offer, the amount of Collateral Excess Proceeds or Excess Proceeds, as the case may be, shall be reset
at zero. 
 (c) The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws
and regulations to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to Collateral Asset Sale Offer or Asset Sale Offer. To the extent that the provisions of any securities laws or regulations

  
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conflict with the provisions of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in
this Indenture by virtue thereof. 
 (d) Not later than the date upon which written notice of an Asset Sale Offer is delivered
to the Trustee as provided above, the Issuer shall deliver to the Trustee an Officers’ Certificate as to (i) the amount of the Excess Proceeds, (ii) the allocation of the Net Proceeds from the Asset Sales pursuant to which such Asset
Sale Offer is being made and (iii) the compliance of such allocation with the provisions of Section 4.06(b). On such date, the Issuer shall also irrevocably deposit with the Trustee or with a paying agent (or, if the Issuer or a Wholly
Owned Restricted Subsidiary is acting as the Paying Agent, segregate and hold in trust) an amount equal to the Excess Proceeds to be invested in Cash Equivalents, as directed in writing by the Issuer, and to be held for payment in accordance with
the provisions of this Section 4.06. Upon the expiration of the period for which the Asset Sale Offer remains open (the “Offer Period”), the Issuer shall deliver to the Trustee for cancellation the Notes or portions thereof
that have been properly tendered to and are to be accepted by the Issuer. The Trustee (or the Paying Agent, if not the Trustee) shall, on the date of purchase, mail or deliver payment to each tendering holder in the amount of the purchase price. In
the event that the Excess Proceeds delivered by the Issuer to the Trustee are greater than the purchase price of the Notes tendered, the Trustee shall deliver the excess to the Issuer immediately after the expiration of the Offer Period for
application in accordance with Section 4.06. 
 (e) Not later than the date upon which written notice of a Collateral Asset
Sale Offer is delivered to the Trustee as provided above, the Issuer shall deliver to the Trustee an Officers’ Certificate as to (i) the amount of the Collateral Excess Proceeds, (ii) the allocation of the Net Proceeds from the
Collateral Asset Sales pursuant to which such Collateral Asset Sale Offer is being made and (iii) the compliance of such allocation with the provisions of Section 4.06(b). On such date, the Issuer shall also irrevocably deposit with the
Trustee or with a paying agent (or, if the Issuer or a Wholly Owned Restricted Subsidiary is acting as the Paying Agent, segregate and hold in trust) an amount equal to the Excess Proceeds to be invested in Cash Equivalents, as directed in writing
by the Issuer, and to be held for payment in accordance with the provisions of this Section 4.06. Upon the expiration of the period for which the Collateral Asset Sale Offer remains open (the “Collateral Asset Sale Offer
Period”), the Issuer shall deliver to the Trustee for cancellation the Notes or portions thereof that have been properly tendered to and are to be accepted by the Issuer. The Trustee (or the Paying Agent, if not the Trustee) shall, on the
date of purchase, mail or deliver payment to each tendering holder in the amount of the purchase price. In the event that the Collateral Excess Proceeds delivered by the Issuer to the Trustee are greater than the purchase price of the Notes
tendered, the Trustee shall deliver the excess to the Issuer reasonably promptly following its actual knowledge of the expiration of the Collateral Asset Sale Offer Period for application in accordance with Section 4.06. 

(f) Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed, to the
Issuer at the address specified in the notice at least three Business Days prior to the purchase date. Holders shall be entitled to withdraw their election if the Trustee or the Issuer receives not later than one Business Day prior to the purchase
date, a telegram, telex, facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered by the holder for purchase and 

  
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a statement that such holder is withdrawing his election to have such Note purchased. If at the end of the Collateral Asset Sale Offer Period or Asset Sale Offer Period more Notes (and such Pari
Passu Indebtedness) are tendered pursuant to a Collateral Asset Sale Offer or Asset Sale Offer than the Issuer is required to purchase, selection of such Notes for purchase shall be made by the Trustee in compliance with the requirements of the
principal national securities exchange, if any, on which such Notes are listed, or if such Notes are not so listed, on a pro rata basis to the extent practicable, or by lot or by such other method as the Trustee shall deem fair and appropriate (and
in such manner as complies with applicable legal requirements and the requirements of the Depository, if applicable); provided that no Notes of $2,000 or less shall be purchased in part. Selection of such Pari Passu Indebtedness shall be made
pursuant to the terms of such Pari Passu Indebtedness. 
 (g) Notices of a Collateral Asset Sale Offer or Asset Sale Offer shall
be mailed by first class mail, postage prepaid, at least 30 but not more than 60 days before the purchase date to each holder of Notes at such holder’s registered address. If any Note is to be purchased in part only, any notice of purchase that
relates to such Note shall state the portion of the principal amount thereof that has been or is to be purchased. 
 SECTION
4.07 Transactions with Affiliates. 
 (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries
to, directly or indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of transactions,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in excess of $5.0 million,
unless: 
 (i) such Affiliate Transaction is on terms that are not materially less favorable to the Issuer or the
relevant Restricted Subsidiary than those that could have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person; and 

(ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $10.0 million, the Issuer delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Issuer, approving such Affiliate Transaction and set forth in an Officers’
Certificate certifying that such Affiliate Transaction complies with clause (i) above. 
 (b) The provisions of
Section 4.07(a) shall not apply to the following: 
 (i) transactions between or among the Issuer and/or any
of its Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary as a result of such transaction) and any merger, consolidation or amalgamation of the Issuer and any direct parent of the Issuer; provided that such parent
shall have no material liabilities and no material assets other than cash, Cash Equivalents and the Capital Stock of the Issuer 

  
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and such merger, consolidation or amalgamation is otherwise in compliance with the terms of this Indenture and effected for a bona fide business purpose; 

(ii) Restricted Payments permitted by Section 4.04 and Permitted Investments; 

(iii)(x) the entering into of any agreement (and any amendment or modification of any such agreement so long as, in the
good faith judgment of the Board of Directors of the Issuer, any such amendment is not disadvantageous to the holders when taken as a whole, as compared to such agreement as in effect on the Issue Date) to pay, and the payment of, management,
consulting, monitoring and advisory fees to the Sponsors in an aggregate amount in any fiscal year not to exceed the greater of (A) $1.75 million and (B) 2.0% of EBITDA of the Issuer and its Restricted Subsidiaries for the immediately
preceding fiscal year, plus out-of-pocket expense reimbursement; provided, however, that any payment not made in any fiscal year may be carried forward and paid in the following two fiscal years and (y) the payment of the present
value of all amounts payable pursuant to any agreement described in clause (iii)(x) of this Section 4.07(b) in connection with the termination of such agreement; 

(iv) the payment of reasonable and customary fees and reimbursement of expenses paid to, and indemnity provided on behalf
of, officers, directors, employees or consultants of the Issuer or any Restricted Subsidiary, any direct or indirect parent of the Issuer; 
 (v) payments by the Issuer or any of its Restricted Subsidiaries to the Sponsors made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking
activities, including, without limitation, in connection with acquisitions or divestitures, which payments are (x) made pursuant to the agreements with the Sponsors described in the Offering Memorandum (as in effect on the Issue Date, or any
amendment thereto that is not materially adverse as a whole to the Issuer) or (y) approved by a majority of the Board of Directors of the Issuer in good faith; 

(vi) transactions in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a
letter from an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (i) of Section 4.07(a); 

(vii) payments or loans (or cancellation of loans) to officers, directors, employees or consultants which are approved by
a majority of the Board of Directors of the Issuer in good faith; 
 (viii) any agreement as in effect as of the
Issue Date or any amendment thereto (so long as any such agreement together with all amendments thereto, taken as a whole, is not more disadvantageous to the holders of the Notes in any material respect than the original agreement as in effect on
the Issue Date) or any transaction contemplated thereby as determined in good faith by the Issuer; 

  
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 (ix) the existence of, or the performance by the Issuer or any of its
Restricted Subsidiaries of its obligations under the terms of any stockholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Issue Date, and any transaction, agreement
or arrangement described in the Offering Memorandum and, in each case, any amendment thereto or similar transactions, agreements or arrangements which it may enter into thereafter; provided, however, that the existence of, or the performance
by the Issuer or any of its Restricted Subsidiaries of its obligations under, any future amendment to any such existing transaction, agreement or arrangement or under any similar transaction, agreement or arrangement entered into after the Issue
Date shall only be permitted by this clause (ix) to the extent that the terms of any such existing transaction, agreement or arrangement together with all amendments thereto, taken as a whole, or new transaction, agreement or arrangement are
not otherwise more disadvantageous to the holders of the Notes in any material respect than the original transaction, agreement or arrangement as in effect on the Issue Date; 

(x) the execution of the Refinancing Transactions, and the payment of all fees and expenses related to the Refinancing
Transactions, including fees to the Sponsors, which are described in the Offering Memorandum or as contemplated by the Refinancing Documents; 
 (xi) (A) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, or transactions otherwise relating to the purchase or sale of goods or services, in each case in the
ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Issuer and its Restricted Subsidiaries in the reasonable determination of the Board of Directors or the senior management of the Issuer,
or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party or (B) transactions with joint ventures or Unrestricted Subsidiaries entered into in the ordinary course of business and
consistent with past practice or industry norm; 
 (xii) any transaction effected as part of a Qualified
Receivables Financing; 
 (xiii) the issuance of Equity Interests (other than Disqualified Stock) of the Issuer
to any Person; 
 (xiv) the issuances of securities or other payments, awards or grants in cash, securities or
otherwise pursuant to, or the funding of, employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Issuer or any direct or indirect parent of the Issuer or of a
Restricted Subsidiary of the Issuer, as appropriate, in good faith; 
 (xv) the entering into of any tax sharing
agreement or arrangement that complies with Section 4.04(b)(xii); 
 (xvi) any contribution to the capital
of the Issuer; 

  
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 (xvii) transactions permitted by, and complying with, Section 5.01;

 (xviii) transactions between the Issuer or any of its Restricted Subsidiaries and any Person, a director of
which is also a director of the Issuer or any direct or indirect parent of the Issuer; provided, however, that such director abstains from voting as a director of the Issuer or such direct or indirect parent, as the case may be, on any matter
involving such other Person; 
 (xix) pledges of Equity Interests of Unrestricted Subsidiaries; 

(xx) the formation and maintenance of any consolidated group or subgroup for tax, accounting or cash pooling or management
purposes in the ordinary course of business; 
 (xxi) any employment agreements entered into by the Issuer or any
of its Restricted Subsidiaries in the ordinary course of business; 
 (xxii) transactions undertaken in good
faith (as certified by a responsible financial or accounting officer of the Issuer in an Officers’ Certificate) for the purpose of improving the consolidated tax efficiency of the Issuer and its Subsidiaries and not for the purpose of
circumventing any provision set forth in this Indenture; and 
 (xxiii) the execution of the Refinancing
Transactions and the payment of all fees and expenses related to the Refinancing Transactions. 
 SECTION 4.08 Change of
Control. 
 (a) Upon a Change of Control, each holder shall have the right to require the Issuer to repurchase all or any
part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date), in accordance with the terms contemplated in this Section 4.08; provided, however, that notwithstanding the occurrence of a Change of Control, the Issuer
shall not be obligated to purchase any Notes pursuant to this Section 4.08 in the event that it has exercised its right to redeem such Notes in accordance with Article III of this Indenture. In the event that at the time of such Change of
Control the terms of the Bank Indebtedness restrict or prohibit the repurchase of Notes pursuant to this Section 4.08, then prior to the mailing of the notice to the holders provided for in Section 4.08(b) but in any event within 30 days
following any Change of Control, the Issuer shall (i) repay in full all Bank Indebtedness or, if doing so will allow the purchase of Notes, offer to repay in full all Bank Indebtedness and repay the Bank Indebtedness of each lender and/or
noteholder who has accepted such offer, or (ii) obtain the requisite consent under the agreements governing the Bank Indebtedness to permit the repurchase of the Notes as provided for in Section 4.08(b). 

(b) Within 30 days following any Change of Control, except to the extent that the Issuer has exercised its right to redeem the Notes in
accordance with Article III of this Indenture, the Issuer shall mail a notice (a “Change of Control Offer”) to each holder with a copy to the Trustee stating: 

  
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 (i) that a Change of Control has occurred and that such holder has the right
to require the Issuer to repurchase such holder’s Notes at a repurchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, to the date of repurchase (subject to
the right of the holders of record on the relevant Record Date to receive interest on the relevant Interest Payment Date); 
 (ii) the circumstances and relevant facts and financial information regarding such Change of Control; 
 (iii) the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed); and 

(iv) the instructions determined by the Issuer, consistent with this Section 4.08, that a holder must follow in order
to have its Notes purchased. 
 (c) Holders electing to have a Note purchased shall be required to surrender the Note, with an
appropriate form duly completed, to the Issuer at the address specified in the notice at least three Business Days prior to the purchase date. The holders shall be entitled to withdraw their election if the Trustee or the Issuer receives not later
than one Business Day prior to the purchase date a telegram, telex, facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered for purchase by the holder and a statement that such
holder is withdrawing his election to have such Note purchased. Holders whose Notes are purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered. 

(d) On the purchase date, all Notes purchased by the Issuer under this Section 4.08 shall be delivered to the Trustee for
cancellation, and the Issuer shall pay the purchase price plus accrued and unpaid interest to the holders entitled thereto. 
 (e) A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of
making of the Change of Control Offer. 
 (f) Notwithstanding the foregoing provisions of this Section 4.08, the Issuer
shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in Section 4.08
applicable to a Change of Control Offer made by the Issuer and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer. 
 (g) Notes repurchased by the Issuer pursuant to a Change of Control Offer will have the status of Notes issued but not outstanding or will be retired and canceled at the option of the Issuer. Notes
purchased by a third party pursuant to the preceding clause (f) will have the status of Notes issued and outstanding. 

(h) At the time the Issuer delivers Notes to the Trustee which are to be accepted for purchase, the Issuer shall also deliver an
Officers’ Certificate stating that such Notes 

  
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are to be accepted by the Issuer pursuant to and in accordance with the terms of this Section 4.08. A Note shall be deemed to have been accepted for purchase at the time the Trustee,
directly or through an agent, mails or delivers payment therefor to the surrendering holder. 
 (i) Prior to any Change of
Control Offer, the Issuer shall deliver to the Trustee an Officers’ Certificate stating that all conditions precedent contained herein to the right of the Issuer to make such offer have been complied with. 

(j) The Issuer shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.08. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.08, the Issuer
shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08 by virtue thereof. 
 SECTION 4.09 Compliance Certificate. The Issuer shall deliver to the Trustee within 120 days after the end of each fiscal year of the Issuer, beginning with the fiscal year ending on
December 31, 2011, an Officers’ Certificate stating that in the course of the performance by the signer of his or her duties as an Officer of the Issuer he or she would normally have knowledge of any Default and whether or not the signer
knows of any Default that occurred during such period. If he or she does, the certificate shall describe the Default, its status and what action the Issuer is taking or proposes to take with respect thereto. The Issuer also shall comply with
Section 314(a)(4) of the TIA. Except with respect to receipt of payments of principal and interest on the Notes and any Default or Event of Default information contained in the Officers’ Certificate delivered to it pursuant to this
Section 4.09, the Trustee shall have no duty to review, ascertain or confirm the Issuer’s compliance with or the breach of any representation, warranty or covenant made in this Indenture. 

SECTION 4.10 Further Instruments and Acts. Upon request of the Trustee, the Issuer shall execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION 4.11 Future Subsidiary Guarantors. 
 (a) The Issuer will cause each
Wholly Owned Restricted Subsidiary formed after the Issue Date (other than any New Vessel Subsidiary) that guarantees Indebtedness secured by the Collateral (other than Excluded Collateral) or provides a pledge of, or grants a Lien on, the
Collateral (other than Excluded Collateral) to secure Indebtedness to execute and deliver to the Trustee a supplemental indenture pursuant to which such Subsidiary will guarantee the payment of the Notes (if required by the Intercreditor Agreement)
and a joinder to the Intercreditor Agreement; provided that such guarantee would not result in a deemed dividend to the Issuer or any of its Subsidiaries pursuant to Section 956 of the Code. Each Subsidiary Guarantee will be limited to
an amount not to exceed the maximum amount that can be guaranteed by that Restricted Subsidiary without rendering the Subsidiary Guarantee, as it relates to such Restricted Subsidiary, voidable under applicable law relating to fraudulent conveyance
or fraudulent transfer or similar laws affecting the rights of creditors generally. 

  
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 (b) Each Subsidiary Guarantee shall be released in accordance with Section 12.02.

 SECTION 4.12 Liens. 
 (a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, Incur or suffer to exist (i) any Lien on any asset or property of the Issuer or such
Restricted Subsidiary securing Indebtedness unless the Notes are equally and ratably secured with (or on a senior basis to, in the case of obligations subordinated in right of payment to the Notes) the obligations so secured until such time as such
obligations are no longer secured by a Lien, provided that with respect to any such Indebtedness that is equally and ratably secured with the Notes, after giving pro forma effect to the Incurrence of such Liens and any related transactions,
the Total Secured Indebtedness Leverage Ratio of the Issuer and its Restricted Subsidiaries shall be either (A) less than or equal to 5.25 to 1.00 or (B) no greater than immediately prior to giving effect to the Incurrence of such Lien, or
(ii) any Lien securing any First-Priority Lien Obligation of the Issuer or any Subsidiary Guarantor without effectively providing that the Notes or the obligations of such Subsidiary Guarantor in respect of the Notes, as the case may be, shall
be granted a second priority security interest (subject to Permitted Liens) upon the assets or property constituting the collateral for such First-Priority Lien Obligations, except to the extent that such assets or property constitute Excluded
Collateral. 
 (b) The preceding Section 4.12(a) will not require the Issuer or any Restricted Subsidiary of the Issuer to
secure the Notes if the Lien consists of a Permitted Lien. Any Lien which is granted to secure the Notes or the obligations of any Subsidiary Guarantor in respect of the Notes under clause (i) of Section 4.12(a) (unless also granted
pursuant to clause (ii) of Section 4.12(a)) shall be automatically released and discharged at the same time as the release of the Lien that gave rise to the obligation to secure the Notes or such Subsidiary Guarantor’s obligations
under such clause (i) of Section 4.12(a). 
 (c) For purposes of determining compliance with this Section 4.12,
(i) a Lien securing an item of Indebtedness need not be permitted solely by reference to one category of permitted Liens described in the definition of “Permitted Liens” or pursuant to Section 4.12(a) but may be permitted in part
under any combination thereof and (ii) in the event that a Lien securing an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of one or more of the categories of permitted Liens described in
the definition of “Permitted Liens” or pursuant to Section 4.12(a), the Issuer shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such Lien securing such item of Indebtedness (or any
portion thereof) in any manner that complies with this Section 4.12 and will only be required to include the amount and type of such Lien or such item of Indebtedness secured by such Lien in one of the clauses of the definition of
“Permitted Liens” and such Lien securing such item of Indebtedness will be treated as being Incurred or existing pursuant to only one of such clauses or pursuant to Section 4.12(a). 

(d) With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with

  
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any accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms or in the
form of common stock of the Issuer, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue discount or liquidation preference and increases in the amount of
Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness described in clause (3) of the definition of “Indebtedness.” 

(e) Notwithstanding any of the foregoing, the Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly,
create, incur, assume or suffer to exist any Lien (except any Permitted Liens) on the Capital Stock issued by any Subsidiary Guarantors, provided that, if such Permitted Lien on such Capital Stock secures Indebtedness that requires the Issuer or any
Subsidiary Guarantor to comply with Section 3-16 of Regulation S-X, the Notes will be granted a Lien on such Capital Stock, which Lien shall be (i) second in priority in the case of any such Permitted Lien securing First-Priority Lien
Obligations, (ii) pari passu in priority in the case of any such Permitted Lien securing Other Second-Lien Obligations and (iii) senior in priority in the case of any such Permitted Lien securing Junior Lien Obligations. 

SECTION 4.13 Re-flagging of Vessels. Notwithstanding anything to the contrary herein, a Restricted Subsidiary may reconstitute
itself in another jurisdiction, or merge with or into another Restricted Subsidiary, for the purpose of reflagging a vessel that it owns or bareboat charters (or for any other purpose not in contravention of this Indenture) so long as at all times
each Restricted Subsidiary remains organized under the laws of (i) any country recognized by the United States of America with an Investment Grade Rating from either Standard & Poor’s Ratings Services or Moody’s Investors
Service, Inc. or (ii) any Permitted Jurisdiction. In connection with any such reconstitution, the Trustee and such Restricted Subsidiary shall modify or replace the Security Documents relating to the Collateral owned by such Restricted
Subsidiary as necessary, and such modified or replaced Security Documents shall be prepared by and at the expense of the Issuer or such Restricted Subsidiary. 
 SECTION 4.14 Maintenance of Office or Agency. 
 (a) The Issuer shall
maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the corporate trust office of the Trustee as set forth in Section 13.02.

 (b) The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or
agency for such purposes. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

  
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 (c) The Issuer hereby designates the corporate trust office of the Trustee or its agent as
such office or agency of the Issuer in accordance with Section 2.04. 
 SECTION 4.15 Amendment of Security
Documents. The Issuer will not amend, modify or supplement, or permit or consent to any amendment, modification or supplement of, the Security Documents in any way that would be adverse to the holders of the Notes in any material respect, except
as set forth in Article XI or as permitted under Article IX. 
 SECTION 4.16 Covenant Suspension. If on any date
following the Issue Date, (i) the Notes have Investment Grade Ratings from both Rating Agencies, and (ii) no Default has occurred and is continuing under this Indenture, then, beginning on that day (the occurrence of the events described
in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), and subject to the provisions of the following paragraph, the Issuer and the Restricted Subsidiaries shall not be
subject to Sections 4.03, 4.04, 4.05, 4.06, 4.07 and 5.01(a)(iv) (collectively the “Suspended Covenants”). 

If and while the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants, the Notes will be entitled to
substantially less covenant protection. In the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any period of time as a result of the foregoing, and on any subsequent Reversion
Date, then the Issuer and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events. 
 On each Reversion Date, all Indebtedness Incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period will be classified as having been Incurred or issued pursuant to
Section 4.03(a) or 4.03(b) (to the extent such Indebtedness or Disqualified Stock or Preferred Stock would be permitted to be Incurred or issued thereunder as of the Reversion Date and after giving effect to Indebtedness Incurred or issued
prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness or Disqualified Stock or Preferred Stock would not be so permitted to be Incurred or issued pursuant to Section 4.03 such Indebtedness or
Disqualified Stock or Preferred Stock will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.03(b)(iii). Calculations made after the Reversion Date of the amount available to be made as
Restricted Payments under Section 4.04 will be made as though Section 4.04 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the
amount available to be made as Restricted Payments under Section 4.04(a). As described above, however, no Default or Event of Default will be deemed to have occurred on the Reversion Date as a result of any actions taken by the Issuer or its
Restricted Subsidiaries during the Suspension Period. 
 For purposes of Section 4.06, on the Reversion Date, the
unutilized Excess Proceeds amount will be reset to zero. 
 During a Suspension Period, the Issuer shall not designate any of
its Subsidiaries as an Unrestricted Subsidiary. 

  
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 SECTION 4.17 Maintenance of Insurance. The Issuer shall maintain, with financially
sound and reputable insurance companies and associations, insurance (subject to customary deductibles and retentions) in such amounts and against such risks as are customarily maintained by similarly situated companies engaged in the same or similar
businesses operating in the same or similar locations and cause the Issuer and the respective Subsidiary Guarantors to be listed as insured and the Collateral Agent to be listed as co-loss payee on the marine hull and war risk policies covering the
Mortgaged Vessels, and for the interest of the Collateral Agent as mortgagee of the Mortgaged Vessels to be noted on the protection and indemnity entries in accordance with market practice. Copies of the marine insurance cover notes and certificates
of entry pertaining to the Mortgaged Vessels shall be delivered to the Collateral Agent on the Issue Date. Notwithstanding the foregoing, the Issuer and the Subsidiary Guarantors may self-insure with respect to such risks with respect to which
companies of established reputation in the same general line of business in the same general area usually self-insure. 

ARTICLE V 

SUCCESSOR COMPANY 
 SECTION 5.01 When Issuer May Merge or Transfer Assets. 
 (a) The Issuer
shall not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or not the Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially
all of its properties or assets in one or more related transactions, to any Person unless: 
 (i) the Issuer is
the surviving person or the Person formed by or surviving any such consolidation, amalgamation, merger, winding up or conversion (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have
been made is a company organized or existing under the laws of Panama or a corporation, partnership, limited liability company or similar entity organized or existing under the laws of any Permitted Jurisdiction (the Issuer or such Person, as the
case may be, being herein called the “Successor Issuer”), provided that in the case where the surviving person is not a company organized under the laws of Panama, a co-obligor of the Notes is a company organized under the
laws of Panama or a corporation organized under the laws of the U.S.; 
 (ii) the Successor Issuer (if other than
the Issuer) expressly assumes all the obligations of the Issuer under this Indenture and the Notes pursuant to supplemental indentures; 
 (iii) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Issuer or any of its Restricted Subsidiaries as a result of such
transaction as having been Incurred by the Successor Issuer or such Restricted Subsidiary at the time of such transaction) no Default shall have occurred and be continuing; 

  
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 (iv) immediately after giving pro forma effect to such transaction,
as if such transaction had occurred at the beginning of the applicable four-quarter period (and treating any Indebtedness which becomes an obligation of the Successor Issuer or any of its Restricted Subsidiaries as a result of such transaction as
having been Incurred by the Successor Issuer or such Restricted Subsidiary at the time of such transaction), either 
 (A) the Successor Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a); or 

(B) the Fixed Charge Coverage Ratio for the Successor Issuer and its Restricted Subsidiaries would be greater than such
ratio for the Issuer and its Restricted Subsidiaries immediately prior to such transaction; 
 (v) if the Issuer
is not the Successor Issuer, each Subsidiary Guarantor, unless it is the other party to the transactions described above, shall have by supplemental indenture confirmed that its obligations in respect of the Notes shall apply to such Person’s
obligations under this Indenture and the Notes; and 
 (vi) the Issuer shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation or transfer and such supplemental indentures (if any) comply with this Indenture. 

The Successor Issuer (if other than the Issuer) will succeed to, and be substituted for, the Issuer under this Indenture and the Notes,
and in such event the Issuer will automatically be released and discharged from its obligations under this Indenture and the Notes. Notwithstanding the foregoing clauses (iii) and (iv) of this Section 5.01, (a) any Restricted
Subsidiary may merge, consolidate or amalgamate with or transfer all or part of its properties and assets to the Issuer or to another Restricted Subsidiary, and (b) the Issuer may merge, consolidate or amalgamate with an Affiliate incorporated
solely for the purpose of reincorporating the Issuer in a Permitted Jurisdiction or may convert into a corporation, partnership, limited liability company or similar entity organized or existing under the laws of any Permitted Jurisdiction so long
as the amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased thereby. This Article V will not apply to a sale, assignment, transfer, conveyance or other disposition of assets between or among the Issuer and its
Restricted Subsidiaries. 
 (b) Subject to the provisions of Section 11.04 (which govern the release of assets and property
securing the Notes and the Subsidiary Guarantees upon the sale or disposition of a Restricted Subsidiary of the Issuer that is a Subsidiary Guarantor), no Subsidiary Guarantor shall, and the Issuer shall not permit any Subsidiary Guarantor to,
consolidate, amalgamate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets
in one or more related transactions to, any Person unless: 

  
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 (i) either (A) such Subsidiary Guarantor is the surviving Person or the
Person formed by or surviving any such consolidation, amalgamation or merger (if other than such Subsidiary Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a company,
corporation, partnership, limited liability company or similar entity organized or existing under the laws of any Permitted Jurisdiction (such Subsidiary Guarantor or such Person, as the case may be, being herein called the “Successor
Subsidiary Guarantor”) and the Successor Subsidiary Guarantor (if other than such Subsidiary Guarantor) expressly assumes all the obligations of such Subsidiary Guarantor under this Indenture and the Security Documents pursuant to documents
or instruments necessary to do so, or (b) such sale or disposition or consolidation, amalgamation or merger is not in violation of Section 4.06; and 
 (ii) the Successor Subsidiary Guarantor (if other than such Subsidiary Guarantor) shall have delivered or caused to be delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, amalgamation, merger or transfer and such supplemental indenture (if any) comply with this Indenture. 
 Except as otherwise provided in this Indenture, the Successor Subsidiary Guarantor (if other than such Subsidiary Guarantor) will succeed to, and be substituted for, such Subsidiary Guarantor under this
Indenture and such Subsidiary Guarantor’s obligations in respect of the Notes, and such Subsidiary Guarantor will automatically be released and discharged from its obligations under this Indenture and such Subsidiary Guarantor’s
obligations in respect of the Notes. Notwithstanding the foregoing, (1) a Subsidiary Guarantor may merge, amalgamate or consolidate with an Affiliate incorporated solely for the purpose of reincorporating such Subsidiary Guarantor in a
Permitted Jurisdiction or may convert into a corporation, partnership, limited liability company or similar entity organized or existing under the laws of any Permitted Jurisdiction so long as the amount of Indebtedness of the Subsidiary Guarantor
is not increased thereby and (2) a Subsidiary Guarantor may merge, amalgamate or consolidate with another Subsidiary Guarantor or the Issuer. 
 In addition, notwithstanding the foregoing, any Subsidiary Guarantor may consolidate, amalgamate or merge with or into or wind up into, liquidate, dissolve or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its properties or assets to the Issuer or any Subsidiary Guarantor. 
 (c)
Furthermore, notwithstanding the foregoing, this Section 5.01 shall not prohibit any of the following: 

(i) the liquidation, dissolution or other transaction in which the Liquidating Entity ceases to exist; or 

(ii) any Permitted Reflagging Transaction. 

  
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 ARTICLE VI 
 DEFAULTS AND REMEDIES 
 SECTION 6.01 Events of Default. An
“Event of Default” occurs with respect to Notes if: 
 (a) there is a default in any payment of interest
(including any Additional Interest) on any Note when the same becomes due and payable, and such default continues for a period of 30 days, 
 (b) there is a default in the payment of principal or premium, if any, of any Note when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise,

 (c) the failure by the Issuer or any Restricted Subsidiary to comply for 60 days after notice with its other agreements
contained in the Notes or this Indenture, 
 (d) the failure by the Issuer or any Significant Subsidiary (or any group of
Subsidiaries that together would constitute a Significant Subsidiary) to pay any Indebtedness (other than Indebtedness owing to the Issuer or a Restricted Subsidiary) within any applicable grace period after final maturity or the acceleration of any
such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $20 million or its foreign currency equivalent, 

(e) either the Issuer or any Significant Subsidiary of the Issuer pursuant to or within the meaning of any Bankruptcy Law: 

(i) commences a voluntary case; 
 (ii) consents to the entry of an order for relief against it in an involuntary case; 
 (iii) consents to the appointment of a Custodian of it or for any substantial part of its property; or 
 (iv) makes a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating to insolvency, 

(f) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against either the Issuer or any Significant Subsidiary of the Issuer in an involuntary case;

 (ii) appoints a Custodian of either the Issuer or any Significant Subsidiary of the Issuer or for any
substantial part of its property; or 

  
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 (iii) orders the winding up or liquidation of either the Issuer or any
Significant Subsidiary of the Issuer; 
 or any similar relief is granted under any foreign laws and the order or decree remains
unstayed and in effect for 60 days, 
 (g) failure by the Issuer or any Significant Subsidiary (or any group of Subsidiaries
that together would constitute a Significant Subsidiary) to pay final judgments aggregating in excess of $20.0 million or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent
carriers), which judgments are not discharged, waived or stayed for a period of 60 days, 
 (h) the Subsidiary Guarantee of a
Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant Subsidiary) with respect to the Notes ceases to be in full force and effect (except as contemplated by the terms thereof) or any Subsidiary Guarantor
that qualifies as a Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant Subsidiary) denies or disaffirms its obligations under this Indenture or any Subsidiary Guarantee with respect to the Notes and
such Default continues for 10 days, 
 (i) unless all of the Collateral has been released from the Second-Priority Liens in
accordance with the provisions of Article XI, the Second-Priority Liens on all or substantially all of the Collateral cease to be valid or enforceable and such Default continues for 30 days, or the Issuer shall assert or any Subsidiary Guarantor
shall assert, in any pleading in any court of competent jurisdiction, that any such security interest is invalid or unenforceable and, in the case of any such Person that is a Subsidiary of the Issuer, the Issuer fails to cause such Subsidiary to
rescind such assertions within 30 days after the Issuer has actual knowledge of such assertions, 
 (j) the failure by the
Issuer or any Subsidiary Guarantor to comply for 60 days after notice with its other agreements contained in the Security Documents except for a failure that would not be material to the holders of the Notes and would not materially affect the value
of the Collateral taken as a whole, or 
 (k) an event of default occurs under any Security Document. 

The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or
involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief of
debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 However, a default under clauses (c) or (j) above shall not constitute an Event of Default until the Trustee or the holders of 25% in principal amount of outstanding Notes notify the Issuer of
the default and the Issuer does not cure such default within the time specified in clauses (c) or 

  
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(j) hereof after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” The Issuer shall
deliver to the Trustee, within thirty (30) Business Days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any event which is, or with the giving of notice or the lapse of time or both would become, an
Event of Default, its status and what action the Issuer is taking or propose to take with respect thereto. 
 SECTION 6.02
Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.01(e) or 6.01(f) hereof with respect to the Issuer) occurs and is continuing, the Trustee or the holders of at least 25% in principal amount of
outstanding Notes by notice to the Issuer, with a copy to the Trustee, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable; provided, however, that so long as any Bank
Indebtedness remains outstanding, no such acceleration shall be effective until the earlier of (1) five Business Days after the giving of written notice to the Issuer and the Representative under the Bank Indebtedness (provided, that
upon the written request by any Holder, the Issuer shall provide notification instructions with respect to the Bank Indebtedness Representative) and (2) the day on which any Bank Indebtedness is accelerated. Upon such a declaration, such
principal and interest shall be due and payable immediately. If an Event of Default specified in Section 6.01(e) or (f) with respect to the Issuer occurs, the principal of, premium, if any, and interest on all the Notes will become
immediately due and payable without any declaration or other act on the part of the Trustee or any holders. Under certain circumstances, the holders of a majority in principal amount of outstanding Notes may rescind any such acceleration with
respect to the Notes and its consequences. 
 In the event of any Event of Default specified in Section 6.01(d) above, such
Event of Default and all consequences thereof (excluding, however, any resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the holders of the Notes, if within 20 days after such
Event of Default arose the Issuer delivers an Officers’ Certificate to the Trustee stating that (x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the holders thereof have
rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the default that is the basis for such Event of Default has been cured, it being understood that in no event shall an
acceleration of the principal amount of the Notes as described above be annulled, waived or rescinded upon the happening of any such events. 
 SECTION 6.03 Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy at law or in equity to collect the payment of principal of or interest on
the Notes or to enforce the performance of any provision of the Notes, this Indenture or the Security Documents. 
 The Trustee
may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any holder in exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. To the extent required by law, all available remedies are cumulative. 

  
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 SECTION 6.04 Waiver of Past Defaults. Provided the Notes are not then due and payable
by reason of a declaration of acceleration, the holders of a majority in principal amount of the Notes by written notice to the Trustee may waive an existing Default and its consequences except (a) a Default in the payment of the principal of
or interest on a Note, (b) a Default arising from the failure to redeem or purchase any Note when required pursuant to the terms of this Indenture or (c) a Default in respect of a provision that under Section 9.02 cannot be amended
without the consent of each holder affected. When a Default is waived, it is deemed cured and the Issuer, the Trustee and the holders will be restored to their former positions and rights under this Indenture, but no such waiver shall extend to any
subsequent or other Default or impair any consequent right. 
 SECTION 6.05 Control by Majority. The holders of a
majority in principal amount of Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow
any direction that conflicts with law or this Indenture or, if the Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors or
trustees, executive committee, or a trust committee of directors or trustees and/or Trust Officers shall determine that the action or proceeding so directed would involve the Trustee in personal liability or expense for which it is not adequately
indemnified, or subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other holder or that would involve the Trustee in personal liability. Prior to taking any action under this Indenture, the Trustee
shall be entitled to indemnification satisfactory to it against all losses and expenses caused by taking or not taking such action. 
 SECTION 6.06 Limitation on Suits. 
 (a) Except to enforce the right to
receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with respect to this Indenture or the Notes unless: 
 (i) such holder has previously given the Trustee notice that an Event of Default is continuing, 
 (ii) holders of at least 25% in principal amount of the outstanding Notes have requested the Trustee to pursue the remedy, 

(iii) such holders have offered the Trustee reasonable security or indemnity satisfactory to the Trustee against any loss,
liability or expense, 
 (iv) the Trustee has not complied with such request within 60 days after the receipt of
the request and the offer of security or indemnity, and 
 (v) the holders of a majority in principal amount of
the outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. 

  
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 (b) A holder may not use this Indenture to prejudice the rights of another holder or to
obtain a preference or priority over another holder. 
 SECTION 6.07 Rights of the Holders to Receive Payment.
Notwithstanding any other provision of this Indenture, the right of any holder to receive payment of principal of and interest on the Notes held by such holder, on or after the respective due dates expressed or provided for in the Notes, or to bring
suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such holder. 
 SECTION 6.08 Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Issuer or any other obligor on the Notes for the whole amount then due and owing (together with interest on overdue principal and (to the extent lawful) on any unpaid interest at the rate provided for in the
Notes) and the amounts provided for in Section 7.07. 
 SECTION 6.09 Trustee May File Proofs of Claim. The Trustee
may file such proofs of claim, statements of interest and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses disbursements and advances of
the Trustee (including counsel, accountants, experts or such other professionals as the Trustee deems necessary, advisable or appropriate)) and the holders allowed in any judicial proceedings relative to the Issuer, any Subsidiary Guarantor, their
creditors or their property, shall be entitled to participate as a member, voting or otherwise, of any official committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote on behalf of the
holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each holder to make payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due
the Trustee under Section 7.07. 
 SECTION 6.10 Priorities. Subject to the terms of the Intercreditor Agreement and
the Security Documents, any money or property collected by the Trustee pursuant to this Article VI and any other money or property distributable in respect of the Issuer’s or any Subsidiary Guarantor’s obligations under this Indenture
after an Event of Default shall be applied in the following order: 
 FIRST: to the Trustee for amounts due under
Section 7.07; 
 SECOND: to the holders for amounts due and unpaid on the Notes for principal, premium, if
any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 

  
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 THIRD: to the Issuer or, to the extent the Trustee collects any amount for
any Subsidiary Guarantor, to such Subsidiary Guarantor or to such other party as a court of competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to the holders pursuant to this Section. At least 15 days before such record date, the Trustee shall mail to each holder and the Issuer a
notice that states the record date, the payment date and amount to be paid. 
 SECTION 6.11 Undertaking for Costs. In any
suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of
the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a holder pursuant to Section 6.07 or a suit by holders of more than 10% in principal amount of the Notes. 

SECTION 6.12 Waiver of Stay or Extension Laws. Neither the Issuer nor any Subsidiary Guarantor (to the extent it may lawfully do
so) shall at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Issuer and each Subsidiary Guarantor (to the extent that it may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein
granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE VII 
 TRUSTEE 
 SECTION 7.01 Duties of Trustee. 

(a) The Trustee, prior to the occurrence of an Event of Default with respect to the Notes and after the curing or waiving of all Events
of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers
vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and
no implied covenants or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty); and 

  
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 (ii) in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee shall be under no duty to make
any investigation as to any statement contained in any such instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions. However, in the case of certificates or opinions
required by any provision hereof to be provided to it, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (i) this
paragraph does not limit the effect of paragraph (b) of this Section 7.01; 
 (ii) the Trustee shall
not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 6.05; and 
 (iv) no provision of this Indenture shall
require the Trustee to expend or risk its own funds or otherwise Incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

(d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this
Section 7.01. 
 (e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may
agree in writing with the Issuer. 
 (f) Money held in trust by the Trustee need not be segregated from other funds except to
the extent required by law. 
 (g) The Trustee shall take all actions and deliver all documents reasonably requested by the
Issuer or a Subsidiary Guarantor in connection with a Permitted Reflagging Transaction. 
 (h) Every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.01 and to the provisions of the TIA. 

SECTION 7.02 Rights of Trustee. 

  
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 (a) The Trustee may conclusively rely on any document believed by it to be genuine and to
have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 
 (c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 

(d) The Trustee shall not be responsible or liable for any action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 
 (e) The Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete
authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the holders of not less than a majority in principal amount of the Notes at the time
outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to
examine the books, records and premises of the Issuer, personally or by agent or attorney, at the expense of the Issuer and shall Incur no liability of any kind by reason of such inquiry or investigation. 

(g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the holders pursuant to this Indenture, unless such holders shall have offered to the Trustee reasonable security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be Incurred by it
in compliance with such request or direction. 
 (h) The rights, privileges, protections, immunities and benefits given to the
Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(i) The Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at the direction of the holders of
not less than a majority in principal amount of the Notes as to the time, method and place of conducting any proceedings for any remedy available to the Trustee or the exercising of any power conferred by this Indenture. 

  
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 (j) Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this
Indenture upon the request or authority or consent of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding upon future holders of such Notes and upon Notes
executed and delivered in exchange therefor or in place thereof. 
 (k) The Trustee shall not be deemed to have notice of any
Default or Event of Default unless a Trust Officer has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references
the Notes and this Indenture. 
 (l) The Trustee may request that the Issuer deliver an Officers’ Certificate setting forth
the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including
any Person specified as so authorized in any such certificate previously delivered and not superseded. 
 (m) The Trustee shall
not be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage
and regardless of the form of actions. 
 (n) The Trustee shall not be required to give any bond or surety in respect of the
execution of the trusts and powers under this Indenture. 
 (o) The Trustee shall not be responsible or liable for any failure
or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism;
wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes; and acts of civil or military authorities and
governmental action. 
 SECTION 7.03 Individual Rights of Trustee. The Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent or Registrar may do the same with like rights. However, the Trustee must
comply with Sections 7.10 and 7.11. 
 SECTION 7.04 Trustee’s Disclaimer. The Trustee shall not be responsible for
and makes no representation as to the validity or adequacy of this Indenture, the Subsidiary Guarantees or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any
statement of the Issuer or any Subsidiary Guarantor in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. The Trustee shall not be charged
with knowledge of any Default or Event of Default under Sections 6.01(c), (d), (e), (g), (h), (i), (j) or (k) or of the identity of any Significant Subsidiary unless either (a) a Trust Officer shall

  
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have actual knowledge thereof or (b) the Trustee shall have received written notice thereof in accordance with Section 13.02 hereof from the Issuer, any Subsidiary Guarantor or any
holder. In accepting the trust hereby created, the Trustee acts solely as Trustee for the holders of the Notes and not in its individual capacity and all persons, including without limitation the holders of Notes and the Issuer having any claim
against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for payment except as otherwise provided herein. 
 SECTION 7.05 Notice of Defaults. If a Default or Event of Default occurs and is continuing and if it is actually known to the Trustee, the Trustee shall mail to each holder notice of the Default or
Event of Default within the earlier of 90 days after it occurs or 30 days after it is actually known to a Trust Officer or written notice of it is received by the Trustee. Except in the case of a Default or Event of Default in the payment of
principal of, premium (if any) or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of the holders. The Issuer is
required to deliver to the Trustee, annually, a certificate indicating whether the signers thereof know of any Default or Event of Default that occurred during the previous year. The Issuer also is required to deliver to the Trustee, within 30 days
after the occurrence thereof, written notice of any event which would constitute certain Defaults, their status and what action the Issuer is taking or proposes to take in respect thereof. 

SECTION 7.06 Reports by Trustee to the Holders. As promptly as practicable after each March 31 beginning with March 31,
2012, and in any event prior to April 30 in each year, the Trustee shall mail to each holder a brief report dated as of such March 31, that complies with Section 313(a) of the TIA if and to the extent required thereby. The Trustee
shall also comply with Section 313(b) of the TIA. 
 A copy of each report at the time of its mailing to the holders shall
be filed with the SEC and each stock exchange (if any) on which the Notes are listed. The Issuer agrees to notify promptly the Trustee in writing whenever the Notes become listed on any stock exchange and of any delisting thereof. 

SECTION 7.07 Compensation and Indemnity. The Issuer shall pay to the Trustee from time to time such compensation, as the Issuer
and the Trustee shall from time to time agree in writing, for the Trustee’s acceptance of this Indenture and its services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express
trust. The Issuer shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses Incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Issuer and the Subsidiary Guarantors, jointly and severally shall indemnify the Trustee against any and all loss, liability,
claim, damage or expense (including reasonable attorneys’ fees and expenses) Incurred by or in connection with the acceptance or administration of this trust and the performance of its duties hereunder, including the costs and expenses of
enforcing this Indenture or Subsidiary Guarantee against the Issuer or any Subsidiary Guarantor (including this Section 7.07) and defending itself against or investigating any claim (whether asserted by the Issuer, any Subsidiary Guarantor, any
holder or any other Person). The obligation to pay such 

  
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amounts shall survive the payment in full or defeasance of the Notes or the removal or resignation of the Trustee. The Trustee shall notify the Issuer of any claim for which it may seek indemnity
promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the Issuer shall not relieve the Issuer or any Subsidiary Guarantor of its indemnity obligations hereunder. The Issuer shall defend the
claim and the indemnified party shall provide reasonable cooperation at the Issuer’s expense in the defense. Such indemnified parties may have separate counsel and the Issuer and such Subsidiary Guarantor, as applicable shall pay the fees and
expenses of such counsel; provided, however, that the Issuer shall not be required to pay such fees and expenses if it assumes such indemnified parties’ defense and, in such indemnified parties’ reasonable judgment, there is
no conflict of interest between the Issuer and the Subsidiary Guarantor, as applicable, and such parties in connection with such defense. The Issuer needs not reimburse any expense or indemnify against any loss, liability or expense Incurred by an
indemnified party through such party’s own willful misconduct, negligence or bad faith. 
 To secure the Issuer’s and
the Subsidiary Guarantors’ payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of
and interest on particular Notes. 
 The Issuer’s and the Subsidiary Guarantors’ payment obligations pursuant to this
Section 7.07 shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any bankruptcy law or the resignation or removal of the Trustee. Without prejudice to any other rights available to
the Trustee under applicable law, when the Trustee Incurs expenses after the occurrence of a Default specified in Section 6.01(e) or (f) with respect to the Issuer, the expenses are intended to constitute expenses of administration under
the Bankruptcy Law. 
 No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise
Incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if repayment of such funds or adequate indemnity against such risk or liability is not assured to its satisfaction.

 SECTION 7.08 Replacement of Trustee. 
 (a) The Trustee may resign at any time by so notifying the Issuer. The holders of a majority in principal amount of the Notes may remove the Trustee by so notifying the Trustee and may appoint a successor
Trustee. The Issuer shall remove the Trustee if: 
 (i) the Trustee fails to comply with Section 7.10;

 (ii) the Trustee is adjudged bankrupt or insolvent; 

(iii) a receiver or other public officer takes charge of the Trustee or its property; or 

(iv) the Trustee otherwise becomes incapable of acting. 

  
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 (b) If the Trustee resigns, is removed by the Issuer or by the holders of a majority in
principal amount of the Notes and such holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the
Issuer shall promptly appoint a successor Trustee. 
 (c) A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture.
The successor Trustee shall mail a notice of its succession to the holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. 

(d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or
the holders of 10% in principal amount of the Notes may petition at the expense of the Issuer any court of competent jurisdiction for the appointment of a successor Trustee. 
 (e) If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in Section 310(b) of the TIA, any holder who has been a bona fide holder of a
Note for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f) Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee.

 SECTION 7.09 Successor Trustee by Merger. Any business entity into which the Trustee may be merged or converted or
with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the trustee, shall
be the successor Trustee, without the execution or filing of any paper or any further act of any party. 
 In case at the time
such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt
the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in
the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the
Trustee shall have. 
 SECTION 7.10 Eligibility; Disqualification. The Trustee shall at all times satisfy the
requirements of Section 310(a) of the TIA. The Trustee shall have a combined capital and surplus of at least $100 million as set forth in its most recent published annual report of 

  
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condition. The Trustee shall comply with Section 310(b) of the TIA, subject to its right to apply for a stay of its duty to resign under the penultimate paragraph of Section 310(b) of
the TIA; provided, however, that there shall be excluded from the operation of Section 310(b)(1) of the TIA any series of securities issued under this Indenture and any indenture or indentures under which other securities or
certificates of interest or participation in other securities of the Issuer are outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the TIA are met. 

SECTION 7.11 Preferential Collection of Claims Against the Issuer. The Trustee shall comply with Section 311(a) of the TIA,
excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the TIA to the extent indicated. 

ARTICLE VIII 
 DISCHARGE OF INDENTURE; DEFEASANCE 
 SECTION 8.01 Discharge of Liability
on Notes; Defeasance. 
 (a) This Indenture shall be discharged and shall cease to be of further effect (except as to
surviving rights of registration of transfer or exchange of Notes, as expressly provided for in this Indenture) as to all outstanding Notes when: 
 (i) either (a) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been
deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation or (b) all of the Notes (1) have become due and
payable, (2) will become due and payable at their stated maturity within one year or (3) if redeemable at the option of the Issuer, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire
Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of deposit together with irrevocable instructions from the Issuer directing the Trustee to
apply such funds to the payment thereof at maturity or redemption, as the case may be; 
 (ii) the Issuer and/or
the Subsidiary Guarantors have paid all other sums payable under this Indenture; and 
 (iii) the Issuer has
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

(b) Subject to Sections 8.01(c) and 8.02, the Issuer at any time may terminate (i) all of its obligations under the Notes and this
Indenture (with respect to the holders of the 

  
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Notes) (“legal defeasance option”) or (ii) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.11, 4.12, 4.13, 4.15, 4.17, the operation of
Section 5.01 for the benefit of the holders of the Notes, Sections 6.01(d), 6.01(e) and 6.01(f) (with respect to Significant Subsidiaries of the Issuer only), and Section 6.01(g) (“covenant defeasance option”). The Issuer may
exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. In the event that the Issuer terminates all of its obligations under the Notes and this Indenture (with respect to such Notes) by exercising
its legal defeasance option or its covenant defeasance option, the obligations of each Subsidiary Guarantor with respect to the Notes and the Security Documents shall be terminated simultaneously with the termination of such obligations. 

If the Issuer exercises its legal defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of
Default. If the Issuer exercises its covenant defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default specified in Section 6.01(c), 6.01(d), 6.01(e) and 6.01(f) (with respect to Significant
Subsidiaries of the Issuer only), 6.01(g), 6.01(h), 6.01(i) or 6.01(j) or because of the failure of the Issuer to comply with Section 5.01. 
 Upon satisfaction of the conditions set forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those obligations that the Issuer terminates. 

(c) Notwithstanding clauses (a) and (b) above, the Issuer’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08, 2.09,
7.07, 7.08 and in this Article VIII shall survive until the Notes have been paid in full. Thereafter, the Issuer’s obligations in Sections 7.07, 8.05 and 8.06 shall survive such satisfaction and discharge. 

SECTION 8.02 Conditions to Defeasance. 
 (a) The Issuer may exercise its legal defeasance option or its covenant defeasance option only if: 
 (i) the Issuer irrevocably deposits in trust with the Trustee cash in U.S. dollars, U.S. Government Obligations or a combination thereof in an amount sufficient or U.S. Government Obligations, the
principal of and the interest on which will be sufficient, or a combination thereof sufficient, to pay the principal of and premium (if any) and interest on the Notes when due at maturity or redemption, as the case may be, including interest thereon
to maturity or such redemption date; 
 (ii) the Issuer delivers to the Trustee a certificate from a nationally
recognized firm of independent accountants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will
provide cash at such times and in such amounts as will be sufficient to pay principal, premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be; 

  
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 (iii) 123 days pass after the deposit is made and during the 123-day period
no Default specified in Section 6.01(e) or (f) with respect to the Issuer occurs which is continuing at the end of the period; 
 (iv) the deposit does not constitute a default under any other agreement binding on the Issuer and is not prohibited by Article X; 

(v) in the case of the legal defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel
stating that (1) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the date of this Indenture there has been a change in the applicable Federal income tax law, in either case
to the effect that, and based thereon such Opinion of Counsel shall confirm that, the holders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and defeasance and will be subject to Federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred. Notwithstanding the foregoing, the Opinion of Counsel required by the immediately preceding sentence with
respect to a legal defeasance need not be delivered if all of the Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due and payable at their Stated Maturity within one year
under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer; 
 (vi) doing so would not impair the right of any holder to receive payment of principal of, premium, if any, and interest on such holder’s Notes on or after the due dates therefore or to institute
suit for the enforcement of any payment on or with respect to such holder’s Notes; 
 (vii) in the case of
the covenant defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that the holders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and defeasance
and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and 

(viii) the Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the defeasance and discharge of the Notes to be so defeased and discharged as contemplated by this Article VIII have been complied with. 
 (b) Before or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of such Notes at a future date in accordance with Article III. 

SECTION 8.03 Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations (including proceeds
thereof) deposited with it pursuant to this Article VIII. It shall apply the deposited money and the money from U.S. Government 

  
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Obligations through each Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Notes so discharged or defeased. 

SECTION 8.04 Repayment to Issuer. Each of the Trustee and each Paying Agent shall promptly turn over to the Issuer upon request
any money or U.S. Government Obligations held by it as provided in this Article VIII which, in the written opinion of nationally recognized firm of independent public accountants delivered to the Trustee (which delivery shall only be required if
U.S. Government Obligations have been so deposited), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with this Article VIII. 

Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Issuer upon written request any
money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, holders entitled to the money must look to the Issuer for payment as general creditors, and the Trustee and each Paying Agent shall
have no further liability with respect to such monies. 
 SECTION 8.05 Indemnity for U.S. Government Obligations. The
Issuer shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

SECTION 8.06 Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under
this Indenture and the Notes so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or any Paying Agent is permitted to apply all such money or U.S.
Government Obligations in accordance with this Article VIII; provided, however, that, if the Issuer has made any payment of principal of, or interest on, any such Notes because of the reinstatement of its obligations, the Issuer shall
be subrogated to the rights of the holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or any Paying Agent. 
 ARTICLE IX 
 AMENDMENTS AND WAIVERS 

SECTION 9.01 Without Consent of the Holders. 
 (a) The Issuer and the Trustee may amend this Indenture, the Subsidiary Guarantees, the Notes, the Security Documents or the Intercreditor Agreement without notice to or consent of any holder: 

(i) to cure any ambiguity, omission, mistake, defect or inconsistency; 

(ii) to provide for the assumption by a Successor Issuer of the obligations of the Issuer under this Indenture and the
Notes; 

  
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 (iii) to provide for the assumption by a Successor Subsidiary Guarantor of
the obligations of a Subsidiary Guarantor under this Indenture and the Security Documents; 
 (iv) to provide for
uncertificated Notes in addition to or in place of certificated Notes; provided, however, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated
Notes are described in Section 163(f)(2)(B) of the Code; 
 (v) to conform the text of this Indenture, the
Subsidiary Guarantees, the Notes, the Security Documents or the Intercreditor Agreement to any provision of the “Description of Notes” in the Offering Memorandum to the extent that such provision in the “Description of
Notes” was intended by the Issuer to be a verbatim recitation of a provision of this Indenture, the Subsidiary Guarantees, the Notes, the Security Documents or the Intercreditor Agreement; 

(vi) to add a Subsidiary Guarantor with respect to the Notes or to add to the Collateral to secure the Notes; 

(vii) to release Collateral as permitted by this Indenture or the Intercreditor Agreement; 

(viii) to add additional secured creditors holding Other Second Lien Obligations or First-Priority Lien Obligations or
other Junior Lien Obligations so long as such obligations are not prohibited by this Indenture or the Security Documents; 
 (ix) to add to the covenants of the Issuer for the benefit of the holders or to surrender any right or power herein conferred upon the Issuer; 

(x) to comply with any requirement of the SEC in connection with qualifying, or maintaining the qualification of, this
Indenture under the TIA; 
 (xi) to make any change that does not adversely affect the rights of any holder; or

 (xii) to provide for the issuance of the Exchange Notes or Additional Notes, which shall have terms
substantially identical in all material respects to the Initial Notes, and which shall be treated, together with any outstanding Initial Notes, as a single issue of securities. 

(b) After an amendment under this Section 9.01 becomes effective, the Issuer shall mail to the holders a notice briefly describing
such amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01. 
 SECTION 9.02 With Consent of the Holders. 

  
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 (a) The Issuer and the Trustee may amend this Indenture, the Subsidiary Guarantees, the
Notes, the Intercreditor Agreement and the Security Documents with the written consent of the holders of at least a majority in principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange
for the Notes). However, without the consent of each holder of an outstanding Note affected, an amendment may not: 
 (1) reduce the amount of Notes whose holders must consent to an amendment, 
 (2) reduce the rate of or extend the time for payment of interest on any Note, 
 (3) reduce the principal of or change the Stated Maturity of any Note, 
 (4) reduce the premium payable upon the redemption of any Note or change the time at which any Note may be redeemed in accordance with Article III, 

(5) make any Note payable in money other than that stated in such Note, 

(6) expressly subordinate the Notes to any other Indebtedness of the Issuer or any Subsidiary Guarantor, 

(7) impair the right of any holder to receive payment of principal of, premium, if any, and interest on such
holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes, 
 (8) make any change in the amendment provisions which require each holder’s consent or in the waiver provisions, 

(9) make any change in the provisions in the Intercreditor Agreement or this Indenture dealing with the application of
proceeds of Collateral that would adversely affect the holders of the Notes, or 
 (10) except as expressly
provided by this Indenture, modify or release the Subsidiary Guarantee of any Significant Subsidiary in any manner adverse to the holders of the Notes. 
 In addition, without the consent of the holders of at least 66 2/3% in aggregate principal amount of Notes then outstanding, no amendment or waiver may release all or substantially all of the Collateral
from the Lien of this Indenture and the Security Documents with respect to the Notes. 

  
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 It shall not be necessary for the consent of the holders under this Section 9.02 to
approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment under this Section 9.02 becomes effective, the Issuer shall mail to the holders a notice briefly describing such amendment. The failure to give such notice to all holders, or any
defect therein, shall not impair or affect the validity of an amendment under this Section 9.02. 
 SECTION 9.03
Compliance with Trust Indenture Act. From the date on which this Indenture is qualified under the TIA, every amendment, waiver or supplement to this Indenture or the Notes shall comply with the TIA as then in effect. 

SECTION 9.04 Revocation and Effect of Consents and Waivers. 

(a) A consent to an amendment or a waiver by a holder of a Note shall bind the holder and every subsequent holder of that Note or portion
of the Note that evidences the same debt as the consenting holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such holder or subsequent holder may revoke the consent or waiver as to such holder’s
Note or portion of the Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officers’ Certificate from the Issuer certifying that the requisite principal amount of Notes have consented. After an
amendment or waiver becomes effective, it shall bind every holder. An amendment or waiver becomes effective upon the (i) receipt by the Issuer or the Trustee of consents by the holders of the requisite principal amount of securities,
(ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the
Issuer and the Trustee. 
 (b) The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining
the holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons
who were holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be
holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

SECTION 9.05 Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Issuer may
require the holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the holder. Alternatively, if the Issuer or the Trustee so determines, the Issuer in
exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment, supplement or waiver.

 SECTION 9.06 Trustee to Sign Amendments. The Trustee shall sign any amendment, supplement or waiver authorized
pursuant to this Article IX if the amendment does 

  
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not adversely affect the rights, duties, liabilities or immunities of the Trustee. If the amendment, supplement or waiver does have such an adverse effect, the Trustee may but need not sign it.
In signing such amendment, the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in relying upon, an Officers’ Certificate and an
Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and the Subsidiary Guarantors,
enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03). 
 SECTION 9.07 Additional Voting Terms; Calculation of Principal Amount. All Notes issued under this Indenture shall vote and consent together on all matters (as to which any of such Notes may vote)
as one class and no Notes will have the right to vote or consent as a separate class on any matter. Determinations as to whether holders of the requisite aggregate principal amount of Notes have concurred in any direction, waiver or consent shall be
made in accordance with this Article IX and Section 2.14. 
 ARTICLE X 

RANKING OF NOTE LIENS 
 SECTION 10.01 Relative Rights. The Intercreditor Agreement defines the relative rights, as lienholders, of holders of Second-Priority Liens and holders of Liens securing First-Priority Lien
Obligations. Nothing in this Indenture or the Intercreditor Agreement will: 
 (a) impair, as between the Issuer and holders of
Notes, the obligation of the Issuer, which is absolute and unconditional, to pay principal of, premium and interest on Notes in accordance with their terms or to perform any other obligation of the Issuer or any other obligor under this Indenture,
the Notes, the Subsidiary Guarantee and the Security Documents; 
 (b) restrict the right of any holder to sue for payments that
are then due and owing, in a manner not inconsistent with the provisions of the Intercreditor Agreement; 
 (c) prevent the
Trustee, the Collateral Agent or any holder from exercising against the Issuer or any other obligor any of its other available remedies upon a Default or Event of Default (other than its rights as a secured party, which are subject to the
Intercreditor Agreement); or 
 (d) restrict the right of the Trustee, the Collateral Agent or any holder: 

(1) to file and prosecute a petition seeking an order for relief in an involuntary bankruptcy case as to any obligor or
otherwise to commence, or seek relief commencing, any insolvency or liquidation proceeding involuntarily against any obligor; 
 (2) to make, support or oppose any request for an order for dismissal, abstention or conversion in any insolvency or liquidation proceeding; 

  
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 (3) to make, support or oppose, in any insolvency or liquidation
proceeding, any request for an order extending or terminating any period during which the debtor (or any other Person) has the exclusive right to propose a plan of reorganization or other dispositive restructuring or liquidation plan therein;

 (4) to seek the creation of, or appointment to, any official committee representing creditors (or certain of
the creditors) in any insolvency or liquidation proceedings and, if appointed, to serve and act as a member of such committee without being in any respect restricted or bound by, or liable for, any of the obligations under this Article X;

 (5) to seek or object to the appointment of any professional person to serve in any capacity in any
insolvency or liquidation proceeding or to support or object to any request for compensation made by any professional person or others therein; 
 (6) to make, support or oppose any request for order appointing a trustee or examiner in any insolvency or liquidation proceedings; or 

(7) otherwise to make, support or oppose any request for relief in any insolvency or liquidation proceeding that it is
permitted by law to make, support or oppose: 
 if it were a holder of unsecured claims; or 

(x) as to any matter relating to any plan of reorganization or other 

(y) restructuring or liquidation plan or as to any matter relating to the administration of the estate or the disposition
of the case or proceeding (in each case except as set forth in the Intercreditor Agreement). 
 ARTICLE XI 

COLLATERAL 
 SECTION 11.01 Security Documents. The payment of the principal of and interest and premium, if any, on the Notes when due, whether on an Interest Payment Date, at maturity, by acceleration,
repurchase, redemption or otherwise and whether by the Issuer pursuant to the Notes or any Subsidiary Guarantor pursuant to the Subsidiary Guarantee, the payment of all other Notes Obligations and the performance of all other obligations of the
Issuer and the Subsidiary Guarantors under this Indenture, the Notes, the Subsidiary Guarantees and the Security Documents are secured as provided in the Security Documents which the Subsidiary Guarantors party thereto have entered into and will be
secured by Security Documents hereafter delivered as required or permitted by this Indenture. The Issuer shall, and shall cause each Subsidiary Guarantor to, and each Subsidiary Guarantor shall, make all filings (including filings of continuation
statements and amendments to UCC financing statements that may be necessary 

  
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to continue the effectiveness of such UCC financing statements) and all other actions as are necessary or required by the Security Documents to maintain (at the sole cost and expense of the
Issuer and its Restricted Subsidiaries) the security interest created by the Security Documents in the Collateral (other than with respect to any Collateral the security interest in which is not required to be perfected under the Security Documents)
as a perfected second priority security interest subject only to Permitted Liens. 
 SECTION 11.02 Collateral Agent.
(a) The Collateral Agent shall have all of the rights and protections provided in the Security Documents and is authorized and empowered to appoint one or more co-Collateral Agents as it deems necessary or appropriate. 

(b) Subject to Section 7.01, neither the Trustee nor the Collateral Agent nor any of their respective officers, directors,
employees, attorneys or agents will be responsible or liable for the existence, genuineness, value or protection of any Collateral, for the legality, enforceability, effectiveness or sufficiency of the Security Documents, for the creation,
perfection, priority, sufficiency or protection of any Second-Priority Lien, or for any defect or deficiency as to any such matters, or for any failure to demand, collect, foreclose or realize upon or otherwise enforce any of the Second-Priority
Liens or Security Documents or any delay in doing so. 
 (c) The Collateral Agent will be subject to such directions as may be
given it by the Trustee from time to time (as required or permitted by this Indenture); provided that in the event of conflict between directions received pursuant to the Security Documents and directions received hereunder, the Collateral
Agent will be subject to directions received pursuant to the Security Documents (unless the applicable Security Document expressly provides that the Indenture controls, in which case the Indenture shall control). Except as directed by the Trustee as
required or permitted by this Indenture and any other representatives or pursuant to the Security Documents, the Collateral Agent will not be obligated: 
 (1) to act upon directions purported to be delivered to it by any other Person; 
 (2) to foreclose upon or otherwise enforce any Second-Priority Lien; or 
 (3) to take any other action whatsoever with regard to any or all of the Second-Priority Liens, Security Documents or Collateral. 
 (d) The Collateral Agent will be accountable only for amounts that it actually receives as a result of the enforcement of the Second-Priority Liens or Security Documents. 

(e) In acting as Collateral Agent or co-Collateral Agent under this Indenture and the Security Documents, the Collateral Agent and each
co-Collateral Agent may rely upon and enforce each and all of the rights, powers, immunities, indemnities and benefits of the Trustee under Article VII hereof. 
 (f) The holders of Notes agree that the Collateral Agent shall be entitled to the rights, privileges, protections, immunities, indemnities and benefits provided to the Collateral

  
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Agent by this Indenture and the Security Documents. Furthermore, each holder of a Note, by accepting such Note, consents to the terms of and authorizes and directs the Trustee (in each of its
capacities) and the Collateral Agent to enter into and perform the Intercreditor Agreement and Security Documents in each of its capacities thereunder. 
 (g) If the Issuer (i) Incurs First-Priority Lien Obligations at any time when no intercreditor agreement is in effect or at any time when Indebtedness constituting First-Priority Lien Obligations
entitled to the benefit of an existing Intercreditor Agreement is concurrently retired, and (ii) delivers to the Collateral Agent an Officers’ Certificate so stating and requesting the Collateral Agent to enter into an intercreditor
agreement (on substantially the same terms as the Intercreditor Agreement in effect on the Issue Date) in favor of a designated agent or representative for the holders of the First-Priority Lien Obligations so Incurred, the Collateral Agent shall
(and is hereby authorized and directed to) enter into such intercreditor agreement, bind the holders on the terms set forth therein and perform and observe its obligations thereunder. 

(h) The Collateral Agent shall take all actions and deliver all documents reasonably requested by the Issuer or a Subsidiary Guarantor in
connection with a Permitted Reflagging Transaction. 
 SECTION 11.03 Authorization of Actions to Be Taken. (a) Each
holder of Notes, by its acceptance thereof, consents and agrees to the terms of each Security Document and the Intercreditor Agreement as originally in effect and as amended, supplemented or replaced from time to time in accordance with its terms or
the terms of this Indenture, authorizes and directs the Trustee and the Collateral Agent to enter into the Security Documents to which it is a party, authorizes and empowers the Trustee to direct the Collateral Agent to enter into, and the
Collateral Agent to execute and deliver, the Intercreditor Agreement and authorizes and empowers the Trustee and the Collateral Agent to bind the holders of Notes and other holders of Obligations as set forth in the Security Documents to which it is
a party and the Intercreditor Agreement and to perform its obligations and exercise its rights and powers thereunder. 
 (b) The
Collateral Agent and the Trustee are authorized and empowered to receive for the benefit of the holders of Notes any funds collected or distributed under the Security Documents to which the Collateral Agent or Trustee is a party and to make further
distributions of such funds to the holders of Notes according to the provisions of this Indenture. 
 (c) Subject to the
provisions of Section 7.01 and Section 7.02 hereof, the Intercreditor Agreement and the Security Documents, the Trustee may, in its sole discretion and without the consent of the holders, direct, on behalf of the holders, the Collateral
Agent to take all actions it deems necessary or appropriate in order to: 
 (1) foreclose upon or otherwise
enforce any or all of the Second-Priority Liens; 
 (2) enforce any of the terms of the Security Documents to
which the Collateral Agent or Trustee is a party; or 

  
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 (3) collect and receive payment of any and all Obligations. 

Subject to the Intercreditor Agreement, the Trustee is authorized and empowered to institute and maintain, or direct the Collateral Agent
to institute and maintain, such suits and proceedings as it may deem expedient to protect or enforce the Second-Priority Liens or the Security Documents to which the Collateral Agent or Trustee is a party or to prevent any impairment of Collateral
by any acts that may be unlawful or in violation of the Security Documents to which the Collateral Agent or Trustee is a party or this Indenture, and such suits and proceedings as the Trustee or the Collateral Agent may deem expedient to preserve or
protect its interests and the interests of the holders of Notes in the Collateral, including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule
or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of holders, the Trustee or the
Collateral Agent. 
 SECTION 11.04 Release of Collateral. (a) Collateral may be released from the Lien and security
interest created by the Security Documents to secure the Notes and obligations under this Indenture at any time or from time to time in accordance with the provisions of the Intercreditor Agreement or as provided hereby or in the Security Documents.
The applicable assets included in the Collateral shall be automatically released from the Liens securing the Notes and the Subsidiary Guarantees under any one or more of the following circumstances: 

(1) to enable the Issuer or any Subsidiary Guarantor to consummate the disposition of such property or assets to the
extent not prohibited under Section 4.06; provided that upon giving pro forma effect to such disposition (other than an Event of Loss) and any related transactions, the Loan-to-Value Ratio shall either be (x) equal to or less than
the Loan-to-Value Ratio immediately prior to giving effect to such disposition or (y) no greater than 75%; 

(2) to release Excess Proceeds and Collateral Excess Proceeds that remain unexpended after the conclusion of an Asset
Sale Offer or a Collateral Asset Sale Offer conducted in accordance with this Indenture; 
 (3) in respect of
the property and assets of a Subsidiary Guarantor, upon the designation of such Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with Section 4.04 and the definition of “Unrestricted Subsidiary”; provided
that upon giving pro forma effect to such designation and any related transactions, the Loan-to-Value Ratio shall either be (x) equal to or less than the Loan-to-Value Ratio immediately prior to giving effect to such designation or
(y) no greater than 75%; 

  
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 (4) in respect of the property and assets of a Subsidiary Guarantor, upon
the release or discharge of the guarantee by such Subsidiary Guarantor of the Credit Agreement or other Indebtedness or the guarantee of any other Indebtedness that resulted in the obligation to become a Subsidiary Guarantor (other than a release
upon the Discharge of Senior Lender Claims); provided that upon giving pro forma effect to such release or discharge and any related transactions, the Loan-to-Value Ratio shall either be (x) equal to or less than the Loan-to-Value Ratio
immediately prior to giving effect to such release or discharge or (y) no greater than 75%; 
 (5) upon the
disposition of such property or assets during the existence of any event of default under (and as defined in) the Credit Agreement to the extent the First Lien Agent has consented to such sale, transfer or disposition and subject to the terms of the
Intercreditor Agreement; 
 (6) in respect of the Liens against any Subsidiary Guarantor, in connection with a
Permitted Reflagging Transaction (for the avoidance of doubt, such terminations shall not in any way extend to any property transferred to the transferee in a Permitted Reflagging Transaction); 

(7) any Liens against a Liquidating Entity or other Person in connection with a liquidation, dissolution or other
transaction permitted under Section 5.01 in which such Person ceases to exist (but for the avoidance of doubt, such termination shall not in any way extend to any property otherwise constituting Collateral); 

(8) the Liens on such property or assets securing First-Priority Lien Obligations are otherwise released as permitted by
the Credit Agreement (other than a release upon the Discharge of Senior Lender Claims); 
 (9) as described
under Article IX. 
 In the event that the aggregate principal amounts of the loans outstanding under the Credit Agreement is
less than 15% of the sum of such amount and the aggregate amount of the Notes outstanding, then any release or discharge with respect to the Collateral shall require consent of the holders of First-Priority Lien Obligations and the Notes
representing in the aggregate more than 50% of the sum of (a) aggregate principal amount of loan outstanding under the Credit Agreement and (b) the aggregate principal amount of the Notes outstanding; provided that no such consent shall be
required for any such release or discharge in connection with a transaction (x) otherwise permitted under the Credit Agreement and this Indenture, (y) pursuant to clause (5) above or (z) in connection with the enforcement or
exercise of any rights or remedies with respect to the Collateral. 

  
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 In addition, the security interests granted pursuant to the Security Documents securing the
Notes and the Subsidiary Guarantees shall automatically terminate and/or be released all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the applicable Subsidiary
Guarantors, as of the date (i) upon all the Obligations under the Notes and this Indenture (other than contingent or unliquidated obligations or liabilities not then due) have been paid in full in cash or immediately available funds;
(ii) upon a legal defeasance or covenant defeasance or discharge under Article VIII, or (iii) as a result of any foreclosure of any pledge or security interest securing the First-Priority Lien Obligations or the exercise of remedies in
respect thereof in accordance with the terms of the Intercreditor Agreement. 
 In connection with any termination or release
pursuant to this Section 11.04(a), the Collateral Agent shall execute and deliver to the Issuer or any Subsidiary Guarantor, at the Issuer’s or such Subsidiary Guarantor’s expense, all documents that the Issuer or such Subsidiary
Guarantor shall reasonably request to evidence such termination or release (including, without limitation, UCC termination statements), and will duly assign and transfer to the Issuer or such Subsidiary Guarantor, such of the Collateral that may be
in the possession of the Collateral Agent and has not theretofore been sold or otherwise applied or released pursuant to this Indenture or the Security Documents. Any execution and delivery of documents pursuant to this Section 11.04(a) shall
be without recourse to or warranty by the Collateral Agent. In connection with any release pursuant to this Section 11.04(a), the Issuer and Subsidiary Guarantors shall be permitted to take any action in connection therewith consistent with
such release including, without limitation, the filing of UCC termination statements. 
 Upon the receipt of an Officers’
Certificate from the Issuer, as described in Section 11.04(b) below, if applicable, and any necessary or proper instruments of termination, satisfaction or release prepared by the Issuer, the Collateral Agent shall execute, deliver or
acknowledge such instruments or releases to evidence the release of any Collateral permitted to be released pursuant to this Indenture or the Security Documents or the Intercreditor Agreement. 

(b) Notwithstanding anything herein to the contrary, in connection with (x) any release of Collateral pursuant to
Section 11.04(a)(2), (3), (4) or (9) above, such Collateral may not be released from the Lien and security interest created by the Security Documents and (y) any release of Collateral pursuant to Section 11.04(a)(1), (5),
(6), (7) and (8), the Collateral Agent shall not be required to execute, deliver or acknowledge any instruments of termination, satisfaction or release unless, in each case, an Officers’ Certificate and Opinion of Counsel certifying that
all conditions precedent to such release, including, without limitation, this Section 11.04, have been met and stating under which of the circumstances set forth in Section 11.04(a) above the Collateral is being released have been
delivered to the Collateral Agent on or prior to the date of such release or, in the case of clause (y) above, the date on which the Collateral Agent executes any such instrument. 

(c) Notwithstanding anything herein to the contrary, at any time when a Default or Event of Default has occurred and is continuing and
the maturity of the Notes has been accelerated (whether by declaration or otherwise) and the Trustee has delivered a notice of acceleration to the Collateral Agent, no release of Collateral pursuant to the provisions of this

  
 118

 
Indenture or the Security Documents will be effective as against the holders, except as otherwise provided in the Intercreditor Agreement. 

SECTION 11.05 Filing, Recording and Opinions. (a) The Issuer will comply with the provisions of TIA Sections 314(b), 314(c)
and 314(d), in each case following qualification of this Indenture pursuant to the TIA and except to the extent not required as set forth in any SEC regulation or interpretation (including any no-action letter issued by the Staff of the SEC, whether
issued to the Issuer or any other Person). Following such qualification, to the extent the Issuer is required to furnish to the Trustee an Opinion of Counsel pursuant to TIA Section 314(b)(2), the Issuer will furnish such opinion not more than
60 but not less than 30 days prior to each September 30. 
 Any release of Collateral permitted by Section 11.04
hereof will be deemed not to impair the Liens under this Indenture and the Security Documents in contravention thereof and any person that is required to deliver an Officers’ Certificate or Opinion of Counsel pursuant to Section 314(d) of
the TIA, shall be entitled to rely upon the foregoing as a basis for delivery of such certificate or opinion. The Trustee may, to the extent permitted by Section 7.01 and 7.02 hereof, accept as conclusive evidence of compliance with the
foregoing provisions the appropriate statements contained in such documents and Opinion of Counsel. 
 (b) If any Collateral is
released in accordance with this Indenture and if the Issuer has delivered the certificates and documents required by the Security Documents and Section 11.04, the Trustee will determine whether it has received all documentation required by TIA
Section 314(d) in connection with such release and, based on such determination and the Opinion of Counsel delivered pursuant to Section 11.04, will, upon request, deliver a certificate to the Collateral Agent setting forth such
determination. 
 (c) Any certificate or opinion required by Section 314(d) of the Trust Indenture Act may be made by an
Officer of the Issuer, except in cases where Section 314(d) requires that such certificate or opinion be made by an independent engineer, appraiser or other expert. 
 (d) Notwithstanding anything to the contrary herein, the Issuer and its Subsidiaries will not be required to comply with all or any portion of Section 314(d) of the Trust Indenture Act if they
determine, in good faith based on advice of counsel, that under the terms of that section and/or any interpretation or guidance as to the meaning thereof of the SEC and its staff, including “no action” letters or exemptive orders, all or
any portion of Section 314(d) of the Trust Indenture Act is inapplicable to the released Collateral. 
 (e) Upon the
request of the Trustee, the Trustee shall be entitled to rely on an Officers’ Certificate and an Opinion of Counsel in respect of any matter in furtherance of the foregoing transactions contemplated by this Section 11.05. 

SECTION 11.06 [Intentionally omitted]. 
 SECTION 11.07 Powers Exercisable by Receiver or Trustee. In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article XI upon
the Issuer or the Subsidiary Guarantors with respect to the 

  
 119

 
release, sale or other disposition of such property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any
similar instrument of the Issuer or the Subsidiary Guarantors or of any officer or officers thereof required by the provisions of this Article XI; and if the Trustee shall be in the possession of the Collateral under any provision of this Indenture,
then such powers may be exercised by the Trustee. 
 SECTION 11.08 Release Upon Termination of the Issuer’s
Obligations. In the event (i) that the Issuer delivers to the Trustee, in form and substance acceptable to it, an Officers’ Certificate and Opinion of Counsel certifying that all the obligations under this Indenture, the Notes and the
Security Documents have been satisfied and discharged by the payment in full of the Issuer’s obligations under the Notes, this Indenture and the Security Documents, and all such obligations have been so satisfied, or (ii) a discharge,
legal defeasance or covenant defeasance of this Indenture occurs under Article VIII, the Trustee shall deliver to the Issuer and the Collateral Agent a notice stating that the Trustee, on behalf of the holders, disclaims and gives up any and all
rights it has in or to the Collateral, and any rights it has under the Security Documents, and upon receipt by the Collateral Agent of such notice, the Collateral Agent shall be deemed not to hold a Lien in the Collateral on behalf of the Trustee
and shall do or cause to be done all acts reasonably necessary to release such Lien as soon as is reasonably practicable. 

SECTION 11.09 Designations. Except as provided in the next sentence, for purposes of the provisions hereof and the Intercreditor
Agreement requiring the Issuer to designate Indebtedness for the purposes of the terms First-Priority Lien Obligations and Other Second-Lien Obligations or any other such designations hereunder or under the Intercreditor Agreement, any such
designation shall be sufficient if the relevant designation provides in writing that such First-Priority Lien Obligations or Other Second-Lien Obligations are permitted under this Indenture and is signed on behalf of the Issuer by an Officer and
delivered to the Trustee, the Collateral Agent and the First Lien Agent. For all purposes hereof and the Intercreditor Agreement, the Issuer hereby designates the Obligations pursuant to the Credit Agreement as in effect on the Issue Date as
First-Priority Lien Obligations. 
 ARTICLE XII 
 GUARANTEE 
 SECTION 12.01 Guarantee. 

(i) Each Subsidiary Guarantor hereby jointly and severally, irrevocably and unconditionally guarantees on a
second-priority secured basis, as a primary obligor and not merely as a surety, to each holder and to the Trustee and its successors and assigns (i) the full and punctual payment when due, whether at Stated Maturity, by acceleration, by
redemption or otherwise, of all obligations of the Issuer under this Indenture (including obligations to the Trustee) and the Notes, whether for payment of principal of, premium, if any, or interest on in respect of the Notes and all other monetary
obligations of the Issuer under this Indenture and the Notes and (ii) the full and punctual performance within applicable grace periods of all other obligations of 

  
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the Issuer whether for fees, expenses, indemnification or otherwise under this Indenture and the Notes (all the foregoing being hereinafter collectively called the “Guaranteed
Obligations”). Each Subsidiary Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from any Subsidiary Guarantor, and that each Subsidiary Guarantor
shall remain bound under this Article XII notwithstanding any extension or renewal of any Guaranteed Obligation. 

(ii) Each Subsidiary Guarantor waives presentation to, demand of payment from and protest to the Issuer of any of the
Guaranteed Obligations and also waives notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of each Subsidiary Guarantor hereunder shall not be
affected by (i) the failure of any holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Indenture, the Notes or any other agreement or otherwise; (ii) any
extension or renewal of this Indenture, the Notes or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (iv) the release of
any security held by any holder or the Trustee for the Guaranteed Obligations or each Subsidiary Guarantor; (v) the failure of any holder or Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or
(vi) any change in the ownership of each Subsidiary Guarantor, except as provided in Section 12.02(b). Each Subsidiary Guarantor hereby waives any right to which it may be entitled to have its obligations hereunder divided among the
Subsidiary Guarantors, such that such Subsidiary Guarantor’s obligations would be less than the full amount claimed. 
 (iii) Each Subsidiary Guarantor hereby waives any right to which it may be entitled to have the assets of the Issuer first be used and depleted as payment of the Issuer’s or such Subsidiary
Guarantor’s obligations hereunder prior to any amounts being claimed from or paid by such Subsidiary Guarantor hereunder. Each Subsidiary Guarantor hereby waives any right to which it may be entitled to require that the Issuer be sued prior to
an action being initiated against such Subsidiary Guarantor. 
 (iv) Each Subsidiary Guarantor further agrees
that its Subsidiary Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any holder or the Trustee to any security held
for payment of the Guaranteed Obligations. 
 (v) The Subsidiary Guarantee of each Subsidiary Guarantor is, to
the extent and in the manner set forth in this Article XII, equal in right of payment to all existing and future Pari Passu Indebtedness, senior in right of payment to all existing and future Subordinated Indebtedness of the Issuer and is made
subject to such provisions of this Indenture. 
 (vi) Except as expressly set forth in Sections 8.01(b), 12.02
and 12.06, the obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of 

  
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waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity,
illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not be discharged or impaired or otherwise affected by the failure
of any holder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the
performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would otherwise operate as a discharge of
any Subsidiary Guarantor as a matter of law or equity. 
 (vii) Each Subsidiary Guarantor agrees that its
Subsidiary Guarantee shall remain in full force and effect until payment in full of all the Guaranteed Obligations. Each Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein shall continue to be effective or be reinstated, as the
case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any holder or the Trustee upon the bankruptcy or reorganization of the Issuer or
otherwise. 
 (viii) In furtherance of the foregoing and not in limitation of any other right which any holder or
the Trustee has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure of the Issuer to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by
acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Subsidiary Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in
cash, to the holders or the Trustee an amount equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by
applicable law) and (iii) all other monetary obligations of the Issuer to the holders and the Trustee. 

(ix) Each Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the holders
in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Subsidiary Guarantor further agrees that, as between it, on the one hand, and the holders and the Trustee, on the other hand,
(i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of the Subsidiary Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article VI, such Guaranteed Obligations (whether or not due and
payable) shall forthwith become due and payable by the Subsidiary Guarantor for the purposes of this Section 12.01. 

  
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 (x) Each Subsidiary Guarantor also agrees to pay any and all costs and
expenses (including reasonable attorneys’ fees and expenses) Incurred by the Trustee or any holder in enforcing any rights under this Section 12.01. 
 (xi) Upon request of the Trustee, each Subsidiary Guarantor shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture. 
 SECTION 12.02 Limitation on Liability. 

(a) Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations
guaranteed hereunder by each Subsidiary Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Subsidiary Guarantor, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 
 (b) Each Subsidiary Guarantee
shall terminate and be of no further force or effect and such Subsidiary Guarantor shall be deemed to be released from all obligations under this Article XII upon: 

(i) the sale, disposition, exchange or other transfer (including through merger, consolidation, amalgamation or otherwise)
of the Capital Stock (including any sale, disposition, liquidation, dissolution or other transfer following which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary), or of all or substantially all of the assets, of the
applicable Subsidiary Guarantor if such sale, disposition, exchange or other transfer is made in a manner not in violation of this Indenture; provided that if such Subsidiary Guarantor directly or indirectly owns any Mortgaged Vessel or other
Collateral, upon giving pro forma effect to such sale, disposition, exchange or transfer and any related transactions (except if resulting from an Event of Loss), the Loan-to-Value Ratio shall either be (x) equal to or less than the
Loan-to-Value Ratio immediately prior to giving effect to such sale, disposition, exchange or transfer or (y) no greater than 75%; 
 (ii) the Issuer’s transfer of all or substantially all of its assets to, or merger with, an entity that is not a Subsidiary of the Issuer in accordance with Section 5.01 and such transferee
entity assumes the Issuer’s obligations under this Indenture 
 (iii) the Issuer designating such Subsidiary
Guarantor to be an Unrestricted Subsidiary in accordance with the provisions of Section 4.04 and the definition of “Unrestricted Subsidiary”; provided that if such Subsidiary Guarantor directly or indirectly owns any Mortgaged Vessel
or other Collateral, upon giving pro forma effect to such designation and any related transactions, the Loan-to-Value Ratio shall either be (x) equal to or less than the Consolidated Loan-to-Value Ratio immediately prior to giving effect to
such designation or (y) no greater than 75%; 

  
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 (iv) a Subsidiary Guarantor’s transfer of ownership of a Mortgaged
Vessel in connection with a Permitted Reflagging Transaction; and 
 (v) the release or discharge of the
guarantee by such Restricted Subsidiary of the Credit Agreement except upon Discharge of Senior Lender Claims or the guarantee of any other Indebtedness that resulted in the obligation to guarantee the Notes; provided that if such Restricted
Subsidiary directly or indirectly owns any Mortgaged Vessel or other Collateral, upon giving pro forma effect to such release or discharge and any related transactions, the Loan-to-Value Ratio shall either be (x) equal to or less than the
Loan-to-Value Ratio immediately prior to giving effect to such release or discharge or (y) no greater 75%; and 
 (vi) the Issuer’s exercise of its legal defeasance option or covenant defeasance option under Article VIII or if the Issuer’s obligations under this Indenture are discharged in accordance with
the terms of this Indenture. 
 Each Subsidiary Guarantee also will be automatically released upon the applicable Subsidiary
ceasing to be a Subsidiary as a result of any foreclosure of any pledge or security interest securing the Credit Agreement or other First-Priority Lien Obligations or other exercise of remedies in respect thereof in accordance with the terms of the
Intercreditor Agreement. At the request and at the expense of the Issuer, the Trustee shall execute and deliver any instrument evidencing such release. 
 SECTION 12.03 Successors and Assigns. This Article XII shall be binding upon each Subsidiary Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of
the Trustee and the holders and, in the event of any transfer or assignment of rights by any holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in
such transferee or assignee, all subject to the terms and conditions of this Indenture. 
 SECTION 12.04 No Waiver.
Neither a failure nor a delay on the part of either the Trustee or the holders in exercising any right, power or privilege under this Article XII shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or
further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under
this Article XII at law, in equity, by statute or otherwise. 
 SECTION 12.05 Modification. No modification, amendment or
waiver of any provision of this Article XII, nor the consent to any departure by any Subsidiary Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall
be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Subsidiary Guarantor in any case shall entitle any Subsidiary Guarantor to any other or further notice or demand in the same, similar or
other circumstances. 

  
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 SECTION 12.06 Execution of Supplemental Indenture for Future Note Guarantors. Each
Subsidiary and other Person which is required to become a Subsidiary Guarantor of the Notes pursuant to Section 4.11 shall promptly execute and deliver to the Trustee a supplemental indenture in the form of Exhibit D hereto pursuant to
which such Subsidiary or other Person shall become a Subsidiary Guarantor under this Article XII and shall guarantee the Notes. Concurrently with the execution and delivery of such supplemental indenture, the Issuer shall deliver to the Trustee an
Opinion of Counsel and an Officers’ Certificate to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary or other Person and that, subject to the application of bankruptcy, insolvency,
moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Subsidiary Guarantee of such Subsidiary
Guarantor is a valid and binding obligation of such guarantor, enforceable against such Subsidiary Guarantor in accordance with its terms. 
 SECTION 12.07 Non-Impairment. The failure to endorse a Subsidiary Guarantee on any Note shall not affect or impair the validity thereof. 

ARTICLE XIII 
 MISCELLANEOUS 
 SECTION 13.01 Trust Indenture Act Controls. If and
to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation of, Sections 310 to 318 of
the TIA, inclusive, such imposed duties or incorporated provision shall control. 
 SECTION 13.02 Notices. 

(a) Any notice or communication required or permitted hereunder shall be in writing and delivered in person, via facsimile or mailed by
first-class mail addressed as follows: 
 if to the Issuer or a Subsidiary Guarantor: 

Seven Seas Cruises S. DE R.L. 
 8300 NW 33rd
Street, Suite 308 
 Miami, Florida 33122 
 Attention: General Counsel and Secretary 
 Telephone: (305) 514-2300

 if to the Trustee: 
 Wilmington Trust FSB 
 Corporate Capital Markets 

50 South Sixth Street, Suite 1290 
 Minneapolis, MN 55402 
 Telephone: (612) 217-5632 

  
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 Facsimile: (612) 217-5651 

Attn: Seven Seas Cruises S. de R.L. Administrator 
 The Issuer or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

(b) Any notice or communication mailed to a holder shall be mailed, first class mail, to the holder at the holder’s address as it
appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 

(c) Failure to mail a notice or communication to a holder or any defect in it shall not affect its sufficiency with respect to other
holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices to the Trustee are effective only if received. 

(d) Where this Indenture provides for notice of any event to a holder of a Global Note, such notice shall be sufficiently given if given
to the depositary for such Note (or its designee), pursuant to its applicable procedures, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. 

SECTION 13.03 Communication by the Holders with Other Holders. The holders may communicate pursuant to Section 312(b) of the
TIA with other holders with respect to their rights under this Indenture or the Notes. The Issuer, the Trustee, the Registrar and other Persons shall have the protection of Section 312(c) of the TIA. 

SECTION 13.04 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer to the Trustee to
take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee at the request of the Trustee: 
 (a) an Officers’ Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to
the proposed action have been complied with; and 
 (b) an Opinion of Counsel in form reasonably satisfactory to the Trustee
stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 SECTION 13.05
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section 4.09) shall include: 

(a) a statement that the individual making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 

  
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 (c) a statement that, in the opinion of such individual, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with; provided, however, that with respect to matters of fact an Opinion
of Counsel may rely on an Officers’ Certificate or certificates of public officials. 
 SECTION 13.06 When Notes
Disregarded. In determining whether the holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer, any Subsidiary Guarantor or by any Person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Issuer or the Subsidiary Guarantor shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, waiver or consent, only Notes which the Trustee knows are so owned shall be so disregarded. Subject to the foregoing, only Notes outstanding at the time shall be considered in any such determination. 

SECTION 13.07 Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of
the holders. The Registrar and a Paying Agent may make reasonable rules for their functions. 
 SECTION 13.08 Legal
Holidays. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a
Business Day for the intervening period. If a regular Record Date is not a Business Day, the Record Date shall not be affected. 

SECTION 13.09 GOVERNING LAW. THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 SECTION 13.10 No Recourse Against Others. No
director, officer, employee, manager, incorporator or holder of any Equity Interests in the Issuer or of any Guarantor or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Issuer or any
Subsidiary Guarantor under the Notes or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes. 
 SECTION 13.11 Successors. All agreements of the
Issuer and the Subsidiary Guarantor in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 13.12 Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One
signed copy is enough to prove this Indenture. 

  
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 SECTION 13.13 Table of Contents; Headings. The table of contents, cross-reference
sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof.

 SECTION 13.14 Indenture Controls. If and to the extent that any provision of the Notes limits, qualifies or conflicts
with a provision of this Indenture, such provision of this Indenture shall control. 
 SECTION 13.15 Severability. In
case any provision in this Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only
to the extent of such invalidity, illegality or unenforceability. 
 SECTION 13.16 Intercreditor Agreement. The terms of
this Indenture are subject to the terms of the Intercreditor Agreement. 
 SECTION 13.17 Agent for Service; Submission
to Jurisdiction; Waiver of Immunity  
 (a) By the execution and delivery of this Indenture, the Issuer
(i) acknowledges that it will, by separate written instrument, designate and appoint National Registered Agents, Inc. (and any successor entity) as its authorized agent upon which process may be served in any suit or proceeding arising out of
or relating to this Indenture that may be instituted in any Federal or state court in the State of New York, New York County, or brought under Federal or state securities laws, and acknowledges that National Registered Agents, Inc. will accept such
designation, (ii) submits for itself and its property to the non-exclusive jurisdiction of any such court in any such suit or proceeding, (iii) consents that any such proceeding may be brought in any such court and waives trial by jury and
any objection that it may now or hereafter have to the venue of any such proceeding in any such court or that such proceeding was brought in any inconvenient court and agrees not to plead or claim the same, (iv) agrees that service of process
upon National Registered Agents, Inc. and written notice of said service to the Issuer in accordance with Section 13.02 shall be deemed in every respect effective service of process upon the Issuer in any such suit or proceeding and
(v) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction. 

(b) To the extent that the Issuer may be entitled, in any jurisdiction in which judicial proceedings may at any time be commenced with
respect to or arising out of this Indenture, to claim for itself or its revenues, assets or properties immunity (whether by reason of sovereignty or otherwise) from suit, from the jurisdiction of any court (including but not limited to any court of
the United States of America or the State of New York), from attachment prior to judgment, from set-off, from execution of a judgment or from any other legal process, and to the extent that in any such jurisdiction there may be attributed such an
immunity (whether or not claimed), the Issuer hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity to the extent permitted by law. 

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

			
	SEVEN SEAS CRUISES S. DE R.L., as Issuer

 
			
		
	By:	 	       /s/ Gema M.
Piñon

 
			
	Name:	 	Gema M. Piñon
	Title:	 	 Senior Vice President, General Counsel,
 and Secretary

	
	SUPPLYSTILL LIMITED, as a Subsidiary Guarantor

 
			
		
	By:	 	       /s/ Graham P.
Sadler

 
			
	Name:	 	Graham P. Sadler
	Title:	 	Director
	
	REGENT SEVEN SEAS CRUISES UK LIMITED, as a Subsidiary Guarantor

 
			
		
	By:	 	       /s/ Graham P.
Sadler

 
			
	Name:	 	Graham P. Sadler
	Title:	 	Director
	
	CELTIC PACIFIC (UK) LIMITED, as a Subsidiary Guarantor

 
			
		
	By:	 	       /s/ Graham P.
Sadler

 
			
	Name:	 	Graham P. Sadler
	Title:	 	Director

 SECOND LIEN INDENTURE 

 
			
	CELTIC PACIFIC (UK) TWO LIMITED, as a Subsidiary Guarantor

 
			
		
	By:	 	        /s/ Graham P.
Sadler

 
			
	Name:	 	Graham P. Sadler
	Title:	 	Director

 
			
	
	SSC (FRANCE) LLC, as a Subsidiary Guarantor
		
	By:	 	        /s/ Gema M.
Piñon

 
			
	Name:	 	Gema M. Piñon
	Title:	 	Manager

 
			
	
	MARINER, LLC, as a Subsidiary Guarantor
		
	By:	 	        /s/ Gema M.
Piñon

 
			
	Name:	 	Gema M. Piñon
	Title:	 	Manager

 SECOND LIEN INDENTURE 

 
			
	Wilmington Trust FSB, as Trustee and Collateral Agent

 
			
		
	By:	 	        /s/ Jane
Schweiger

 
			
	Name:	 	Jane Schweiger
	Title:	 	Vice President

 SECOND LIEN INDENTURE 

 APPENDIX A 
 RULE 144A/REGULATION S/IAI APPENDIX 
 PROVISIONS RELATING TO INITIAL NOTES,

 EXCHANGE NOTES 
  

	1.	Definitions 

 1.1
Definitions 
 For the purposes of this Appendix the following terms shall have the meanings indicated below: 

“Additional Interest” has the meaning set forth in the Registration Rights Agreement. 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Temporary Regulation S Global Note or
beneficial interest therein, the rules and procedures of the Depository for such a Temporary Regulation S Global Note, to the extent applicable to such transaction and as in effect from time to time. 

“Definitive Note” means a certificated Initial Note or Exchange Note bearing, if required, the appropriate restricted notes
legend set forth in Section 2.3(e). 
 “Depository” means The Depository Trust Company, its nominees and their
respective successors. 
 “Distribution Compliance Period”, with respect to any Notes, means the period of 40
consecutive days beginning on and including the later of (i) the day on which such Notes are first offered to Persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S and (ii) the
issue date with respect to such Notes. 
 “Exchange Notes” means the Notes issued pursuant to the Indenture in
connection with the Registered Exchange Offer pursuant to the Registration Rights Agreement. 
 “IAI” means an
institutional “accredited investor”, as defined in Rule 501(a)(1), (2), (3) and (7) of Regulation D under the Securities Act. 
 “Initial Notes” means the initial $225,000,000 in aggregate principal amount of Notes issued on the Issue Date. 
 “Initial Purchasers” Deutsche Bank Securities Inc., Barclays Capital Inc., HSBC Securities (USA) Inc., Morgan Joseph TriArtisan LLC, Credit Agricole Securities (USA) Inc., DnB NOR Markets, Inc.
and Nordea Bank Danmark A/S. 
 “Notes” means the Initial Notes and the Exchange Notes (including, for the avoidance
of doubt, any Additional Notes, whether issued as Initial Notes or Exchange Notes). 
 “Notes Custodian” means the
custodian with respect to a Global Note (as appointed by the Depository), or any successor Person thereto, and shall initially be the Trustee. 

 “Purchase Agreement” means (a) with respect to the Initial Notes issued on
the Issue Date, the Purchase Agreement dated May 13, 2011, among the Issuer, the Guarantors and the Representative, and (b) with respect to each issuance of Additional Notes, the purchase agreement or underwriting agreement among the
Issuer, the Guarantors and the Persons purchasing or underwriting such Additional Notes. 
 “QIB” means a
“qualified institutional buyer” as defined in Rule 144A. 
 “Registered Exchange Offer” means the offer by
the Issuer, pursuant to the Registration Rights Agreement, to certain Holders of Initial Notes, to issue and deliver to such Holders, in exchange for the Initial Notes, a like aggregate principal amount of Exchange Notes registered under the
Securities Act. 
 “Registration Rights Agreement” means (i) the Registration Rights Agreement related to the
Notes dated as of the Issue Date, among the Issuer and the Initial Purchasers, as amended or supplemented, and (ii) any other registration rights agreement entered into in connection with the issuance of Additional Notes in a private offering
by the Issuer after the Issue Date. “Representative” means Deutsche Bank Securities Inc., as representative of the Initial Purchasers. 
 “Rule 144A Notes” means all Notes offered and sold to QIBs in reliance on Rule 144A. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Shelf Registration Statement” means a registration statement filed by the Issuer in connection with the offer and sale of
Initial Notes pursuant to the Registration Rights Agreement. 
 “Transfer Restricted Notes” means Notes that bear or
are required to bear a legend relating to restrictions on transfer relating to the Securities Act set forth in Section 2.3(e). 

  
 2 

 1.2 Other Definitions 

 

					
	 Term
	  	Defined in
Section:	 
	 “Agent Members”
	  	 	2.1(b)	  
	 “Global Note”
	  	 	2.1(a)	  
	 “IAI Global Note”
	  	 	2.1(a)	  
	 “Permanent Regulation S Global Note”
	  	 	2.1(a)	  
	 “Regulation S”
	  	 	2.1(a)	  
	 “Rule 144A”
	  	 	2.1(a)	  
	 “Rule 144A Global Note”
	  	 	2.1(a)	  
	 “Temporary Regulation S Global Note”
	  	 	2.1(a)	  

  

	2.	The Notes 

 2.1 (a)
Form and Dating. The Initial Notes will be offered and sold by the Issuer pursuant to the Purchase Agreement. The Initial Notes will be resold initially by the Initial Purchasers only to (i) QIBs in reliance on Rule 144A under the
Securities Act (“Rule 144A”) and (ii) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S under the Securities Act (“Regulation S”). Initial Notes may thereafter be transferred to,
among others, QIBs, IAIs and purchasers in reliance on Regulation S, subject to the restrictions on transfer set forth herein. Initial Notes initially resold pursuant to Rule 144A shall be issued initially in the form of one or more permanent global
Notes in definitive, fully registered form (collectively, the “Rule 144A Global Note”); Initial Notes initially resold to IAIs shall be issued initially in the form of one or more permanent global Notes in definitive, fully registered form
(collectively, if any, the “IAI Global Note”); and Initial Notes initially resold pursuant to Regulation S shall be issued initially in the form of one or more temporary global notes in fully registered form (collectively, the
“Temporary Regulation S Global Note”), in each case without interest coupons and with the global notes legend and the applicable restricted notes legend set forth in Exhibit 1 hereto, which shall be deposited on behalf of the
purchasers of the Initial Notes represented thereby with the Notes Custodian and registered in the name of the Depository or a nominee of the Depository, duly executed by the Issuer and authenticated by the Trustee as provided in this Indenture.
Except as set forth in this Section 2.1(a), beneficial ownership interests in the Temporary Regulation S Global Note will not be exchangeable for interests in the Rule 144A Global Note, the IAI Global Note, a permanent global note (the
“Permanent Regulation S Global Note”, and together with the Temporary Regulation S Global Note, the “Regulation S Global Note”) or any other Note prior to the expiration of the Distribution Compliance Period and then, after the
expiration of the Distribution Compliance Period, may be exchanged for interests in a Rule 144A Global Note, an IAI Global Note or the Permanent Regulation S Global Note only upon certification in form reasonably satisfactory to the
Trustee that (i) beneficial ownership interests in such Temporary Regulation S Global Note are owned either by non-U.S. persons or U.S. persons who purchased such interests in a transaction that did not require registration under the Securities
Act and (ii) in the case of an exchange for an IAI Global Note, certification that the interest in the Temporary Regulation S Global Note is being transferred to an institutional “accredited investor” under the Securities Act that is
an 

  
 3 

 
institutional accredited investor acquiring the notes for its own account or for the account of an institutional accredited investor. 

Beneficial interests in Temporary Regulation S Global Notes (after the expiration of the Distribution Compliance Period) or IAI Global
Notes may be exchanged for interests in Rule 144A Global Notes if (1) such exchange occurs in connection with a transfer of Notes in compliance with Rule 144A and (2) the transferor of the beneficial interest in the Temporary
Regulation S Global Note or the IAI Global Note, as applicable, first delivers to the Trustee a written certificate (in a form satisfactory to the Trustee) to the effect that the beneficial interest in the Temporary Regulation S Global Note or the
IAI Global Note, as applicable, is being transferred to a Person (a) who the transferor reasonably believes to be a QIB, (b) purchasing for its own account or the account of a QIB in a transaction meeting the requirements of Rule 144A, and
(c) in accordance with all applicable notes laws of the States of the United States and other jurisdictions. 
 Beneficial
interests in Temporary Regulation S Global Notes (after the expiration of the Distribution Compliance Period) and Rule 144A Global Notes may be exchanged for an interest in IAI Global Notes if (1) such exchange occurs in connection with a
transfer of the notes in compliance with an exemption under the Securities Act and (2) the transferor of the Regulation S Global Note or Rule 144A Global Note, as applicable, first delivers to the Trustee a written certificate
(substantially in the form of Exhibit 2) to the effect that (A) the Regulation S Global Note or Rule 144A Global Note, as applicable, is being transferred (a) to an “accredited investor” within the meaning of
501(a)(1),(2),(3) and (7) under the Securities Act that is an institutional investor acquiring the notes for its own account or for the account of such an institutional accredited investor, in each case in a minimum principal amount of the
notes of $250,000, for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act and (B) in accordance with all applicable securities laws of the States of the United
States and other jurisdictions. 
 Beneficial interests in a Rule 144A Global Note or an IAI Global Note may be transferred
to a Person who takes delivery in the form of an interest in a Regulation S Global Note, whether before or after the expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written certificate
(in the form provided in this Indenture) to the effect that such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable). 

The Rule 144A Global Note, the IAI Global Note, the Temporary Regulation S Global Note and the Permanent Regulation S Global Note are
collectively referred to herein as “Global Notes”. The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee as
hereinafter provided. 
 (b) Book-Entry Provisions. This Section 2.1(b) shall apply only to a Global
Note deposited with or on behalf of the Depository. 
 The Issuer shall execute and the Trustee shall, in accordance with this
Section 2.1(b), authenticate and deliver initially one or more Global Notes that (a) shall be registered in the 

  
 4 

 
name of the Depository for such Global Note or Global Notes or the nominee of such Depository and (b) shall be delivered by the Trustee to such Depository or pursuant to such
Depository’s instructions or held by the Trustee as custodian for the Depository. 
 Members of, or participants in, the
Depository (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depository or by the Trustee as the custodian of the Depository or under such Global Note, and the Issuer,
the Trustee and any agent of the Issuer, the Guarantors or the Trustee shall be entitled to treat the Depository as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
Issuer, the Guarantors, the Trustee or any agent of the Issuer, the Guarantors or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its
Agent Members, the operation of customary practices of such Depository governing the exercise of the rights of a holder of a beneficial interest in any Global Note. 

(c) Definitive Notes. Except as provided in this Section 2.1 or Section 2.3 or 2.4, owners of beneficial
interests in Global Notes shall not be entitled to receive physical delivery of Definitive Notes. 
 2.2 Authentication

 The Trustee shall authenticate and deliver: (1) on the Issue Date, an aggregate principal amount of $225,000,000 Initial
Notes, (2) any Additional Notes for an original issue in an aggregate principal amount specified in the written order of the Issuer pursuant to Section 2.03 of the Indenture and (3) Exchange Notes for issue only in a Registered
Exchange Offer pursuant to the Registration Rights Agreement, for a like principal amount of Initial Notes upon a written order of the Issuer signed by two Officers or by an Officer and either an Assistant Treasurer or an Assistant Secretary of the
Issuer. Such order shall specify the amount of the Notes to be authenticated and the date on which the original issue of Notes is to be authenticated and, in the case of any issuance and Additional Notes pursuant to Section 2.01 of the
Indenture, shall certify that such issuance is in compliance with Section 4.03 of the Indenture. 
 2.3 Transfer and
Exchange 
 (a) Transfer and Exchange of Definitive Notes. When Definitive Notes are presented to the
Registrar with a request: 
  

	 	(x)	to register the transfer of such Definitive Notes; or 

  

	 	(y)	to exchange such Definitive Notes for an equal principal amount of Definitive Notes of other authorized denominations, 

the Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided,
however, that the Definitive Notes surrendered for transfer or exchange: 

  
 5 

 (i) shall be duly endorsed or accompanied by a written instrument of
transfer in form reasonably satisfactory to the Issuer and the Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and 
 (ii) if such Definitive Notes are required to bear a restricted notes legend, they are being transferred or exchanged pursuant to an effective registration statement under the Securities Act, pursuant to
Section 2.3(b) or pursuant to clause (A), (B) or (C) below, and are accompanied by the following additional information and documents, as applicable: 

(A) if such Definitive Notes are being delivered to the Registrar by a Holder for registration in the name of such Holder,
without transfer, a certification from such Holder to that effect; or 
 (B) if such Definitive Notes are being
transferred to the Issuer, a certification to that effect; or 
 (C) if such Definitive Notes are being
transferred (x) pursuant to an exemption from registration in accordance with Rule 144A, Regulation S or Rule 144 under the Securities Act; or (y) in reliance upon another exemption from the requirements of the Securities Act: (i) a
certification to that effect (in the form set forth on the reverse of the Note) and (ii) if the Issuer so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in
the legend set forth in Section 2.3(e)(i). 
 (b) Restrictions on Transfer of a Definitive Note for a Beneficial
Interest in a Global Note. A Definitive Note may not be exchanged for a beneficial interest in a Rule 144A Global Note, an IAI Global Note or a Permanent Regulation S Global Note except upon satisfaction of the requirements set forth below.
Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Trustee, together with: 

(i) certification, in the form set forth on the reverse of the Note, that such Definitive Note is either (A) being
transferred to a QIB in accordance with Rule 144A, (B) being transferred to an IAI or (C) being transferred after expiration of the Distribution Compliance Period by a Person who initially purchased such Note in reliance on Regulation S to
a buyer who elects to hold its interest in such Note in the form of a beneficial interest in the Permanent Regulation S Global Note; and 
 (ii) written instructions directing the Trustee to make, or to direct the Notes Custodian to make, an adjustment on its books and records with respect to such Rule 144A Global Note (in the case of a
transfer pursuant to clause (b)(i)(A)), IAI Global Note (in the case of a transfer pursuant to clause (b)(i)(B) or Permanent Regulation S Global Note (in the case of a transfer pursuant to clause (b)(i)(C)) to reflect an increase in the
aggregate principal amount of the Notes represented by the Rule 144A Global Note, IAI Global Note or Permanent Regulation S Global Note, as applicable, such instructions to contain information regarding the Depository account to be credited with
such increase, 

  
 6 

 
then the Trustee shall cancel such Definitive Note and cause, or direct the Notes Custodian to cause, in accordance with the standing instructions and procedures existing between the Depository
and the Notes Custodian, the aggregate principal amount of Notes represented by the Rule 144A Global Note, IAI Global Note or Permanent Regulation S Global Note, as applicable, to be increased by the aggregate principal amount of the Definitive Note
to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Rule 144A Global Note, IAI Global Note or Permanent Regulation S Global Note, as applicable, equal to
the principal amount of the Definitive Note so canceled. If no Rule 144A Global Notes, IAI Global Notes or Permanent Regulation S Global Notes, as applicable, are then outstanding, the Issuer shall issue and the Trustee shall authenticate, upon
written order of the Issuer in the form of an Officers’ Certificate of the Issuer, a new Rule 144A Global Note, IAI Global Note or Permanent Regulation S Global Note, as applicable, in the appropriate principal amount. 

(c) Transfer and Exchange of Global Notes. 

(i) The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depository, in
accordance with this Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depository therefor. A transferor of a beneficial interest in a Global Note shall deliver to the Registrar a written
order given in accordance with the Depository’s procedures containing information regarding the participant account of the Depository to be credited with a beneficial interest in the Global Note. The Registrar shall, in accordance with such
instructions, instruct the Depository to credit to the account of the Person specified in such instructions a beneficial interest in the Global Note and to debit the account of the Person making the transfer the beneficial interest in the Global
Note being transferred. 
 (ii) If the proposed transfer is a transfer of a beneficial interest in one Global
Note to a beneficial interest in another Global Note, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount equal to the
principal amount of the interest to be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred.

 (iii) Notwithstanding any other provisions of this Appendix (other than the provisions set forth in
Section 2.4), a Global Note may not be transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such
nominee to a successor Depository or a nominee of such successor Depository. 
 (iv) In the event that a Global
Note is exchanged for Definitive Notes pursuant to Section 2.4 of this Appendix, prior to the consummation of a Registered Exchange Offer or the effectiveness of a Shelf Registration Statement with respect to such Notes, such Notes may be
exchanged only in accordance with such procedures as are 

  
 7 

 
substantially consistent with the provisions of this Section 2.3 (including the certification requirements set forth on the reverse of the Initial Notes intended to ensure that such
transfers comply with Rule 144A, Regulation S or another applicable exemption under the Securities Act, as the case may be) and such other procedures as may from time to time be adopted by the Issuer. 

(d) Restrictions on Transfer of Temporary Regulation S Global Notes. During the Distribution Compliance Period, beneficial
ownership interests in Temporary Regulation S Global Notes may only be sold, pledged or transferred in accordance with the Applicable Procedures and only (i) to the Issuer, (ii) in an offshore transaction in accordance with Regulation S
(other than a transaction resulting in an exchange for an interest in a Permanent Regulation S Global Note), (iii) pursuant to an effective registration statement under the Securities Act, in each case in accordance with any applicable
securities laws of any State of the United States. 
 (e) Legend. 

(i) Except as permitted by the following paragraphs (ii), (iii) and (iv), each Note certificate evidencing the
Global Notes (and all Notes issued in exchange therefor or in substitution thereof), in the case of Notes offered otherwise than in reliance on Regulation S, shall bear a legend in substantially the following form: 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE
SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
 THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO THE ISSUER, (II) IN THE UNITED STATES
TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (IV) TO AN “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT, PRIOR TO SUCH TRANSFER,
FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS

  
 8 

 
IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES
ACT, (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES
(I) THROUGH (VI), IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE. 
 Each certificate evidencing a Note offered in reliance on Regulation S shall, in lieu of the
foregoing, bear a legend in substantially the following form: 
 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A
TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 

Each Definitive Note shall also bear the following additional legend: 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS
SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 (ii) Upon any sale or transfer of a Transfer Restricted Note (including any Transfer Restricted Note represented by a Global Note) pursuant to Rule 144 under the Securities Act, the Registrar shall permit
the transferee thereof to exchange such Transfer Restricted Note for a certificated Note that does not bear the legend set forth above and rescind any restriction on the transfer of such Transfer Restricted Note, if the transferor thereof certifies
in writing to the Registrar that such sale or transfer was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Note). 

(iii) After a transfer of any Initial Notes pursuant to and during the period of the effectiveness of a Shelf Registration
Statement with respect to such Initial Notes, all requirements pertaining to legends on such Initial Note will cease to apply, the requirements requiring any such Initial Note issued to certain Holders be issued in global

  
 9 

 
form will cease to apply, and a certificated Initial Note or an Initial Note in global form, in each case without restrictive transfer legends, will be available to the transferee of the Holder
of such Initial Notes upon exchange of such transferring Holder’s certificated Initial Note or directions to transfer such Holder’s interest in the Global Note, as applicable. 

(iv) Upon the consummation of a Registered Exchange Offer with respect to the Initial Notes, all requirements pertaining
to such Initial Notes that Initial Notes issued to certain Holders be issued in global form will still apply with respect to Holders of such Initial Notes that do not exchange their Initial Notes, and Exchange Notes in certificated or global form,
in each case without the restricted notes legend set forth in Exhibit 1 hereto, will be available to Holders that exchange such Initial Notes in such Registered Exchange Offer. 

(f) Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a Global Note have either been
exchanged for Definitive Notes, redeemed, purchased or canceled, such Global Note shall be returned to the Depository for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a
Global Note is exchanged for certificated Notes, redeemed, purchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Trustee (if it is then
the Notes Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction. 
 (g) No Obligation of the Trustee. 
 (i) The Trustee shall
have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depository or other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or
member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption) or the
payment of any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to or upon the order of the registered Holders
(which shall be the Depository or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depository subject to the applicable procedures of the Depository. The Trustee may
rely and shall be fully protected in relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners. 
 (ii) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to
any transfer of any interest in any Note (including any transfers between or among Depository participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as
are expressly required by, and to do so if and when 

  
 10 

 
expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

2.4 Certificated Notes 
 (a) A Global Note deposited with the Depository or with the Trustee as Notes Custodian for the Depository pursuant to Section 2.1 shall be transferred to the beneficial owners thereof in the form of
Definitive Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.3 hereof and (i) the Depository notifies the Issuer that
it is unwilling or unable to continue as Depository for such Global Note and the Depository fails to appoint a successor depositary or if at any time such Depository ceases to be a “clearing agency” registered under the Exchange Act and,
in either case, a successor Depository is not appointed by the Issuer within 90 days of such notice, or (ii) an Event of Default has occurred and is continuing or (iii) the Issuer, in its sole discretion, notifies the Trustee in
writing that it elects to cause the issuance of Definitive Notes under this Indenture. 
 (b) Any Global Note that is
transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the Depository to the Trustee located at its corporate trust office to be so transferred, in whole or from time to time in part, without charge,
and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this
Section 2.4 shall be executed, authenticated and delivered only in denominations of $2,000 principal amount and any integral multiples of $1,000 in excess thereof, provided that a portion of a Global Note may be issued in a denomination
of less than $1,000 solely to accommodate book-entry positions that may have been created by the Depository in denominations of less than $1,000, and registered in such names as the Depository shall direct. Any Definitive Note delivered in exchange
for an interest in the Transfer Restricted Note shall, except as otherwise provided by Section 2.3(e) hereof, bear the applicable restricted notes legend and definitive note legend set forth in Exhibit 1 hereto. 

(c) Subject to the provisions of Section 2.4(b) hereof, the registered Holder of a Global Note shall be entitled to grant proxies
and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(d) In the event of the occurrence of one of the events specified in Section 2.4(a) hereof, the Issuer shall promptly make available
to the Trustee a reasonable supply of Definitive Notes in definitive, fully registered form without interest coupons. In the event that such Definitive Notes are not issued, the Issuer expressly acknowledges, with respect to the right of any Holder
to pursue a remedy pursuant to Section 6.06 of this Indenture, the right of any beneficial owner of Notes to pursue such remedy with respect to the portion of the Global Note that represents such beneficial owner’s Notes as if such
Definitive Notes had been issued. 

  
 11 

 EXHIBIT A 
 EXHIBIT 1 to Rule 144A/REGULATION S/IAI APPENDIX 
 [FORM OF FACE OF INITIAL NOTE]

 [Global Notes Legend] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR THEIR AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR
TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

[For Regulation S Global Note Only] 
 [UNTIL 40 DAYS AFTER THE LATER OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF NOTES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.] 

[Restricted Notes Legend for Notes Offered Otherwise than in Reliance 

on Regulation S] 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE
SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 

  
 A-1

 THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO THE ISSUER, (II) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT)
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (IV) TO AN “ACCREDITED INVESTOR” (AS DEFINED IN RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF
WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES
ACT, (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES
(I) THROUGH (VI), IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE. 
 [Restricted Notes Legend for Notes Offered in Reliance on Regulation S.] 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 
 [Temporary Regulation S Global Note Legend] 
 EXCEPT AS SET FORTH BELOW,
BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL NOTE OR ANY OTHER NOTE REPRESENTING AN INTEREST IN THE NOTES REPRESENTED HEREBY WHICH DO
NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(2) OF REGULATION S UNDER THE SECURITIES ACT) AND THEN ONLY UPON
CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE TRUSTEE THAT SUCH BENEFICIAL INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED SUCH INTERESTS IN A TRANSACTION THAT DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES
ACT. DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE 

  
 A-2

 
PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED (I) TO THE ISSUER, (II) OUTSIDE THE UNITED STATES IN A
TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (III) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. HOLDERS OF INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE WILL NOTIFY ANY PURCHASER OF THIS NOTE OF THE RESALE RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE. 

AFTER THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE
EXCHANGED FOR INTERESTS IN A RULE 144A GLOBAL NOTE ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE NOTES IN COMPLIANCE WITH RULE 144A AND (2) THE TRANSFEROR OF THE REGULATION S GLOBAL NOTE FIRST DELIVERS TO THE
TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL NOTE IS BEING TRANSFERRED (A) TO A PERSON WHO THE TRANSFEROR REASONABLY BELIEVES TO BE A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A, (B) TO A PERSON WHO IS PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, AND (C) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. 
 AFTER THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD,
BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE EXCHANGED FOR INTERESTS IN AN IAI GLOBAL NOTE ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE NOTES IN COMPLIANCE WITH AN EXEMPTION UNDER THE
SECURITIES ACT AND (2) THE TRANSFEROR OF THE REGULATION S GLOBAL NOTE FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL NOTE IS BEING TRANSFERRED
(A) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1),(2),(3) OR (7) UNDER THE SECURITIES ACT THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND
AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER
THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. 

BENEFICIAL INTERESTS IN A RULE 144A GLOBAL NOTE OR AN IAI GLOBAL NOTE MAY BE TRANSFERRED TO A PERSON WHO TAKES DELIVERY IN THE FORM OF AN
INTEREST IN THE REGULATION S GLOBAL NOTE, WHETHER BEFORE OR 

  
 A-3

 
AFTER THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF THE TRANSFEROR FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE
EFFECT THAT SUCH TRANSFER IS BEING MADE IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S OR RULE 144 (IF AVAILABLE). 

[Definitive Notes Legend] 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE
TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 A-4

 [FORM OF INITIAL NOTE] 

 

					
	 No.
	 	 [144A] CUSIP No. 81787R AB5
 [144A] ISIN No. US81787RAB50

		
		 	[REG S] CUSIP No. P8600P AB0
		 	[REG S] ISIN No. USP8600PAB06

 9.125% Second-Priority Senior Secured Note due 2019 

SEVEN SEAS CRUISES S. DE R.L., a Panamanian sociedad de responsibilidad limitada, promises to pay to Cede & Co., or its
registered assigns, the principal sum set forth on the Schedule of Increases or Decreases in Global Note attached hereto on May 15, 2019. 
 Interest Payment Dates: November 15 and May 15. 
 Record Dates:
November 1 and May 1. 
 Additional provisions of this Note are set forth on the other side of this Note. 

[SIGNATURE PAGE FOLLOWS] 

  
 A-5

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	SEVEN SEAS CRUISES S. DE R.L.,
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: [    ], 2011 

 

			
	 TRUSTEE’S CERTIFICATE OF
         AUTHENTICATION

	
	 WILIMINGTON TRUST FSB
         as Trustee, certifies that this is

        one of the Notes
         referred to in the Indenture.

		
	 By:
	 	  

		 	Authorized Signatory

  
 A-6

 [FORM OF REVERSE SIDE INITIAL NOTE] 

9.125% Second-Priority Senior Secured Note Due 2019 
  

	1.	Interest 

 SEVEN SEAS
CRUISES S. DE R.L., a Panamanian sociedad de responsibilidad limitada (such company, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuer”), promises to pay interest on
the principal amount of this Note at the rate per annum shown above. The Issuer shall pay interest semiannually on May 15 and November 15 of each year (each an “Interest Payment Date”), commencing November 15, 2011.
Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from May 19, 2011, until the principal hereof is due. Interest shall be
computed on the basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the rate borne by the Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.

  

	2.	Method of Payment 

 The
Issuer shall pay interest on the Notes (except defaulted interest) to the Persons who are registered holders at the close of business on May 1 or November 1 (each a “Record Date”) next preceding the Interest Payment Date
even if Notes are canceled after the Record Date and on or before the Interest Payment Date (whether or not a Business Day). Holders must surrender Notes to the Paying Agent to collect principal payments. The Issuer shall pay principal, premium, if
any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a Global Note (including principal, premium, if any, and
interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary. The Issuer shall make all payments in respect of a certificated Note (including principal,
premium, if any, and interest) at the office of the Paying Agent, except that, at the option of the Issuer, payment of interest may be made by mailing a check to the registered address of each holder thereof; provided, however, that payments
on the Notes may also be made, in the case of a holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such holder elects payment by
wire transfer by giving written notice to the Trustee or Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its
discretion). 
  

	3.	Paying Agent and Registrar 

Initially, Wilmington Trust FSB (the “Trustee”), will act as Paying Agent and Registrar. The Issuer may appoint and
change any Paying Agent or Registrar without notice. The Issuer or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 
  

	4.	Indenture 

 The Issuer
issued the Notes under an Indenture dated as of May 19, 2011 (the 

  
 A-7

 
“Indenture”), among the Issuer, the Subsidiary Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in
the Indenture. The Notes are subject to all terms and provisions of the Indenture, and the holders (as defined in the Indenture) are referred to the Indenture and the TIA for a statement of such terms and provisions. 

The Notes are second-priority senior secured obligations of the Issuer. This Note is one of the Initial Notes referred to in the
Indenture. The Notes include the Initial Notes, any Additional Notes and any Exchange Notes issued in exchange for the Initial Notes or any Additional Notes pursuant to the Indenture. The Indenture imposes certain limitations on the ability of the
Issuer and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other distributions, Incur Indebtedness, enter into consensual restrictions upon the payment of certain
dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of the Issuer and such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or Incur Liens and make Asset Sales.
The Indenture also imposes limitations on the ability of the Issuer and each Subsidiary Guarantor to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 

To guarantee the due and punctual payment of the principal and interest on the Notes and all other amounts payable by the Issuer under
the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, each Subsidiary Guarantor has unconditionally guaranteed the
Guaranteed Obligations pursuant to the terms of the Indenture and any Subsidiary Guarantor that executes a Subsidiary Guarantee will unconditionally guarantee the Guaranteed Obligations on a second-priority senior secured basis pursuant to the terms
of the Indenture. 
  

	5.	Additional Amounts  

 All
payments made by or on behalf of the Issuer under or with respect to the Notes or by or on behalf of any of the Subsidiary Guarantors under or with respect to its Subsidiary Guarantee will be made free and clear of and without withholding or
deduction for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (collectively, “Taxes”) unless the
withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of (1) any jurisdiction in which the Issuer or any Subsidiary Guarantor, is then
incorporated, resident or doing business for tax purposes or any department or political subdivision thereof or therein or (2) any jurisdiction from or through which payment is made or any department or political subdivision thereof or therein
(each, a “Tax Jurisdiction”), will at any time be required to be made from any payments made by or on behalf of the Issuer under or with respect to the Notes or by or on behalf of any of the Subsidiary Guarantors under or with
respect to any Subsidiary Guarantee, including payments of principal, redemption price, purchase price, interest or premium, the Issuer or the relevant Subsidiary Guarantor, as applicable, will pay such additional amounts (the “Additional
Amounts”) as may be necessary in order that the net amounts received in respect of such payments by each holder after such withholding or deduction (including any such deduction or withholding in respect of such Additional Amounts) will
equal the respective 

  
 A-8

 
amounts which would have been received in respect of such payments in the absence of such withholding or deduction; provided, however, that no Additional Amounts will be payable
with respect to: (1) any Taxes, to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the holder or the beneficial owner of the Notes and the relevant Tax Jurisdiction (other than
solely from the mere acquisition, ownership, holding or disposition of such Note, the enforcement of rights under such Note or under a Subsidiary Guarantee and/or the receipt of any payments in respect of such Note or a Subsidiary Guarantee);
(2) any Taxes, to the extent such Taxes would not have been imposed but for the failure of the holder or the beneficial owner of the Notes, following the Issuer’s written request to the holder, at least 30 days before any such withholding
or deduction would be payable, to comply with any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Tax Jurisdiction, as a precondition to
exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the holder or beneficial owner is not resident in the Tax Jurisdiction), but in each
case, only to the extent the holder or the beneficial owner is legally entitled to provide such certification or documentation; (3) any Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where
presentation is required) more than 30 days after the relevant payment is first made available for payment to the holder (except to the extent that the holder would have been entitled to Additional Amounts had the note been presented on the last day
of such 30 day period); (4) any estate, inheritance, gift, sales, transfer, personal property or similar tax or assessment; (5) any Taxes payable otherwise than by deduction or withholding from payments made under or with respect to any
Note or Subsidiary Guarantee; or (6) any combination of the above items. 
 In addition to the foregoing, the Issuer and
the Subsidiary Guarantors will also pay and indemnify the holder for any present or future stamp, issue, registration, transfer, court or documentary taxes, or any other excise or property taxes, charges or similar levies (including penalties,
interest and other liabilities related thereto) which are levied by any jurisdiction on the execution, delivery, issuance, or registration of any of the Notes, the Indenture, any Subsidiary Guarantee, or any other document or instrument referred to
therein, or the receipt of any payments with respect to, or enforcement of, the Notes or any Subsidiary Guarantee (such sum being recoverable from the Issuer as a liquidated sum payable as a debt). 

If the Issuer or any Subsidiary Guarantor, as the case may be, becomes aware that it will be obligated to pay Additional Amounts with
respect to any payment under or with respect to the Notes or any Subsidiary Guarantee, the Issuer or the relevant Subsidiary Guarantor, as the case may be, will deliver to the Trustee on a date which is at least 30 days prior to the date of that
payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer or the relevant Subsidiary Guarantor shall notify the Trustee promptly thereafter) notice stating the fact that
Additional Amounts will be payable and the amount estimated to be so payable. The notice must also set forth any other information reasonably necessary to enable the Paying Agents to pay Additional Amounts to holders on the relevant payment date.
The Issuer or the relevant Subsidiary Guarantor will provide the Trustee with documentation evidencing the payment of Additional Amounts. 
 The Issuer or the relevant Subsidiary Guarantor will make all withholdings and deductions (within the time period and in the minimum amount) required by law and will remit

  
 A-9

 
the full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. The Issuer or the relevant Subsidiary Guarantor will use its reasonable efforts to obtain Tax
receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Issuer or the relevant Subsidiary Guarantor will furnish to the Trustee (or to a holder upon request), within a reasonable time after the date the
payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Issuer or a Subsidiary Guarantor, as the case may be, or if, notwithstanding such entity’s efforts to obtain receipts, receipts are
not obtained, other evidence of payments (reasonably satisfactory to Trustee) by such entity. 
 Whenever in the Indenture there
is mentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, interest or of any other amount payable under, or with respect to, any of the Notes or any Subsidiary Guarantee, such mention shall be
deemed to include the payment of Additional Amounts, if applicable. 
 The above obligations will survive any termination,
defeasance or discharge of the Indenture and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Issuer or any Subsidiary Guarantor is incorporated, or resident or doing business for tax purposes or any
jurisdiction from or through which any payment on the Notes is made by or on behalf of such person (or any Subsidiary Guarantee) and any department or political subdivision thereof or therein. 

 

	6.	Optional Redemption 

 On
and after May 15, 2015, the Issuer may redeem the Notes at its option, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered
address, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest and Additional Interest, if any, to the redemption date (subject to the right of holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the 12-month period commencing on May 15 of the years set forth below: 

 

			
	 Period
	  	Redemption Price
	 2015
	  	104.563%
	 2016
	  	102.281%
	 2017 and thereafter
	  	100.000%

 In addition, prior to May 15, 2015 the Issuer may redeem the Notes at its option, in whole at any
time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at a redemption price equal to 100% of the principal amount of the Notes redeemed
plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to, the applicable redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date). 
 Notwithstanding the foregoing, at any time and from time to time on or prior to May 15,
2014, the Issuer may redeem in the aggregate up to 35% of the original aggregate principal 

  
 A-10

 
amount of the Notes (calculated after giving effect to any issuance of Additional Notes) with the net cash proceeds of one or more Equity Offerings (1) by the Issuer or (2) by any
direct or indirect parent of the Issuer to the extent the net cash proceeds thereof are contributed to the common equity capital of the Issuer or used to purchase Capital Stock (other than Disqualified Stock) of the Issuer from it, at a redemption
price (expressed as a percentage of principal amount thereof) of 109.125%, plus accrued and unpaid interest and Additional Interest, if any, to the redemption date (subject to the right of holders of record on the relevant Record Date to
receive interest due on the relevant Interest Payment Date); provided, however, that at least 65% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) must remain
outstanding after each such redemption; provided, further, that such redemption shall occur within 90 days after the date on which any such Equity Offering is consummated upon not less than 30 nor more than 60 days’ notice mailed to each
holder of Notes being redeemed and otherwise in accordance with the procedures set forth in the Indenture. 
 Notwithstanding
the foregoing, the Issuer may at any time and from time to time purchase Notes in the open market or otherwise. 
 Notice of any
redemption upon any Equity Offering may be given prior to the completion thereof, and any such redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of
the related Equity Offering. 
  

	7.	Mandatory Redemption 

 The
Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 
  

	8.	Redemption for Changes in Taxes  

 The Issuer may redeem the Notes, in whole but not in part, at its discretion at any time upon giving not less than 30 nor more than 60 days’ prior written notice to the holders, at a
redemption price equal to 100% of the aggregate principal amount thereof, together with accrued and unpaid interest, if any, to the redemption date and all Additional Amounts, if any, which otherwise would be payable, if on the next date on which
any amount would be payable in respect of the Notes, the Issuer would be required to pay Additional Amounts, and the Issuer cannot avoid any such payment obligation by taking reasonable measures available to it, as a result of: (1) any
amendment to, or change in, the laws or any regulations or rulings promulgated thereunder of a relevant Tax Jurisdiction which is announced and becomes effective after the date of the Offering Memorandum (or, if the applicable Tax Jurisdiction
became a Tax Jurisdiction on a date after the date of the Offering Memorandum, any amendment or change that is announced and becomes effective after such later date) or (2) any amendment to, or change in, an official interpretation or
application regarding such laws, regulations or rulings, including by virtue of a holding, judgment or order by a court of competent jurisdiction which is announced and becomes effective after the date of the Offering Memorandum (or, if the
applicable Tax Jurisdiction became a Tax Jurisdiction on a date after the date of the Offering Memorandum, such later date). 

The Issuer will not give any such notice of redemption earlier than 90 days prior to the

  
 A-11

 
earliest date on which the Issuer would be obligated to make such payment or withholding if a payment in respect of the Notes were then due, and, at the time such notice is given, the obligation
to pay Additional Amounts must remain in effect. 
 Prior to the publication or, where relevant, mailing of any notice of
redemption of the Notes pursuant to the foregoing, the Issuer will deliver to the Trustee (i) an opinion of independent tax counsel, the choice of such counsel to be subject to the prior written approval of the Trustee (such approval not to be
unreasonably withheld) to the effect that there has been such change or amendment which would entitle the Issuer to redeem the Notes hereunder and (ii) a certificate signed by an officer of the Issuer stated that the Issuer cannot avoid any
obligation to pay Additional Amounts by taking reasonable measures available to it. 
 Notices required to be provided under the
conditions described under this heading shall be provided in the manner described under paragraph 6. Any valid notice of redemption provided to holders under the conditions described under this heading is irrevocable and the Issuer is required to
redeem the Notes on the redemption date specified in such notice. 
  

	9.	Notice of Redemption 

Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date to each
holder of Notes to be redeemed at his, her or its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued and unpaid
interest on all Notes (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases to accrue on such
Notes (or such portions thereof) called for redemption. 
  

	10.	Repurchase of Notes at the Option of the holders upon Change of Control and Asset Sales 

Upon the occurrence of a Change of Control, each holder shall have the right, subject to certain conditions specified in the Indenture, to
cause the Issuer to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of
the holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), as provided in, and subject to the terms of, the Indenture. 
 In accordance with Section 4.06 of the Indenture, the Issuer will be required to offer to purchase Notes upon the occurrence of certain events. 

 

	11.	Ranking and Collateral 

These Notes and any Subsidiary Guarantee are secured by a second-priority security interest in the Collateral pursuant to certain Security
Documents. The Second-Priority Liens upon any and all Collateral are, to the extent and in the manner provided in the Intercreditor Agreement, subordinate in ranking to all present and future First-Priority Liens and will be of equal ranking with
all present and future Liens securing Other Second-Lien Obligations as set forth in the Intercreditor Agreement. The terms of the Indenture are subject to the terms of the 

  
 A-12

 
Intercreditor Agreement. 
  

	12.	Denominations; Transfer; Exchange 

 The Notes are in registered form, without coupons, in denominations of $2,000 and any integral multiple of $1,000. A holder shall register the transfer of or exchange of Notes in accordance with the
Indenture. Upon any registration of transfer or exchange, the Registrar or the Trustee may require a holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the
Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or to transfer or exchange any Notes for a
period of 15 days prior to a selection of Notes to be redeemed. 
  

	13.	Persons Deemed Owners 

The registered holder of this Note shall be treated as the owner of it for all purposes. 

 

	14.	Unclaimed Money 

 If money
for the payment of principal or interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Issuer at their written request unless an abandoned property law designates another Person. After any such
payment, the holders entitled to the money must look to the Issuer for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect to such monies. 

 

	15.	Discharge and Defeasance 

Subject to certain conditions, the Issuer at any time may terminate some of or all its obligations under the Notes and the Indenture if
the Issuer deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 

 

	16.	Amendment; Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of
the holders of at least a majority in aggregate principal amount of the Notes then outstanding and (ii) any past default or compliance with any provisions may be waived with the written consent of the holders of at least a majority in principal
amount of the outstanding Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any holder, the Issuer and the Trustee may amend the Indenture, the Subsidiary Guarantee, the Security Documents, the Intercreditor
Agreement or the Notes (i) to cure any ambiguity, omission, mistake, defect or inconsistency; (ii) to provide for the assumption by a Successor Issuer of the obligations of the Issuer under the Indenture and the Notes; (iii) to
provide for the assumption by a Successor Subsidiary Guarantor of the obligations of a Subsidiary Guarantor under the Indenture and the Security Documents; (iv) to provide for uncertificated Notes in addition to or in place of certificated
Notes; provided, however, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the
Code; 

  
 A-13

 
(v) to conform the text of the Indenture, the Subsidiary Guarantees, the Notes, the Security Documents or the Intercreditor Agreement to any provision of the “Description of
Notes” in the Offering Memorandum to the extent that such provision in the “Description of Notes” was intended by the Issuer to be a verbatim recitation of a provision of the Indenture, the Subsidiary Guarantees, the Notes,
the Security Documents or the Intercreditor Agreement; (vi) to add a Subsidiary Guarantor with respect to the Notes or to add to the Collateral to secure the Notes; (vii) to release Collateral as permitted by the Indenture or the
Intercreditor Agreement; (viii) to add additional secured creditors holding Other Second Lien Obligations or First-Priority Lien Obligations or other Junior Lien Obligations so long as such obligations are not prohibited by the Indenture or the
Security Documents; (ix) to add to the covenants of the Issuer for the benefit of the holders or to surrender any right or power herein conferred upon the Issuer; (x) to comply with any requirement of the SEC in connection with qualifying,
or maintaining the qualification of, the Indenture under the TIA; (xi) to make any change that does not adversely affect the rights of any holder; or (xii) to provide for the issuance of the Exchange Notes or Additional Notes, which shall
have terms substantially identical in all material respects to the Initial Notes, and which shall be treated, together with any outstanding Initial Notes, as a single issue of securities. 

 

	17.	Defaults and Remedies 

 If
an Event of Default occurs (other than an Event of Default specified in Section 6.01(e) or 6.01(f) of the Indenture with respect to the Issuer) and is continuing, the Trustee or the holders of at least 25% in principal amount of outstanding
Notes, by notice to the Issuer, with a copy to the Trustee, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable; provided, however, that so long as any Bank Indebtedness
remains outstanding, no such acceleration shall be effective until the earlier of (1) five Business Days after the giving of written notice to the Issuer and the Representative under the Bank Indebtedness and (2) the day on which any Bank
Indebtedness is accelerated. Upon such a declaration, such principal and interest will be due and payable immediately. If an Event of Default specified in Section 6.01(e) or 6.01(f) of the Indenture with respect to the Issuer occurs, the
principal of, premium, if any, and interest on all the Notes shall become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. Under certain circumstances, the holders of a majority in principal
amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 
 If an Event
of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under the Indenture at the request or direction of any of the holders unless such holders have offered to the Trustee reasonable
indemnity or security satisfactory to it against any loss, liability or expense and certain other conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue
any remedy with respect to the Indenture or the Notes unless (i) such holder has previously given the Trustee notice that an Event of Default is continuing, (ii) the holders of at least 25% in principal amount of the outstanding Notes have
requested the Trustee to pursue the remedy, (iii) such holders have offered the Trustee reasonable security or indemnity satisfactory to the Trustee against any loss, liability or expense, (iv) the Trustee has not complied with such
request within 60 days after the receipt of the request and the offer of security or indemnity and (v) the holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such request
within such 60-day period. Subject to certain restrictions, the holders of a majority in principal amount of the 

  
 A14

 
outstanding Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on
the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other holder or that would involve the Trustee in personal
liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 

 

	18.	Trustee Dealings with the Issuer 

 Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and
collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. 

 

	19.	No Recourse Against Others 

No director, officer, employee, incorporator or holder of any equity interests in the Issuer or of any Subsidiary Guarantor or any direct
or indirect parent corporation, as such, shall have any liability for any obligations of the Issuer or any Subsidiary Guarantor under the Notes, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each holder of Notes by accepting a Note waives and releases all such liability. 
  

	20.	Authentication 

 This Note
shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note. 

 

	21.	Abbreviations 

 Customary
abbreviations may be used in the name of a holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
  

	22.	Governing Law 

 THIS NOTE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
  

	23.	CUSIP Numbers; ISINs 

 The
Issuer has caused CUSIP numbers and ISINs to be printed on the Notes and has directed the Trustee to use CUSIP numbers and ISINs in notices of redemption as a convenience to the holders. No representation is made as to the accuracy of such numbers
either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

  
 A-15

	24.	Holders’ Compliance with Registration Rights Agreement 

 Each Holder of a Note, by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement, including the obligations of the Holders with respect to a registration and the
indemnification of the Issuer to the extent provided therein. 
 The Issuer will furnish to any holder of Notes upon written
request and without charge to the holder a copy of the Indenture which has in it the text of this Note. 
 ASSIGNMENT FORM

 To assign this Note, fill in the form below: 
 I or we assign and transfer this Note to: 
  

 
 (Print or type assignee’s
name, address and zip code) 
  
  

(Insert assignee’s soc. sec. or tax I.D. No.) 
 and irrevocably appoint                      agent to transfer this Note on the books of the
Issuer. The agent may substitute another to act for him. 
  

					
	
Date:                    

	 	 Your Signature:
	 	  

  
  

Sign exactly as your name appears on the other side of this Note. 
 Signature Guarantee: 
  

			
	Date:
                                	  	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee	  	Signature of Signature Guarantee

  
 A-16

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER RESTRICTED SECURITIES 
 This certificate relates to $             principal amount of Notes held in (check applicable space)
             book-entry or              definitive form by the undersigned. 

The undersigned (check one box below): 
  

	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Note held by the Depository a Note or Notes in definitive,
registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above); 

 

	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 

In connection with any transfer of any of the Notes evidenced by this certificate occurring while this Note is still a Transfer Restricted Definitive
Note or a Transfer Restricted Global Note, the undersigned confirms that such Notes are being transferred in accordance with its terms: 
 CHECK
ONE BOX BELOW 
  

					
	(1)  	 	 ̈  
	  	to the Issuer; or
	(2)  	 	 ̈  	  	to the Registrar for registration in the name of the holder, without transfer;
or
	(3)  	 	 ̈  	  	pursuant to an effective registration statement under the Securities Act of 1933;
or
	(4)  	 	 ̈  	  	inside the United States to a “qualified institutional buyer” (as defined
in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and
in compliance with Rule 144A under the Securities Act of 1933; or
	(5)  	 	 ̈  	  	outside the United States in an offshore transaction within the meaning of Regulation S
under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such Note shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the
Indenture); or
	(6)  	 	 ̈  	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter containing certain representations and agreements; or
	(7)  	 	 ̈  	  	pursuant to another available exemption from registration provided by Rule 144 under the
Securities Act of 1933.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by
this certificate in the name of any Person other than the registered holder thereof; 

  
 A-17

 
provided, however, that if box (5), (6) or (7) is checked, the Issuer or the Trustee may require, prior to registering any such transfer of the Notes, such legal opinions,
certifications and other information as the Issuer or the Trustee have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act of 1933. 
  

									
	Date:	 	  
	 		 	Your Signature:	 	  

  
  

Sign exactly as your name appears on the other side of this Note. 
 Signature Guarantee: 

							
	Date:	 	  
	 		 	  

	 Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature
guarantor program reasonably acceptable to the Trustee
	 		 	Signature of Signature Guarantee

  
 A-18

 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance
on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying
upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

									
	Date:	 	  
	 		 	  
	 	
		 		 		 	NOTICE: To be executed by an executive officer	 	

  
 A-19

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 
 The initial principal amount of this Global Note is $            . The following increases or decreases in this Global Note have been made:

  

									
	 Date of Exchange
	  	Amount of decrease in
Principal Amount of this
Global Note	  	Amount of increase in
Principal Amount of this
Global Note	  	Principal amount of this
Global Note following
such decrease or
increase	  	Signature of authorized
signatory of Trustee or
Notes Custodian

  
 A-20

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of
the Indenture, check the box: 
 Asset Sale ̈
                    Change of Control  ̈ 

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of
Control) of the Indenture, state the amount ($2,000 or any integral multiple of $1,000): 
 $ 

 

							
	Date:	 	  
	 	Your Signature:	 	  

		 		 		 	 (Sign exactly as your name appears on the
 other side of this Note)

  

					
	Signature Guarantee:	 	  
	 	
		 	 Signature must be guaranteed by a participant in a
 recognized signature guaranty medallion program
 or other signature guarantor program
reasonably
 acceptable to the Trustee
	 	

 [Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements
of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.] 

  
 A-21

 EXHIBIT B 

[FORM OF FACE OF EXCHANGE NOTE]1 
  

			
	NO.	 	CUSIP NO. 81787R AC3
		 	ISIN NO. US81787RAC34

 9.125% Second-Priority Senior Secured Note due 2019 

SEVEN SEAS CRUISES S. DE R.L., a Panamanian sociedad de responsibilidad limitada, promises to pay to Cede & Co., or
registered assigns, the principal sum set forth on the Schedule of Increases or Decreases in Global Note attached hereto on May 15, 2019. 
 Interest Payment Dates: November 15 and May 15. 
 Record Dates:
November 1 and May 1 
 Additional provisions of this Note are set forth on the other side of this Note. 

[SIGNATURE PAGE FOLLOWS] 

 

	1 	 If the Note is to be issued in global form add the Global Notes Legend from Exhibit 1 to Appendix A and the attachment from such Exhibit 1 captioned
“[TO BE ATTACHED TO GLOBAL NOTES] - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE”. 

  
 B-1

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	SEVEN SEAS CRUISES S. DE R.L.,
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
[                    ] 
  

			
	 TRUSTEE’S CERTIFICATE OF
         AUTHENTICATION

	
	 WILIMINGTON TRUST FSB
         as Trustee, certifies that this is

        one of the Notes
         referred to in the Indenture.

		
	By:	 	  

		 	Authorized Signatory

  
 B-2

 [FORM OF REVERSE SIDE OF EXCHANGE NOTE] 

9.125% Second-Priority Senior Secured Note Due 2019 
  

	1.	Interest 

 SEVEN SEAS
CRUISES S. DE R.L., a Panamanian sociedad de responsibilidad limitada (such company, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuer”), promises to pay interest on
the principal amount of this Note at the rate per annum shown above. The Issuer shall pay interest semiannually on May 15 and November 15 of each year (each an “Interest Payment Date”), commencing November 15, 2011.
Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from May 19, 2011, until the principal hereof is due. Interest shall be
computed on the basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the rate borne by the Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.

  

	2.	Method of Payment 

 The
Issuer shall pay interest on the Notes (except defaulted interest) to the Persons who are registered holders at the close of business on May 1 or November 1 (each a “Record Date”) next preceding the Interest Payment Date
even if Notes are canceled after the Record Date and on or before the Interest Payment Date (whether or not a Business Day). Holders must surrender Notes to the Paying Agent to collect principal payments. The Issuer shall pay principal, premium, if
any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a Global Note (including principal, premium, if any, and
interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary. The Issuer shall make all payments in respect of a certificated Note (including principal,
premium, if any, and interest) at the office of the Paying Agent, except that, at the option of the Issuer, payment of interest may be made by mailing a check to the registered address of each holder thereof; provided, however, that payments
on the Notes may also be made, in the case of a holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such holder elects payment by
wire transfer by giving written notice to the Trustee or Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its
discretion). 
  

	3.	Paying Agent and Registrar 

Initially, Wilmington Trust FSB (the “Trustee”), will act as Paying Agent and Registrar. The Issuer may appoint and
change any Paying Agent or Registrar without notice. The Issuer or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 
  

	4.	Indenture 

 The Issuer
issued the Notes under an Indenture dated as of May 19, 2011 (the 

  
 B-3

 
“Indenture”), among the Issuer, the Subsidiary Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in
the Indenture. The Notes are subject to all terms and provisions of the Indenture, and the holders (as defined in the Indenture) are referred to the Indenture and the TIA for a statement of such terms and provisions. 

The Notes are second-priority senior secured obligations of the Issuer. This Note is one of the Exchange Notes referred to in the
Indenture. The Notes include the Initial Notes, any Additional Notes and any Exchange Notes issued in exchange for the Initial Notes or any Additional Notes pursuant to the Indenture. The Indenture imposes certain limitations on the ability of the
Issuer and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other distributions, Incur Indebtedness, enter into consensual restrictions upon the payment of certain
dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of the Issuer and such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or Incur Liens and make Asset Sales.
The Indenture also imposes limitations on the ability of the Issuer and each Subsidiary Guarantor to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 

To guarantee the due and punctual payment of the principal and interest on the Notes and all other amounts payable by the Issuer under
the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, each Subsidiary Guarantor has unconditionally guaranteed the
Guaranteed Obligations pursuant to the terms of the Indenture and any Subsidiary Guarantor that executes a Subsidiary Guarantee will unconditionally guarantee the Guaranteed Obligations on a second-priority senior secured basis pursuant to the terms
of the Indenture. 
  

	5.	Additional Amounts  

 All
payments made by or on behalf of the Issuer under or with respect to the Notes or by or on behalf of any of the Subsidiary Guarantors under or with respect to its Subsidiary Guarantee will be made free and clear of and without withholding or
deduction for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (collectively, “Taxes”) unless the
withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of (1) any jurisdiction in which the Issuer or any Subsidiary Guarantor, is then
incorporated, resident or doing business for tax purposes or any department or political subdivision thereof or therein or (2) any jurisdiction from or through which payment is made or any department or political subdivision thereof or therein
(each, a “Tax Jurisdiction”), will at any time be required to be made from any payments made by or on behalf of the Issuer under or with respect to the Notes or by or on behalf of any of the Subsidiary Guarantors under or with
respect to any Subsidiary Guarantee, including payments of principal, redemption price, purchase price, interest or premium, the Issuer or the relevant Subsidiary Guarantor, as applicable, will pay such additional amounts (the “Additional
Amounts”) as may be necessary in order that the net amounts received in respect of such payments by each holder after such withholding or deduction (including any such deduction or withholding in respect of such Additional Amounts) will
equal the respective 

  
 B-4

 
amounts which would have been received in respect of such payments in the absence of such withholding or deduction; provided, however, that no Additional Amounts will be payable
with respect to: (1) any Taxes, to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the holder or the beneficial owner of the Notes and the relevant Tax Jurisdiction (other than
solely from the mere acquisition, ownership, holding or disposition of such Note, the enforcement of rights under such Note or under a Subsidiary Guarantee and/or the receipt of any payments in respect of such Note or a Subsidiary Guarantee);
(2) any Taxes, to the extent such Taxes would not have been imposed but for the failure of the holder or the beneficial owner of the Notes, following the Issuer’s written request to the holder, at least 30 days before any such withholding
or deduction would be payable, to comply with any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Tax Jurisdiction, as a precondition to
exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the holder or beneficial owner is not resident in the Tax Jurisdiction), but in each
case, only to the extent the holder or the beneficial owner is legally entitled to provide such certification or documentation; (3) any Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where
presentation is required) more than 30 days after the relevant payment is first made available for payment to the holder (except to the extent that the holder would have been entitled to Additional Amounts had the note been presented on the last day
of such 30 day period); (4) any estate, inheritance, gift, sales, transfer, personal property or similar tax or assessment; (5) any Taxes payable otherwise than by deduction or withholding from payments made under or with respect to any
Note or Subsidiary Guarantee; or (6) any combination of the above items. 
 In addition to the foregoing, the Issuer and
the Subsidiary Guarantors will also pay and indemnify the holder for any present or future stamp, issue, registration, transfer, court or documentary taxes, or any other excise or property taxes, charges or similar levies (including penalties,
interest and other liabilities related thereto) which are levied by any jurisdiction on the execution, delivery, issuance, or registration of any of the Notes, the Indenture, any Subsidiary Guarantee, or any other document or instrument referred to
therein, or the receipt of any payments with respect to, or enforcement of, the Notes or any Subsidiary Guarantee (such sum being recoverable from the Issuer as a liquidated sum payable as a debt). 

If the Issuer or any Subsidiary Guarantor, as the case may be, becomes aware that it will be obligated to pay Additional Amounts with
respect to any payment under or with respect to the Notes or any Subsidiary Guarantee, the Issuer or the relevant Subsidiary Guarantor, as the case may be, will deliver to the Trustee on a date which is at least 30 days prior to the date of that
payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer or the relevant Subsidiary Guarantor shall notify the Trustee promptly thereafter) notice stating the fact that
Additional Amounts will be payable and the amount estimated to be so payable. The notice must also set forth any other information reasonably necessary to enable the Paying Agents to pay Additional Amounts to holders on the relevant payment date.
The Issuer or the relevant Subsidiary Guarantor will provide the Trustee with documentation evidencing the payment of Additional Amounts. 
 The Issuer or the relevant Subsidiary Guarantor will make all withholdings and deductions (within the time period and in the minimum amount) required by law and will remit

  
 B-5

 
the full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. The Issuer or the relevant Subsidiary Guarantor will use its reasonable efforts to obtain Tax
receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Issuer or the relevant Subsidiary Guarantor will furnish to the Trustee (or to a holder upon request), within a reasonable time after the date the
payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Issuer or a Subsidiary Guarantor, as the case may be, or if, notwithstanding such entity’s efforts to obtain receipts, receipts are
not obtained, other evidence of payments (reasonably satisfactory to Trustee) by such entity. 
 Whenever in the Indenture there
is mentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, interest or of any other amount payable under, or with respect to, any of the Notes or any Subsidiary Guarantee, such mention shall be
deemed to include the payment of Additional Amounts, if applicable. 
 The above obligations will survive any termination,
defeasance or discharge of the Indenture and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Issuer or any Subsidiary Guarantor is incorporated, or resident or doing business for tax purposes or any
jurisdiction from or through which any payment on the Notes is made by or on behalf of such person (or any Subsidiary Guarantee) and any department or political subdivision thereof or therein. 

 

	6.	Optional Redemption 

 On
and after May 15, 2015, the Issuer may redeem the Notes at its option, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered
address, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest and Additional Interest, if any, to the redemption date (subject to the right of holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the 12-month period commencing on May 15 of the years set forth below: 

 

			
	 Period
	  	Redemption Price
	 2015
	  	104.563%
	 2016
	  	102.281%
	 2017 and thereafter
	  	100.000%

 In addition, prior to May 15, 2015 the Issuer may redeem the Notes at its option, in whole at any
time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at a redemption price equal to 100% of the principal amount of the Notes redeemed
plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to, the applicable redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date). 
 Notwithstanding the foregoing, at any time and from time to time on or prior to May 15,
2014, the Issuer may redeem in the aggregate up to 35% of the original aggregate principal 

  
 B-6

 
amount of the Notes (calculated after giving effect to any issuance of Additional Notes) with the net cash proceeds of one or more Equity Offerings (1) by the Issuer or (2) by any
direct or indirect parent of the Issuer to the extent the net cash proceeds thereof are contributed to the common equity capital of the Issuer or used to purchase Capital Stock (other than Disqualified Stock) of the Issuer from it, at a redemption
price (expressed as a percentage of principal amount thereof) of 109.125%, plus accrued and unpaid interest and Additional Interest, if any, to the redemption date (subject to the right of holders of record on the relevant Record Date to
receive interest due on the relevant Interest Payment Date); provided, however, that at least 65% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) must remain
outstanding after each such redemption; provided, further, that such redemption shall occur within 90 days after the date on which any such Equity Offering is consummated upon not less than 30 nor more than 60 days’ notice mailed to each
holder of Notes being redeemed and otherwise in accordance with the procedures set forth in the Indenture. 
 Notwithstanding
the foregoing, the Issuer may at any time and from time to time purchase Notes in the open market or otherwise. 
 Notice of any
redemption upon any Equity Offering may be given prior to the completion thereof, and any such redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of
the related Equity Offering. 
  

	7.	Mandatory Redemption 

 The
Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 
  

	8.	Redemption for Changes in Taxes  

 The Issuer may redeem the Notes, in whole but not in part, at its discretion at any time upon giving not less than 30 nor more than 60 days’ prior written notice to the holders, at a
redemption price equal to 100% of the aggregate principal amount thereof, together with accrued and unpaid interest, if any, to the redemption date and all Additional Amounts, if any, which otherwise would be payable, if on the next date on which
any amount would be payable in respect of the Notes, the Issuer would be required to pay Additional Amounts, and the Issuer cannot avoid any such payment obligation by taking reasonable measures available to it, as a result of: (1) any
amendment to, or change in, the laws or any regulations or rulings promulgated thereunder of a relevant Tax Jurisdiction which is announced and becomes effective after the date of the Offering Memorandum (or, if the applicable Tax Jurisdiction
became a Tax Jurisdiction on a date after the date of the Offering Memorandum, any amendment or change that is announced and becomes effective after such later date) or (2) any amendment to, or change in, an official interpretation or
application regarding such laws, regulations or rulings, including by virtue of a holding, judgment or order by a court of competent jurisdiction which is announced and becomes effective after the date of the Offering Memorandum (or, if the
applicable Tax Jurisdiction became a Tax Jurisdiction on a date after the date of the Offering Memorandum, such later date). 

The Issuer will not give any such notice of redemption earlier than 90 days prior to the

  
 B-7

 
earliest date on which the Issuer would be obligated to make such payment or withholding if a payment in respect of the Notes were then due, and, at the time such notice is given, the obligation
to pay Additional Amounts must remain in effect. 
 Prior to the publication or, where relevant, mailing of any notice of
redemption of the Notes pursuant to the foregoing, the Issuer will deliver to the Trustee (i) an opinion of independent tax counsel, the choice of such counsel to be subject to the prior written approval of the Trustee (such approval not to be
unreasonably withheld) to the effect that there has been such change or amendment which would entitle the Issuer to redeem the Notes hereunder and (ii) a certificate signed by an officer of the Issuer stated that the Issuer cannot avoid any
obligation to pay Additional Amounts by taking reasonable measures available to it. 
 Notices required to be provided under the
conditions described under this heading shall be provided in the manner described under paragraph 6. Any valid notice of redemption provided to holders under the conditions described under this heading is irrevocable and the Issuer is required to
redeem the Notes on the redemption date specified in such notice. 
  

	9.	Notice of Redemption 

Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date to each
holder of Notes to be redeemed at his, her or its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued and unpaid
interest on all Notes (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases to accrue on such
Notes (or such portions thereof) called for redemption. 
  

	10.	Repurchase of Notes at the Option of the holders upon Change of Control and Asset Sales 

Upon the occurrence of a Change of Control, each holder shall have the right, subject to certain conditions specified in the Indenture, to
cause the Issuer to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of
the holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), as provided in, and subject to the terms of, the Indenture. 
 In accordance with Section 4.06 of the Indenture, the Issuer will be required to offer to purchase Notes upon the occurrence of certain events. 

 

	11.	Ranking and Collateral 

These Notes and any Subsidiary Guarantee are secured by a second-priority security interest in the Collateral pursuant to certain Security
Documents. The Second-Priority Liens upon any and all Collateral are, to the extent and in the manner provided in the Intercreditor Agreement, subordinate in ranking to all present and future First-Priority Liens and will be of equal ranking with
all present and future Liens securing Other Second-Lien Obligations as set forth in the Intercreditor Agreement. The terms of the Indenture are subject to the terms of the 

  
 B-8

 
Intercreditor Agreement. 
  

	12.	Denominations; Transfer; Exchange 

 The Notes are in registered form, without coupons, in denominations of $2,000 and any integral multiple of $1,000. A holder shall register the transfer of or exchange of Notes in accordance with the
Indenture. Upon any registration of transfer or exchange, the Registrar or the Trustee may require a holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the
Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or to transfer or exchange any Notes for a
period of 15 days prior to a selection of Notes to be redeemed. 
  

	13.	Persons Deemed Owners 

The registered holder of this Note shall be treated as the owner of it for all purposes. 

 

	14.	Unclaimed Money 

 If money
for the payment of principal or interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Issuer at their written request unless an abandoned property law designates another Person. After any such
payment, the holders entitled to the money must look to the Issuer for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect to such monies. 

 

	15.	Discharge and Defeasance 

Subject to certain conditions, the Issuer at any time may terminate some of or all its obligations under the Notes and the Indenture if
the Issuer deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 

 

	16.	Amendment; Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of
the holders of at least a majority in aggregate principal amount of the Notes then outstanding and (ii) any past default or compliance with any provisions may be waived with the written consent of the holders of at least a majority in principal
amount of the outstanding Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any holder, the Issuer and the Trustee may amend the Indenture, the Subsidiary Guarantee, the Security Documents, the Intercreditor
Agreement or the Notes (i) to cure any ambiguity, omission, mistake, defect or inconsistency; (ii) to provide for the assumption by a Successor Issuer of the obligations of the Issuer under the Indenture and the Notes; (iii) to
provide for the assumption by a Successor Subsidiary Guarantor of the obligations of a Subsidiary Guarantor under the Indenture and the Security Documents; (iv) to provide for uncertificated Notes in addition to or in place of certificated
Notes; provided, however, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the
Code; 

  
 B-9

 
(v) to conform the text of the Indenture, the Subsidiary Guarantees, the Notes, the Security Documents or the Intercreditor Agreement to any provision of the “Description of
Notes” in the Offering Memorandum to the extent that such provision in the “Description of Notes” was intended by the Issuer to be a verbatim recitation of a provision of the Indenture, the Subsidiary Guarantees, the Notes,
the Security Documents or the Intercreditor Agreement; (vi) to add a Subsidiary Guarantor with respect to the Notes or to add to the Collateral to secure the Notes; (vii) to release Collateral as permitted by the Indenture or the
Intercreditor Agreement; (viii) to add additional secured creditors holding Other Second Lien Obligations or First-Priority Lien Obligations or other Junior Lien Obligations so long as such obligations are not prohibited by the Indenture or the
Security Documents; (ix) to add to the covenants of the Issuer for the benefit of the holders or to surrender any right or power herein conferred upon the Issuer; (x) to comply with any requirement of the SEC in connection with qualifying,
or maintaining the qualification of, the Indenture under the TIA; (xi) to make any change that does not adversely affect the rights of any holder; or (xii) to provide for the issuance of the Exchange Notes or Additional Notes, which shall
have terms substantially identical in all material respects to the Initial Notes, and which shall be treated, together with any outstanding Initial Notes, as a single issue of securities. 

 

	17.	Defaults and Remedies 

If an Event of Default occurs (other than an Event of Default specified in Section 6.01(e) or 6.01(f) of the Indenture with respect
to the Issuer) and is continuing, the Trustee or the holders of at least 25% in principal amount of outstanding Notes, by notice to the Issuer, with a copy to the Trustee, may declare the principal of, premium, if any, and accrued but unpaid
interest on all the Notes to be due and payable; provided, however, that so long as any Bank Indebtedness remains outstanding, no such acceleration shall be effective until the earlier of (1) five Business Days after the giving of
written notice to the Issuer and the Representative under the Bank Indebtedness and (2) the day on which any Bank Indebtedness is accelerated. Upon such a declaration, such principal and interest will be due and payable immediately. If an Event
of Default specified in Section 6.01(e) or 6.01(f) of the Indenture with respect to the Issuer occurs, the principal of, premium, if any, and interest on all the Notes shall become immediately due and payable without any declaration or other
act on the part of the Trustee or any holders. Under certain circumstances, the holders of a majority in principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 

If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under
the Indenture at the request or direction of any of the holders unless such holders have offered to the Trustee reasonable indemnity or security satisfactory to it against any loss, liability or expense and certain other conditions are complied
with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with respect to the Indenture or the Notes unless (i) such holder has previously given the Trustee notice
that an Event of Default is continuing, (ii) the holders of at least 25% in principal amount of the outstanding Notes have requested the Trustee to pursue the remedy, (iii) such holders have offered the Trustee reasonable security or
indemnity satisfactory to the Trustee against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity and (v) the holders of
a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain restrictions, the holders of a majority in principal amount of the

  
 B-10

 
outstanding Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on
the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other holder or that would involve the Trustee in personal
liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 

 

	18.	Trustee Dealings with the Issuer 

 Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and
collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. 

 

	19.	No Recourse Against Others 

No director, officer, employee, incorporator or holder of any equity interests in the Issuer or of any Subsidiary Guarantor or any direct
or indirect parent corporation, as such, shall have any liability for any obligations of the Issuer or any Subsidiary Guarantor under the Notes, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each holder of Notes by accepting a Note waives and releases all such liability. 
  

	20.	Authentication 

 This Note
shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note. 

 

	21.	Abbreviations 

 Customary
abbreviations may be used in the name of a holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
  

	22.	Governing Law 

 THIS NOTE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
  

	23.	CUSIP Numbers; ISINs 

 The
Issuer has caused CUSIP numbers and ISINs to be printed on the Notes and has directed the Trustee to use CUSIP numbers and ISINs in notices of redemption as a convenience to the holders. No representation is made as to the accuracy of such numbers
either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

  
 B-11

	24.	 Holders’ Compliance with Registration Rights Agreement2 

Each Holder of a Note, by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement, including the
obligations of the Holders with respect to a registration and the indemnification of the Issuer to the extent provided therein. 

The Issuer will furnish to any holder of Notes upon written request and without charge to the holder a copy of the Indenture which has
in it the text of this Note. 
  

	2 	 Delete if this Note is not being issued in exchange for an Initial Note. 

  
 B-12

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 I or we assign and transfer this Note to:

  
  
 (Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s soc. sec.
or tax I.D. No.) 
 and irrevocably appoint
                    agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

 

							
	Date:	 	  
	 	Your Signature:	 	  

	
	
	  

	Sign exactly as your name appears on the other side of this Note.

 Signature Guarantee: 
  

					
	 Date:
	 	  
	 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee	 	Signature of Signature Guarantee

  
 B-13

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 
 The initial principal amount of this Global Note is $            . The following increases or decreases in this Global Note have been
made: 
  

									
	 Date of Exchange
	  	 Amount of decrease in
Principal Amount of this
Global Note
	  	 Amount of increase in
Principal Amount of this
Global Note
	  	 Principal amount of this
Global Note following
such decrease
or
increase
	  	 Signature of authorized
signatory of Trustee or
Notes
Custodian

  
 B-14

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of
the Indenture, check the box: 
  

					
	 Asset Sale   ̈
	  	Change of Control    ̈	  	 

 If you want to elect to have only part of this Note purchased by the
Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture, state the amount ($2,000 or any integral multiple of $1,000): 
 $ 
  

									
	Date:	 	  
	 	 	 	Your Signature:	 	  

		 		 		 		 	(Sign exactly as your name appears on the other side of this Note)

									
			
	Signature Guarantee:	 	  
	 	 
		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature
guarantor program reasonably acceptable to the Trustee	 	

  
 B-15

 EXHIBIT C 
 (EXHIBIT 2 to Rule 144A/REGULATION S/IAI APPENDIX) 
 [FORM OF] 

TRANSFEREE LETTER OF REPRESENTATION 
 Seven Seas Cruises S. DE R.L. 
 8300 NW 33rd Street, Suite 308 

Miami, Florida 33122 
 Attention: General Counsel
and Secretary 
 Telephone: (305) 514-2300 
 Ladies and Gentlemen: 
 This certificate is delivered to request a transfer of
$[            ] principal amount of the 9.125% Second-Priority Senior Secured Notes due 2019 (the “Notes”) of Seven Seas Cruises S. DE R.L. (the “Issuer”).

 Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

 

					
	Name:	 	  
	 	 

					
			
	Address:	 	  
	 	

					
			
	Taxpayer ID Number:	 	  
	 	

 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $100,000 principal amount of the Notes, and we
are acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the
merits and risks of our investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its
investment. 
 2. We understand that the Notes have not been registered under the Securities Act and, unless so registered, may
not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after
the later of the date of original issue and the last date on which either the Issuer or any affiliate of 

  
 C-1

 
such Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) in the United States to a person whom we reasonably
believe is a qualified institutional buyer (as defined in rule 144A under the Securities Act) in a transaction meeting the requirements of Rule 144A, (b) outside the United States in an offshore transaction in accordance with Rule 904 of
Regulation S under the Securities Act, (c) pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereunder (if applicable) or (d) pursuant to an effective registration statement under the Securities Act,
in each of cases (a) through (d) in accordance with any applicable securities laws of any state of the United States. In addition, we will, and each subsequent holder is required to, notify any purchaser of the Note evidenced hereby of the
resale restrictions set forth above. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made to an institutional
“accredited investor” prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Issuer and the Trustee, which shall provide, among
other things, that the transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not
for distribution in violation of the Securities Act. Each purchaser acknowledges that the Issuer and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to
clause 1(b), 1(c) or 1(d) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Issuer and the Trustee. 
  

											
	Dated:	 	  
	 	 	 	 	 	 	 	 
		 		 		 	TRANSFEREE:	 	  
	 	,
						
		 		 		 	By:	 	  
	 	

  
 C-2

 EXHIBIT D 
 [FORM OF SUPPLEMENTAL INDENTURE] 
 SUPPLEMENTAL INDENTURE (this
“Supplemental Indenture”) dated as of [            ], among [GUARANTOR] (the “New Guarantor”), a subsidiary of SEVEN SEAS CRUISES S. DE R.L (or its
successor), a Panamanian sociedad de responsibilidad limitada (the “Issuer”), and Wilmington Trust FSB, as trustee under the indenture referred to below (the “Trustee”). 

W I T N E S S E T H : 
 WHEREAS the Issuer and the Subsidiary Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended, supplemented or otherwise modified, the “Indenture”) dated
as of May 19, 2011, providing for the issuance of the Issuer’s Second-Priority Senior Secured Notes due 2019 ( the “Notes”), initially in the aggregate principal amount of $225,000,000; 

WHEREAS Section 4.11 of the Indenture provides that under certain circumstances the Issuer is required to cause the New Guarantor to
execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all the Issuer’s Obligations under the Notes and the Indenture pursuant to a Subsidiary Guarantee on the terms and
conditions set forth herein; and 
 WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee, the Issuer and the
Subsidiary Guarantors are authorized to execute and deliver this Supplemental Indenture; 
 NOW THEREFORE, in consideration of
the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Subsidiary Guarantors, the Issuer and the Trustee mutually covenant and agree for the equal and ratable benefit of the
holders of the Notes as follows: 
 1. Defined Terms. As used in this Supplemental Indenture, terms defined in the
Indenture or in the preamble or recital hereto are used herein as therein defined, except that the term “holders” in this Supplemental Indenture shall refer to the term “holders” as defined in the Indenture and the
Trustee acting on behalf of and for the benefit of such holders. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this
Supplemental Indenture as a whole and not to any particular section hereof. 
 2. Agreement to Guarantee. The New
Guarantor hereby agrees, jointly and severally with all existing guarantors (if any), to unconditionally guarantee the Issuer’s Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article XII of
the Indenture and to be bound by all other applicable provisions of the Indenture and the Notes and to perform all of the obligations and agreements of a guarantor under the Indenture. 

3. Notices. All notices or other communications to the New Note Guarantor shall be given as provided in Section 13.02 of the
Indenture. 

  
 D-1

 4. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as
expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all
purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
 5.
Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 

6. Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental
Indenture. 
 7. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy
shall be an original, but all of them together represent the same agreement. 
 8. Effect of Headings. The Section
headings herein are for convenience only and shall not effect the construction thereof. 

  
 D-2

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

			
	 [NEW GUARANTOR]

		
	By:	 	  

		 	Name:
		 	Title:
	
	SEVEN SEAS CRUISES S. DE R.L.,
		
	By:	 	  

		 	Name:
		 	Title:
	
	 WILIMINGTON TRUST FSB,
 as Trustee

		
	By:	 	  

		 	Name:
		 	Title:Registration Rights Agreement

 Exhibit 4.3 
 Execution Version 
 $225,000,000 9.125% Senior Secured Notes due 2019

 Seven Seas Cruises S. DE R.L. 
 REGISTRATION RIGHTS AGREEMENT 
 May 19, 2011 

DEUTSCHE BANK SECURITIES INC. 
 As
Representative of the Initial Purchasers 
 c/o Deutsche Bank Securities Inc. 
 60 Wall Street 
 New York, New York 10005 
 Ladies and Gentlemen: 
 Seven Seas Cruises S. DE R.L., a sociedad de
responsibilidad limitada organized under the laws of Panama (the “Issuer”), proposes to issue and sell to the several parties named on Schedule I to the Purchase Agreement (as defined below) (each an “Initial
Purchaser” and together, the “Initial Purchasers”) $225,000,000 aggregate principal amount of its 9.125% Senior Secured Notes due 2019 (the “Notes”) upon the terms set forth in the Purchase Agreement among
the Issuer, the Guarantors (as defined below) and Deutsche Bank Securities Inc., as representative (the “Representative”) of the several Initial Purchasers, dated May 13, 2011 (the “Purchase Agreement”),
relating to the initial placement (the “Initial Placement”) of the Notes. As of the date hereof, the Issuer’s obligations under the Notes will be guaranteed (the “Guarantees”) by each of the Issuer’s
subsidiaries party to the Purchase Agreement (collectively, the “Guarantors”). References herein to the “Securities” refer to the Notes and the Guarantees, collectively. To induce the Initial Purchasers to enter
into the Purchase Agreement and to satisfy a condition to the Initial Purchasers’ obligations thereunder, the Issuer and the Guarantors jointly and severally agree with you, as Representative, for your benefit and the benefit of the holders
from time to time of the Securities (including the Initial Purchasers) (each a “Holder” and, collectively, the “Holders”), as follows: 
 1. Definitions. Capitalized terms used in this Registration Rights Agreement (this “Agreement”) without definition shall have their respective meanings set forth in the Purchase
Agreement. As used in this Agreement, the following terms shall have the following meanings: 

 “Act” shall mean the Securities Act of 1933, as amended,
and the rules and regulations of the Commission promulgated thereunder. 
 “Additional Interest”
shall have the meaning set forth in Section 8 hereof. 
 “Affiliate” shall have the meaning
specified in Rule 405 under the Act and the term “controlling” shall have a meaning correlative thereto. 
 “Broker-Dealer” shall mean any broker or dealer registered as such under the Exchange Act. 
 “Business Day” shall mean a day other than a Saturday, a Sunday or a legal holiday or day on which commercial banking institutions or trust companies are authorized or required by law to
close in New York City. 
 “Closing Date” shall mean the date of the first issuance of the
Securities. 
 “Commission” shall mean the Securities and Exchange Commission. 

“Deferral Period” shall have the meaning set forth in Section 4(k)(ii) hereof. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Commission promulgated thereunder. 
 “Exchange Date” shall mean the date that is the
later of (x) 365 days after the date hereof and (y) the 40th day after the effectiveness of the Exchange Offer Registration Statement. 
 “Exchange Offer Registration Period” shall mean the period of 180 days following the consummation of the Registered Exchange Offer, exclusive of any period during which any stop order
shall be in effect suspending the effectiveness of the Exchange Offer Registration Statement. 

“Exchange Offer Registration Statement” shall mean a registration statement of the Issuer and the
Guarantors on an appropriate form under the Act with respect to the Registered Exchange Offer, all amendments and supplements to such registration statement, including post-effective amendments thereto, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by reference therein. 

“Exchanging Dealer” shall mean any Holder (which may include any Initial Purchaser) that is a
Broker-Dealer and elects to exchange for New Securities any Securities that it acquired for its own account as a result of market-making activities or other trading activities (but not directly from the Issuer or any Affiliate of the Issuer) for New
Securities. 

  
 -2-

 “Final Memorandum” shall mean the final offering
memorandum, dated May 13, 2011, relating to the Securities, including any and all exhibits thereto and any information incorporated by reference therein as of such date. 

“FINRA Rules” shall mean the Conduct Rules and the By-laws of the Financial Industry Regulatory
Authority, Inc. 
 “Guarantee” shall have the meaning set forth in the preamble hereto.

 “Guarantors” shall have the meaning set forth in the preamble hereto. 

“Holder” shall have the meaning set forth in the preamble hereto. 

“Indenture” shall mean that certain Indenture, dated as of May 19, 2011, among the Issuer, the
Guarantors and Wilmington Trust FSB, as trustee, as the same may be amended from time to time in accordance with the terms thereof. 
 “Initial Placement” shall have the meaning set forth in the preamble hereto. 
 “Initial Purchasers” shall have the meaning set forth in the preamble hereto. 
 “Losses” shall have the meaning set forth in Section 6(d) hereof. 
 “Majority Holders” shall mean, on any date, Holders of a majority of the aggregate principal amount of Securities and New Securities registered under a Registration Statement. 

“Managing Underwriter” shall mean the investment banker or investment bankers and manager or managers who
administer an underwritten offering, if any, under a Registration Statement. 
 “New Securities”
shall mean debt securities of the Issuer and Guarantees by the Guarantors, in each case identical in all material respects to the Securities (except that the transfer restrictions shall be modified or eliminated, as appropriate) to be issued under
the New Securities Indenture. 
 “New Securities Indenture” shall mean the Indenture or an
indenture among the Issuer, the Guarantors and the New Securities Trustee, identical in all material respects to the Indenture (except that (i) the New Securities shall contain no restrictive legend thereon, (ii) interest thereon shall
accrue from the last date on which interest was paid on such Notes or, if no such interest has been paid, from the Closing Date and (iii) which are entitled to the benefits of the Indenture or a trust indenture which is identical in all
material respects to the Indenture (other than such changes to the Indenture or any such identical trust indenture as are necessary to comply with the TIA) and which, in either case, has been qualified under the Trust Indenture Act), which may be
the Indenture if in the terms thereof appropriate provision is made for the New Securities. 

  
 -3-

 “New Securities Trustee” shall mean the Trustee or a bank
or trust company reasonably satisfactory to the Initial Purchasers (determined on the basis of principal amount of Notes purchased from the Issuer), as trustee with respect to the New Securities under the New Securities Indenture. 

“Notes” shall have the meaning set forth in the preamble hereto. 

“Prospectus” shall mean the prospectus included in any Registration Statement (including, without
limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Act), as amended or supplemented by any prospectus supplement,
with respect to the terms of the offering of any portion of the Securities or the New Securities covered by such Registration Statement, and all amendments and supplements thereto, including any and all exhibits thereto and any information
incorporated by reference therein. 
 “Purchase Agreement” shall have the meaning set forth in
the preamble hereto. 
 “Registered Exchange Offer” shall mean the proposed offer of the Issuer
and the Guarantors to issue and deliver to the Holders of the Securities that are not prohibited by any law or policy of the Commission from participating in such offer, in exchange for the Securities, a like aggregate principal amount of the New
Securities. 
 “Registrable Securities” shall mean (i) Securities other than those that
have been registered under a Registration Statement and disposed of in accordance therewith and (ii) any New Securities the resale of which by the Holder thereof requires compliance with the prospectus delivery requirements of the Act.

 “Registration Statement” shall mean any Exchange Offer Registration Statement or Shelf
Registration Statement that covers any of the Securities or the New Securities pursuant to the provisions of this Agreement, any amendments and supplements to such registration statement, including post-effective amendments (in each case including
the Prospectus contained therein), all exhibits thereto and all material incorporated by reference therein. 

“Securities” shall have the meaning set forth in the preamble hereto. 

“Shelf Registration” shall mean a registration effected pursuant to Section 3 hereof. 

“Shelf Registration Period” shall have the meaning set forth in Section 3(b)(ii) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Issuer and
the Guarantors pursuant to the provisions of Section 3 hereof which covers some or all of the Securities or New Securities, as applicable, on an appropriate 

  
 -4-

 
form under Rule 415 under the Act, or any similar rule that may be adopted by the Commission, amendments and supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission promulgated thereunder. 

“Trustee” shall mean the trustee with respect to the Securities under the Indenture. 

“underwriter” shall mean any underwriter of Securities in connection with an offering thereof under a
Shelf Registration Statement. 
 2. Registered Exchange Offer. (a) The Issuer and the Guarantors shall prepare and
use their commercially reasonable efforts to file with the Commission and cause to become effective the Exchange Offer Registration Statement with respect to the Registered Exchange Offer within 365 days after the Closing Date. The Issuer and the
Guarantors shall use their commercially reasonable efforts to cause the Registered Exchange Offer to be completed under the Act by the Exchange Date. 
 (b) Upon the effectiveness of the Exchange Offer Registration Statement, the Issuer and the Guarantors shall promptly commence the Registered Exchange Offer, it being the objective of such Registered
Exchange Offer to enable each Holder electing to exchange Securities for New Securities (assuming that such Holder (i) is not an Affiliate of the Issuer, (ii) acquires the New Securities in the ordinary course of such Holder’s
business, (iii) has no arrangements with any person to participate in the distribution of the New Securities, (iv) is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer and (v) is
not an Initial Purchaser holding Securities that have the status of an unsold allotment remaining from the initial distribution of the Securities) to trade such New Securities from and after their receipt without any limitations or restrictions
under the Act and without material restrictions under the securities laws of a substantial proportion of the several states of the United States. 
 (c) In connection with the Registered Exchange Offer, the Issuer and the Guarantors shall: 
 (i) mail or cause to be mailed to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents;

 (ii) keep the Registered Exchange Offer open for at least 20 Business Days (or longer if required by
applicable law) after the date notice thereof is mailed to the Holders; 

  
 -5-

 (iii) use their commercially reasonable efforts to keep the Exchange Offer
Registration Statement continuously effective under the Act, supplemented and amended as required under the Act, to ensure that it is available for sales of New Securities by Exchanging Dealers during the Exchange Offer Registration Period;

 (iv) utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of
Manhattan in New York City which may be the Trustee, the New Securities Trustee or an Affiliate of either of them; 
 (v) permit Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last Business Day on which the Registered Exchange Offer is open; 

(vi) prior to effectiveness of the Exchange Offer Registration Statement, provide a supplemental letter to the Commission
(A) stating that the Issuer and the Guarantors are conducting the Registered Exchange Offer in reliance on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988) and Morgan Stanley and
Co., Inc. (pub. avail. June 5, 1991) and (B) including a representation that the Issuer and the Guarantors have not entered into any arrangement or understanding with any person to distribute the New Securities to be received in the
Registered Exchange Offer and that, to the best of the Issuer’s information and belief, each Holder participating in the Registered Exchange Offer is acquiring the New Securities in the ordinary course of business and has no arrangement or
understanding with any person to participate in the distribution of the New Securities; and 
 (vii) comply in
all respects with all laws applicable to the Registered Exchange Offer. 
 (d) As soon as practicable after the close of the
Registered Exchange Offer, the Issuer and the Guarantors shall: 
 (i) accept for exchange all Securities
tendered and not validly withdrawn pursuant to the Registered Exchange Offer; 
 (ii) deliver to the Trustee for
cancellation in accordance with Section 4(r) hereof all Securities so accepted for exchange; and 
 (iii)
cause the New Securities Trustee promptly to authenticate and deliver to each Holder of Securities a principal amount of New Securities equal to the principal amount of the Securities of such Holder so accepted for exchange. 

(e) Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Registered Exchange Offer to
participate in a distribution of the New Securities (x) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13,
1988) and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993 and similar

  
 -6-

 
no-action letters and (y) must comply with the registration and prospectus delivery requirements of the Act in connection with any secondary resale transaction, which must be covered by an
effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K under the Act if the resales are of New Securities obtained by such Holder in exchange for
Securities acquired by such Holder directly from the Issuer or any Affiliate of the Issuer. Accordingly, each Holder participating in the Registered Exchange Offer shall be required to represent to the Issuer that, at the time of the consummation of
the Registered Exchange Offer: 
 (i) any New Securities received by such Holder shall be acquired in the
ordinary course of business; 
 (ii) such Holder shall have no arrangement or understanding with any person to
participate in the distribution within the meaning of the Act of the Securities or the New Securities; 
 (iii)
such Holder is not an Affiliate of the Issuer or any Guarantor or, if it is an Affiliate of the Issuer, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable and will provide
information to be included in the Shelf Registration Statement in accordance with Section 4 hereof in order to have their Securities included in the Shelf Registration Statement and benefit from the provisions regarding Additional Interest in
Section 8 hereof; and 
 (iv) if such Holder is an Exchanging Dealer, then such Holder will comply with the
applicable provisions of the Securities Act (including the prospectus delivery requirements thereunder). 
 (f) If any Initial
Purchaser determines that it is not eligible to participate in the Registered Exchange Offer with respect to the exchange of Securities constituting any portion of an unsold allotment, at the request of such Initial Purchaser, the Issuer and the
Guarantors shall issue and deliver to such Initial Purchaser or the person purchasing New Securities registered under a Shelf Registration Statement as contemplated by Section 3 hereof from such Initial Purchasers, in exchange for such
Securities, a like principal amount of New Securities. The Issuer and the Guarantors shall use their commercially reasonable efforts to cause the CUSIP Service Bureau to issue the same CUSIP number and International Securities Identification Number
(“ISIN”) for such New Securities as for New Securities issued pursuant to the Registered Exchange Offer. 
 3.
Shelf Registration. (a) If (i) due to any change in law or applicable interpretations thereof by the Commission’s staff, the Issuer and the Guarantors determine upon advice of their outside counsel that they are not permitted
to effect the Registered Exchange Offer as contemplated by Section 2 hereof; (ii) for any other reason the Exchange Offer Registration Statement is not declared effective within 365 days after the Closing Date; (iii) any Initial
Purchaser so requests with respect to Securities that are not eligible to be exchanged for New Securities in the Registered Exchange Offer and that are held by them following consummation of the Registered Exchange Offer; (iv) any Holder (other
than an Initial Purchaser) 

  
 -7-

 
is not eligible to participate in the Registered Exchange Offer (or may not resell the New Securities to be acquired by it in the Registered Exchange Offer to the public without delivering a
prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder); or (v) in the case of the Initial Purchasers that participate in the Registered Exchange
Offer or acquires New Securities pursuant to Section 2(f) hereof, an Initial Purchaser does not receive freely tradable New Securities in exchange for Securities constituting any portion of an unsold allotment (it being understood that
(x) the requirement that an Initial Purchaser deliver a Prospectus containing the information required by Item 507 or 508 of Regulation S-K under the Act in connection with sales of New Securities acquired in exchange for such
Securities shall result in such New Securities being not “freely tradable;” and (y) the requirement that an Exchanging Dealer deliver a Prospectus in connection with sales of New Securities acquired in the Registered Exchange Offer in
exchange for Securities acquired as a result of market-making activities or other trading activities shall not result in such New Securities being not “freely tradable”), the Issuer and the Guarantors shall file and use their commercially
reasonable efforts to cause to become and keep effective a Shelf Registration Statement in accordance with subsection (b) below; provided, however, that, unless consented to by the Issuer, no requirement for the Issuer or the
Guarantors to file or to cause to become and keep effective a Shelf Registration Statement shall arise with respect to any Securities held by the Sponsors (as defined in the Indenture). 

(b) (i) The Issuer and the Guarantors shall, if required by subsection (a) above, as promptly as practicable use their
commercially reasonable efforts to file with the Commission and shall use their commercially reasonable efforts to cause to be declared effective under the Act by the later of (A) the 180th day after the date on which the requirement to file
such Shelf Registration Statement arises pursuant to subsection (a) above or (B) 365 days after the Closing Date, a Shelf Registration Statement relating to the offer and sale of the Securities or the New Securities, as applicable, by the
Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and set forth in such Shelf Registration Statement; provided, however, that no Holder (other than an Initial Purchaser) shall be
entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all of the provisions of this Agreement applicable to such Holder; and provided further, that with
respect to New Securities received by an Initial Purchaser in exchange for Securities constituting any portion of an unsold allotment, the Issuer and the Guarantors may, if permitted by current interpretations by the Commission’s staff, file a
post-effective amendment to the Exchange Offer Registration Statement containing the information required by Item 507 or 508 of Regulation S-K, as applicable, in satisfaction of their obligations under this subsection with respect thereto,
and any such Exchange Offer Registration Statement, as so amended, shall be referred to herein as, and governed by the provisions herein applicable to, a Shelf Registration Statement. 

(ii) The Issuer and the Guarantors shall use their commercially reasonable efforts to keep the Shelf Registration Statement continuously
effective, supplemented and amended as required by the Act, in order to permit the Prospectus forming part thereof to be usable by Holders for a period from the date the Shelf Registration Statement is declared effective by the Commission until the
earliest of: (A) the second anniversary of the Closing 

  
 -8-

 
Date or (B) the date upon which all the Securities or New Securities, as applicable, covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement
(in any such case, the “Shelf Registration Period”). The Issuer and the Guarantors shall be deemed not to have used their commercially reasonable efforts to keep the Shelf Registration Statement effective during the Shelf
Registration Period if they voluntarily take any action that would result in Holders of Securities covered thereby not being able to offer and sell such Securities at any time during the Shelf Registration Period, unless such action is
(x) required by applicable law or otherwise taken by the Issuer and the Guarantors in good faith and for valid business reasons (not including avoidance of the Issuer’s and the Guarantors’ obligations hereunder), including the
acquisition or divestiture of assets and (y) permitted pursuant to Section 4(k)(ii) hereof. 
 (iii) The Issuer and
the Guarantors shall cause the Shelf Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement or such amendment or supplement, (A) to comply in all
material respects with the applicable requirements of the Act and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein (in
the case of the Prospectus, in the light of the circumstances under which they were made) not misleading. 
 4. Additional
Registration Procedures. In connection with any Shelf Registration Statement and, to the extent applicable, any Exchange Offer Registration Statement, the following provisions shall apply. 

(a) The Issuer and the Guarantors shall: 

(i) furnish to counsel for the Initial Purchasers and to counsel for the Holders, not less than two (2) Business Days
prior to the filing thereof with the Commission, a copy of any Exchange Offer Registration Statement and any Shelf Registration Statement, and each amendment thereof and each amendment or supplement, if any, to the Prospectus included therein
(including all documents incorporated by reference therein after the initial filing) and shall use their commercially reasonable efforts to reflect in each such document, when so filed with the Commission, such comments as counsel to the Holders or
counsel for the Initial Purchasers reasonably propose; 
 (ii) include the information set forth in Annex A
hereto on the facing page of the Exchange Offer Registration Statement, in Annex B hereto in the forepart of the Exchange Offer Registration Statement in a section setting forth details of the Exchange Offer, in Annex C hereto in the
underwriting or plan of distribution section of the Prospectus contained in the Exchange Offer Registration Statement and in Annex D hereto in the letter of transmittal delivered pursuant to the Registered Exchange Offer; 

(iii) if requested by an Initial Purchaser, include the information required by Item 507 or 508, as applicable, of
Regulation S-K in the Prospectus 

  
 -9-

 
contained in the Exchange Offer Registration Statement or Shelf Registration Statement; and 
 (iv) in the case of a Shelf Registration Statement, include the names of the Holders that propose to sell Securities pursuant to the Shelf Registration Statement as selling security holders. 

(b) The Issuer and the Guarantors shall use their commercially reasonable efforts to ensure that: 

(i) any Registration Statement and any amendment thereto and any Prospectus forming part thereof and any amendment or
supplement thereto complies in all material respects with the Act; and 
 (ii) any Registration Statement and any
amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 

(c) The Issuer and the Guarantors shall advise counsel for the Initial Purchasers, the Holders of Securities covered by
any Shelf Registration Statement and any Exchanging Dealer under any Exchange Offer Registration Statement that has provided in writing to the Issuer or the Guarantors a telephone or facsimile number and address for notices, and, if requested by any
Initial Purchaser or any such Holder or Exchanging Dealer, shall confirm such advice in writing (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the Prospectus until the Issuer and
the Guarantors shall have remedied the basis for such suspension): 
 (i) when a Registration Statement and any
amendment thereto has been filed with the Commission and when the Registration Statement or any post-effective amendment thereto has become effective; 
 (ii) of any request by the Commission after the effective date for any amendment or supplement to the Registration Statement or the Prospectus or for additional information; 

(iii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or
the institution of any proceeding for that purpose; 
 (iv) of the receipt by the Issuer or any Guarantor of any
notification with respect to the suspension of the qualification of the securities included therein for sale in any jurisdiction or the institution of any proceeding for such purpose; and 

  
 -10-

 (v) of the happening of any event that requires any change in the
Registration Statement or the Prospectus so that, as of such date, they (A) do not contain any untrue statement of a material fact and (B) do not omit to state a material fact required to be stated therein or necessary to make the
statements therein (in the case of the Prospectus, in the light of the circumstances under which they were made) not misleading. 
 (d) The Issuer and the Guarantors shall use their commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement or the qualification of
the securities therein for sale in any jurisdiction. 
 (e) The Issuer and the Guarantors shall furnish to each
Holder of Securities covered by any Shelf Registration Statement, without charge, at least one (1) copy of such Shelf Registration Statement and any post-effective amendment thereto, including all material incorporated therein by reference,
and, if the Holder so requests in writing, all exhibits thereto (including exhibits incorporated by reference therein). 
 (f) The Issuer and the Guarantors shall, during the Shelf Registration Period, deliver to each Holder of Securities covered by any Shelf Registration Statement, without charge, as many copies of the
Prospectus (including the Preliminary Prospectus) included in such Shelf Registration Statement and any amendment or supplement thereto as such Holder may reasonably request. The Issuer and the Guarantors consent to the use of the Prospectus or any
amendment or supplement thereto by each of the selling Holders of Securities in connection with the offering and sale of the Securities covered by the Prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement.

 (g) The Issuer and the Guarantors shall furnish to each Exchanging Dealer which so requests, without charge,
at least one (1) conformed copy of the Exchange Offer Registration Statement and any post-effective amendments thereto, including all material incorporated by reference therein, and, if the Exchanging Dealer so requests in writing, all exhibits
thereto (including exhibits incorporated by reference therein). 
 (h) The Issuer and the Guarantors shall
promptly deliver to each Initial Purchaser, each Exchanging Dealer and each other person required to deliver a Prospectus during the Exchange Offer Registration Period, without charge, as many copies of the Prospectus included in such Exchange Offer
Registration Statement and any amendments or supplements thereto as any such person may reasonably request. The Issuer and the Guarantors consent to the use of the Prospectus or any amendments or supplements thereto by any Initial Purchaser, any
Exchanging Dealer and any such other person that may be required to deliver a Prospectus following the Registered Exchange Offer in connection with the offering and sale of the New Securities covered by the Prospectus, or any amendment or supplement
thereto, included in the Exchange Offer Registration Statement. 

  
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 (i) Prior to the Registered Exchange Offer or any other offering of
Securities pursuant to any Registration Statement, the Issuer and the Guarantors shall arrange, if necessary, for the registration or qualification of the Securities or the New Securities for sale under the laws of such jurisdictions as any Holder
shall reasonably request and shall maintain such qualification in effect so long as required; provided that in no event shall the Issuer or any Guarantor be obligated to qualify to do business in any jurisdiction where it is not then so
qualified or to take any action that would subject it to service of process in suits, other than those arising out of the Initial Placement, the Registered Exchange Offer or any offering pursuant to a Shelf Registration Statement, in any such
jurisdiction where it is not then so subject or to subject itself to taxation in excess of a nominal amount in respect of doing business in such jurisdiction. 
 (j) The Issuer and the Guarantors shall cooperate with the Holders of Securities to facilitate the timely preparation and delivery of certificates representing New Securities or Securities to be issued or
sold pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in such names as Holders may request in writing at least three (3) Business Days prior to the closing date of any sales of New
Securities. 
 (k) (i) Upon the occurrence of any event contemplated by subsections (c)
(ii) through (v) above, the Issuer and the Guarantors shall promptly (or within the time period provided for by clause (ii) hereof, if applicable) prepare a post-effective amendment to the applicable Registration Statement or an
amendment or supplement to the related Prospectus or file any other required document so that, as thereafter delivered to the Initial Purchasers of the Securities included therein, the Prospectus shall not include an untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. In such circumstances, the period of effectiveness of
the Exchange Offer Registration Statement provided for in Section 2 hereof shall be extended by the number of days from and including the date of the giving of a notice of suspension pursuant to Section 4(c) hereof to and including the
date when the Initial Purchasers, the Holders of the Securities and any known Exchanging Dealer shall have received such amended or supplemented Prospectus pursuant to this Section 4(k). 

(ii) Upon the occurrence or existence of any pending corporate development or any other material event that, in the
reasonable judgment of the Issuer and the Guarantors, makes it appropriate to suspend the availability of a Shelf Registration Statement and the related Prospectus, the Issuer and the Guarantors shall give notice (without notice of the nature or
details of such events) to the Holders that the availability of the Shelf Registration is suspended and, upon actual receipt of any such notice, each Holder agrees not to sell any Registrable Securities pursuant to the Shelf Registration until such
Holder’s receipt of copies of the supplemented or amended Prospectus provided for in Section 3(a)(i) hereof, or until it is advised in writing by the Issuer 

  
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and the Guarantors that the Prospectus may be used, and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus.
The period during which the availability of the Shelf Registration and any Prospectus is suspended (the “Deferral Period”) (1) shall not exceed 60 consecutive days, (2) shall not occur more than three (3) times during
any calendar year and (3) shall extend the number of days the Shelf Registration or any Prospectus is available by an amount equal to the Deferral Period. Any Additional Interest payable pursuant to Section 8(a)(iii) shall cease to accrue
during any Deferral Period. 
 (l) Not later than the effective date of any Registration Statement, the Issuer
and the Guarantors shall provide a CUSIP number and ISIN for the Securities or the New Securities, as the case may be, registered under such Registration Statement, and provide the Trustee with printed certificates for such Securities or New
Securities, in a form eligible for deposit with The Depository Trust Company. 
 (m) The Issuer and the
Guarantors shall comply in all material respects with all applicable rules and regulations of the Commission and shall make generally available to their security holders earning statements satisfying the provisions of Section 11(a) of the Act
as soon as practicable after the effective date of the applicable Registration Statement. 
 (n) The Issuer and
the Guarantors shall cause the New Securities Indenture to be qualified under the Trust Indenture Act as required by applicable law in a timely manner. 
 (o) The Issuer and the Guarantors may require each Holder of Securities to be sold pursuant to any Shelf Registration Statement to furnish to the Issuer and the Guarantors such information regarding the
Holder and the distribution of such Securities as the Issuer and the Guarantors may from time to time reasonably require for inclusion in such Registration Statement. The Issuer and the Guarantors may exclude from such Shelf Registration Statement
the Securities of any Holder that fails to furnish such information within a reasonable time after receiving such request. 
 (p) In the case of any Shelf Registration Statement, upon the request of the Majority Holders, the Issuer and the Guarantors shall enter into customary agreements (including, if requested, one
underwriting agreement in customary form) and take all other appropriate actions, if any, as the Majority Holders shall reasonably request in order to expedite or facilitate the registration or the disposition of the Securities, and in connection
therewith, if an underwriting agreement is entered into, cause the same to contain indemnification provisions and procedures no less favorable than those set forth in Section 6 hereof. 

  
 -13-

 (q) In the case of any Shelf Registration Statement, the Issuer and the
Guarantors shall: 
 (i) make reasonably available for inspection at a location where they are normally kept and
during normal business hours by the Majority Holders of Securities to be registered thereunder, any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by such
Holders or any such underwriter all relevant financial and other records and pertinent corporate documents of the Issuer, the Guarantors and their respective subsidiaries; 

(ii) use their commercially reasonable efforts to cause their officers, directors, employees, accountants and auditors to
supply all relevant information reasonably requested by the Holders or any such underwriter, attorney, accountant or agent (each, an “Inspector”) in connection with any such Registration Statement as is customary for similar due
diligence examinations; provided, however, that such Inspector shall first agree in writing with the Issuer and the Guarantors that any information that is reasonably and in good faith designated by the Issuer and the Guarantors in
writing as confidential at the time of delivery of such information shall be kept confidential by such Inspector, unless (1) disclosure of such information is required by court or administrative order or is necessary to respond to inquiries of
regulatory authorities, (2) disclosure of such information is required by law (including any disclosure requirements pursuant to federal securities laws in connection with the filing of such Registration Statement or the use of any Prospectus),
(3) such information becomes generally available to the public other than as a result of a disclosure or failure to safeguard such information by such person or (4) such information becomes available to such Inspector from a source other
than the Issuer or the Guarantors and such source is not known, after due inquiry, by the relevant Holder to be bound by a confidentiality agreement or is not otherwise under a duty of trust to the Issuer or the Guarantors; 

(iii) make such representations and warranties to the Holders of Securities registered thereunder and the underwriters, if
any, in form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings; 
 (iv) obtain opinions of counsel to the Issuer and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the Managing Underwriter, if any) addressed
to each selling Holder and the underwriters, if any, covering such matters as are customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such Holders and underwriters; 

(v) obtain “comfort” letters and updates thereof from the independent certified public accountants of the Issuer
(and, if necessary, any other 

  
 -14-

 
independent certified public accountants of any subsidiary of the Issuer or of any business acquired by the Issuer for which financial statements and financial data are, or are required to be,
included in the Registration Statement), addressed to each selling Holder of Securities registered thereunder and the underwriters, if any, in customary form and covering matters of the type customarily covered in “comfort” letters in
connection with primary underwritten offerings; 
 (vi) deliver such documents and certificates as may be
reasonably requested by the Majority Holders or the Managing Underwriter, if any, including those to evidence compliance with Section 4(k) hereof and with any customary conditions contained in the underwriting agreement or other agreement
entered into by the Issuer or the Guarantors; and 
 (vii) cooperate with each seller of Registrable Securities
covered by any Shelf Registration Statement and each underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made pursuant to the FINRA Rules.

 (r) If a Registered Exchange Offer is to be consummated, upon delivery of the Securities by Holders to the
Issuer (or to such other person as directed by the Issuer) in exchange for the New Securities, the Issuer shall mark, or caused to be marked, on the Securities so exchanged that such Securities are being cancelled in exchange for the New Securities.
In no event shall the Securities be marked as paid or otherwise satisfied. 
 (s) The Issuer and the Guarantors
shall use their commercially reasonable efforts to take all other steps necessary to effect the registration of the Securities or the New Securities, as the case may be, covered by a Registration Statement. 

If any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Issuer, then such
Holder shall have the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a
recommendation by such Holder of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Issuer, or (ii) in the event that
such reference to such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the Registration Statement filed or
prepared subsequent to the time that such reference ceases to be required. 
 5. Registration Expenses. The Issuer and
the Guarantors shall bear all expenses incurred in connection with the performance of their obligations under Sections 2, 3 and 4 hereof and, in the event of any Shelf Registration Statement, shall reimburse the Holders for the reasonable fees
and disbursements of one firm or counsel (which shall initially be Cahill Gordon & Reindel LLP, but which may be another nationally recognized law firm 

  
 -15-

 
experienced in securities matters designated by the Majority Holders) to act as counsel for the Holders in connection therewith, and, in the case of any Exchange Offer Registration Statement,
shall reimburse the Initial Purchasers for the reasonable fees and disbursements of counsel acting in connection therewith, in each case which counsel shall be approved by the Issuer (such approval not to be unreasonably withheld). Each Holder shall
pay all expenses of its counsel other than as set forth in the preceding sentence, underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Securities or New Securities. 

6. Indemnification and Contribution. (a) The Issuer and the Guarantors, jointly and severally, agree to indemnify and hold
harmless each Holder of Securities or New Securities, as the case may be, covered by any Registration Statement, each Initial Purchaser and each Affiliate thereof and, with respect to any Prospectus delivery as contemplated in Section 4(h)
hereof, each Exchanging Dealer, the directors, officers and Affiliates of each such Holder, Initial Purchaser or Exchanging Dealer and each person who controls any such Holder, Initial Purchaser or Exchanging Dealer within the meaning of either the
Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange Act or other federal or state statutory law or regulation, at common
law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement as
originally filed or in any amendment thereof, or in any preliminary Prospectus or the Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein (in the case of any preliminary Prospectus or the Prospectus, in the light of the circumstances under which they were made) not misleading, and agree (subject to the
limitations set forth in the proviso to this sentence) to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the Issuer shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue
statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Issuer by or on behalf of the party claiming indemnification specifically for inclusion therein. This indemnity
agreement shall be in addition to any liability that the Issuer and the Guarantors may otherwise have. The Issuer and the Guarantors shall not be liable under this Section 6 to any indemnified party regarding any settlement or compromise or
consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or
potential parties to such claim or action) unless such settlement, compromise or consent is consented to by the Issuer or the Guarantors, as applicable, which consent shall not be unreasonably withheld. 

(b) Each Holder of securities covered by a Registration Statement (including each Initial Purchaser that is a Holder, in such capacity)
severally and not jointly agrees to 

  
 -16-

 
indemnify and hold harmless the Issuer and the Guarantors and each of their respective directors, each of their respective officers who signs such Registration Statement and each person who
controls the Issuer or any Guarantor within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from the Issuer and the Guarantors to each such Holder, but only with reference to written information
relating to such Holder furnished to the Issuer and the Guarantors by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement shall be in addition to any liability that
any such Holder may otherwise have. 
 (c) Promptly after receipt by an indemnified party under this Section 6 of notice of
the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 6, notify the indemnifying party in writing of the commencement thereof; but the failure
to so notify the indemnifying party (i) shall not relieve it from liability under paragraph (a) or (b) of this Section 6 unless and to the extent it did not otherwise learn of such action and such failure results in the
forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in
paragraph (a) or (b) of this Section 6, except as provided in paragraph (d) below. The indemnifying party shall be entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying
party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local
counsel if not appointed by the indemnifying party, retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party.
Notwithstanding the indemnifying party’s election to appoint counsel (including local counsel) to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and
the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of
interest (based on the advice of counsel to the indemnified person), (ii) such action includes both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded (based on the advice of counsel to
the indemnified person) that there may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, (iii) the indemnifying party shall not have employed
counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action or (iv) the indemnifying party shall authorize the indemnified party to employ
separate counsel at the expense of the indemnifying party. It is understood and agreed that the indemnifying person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the reasonable fees and
expenses of more than one separate firm (in addition to any local counsel) for all indemnified persons. Any such separate firm for any Initial Purchaser, its affiliates, directors and officers and any control persons of such Initial Purchaser shall
be designated in writing by Deutsche Bank Securities Inc. and any such separate firm for the Issuer or any of the Guarantors, and any control persons of the Issuer or any of 

  
 -17-

 
the Guarantors shall be designated in writing by the Issuer or such Guarantor, as the case may be. An indemnifying party shall not, without the prior written consent of the indemnified parties,
settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified
parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional written release of each indemnified party from all liability arising out of such claim, action, suit or
proceeding and does not include any statement as to, or any concession of, fault, culpability or failure to act by or on behalf of any indemnified party. 
 (d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 6 is unavailable to or insufficient to hold harmless an indemnified party in the respect of any
aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending any loss, claim, liability, damage or action) (collectively “Losses”) (other than
by virtue of the failure of an indemnified party to notify the indemnifying party of its right to indemnification pursuant to paragraph (a) or (b) of this Section 8, where such failure materially prejudices the indemnifying party
(through the forfeiture of substantial rights or defenses)), each indemnifying party, in order to provide for just and equitable contribution, shall contribute to the amount paid or payable by such indemnified party as a result of such Losses, in
such proportion as is appropriate to reflect the relative benefits received by such indemnifying party, on the one hand, and such indemnified party, on the other hand, from the Initial Placement and the Registration Statement which resulted in such
Losses; provided, however, that in no case shall any Initial Purchaser be responsible, in the aggregate, for any amount in excess of the purchase discount or commission applicable to such Security, or in the case of a New Security,
applicable to the Security that was exchangeable into such New Security, as set forth in the Purchase Agreement, nor shall any underwriter be responsible for any amount in excess of the underwriting discount or commission applicable to the
securities purchased by such underwriter under the Registration Statement which resulted in such Losses nor shall a Holder be required to contribute any amount in excess of the amount by which the total price at which the Securities or New
Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. If the allocation provided by the immediately
preceding sentence is unavailable for any reason or not permitted by applicable law, the indemnifying party and the indemnified party shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the
relative fault of such indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits
received by the Issuer and the Guarantors shall be deemed to be equal to the total net proceeds from the Initial Placement (before deducting expenses) as set forth in the Final Memorandum. Benefits received by the Initial Purchasers shall be deemed
to be equal to the total purchase discounts and commissions as set forth in the Purchase Agreement, and benefits received by any other Holders shall be deemed to be equal to the value of receiving Securities or New Securities, as applicable,
registered under the Act. Benefits received by any underwriter shall be deemed to be equal to the total underwriting discounts and commissions, as set forth on the 

  
 -18-

 
cover page of the Prospectus forming a part of the Registration Statement which resulted in such Losses. Relative fault shall be determined by reference to, among other things, whether any untrue
or any alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information provided by the indemnifying party, on the one hand, or by the indemnified party, on the other hand, the intent of the
parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission and any other equitable considerations appropriate in the circumstances. The parties agree that it would not be just
and equitable if the amount of such contribution were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or any other method of allocation which does not take account of the equitable considerations
referred to above. Notwithstanding the provisions of this paragraph 6(d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this Section 6(d), each person, if any, who controls a Holder within the meaning of either the Act or the Exchange Act and each director and officer of such Holder shall have the same
rights to contribution as such Holder, and each person who controls the Issuer within the meaning of either the Act or the Exchange Act, each officer of the Issuer who shall have signed the Registration Statement and each director of the Issuer
shall have the same rights to contribution as the Issuer, subject in each case to the applicable terms and conditions of this paragraph 6(d). 
 (e) The provisions of this Section 6 shall remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the Issuer or any of the indemnified persons referred
to in this Section 6, and shall survive the sale by a Holder of securities covered by a Registration Statement. 
 7.
Underwritten Registrations. (a) If any of the Securities or New Securities, as the case may be, covered by any Shelf Registration Statement are to be sold in an underwritten offering, the Managing Underwriters, if any, shall be selected
by the Majority Holders, subject to the consent of the Issuer (which shall not be unreasonably withheld), and the Holders of Securities or New Securities covered by such Shelf Registration Statement shall be responsible for all underwriting
commissions and discounts. 
 (b) No person may participate in any underwritten offering pursuant to any Shelf Registration
Statement, unless such person (i) agrees to sell such person’s Securities or New Securities, as the case may be, on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such
arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

8. Registration Defaults. (a) If any of the following events shall occur, then the Issuer and the Guarantors shall pay
increased interest (“Additional Interest”) to the Holders of Securities in respect of the Securities as follows: 

  
 -19-

 (i) if (x) the Exchange Offer Registration Statement is not declared
effective by the Commission within 365 days after the Closing Date, (y) the Registered Exchange Offer is not completed by the Exchange Date, or (z) if required, the Shelf Registration Statement is not declared effective by the Commission
by the later of (A) the 180th day after the date on which the requirement to file such Shelf Registration Statement arises pursuant to Section 3(a) or (B) 365 days after the Closing Date, then Additional Interest shall accrue on the
Registrable Securities at a rate of 0.25% per annum on the principal amount of such Registrable Securities for the first 90 days from and including such specified date and increasing by an additional 0.25% per annum at the beginning of
each subsequent 90-day period thereafter; provided that Additional Interest in the aggregate under this Section 8 may not exceed 1.0% per annum of the principal amount of such Registrable Securities; or 

(ii) subject to the last sentence of Section 4(k)(ii) above, if the Shelf Registration Statement
required by Section 3(a) of this Agreement has been declared effective but thereafter ceases to be effective at any time at which it is required to be effective under this Agreement and such failure to remain effective exists for more than 30
consecutive days or more than 60 days (whether or not consecutive) during the period for which the Shelf Registration Statement is required, then commencing on the 31st day or 61st day, as applicable, following the date on which such Shelf Registration Statement ceases to be effective, Additional
Interest shall accrue on the Registrable Securities at a rate of 0.25% per annum of the principal amount of such Registrable Securities for the first 90 days from and including such 31st day or 61st day, as applicable, following the date on
which such Shelf Registration Statement ceases to be effective and increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period thereafter; provided that Additional Interest in the aggregate under this
Section 8 may not exceed 1.0% per annum of the principal amount of such Registrable Securities; 
 provided, however,
that upon (1) the effectiveness of the Exchange Offer Registration Statement, the completion of the Exchange Offer or the effectiveness of the Shelf Registration Statement, as applicable (each in the case of paragraph (i) above) and
(2) the effectiveness of the Shelf Registration Statement which had ceased to remain effective (in the case of paragraph (ii) above), Additional Interest shall cease to accrue; 
 provided, further, however, that no Additional Interest shall accrue following the later of: (1) the date on which the transfer restrictions applicable to the Securities are
eliminated and such Securities become “freely tradable” and (2) the second anniversary of the Issue Date. 
 (b)
The Issuer and the Guarantors shall notify the Trustee within one Business Day after each and every date on which an event occurs in respect of which Additional Interest is required to be paid and within one Business Day after such Additional
Interest ceases to accrue. Any amounts of Additional Interest due pursuant to Section 8(a) will be payable in cash on each interest payment date specified by the Indenture to the record holder entitled to receive the interest payment to be made
on such date, commencing with the first such date occurring after any such Additional Interest commences to accrue. 

  
 -20-

 (c) The parties hereto agree that the liquidated damages in the form of Additional Interest
provided for in this Section 8 constitute a reasonable estimate of and are intended to constitute the sole damages payable under this Agreement that will be suffered by Holders of Securities by reason of the failure of (i) the Exchange
Offer Registration Statement to be declared effective; (ii) the Registered Exchange Offer completed; or (iii) the Shelf Registration Statement, if required hereby, to be declared effective, in each case to the extent required by this
Agreement. 
 9. No Inconsistent Agreements. No Issuer or Guarantor has entered into, and the Issuer and the Guarantors
agree not to enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or that otherwise conflicts with the provisions hereof. 

10. Amendments and Waivers. The provisions of this Agreement may not be amended, qualified, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Issuer has obtained the written consent of the Holders of a majority of the aggregate principal amount of the Registrable Securities
outstanding; provided that, with respect to any matter that directly or indirectly affects the rights and obligations of any Initial Purchaser hereunder, the Issuer and the Guarantors shall obtain the written consent of each such Initial
Purchaser against which such amendment, qualification, supplement, waiver or consent is to be effective; provided, further, that no amendment, qualification, supplement, waiver or consent with respect to Section 8 hereof shall be
effective as against any Holder of Registered Securities unless consented to in writing by such Holder; and provided, further, that the provisions of this Article 10 may not be amended, qualified, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given, unless the Issuer and the Guarantors have obtained the written consent of the Initial Purchasers and each
Holder. Notwithstanding the foregoing (except the
foregoing provisos), a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose Securities or New Securities, as the case may be, are being sold pursuant to a
Registration Statement and that does not directly or indirectly affect the rights of other Holders may be given by the Majority Holders, determined on the basis of Securities or New Securities, as the case may be, being sold rather than registered
under such Registration Statement. 
 11. Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand-delivery, first-class mail, telex, telecopier or air courier guaranteeing overnight delivery: 
 (a) if to a Holder, at the most current address given by such Holder to the Issuer in accordance with the provisions of this Section 11, which address initially is, with respect to each Holder, the
address of such Holder maintained by the Registrar (as such term is defined in the Indenture) under the Indenture; 
 (b) if to the Initial Purchasers, initially at the address or addresses set forth in the Purchase Agreement; and 

  
 -21-

 (c) if to the Issuer or Guarantor, initially at its address set forth in the
Purchase Agreement. 
 All such notices and communications shall be deemed to have been duly given when received. 

The Initial Purchasers or the Issuer by notice to the other parties may designate additional or different addresses for subsequent
notices or communications. 
 12. Remedies. Each Holder, in addition to being entitled to exercise all rights provided to
it herein, in the Indenture or in the Purchase Agreement or granted by law, including recovery of liquidated or other damages, will be entitled to specific performance of its rights under this Agreement. The Issuer and the Guarantors agree that
monetary damages would not be adequate compensation for any loss incurred by reason of a breach by them of the provisions of this Agreement and hereby agree to waive in any action for specific performance the defense that a remedy at law would be
adequate. 
 13. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the parties
hereto, their respective successors and assigns, including, without the need for an express assignment or any consent by the Issuer thereto, subsequent Holders of Securities and the New Securities, and the indemnified persons referred to in
Section 6 hereof. The Issuer and the Guarantors hereby agree to extend the benefits of this Agreement to any Holder of Securities and the New Securities, and any such Holder may specifically enforce the provisions of this Agreement as if an
original party hereto. 
 14. Counterparts. This Agreement may be signed in one or more counterparts which may be
delivered in original form or by telecopier, each of which when so executed shall constitute an original and all of which together shall constitute one and the same agreement. 
 15. Headings. The section headings used herein are for convenience only and shall not affect the construction hereof. 
 16. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed in the State of New York.
The parties hereto each hereby waive any right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement. 
 17. Jurisdiction. The Issuer and each Guarantor irrevocably submit to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in The County of New York over any
suit, action or proceeding arising out of or relating to this Agreement or the Exchange Offer. The Issuer and each Guarantor irrevocably waive, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of
venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum. To the extent that the Issuer and the Guarantors have or
hereafter may acquire 

  
 -22-

 
any immunity (on the grounds of sovereignty or otherwise) from the jurisdiction of any court or from any legal process with respect to itself or its property, the Issuer and each Guarantor
irrevocably waive, to the fullest extent permitted by law, such immunity in respect of any such suit, action or proceeding. 

18. Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired or
affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
 19. Securities Held by the Issuer, etc. Whenever the consent or approval of Holders of a specified percentage of principal amount of Securities or New Securities is required hereunder, Securities
or New Securities, as applicable, held by the Issuer or their Affiliates (other than subsequent Holders of Securities or New Securities if such subsequent Holders are deemed to be Affiliates solely by reason of their holdings of such Securities or
New Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
 [Signature pages follow.] 

  
 -23-

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement by and among the Issuer and the Guarantors and the several Initial Purchasers. 

 

			
	Very truly yours,
	
	SEVEN SEAS CRUISES S. DE R.L.
		
	By:	 	 /s/ Gema M. Piñon

		 	Name: Gema M. Piñon
		 	 Title:   Senior Vice President, General Counsel
             and Secretary

  

			
	CELTIC PACIFIC (UK) TWO LIMITED
		
	By:	 	 /s/ Graham P. Sadler

		 	Name: Graham P. Sadler
		 	Title:   Director

  

			
	MARINER, LLC
		
	By:	 	 /s/ Gema M. Piñon

		 	Name: Gema M. Piñon
		 	Title:   Manager

  

			
	SUPPLYSTILL LIMITED
		
	By:	 	 /s/ Graham P. Sadler

		 	Name: Graham P. Sadler
		 	Title:   Director

 [Signature Page to Registration Rights Agreement] 

 
			
	REGENT SEVEN SEAS CRUISES UK LIMITED
		
	By:	 	 /s/ Graham P. Sadler

		 	Name: Graham P. Sadler
		 	Title:   Director

  

			
	CELTIC PACIFIC (UK) LIMITED
		
	By:	 	 /s/ Graham P. Sadler

		 	Name: Graham P. Sadler
		 	Title:   Director

  

			
	SSC (FRANCE) LLC
		
	By:	 	 /s/ Gema M. Piñon

		 	Name: Gema M. Piñon
		 	Title:   Manager

 [Signature Page to Registration Rights Agreement] 

 The foregoing Agreement is hereby 
 confirmed and accepted as of the 
 date first above written: 

DEUTSCHE BANK SECURITIES INC., 
 Acting on
behalf of itself and as representative 
 of the several Initial Purchasers 

 

			
	By:	 	 /s/ Kevin Sherlock

		 	Name: Kevin Sherlock
		 	Title:   Managing Director

			
		
	By:	 	 /s/ Alexandra Barth

		 	Name: Alexandra Barth
		 	Title:   Managing Director

 [Signature Page to Registration Rights Agreement] 

 ANNEX A 
 Each broker-dealer that receives New Securities for its own account pursuant to the Exchange Offer must acknowledge that it shall deliver a prospectus in connection with any resale of such New Securities.
The Letter of Transmittal states that by so acknowledging and by delivering a Prospectus, a broker-dealer shall not be deemed to admit that it is an “underwriter” within the meaning of the Act. This prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection with resales of New Securities received in exchange for Securities where such Securities were acquired by such broker-dealer as a result of market-making activities or
other trading activities. The Issuer and the Guarantors have agreed that, for a period of 180 days after consummation of the Registered Exchange Offer, they shall make this Prospectus available to any broker-dealer for use in connection with any
such resale. See “Plan of Distribution.” 

  
 A-1

 ANNEX B 
 Each broker-dealer that receives New Securities for its own account in exchange for Securities, where such Securities were acquired by such broker-dealer as a result of market-making activities or other
trading activities, must acknowledge that it shall deliver a Prospectus in connection with any resale of such New Securities. See “Plan of Distribution.” 

  
 B-1

 ANNEX C 
 PLAN OF DISTRIBUTION 
 Each broker-dealer that receives New
Securities for its own account pursuant to the Registered Exchange Offer must acknowledge that it will deliver a Prospectus in connection with any resale of such New Securities. This Prospectus, as it may be amended or supplemented from time to
time, may be used by a broker-dealer in connection with resales of New Securities received in exchange for Securities where such Securities were acquired as a result of market-making activities or other trading activities. The Issuer and the
Guarantors have agreed that, for a period of 180 days after the consummation of the Registered Exchange Offer, they will make this Prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In
addition, until                     , 20    , all dealers effecting transactions in the New Securities may be
required to deliver a Prospectus. 
 The Issuer and the Guarantors will not receive any proceeds from any sale of New Securities
by brokers-dealers. New Securities received by broker-dealers for their own account pursuant to the Registered Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions,
through the writing of options on the New Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made
directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer and/or the purchasers of any such New Securities. Any broker-dealer that resells New
Securities that were received by it for its own account pursuant to the Registered Exchange Offer and any broker or dealer that participates in a distribution of such New Securities may be deemed to be an “underwriter” within the meaning
of the Act and any profit of any such resale of New Securities and any commissions or concessions received by any such persons may be deemed to be underwriting compensation under the Act. The Letter of Transmittal states that by acknowledging that
it will deliver and by delivering a Prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Act. 
 For a period of 180 days after the consummation of the Registered Exchange Offer, the Issuer will promptly send additional copies of this Prospectus and any amendments or supplements to this Prospectus to
any broker-dealer that requests such documents in the Letter of Transmittal. The Issuer and the Guarantors have agreed to pay all expenses incident to the Registered Exchange Offer (including the expenses of one counsel for the holder of the
Securities) other than commissions or concessions of any brokers or dealers and will indemnify the holders of the Securities (including any broker-dealers) against certain liabilities, including liabilities under the Act. 

  
 C-1

 [If applicable, add information required by Regulation S-K Items 507 and/or 508.]

  
 C-2

 ANNEX D 
 LANGUAGE TO BE INCLUDED IN LETTER OF TRANSMITTAL 
  

	1.	PLEASE FILL IN YOUR NAME AND ADDRESS BELOW IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR
SUPPLEMENTS THERETO. 

  

			
	 Name:
	 	  

	 Address:
	 	  

		 	  

  

	2.	If the undersigned is not a Broker-Dealer, the undersigned represents that it acquired the New Securities in the ordinary course of its business, it is not engaged in,
and does not intend to engage in, a distribution of New Securities and it has no arrangements or understandings with any person to participate in a distribution of the New Securities. If the undersigned is a Broker-Dealer that will receive New
Securities for its own account in exchange for Securities, it represents that the Securities to be exchanged for New Securities were acquired by it as a result of market-making activities or other trading activities and acknowledges that it shall
deliver a Prospectus in connection with any resale of such New Securities; however, by so acknowledging and by delivering a Prospectus, the undersigned shall not be deemed to admit that it is an “underwriter” within the meaning of the Act.

  
 D-1

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