Document:

Exhibit 10.19

		Execution version

 

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

	 	Dated 18 February 2021	 
	 

	
        BREAKAWAY FOUR, LTD.

        (as Borrower)

         

        NCL CORPORATION LTD.

        (as Parent)

         

        NCL INTERNATIONAL, LTD.

        (as Shareholder)

         

        THE LENDERS LISTED IN SCHEDULE 1

        (as Lenders)

         

        KFW IPEX-BANK GMBH

        (as Facility Agent)

         

        KFW IPEX-BANK GMBH

        (as Hermes Agent)

         

        KFW IPEX-BANK GMBH

        (as Bookrunner)

         

        KFW IPEX-BANK GMBH

        (as Initial Mandated Lead Arranger)

         

        KFW IPEX-BANK GMBH

        (as Collateral Agent)

         

        and

         

        KFW IPEX-BANK GMBH

        (as CIRR Agent)

 

 

	 	
                                                                                        

         

        THIRD SUPPLEMENTAL AGREEMENT 

         

        RELATING TO THE SECURED CREDIT
AGREEMENT

DATED 12 OCTOBER 2012, AS AMENDED ON 23 SEPTEMBER 2013 AND 25 JULY 2014, AND AMENDED AND RESTATED ON 26 JULY 2016 AND 21 APRIL
2020, FOR THE DOLLAR EQUIVALENT OF UP TO €729,854,685.50 PRE AND POST DELIVERY FINANCE FOR HULL NO. [*]  

                                                                                         

         

  

 

     

     

    

 

Contents

 

	Clause	 	Page
	 	 	 
	1	Definitions	2
	 	 	 
	2	Agreement of the Finance Parties	3
	 	 	 
	3	Amendments to Original Credit Agreement	3
	 	 	 
	4	Representations and warranties	4
	 	 	 
	5	Conditions	5
	 	 	 
	6	Confirmations	5
	 	 	 
	7	Fees, costs and expenses	6
	 	 	 
	8	Miscellaneous and notices	7
	 	 	 
	9	Applicable law	7
	 	 	 
	Schedule 1	The Lenders	9
	Schedule 2	Conditions precedent to Effective Date	10
	Schedule 3	Form of Effective Date Notice	12
	Schedule 4	Form of Amended and Restated Credit Agreement	13

 

     

     

    

 

THIS THIRD SUPPLEMENTAL AGREEMENT is
dated 18 February 2021 and made BETWEEN:

 

		(1)	BREAKAWAY FOUR, LTD., a Bermuda company with its registered office at Park Place, 55 Par
La Ville Road, Third Floor, Hamilton HM11, Bermuda (the Borrower);

 

		(2)	NCL CORPORATION LTD., a company incorporated under the laws of Bermuda and having its registered
office at Park Place, 55 Par La Ville Road, Third Floor, Hamilton HM11, Bermuda as guarantor (the Parent);

 

		(3)	NCL INTERNATIONAL, LTD., a company incorporated under the laws of Bermuda and having its
registered office at Park Place, 55 Par La Ville Road, Third Floor, Hamilton HM11, Bermuda as shareholder (the Shareholder);

 

		(4)	THE LENDERS particulars of which are set out in Schedule 1 (The Lenders) as
lenders (collectively the Lenders and each individually a Lender);

 

		(5)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as facility
agent (the Facility Agent);

 

		(6)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as Hermes
agent (the Hermes Agent);

 

		(7)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as bookrunner
(the Bookrunner);

 

		(8)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as initial
mandated lead arranger (the Initial Mandated Lead Arranger);

 

		(9)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as collateral
agent for itself and the Lenders (as hereinafter defined) (the Collateral Agent); and

 

		(10)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as CIRR
agent (the CIRR Agent).

 

WHEREAS:

 

		(A)	This Agreement is supplemental to a credit agreement dated 12 October 2012 as most recently amended
and restated on 21 April 2020 (the Original Credit Agreement) made between, amongst others, the Borrower, the banks named
therein as lenders and the Facility Agent, where the Lenders granted to the Borrower a secured loan in the maximum amount of the
dollar equivalent of up to Euro seven hundred and twenty nine thousand eight hundred and fifty four thousand six hundred and eighty
five and fifty cent (€729,854,685.50) (the Loan) for the purpose of enabling the Borrower to finance (among other things)
the construction of the Vessel (as such term is defined in the Original Credit Agreement) on the terms and conditions therein contained.

 

		(B)	The Borrower and the Parent have by a consent request letter dated 3 December 2020 relating to
the "Debt Deferral Extension Framework" (the Framework) requested that the Original Credit Agreement be amended
and restated on the basis set out in this Agreement (the Consent Request Letter).

 

		(C)	On the terms of a consent confirmation letter dated 20 January 2021, the Lenders have agreed to
the further deferral of any scheduled repayments of principal of a Loan (including any First Deferred Loan) arising during the
Second Deferral Period on the basis set out in the Original Credit Agreement as amended, supplemented and restated by this Agreement.

 

    	 	1	 

     

    

 

NOW IT IS HEREBY AGREED as follows:

 

1. Definitions

 

1.1
Defined expressions

 

Words and expressions defined
in the Original Credit Agreement shall, unless the context otherwise requires or unless otherwise defined herein, have the same
meanings when used in this Agreement.

 

1.2 Definitions

 

In this Agreement, unless the
context otherwise requires:

 

Credit Agreement means
the Original Credit Agreement as amended and restated by this Agreement;

 

Deferral Fee Letter
means any letter between the Agent and the Parent setting out any of the fees payable in connection with this Agreement;

 

Effective Date means
the date on which the Facility Agent notifies the Borrower and the Lenders in writing substantially in the form set out in Schedule 3
(Form of Effective Date Notice) that the Facility Agent has received the documents and evidence specified in clause 5.1
(Documents and evidence), clause 5.2 (General conditions precedent) and Schedule 2 (Conditions precedent
to Effective Date) in a form and substance reasonably satisfactory to it (and provided that the Facility Agent shall be under
no obligation to give the notification if a Default or a mandatory prepayment event under Section 4.02 of the Credit Agreement
(as if the same had been amended and restated by this Agreement) shall have occurred for which relief is not provided in the Framework).

 

Finance Party means
the Facility Agent, the Hermes Agent, the Collateral Agent, the CIRR Agent or a Lender;

 

Framework Information Package
means the general test scheme/information package in connection with the "Debt Deferral Extension" application submitted
or to be submitted (as the case may be) by the Borrower (or the Parent on its behalf) in order to obtain the benefit of the measures
provided for in the Framework for the purpose of this Agreement and certain of its obligations under the Credit Agreement (including,
without limitation, the presentation made to Lenders in connection with the "Debt Deferral Extension" application and
related liquidity model;

 

Framework Qualifications
has the meaning given to such term in the Consent Request Letter;

 

Obligor means the Borrower,
the Parent and the Shareholder; and

 

Second Deferral Period
means the period from 1 April 2021 to 31 March 2022 (inclusive).

 

1.3 References

 

References in:

 

		(a)	this Agreement to Sections of the Credit Agreement are to the Sections of the amended and restated
credit agreement set out in Schedule 4 (Form of Amended and Restated Credit Agreement);

 

    	 	2	 

     

    

 

		(b)	references in the Original Credit Agreement to “this Agreement” shall, with effect
from the Effective Date and unless the context otherwise requires, be references to the Original Credit Agreement as amended and
restated by this Agreement and words such as “herein”, “hereof”, “hereunder”, “hereafter”,
 “hereby” and “hereto”, where they appear in the Original Credit Agreement, shall be construed accordingly;
and

 

		(c)	this Agreement to any defined terms shall have meanings to be equally applicable to both the singular
and plural forms of the terms defined and references to this Agreement or any other document (or to any specified provision of
this Agreement or any other document) shall be construed as references to this Agreement, that provision or that document as from
time to time amended, restated, supplemented and/or novated.

 

1.4 Clause
headings

 

The headings of the several
clauses and sub-clauses of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction
of any provision of this Agreement.

 

1.5
Electronic signing

 

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

 

1.6
Contracts (Rights of Third Parties) Act 1999

 

A person who is not a party
to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term
of this Agreement unless expressly provided to the contrary in this Agreement.  Notwithstanding any term of this Agreement,
the consent of any person who is not a party to this Agreement is not required to rescind or vary this Agreement at any time.

 

2. Agreement of the Finance Parties

 

The Finance Parties, relying
upon the representations and warranties on the part of the Obligors contained in clause 4 (Representations and warranties),
agree with the Borrower that, subject to the terms and conditions of this Agreement and in particular, but without prejudice to
the generality of the foregoing, fulfilment of the conditions contained in clause 5 (Conditions) and Schedule 2
(Conditions precedent to Effective Date), the Original Credit Agreement shall be amended and restated on the terms set out
in clause 3 (Amendments to Original Credit Agreement).

 

3. Amendments to Original Credit Agreement

 

3.1 Amendments

 

The Original Credit Agreement
(but without its Exhibits which, subject to clause 6.2(c), shall remain in the same form and deemed to form part of the Credit
Agreement) shall, with effect on and from the Effective Date, be (and it is hereby) amended and restated so as to read in accordance
with the form of the amended and restated Credit Agreement set out in Schedule 4 (Form of Amended and Restated Credit Agreement)
and (as so amended) and, together with the Exhibits, will continue to be binding upon the parties to it in accordance with its
terms as so amended and restated.

 

    	 	3	 

     

    

 

3.2 Continued
force and effect

 

Save as amended by this Agreement,
the provisions of the Original Credit Agreement shall continue in full force and effect and the Original Credit Agreement and this
Agreement shall be read and construed as one instrument.

 

 4. Representations and warranties

 

4.1 Primary
representations and warranties

 

Each of the Obligors represents
and warrants to the Finance Parties that:

 

		(a)	Power and authority

 

it has the power to enter into
and perform this Agreement and the transactions contemplated hereby and has taken all necessary action to authorise the entry into
and performance of this Agreement and such transactions. This Agreement constitutes its legal, valid and binding obligations enforceable
in accordance with its terms and in entering into this Agreement, it is acting on its own account;

 

		(b)	No violation 

 

the entry into and performance
of this Agreement and the transactions contemplated hereby do not and will not conflict with:

 

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

 

		(ii)	its constitutional documents; or

 

		(iii)	any agreement or document to which any
member of the NCLC Group is a party or which is binding upon it or any of its assets, nor result in the creation or imposition
of any Lien on it or its assets pursuant to the provisions of any such agreement or document and in particular but without prejudice
to the foregoing the entry into and performance of this Agreement and the transactions and documents contemplated hereby and thereby
will not render invalid, void or voidable any security granted by it to the Collateral Agent;

 

		(c)	Governmental approvals

 

all authorisations, approvals,
consents, licenses, exemptions, filings, registrations, notarisations and other matters, official or otherwise, required in connection
with the entry into, performance, validity and enforceability of this Agreement and the transactions contemplated hereby have been
obtained or effected and are in full force and effect;

 

		(d)	Fees, governing law and enforcement

 

no fees or taxes, including,
without limitation, stamp, transaction, registration or similar taxes, are required to be paid to ensure the legality, validity,
or enforceability of this Agreement. The choice of the laws of England as set forth in this Agreement is a valid choice of law,
and the irrevocable submission by each Obligor to jurisdiction and consent to service of process and, where necessary, appointment
by such Obligor of an agent for service of process, as set forth in this Agreement, is legal, valid, binding and effective;

 

    	 	4	 

     

    

 

		(e)	True and complete disclosure

 

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

 

		(f)	Equal
treatment

 

the terms
of this Agreement and the amendments to be made to the Original Credit Agreement pursuant to this Agreement are substantially the
same terms and amendments as those set out or to be set out in an amendment agreement to each other financial contract or financial
document relating to any existing Indebtedness for Borrowed Money with the support of any ECA in existence as at the date of this
Agreement and each of the Obligors undertakes that it shall on or before the Effective Date (or as soon as reasonably practicable
thereafter) enter into an amendment agreement (with such amendments being on substantially the same terms as those set out in this
Agreement and the amended and restated Credit Agreement (as applicable) to each other financial contract or financial document
relating to any existing Indebtedness for Borrowed Money with the support of any ECA in existence as at the date of this Agreement
in order to substantially reflect the amendments to be made to the Original Credit Agreement pursuant to this Agreement.

 

4.2 Repetition
of representations and warranties

 

Each of the representations
and warranties contained in clause 4.1 (Primary representations and warranties) of this Agreement shall be deemed to
be repeated by the Obligors on the Effective Date as if made with reference to the facts and circumstances existing on such day.

 

5. Conditions

 

5.1 Documents
and evidence

 

The agreement of the Finance
Parties referred to in clause 2 (Agreement of the Finance Parties) shall be further subject to the receipt by the Facility
Agent or its duly authorised representative of the documents and evidence specified in Schedule 2 (Conditions precedent
to Effective Date) in each case, in form and substance reasonably satisfactory to the Facility Agent and its lawyers.

 

    	 	5	 

     

    

 

5.2 General
conditions precedent

 

The agreement of the Finance
Parties referred to in clause 2 (Agreement of the Finance Parties) shall be further subject to:

 

		(a)	the representations and warranties in clause 4 (Representations and warranties) being
true and correct on the Effective Date as if each was made with respect to the facts and circumstances existing at such time; and

 

		(b)	no Event of Default or Default having occurred and continuing at the time of the Effective Date.

 

5.3 Conditions
subsequent

 

The Borrower undertakes as
soon as possible (but in any event within 10 days of the Effective Date) to deliver to the Facility Agent copies of the financing
statements (Form UCC-1 or the equivalent) and the search results (Form UCC-11) prepared, filed and/or obtained by the Borrower’s
counsel, Kirkland & Ellis LLP, to the extent required, in connection with the restatement of the Original Credit Agreement
pursuant to this Agreement.

 

5.4 Waiver
of conditions precedent

 

The conditions specified in
this clause 5 are inserted solely for the benefit of the Finance Parties and may be waived by the Finance Parties in whole
or in part with or without conditions.

 

6. Confirmations

 

6.1 Guarantee

 

The Parent as guarantor hereby
confirms its consent to the amendments to the Original Credit Agreement contained in this Agreement and agrees that the guarantee
and indemnity provided in Section 15 (Parent Guaranty) of the Original Credit Agreement, and the obligations of the Parent
as guarantor thereunder, shall remain and continue in full force and effect notwithstanding the said amendments to the Original
Credit Agreement contained in this Agreement.

 

6.2 Credit
Documents

 

Each Obligor further acknowledges
and agrees, for the avoidance of doubt, that:

 

		(a)	each of the Credit Documents to which it is a party, and its obligations thereunder, shall remain
in full force and effect notwithstanding the amendments made to the Original Credit Agreement by this Agreement;

 

		(b)	each of the Security Documents to which it is a party shall remain in full force and effect as
security for the obligations of the Borrower under the Credit Agreement; and

 

		(c)	with effect from the Effective Date, references in the Credit Documents to which it is a party
to the Credit Agreement shall henceforth be reference to the Original Credit Agreement as amended and restated by this Agreement
and as from time to time hereafter amended.

 

    	 	6	 

     

    

 

7. Fees, costs and expenses

 

7.1 Fees

 

The Parent agrees to pay to
the Facility Agent (for distribution to the Lenders in accordance with the terms of any applicable Deferral Fee Letter):

 

		(g)	the fees in the amounts and at the times
agreed in each relevant Deferral Fee Letter; and

 

		(h)	a non-refundable refinancing fee to be
paid to the CIRR Representative in an amount of EUR 1,000 per Refinancing Agreement to which the CIRR Representative is a party.

 

7.2 Costs
and expenses

 

The Borrower agrees to pay
on demand:

 

		(a)	all reasonable and documented expenses (including external legal and out-of-pocket expenses and
disbursements) incurred by:

 

		(i)	the Facility Agent or the Hermes Agent in connection with the negotiation, preparation, execution
and, where relevant, registration of this Agreement and of any amendment or extension of or the granting of any waiver or consent
under this Agreement; and

 

		(ii)	the CIRR Representative and any Lender in connection with the preparation, execution, delivery
and administration, modification and amendment of any Refinancing Agreement and any security or other documents executed or to
be executed and delivered as a consequence of the parties entering into this Agreement and any other documents to be delivered
under this Agreement; and

 

		(b)	all expenses (including legal and out-of-pocket expenses) incurred by the Finance Parties in contemplation
of, or otherwise in connection with, the enforcement of, or preservation of any rights under this Agreement or otherwise in respect
of the monies owing and obligations incurred under this Agreement,

 

and all such costs and expenses
shall be paid with interest at the rate referred to in Section 2.06 (Interest) of the Credit Agreement from the date on
which such expenses were incurred to the date of payment (as well after as before judgment).

 

7.3 CIRR
funding costs

 

The Borrower agrees to pay
on demand any additional imputed or calculative funding cost on the Second Deferred Loans incurred by a Lender or the CIRR Representative
as a consequence of the parties entering into this Agreement which shall not exceed the difference between the interest payable
on the Loan (other than the Second Deferred Loans) in accordance with the Credit Agreement and the interest payable on the Second
Deferred Loans at the Floating Rate. The Facility Agent shall furnish to the Borrower a determination of such a funding cost reflecting
the respective determinations which the Facility Agent has received from the CIRR Representative and each of the Lenders, which
determination will then be applicable to all Lenders. None of the Facility Agent, a Lender or the CIRR Representative is required
to provide to the Facility Agent (if applicable) or the Borrower evidence of how the determination of the funding cost has been
made nor that it has been suffered.

 

    	 	7	 

     

    

 

7.4 Value
Added Tax

 

All fees and expenses payable
pursuant to this clause 7 shall be paid together with VAT or any similar tax (if any) properly chargeable thereon.

 

7.5 Stamp
and other duties

 

The Borrower agrees to pay
to the Facility Agent on demand all stamp, documentary, registration or other like duties or taxes (including any duties or taxes
payable by the Facility Agent) imposed on or in connection with this Agreement and shall indemnify the Facility Agent against any
liability arising by reason of any delay or omission by the Borrower to pay such duties or taxes.

 

8. Miscellaneous and notices

 

8.1 Notices

 

The provisions of Section 14.03
(Notices) of the Credit Agreement shall extend and apply to the giving or making of notices or demands hereunder as if the
same were expressly stated herein with all necessary changes.

 

8.2 Counterparts

 

This Agreement may be executed
in any number of counterparts and by the different parties on separate counterparts, each of which when so executed and delivered
shall be an original but all counterparts shall together constitute one and the same instrument.

 

8.3 Further
assurance

 

The provisions of Section 9.10(a)
(Further Assurances) of the Credit Agreement shall extend and apply to this Agreement as if the same were expressly stated
herein with all necessary changes.

 

 9. Applicable law

 

9.1 Law

 

This Agreement and any non-contractual
obligations connected with it are governed by and shall be construed in accordance with English law.

 

9.2 Exclusive
jurisdiction and service of process

 

The provisions of Section 14.07(b)
and (c) (Governing Law; Exclusive Jurisdiction of English Courts; Service of Process) and Section 16 (Bail-In) of
the Credit Agreement shall apply to this Agreement as if the same were expressly stated herein with all necessary changes.

 

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

 

    	 	8	 

     

    

€729,854,685.50

AMENDED AND RESTATED CREDIT AGREEMENT

 

among

 

NCL CORPORATION LTD.,

as Parent,

 

BREAKAWAY FOUR, LTD.,

as Borrower,

 

VARIOUS LENDERS,

 

KFW IPEX-BANK GMBH,

as Facility Agent, Collateral Agent
and CIRR Agent,

 

KFW IPEX-BANK GMBH,

as Bookrunner,

 

and

 

KFW IPEX-BANK GMBH,

as Hermes Agent

 

__________________________________

 

DATED OCTOBER 12, 2012 AS AMENDED BY
AN AMENDMENT LETTER DATED JULY 25, 2014, AS AMENDED AND RESTATED BY A FIRST SUPPLEMENTAL AGREEMENT DATED JULY 26, 2016, A SECOND
SUPPLEMENTAL AGREEMENT DATED APRIL 21, 2020 AND AS FURTHER AMENDED AND RESTATED BY A THIRD SUPPLEMENTAL AGREEMENT DATED FEBRUARY
18, 2021

__________________________________

 

KFW IPEX-BANK GMBH

 

as Initial Mandated Lead Arranger

     

     

    

TABLE OF CONTENTS

 

Page

 

	SECTION 1. Definitions	iv
	1.01 Defined expressions	iv
	1.02 Definitions	iv
	1.03 References	v
	1.04 Clause headings	v
	1.05 Electronic signing	v
	1.06 Contracts (Rights of Third Parties) Act 1999	v
	SECTION 2. Agreement of the Finance Parties	v
	SECTION 3. Amendments to Original Credit Agreement	vi
	3.01 Amendments	vi
	3.02 Continued force and effect	vi
	SECTION 4. Representations and warranties	vi
	4.01 Primary representations and warranties	vi
	4.02 Repetition of representations and warranties	vii
	SECTION 5. Conditions	vii
	5.01 Documents and evidence	vii
	5.02 General conditions precedent	viii
	5.03 Conditions subsequent	viii
	5.04 Waiver of conditions precedent	viii
	SECTION 6. Confirmations	viii
	6.01 Guarantee	viii
	6.02 Credit Documents	viii
	SECTION 7. Fees, costs and expenses	ix
	7.01 Fees	ix
	7.02 Costs and expenses	ix
	7.03 CIRR funding costs	ix
	7.04 Value Added Tax	x
	7.05 Stamp and other duties	x

 

    	 	(i)	 

     

    

 

	SECTION 8. Miscellaneous and notices	x
	8.01 Notices	x
	8.02 Counterparts	x
	8.03 Further assurance	x
	SECTION 9. Applicable law	x
	9.01 Law	x
	9.02 Exclusive jurisdiction and service of process	x
	SECTION 1 Definitions and Accounting Terms.	1
	1.01 Defined Terms.	1
	SECTION 2 Amount and Terms of Credit Facility.	32
	2.01 The Commitments.	32
	2.02 Amount and Timing of Each Borrowing; Currency
    of Disbursements.	32
	2.03 Notice of Borrowing.	34
	2.04 Disbursement of Funds.	34
	2.05 Pro Rata Borrowings.	35
	2.06 Interest.	35
	2.07 Election of Floating Rate.	37
	2.08 Floating Rate Interest Periods.	37
	2.09 Increased Costs, Illegality, Market Disruption, etc.	38
	2.10 Indemnification; Breakage Costs.	40
	2.11 Change of Lending Office; Limitation on Additional Amounts.	41
	2.12 Replacement of Lenders.	42
	2.13 Disruption to Payment Systems, Etc.	43
	SECTION 3 Commitment Commission; Fees; Reductions of
    Commitment.	43
	3.01 Commitment Commission.	43
	3.02 CIRR Fees.	44
	3.03 Other Fees.	44
	3.04 Voluntary Reduction or Termination of Commitments.	44
	3.05 Mandatory Reduction of Commitments.	45
	SECTION 4 Prepayments; Repayments; Taxes.	45
	4.01 Voluntary Prepayments.	45

 

    	 	(ii)	 

     

    

 

	4.02 Mandatory Repayments and Commitment Reductions.	46
	4.03 Method and Place of Payment.	49
	4.04 Net Payments; Taxes.	50
	4.05 Application of Proceeds.	51
	SECTION 5 Conditions Precedent to the Initial
    Borrowing Date.	52
	5.01 Effective Date.	52
	5.02 [Intentionally Omitted.]	52
	5.03 Corporate Documents; Proceedings; etc.	52
	5.04 Know Your Customer.	52
	5.05 Construction Contract and Other Material Agreements.	53
	5.06 Share Charge.	53
	5.07 Assignment of Contracts.	53
	5.08 Consents Under Existing Credit Facilities.	53
	5.09 Process Agent.	54
	5.10 Opinions of Counsel.	54
	5.11 KfW Refinancing.	55
	5.12 Equity Payment.	55
	5.13 Financing Statements.	55
	5.14 Security Trust Deed.	55
	5.15 Hermes Cover.	55
	SECTION 6 Conditions Precedent to each Borrowing
    Date.	56
	6.01 No Default; Representations and Warranties.	56
	6.02 Consents.	56
	6.03 Refund Guarantees.	56
	6.04 Equity Payment.	56
	6.05 Fees, Costs, etc.	57
	6.06 Construction Contract.	57
	6.07 Notice of Borrowing.	57
	6.08 Solvency Certificate.	57
	6.09 Litigation.	57
	6.10 Hermes Cover.	57

 

    	 	(iii)	 

     

    

 

	SECTION 7 Conditions Precedent to the Delivery
    Date.	58
	7.01 Delivery of Vessel.	58
	7.02 Collateral and Guaranty Requirements.	58
	7.03 Evidence of [*]% Payment.	58
	7.04 Hermes Compliance; Compliance with Applicable Laws and Regulations.	58
	7.05 Opinion of Counsel.	58
	SECTION 8 Representations and Warranties.	59
	8.01 Entity Status.	59
	8.02 Power and Authority.	60
	8.03 No Violation.	60
	8.04 Governmental Approvals.	60
	8.05 Financial Statements; Financial Condition.	60
	8.06 Litigation.	61
	8.07 True and Complete Disclosure.	61
	8.08 Use of Proceeds.	61
	8.09 Tax Returns and Payments.	61
	8.10 No Material Misstatements.	61
	8.11 The Security Documents.	62
	8.12 Capitalization.	62
	8.13 Subsidiaries.	62
	8.14 Compliance with Statutes, etc.	63
	8.15 Winding-up, etc.	63
	8.16 No Default.	63
	8.17 Pollution and Other Regulations.	63
	8.18 Ownership of Assets.	64
	8.19 Concerning the Vessel.	64
	8.20 Citizenship.	64
	8.21 Vessel Classification.	64
	8.22 No Immunity.	65
	8.23 Fees, Governing Law and Enforcement.	65
	8.24 Form of Documentation.	65
	8.25 Pari Passu or Priority Status.	65

 

    	 	(iv)	 

     

    

 

	8.26 Solvency.	65
	8.27 No Undisclosed Commissions.	65
	8.28 Completeness of Documentation.	65
	8.29 Money Laundering.	66
	SECTION 9 Affirmative Covenants.	66
	9.01 Information Covenants.	66
	9.02 Books and Records; Inspection.	69
	9.03 Maintenance of Property; Insurance.	69
	9.04 Corporate Franchises.	69
	9.05 Compliance with Statutes, etc.	69
	9.06 Hermes Cover.	69
	9.07 End of Fiscal Years.	70
	9.08 Performance of Credit Document Obligations.	70
	9.09 Payment of Taxes.	70
	9.10 Further Assurances.	70
	9.11 Ownership of Subsidiaries.	71
	9.12 Consents and Registrations.	71
	9.13 Flag of Vessel.	71
	9.14 “Know Your Customer” and Other Similar Information.	71
	9.15 Equal Treatment. The Parent undertakes with the Facility Agent that:	72
	9.16 Covered Construction Contracts.	73
	9.17 Poseidon Principles	73
	SECTION 10 Negative Covenants.	73
	10.01 Liens.	73
	10.02 Consolidation, Merger, Amalgamation, Sale of Assets, Acquisitions, etc.	75
	10.03 Dividends.	76
	10.04 Advances, Investments and Loans.	77
	10.05 Transactions with Affiliates.	77
	10.06 Free Liquidity.	79
	10.07 Total Net Funded Debt to Total Capitalization.	79
	10.08 Collateral Maintenance.	79
	10.09 Consolidated EBITDA to Consolidated Debt Service.	79

 

    	 	(v)	 

     

    

 

	10.10 Business; Change of Name.	80
	10.11 Subordination of Indebtedness.	80
	10.12 Activities of Borrower, etc.	80
	10.13 Material Amendments or Modifications of Construction Contracts.	81
	10.14 No Place of Business.	81
	SECTION 11 Events of Default.	81
	11.01 Payments.	81
	11.02 Representations, etc.	81
	11.03 Covenants.	82
	11.04 Default Under Other Agreements.	82
	11.05 Bankruptcy, etc.	83
	11.06 Total Loss.	84
	11.07 Security Documents.	84
	11.08 Guaranties.	84
	11.09 Judgments.	84
	11.10 Cessation of Business.	84
	11.11 Revocation of Consents.	84
	11.12 Unlawfulness.	85
	11.13 Insurances.	85
	11.14 Disposals.	85
	11.15 Government Intervention.	85
	11.16 Change of Control.	85
	11.17 Material Adverse Change.	86
	11.18 Repudiation of Construction Contract or other Material Documents.	86
	SECTION 12 Agency and Security Trustee
    Provisions.	86
	12.01 Appointment and Declaration of Trust.	86
	12.02 Nature of Duties.	87
	12.03 Lack of Reliance on the Agents.	87
	12.04 Certain Rights of the Agents.	88
	12.05 Reliance.	88
	12.06 Indemnification.	88
	12.07 The Agents in their Individual Capacities.	88

 

    	 	(vi)	 

     

    

 

	12.08 Resignation by an Agent.	88
	12.09 The Lead Arrangers.	89
	12.10 Impaired Agent.	89
	12.11 Replacement of an Agent.	90
	12.12 Resignation by the Hermes Agent.	90
	SECTION 13 Benefit of Agreement.	91
	13.01 Assignments and Transfers by the Lenders.	91
	13.02 Assignment or Transfer Fee.	92
	13.03 Assignments and Transfers to Hermes or KfW.	93
	13.04 Limitation of Responsibility to Existing Lenders.	93
	13.05 [Intentionally Omitted].	93
	13.06 Procedure and Conditions for Transfer.	94
	13.07 Procedure and Conditions for Assignment.	94
	13.08 Copy of Transfer Certificate or Assignment Agreement to Parent.	95
	13.09 Security over Lenders’ Rights.	95
	13.10 Assignment by a Credit Party.	96
	13.11 Lender Participations.	96
	13.12 Increased Costs.	96
	SECTION 14 Miscellaneous	97
	14.01 Payment of Expenses, etc.	97
	14.02 Right of Set-off.	98
	14.03 Notices.	98
	14.04 No Waiver; Remedies Cumulative.	99
	14.05 Payments Pro Rata.	99
	14.06 Calculations; Computations.	100
	14.07 Governing Law; Exclusive Jurisdiction of English Courts; Service of Process.	100
	14.08 Counterparts.	101
	14.09 Effectiveness.	101
	14.10 Headings Descriptive.	101
	14.11 Amendment or Waiver; etc.	101
	14.12 Survival.	105

 

    	 	(vii)	 

     

    

 

	14.13 Domicile of Loans.	105
	14.14 Confidentiality.	105
	14.15 Register.	106
	14.16 Third Party Rights.	106
	14.17 Judgment Currency.	106
	14.18 Language.	107
	14.19 Waiver of Immunity.	107
	14.20 “Know Your Customer” Notice.	107
	14.21 Release of Liens and the Parent Guaranty; Flag Jurisdiction Transfer.	107
	14.22 Partial Invalidity.	108
	SECTION 15 Parent Guaranty.	108
	15.01 Guaranty and Indemnity.	108
	15.02 Continuing Guaranty.	109
	15.03 Reinstatement.	109
	15.04 Waiver of Defenses.	109
	15.05 Guarantor Intent.	110
	15.06 Immediate Recourse.	110
	15.07 Appropriations.	110
	15.08 Deferral of Guarantor’s Rights.	110
	15.09 Additional Security.	111
	SECTION 16 Bail-In.	111

 

 

	SCHEDULE 1.01(a)	-	Commitments
	SCHEDULE 1.01(b)	-	Mandatory Costs
	SCHEDULE 1.01(c)	-	The Principles
	SCHEDULE 1.01(d)	-	The Framework
	SCHEDULE 1.01(e)	-	Debt Deferral Extension Regular Monitoring Requirements
	SCHEDULE 4.02	-	Repayment Schedule
	SCHEDULE 5.07	-	Notices, Acknowledgments and Consents
	SCHEDULE 5.10	-	Initial Borrowing Date Opinions
	SCHEDULE 6.10	-	Material Litigation
	SCHEDULE 7.05	-	Delivery Date Opinions
	SCHEDULE 8.03	-	Existing Agreements
	SCHEDULE 8.12	-	Capitalization
	SCHEDULE 8.13	-	Subsidiaries
	SCHEDULE 8.19	-	Vessel 

 

    	 	(viii)	 

     

    

 

	SCHEDULE 8.21	-	Approved Classification Societies
	SCHEDULE 9.03	-	Required Insurances
	SCHEDULE 10.01	-	Existing Liens
	SCHEDULE 14.03A	-	Credit Party Addresses
	SCHEDULE 14.03B	-	Lender Addresses
	 	 	 
	 	 	 
	EXHIBIT A	-	Form of Notice of Borrowing
	EXHIBIT B-1	-	Form of BankAssure Report 
	EXHIBIT B-2	-	Form of Insurance Broker Certificate
	EXHIBIT C	-	Form of Interaction Agreement
	EXHIBIT D	-	Form of Secretary’s Certificate
	EXHIBIT E	-	Form of Transfer Certificate
	EXHIBIT F	-	Form of Bermuda Share Charge
	EXHIBIT G	-	Form of Assignment of Earnings and Insurances
	EXHIBIT H	-	Form of Assignment of Charters
	EXHIBIT I	-	Form of Deed of Covenants
	EXHIBIT J	-	Form of Assignment of Contracts
	EXHIBIT K	-	Form of Solvency Certificate
	EXHIBIT L	-	Form of Assignment Agreement
	EXHIBIT M	-	Form of Compliance Certificate
	EXHIBIT N	-	[Intentionally Omitted]
	EXHIBIT O	-	Form of Assignment of Management Agreements
	EXHIBIT P	-	Form of Security Trust Deed

 

 

    	 	(ix)	 

     

    

 

THIS CREDIT AGREEMENT,
is made by way of deed October 12, 2012, as amended on July 25, 2014 pursuant to the Amendment Letter, as amended and restated
pursuant to the First Supplemental Agreement, the Second Supplemental Agreement and as further amended and restated pursuant to
the Third Supplemental Agreement, among NCL CORPORATION LTD., a Bermuda company with its registered office as of the date hereof
at Park Place, 55 Par La Ville Road, Third Floor, Hamilton HM11, Bermuda (the “Parent”), BREAKAWAY FOUR, LTD.,
a Bermuda company with its registered office as of the date hereof at Park Place, 55 Par La Ville Road, Third Floor, Hamilton HM11,
Bermuda (the “Borrower”), KFW IPEX-BANK GmbH, as a Lender (in such capacity, together with each of the other
Persons that may become a “Lender” in accordance with Section 13, each of them individually a “Lender”
and, collectively, the “Lenders”), KFW IPEX-BANK GMBH, as Facility Agent (in such capacity, the “Facility
Agent”), as Collateral Agent under the Security Documents (in such capacity, the “Collateral Agent”)
and as CIRR Agent (in such capacity, the “CIRR Agent”), KFW IPEX-BANK GMBH,
as Bookrunner (in such capacity, the “Bookrunner”), KFW IPEX-BANK GMBH,
as Hermes Agent (in such capacity, the “Hermes Agent”), and KFW IPEX-BANK GMBH, as initial mandated lead arranger
in respect of the credit facility provided for herein (in such capacity the “Initial Mandated Lead Arranger”).
All capitalized terms used herein and defined in Section 1 are used herein as therein defined.

 

W I
T N E S S E T H:

 

WHEREAS, the Borrower
has requested that the Lenders make available to the Borrower a multi-draw term loan credit facility in an aggregate principal
amount of up to €729,854,685.50 and which Loans may be incurred to finance, in part, the construction and acquisition costs
of the Vessel and the related Hermes Premium;

 

WHEREAS, subject to and
upon the terms and conditions set forth herein, the Lenders are willing to make available to the Borrower the term loan facility
provided for herein; and

 

WHEREAS, in connection
with the matters contemplated by the Principles and the Framework (such terms as defined below), the Borrower and the Lenders have
agreed to defer each scheduled repayment of the Loans arising during the relevant Deferral Period (as defined below) on the terms
set out herein (but which deferral shall, in no circumstance, involve an increase to the Total Commitments).

 

NOW, THEREFORE, IT IS
AGREED:

 

Section 1
Definitions and Accounting Terms.

 

1.01 Defined Terms.
As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both
the singular and plural forms of the terms defined) and references to this Agreement or any other document (or to any specified
provision of this Agreement or any other document) shall be construed as references to this Agreement, that provision or that document
as from time to time amended, restated, supplemented and/or novated:

 

    	 	(1)	 

     

    

 

“Acceptable
Bank” means (a) a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced
debt obligations of A- or higher by S&P or A2 or higher by Moody's or a comparable rating from an internationally recognized
credit rating agency; or (b) any other bank or financial institution approved by each Agent.

 

“Acceptable
Flag Jurisdiction” shall mean the Bahamas, Bermuda, Panama, the Marshall Islands, the United States or such other flag
jurisdiction as may be acceptable to the Required Lenders in their reasonable discretion.

 

“Acquisition”
means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the
acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, (b) the acquisition
of in excess of fifty percent (50%) of the Capital Stock of any Person or otherwise causing any Person to become a Subsidiary of
a Borrower, or (c) a merger, amalgamation or consolidation or any other combination with another Person.

 

“Adjusted Construction
Price” shall mean the sum of the Initial Construction Price of the Vessel and the total permitted increases to the Initial
Construction Price of the Vessel pursuant to Permitted Change Orders (it being understood that the Final Construction Price may
exceed the Adjusted Construction Price).

 

“Additional
Hermes Premium” means the additional premium payable to Hermes

 

as a result of the increase to the Hermes
Cover arising as a consequence of the increase in the Total Commitments pursuant to the First Supplemental Agreement.

 

“Affiliate”
shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or
indirect common control with, such Person; provided, however, that for purposes of Section 10.05, an Affiliate of
the Parent or any of its Subsidiaries, as applicable, shall include any Person that directly or indirectly owns more than 10% of
any class of the Capital Stock of the Parent or such Subsidiary, as applicable, and any officer or director of the Parent or such
Subsidiary. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct
or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities,
by contract or otherwise. Notwithstanding anything to the contrary contained above, for purposes of Section 10.05, neither the
Facility Agent, nor the Collateral Agent, nor the Lead Arrangers nor any Lender (or any of their respective affiliates) shall be
deemed to constitute an Affiliate of the Parent or its Subsidiaries in connection with the Credit Documents or its dealings or
arrangements relating thereto.

 

“Affiliate Transaction”
shall have the meaning provided in Section 10.05.

 

“Agent”
or “Agents” shall mean, individually and collectively, the Facility Agent, the Collateral Agent, the Hermes
Agent and the CIRR Agent.

 

“Agreement”
shall mean this Credit Agreement, as modified, supplemented, amended, restated or novated from time to time.

 

    	 	(2)	 

     

    

 

“Amendment Letter”
means the amendment letter dated July 25, 2014 between, amongst others, the Borrower and the Facility Agent in connection with
certain amendments to the Exhibits to this Agreement.

 

“Applicable
Margin” shall mean a percentage per annum equal to 1.50%.

 

“Appraised Value”
of the Vessel at any time shall mean the fair market value or, as the case may be, the average of the fair market value of the
Vessel on an individual charter free basis as set forth on the appraisal or, as the case may be, the appraisals most recently delivered
to, or obtained by, the Facility Agent prior to such time pursuant to Section 9.01(c).

 

“Approved Appraisers”
shall mean Brax Shipping AS; Barry Rogliano Salles S.A., Paris; Clarksons, London; R.S. Platou Shipbrokers, A.S., Oslo; Fearnsale,
a division of Astrup Fearnley AS, Oslo; and Rocca & Partners S.R.L.

 

“Approved Stock
Exchange” shall mean the New York Stock Exchange, NASDAQ or such other stock exchange in the United States of America,
the United Kingdom or Hong Kong as is approved in writing by the Facility Agent or, in each case, any successor thereto.

 

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

 

“Assignment
Agreement” shall mean an Assignment Agreement substantially in the form of Exhibit L (appropriately completed) or any
other form agreed between the relevant assignor and assignee (and if required to be executed by the Borrower, the Borrower).

 

“Assignment
of Charters” shall have the meaning provided in the definition of “Collateral and Guaranty Requirements”.

 

“Assignment
of Contracts” shall have the meaning provided in Section 5.07.

 

“Assignment
of Earnings and Insurances” shall have the meaning provided in the definition of “Collateral and Guaranty Requirements”.

 

“Assignment
of Management Agreements” shall have the meaning provided in the definition of “Collateral and Guaranty Requirements”.

 

“Bankruptcy
Code” shall have the meaning provided in Section 11.05(b).

 

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

 

"Bail-In Legislation"
means:

 

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

 

    	 	(3)	 

     

    

 

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

 

“Basel II”
shall mean the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published
by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement.

 

“Basel III”
shall mean, together, “Basel III: A global regulatory framework for more resilient banks and banking systems” and “Basel
III: International framework for liquidity risk measurement, standards and monitoring” both published by the Basel Committee
on Banking Supervision on December 16, 2010.

 

“Borrower”
shall have the meaning provided in the first paragraph of this Agreement.

 

“Borrowing”
shall mean the borrowing of Loans (including Deferred Loans) from all the Lenders (other than any Lender which has not funded its
share of a Borrowing in accordance with this Agreement) having Commitments on a given date.

 

“Borrowing Date”
shall mean each date (including the Initial Borrowing Date) on which a Borrowing occurs as set forth in Section 2.02.

 

“Business Day”
shall mean any day except Saturday, Sunday and any day which shall be in New York, London or Frankfurt am Main a legal holiday
or a day on which banking institutions are authorized or required by law or other government action to close.

 

“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

 

(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.

 

“Cash Balance”
shall mean, at any date of determination, the unencumbered and otherwise unrestricted cash and Cash Equivalents of the NCLC Group.

 

“Cash Equivalents”
shall mean (i) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality
thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of
not more than one year from the date of acquisition, (ii) time deposits and certificates of deposit of any commercial bank having,
or which is the principal banking subsidiary of a bank holding company having capital, surplus and undivided profits aggregating
in excess of $200,000,000, with maturities of not more than one year from the date of acquisition by any Person, (iii) repurchase
obligations with a term of not more than 90 days for underlying securities of the types described in clause (i) above entered into
with any bank meeting the qualifications specified in clause (ii) above, (iv) commercial paper issued by any Person incorporated
in the United States rated at least A-1 or the equivalent thereof by S&P or at least B-1 or the equivalent thereof by Moody’s
and in each case maturing not more than one year after the date of acquisition by any other Person, and (v) investments in money
market funds substantially all of whose assets are comprised of securities of the types described in clauses (i) through (iv) above.

 

    	 	(4)	 

     

    

 

“CERCLA”
shall mean the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as the same may be amended from time
to time, 42 U.S.C. § 9601 et seq.

 

“Change of
Control” shall mean:

 

(i)       any
Person or group of Persons acting in concert:

 

		(A)	owns legally and/or beneficially and either directly or indirectly at least thirty three per cent
(33%) of the ordinary share capital of the Parent; or

 

		(B)	has the right or the ability to control either directly or indirectly the affairs of or the composition
of the majority of the board of directors (or equivalent) of the Parent; or

 

(ii)       the
Parent (or such parent company of the Parent) ceases to be a listed company on an Approved Stock Exchange without the prior written
consent of the Required Lenders.

 

“CIRR Agent”
shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto.

 

“CIRR General
Terms and Conditions” shall mean the CIRR General Terms and Conditions for interest rate make-up in ship financing schemes
(August 29, 2012 edition).

 

“CIRR Representative”
shall mean KfW, acting in its capacity as CIRR mandatary in connection with this Agreement.

 

“Collateral”
shall mean all property (whether real or personal) with respect to which any security interests have been granted (or purported
to be granted) pursuant to any Security Document, including, without limitation, all Share Charge Collateral, all Earnings and
Insurance Collateral, the Construction Risk Insurance, the Vessel, each Refund Guarantee, the Construction Contract and all cash
and Cash Equivalents at any time delivered as collateral thereunder or as collateral required hereunder.

 

    	 	(5)	 

     

    

 

“Collateral
Agent” shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto,
acting as mortgagee, security trustee or collateral agent for the Secured Creditors pursuant to the Security Documents.

 

“Collateral
and Guaranty Requirements” shall mean with respect to the Vessel, the requirement that:

 

(i)       (A)
the Borrower shall have duly authorized, executed and delivered an Assignment of Earnings and Insurances substantially in the form
of Exhibit G or otherwise reasonably acceptable to the Lead Arrangers (as modified, supplemented or amended from time to time,
the “Assignment of Earnings and Insurances”) (to the extent incorporated into or required by such Exhibit or
otherwise agreed by the Borrower and the Lead Arrangers) with appropriate notices, acknowledgements and consents relating thereto
and (B) the Borrower shall (x) use its commercially reasonable efforts to obtain an Assignment of Charters substantially in the
form of Exhibit H (as modified, supplemented or amended from time to time, the “Assignment of Charters”) with
(to the extent incorporated into or required by such Exhibit or otherwise agreed by the Borrower and the Lead Arrangers) appropriate
notices, acknowledgements and consents relating thereto for any charter or similar contract that has as of the execution date of
such charter or similar contract a remaining term of 13 months or greater (including any renewal option) and (y) have obtained
a subordination agreement from the charterer for any Permitted Chartering Arrangement that the Borrower has entered into with respect
to the Vessel, and shall use commercially reasonable efforts to provide appropriate notices and consents related thereto, together
covering all of the Borrower’s present and future Earnings and Insurance Collateral, in each case together with:

 

(a)       proper
financing statements (Form UCC-1 or the equivalent) fully prepared for filing in accordance with the UCC or in other appropriate
filing offices of each jurisdiction as may be necessary or, in the reasonable opinion of the Collateral Agent, desirable to perfect
or give notice to third parties of, as the case may be, the security interests purported to be created by the Assignment of Earnings
and Insurances; and

 

(b)       certified
copies of lien search results (Form UCC-11) listing all effective financing statements that name each Credit Party as debtor and
that are filed in the District of Columbia and Florida, together with Form UCC-3 Termination Statements (or such other termination
statements as shall be required by local law) fully prepared for filing if required by applicable law to terminate for any financing
statement which covers the Collateral except to the extent evidencing Permitted Liens.

 

(ii)       the
Borrower shall have duly authorized, executed and delivered an Assignment of Management Agreements in respect of the Management
Agreements for the Vessel substantially in the form of Exhibit O or otherwise reasonably acceptable to the Lead Arrangers (as modified,
supplemented or amended from time to time, the “Assignment of Management Agreements”) and shall have obtained
(or in the case of any Manager that is not a Subsidiary of the Parent, used commercially reasonable efforts to obtain) a Manager’s
Undertakings for the Vessel;

 

(iii)       the
Borrower shall have duly authorized, executed and delivered, and caused to be registered in the appropriate vessel registry a first
priority mortgage and a deed of covenants (as modified, amended or supplemented from time to time in accordance with the terms
thereof and hereof, and together with the Vessel Mortgage delivered pursuant to the definition of Flag Jurisdiction Transfer, the
 “Vessel Mortgage”), substantially in the form of Exhibit I or otherwise reasonably acceptable to the Lead Arrangers
with respect to the Vessel, and the Vessel Mortgage shall be effective to create in favor of the Collateral Agent a legal, valid
and enforceable first priority security interest, in and Lien upon the Vessel, subject only to Permitted Liens;

 

    	 	(6)	 

     

    

 

(iv)       all
filings, deliveries of notices and other instruments and other actions by the Credit Parties and/or the Collateral Agent necessary
or desirable in the reasonable opinion of the Collateral Agent to perfect and preserve the security interests described in clauses
(i) through and including (iii) above shall have been duly effected and the Collateral Agent shall have received evidence thereof
in form and substance reasonably satisfactory to the Collateral Agent; and

 

(v)       the
Facility Agent shall have received each of the following:

 

(a)       certificates
of ownership from appropriate authorities showing (or confirmation updating previously reviewed certificates and indicating) the
registered ownership of the Vessel by the Borrower; and

 

(b)       the
results of maritime registry searches with respect to the Vessel, indicating that the Vessel has been deleted from all new building
registers and that there are no recorded liens other than Liens in favor of the Collateral Agent and/or the Lenders and Permitted
Liens; and

 

(c)       class
certificates reasonably satisfactory to it from DNV GL or another classification society listed on Schedule 8.21 hereto (or another
internationally recognized classification society reasonably acceptable to the Facility Agent), indicating that the Vessel meets
the criteria specified in Section 8.21; and

 

(d)       certified
copies of all Management Agreements; and

 

(e)       certified
copies of all ISM and ISPS Code documentation for the Vessel; and

 

(f)       the
Facility Agent shall have received a report, in substantially the form of Exhibit B-1 or otherwise reasonably acceptable to the
Facility Agent, from BankAssure or another firm of independent marine insurance brokers reasonably acceptable to the Facility Agent
with respect to the insurance maintained (or to be maintained) by the Credit Parties in respect of the Vessel, together with a
certificate in substantially the form of Exhibit B-2 or otherwise reasonably acceptable to the Facility Agent, from another broker
certifying that such insurances (i) are placed with such insurance companies and/or underwriters and/or clubs, in such amounts,
against such risks, and in such form, as are customarily insured against by similarly situated insureds and (ii) include the Required
Insurance. In addition, the Borrower shall reimburse the Facility Agent for the reasonable and documented costs of procuring customary
mortgagee interest insurance and additional perils insurance in connection with the Vessel as contemplated by Section 9.03 (including
Schedule 9.03).

 

    	 	(7)	 

     

    

 

“Collateral
Disposition” shall mean (i) the sale, lease, transfer or other disposition of the Vessel by the Borrower to any Person
(it being understood that a Permitted Chartering Arrangement is not a Collateral Disposition) or the sale of 100% of the Capital
Stock of the Borrower or (ii) any Event of Loss of the Vessel.

 

“Commitment”
shall mean, for each Lender:

 

(i)       the
amount denominated in Euro set forth opposite such Lender’s name in Schedule 1.01(a) hereto as the same may be (x) reduced
from time to time pursuant to Sections 3.04, 3.05, 4.01, 4.02 and/or 11 or (y) adjusted from time to time as a result of assignments
and/or transfers to or from such Lender pursuant to Section 2.12 or Section 13; and

 

(ii)       in
relation to a Deferred Loan, the amount of such Lender’s Commitment in respect of a Deferred Loan as at the time of the making
of a Deferred Loan (but the liability of each Lender in respect of which shall not, on the basis of the arrangements set out in
this Agreement, increase the Total Commitment of such Lender).

 

“Commitment
Termination Date” shall mean:

 

(i)       in
relation to a Loan other than a Deferred Loan, the date falling [*] after the last scheduled Delivery Date as at the date of this
Agreement, namely [*] or, where an Election Notice (as defined in Article 14, Clause 16.4 of the Construction Contract) has been
issued by the Yard pursuant to the said Article 14, Clause 16.4 of the Construction Contract, the date referred to above shall
be extended by the same period by which the Delivery Date has been extended pursuant to such Election Notice; and

 

(ii)       in
relation to a Deferred Loan, the last day of the relevant Deferral Period.

 

“Commitment
Commission” shall have the meaning provided in Section 3.01(a).

 

“Consolidated
Debt Service” shall mean, for any relevant period, the sum (without double counting), determined in accordance with GAAP,
of:

 

		(i)	the aggregate principal payable or paid during such period on any Indebtedness for Borrowed Money
of any member of the NCLC Group, other than:

 

		(a)	principal of any such Indebtedness for Borrowed Money prepaid at the option of the relevant member
of the NCLC Group or by virtue of “cash sweep” or “special
liquidity” cash sweep provisions (or analogous provisions) in any debt facility of the NCLC Group;

 

		(b)	principal of any such Indebtedness for Borrowed Money prepaid upon a sale or an Event of Loss of
any vessel (as if references in that definition were to all vessels and not just the Vessel) owned or leased under a capital lease
by any member of the NCLC Group; and

 

    	 	(8)	 

     

    

 

		(c)	balloon payments of any such Indebtedness for Borrowed Money payable during such period (and for
the purpose of this paragraph (c) a “balloon payment” shall not include any scheduled
repayment installment of such Indebtedness for Borrowed Money which forms part of the balloon);

 

		(ii)	Consolidated Interest Expense for such period;

 

		(iii)	the aggregate amount of any dividend or distribution of present or future assets, undertakings,
rights or revenues to any shareholder of any member of the NCLC Group (other than the Parent, or one of its wholly owned Subsidiaries)
or any Dividends other than the tax distributions described in Section 10.03(ii) in each case paid during such period; and

 

		(iv)	all rent under any capital lease obligations by which the Parent, or any consolidated Subsidiary
is bound which are payable or paid during such period and the portion of any debt discount that must be amortized in such period,

 

as calculated in accordance
with GAAP and derived from the then latest consolidated unaudited financial statements of the NCLC Group delivered to the Facility
Agent in the case of any period ending at the end of any of the first three fiscal quarters of each fiscal year of the Parent and
the then latest audited consolidated financial statements (including all additional information and notes thereto) of the Parent
and its consolidated Subsidiaries together with the auditors’ report delivered to the Facility Agent in the case of the final
quarter of each such fiscal year.

 

“Consolidated
EBITDA” shall mean, for any relevant period, the aggregate of:

 

		(i)	Consolidated Net Income from the Parent’s operations for such period; and

 

(ii)       the
aggregate amounts deducted in determining Consolidated Net Income for such period in respect of gains and losses from the sale
of assets or reserves relating thereto, Consolidated Interest Expense, depreciation and amortization, impairment charges and any
other non-cash charges and deferred income tax expense for such period.

 

“Consolidated
Interest Expense” shall mean, for any relevant period, the consolidated interest expense (excluding capitalized interest)
of the NCLC Group for such period.

 

“Consolidated
Net Income” shall mean, for any relevant period, the consolidated net income (or loss) of the NCLC Group for such period
as determined in accordance with GAAP.

 

“Construction
Contract” shall mean the Shipbuilding Contract (in relation to Hull No. [*]) for the Vessel, dated as of September 14,
2012, among the Parent, the Borrower and the Yard, as such Shipbuilding Contract may be amended, modified or supplemented from
time to time in accordance with the terms thereof and hereof.

 

    	 	(9)	 

     

    

 

“Construction
Risk Insurance” shall mean any and all insurance policies related to the Construction Contract and the construction of
the Vessel.

 

“Credit Documents”
shall mean this Agreement, any Fee Letters, each Security Document, the Security Trust Deed, any Transfer Certificate, any Assignment
Agreement, the Interaction Agreement, the Amendment Letter, the Supplemental Agreements and, after the execution and delivery thereof,
each additional guaranty or additional security document executed pursuant to Section 9.10.

 

“Credit Document
Obligations” shall mean, except to the extent consisting of obligations, liabilities or indebtedness with respect to
Interest Rate Protection Agreements or Other Hedging Agreements, the full and prompt payment when due (whether at the stated maturity,
by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, principal, premium,
interest, fees and indemnities (including, without limitation, all interest that accrues after the commencement of any case, proceeding
or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Credit Party at the rate provided
for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding)) of each
Credit Party to the Lender Creditors (provided, in respect of the Lender Creditors which are Lenders, such aforementioned
obligations, liabilities and indebtedness shall arise only for such Lenders (in such capacity) in respect of Loans and/or Commitments),
whether now existing or hereafter incurred under, arising out of, or in connection with this Agreement and the other Credit Documents
to which such Credit Party is a party (including, in the case of each Credit Party that is a Guarantor, all such obligations, liabilities
and indebtedness of such Credit Party under the Parent Guaranty) and the due performance and compliance by such Credit Party with
all of the terms, conditions and agreements contained in this Agreement and in such other Credit Documents.

 

“Credit Party”
shall mean the Borrower, the Parent and each Subsidiary of the Parent that owns a direct interest in the Borrower.

 

“Debt Deferral
Extension Regular Monitoring Requirements” means the general test scheme/information package in the form set out in Schedule
1.01(e) to this Agreement submitted or to be submitted (as the case may be) by the Borrower (or the Parent on its behalf) in accordance
with Section 9.01(k).

 

“Default”
shall mean any event, act or condition which with notice or lapse of time, or both, would constitute an Event of Default.

 

“Defaulting
Lender” shall mean any Lender with respect to which a Lender Default is in effect.

 

    	 	(10)	 

     

    

 

“Deferral Period”
means the First Deferral Period and/or the Second Deferral Period (as the context may require).

 

“Deferred Loan”
means the deemed advance by the Lenders (in Dollars) of the First Deferred Loans and/or the Second Deferred Loans (as the context
may require).

 

“Deferred Portion”
means, in relation to a Loan, an amount equal to the principal amount of the repayment instalment in respect of such Loan that
is at the relevant time required to have been repaid on the Repayment Dates falling during the relevant Deferral Period and the
repayment in respect of which shall be deferred in accordance with the provisions of this Agreement.

 

“Delivery Date”
shall mean the date of delivery of the Vessel to the Borrower, which, as of the Effective Date, is scheduled to occur during the
period [*] up to and including [*].

 

“Discharged
Rights and Obligations” shall have the meaning provided in Section 13.06(c).

 

“Dispute”
shall have the meaning provided in Section 14.07(b).

 

“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 Maturity Date; 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, however, that
if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Parent 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 Parent 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.

 

“Disruption
Event” means either or both of:

 

(a)       a
material disruption to those payment or communications systems or to those financial markets which are, in each case, required
to operate in order for payments to be made in connection with this Agreement (or otherwise in order for the transactions contemplated
by the Credit Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the parties
to this Agreement; or

 

    	 	(11)	 

     

    

 

(b)       the
occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments
operations of a party to this Agreement preventing such party, or any other party to this Agreement:

 

(i)       from
performing its payment obligations under the Credit Documents; or

 

(ii)       from
communicating with other parties to this Agreement in accordance with the terms of the Credit Documents,

 

and which (in
either such case) is not caused by, and is beyond the control of, the party to this Agreement whose operations are disrupted.

 

“Dividend”
shall mean, with respect to any Person, that such Person or any Subsidiary of such Person has declared or paid a dividend or returned
any equity capital to its stockholders, partners or members or the holders of options or warrants issued by such Person with respect
to its Capital Stock or membership interests or authorized or made any other distribution, payment or delivery of property (other
than common stock or the right to purchase any of such stock of such Person) or cash to its stockholders, partners or members or
the holders of options or warrants issued by such Person with respect to its Capital Stock or membership interests as such, or
redeemed, retired, purchased or otherwise acquired, directly or indirectly, for a consideration any shares of any class of its
Capital Stock or any other Capital Stock outstanding on or after the Effective Date (or any options or warrants issued by such
Person with respect to its Capital Stock or other Equity Interests), or set aside any funds for any of the foregoing purposes,
or shall have permitted any of its Subsidiaries to purchase or otherwise acquire for a consideration any shares of any class of
the Capital Stock or any other Equity Interests of such Person outstanding on or after the Effective Date (or any options or warrants
issued by such Person with respect to its Capital Stock or other Equity Interests). Without limiting the foregoing, “Dividends”
with respect to any Person shall also include all payments made or required to be made by such Person with respect to any stock
appreciation rights, plans, equity incentive or achievement plans or any similar plans or setting aside of any funds for the foregoing
purposes.

 

“Dollars”
and the sign “$” shall each mean lawful money of the United States.

 

“Dollar Equivalent”
shall mean, with respect to the Euro denominated Commitments being utilized on a Borrowing Date, the amount calculated by applying
(x) in the event that the Borrower and/or the Parent have entered into Earmarked Foreign Exchange Arrangements with respect to
the installment payment to be partially financed by the Loans to be disbursed on such Borrowing Date, the EUR/USD weighted average
rate with respect to such Borrowing Date (i) as notified by the Borrower to the Facility Agent in the Notice of Borrowing at least
three Business Days prior to the relevant Borrowing Date, (ii) which EUR/USD weighted average rate for any particular set of Earmarked
Foreign Exchange Arrangements shall take account of all applicable foreign exchange spot, forward and derivative arrangements,
including collars, options and the like, entered into in respect of such Borrowing Date and (iii) for which the Borrower has provided
evidence to the Facility Agent to determine which foreign exchange arrangements (including spot transactions) will be the Earmarked
Foreign Exchange Arrangements that shall apply to such Borrowing Date and (y) in the event that the Borrower and/or the Parent
have not entered into Earmarked Foreign Exchange Arrangements with respect to the installment payment to be partially or wholly
funded by the Loans to be disbursed on such Borrowing Date, the Spot Rate applicable to such Borrowing Date.

 

    	 	(12)	 

     

    

 

“Dormant Subsidiary”
means a Subsidiary that owns assets in an amount equal to no more than $5,000,000 or is dormant or otherwise inactive.

 

“Earmarked Foreign
Exchange Arrangements” shall mean the Euro/Dollar foreign exchange arranged by the Borrower and/or the Parent in connection
with an installment payment to be partially financed by the Loans to be disbursed on the date on which such installment payment
is to be made.

 

“Earnings and
Insurance Collateral” shall mean all “Earnings” and “Insurances”, as the case may be, as defined
in the Assignment of Earnings and Insurances.

 

“ECA” shall
mean any export credit agency.

 

“Effective Date”
has the meaning specified in Section 14.09.

 

“Eligible Transferee”
shall mean and include a commercial bank, insurance company, financial institution, fund or other Person which regularly purchases
interests in loans or extensions of credit of the types made pursuant to this Agreement.

 

“Environmental
Approvals” shall have the meaning provided in Section 8.17(b).

 

“Environmental
Claims” shall mean any and all administrative, regulatory or judicial actions, suits, demands, demand letters, directives,
claims, liens, notices of noncompliance or violation, relating in any way to any Environmental Law or any permit issued, or any
approval given, under any such Environmental Law (hereafter, “Claims”), including, without limitation, (a) any
and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions
or damages pursuant to any applicable Environmental Law, and (b) any and all Claims by any third party seeking damages, contribution,
indemnification, cost recovery, compensation or injunctive relief in connection with alleged injury or threat of injury to health,
safety or the environment due to the presence of Hazardous Materials.

 

“Environmental
Law” shall mean any applicable Federal, state, foreign or local statute, law, rule, regulation, ordinance, code, binding
and enforceable guideline, binding and enforceable written policy and rule of common law now or hereafter in effect and in each
case as amended, and any judicial or administrative interpretation thereof, including any judicial or administrative order, consent
decree or judgment, to the extent binding on the Parent or any of its Subsidiaries, relating to the environment, and/or Hazardous
Materials, including, without limitation, CERCLA; OPA; the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et
seq.; the Hazardous Material Transportation Act, 49 U.S.C. § 1801 et seq.; the Occupational Safety and Health
Act, 29 U.S.C. § 651 et seq. (to the extent it regulates occupational exposure to Hazardous Materials); and any state
and local or foreign counterparts or equivalents, in each case as amended from time to time.

 

    	 	(13)	 

     

    

 

“Environmental
Release” shall mean any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, disposing or migration into the environment.

 

“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).

 

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

 

“Euro”
and the sign “€” shall each mean single currency in the member states of the European Communities that
adopt or have adopted the Euro as its lawful currency under the legislation of the European Union for European Monetary Union.

 

“Eurodollar
Rate” shall mean with respect to each Interest Period for a Loan, the offered rate for deposits of Dollars for a period
equivalent to such period at or about 11:00 A.M. (Frankfurt time) on the second Business Day before the first day of such period
as is displayed on Reuters LIBOR 01 Page (or such other service as may be nominated by ICE Benchmark Administration Limited (or
any other person which takes on the administration of that rate) as the information vendor for displaying the London Interbank
Offered Rates of major banks in the London Interbank Market) (the “Screen Rate”), provided that if on
such date no such rate is so displayed, the Eurodollar Rate for such period shall be the arithmetic average (rounded up to five
decimal places) of the rate quoted to the Facility Agent by the Reference Banks for deposits of Dollars in an amount approximately
equal to the amount in relation to which the Eurodollar Rate is to be determined for a period equivalent to such applicable Interest
Period by the prime banks in the London interbank Eurodollar market at or about 11:00 A.M. (Frankfurt time) on the second Business
Day before the first day of such period (rounded up to five decimal places) and provided further that if the Eurodollar
Rate is less than zero such rate shall be deemed to be zero for the purposes of this Agreement.

 

“Event of Default”
shall have the meaning provided in Section 11.

 

“Event of Loss”
shall mean any of the following events: (x) the actual or constructive total loss of the Vessel or the agreed or compromised total
loss of the Vessel; or (y) the capture, condemnation, confiscation, requisition (but excluding any requisition for hire by
or on behalf of any government or governmental authority or agency or by any persons acting or purporting to act on behalf of any
such government or governmental authority or agency), purchase, seizure or forfeiture of, or any taking of title to, the Vessel.
An Event of Loss shall be deemed to have occurred: (i) in the event of an actual loss of the Vessel, at the time and on the date
of such loss or if such time and date are not known at noon Greenwich Mean Time on the date which the Vessel was last heard from;
(ii) in the event of damage which results in a constructive or compromised or arranged total loss of the Vessel, at the time and
on the date on which notice claiming the loss of the Vessel is given to the insurers; or (iii) in the case of an event referred
to in clause (y) above, at the time and on the date on which such event is expressed to take effect by the Person making the same.
Notwithstanding the foregoing, if the Vessel shall have been returned to the Borrower or any Subsidiary of the Borrower following
any event referred to in clause (y) above prior to the date upon which payment is required to be made under Section 4.02(b) hereof,
no Event of Loss shall be deemed to have occurred by reason of such event so long as the requirements set forth in Section 9.10
have been satisfied.

 

    	 	(14)	 

     

    

 

“Excluded Taxes”
shall have the meaning provided in Section 4.04(a).

 

“Existing Lender”
shall have the meaning provided in Section 13.01.

 

“Facility Agent”
shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto.

 

“Facility Office”
means (a) in respect of a Lender, the office or offices notified by that Lender to the Facility Agent in writing on or before the
date it becomes a Lender (or, following that date, by not less than five Business Days’ written notice) as the office or
offices through which it will perform its obligations under this Agreement; or (b) in respect of any other Lender Creditor, the
office in the jurisdiction in which it is resident for tax purposes.

 

“Fee Letter”
means any letter or letters entered into by reference to this Agreement and/or the Supplemental Agreements between any or all of
the Facility Agent, the Initial Mandated Lead Arranger and/or the Lenders and (in any case) the Borrower or the Parent (as applicable)
setting out the amount of certain fees referred to in, or payable in connection with, this Agreement and/or the Supplemental Agreements.

 

“Final Construction
Price” shall mean the actual final construction price of the Vessel.

 

“First Deferral
Effective Date” has the meaning given to the term “Effective Date” in the Second Supplemental Agreement.

 

“First Deferral
Period” means the period from the First Deferral Effective Date to March 31, 2021 (inclusive).

 

“First Deferred
Loan” means the deemed advance by the Lenders (in Dollars) during the First Deferral Period of a proportion of the Total
Commitments in accordance with Section 2.02(c) and which shall constitute a separate Loan repayable in accordance with Section
4.02.

 

“First Hermes
Instalment” shall have the meaning provided in Section 2.02(a)(ii).

 

“First Supplemental
Agreement” means the supplemental agreement amending and restating this Agreement dated July 26, 2016 and made between
the parties hereto and NCL International, Ltd.

 

“Fixed Interest
Payment Date” shall mean (i) prior to the Delivery Date, each sixth month anniversary of the Initial Borrowing Date,
(ii) the Delivery Date and (iii) after the Delivery Date, each semi-annual date on which a Scheduled Repayment is required to be
made pursuant to Section 4.02(a) (or, if any of the above dates does not fall on a Business Day, the Fixed Interest Payment Date
shall fall on the first Business Day falling after such date).

 

    	 	(15)	 

     

    

 

“Fixed Rate”
shall mean 2.98% per annum (which includes 0.4% per annum, being the administrative fee).

 

“Fixed Rate
Interest Period” shall mean the period commencing on the Initial Borrowing Date and ending on the immediately succeeding
Fixed Interest Payment Date and thereafter each period commencing on a Fixed Interest Payment Date and ending on the immediately
succeeding Fixed Interest Payment Date.

 

“Flag Jurisdiction
Transfer” shall mean the transfer of the registration and flag of the Vessel from one Acceptable Flag Jurisdiction to
another Acceptable Flag Jurisdiction, provided that the following conditions are satisfied with respect to such transfer:

 

(i)       On
each Flag Jurisdiction Transfer Date, the Borrower shall have duly authorized, executed and delivered, and caused to be recorded
in the appropriate vessel registry a Vessel Mortgage that is reasonably satisfactory in form and substance to the Facility Agent
with respect to the Vessel and such Vessel Mortgage shall be effective to create in favor of the Collateral Agent and/or the Lenders
a legal, valid and enforceable first priority security interest, in and lien upon the Vessel, subject only to Permitted Liens.
All filings, deliveries of instruments and other actions necessary or desirable in the reasonable opinion of the Collateral Agent
to perfect and preserve such security interests shall have been duly effected and the Collateral Agent shall have received evidence
thereof in form and substance reasonably satisfactory to the Collateral Agent.

 

(ii)       On
each Flag Jurisdiction Transfer Date, to the extent that any Security Documents are released or discharged pursuant to Section
14.21(b), the Borrower shall have duly authorized, executed and delivered corresponding Security Documents in favor of the Collateral
Agent for the new Acceptable Flag Jurisdiction.

 

(iii)       On
each Flag Jurisdiction Transfer Date, the Facility Agent shall have received from counsel, an opinion addressed to the Facility
Agent and each of the Lenders and dated such Flag Jurisdiction Transfer Date, which shall (x) be in form and substance reasonably
acceptable to the Facility Agent and (y) cover the recordation of the security interests granted pursuant to the Vessel Mortgage
to be delivered on such date and such other matters incident thereto as the Facility Agent may reasonably request.

 

(iv)       On
each Flag Jurisdiction Transfer Date:

 

(A)       The
Facility Agent shall have received (x) certificates of ownership from appropriate authorities showing (or confirmation updating
previously reviewed certificates and indicating) the registered ownership of the Vessel transferred on such date by the Borrower
and (y) the results of maritime registry searches with respect to the Vessel transferred on such date, indicating no recorded liens
other than Liens in favor of the Collateral Agent and/or the Lenders and, if applicable and to the extent recordable, Permitted
Liens.

 

    	 	(16)	 

     

    

 

(B)       The
Facility Agent shall have received a report, in form and scope reasonably satisfactory to the Facility Agent, from a firm of independent
marine insurance brokers reasonably acceptable to the Facility Agent with respect to the insurance maintained by the Credit Party
in respect of the Vessel transferred on such date, together with a certificate from another broker certifying that such insurances
(i) are placed with such insurance companies and/or underwriters and/or clubs, in such amounts, against such risks, and in such
form, as are customarily insured against by similarly situated insureds for the protection of the Facility Agent and/or the Lenders
as mortgagee and (ii) conform with the Required Insurance applicable to the Vessel.

 

(v)       On
or prior to each Flag Jurisdiction Transfer Date, the Facility Agent shall have received a certificate, dated the Flag Jurisdiction
Transfer Date, signed by any one of the chairman of the board, the president, any vice president, the treasurer or an authorized
manager, member, general partner, officer or attorney-in-fact of the Borrower, certifying that (A) all necessary governmental (domestic
and foreign) and third party approvals and/or consents in connection with the Flag Jurisdiction Transfer being consummated on such
date and otherwise referred to herein shall have been obtained and remain in effect or that no such approvals and/or consents are
required, (B) there exists no judgment, order, injunction or other restraint prohibiting or imposing materially adverse conditions
upon such Flag Jurisdiction Transfer or the other related transactions contemplated by this Agreement and (C) copies of resolutions
approving the Flag Jurisdiction Transfer of the Borrower and any other related matters the Facility Agent may reasonably request.

 

(vi)       On
each Flag Jurisdiction Transfer Date, the Collateral and Guaranty Requirements for the Transferred Collateral Vessel shall have
been satisfied or waived by the Facility Agent for a specific period of time.

 

“Flag Jurisdiction
Transfer Date” shall mean the date on which a Flag Jurisdiction Transfer occurs.

 

“Floating Rate”
shall mean the percentage rate per annum equal to the aggregate of (a) the Applicable Margin plus (b) the Eurodollar Rate plus
(c) any Mandatory Costs.

 

“Floating Rate
Interest Period” shall have the meaning provided in Section 2.08.

 

“Framework”
means the document titled “Debt Deferral Extension Framework” in the form set out in Schedule 1.01(d) to this Agreement
(as may be amended from time to time), and which sets out certain key principles and parameters relating to, amongst other things,
the further temporary suspension of repayments of principal in connection with certain qualifying Loan Agreements (as defined therein)
and being applicable to Hermes-covered loan agreements such as this Agreement and more particularly the Second Deferred Loans hereunder.

 

“Free Liquidity”
shall mean, at any date of determination, the aggregate of the Cash Balance and any Commitments under this Agreement or any other
amounts available for drawing under other revolving or other credit facilities of the NCLC Group, which remain undrawn, could be
drawn for general working capital purposes or other general corporate purposes and would not, if drawn, be repayable within six
months.

 

    	 	(17)	 

     

    

 

“GAAP”
shall have the meaning provided in Section 14.06(a).

 

“Grace Period”
shall have the meaning provided in Section 11.05(c).

 

“Guarantor”
shall mean Parent.

 

“Hazardous Materials”
shall mean: (a) any petroleum or petroleum products, radioactive materials, asbestos in any form that is or could become friable,
urea formaldehyde foam insulation, transformers or other equipment that contain dielectric fluid containing levels of polychlorinated
biphenyls, and radon gas; (b) any chemicals, materials or substances defined as or included in the definition of “hazardous
substances,” “hazardous waste,” “hazardous materials,” “extremely hazardous substances,”
 “restricted hazardous waste,” “toxic substances,” “toxic pollutants,” “contaminants,”
or “pollutants,” or words of similar import, under any applicable Environmental Law; and (c) any other chemical,
material or substance, exposure to which is prohibited, limited or regulated by any governmental authority under Environmental
Laws.

 

“Heads of Terms”
shall have the meaning provided in Section 14.09.

 

“Hermes”
shall mean Euler Hermes Aktiengesellschaft, Gasstraβe 27, 22761 Hamburg acting in its capacity as representative of the Federal
Republic of Germany in connection with the issuance of export credit guarantees.

 

“Hermes Agent”
shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto, acting as attorney-in-fact
for the Lenders with respect to the Hermes Cover to the extent described in this Agreement.

 

“Hermes Cover”
shall mean the export credit guarantee (Exportkreditgarantie) on the terms of Hermes’ Declaration of Guarantee (Gewährleistungs-Erklärung)
for 100% of the principal amount of the Loans and any interests and secondary financing costs of the Federal Republic of Germany
acting through Euler Hermes Aktiengesellschaft for the period of the Loans on the terms and conditions applied for by the Lenders,
and shall include any successor thereto (it being understood that the Hermes Cover shall be issued on the basis of Hermes’
applicable Hermes guidelines (Richtlinien) and general terms and conditions (Allgemeine Bedingungen)).

 

“Hermes Debt Deferral
Extension Premium” means the additional premium payable to Hermes as a result of the increase to the Hermes Cover arising
as a consequence of the making of the Second Deferred Loans, such amount as notified in writing by the Hermes Agent to the Borrower.

 

“Hermes Issuing
Fees” shall mean the amount of €[*] payable in Euro by the Borrower to Hermes through the Hermes Agent by way of
handling fees in respect of the Hermes Cover.

 

    	 	(18)	 

     

    

 

“Hermes Premium”
shall mean the amount payable in Euro by the Borrower to Hermes through the Hermes Agent in respect of the Hermes Cover, which
shall not exceed €[*], and which shall include the Additional Hermes Premium.

 

“Holdings”
means Norwegian Cruise Line Holdings Ltd

 

“Impaired Agent”
shall mean an Agent at any time when:

 

		(i)	it has failed to make (or has notified a party to this Agreement that it will not make) a payment
required to be made by it under the Credit Documents by the due date for payment;

 

		(ii)	such Agent otherwise rescinds or repudiates a Credit Document;

 

		(iii)	(if such Agent is also a Lender) it is a Defaulting Lender; or

 

		(iv)	an Insolvency Event has occurred and is continuing with respect to such Agent

 

unless, in the case of
paragraph (i) above: (a) its failure to pay is caused by administrative or technical error or a Disruption Event, and payment is
made within five Business Days of its due date; or (b) such Agent is disputing in good faith whether it is contractually obliged
to make the payment in question.

 

“Indebtedness”
shall mean any obligation for the payment or repayment of money, whether as principal or as surety and whether present or future,
actual or contingent including, without limitation, pursuant to an Interest Rate Protection Agreement or Other Hedging Agreement.

 

“Indebtedness
for Borrowed Money” shall mean Indebtedness (whether present or future, actual or contingent, long-term or short-term,
secured or unsecured) in respect of:

 

		(i)	moneys borrowed or raised;

 

		(ii)	the advance or extension of credit (including interest and other charges on or in respect of any
of the foregoing);

 

		(iii)	the amount of any liability in respect of leases which, in accordance with GAAP, are capital leases;

 

		(iv)	the amount of any liability in respect of the purchase price for assets or services payment of
which is deferred for a period in excess of 180 days;

 

		(v)	all reimbursement obligations whether contingent or not in respect of amounts paid under a letter
of credit or similar instrument; and

 

		(vi)	(without double counting) any guarantee of Indebtedness falling within paragraphs (i) to (v) above;

 

    	 	(19)	 

     

    

 

provided that the following
shall not constitute Indebtedness for Borrowed Money:

 

		(a)	loans and advances made by other members of the NCLC Group which are subordinated to the rights
of the Lenders;

 

		(b)	loans and advances made by any shareholder of the Parent which are subordinated to the rights of
the Lenders on terms reasonably satisfactory to the Facility Agent; and

 

		(c)	any liabilities of the Parent or any other member of the NCLC Group under any Interest Rate Protection
Agreement or any Other Hedging Agreement or other derivative transactions of a non-speculative nature.

 

“Information”
shall have the meaning provided in Section 8.10(a).

 

“Initial Borrowing
Date” shall mean the date occurring on or after the Effective Date on which the initial Borrowing of Loans (other than
Deferred Loans) hereunder occurs, which date shall, subject to Section 5, coincide with the date of payment of the first installment
of the Initial Construction Price for the Vessel under the Construction Contract.

 

“Initial Construction
Price” shall mean an amount of up to €698,370,000 for the construction of the Vessel pursuant to the Construction
Contract, payable by the Borrower to the Yard through the four installments of the Contract Price referred to in Article
8, Clauses 2.1(i) through and including (iv) of the Construction Contract (each, a “Pre-delivery Installment”)
and the installment of the Contract Price referred to in Article 8, Clause 2.1(v) of the Construction Contract (as
such amount may be modified in accordance with the Construction Contract).

 

“Initial Mandated
Lead Arranger” shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor
thereto.

 

“Initial Syndication
Date” shall mean the date, if applicable, on which KfW IPEX-Bank GmbH ceases to be the only Lender by transferring all
or part of its rights as a Lender under this Agreement to one or more banks or financial institutions pursuant to Section 13.

 

“Insolvency
Event” in relation to any of the parties to this Agreement shall mean that such party:

 

		(i)	is dissolved (other than pursuant to a consolidation, amalgamation or merger);

 

		(ii)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally
to pay its debts as they become due;

 

		(iii)	makes a general assignment, arrangement or composition with or for the benefit of its creditors;

 

		(iv)	institutes or has instituted against it, by a regulator, supervisor or any similar official with
primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organization
or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief
under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation by it or such regulator, supervisor or similar official;

 

    	 	(20)	 

     

    

 

		(v)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other
relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for
its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding
or petition is instituted or presented by a person or entity not described in paragraph (iv) above and (a) results in a judgment
of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or
(b) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;

 

		(vi)	has exercised in respect of it one or more of the stabilization powers pursuant to Part 1 of the
Banking Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009 or a
bank administration proceeding pursuant to Part 3 of the Banking Act 2009;

 

		(vii)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant
to a consolidation, amalgamation or merger);

 

		(viii)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator,
receiver, trustee, custodian or other similar official for it or for all or substantially all its assets;

 

		(ix)	has a secured party take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and
such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within
30 days thereafter;

 

		(x)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction,
has an analogous effect to any of the events specified in paragraphs (i) to (ix) above; or

 

		(xi)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence
in, any of the foregoing acts.

 

“Interaction
Agreement” shall mean the interaction agreement executed or to be executed by, inter alia (i) each Lender that
elects to become a Refinanced Bank, (ii) the CIRR Representative, and (iii) the CIRR Agent substantially in the form of Exhibit
C.

 

“Interest Determination
Date” shall mean, with respect to any Loan, the second Business Day prior to the commencement of any Interest Period
relating to such Loan.

 

    	 	(21)	 

     

    

 

“Interest Period”
shall mean either the Fixed Rate Interest Period or, as the context may require, the Floating Rate Interest Period.

 

“Interest Rate
Protection Agreement” shall mean any interest rate swap agreement, interest rate cap agreement, interest collar agreement,
interest rate hedging agreement, interest rate floor agreement or other similar agreement or arrangement entered into between a
Lender or its Affiliate, or a Lead Arranger or its Affiliate, and the Parent and/or the Borrower in relation to the Credit Document
Obligations of the Borrower under this Agreement.

 

“Investments”
shall have the meaning provided in Section 10.04.

 

“KfW”
shall mean KfW in its capacity as refinancing bank with respect to the KfW Refinancing.

 

“KfW Refinancing”
shall mean the refinancing of the respective loans of the Refinanced Banks hereunder with KfW pursuant to the CIRR General Terms
and Conditions, as modified by the parties to the KfW Refinancing pursuant to, inter alia, the Interaction Agreement.

 

“Lead Arrangers”
shall mean the Initial Mandated Lead Arranger together with and any other bank or financial institution appointed as an arranger
by the Initial Mandated Lead Arranger and the Borrower for the purpose of this Agreement.

 

“Lender”
shall mean each financial institution listed on Schedule 1.01(a), as well as any Person which becomes a “Lender”
hereunder pursuant to Section 13.

 

“Lender Creditors”
shall mean the Lenders holding from time to time outstanding Loans and/or Commitments and the Agents, each in their respective
capacities.

 

“Lender Default”
shall mean, as to any Lender, (i) the wrongful refusal (which has not been retracted) of such Lender or the failure of such Lender
to make available its portion of any Borrowing, unless such failure to pay is caused by administrative or technical error or a
Disruption Event and payment is made within three Business Days of its due date; (ii) such Lender having been deemed insolvent
or having become the subject of a takeover by a regulatory authority or with respect to which an Insolvency Event has occurred
and is continuing; (iii) such Lender having notified the Facility Agent and/or any Credit Party (x) that it does not intend to
comply with its obligations under Section 2.01 in circumstances where such non-compliance would constitute a breach of such Lender’s
obligations under such Section or (y) of the events described in preceding clause (ii); or (iv) such Lender not being in compliance
with its refinancing obligations owed to KfW under its respective Refinancing Agreement or the Interaction Agreement.

 

“Lien”
shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference,
priority or other security agreement of any kind or nature whatsoever (including, without limitation, any conditional sale or other
title retention agreement, any financing or similar statement or notice filed under the UCC or any other similar recording or notice
statute, and any lease having substantially the same effect as any of the foregoing); provided that in no event shall an
operating lease be deemed to constitute a Lien.

 

    	 	(22)	 

     

    

 

“Loan”
and “Loans” shall have the meaning provided in Section 2.01 and shall include Deferred Loans made in accordance
with Section 2.02(c).

 

“Management
Agreements” shall mean any agreements entered into by the Borrower with the Manager or such other commercial manager
and/or a technical manager with respect to the management of the Vessel, in each case which agreements and manager shall be reasonably
acceptable to the Facility Agent (it being understood that NCL (Bahamas) Ltd. is acceptable and the form of management agreement
attached as Annex A to Exhibit O is acceptable).

 

“Manager”
shall mean (i) the company providing commercial and technical management and crewing services for the Vessel, which is contemplated
to be, as of the Delivery Date, NCL Corporation Ltd., a company organized and existing under the laws of Bermuda, or NCL (Bahamas)
Ltd., a company organized and existing under the laws of Bermuda (and each of which is approved for such purpose) or (ii) such
other commercial manager and/or technical manager with respect to the management of the Vessel reasonably acceptable to the Facility
Agent.

 

“Manager’s
Undertakings” shall mean the undertakings, provided by the Manager respecting the Vessel, including, inter alia,
a statement satisfactory to the Facility Agent that any lien in favor of the Manager respecting the Vessel is subject and subordinate
to the Vessel Mortgage in substantially the form attached to the Assignment of Management Agreements or otherwise reasonably satisfactory
to the Facility Agent.

 

“Mandatory Costs”
means the percentage rate per annum calculated in accordance with Schedule 1.01(b).

 

“Market Disruption
Event” shall mean:

 

		(i)	at or about noon on the Interest Determination Date for the relevant Interest Period the Screen
Rate is not available and none or (unless at such time there is only one Lender) only one of the Lenders supplies a rate to the
Facility Agent to determine the Eurodollar Rate for the relevant Interest Period; or

 

		(ii)	before 5:00 P.M. Frankfurt time on the Interest Determination Date for the relevant Interest
Period, the Facility Agent receives notifications from Lenders the sum of whose Commitments and/or outstanding Loans at such time
equal at least 50% of the sum of the Total Commitments and/or aggregate outstanding Loans of the Lenders at such time that (x)
the cost to such Lenders of obtaining matching deposits in the London interbank Eurodollar market for the relevant Interest Period
would be in excess of the Eurodollar Rate for such Interest Period or (y) such Lenders are unable to obtain funding in the London
interbank Eurodollar market.

 

“Material Adverse
Effect” shall mean the occurrence of anything since June 30, 2012 which has had or would reasonably be expected to have
a material adverse effect on (x) the property, assets, business, operations, liabilities, or condition (financial or otherwise)
of the Parent and its subsidiaries taken as a whole, (y) the consummation of the transactions hereunder, the acquisition of the
Vessel and the Construction Contract, or (z) the rights or remedies of the Lenders, or the ability of the Parent and its relevant
Subsidiaries to perform their obligations owed to the Lenders and the Agents under this Agreement.

 

    	 	(23)	 

     

    

 

“Materials of
Environmental Concern” shall have the meaning provided in Section 8.17(a).

 

“Maturity Date”
shall mean:

 

(i)       for
a Loan other than a Deferred Loan, the twelfth anniversary of the Borrowing Date in relation to the Delivery Date or, if earlier,
the date falling 11 years and 6 months after the date on which the first Scheduled Repayment is required to be made pursuant to
Section 4.02(a); and

 

(ii)       for
a Deferred Loan, the final Repayment Date for such Deferred Loan as set out in Schedule 4.02.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc. and its successors.

 

“NCLC Fleet”
shall mean the vessels owned by the companies in the NCLC Group.

 

“NCLC Group”
shall mean the Parent and its Subsidiaries.

 

“New Lender”
shall mean a Person who has been assigned the rights or transferred the rights and obligations of an Existing Lender, as the case
may be, pursuant to the provisions of Section 13.

 

“Non-Defaulting
Lender” shall mean and include each Lender other than a Defaulting Lender.

 

“Notice of Borrowing”
shall have the meaning provided in Section 2.03.

 

“Notice Office”
shall mean in the case of the Facility Agent and the Hermes Agent, the office of the Facility Agent and the Hermes Agent located
at Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany, Attention: [*], fax: [*], email: [*] or such other office as the
Facility Agent may hereafter designate in writing as such to the other parties hereto or such other office as the Facility Agent
or the Hermes Agent may hereafter designate in writing as such to the other parties hereto.

 

“OPA”
shall mean the Oil Pollution Act of 1990, as amended, 33 U.S.C. § 2701 et seq.

 

“Other Creditors”
shall mean any Lender or any Affiliate thereof and their successors, transferees and assigns if any (even if such Lender subsequently
ceases to be a Lender under this Agreement for any reason), together with such Lender’s or Affiliate’s successors,
transferees and assigns, with which the Parent and/or the Borrower enters into any Interest Rate Protection Agreements or Other
Hedging Agreements from time to time.

 

    	 	(24)	 

     

    

 

“Other Hedging
Agreement” shall mean any foreign exchange contracts, currency swap agreements, commodity agreements or other similar
agreements or arrangements entered into between a Lender or its Affiliate, or a Lead Arranger or its Affiliates, and the Parent
and/or the Borrower in relation to the Credit Document Obligations of the Borrower under this Agreement and designed to protect
against the fluctuations in currency or commodity values.

 

“Other Obligations”
shall mean the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of all obligations,
liabilities and indebtedness (including, without limitation, all interest that accrues after the commencement of any case, proceeding
or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Credit Party at the rate provided
for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) owing
by any Credit Party to the Other Creditors under, or with respect to, any Interest Rate Protection Agreement or Other Hedging Agreement,
whether such Interest Rate Protection Agreement or Other Hedging Agreement is now in existence or hereafter arising, and the due
performance and compliance by such Credit Party with all of the terms, conditions and agreements contained therein.

 

“Parent”
shall have the meaning provided in the first paragraph of this Agreement.

 

“Parent Guaranty”
shall mean the guaranty of the Parent pursuant to Section 15.

 

“PATRIOT Act”
shall have the meaning provided in Section 14.09.

 

“Payment Office”
shall mean the office of the Facility Agent located at Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany, or such other
office as the Facility Agent may hereafter designate in writing as such to the other parties hereto.

 

“Permitted Change
Orders” shall mean change orders and similar arrangements under the Construction Contract which increase the Initial
Construction Price to the extent that the aggregate amount of such increases does not exceed €[*] (it being understood that
the actual amount of change orders and similar arrangements may exceed €[*]).

 

“Permitted Chartering
Arrangements” shall mean:

 

		(i)	any charter or other form of deployment (other than a demise or bareboat charter) of the Vessel
made between members of the NCLC Group;

 

		(ii)	any demise or bareboat charter of the Vessel made between members of the NCLC Group provided that
(a) each of the Borrower and the charterer assigns the benefit of any such charter or sub-charter to the Collateral Agent, (b)
each of the Borrower and the charterer assigns its interest in the insurances and earnings in respect of the Vessel to the Collateral
Agent, and (c) the charterer agrees to subordinate its interests in the Vessel to the interests of the Collateral Agent as mortgagee
of the Vessel, all on terms and conditions reasonably acceptable to the Collateral Agent;

 

		(iii)	any charter or other form of deployment of the Vessel to a charterer that is not a member of the
NCLC Group provided that no such charter or deployment shall be made (a) on a demise or bareboat basis, or (b) for a period which,
including the exercise of any options for extension, could be for longer than 13 months, or (c) other than at or about market rate
at the time when the charter or deployment is fixed; and

 

    	 	(25)	 

     

    

 

		(iv)	any charter or other form of deployment in respect of the Vessel entered into after the Effective
Date and which is permissible under the provisions of any financing documents relating to the Vessel.

 

“Permitted Intercompany
Arrangements” shall mean any intercompany loan or operating arrangement which from an accounting perspective has the effect
of an intercompany loan, between or among members of the NCLC Group:

 

(a) existing as of the
date of the Third Supplemental Agreement;

 

(b) so long as (x) made
solely for the purpose of regulatory or tax purposes carried out in the ordinary course of business and on an arms’ length
basis and (y) the aggregate principal amount of all such loans or operating arrangements does not exceed $[*] at any time;
or

 

(c) that has been approved
with the prior written consent of Hermes.

 

“Permitted Liens”
shall have the meaning provided in Section 10.01.

 

“Person”
shall mean any individual, partnership, joint venture, firm, corporation, association, trust or other enterprise or any government
or political subdivision, department or instrumentality thereof.

 

“Pledgor”
shall mean NCL Corporation Ltd. or any direct or indirect Subsidiary of the Parent which directly owns any of the Capital Stock
of the Borrower.

 

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

 

“Pre-delivery
Installment” shall have the meaning provided in the definition of “Initial Construction Price”.

 

“Principles”
means the document titled "Cruise Debt Holiday Principles" and dated 26 March 2020 in the form set out in Schedule 1.01(c)
to this Agreement (as may be amended from time to time), and which sets out certain key principles and parameters relating to,
amongst other things, the temporary suspension of repayments of principal in connection with certain qualifying Loan Agreements
(as defined therein) and being applicable to Hermes-covered loan agreements such as this Agreement and more particularly the First
Deferred Loans hereunder.

 

“Pro Rata Share”
shall have the definition provided in Section 4.05.

 

    	 	(26)	 

     

    

 

“Projections”
shall mean any projections and any forward-looking statements (including statements with respect to booked business) of the NCLC
Group furnished to the Lenders or the Facility Agent by or on behalf of any member of the NCLC Group prior to the Effective Date.

 

“Reference Banks”
shall mean the principal London offices of such entities as may be appointed by the Facility Agent with the approval of the Borrower
(which shall not be unreasonably withheld) as “Reference Banks” for the purposes of this Agreement.

 

“Refinancing
Agreement” shall mean each refinancing agreement in respect of the KfW Refinancing.

 

“Refinanced
Bank” shall mean each Lender participating in the KfW Refinancing.

 

“Refund Guarantee”
shall mean a, or if more than one, each refund guarantee arranged by the Yard in respect of a Pre-delivery Installment and provided
by one or more financial institutions contemplated by the Construction Contract, or by other financial institutions reasonably
satisfactory to the Lead Arrangers, as credit support for the Yard’s obligations thereunder.

 

“Register”
shall have the meaning provided in Section 14.15.

 

“Relevant Obligations”
shall have the meaning provided in Section 13.07(c)(ii).

 

“Repayment Date”
shall mean each semi-annual date on which a Scheduled Repayment is required to be made pursuant to Section 4.02(a).

 

“Replaced Lender”
shall have the meaning provided in Section 2.12.

 

“Replacement
Lender” shall have the meaning provided in Section 2.12.

 

“Representative”
shall have the meaning provided in Section 4.05(d).

 

“Required Insurance”
shall have the meaning provided in Section 9.03.

 

“Required Lenders”
shall mean, at any time, Non-Defaulting Lenders, the sum of whose outstanding Commitments and/or principal amount of Loans at such
time represent an amount greater than 662⁄3% of the sum of the Total Commitment (less the aggregate Commitments of
all Defaulting Lenders at such time) and the aggregate principal amount of outstanding Loans (less the amount of outstanding Loans
of all Defaulting Lenders at such time).

 

"Restatement Date"
shall have the meaning given to this expression in the First Supplemental Agreement.

 

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

 

“S&P”
shall mean Standard & Poor’s Rating Services, a division of the McGraw-Hill Companies, Inc., and its successors.

 

“Scheduled Repayment”
shall have the meaning provided in Section 4.02(a).

 

    	 	(27)	 

     

    

 

“Screen Rate”
shall have the meaning specified in the definition of Eurodollar Rate.

 

“Second Deferral
Effective Date” has the meaning given to the term “Effective Date” in the Third Supplemental Agreement.

 

“Second Deferral
Period” means the period from the Second Deferral Effective Date through March 31, 2022 (inclusive).

 

“Second Deferred
Loan” means the deemed advance by the Lenders (in Dollars) during the Second Deferral Period of a proportion of the Total
Commitments in accordance with Section 2.02(c) and which shall constitute a separate Loan repayable in accordance with Section
4.02.

 

“Second Deferred
Loan Repayment Date” means the date on which the Second Deferred Loans have been repaid or prepaid in full.

 

“Second Supplemental
Agreement” means the supplemental agreement amending and restating this Agreement dated April 21, 2020 and made between
the parties hereto and NCL International, Ltd.

 

“Secured Creditors”
shall mean the “Secured Creditors” as defined in the Security Documents.

 

“Secured Obligations”
shall mean (i) the Credit Document Obligations, (ii) the Other Obligations, (iii) any and all sums advanced by any Agent in order
to preserve the Collateral or preserve the Collateral Agent’s security interest in the Collateral on behalf of the Lenders,
(iv) in the event of any proceeding for the collection or enforcement of any indebtedness, obligations or liabilities of the Credit
Parties referred to in clauses (i) and (ii) above, after an Event of Default shall have occurred and be continuing, the expenses
in connection with retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral,
or of any exercise by the Collateral Agent of its rights hereunder on behalf of the Lenders, together with reasonable attorneys’
fees and court costs, and (v) all amounts paid by any Secured Creditor as to which such Secured Creditor has the right to reimbursement
under the Security Documents.

 

“Security Documents”
shall mean, as applicable, the Assignment of Contracts, the Assignment of Earnings and Insurances, the Assignment of Charters,
the Assignment of Management Agreements, the Share Charge, the Vessel Mortgage, the Deed of Covenants, and, after the execution
thereof, each additional security document executed pursuant to Section 9.10 and/or Section 12.01(b).

 

“Security Trust
Deed” shall mean the Security Trust Deed executed by, inter alia, the Borrower, the Guarantor, the Collateral
Agent, the Facility Agent and the Original Secured Creditors (as defined therein) and shall be substantially in the form of Exhibit
P or otherwise reasonably acceptable to the Facility Agent.

 

“Share Charge”
shall have the meaning provided in Section 5.06.

 

“Share Charge
Collateral” shall mean all “Collateral” as defined in the Share Charge.

 

    	 	(28)	 

     

    

 

“Sky Vessel”
shall mean [*] presently owned by and registered in the name of Norwegian Sky, Ltd. of Bermuda (an Affiliate of the Parent) under
the laws and flag of the Commonwealth of the Bahamas, which was purchased by Norwegian Sky, Ltd. on the terms set forth in the
fully executed memorandum of agreement related to the sale of such vessel, dated on or around May 30, 2012 (as amended from time
to time with the consent of the Lenders as required pursuant to Section 10.11).

 

“Sky Vessel
Indebtedness” shall mean the financing arrangements secured by, among other things, the Sky Vessel, pursuant to the Fourth
Amended and Restated Credit Agreement dated 2 January 2019 (as may be further supplemented, amended, restated or otherwise modified
from time to time) between, among others, the Parent as company, Voyager Vessel Company, LLC as co-borrower, the lenders from time
to time party thereto and JPMorgan Chase Bank, N.A. as administrative agent, collateral agent.

 

“Specified Requirements”
shall mean the requirements set forth in clauses (i)(A) and (i)(B) (including, for the avoidance of doubt, paragraphs (i)(a) or
(i)(b)), (iii), (v)(c) and (v)(f)) of the definition of “Collateral and Guaranty Requirements.”

 

“Spot Rate”
shall mean the spot exchange rate quoted by the Facility Agent equal to the weighted average of the rates on the
actual transactions of the Facility Agent on the date two Business Days prior to the date of determination thereof (acting reasonably),
which spot exchange rate shall be final and conclusive absent manifest error.

 

“Subsidiary”
shall mean, as to any Person, (i) any corporation more than 50% of whose stock of any class or classes having by the terms thereof
ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock
of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency)
is at the time owned by such Person and/or one or more Subsidiaries of such Person and (ii) any partnership, limited liability
company, association, joint venture or other entity in which such Person and/or one or more Subsidiaries of such Person has more
than a 50% Equity Interest at the time.

 

“Supervision
Agreements” shall mean any agreements (if any) entered or to be entered into between the Parent, as applicable, the Borrower
and a Supervisor providing for the construction supervision of the Vessel, the terms and conditions of which shall be in form and
substance reasonably satisfactory to the Facility Agent.

 

“Supervisor”
shall have the meaning provided in the Construction Contract.

 

“Supplemental
Agreements” means the First Supplemental Agreement, the Second Supplemental Agreement and the Third Supplemental Agreement.

 

“Tax Benefit”
shall have the meaning provided in Section 4.04(c).

 

“Taxes”
and “Taxation” shall have the meaning provided in Section 4.04(a).

 

“Test Period”
shall mean each period of four consecutive fiscal quarters then last ended, in each case taken as one accounting period.

 

    	 	(29)	 

     

    

 

“Third Supplemental
Agreement” means the agreement dated February 18, 2021, and entered into between, amongst others, the parties to this
Agreement amending and restating this Agreement in connection with the introduction of the Framework.

 

“Total Capitalization”
shall mean, at any date of determination, the Total Net Funded Debt plus the consolidated stockholders’ equity of
the NCLC Group at such date determined in accordance with GAAP and derived from the then latest unaudited and consolidated financial
statements of the NCLC Group delivered to the Facility Agent in the case of the first three quarters of each fiscal year and the
then latest audited consolidated financial statements of the NCLC Group delivered to the Facility Agent in the case of each fiscal
year; provided it is understood that the effect of any impairment of intangible assets shall be added back to stockholders’
equity.

 

“Total Commitment”
shall mean, at any time, the sum of the Commitments of the Lenders at such time. On the Effective Date, the Total Commitments shall
not exceed €729,854,685.50.

 

“Total Net Funded
Debt” shall mean, as at any relevant date:

 

		(i)	Indebtedness for Borrowed Money of the NCLC Group on a consolidated basis; and

 

		(ii)	the amount of any Indebtedness for Borrowed Money of any person which is not a member of the NCLC
Group but which is guaranteed by a member of the NCLC Group as at such date;

 

less an amount
equal to any Cash Balance as at such date; provided that any Commitments and other amounts available for drawing under other
revolving or other credit facilities of the NCLC Group which remain undrawn shall not be counted as cash or indebtedness for the
purposes of this Agreement.

 

“Transaction”
shall mean collectively (i) the execution, delivery and performance by each Credit Party of the Credit Documents to which it is
a party, the incurrence of Loans on each Borrowing Date and the use of proceeds thereof and (ii) the payment of all fees and expenses
in connection with the foregoing.

 

“Transfer Certificate”
means a certificate substantially in the form set out in Exhibit E or any other form agreed between the Facility Agent and the
Parent.

 

“UCC”
shall mean the Uniform Commercial Code as from time to time in effect in the relevant jurisdiction.

 

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

 

    	 	(30)	 

     

    

 

“United States”
and “U.S.” shall each mean the United States of America.

 

“Vessel”
shall mean the post-panamax luxury passenger cruise vessel with approximately 163,000 gt and hull number [*] constructed by the
Yard (and named “Norwegian Joy” at the time of its delivery from the Yard).

 

“Vessel Mortgage”
shall have the meaning provided in the definition of “Collateral and Guaranty Requirements”.

 

“Vessel Value”
shall have the meaning set forth in Section 10.08.

 

“Yard”
shall mean Meyer Werft GmbH, Papenburg/Germany, the shipbuilder constructing the Vessel pursuant to the Construction Contract.

 

"Write-down and
Conversion Powers" means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	(31)	 

     

    

 

Section 2
Amount and Terms of Credit Facility.

 

2.01 The Commitments.
Subject to and upon the terms and conditions set forth herein, each Lender severally agrees to make on and after the Initial Borrowing
Date and prior to the Commitment Termination Date and at the times specified in Section 2.02 term loans to the Borrower (each,
a “Loan” and, collectively, the “Loans”), which Loans (i) shall bear interest in accordance
with Section 2.06, (ii) shall be denominated and repayable in Dollars, (iii) shall be disbursed on any Borrowing Date, (iv) shall
not exceed on such Borrowing Date for all Lenders the Dollar Equivalent of the maximum available amount for such Borrowing Date
as set forth in Section 2.02 and (v) disbursed on any Borrowing Date shall not exceed for any Lender the Dollar Equivalent
of the Commitment of such Lender on such Borrowing Date.

 

2.02 Amount and Timing of Each Borrowing; Currency of
Disbursements.

 

(a) The Total Commitments
will be available in the amounts and on the dates set forth below:

 

(i)       a
portion of the Total Commitments not exceeding [*]% of the Initial Construction Price for the Vessel will be available on the Initial
Borrowing Date;

 

(ii)       a
portion of the Total Commitments equaling [*]% of the Hermes Premium will be available on one or more dates on or after the Initial
Borrowing Date (it being understood and agreed that the Lenders shall be authorized to disburse directly to Hermes the proceeds
of Loans in an amount equal to the Hermes Premium that is then due and owing, without any action on the part of the Borrower (including,
without limitation, without delivery by the Borrower of a Notice of Borrowing to the Facility Agent in respect thereof), so long
as the Facility Agent provides the Borrower with notice thereof). It is acknowledged and agreed that [*]% of the Hermes Premium
(the “First Hermes Instalment”) shall be payable directly by the Borrower to Hermes immediately after the execution
of this Agreement (which the Borrower hereby agrees to pay from its own funds). If the Construction Contract is cancelled pursuant
to Article 14, paragraph 16.2 thereof, it is acknowledged that the Borrower shall be entitled to a refund of the First Hermes Instalment
from Hermes. Where the Construction Contract is not so cancelled, on the Initial Borrowing Date the Lenders shall pay directly
to the Borrower part of the Loans in an amount equal to the First Hermes Instalment in reimbursement of the First Hermes Instalment
so paid by the Borrower;

 

It is also
agreed and acknowledged that:

 

(A)       the
Additional Hermes Premium shall be payable by the Borrower to the Facility Agent (for onward payment to Hermes) at or around the
Restatement Date (which the Borrower agrees to do from its own funds). The Borrower shall be entitled to request that a Loan be
made available in an amount of up to the Additional Hermes Premium in reimbursement to the Borrower of the Additional Hermes Premium
so paid by the Borrower in accordance with the above;

 

(B)       following
receipt of the premium invoice issued by Hermes in respect thereof, the Hermes Debt Deferral Extension Premium shall be payable
directly by the Borrower to Hermes or, where the Facility Agent on behalf of the Borrower has paid the Hermes Debt Deferral Extension
Premium to Hermes, by way of reimbursement to the Facility Agent, in either case promptly and in any event within five Business
Days of receipt of the premium invoice;

 

    	 	(32)	 

     

    

 

(iii)       a
portion of the Total Commitments not exceeding [*]% of the Initial Construction Price for the Vessel will be available on the date
of payment of the second installment of the Initial Construction Price for the Vessel (which date is anticipated to be 24 months
prior to the Delivery Date (as per the Construction Contract));

 

(iv)       a
portion of the Total Commitments not exceeding [*]% of the Initial Construction Price for the Vessel will be available on the date
of payment of the third installment of the Initial Construction Price for the Vessel (which date is anticipated to be 18 months
prior to the Delivery Date (as per the Construction Contract));

 

(v)       a
portion of the Total Commitments not exceeding [*]% of the Initial Construction Price for the Vessel will be available on the date
of payment of the fourth installment of the Initial Construction Price for the Vessel (which date is anticipated to be 12 months
prior to the Delivery Date (as per the Construction Contract); and

 

(vi)       a
portion of the Total Commitments (inclusive of any Deferred Loans) not exceeding the sum of (a) [*]% of the amount equal to (x)
the Initial Construction Price for the Vessel minus (y) any amount payable by the Yard to the Borrower pursuant to Article 8, paragraph
2.8 (viii) of the Construction Contract and further deducting from this amount the aggregate of the amounts that were borrowed
pursuant to clauses (i) and (iii)-(v) above, and (b) [*]% of the aggregate amount of the Permitted Change Orders will be available
on the Delivery Date.

 

(b)       The
Loans (other than a Deferred Loan) made on each Borrowing Date shall be disbursed by the Facility Agent to the Borrower and/or
its designee(s), as set forth in Section 2.04, in Dollars and shall be in an amount equal to the Dollar Equivalent of the
amount of the Total Commitment utilized to make such Loans on such Borrowing Date pursuant to this Section 2.02, provided
that in the event that the Borrower has not (i) notified the Facility Agent in the Notice of Borrowing that it has entered into
Earmarked Foreign Exchange Arrangements with respect to the amount required to be paid to Hermes or to the Yard on such Borrowing
Date and (ii) provided reasonably sufficient evidence to the Facility Agent of such Earmarked Foreign Exchange Arrangements in
the Notice of Borrowing, the Facility Agent on such Borrowing Date shall convert the Dollar amount of the Loans to be made by each
Lender into Euro at the Spot Rate applicable for such Borrowing Date (it being understood that the same Spot Rate shall be used
for such conversion as is used to calculate the Dollar Equivalent referred to in this Section 2.02(b)), and shall inform each Lender
thereof, and such Euro amount shall thereafter be disbursed to the Borrower and/or its designee(s) as set forth in Section 2.04
(it being understood that each Lender shall remit its Loans to the Facility Agent in Dollars on such Borrowing Date).

 

(c)        A
Deferred Loan shall, on each Repayment Date of the Loan falling during the relevant Deferral Period, be deemed to be made available
in an amount equal to the Deferred Portion of such Loan in respect of, and as at, that Repayment Date. Each such Deferred Loan
shall be automatic and notional only, and effected by means of a book entry to finance the repayment instalment of the Loan then
due.

 

    	 	(33)	 

     

    

 

2.03 Notice of
Borrowing. Subject to the second parenthetical in Section 2.02(a)(ii) and other than in respect of a Deferred Loan, whenever
the Borrower desires to make a Borrowing hereunder, it shall give the Facility Agent at its Notice Office at least three Business
Days’ prior written notice of each Loan to be made hereunder, provided that any such notice shall be deemed to have been
given on a certain day only if given before 11:00 A.M. (Frankfurt time) (unless such 11:00 A.M. deadline is waived by
the Facility Agent in the case of the Initial Borrowing Date). Each such written notice (each a “Notice of Borrowing”),
except as otherwise expressly provided in Section 2.09, shall be irrevocable and shall be given by the Borrower substantially in
the form of Exhibit A, appropriately completed to specify (i) the portion of the Total Commitments to be utilized on such Borrowing
Date, (ii) if the Borrower and/or the Parent has entered into Earmarked Foreign Exchange Arrangements with respect to the installment
payments due and owing under the Construction Contract to be funded by the Loans to be incurred on such Borrowing Date, the Dollar
Equivalent of the portion of the Total Commitment to be borrowed on such Borrowing Date and evidence of such Earmarked Foreign
Exchange Arrangements, (iii) the date of such Borrowing (which shall be a Business Day), (iv) when the Loans are to be subject
to interest at the Floating Rate, the initial Interest Period to be applicable thereto, (v) to which account(s) the proceeds of
such Loans are to be deposited (it being understood that pursuant to Section 2.04 the Borrower may designate one or more accounts
of the Yard, Hermes and/or the provider of the foreign exchange arrangements referenced in the definition of Dollar Equivalent)
and (vi) that all representations and warranties made by each Credit Party, in or pursuant to the Credit Documents are true
and correct in all material respects (unless stated to relate to a specific earlier date, in which case such representations and
warranties shall have been true and correct in all material respects as of such date) and no Event of Default is or will be continuing
after giving effect to such Borrowing. The Facility Agent shall promptly give each Lender which is required to make Loans, notice
of such proposed Borrowing, of such Lender’s proportionate share thereof and of the other matters required by the immediately
preceding sentence to be specified in the Notice of Borrowing.

 

2.04 Disbursement
of Funds. No later than 12:00 Noon (Frankfurt time) on the date specified in each Notice of Borrowing, each Lender will make
available its pro rata portion of each Borrowing requested in the Notice of Borrowing to be made on such date. All such amounts
shall be made available in the currency required by Section 2.02(b) in immediately available funds at the Payment Office of the
Facility Agent, and the Facility Agent will make available to (I) in the case of Loans disbursed in Dollars, the Borrower (and/or
its designee(s), to the extent possible and to the extent such designee is a provider of Earmarked Foreign Exchange Arrangements
referenced in the definition of Dollar Equivalent) and (II) in the case of Loans disbursed in Euro, designee(s) of the Borrower
(to the extent any such designee is the Yard or, in the case of the Hermes Premium, Hermes), in each case prior to 3:00 P.M. (Frankfurt
Time) on such day, to the extent of funds actually received by the Facility Agent prior to 12:00 Noon (Frankfurt Time) on such
day, in each case at the Payment Office in the account(s) specified in the applicable Notice of Borrowing, the aggregate of the
amounts so made available by the Lenders. Unless the Facility Agent shall have been notified by any Lender prior to the date of
Borrowing that such Lender does not intend to make available to the Facility Agent such Lender’s portion of any Borrowing
to be made on such date, the Facility Agent may assume that such Lender has made such amount available to the Facility Agent on
such date of Borrowing and the Facility Agent may, in reliance upon such assumption, make available to the Borrower a corresponding
amount. If such corresponding amount is not in fact made available to the Facility Agent by such Lender, the Facility Agent shall
be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount
forthwith upon the Facility Agent’s demand therefor, the Facility Agent shall promptly notify the Borrower and the Borrower
shall immediately pay such corresponding amount to the Facility Agent. The Facility Agent shall also be entitled to recover on
demand from such Lender or the Borrower, as the case may be, interest on such corresponding amount in respect of each day from
the date such corresponding amount was made available by the Facility Agent to the Borrower until the date such corresponding amount
is recovered by the Facility Agent, at a rate per annum equal to (i) if recovered from such Lender, at the overnight Eurodollar
Rate and (ii) if recovered from the Borrower, the rate of interest applicable to the respective Borrowing, as determined pursuant
to Section 2.06. Nothing in this Section 2.04 shall be deemed to relieve any Lender from its obligation to make Loans hereunder
or to prejudice any rights which the Borrower may have against any Lender as a result of any failure by such Lender to make Loans
hereunder.

 

    	 	(34)	 

     

    

 

2.05 Pro Rata
Borrowings. All Borrowings of Loans (including Deferred Loans) under this Agreement shall be incurred from the Lenders pro
rata on the basis of their Commitments as at the time or, in the case of the Deferred Loans, deemed time, of the relevant Borrowing.
It is understood that no Lender shall be responsible for any default by any other Lender of its obligation to make Loans hereunder
and that each Lender shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any
other Lender to make its Loans hereunder. The obligations of the Lenders under this Agreement are several and not joint and no
Lender shall be responsible for the failure of any other Lender to satisfy its obligations hereunder.

 

2.06 Interest.
(a) The Borrower agrees to pay interest in respect of the unpaid principal amount of each Loan (other than a Deferred Loan) from
the date the proceeds thereof are made available to the Borrower until the maturity (whether by acceleration or otherwise) of such
Loan at the Fixed Rate or if an election is made by the Borrower to elect the Floating Rate pursuant to Section 2.07, at the Floating
Rate. The Borrower agrees to pay interest in respect of the unpaid principal amount of each Deferred Loan from the date the proceeds
thereof are made available (or deemed made available) to the Borrower until the maturity (whether by acceleration or otherwise)
of such Deferred Loan at the Floating Rate.

 

(b)       If
the Borrower fails to pay any amount payable by it under a Credit Document on its due date, interest shall accrue on the overdue
amount (in the case of overdue interest to the extent permitted by law) from the due date up to the date of actual payment (both
before and after judgment) at a rate which is (i) where interest is payable at the Fixed Rate, equal to [*]% plus the Eurodollar
Rate which would have been payable if the overdue amount had, during the period of non-payment constituted a Loan for successive
interest periods, each of a duration of three months plus [*]%, or (ii) where interest is payable on the Loan at the Floating Rate
and subject to paragraph (c) below, [*]% plus the rate (including, for the avoidance of doubt, the margin) which would
have been payable if the overdue amount had, during the period of non-payment, constituted a Loan for successive Interest Periods,
each of a duration selected by the Facility Agent (acting reasonably).  Any interest accruing under this Section
2.06(b) shall be immediately payable by the Borrower on demand by the Facility Agent.

 

    	 	(35)	 

     

    

 

(c)       At
any time when interest is payable at the Floating Rate, if any overdue amount consists of all or part of a Loan which became due
on a day which was not the last day of a Floating Rate Interest Period relating to that Loan:

 

(i)       the
first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Floating Rate
Interest Period relating to that Loan; and

 

(ii)       the
rate of interest applying to the overdue amount during that first Interest Period shall be [*]% plus the rate which
would have applied if the overdue amount had not become due.

 

(d)       Default
interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable
to that overdue amount but will remain immediately due and payable.

 

(e)       Accrued
and unpaid interest shall be payable in respect of each Loan on each Fixed Interest Payment Date (if interest is payable on the
Loan at the Fixed Rate) or, if interest is payable on the Loan at the Floating Rate, on the last day of each Interest Period applicable
thereto, on any repayment or prepayment date (on the amount repaid or prepaid), at maturity (whether by acceleration or otherwise)
and, after such maturity, on demand.

 

(f)       At
any time when interest is payable on the Loan at the Floating Rate, upon each Interest Determination Date, the Facility Agent shall
determine the Eurodollar Rate for each Interest Period applicable to the Loans to be made pursuant to the applicable Borrowing
and shall promptly notify the Borrower and the respective Lenders thereof. Each such determination shall, absent manifest error,
be final and conclusive and binding on all parties hereto.

 

(g)       At
any time when interest is payable on the Loan at the Fixed Rate, the Borrower shall reimburse each Lender on demand for the amount
by which the 6 month Eurodollar Rate for any Fixed Rate Interest Period plus the fee for administrative expenses of [*]%
per annum for such Fixed Rate Interest Period plus [*]% per annum less the Fixed Rate exceeds [*]% per annum (being the
amount by which the interest make-up is limited under Section 1.1 of the CIRR General Terms and Conditions).

 

2.07 Election
of Floating Rate.(d)

 

(a)       By
written notice to the Facility Agent delivered at least 65 days prior to the Initial Borrowing Date, the Borrower may elect, without
incurring any liability to make any payment pursuant to Section 2.10 or to pay any other indemnity or compensation obligation,
to pay interest on the Loans at the Floating Rate.

 

(b)       Any
election made pursuant to this Section 2.07 may only be made once during the term of the Loans.

 

(c)       This
Section 2.07 shall not apply to Deferred Loans (in respect of which the Floating Rate shall always apply).

 

    	 	(36)	 

     

    

 

2.08 Floating
Rate Interest Periods. This Section 2.08 shall only apply if the Borrower has elected to pay interest at the Floating Rate
pursuant to Section 2.07. At the time the Borrower gives any Notice of Borrowing in respect of the making of Loans by the Lenders
(in the case of the initial Floating Rate Interest Period (as defined below) applicable thereto) or on the third Business Day prior
to the expiration of a Floating Rate Interest Period applicable to such Loans (in the case of any subsequent Interest Period),
it shall have the right to elect, by giving the Facility Agent notice thereof, the interest period (each a “Floating Rate
Interest Period”) applicable to such Loans, which Floating Rate Interest Period shall, at the option of the Borrower, be
a three or six month period; provided that:

 

(a)       subject
to paragraph (b) below, all Loans comprising a Borrowing shall at all times have the same Floating Rate Interest Period;

 

(b)       the
initial Floating Rate Interest Period for any Loan shall commence on the date of Borrowing of such Loan (or deemed Borrowing in
the case of a Deferred Loan) and each Floating Rate Interest Period occurring thereafter in respect of such Loan shall commence
on the day on which the immediately preceding Floating Rate Interest Period applicable thereto expires;

 

(c)       if
any Floating Rate Interest Period relating to a Loan begins on a day for which there is no numerically corresponding day in the
calendar month at the end of such Floating Rate Interest Period, such Floating Rate Interest Period shall end on the last Business
Day of such calendar month;

 

(d)       if
any Floating Rate Interest Period would otherwise expire on a day which is not a Business Day, such Floating Rate Interest Period
shall expire on the first succeeding Business Day; provided, however, that if any Floating Rate Interest Period for
a Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day
occurs in such month, such Floating Rate Interest Period shall expire on the immediately preceding Business Day;

 

(e)       no
Floating Rate Interest Period longer than three months may be selected at any time when an Event of Default (or, if the Facility
Agent or the Required Lenders have determined that such an election at such time would be disadvantageous to the Lenders, a Default)
has occurred and is continuing;

 

(f)       no
Floating Rate Interest Period in respect of any Borrowing of any Loans shall be selected which extends beyond the Maturity Date;

 

(g)       at
no time shall there be more than ten Borrowings of Loans subject to different Floating Rate Interest Periods; and

 

(h)       the
Floating Rate Interest Periods for each Deferred Loan shall always be a six month period.

 

If upon the expiration
of any Floating Rate Interest Period applicable to a Borrowing, the Borrower has failed to elect a new Floating Rate Interest Period
to be applicable to such Loans as provided above, the Borrower shall be deemed to have elected a three month Floating Rate Interest
Period to be applicable to such Loans effective as of the expiration date of such current Floating Rate Interest Period.

 

    	 	(37)	 

     

    

 

2.09 Increased
Costs, Illegality, Market Disruption, etc.

 

(a) In the event that
any Lender shall have reasonably determined (which determination shall, absent manifest error, be final and conclusive and binding
upon all parties hereto):

 

(i)       at
any time, that such Lender shall incur increased costs (including, without limitation, pursuant to Basel II and/or Basel III to
the extent Basel II and/or Basel III, as the case may be, is applicable), Mandatory Costs (as set forth on Schedule 1.01(b)) or
reductions in the amounts received or receivable hereunder with respect to any Loan because of, without duplication, any change
since the Effective Date in any applicable law or governmental rule, governmental regulation, governmental order, governmental
guideline or governmental request (whether or not having the force of law) or in the interpretation or administration thereof
and including the introduction of any new law or governmental rule, governmental regulation, governmental order, governmental
guideline or governmental request, such as, for example, but not limited to: (A) a change in the basis of taxation of payment
to any Lender of the principal of or interest on such Loan or any other amounts payable hereunder (except for changes in the rate
of tax on, or determined by reference to, the net income or net profits of such Lender, or any franchise tax based on net income
or net profits, of such Lender pursuant to the laws of the jurisdiction in which such Lender is organized or in which such Lender’s
principal office or applicable lending office is located or any subdivision thereof or therein), but without duplication of any
amounts payable in respect of Taxes pursuant to Section 4.04, or (B) a change in official reserve requirements; or

 

(ii)       at
any time, that the making or continuance of any Loan has been made unlawful by any law or governmental rule, governmental regulation
or governmental order;

 

then, and in any such event, such
Lender shall promptly give notice (by telephone confirmed in writing) to the Borrower and to the Facility Agent of such determination
(which notice the Facility Agent shall promptly transmit to each of the Lenders). Thereafter (x) in the case of clause (i) above,
the Borrower agrees (to the extent applicable), to pay to such Lender, upon its written demand therefor, such additional amounts
as shall be required to compensate such Lender or such other corporation for the increased costs or reductions to such Lender
or such other corporation and (y) in the case of clause (ii) above, the Borrower shall take one of the actions specified in Section
2.09(b) as promptly as possible and, in any event, within the time period required by law. In determining such additional amounts,
each Lender will act reasonably and in good faith and will use averaging and attribution methods which are reasonable, provided
that such Lender’s determination of compensation owing under this Section 2.09(a) shall, absent manifest error be final
and conclusive and binding on all the parties hereto. Each Lender, upon determining that any additional amounts will be payable
pursuant to this Section 2.09(a), will give prompt written notice thereof to the Borrower, which notice shall show in reasonable
detail the basis for the calculation of such additional amounts; provided that, subject to the provisions of Section 2.10(b),
the failure to give such notice shall not relieve the Borrower from its Credit Document Obligations hereunder.

 

    	 	(38)	 

     

    

 

(b)       At
any time that any Loan is affected by the circumstances described in Section 2.09(a)(i) or (ii), the Borrower may (and in the case
of a Loan affected by the circumstances described in Section 2.09(a)(ii) shall) either (x) if the affected Loan is then being made
initially, cancel the respective Borrowing by giving the Facility Agent notice in writing on the same date or the next Business
Day that the Borrower was notified by the affected Lender or the Facility Agent pursuant to Section 2.09(a)(i) or (ii) or (y) if
the affected Loan is then outstanding, upon at least three Business Days’ written notice to the Facility Agent, in the case
of any Loan, repay all outstanding Borrowings (within the time period required by the applicable law or governmental rule, governmental
regulation or governmental order) which include such affected Loans in full in accordance with the applicable requirements of Section
4.02; provided that if more than one Lender is affected at any time, then all affected Lenders must be treated the same
pursuant to this Section 2.09(b).

 

(c)       If
any Lender determines that after the Effective Date (i) the introduction of or effectiveness of or any change in any applicable
law or governmental rule, governmental regulation, governmental order, governmental guideline, governmental directive or governmental
request (whether or not having the force of law) concerning capital adequacy, or any change in interpretation or administration
thereof by any governmental authority, central bank or comparable agency will have the effect of increasing the amount of capital
required or expected to be maintained by such Lender, or any corporation controlling such Lender, based on the existence of such
Lender’s Commitments hereunder or its obligations hereunder, (ii) compliance with any law or regulation or any request from
or requirement of any central bank or other fiscal, monetary or other authority made after the Effective Date (including any which
relates to capital adequacy or liquidity controls or which affects the manner in which a Lender allocates capital resources to
obligations under this Agreement, any Interest Rate Protection Agreement and/or any Other Hedging Agreement) or (iii) to the extent
that such change is not discretionary and is pursuant to law, a governmental mandate or request, or a central bank or other fiscal
or monetary authority mandate or request, any change in the risk weight allocated by such Lender to the Borrower after the Effective
Date, then the Borrower agrees (to the extent applicable) to pay to such Lender, upon its written demand therefor, such additional
amounts as shall be required to compensate such Lender or such other corporation for the increased cost to such Lender or such
other corporation or the reduction in the rate of return to such Lender or such other corporation as a result of such increase
of capital. In determining such additional amounts, each Lender will act reasonably and in good faith and will use averaging and
attribution methods which are reasonable, provided that such Lender’s determination of compensation owing under this
Section 2.09(c) shall, absent manifest error be final and conclusive and binding on all the parties hereto. Each Lender, upon
determining that any additional amounts will be payable pursuant to this Section 2.09(c), will give prompt written notice thereof
to the Borrower, which notice shall show in reasonable detail the basis for calculation of such additional amounts; provided that,
subject to the provisions of Section 2.11(b), the failure to give such notice shall not relieve the Borrower from its Credit Document
Obligations hereunder.

 

(d)       This
Section 2.09(d) applies at any time when interest on the Loan is payable at the Floating Rate. If a Market Disruption Event occurs
in relation to any Lender’s share of a Loan for any Interest Period, then the rate of interest on each Lender’s share
of that Loan for the Interest Period shall be the percentage rate per annum which is the sum of:

 

(i)       the
Applicable Margin;

 

    	 	(39)	 

     

    

 

(ii)       the
rate determined by such Lender and notified to the Facility Agent by 5:00 P.M. (Frankfurt time) on the Interest Determination Date
for such Interest Period to be that which expresses as a percentage rate per annum the cost to each such Lender of funding its
participation in that Loan for a period equivalent to such Interest Period from whatever source it may reasonably select; provided
that the rate provided by a Lender pursuant to this clause (ii) shall not be disclosed to any other Lender and shall be held as
confidential by the Facility Agent and the Borrower; and

 

(iii)       the
Mandatory Costs, if any, applicable to such Lender of funding its participation in that Loan.

 

(e)       This
Section 2.09(e) applies at any time when interest on the Loan is payable at the Floating Rate. If a Market Disruption Event occurs
and the Facility Agent or the Borrower so require, the Facility Agent and the Borrower shall enter into negotiations (for a period
of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest. Any alternative basis
agreed pursuant to the immediately preceding sentence shall, with the prior consent of all the Lenders and the Borrower, be binding
on all parties. If no agreement is reached pursuant to this clause (e), the rate provided for in clause (d) above shall apply for
the entire applicable Interest Period.

 

2.10 Indemnification;
Breakage Costs. (a) When interest on the Loan is payable at the Floating Rate, the Borrower agrees to indemnify each Lender,
within two Business Days of demand (in writing and which request shall set forth in reasonable detail the basis for requesting
and the calculation of such amount and which in the absence of manifest error shall be conclusive evidence as to the amount due),
for all losses, expenses and liabilities (including, without limitation, any such loss, expense or liability incurred by reason
of the liquidation or reemployment of deposits or other funds required by such Lender to fund its Loans but excluding any loss
of anticipated profits) which such Lender may sustain in respect of Loans made to the Borrower: (i) if for any reason (other than
a default by such Lender or the Facility Agent) a Borrowing of Loans does not occur on a date specified therefor in a Notice of
Borrowing (whether or not withdrawn by the Borrower or deemed withdrawn pursuant to Section 2.09(a)); (ii) if any prepayment or
repayment (including any prepayment or repayment made pursuant to Section 2.09(a), Section 4.01 or Section 4.02 (in each case other
than on the expiry of a Floating Rate Interest Period) or as a result of an acceleration of the Loans pursuant to Section 11) of
any of its Loans, or assignment and/or transfer of its Loans pursuant to Section 2.12, occurs on a date which is not the last day
of a Interest Period with respect thereto; or (iii) if any prepayment of any of its Loans is not made on any date specified in
a notice of prepayment given by the Borrower.

 

(b)       When
interest on the Loan (and ignoring for this purpose the Deferred Loans) is payable at the Fixed Rate, and at the time of any prepayment
or commitment reduction pursuant to Sections 3.04, 3.05 or 4.01 or any mandatory repayment or commitment reduction pursuant to
Section 4.02 or as a result of an acceleration of the Loans pursuant to Section 11, the Borrower shall indemnify each Lender, within
two Business Days of demand in writing, which request shall set forth in reasonable detail the basis for requesting and the calculation
of such amount and which in the absence of manifest error shall be conclusive evidence as to the amount due, for all losses, expenses
and liabilities which such Lender may sustain in respect of the early repayment or prepayment of the Loans made to the Borrower
including, without limitation, the costs of breaking deposits or re-employing funds under any swap agreements or interest rate
arrangement products entered into in respect of the Loans or any prepayment compensation as set forth in the CIRR General Terms
and Conditions, it being understood that for this purpose clause 8.3 of the CIRR General Terms and Conditions shall be read as
 “the interest calculated based on the Fixed Rate (2.98%) less the fee for administrative expenses (0.4%) less 0.725% that
would have accrued if the agreement had been fulfilled from the time of cancellation of the Guarantee until the end of the overall
term”.

 

    	 	(40)	 

     

    

 

(c)       It
is understood and agreed that where the Initial Borrowing Date has not occurred, no amounts under this Section 2.10 will be payable
by the Borrower if the Total Commitment is terminated no later than July 25, 2013.

 

2.11 Change of
Lending Office; Limitation on Additional Amounts. (a) Each Lender agrees that on the occurrence of any event giving rise to
the operation of Section 2.09 (a), Section 2.09(b), or Section 4.04 with respect to such Lender, it will, if requested
by the Borrower, use reasonable good faith efforts (subject to overall policy considerations of such Lender) to designate another
lending office for any Loans affected by such event or otherwise take steps to mitigate the effect of such event, provided that
such designation shall be made and/or such steps shall be taken at the Borrower’s cost and on such terms that such Lender
and its lending office suffer no economic, legal or regulatory disadvantage in excess of de minimus amounts, with the object of
avoiding the consequence of the event giving rise to the operation of such Section. Nothing in this Section 2.11 shall affect
or postpone any of the obligations of the Borrower or the rights of any Lender provided in Section 2.09 and Section 4.04.

 

(b)       Notwithstanding
anything to the contrary contained in Sections 2.09, 2.10 or 4.04 of this Agreement, unless a Lender gives notice to the Borrower
that it is obligated to pay an amount under any such Section within 180 days of the later of (x) the date the Lender incurs the
respective increased costs, Taxes, loss, expense or liability, reduction in amounts received or receivable or reduction in return
on capital or (y) the date such Lender has knowledge of its incurrence of the respective increased costs, Taxes, loss, expense
or liability, reductions in amounts received or receivable or reduction in return on capital, then such Lender shall only be entitled
to be indemnified for such amount by the Borrower pursuant to said Section 2.09, 2.10, or 4.04, as the case may be, to the extent
the costs, Taxes, loss, expense or liability, reduction in amounts received or receivable or reduction in return on capital are
incurred or suffered on or after the date which occurs 180 days prior to such Lender giving notice to the Borrower that it is obligated
to pay the respective amounts pursuant to said Section 2.09, 2.10 or 4.04, as the case may be. This Section 2.11(b) shall have
no applicability to any Section of this Agreement other than said Sections 2.09, 2.10 and 4.04.

 

2.12 Replacement
of Lenders. (x) If any Lender becomes a Defaulting Lender or otherwise defaults in its obligations to make Loans, (y) upon
the occurrence of any event giving rise to the operation of Section 2.09(a) or Section 4.04 with respect to any Lender which results
in such Lender charging to the Borrower material increased costs in excess of the average costs being charged by the other Lenders,
or (z) as provided in Section 14.11(b) in the case of certain refusals by a Lender to consent to certain proposed changes, waivers,
discharges or terminations with respect to this Agreement which have been approved by the Required Lenders, the Borrower shall
(for its own cost) have the right, if no Default or Event of Default will exist immediately after giving effect to the respective
replacement, to replace such Lender (the “Replaced Lender”) (subject to the consent of (a) the CIRR Representative
if at such time interest is payable at the Fixed Rate and (b) the Hermes Agent) with one or more other Eligible Transferee or Eligible
Transferees, none of whom shall constitute a Defaulting Lender at the time of such replacement (collectively, the “Replacement
Lender”) reasonably acceptable to the Facility Agent (it being understood that all then-existing Lenders are reasonably acceptable);
provided that:

 

    	 	(41)	 

     

    

 

(a)       at
the time of any replacement pursuant to this Section 2.12, the Replacement Lender shall enter into one or more Transfer Certificates
pursuant to Section 13.01(a) (and with all fees payable pursuant to said Section 13.02 to be paid by the Replacement Lender) pursuant
to which the Replacement Lender shall acquire all of the Commitments and outstanding Loans of the Replaced Lender and, in connection
therewith, shall pay to the Replaced Lender in respect thereof an amount equal to the sum (without duplication) of (x) an amount
equal to the principal of, and all accrued interest on, all outstanding Loans of the Replaced Lender, and (y) an amount equal to
all accrued, but unpaid, Commitment Commission owing to the Replaced Lender pursuant to Section 3.01;

 

(b)       all
obligations of the Borrower due and owing to the Replaced Lender at such time (other than those specifically described in clause
(a) above) in respect of which the assignment purchase price has been, or is concurrently being, paid shall be paid in full to
such Replaced Lender concurrently with such replacement; and

 

(c)       if
the Borrower elects to replace any Lender pursuant to clause (x), (y) or (z) of this Section 2.12, the Borrower shall also replace
each other Lender that qualifies for replacement under such clause (x), (y) or (z).

 

Upon the execution
of the respective Transfer Certificate and the payment of amounts referred to in clauses (a) and (b) above, the Replacement Lender
shall become a Lender hereunder and the Replaced Lender shall cease to constitute a Lender hereunder, except with respect to indemnification
provisions under this Agreement (including, without limitation, Sections 2.09, 2.10, 4.04, 14.01 and 14.05), which shall survive
as to such Replaced Lender.

 

2.13 Disruption
to Payment Systems, Etc. If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or
the Facility Agent is notified by the Parent or the Borrower that a Disruption Event has occurred:

 

(i)       the
Facility Agent may, and shall if requested to do so by the Borrower or the Parent, consult with the Borrower with a view to agreeing
with the Borrower such changes to the operation or administration of this Agreement as the Facility Agent may deem necessary in
the circumstances;

 

(ii)       the
Facility Agent shall not be obliged to consult with the Borrower or the Parent in relation to any changes mentioned in clause (i)
above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree
to such changes;

 

    	 	(42)	 

     

    

 

(iii)       the
Facility Agent may consult with the other Agents, the Lead Arrangers and the Lenders in relation to any changes mentioned in clause
(i) above but shall not be obliged to do so if, in its opinion, it is not practicable or necessary to do so in the circumstances;

 

(iv)       any
such changes agreed upon by the Facility Agent and the Borrower or the Parent pursuant to clause (i) above shall (whether or not
it is finally determined that a Disruption Event has occurred) be binding upon the parties to this Agreement as an amendment to
(or, as the case may be, waiver of) the terms of the Credit Documents, notwithstanding the provisions of Section 14.11, until such
time as the Facility Agent is satisfied that the Disruption Event has ceased to apply;

 

(v)       the
Facility Agent shall not be liable for any damages, costs or losses whatsoever (including, without limitation for negligence or
any other category of liability whatsoever but not including any claim based on the gross negligence, fraud or willful misconduct
of the Facility Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this
Section 2.13; and

 

(vi)       the
Facility Agent shall notify the other Agents, the Lead Arrangers and the Lenders of all changes agreed pursuant to clause (iv)
above as soon as practicable.

 

Section 3
Commitment Commission; Fees; Reductions of Commitment.

 

3.01 Commitment
Commission. (a) The Borrower agrees to pay the Facility Agent for distribution to each Non-Defaulting Lender a commitment commission
(the “Commitment Commission”) for the period from the Effective Date to and including the Commitment Termination
Date (or such earlier date as the Total Commitment shall have been terminated) computed at the rate for each relevant period set
out in the table below for each day multiplied by the unutilized Commitment (and taking into account for this purpose the increase
in the Commitment pursuant to the First Supplemental Agreement) for such day of such Non-Defaulting Lender divided by 360. Accrued
Commitment Commission shall be due and payable quarterly in arrears on the first Business Day of each April, July, October and
January commencing with January 2013 and on the Borrowing Date contemplated by Section 2.02(a)(vi) (or such earlier date upon
which the Total Commitment is terminated). No additional Commitment Commission shall be payable in respect of a Deferred Loan.

 

	Commitment Commission	Applicable period
	[*]% p.a.	Date of execution of this Agreement - October 15, 2013
	[*]% p.a.	October 16, 2013 - April 15, 2015
	[*]% p.a.	April 16, 2015 - Delivery Date

 

    	 	(43)	 

     

    

 

(b)       The
Borrower shall pay to each Agent, for such Agent’s own account or for the account of the Lenders, such other fees as have
been agreed to in writing by the Borrower and such Agent.

 

3.02 CIRR Fees.

 

(a)       The
Borrower agrees to pay to the Facility Agent for the account of the CIRR Representative a fee of [*]% per annum (the “CIRR
Fee”) on the Total Commitment for the period commencing six months after the date of the Construction Contract (such
date being March 14, 2013) and continuing until the earliest of (i) the date falling sixty (60) days prior to the Initial Borrowing
Date, (ii) the date if any, falling 30 days after the date on which the Borrower elects the Floating Rate pursuant to Section 2.07,
or (iii) the date falling 30 days after the Borrower provides notice of termination of Commitments pursuant to Section 3.04. No
additional CIRR Fee shall be payable in respect of a Deferred Loan.

 

(b) The CIRR Fee shall
be payable by the Borrower in EUR quarterly in arrears from the date of commencement of the period described in Section 3.02.

 

3.03 Other Fees.
The Borrower (or the Parent, as applicable) agrees to pay to the Facility Agent the agreed fees set forth in any Fee Letter on
the dates and in the amounts set forth therein.

 

3.04 Voluntary
Reduction or Termination of Commitments. Upon at least three Business Days’ prior notice to the Facility Agent at its
Notice Office (which notice the Facility Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right,
at any time or from time to time, without premium or penalty, save in respect of amounts payable pursuant to Section 2.10 (b),
to reduce or terminate the Total Commitment, in whole or in part, in integral multiples of €5,000,000 in the case of partial
reductions thereto, provided that each such reduction shall apply proportionately to permanently reduce the Commitment of each
Lender and provided further that this Section 3.04 shall not apply to the Total Commitment relating to any Deferred Loan.

 

3.05 Mandatory
Reduction of Commitments. (a) In addition to any other mandatory commitment reductions pursuant to this Section 3.05 or any
other Section of this Agreement, the Total Commitment (and the Commitment of each Lender) shall terminate in its entirety on the
Commitment Termination Date.

 

(b)       In
addition to any other mandatory commitment reductions pursuant to this Section 3.05 or any other Section of this Agreement, the
Total Commitments (and the Commitments of each Lender) shall be reduced (immediately after the relevant Loans are made) on each
Borrowing Date by the amount of Commitments (denominated in Euro) utilized to make the Loans made on such Borrowing Date.

 

(c)       In
addition to any other mandatory commitment reductions pursuant to this Section 3.05 or any other Section of this Agreement, the
Total Commitment shall be terminated at the times required by Section 4.02.

 

(d)       Each
reduction to the Total Commitment pursuant to this Section 3.05 and Section 4.02 shall be applied proportionately to reduce the
Commitment of each Lender.

 

    	 	(44)	 

     

    

 

Section 4
Prepayments; Repayments; Taxes.

 

4.01 Voluntary
Prepayments. The Borrower shall have the right to prepay the Loans, without premium or penalty except as provided by law, in
whole or in part at any time and from time to time on the following terms and conditions:

 

(a)       the
Borrower shall give the Facility Agent prior to 12:00 Noon (Frankfurt time) at its Notice Office at least 30 Business Days’
prior written notice of its intent to prepay such Loans, the amount of such prepayment and the specific Borrowing or Borrowings
pursuant to which made, which notice the Facility Agent shall promptly transmit to each of the Lenders;

 

(b)       each
prepayment shall be in an aggregate principal amount of at least $1,000,000 or such lesser amount of a Borrowing which is outstanding,
provided that no partial prepayment of Loans made pursuant to any Borrowing shall reduce the outstanding Loans made pursuant
to such Borrowing to an amount less than $1,000,000;

 

(c)       at
the time of any prepayment of Loans pursuant to this Section 4.01 on any date other than the last day of any Interest Period applicable
thereto or otherwise as set out in Section 2.10, the Borrower shall pay the amounts required pursuant to Section 2.10;

 

(d)       in
the event of certain refusals by a Lender as provided in Section 14.11(b) to consent to certain proposed changes, waivers,
discharges or terminations with respect to this Agreement which have been approved by the Required Lenders, the Borrower may, upon
five Business Days’ written notice to the Facility Agent at its Notice Office (which notice the Facility Agent shall promptly
transmit to each of the Lenders), prepay all Loans, together with accrued and unpaid interest, Commitment Commission, and other
amounts owing to such Lender (or owing to such Lender with respect to each Loan which gave rise to the need to obtain such Lender’s
individual consent) in accordance with said Section 14.11(b) so long as (A) the Commitment of such Lender (if any) is terminated
concurrently with such prepayment (at which time Schedule 1.01(a) shall be deemed modified to reflect the changed Commitments)
and (B) the consents required by Section 14.11(b) in connection with the prepayment pursuant to this clause (d) have been
obtained; and

 

(e)       each
prepayment in respect of any Loans made pursuant to a Borrowing shall be applied (x) in inverse order of maturity and (y) except
as expressly provided in the preceding clause (d), pro rata among the Loans comprising such Borrowing, provided that
in connection with any prepayment of Loans pursuant to this Section 4.01, such prepayment shall not be applied to any Loan of a
Defaulting Lender until all other Loans of Non-Defaulting Lenders have been repaid in full.

 

4.02 Mandatory
Repayments and Commitment Reductions. (a) In addition to any other mandatory repayments pursuant to this Section 4.02 or any
other Section of this Agreement, (i) the outstanding Loans (other than Deferred Loans) shall be repaid on each Repayment Date (or
such other date as may be agreed between the Facility Agent and the Borrower) (without further action of the Borrower being required)
as set forth under the heading “Part 1” on Schedule 4.02 hereto and (ii) the outstanding Deferred Loans shall be repaid
on each Repayment Date (or such other date as may be agreed between the Facility Agent and the Borrower) (without further action
of the Borrower being required) (x) in the case of the First Deferred Loans, as set forth under the heading “Part 2”
on Schedule 4.02 hereto and (y) in the case of the Second Deferred Loans, as set forth under the heading “Part 3” on
Schedule 4.02 hereto (each such repayment of a Loan (including a Deferred Loan), a “Scheduled Repayment”). The repayment
schedule for the Loans (other than Deferred Loans) and Deferred Loans is set forth in Schedule 4.02.

 

    	 	(45)	 

     

    

 

(b)       In
addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02 or any other Section of this
Agreement, but without duplication, on (i) the Business Day following the date of a Collateral Disposition (other than a Collateral
Disposition constituting an Event of Loss) and (ii) the earlier of (A) the date which is 150 days following any Collateral Disposition
constituting an Event of Loss involving the Vessel (or, in the case of an Event of Loss which is a constructive or compromised
or arranged total loss of the Vessel, if earlier, 180 days after the date of the event giving rise to such damage) and (B) the
date of receipt by the Borrower, any of its Subsidiaries or the Facility Agent of the insurance proceeds relating to such Event
of Loss, the Borrower shall repay the outstanding Loans in full and the Total Commitment shall be automatically terminated (without
further action of the Borrower being required).

 

(c)       In
addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02 or any other Section of this
Agreement, but without duplication, if (x) the Construction Contract is terminated prior to the Delivery Date, (y) the Vessel has
not been delivered to the Borrower by the Yard pursuant to the Construction Contract by the Commitment Termination Date or (z)
any of the events described in Sections 11.05, 11.10 or 11.11 shall occur in respect of the Yard at any time prior to the Delivery
Date, within five Business Days of the occurrence of such event the Borrower shall repay the outstanding Loans in full and the
Total Commitment shall be automatically terminated (without further action of the Borrower being required).

 

(d)       In
addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02 or any other Section of this
Agreement, but without duplication, if prior to the Second Deferred Loan Repayment Date:

 

(i)       Holdings,
the Parent or any other member of the NCLC Group (w) declares, makes or pays any Dividend, charge, fee or other distribution (or
interest on any unpaid Dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its Capital
Stock (or any class of its Capital Stock), (x) repays or distributes any dividend or share premium reserve, (y) makes any repayment
of any kind under any shareholder loan or (z) redeem, repurchase (whether by way of share buy-back program or otherwise), defease,
retire or repay any of its Capital Stock or resolve to do so, other than Dividends, charges, fees or other distributions (or interest
on any unpaid Dividend, charge, fee or other distribution) permitted pursuant to Section 10.03(b) or, in the case of the Borrower,
Section 10.12(iv) (it being understood and agreed that for the purposes of this Section 4.02(d)(i) Dividends, charges, fees or
other distributions (or interest on any unpaid Dividend, charge, fee or other distribution) permitted under such Section 10.03(b)
shall be permitted to be made by Holdings and that, for the avoidance of doubt, Holdings gives no guarantee of any kind nor (other
than as expressly specified in this Section 4.02(d)) undertakes any obligations under this Agreement).

 

    	 	(46)	 

     

    

 

(ii)       any
member of the NCLC Group incurs any Indebtedness for Borrowed Money (which, solely for purposes of this clause (ii) shall include
Indebtedness for Borrowed Money incurred between members of the NCLC Group notwithstanding the proviso to that definition) or issues
any new shares in its Capital Stock, options, warrants or other rights for the purchase, acquisition or exchange of new shares
in its Capital Stock, except:

 

(A) any refinancing
of any bond issuance of, or loan entered into by, any member of the NCLC Group (x) which matures prior to the Second Deferred Loan
Repayment Date or (y) where not maturing prior to the Second Deferred Loan Repayment Date, which shall be on terms which include
any or all of the following (evidence of which shall be provided to the Facility Agent by the Parent) resulting, when taken as
a whole, in an improvement of the ability of the Credit Parties to meet their obligations under the Credit Documents: an extension
of the repayment terms; a decrease in the interest rate; or the conversion of such Indebtedness from secured to unsecured or first
to second priority;

 

(B) any Indebtedness
for Borrowed Money or issuance of Capital Stock incurred or issued between March 1, 2020 and December 31, 2022 for the purpose
of providing crisis and recovery-related funding (as contemplated in the Principles and the Framework);

 

(C) any Indebtedness
for Borrowed Money or issuance of Capital Stock incurred or issued on or after December 31, 2022 to support the NCLC Group with
the impact of the COVID-19 pandemic, if made with the prior written consent of Hermes;

 

(D) any Indebtedness
for Borrowed Money incurred or Capital Stock issued for the purpose of financing the payment of (x) any scheduled pre-delivery
or delivery instalment of the purchase price or (y) any change order, owner-incurred costs or other similar arrangements under
a construction contract, in each case relating to the purchase of a vessel by the Parent or any Subsidiary;

 

(E) the extension,
renewal or drawing of revolving credit facilities (subject to the prior written consent of the Hermes Agent (acting on the instructions
of Hermes) if any additional Liens are granted in connection with such extension, renewal or drawing);

 

(F) any incurrence
of new Indebtedness or issuance of Capital Stock otherwise agreed by Hermes;

 

(G) Permitted
Intercompany Arrangements;

 

(H) in the case
of the Borrower, Indebtedness permitted to be incurred under Section 10.12;

 

(I) Indebtedness
incurred in the ordinary course of business which in the aggregate does not exceed USD [*] during any twelve-month period;

 

    	 	(47)	 

     

    

 

(J) any guarantee
in respect of Indebtedness for Borrowed Money (the incurrence of which is permitted under this Agreement) which would not adversely
affect the position of the Secured Creditors and, where such guarantee covers the obligations of a person other than an NCLC Group
member, is issued in the ordinary course of business and does not in aggregate with all such guarantees exceed USD 25,000,000;
and

 

(K) the issuance
of Capital Stock by any member of the NCLC Group (other than the Borrower) to another member of the NCLC Group as permitted by
Section 10.04.

 

(iii)       the
Parent or any member of the NCLC Group sells, transfers, leases or otherwise disposes of any of its assets relating to the NCLC
Group fleet on non-arm’s length terms;

 

(iv)       subject
to Section 9.15, any Credit Party grants new Liens securing Indebtedness for Borrowed Money, except (x) Liens securing Indebtedness
for Borrowed Money permitted under Section 4.02(d)(ii)(A), (B), (I) or (J), (y) any Lien granted by a Credit Party (other than
in respect of the Collateral) to the extent the Secured Creditors are granted a Lien on a pari passu basis and (z) any Lien otherwise
approved with the prior written consent of Hermes;

 

(v)       except
as permitted by Section 4.02(d)(ii)(A) and (E) for the purposes of refinancing such Indebtedness for Borrowed Money or extending,
renewing or drawing such revolving credit facility and other than Indebtedness for Borrowed Money permitted by Section 4.02(d)(ii)(B),
(G) and (I), the Parent or any member of the NCLC Group prepays any Indebtedness for Borrowed Money, other than (A) to avoid an
event of default under the terms of such Indebtedness for Borrowed Money, (B) any prepayment of Indebtedness for Borrowed Money
incurred or issued between March 1, 2020 and December 31, 2022 for the purpose of providing crisis and recovery-related funding
with the proceeds of a permitted issuance of Capital Stock or (C) to the extent such prepayment is made on a pari passu basis with
the Loans; provided, that in any case above (including where permitted by Section 4.02(d)(ii)(A),(B), (E), (G) or (I)) (x) in no
circumstances shall any member of the NCLC Group apply excess cash in prepayment of any Indebtedness for Borrowed Money under any
 ‘cash sweep’ mechanism or similar prepayment provision or in any case resolve to do so, (y) such prepayment is undertaken
in the context of an active debt management plan and the financial position of the NCLC Group taken as a whole shall improve immediately
following the making of any such prepayment, and (z) any repayment, extension or renewal of revolving credit facilities shall not
constitute a restricted prepayment for the purposes of this paragraph (v), or

 

(vi)       the
Borrower or the Parent shall default in the due performance and observance of the Principles or the Framework, unless the circumstances
giving rise to the default are, in the opinion of the Facility Agent, capable of remedy and are remedied within five days of the
Facility Agent giving notice to the Parent (with a copy to the Borrower) to do so,

 

the following
shall occur:

 

		(A)	the suspension of any Event of Default due to a failure to comply with the financial covenants
set out in Section 10.07, Section 10.08 or Section 10.09 set forth at Section 11.03 shall cease to apply;

 

    	 	(48)	 

     

    

 

		(B)	the Total Commitments relating to the Deferred Loans will be immediately cancelled; and

 

		(C)	the Facility Agent may, and shall if so directed by the Required Lenders or Hermes, declare that
each Deferred Loan be payable on demand on the date specified in such notice.

 

(e)       With
respect to each repayment of Loans required by this Section 4.02 (other than in the case of Section 4.02(d)), the Borrower may
designate the specific Borrowing or Borrowings pursuant to which such Loans were made, provided that (i) all Loans with
Interest Periods ending on such date of required repayment shall be paid in full prior to the payment of any other Loans and (ii)
each repayment of any Loans comprising a Borrowing shall be applied pro rata among such Loans. In the absence of a designation
by the Borrower as described in the preceding sentence, the Facility Agent shall, subject to the preceding provisions of this clause
(e), make such designation in its sole reasonable discretion with a view, but no obligation, to minimize breakage costs owing pursuant
to Section 2.10.

 

(f)       Notwithstanding
anything to the contrary contained elsewhere in this Agreement, all outstanding Loans shall be repaid in full on the Maturity Date.

 

4.03  Method
and Place of Payment. Except as otherwise specifically provided herein, all payments under this Agreement shall be made to
the Facility Agent for the account of the Lender or Lenders entitled thereto not later than 10:00 A.M. (New York time) on the date
when due and shall be made in Dollars in immediately available funds at the Payment Office of the Facility Agent. Whenever any
payment to be made hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended
to the next succeeding Business Day (unless the next succeeding Business Day shall fall in the next calendar month, in which case
the due date thereof shall be the previous Business Day) and, with respect to payments of principal, interest shall be payable
at the applicable rate during such extension.

 

4.04  Net
Payments; Taxes. (a) All payments made by any Credit Party hereunder will be made without setoff, counterclaim or other defense.
All such payments will be made free and clear of, and without deduction or withholding for, any present or future taxes, levies,
imposts, duties, fees, assessments or other charges of whatever nature now or hereafter imposed by any jurisdiction or by any political
subdivision or taxing authority thereof or therein with respect to such payments (but excluding any tax imposed on or measured
by the net income, net profits or any franchise tax based on net income or net profits, and any branch profits tax of a Lender
pursuant to the laws of the jurisdiction in which it is organized or the jurisdiction in which the principal office or applicable
lending office of such Lender is located or any subdivision thereof or therein or due to failure to provide documents under Section
4.04(b) all such taxes “Excluded Taxes”) and all interest, penalties or similar liabilities with respect to
such non-excluded taxes, levies, imposts, duties, fees, assessments or other charges to the extent imposed on taxes other than
Excluded Taxes (all such non-excluded taxes, levies, imposts, duties, fees, assessments or other charges being referred to collectively
as “Taxes” and “Taxation” shall be applied accordingly). The Borrower will furnish to the
Facility Agent within 45 days after the date of payment of any Taxes is due pursuant to applicable law certified copies of tax
receipts evidencing such payment by the Borrower. The Borrower agrees to indemnify and hold harmless each Lender, and reimburse
such Lender upon its written request, for the amount of any Taxes so levied or imposed and paid by such Lender.

 

    	 	(49)	 

     

    

 

(b)       Each
Lender agrees (consistent with legal and regulatory restrictions and subject to overall policy considerations of such Lender) to
file any certificate or document or to furnish to the Borrower any information as reasonably requested by the Borrower that may
be necessary to establish any available exemption from, or reduction in the amount of, any Taxes; provided, however,
that nothing in this Section 4.04(b) shall require a Lender to disclose any confidential information (including, without limitation,
its tax returns or its calculations). The Borrower shall not be required to indemnify any Lender for Taxes attributed to such Lender’s
failure to provide the required documents under this Section 4.04(b).

 

(c)       If
the Borrower pays any additional amount under this Section 4.04 to a Lender and such Lender determines in its sole discretion exercised
in good faith that it has actually received or realized in connection therewith any refund or any reduction of, or credit against,
its Tax liabilities in or with respect to the taxable year in which the additional amount is paid (a “Tax Benefit”),
such Lender shall pay to the Borrower an amount that such Lender shall, in its sole discretion exercised in good faith, determine
is equal to the net benefit, after tax, which was obtained by such Lender in such year as a consequence of such Tax Benefit; provided,
however, that (i) any Lender may determine, in its sole discretion exercised in good faith consistent with the policies
of such Lender, whether to seek a Tax Benefit, (ii) any Taxes that are imposed on a Lender as a result of a disallowance or reduction
(including through the expiration of any tax credit carryover or carryback of such Lender that otherwise would not have expired)
of any Tax Benefit with respect to which such Lender has made a payment to the Borrower pursuant to this Section 4.04(c) shall
be treated as a Tax for which the Borrower is obligated to indemnify such Lender pursuant to this Section 4.04 without any exclusions
or defenses and (iii) nothing in this Section 4.04(c) shall require any Lender to disclose any confidential information to the
Borrower (including, without limitation, its tax returns).

 

4.05 Application
of Proceeds. (a) All proceeds collected by the Collateral Agent upon any sale or other disposition of such Collateral of each
Credit Party, together with all other proceeds received by the Collateral Agent under and in accordance with this Agreement and
the other Credit Documents (except to the extent released in accordance with the applicable provisions of this Agreement or any
other Credit Document), shall be applied by the Facility Agent to the payment of the Secured Obligations as follows:

 

(i)       first,
to the payment of all amounts owing to the Collateral Agent or any other Agent of the type described in clauses (iii) and (iv)
of the definition of “Secured Obligations”;

 

(ii)       second,
to the extent proceeds remain after the application pursuant to the preceding clause (i), an amount equal to the outstanding Credit
Document Obligations shall be paid to the Lender Creditors as provided in Section 4.05(d) hereof, with each Lender Creditor receiving
an amount equal to such outstanding Credit Document Obligations or, if the proceeds are insufficient to pay in full all such Credit
Document Obligations, its Pro Rata Share of the amount remaining to be distributed;

 

    	 	(50)	 

     

    

 

(iii)       third,
to the extent proceeds remain after the application pursuant to the preceding clauses (i) and (ii), an amount equal to the outstanding
Other Obligations shall be paid to the Other Creditors as provided in Section 4.05(d) hereof, with each Other Creditor receiving
an amount equal to such outstanding Other Obligations or, if the proceeds are insufficient to pay in full all such Other Obligations,
its Pro Rata Share of the amount remaining to be distributed; and

 

(iv)       fourth,
to the extent proceeds remain after the application pursuant to the preceding clauses (i) through (iii), inclusive, and following
the termination of this Agreement, the Credit Documents, the Interest Rate Protection Agreements and the Other Hedging Agreements
in accordance with their terms, to the relevant Credit Party or to whomever may be lawfully entitled to receive such surplus.

 

(b)       For
purposes of this Agreement, “Pro Rata Share” shall mean, when calculating a Secured Creditor’s portion
of any distribution or amount, that amount (expressed as a percentage) equal to a fraction the numerator of which is the then unpaid
amount of such Secured Creditor’s Credit Document Obligations or Other Obligations, as the case may be, and the denominator
of which is the then outstanding amount of all Credit Document Obligations or Other Obligations, as the case may be.

 

(c)       If
any payment to any Secured Creditor of its Pro Rata Share of any distribution would result in overpayment to such Secured Creditor,
such excess amount shall instead be distributed in respect of the unpaid Credit Document Obligations or Other Obligations, as the
case may be, of the other Secured Creditors, with each Secured Creditor whose Credit Document Obligations or Other Obligations,
as the case may be, have not been paid in full to receive an amount equal to such excess amount multiplied by a fraction the numerator
of which is the unpaid Credit Document Obligations or Other Obligations, as the case may be, of such Secured Creditor and the denominator
of which is the unpaid Credit Document Obligations or Other Obligations, as the case may be, of all Secured Creditors entitled
to such distribution.

 

(d)       All
payments required to be made hereunder shall be made (x) if to the Lender Creditors, to the Facility Agent under this Agreement
for the account of the Lender Creditors, and (y) if to the Other Creditors, to the trustee, paying agent or other similar representative
(each, a “Representative”) for the Other Creditors or, in the absence of such a Representative, directly to
the Other Creditors.

 

(e)       For
purposes of applying payments received in accordance with this Section 4.05, the Collateral Agent shall be entitled to rely upon
(i) the Facility Agent under this Agreement and (ii) the Representative for the Other Creditors or, in the absence of such a Representative,
upon the Other Creditors for a determination (which the Facility Agent, each Representative for any Other Creditors and the Secured
Creditors agree (or shall agree) to provide upon request of the Collateral Agent) of the outstanding Credit Document Obligations
and Other Obligations owed to the Lender Creditors or the Other Creditors, as the case may be. Unless it has actual knowledge (including
by way of written notice from an Other Creditor) to the contrary, the Collateral Agent, shall be entitled to assume that no Interest
Rate Protection Agreements or Other Hedging Agreements are in existence.

 

    	 	(51)	 

     

    

 

(f)       It
is understood and agreed that each Credit Party shall remain jointly and severally liable to the extent of any deficiency between
the amount of the proceeds of the Collateral pledged by it under and pursuant to the Security Documents and the aggregate amount
of the Secured Obligations of such Credit Party.

 

Section 5
Conditions Precedent to the Initial Borrowing Date. The obligation of each Lender to make Loans on the Initial Borrowing
Date is subject at the time of the making of such Loans to the satisfaction or (other than in the case of Sections 5.02, 5.04,
5.05, 5.06 (other than delivery of the Share Charge Collateral), 5.07, 5.08, 5.10, 5.11, 5.12 and 5.15) waiver of the following
conditions:

 

5.01 Effective
Date. On or prior to the Initial Borrowing Date, the Effective Date shall have occurred.

 

5.02 [Intentionally
Omitted.]

 

5.03 Corporate
Documents; Proceedings; etc. On the Initial Borrowing Date, the Facility Agent shall have received a certificate, dated the
Initial Borrowing Date, signed by the secretary or any assistant secretary of each Credit Party (or, to the extent such Credit
Party does not have a secretary or assistant secretary, the analogous Person within such Credit Party), and attested to by an authorized
officer, member or general partner of such Credit Party, as the case may be, in substantially the form of Exhibit D, with appropriate
insertions, together with copies of the certificate of incorporation and by-laws (or equivalent organizational documents) of such
Credit Party and the resolutions of such Credit Party referred to in such certificate.

 

5.04 Know Your
Customer. On the Initial Borrowing Date, the Facility Agent, the Hermes Agent and the Lenders shall have been provided with
all information requested in order to carry out and be reasonably satisfied with all necessary “know your customer”
information required pursuant to the PATRIOT ACT and such other documentation and evidence necessary in order for the Lenders to
carry out and be reasonably satisfied with other similar checks under all applicable laws and regulations pursuant to the Transaction
and the Hermes Cover, in connection with each of the Facility Agent’s, the Hermes Agent’s and each Lender’s internal
compliance regulations including, without limitation and to the extent required to comply with the “know your customer”
requirements referred to above (i) specimen signatures of any person authorized to execute the Credit Documents and (ii) copies
of the passports for each person identified in item (i).

 

5.05 Construction
Contract and Other Material Agreements. On or prior to the Initial Borrowing Date, the Facility Agent shall have received a
true, correct and complete copy of the Construction Contract, which shall be in full force and effect (and shall not have been
cancelled pursuant to Article 14, Clause 16 of the Construction Contract), and all other material contracts in connection with
the construction, supervision and acquisition of the Vessel that the Facility Agent may reasonably request and all such documents
shall be reasonably satisfactory in form and substance to the Facility Agent (it being understood that the executed copy of the
Construction Contract delivered to the Lead Arrangers prior to the Effective Date is satisfactory).

 

5.06 Share Charge.
On the Initial Borrowing Date, the Pledgor shall have duly authorized, executed and delivered a Bermuda share charge for the Borrower
substantially in the form of Exhibit F (as modified, supplemented or otherwise modified from time to time, the “Share
Charge”) or otherwise reasonably satisfactory to the Lead Arrangers, together with the Share Charge Collateral.

 

    	 	(52)	 

     

    

 

5.07 Assignment
of Contracts. On the Initial Borrowing Date, the Borrower shall have duly authorized, executed and delivered a valid and effective
assignment by way of security in favor of the Collateral Agent of all of the Borrower’s present and future interests in and
benefits under (x) the Construction Contract, (y) each Refund Guarantee and (z) the Construction Risk Insurance (it being understood
that the Borrower will use commercially reasonable efforts to have the underwriters of the Construction Risk Insurance accept and
endorse on such insurance policy a loss payable clause substantially in the form set forth in Part 3 of Schedule 2 to the Assignment
of Contracts (as defined below), and it being further understood that certain of the Refund Guarantee and none of the Construction
Risk Insurances will have been issued on the Initial Borrowing Date), which assignment shall be substantially in the form of Exhibit
J hereto or otherwise reasonably acceptable to the Lead Arrangers and the Borrower and customary for transactions of this type,
along with appropriate notices and consents relating thereto (to the extent incorporated into or required pursuant to such Exhibit
or otherwise agreed by the Borrower and the Facility Agent), including, without limitation, those acknowledgments, notices and
consents listed on Schedule 5.07 (as modified, supplemented or amended from time to time, the “Assignment of Contracts”).

 

5.08 Consents
Under Existing Credit Facilities. On or prior to the Initial Borrowing Date, the Facility Agent shall have received (a) evidence
that all conditions, waivers, consents, acknowledgments and amendments in relation to any existing credit facilities of the Parent
and/or any of its Subsidiaries required in connection with or in order to permit the transactions hereunder (including, without
limitation, any prepayments required in connection therewith) shall have been obtained and/or satisfied and (b) evidence that the
prepayment requirement to be made under the existing credit facility agreements of the Borrower as a result of the Construction
Contract no longer being cancellable pursuant to Article 14, Clause 16 of the Construction Contract has been made.

 

5.09 Process Agent.
On or prior to the Initial Borrowing Date, the Facility Agent shall have received satisfactory evidence from the Parent, the Borrower
and any other applicable Credit Party that they have each appointed an agent in London for the service of process or summons in
relation to each of the Credit Documents.

 

5.10 Opinions
of Counsel.

 

(a)       On
the Initial Borrowing Date, the Facility Agent shall have received from Paul, Weiss, Rifkind, Wharton & Garrison LLP (or another
counsel reasonably acceptable to the Lead Arrangers), special New York counsel to the Credit Parties, an opinion addressed to the
Facility Agent and each of the Lenders and dated the Initial Borrowing Date in substantially the form delivered to the Lenders
prior to the Effective Date, or otherwise reasonably satisfactory to the Lead Arrangers, substantially in the form set forth in
Exhibit 1 of Schedule 5.10.

 

(b)       On
the Initial Borrowing Date, the Facility Agent shall have received from Cox Hallett Wilkinson (or another counsel reasonably acceptable
to the Lead Arrangers), special Bermudian counsel to the Credit Parties, an opinion addressed to the Facility Agent and each of
the Lenders and dated the Initial Borrowing Date in substantially the form delivered to the Lenders prior to the Effective Date,
or otherwise reasonably satisfactory to the Lead Arrangers, substantially in the form set forth in Exhibit 2 of Schedule 5.10.

 

    	 	(53)	 

     

    

 

(c)       On
the Initial Borrowing Date, the Facility Agent shall have received from Norton Rose LLP (or another counsel reasonably acceptable
to the Lead Arrangers), special English counsel to the Facility Agent for the benefit of the Lead Arrangers, an opinion addressed
to the Facility Agent (for itself and on behalf of the Lenders) and the Collateral Agent (for itself and on behalf of the Secured
Creditors) dated the Initial Borrowing Date in substantially the form delivered to the Lenders prior to the Effective Date or otherwise
reasonably satisfactory to the Lead Arrangers substantially in the form set forth in Exhibit 3 of Schedule 5.10.

 

(d)       On
the Initial Borrowing Date if required by any New Lender, the Facility Agent shall have received from Norton Rose LLP (or another
counsel reasonably acceptable to the Lead Arrangers), special German counsel to the Facility Agent for the benefit of the Lead
Arrangers, an opinion addressed to the Facility Agent and each of the Lenders and dated the Initial Borrowing Date in substantially
the form delivered to the Lenders prior to the Effective Date, or otherwise reasonably satisfactory to the Lead Arrangers, covering
the matters set forth in Exhibit 4 of Schedule 5.10.

 

(e)       On
the Initial Borrowing Date, the Facility Agent shall have received from Holland & Knight (or another counsel reasonably acceptable
to the Lead Arrangers), special Florida counsel to the Credit Parties, an opinion addressed to the Facility Agent and each of the
Lenders and dated the Initial Borrowing Date in substantially the form delivered to the Lenders prior to the Effective Date, or
otherwise reasonably satisfactory to the Lead Arrangers, substantially in the form set forth in Exhibit 5 of Schedule 5.10.

 

5.11 KfW Refinancing.
On or prior to the Initial Borrowing Date and to the extent that the Initial Syndication Date has occurred, the definitive credit
documentation related to the KfW Refinancing (including, without limitation, the Interaction Agreement) shall have been duly executed
and delivered by the parties thereto and shall be reasonably satisfactory to KfW and the Refinanced Banks, and the KfW Refinancing
shall be effective in accordance with its terms.

 

5.12 Equity Payment.
On the Initial Borrowing Date, the Facility Agent shall have received evidence, in form and substance reasonably satisfactory to
the Facility Agent, that the Borrower shall have funded from cash on hand an amount equal to 0.4% of the Initial Construction Price
for the Vessel.

 

5.13 Financing
Statements. On the Initial Borrowing Date, the Collateral Agent, in consultation with the Credit Parties, shall have:

 

(a)       prepared
and filed proper financing statements (Form UCC-1 or the equivalent) fully prepared for filing under the UCC or in other appropriate
filing offices of each jurisdiction as may be necessary or, in the reasonable opinion of the Collateral Agent, desirable to perfect
the security interests purported to be created by the Share Charge and the Assignment of Contracts; and

 

    	 	(54)	 

     

    

 

(b)       received
certified copies of lien search results (Form UCC-11) listing all effective financing statements that name each Credit Party as
debtor and that are filed in the District of Columbia and Florida, together with Form UCC-3 Termination Statements (or such other
termination statements as shall be required by local law) fully prepared for filing if required by applicable laws for any financing
statement which covers the Collateral except to the extent evidencing Permitted Liens.

 

5.14 Security
Trust Deed. On the Initial Borrowing Date and to the extent that the Initial Syndication Date has occurred, the Security Trust
Deed shall have been executed by the parties thereto and shall be in full force and effect.

 

5.15 Hermes Cover.
On the Initial Borrowing Date, (x) the Facility Agent shall have received evidence from the Hermes Agent that the Hermes Cover
is in full force and effect on terms acceptable to the Initial Mandated Lead Arranger (it being understood that the Initial Mandated
Lead Arranger shall have confirmed to the Hermes Agent that the terms of the Hermes Cover are acceptable), and all due and owing
Hermes Premium and Hermes Issuing Fees to be paid in connection therewith shall have been paid in full, which the Borrower hereby
agrees to pay, provided it is understood and agreed that the Hermes Cover shall have been granted as soon as the Hermes Agent and/or
KfW IPEX-Bank GmbH receives the Declaration of Guarantee (Gewährleistungs-Erklärung) from Hermes and (y) all Loans
and other financing to be made pursuant hereto shall be in material compliance with the Hermes Cover and all applicable requirements
of law or regulation.

 

Section 6
Conditions Precedent to each Borrowing Date. The obligation of each Lender to make Loans on each Borrowing Date is
subject at the time of the making of such Loans to the satisfaction or (other than in the case of Sections 6.01, 6.02, 6.03, 6.04
and 6.06) waiver of the following conditions:

 

6.01 No Default;
Representations and Warranties. At the time of each Borrowing and also after giving effect thereto (i) there shall exist no
Default or Event of Default and (ii) all representations and warranties contained herein or in any other Credit Document shall
be true and correct in all material respects both before and after giving effect to such Borrowing with the same effect as though
such representations and warranties had been made on the Borrowing Date in respect of such Borrowing (it being understood and agreed
that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct
in all material respects only as of such specified date).

 

6.02 Consents.
On or prior to each Borrowing Date, all necessary governmental (domestic and foreign) and material third party approvals and/or
consents in connection with the Construction Contract, any Refund Guarantee (to the extent issued on or prior to such Borrowing
Date), the Vessel and the other transactions contemplated hereby (except to the extent specifically addressed in other sections
of Section 5 or this Section 6) shall have been obtained and remain in effect. On each Borrowing Date, there shall not exist any
judgment, order, injunction or other restraint issued or filed or a hearing seeking injunctive relief or other restraint pending
or notified prohibiting or imposing materially adverse conditions upon this Agreement, the Transaction or the other transactions
contemplated by the Credit Documents.

 

    	 	(55)	 

     

    

 

6.03 Refund Guarantees.
On (x) the Initial Borrowing Date, the Refund Guarantee for the Pre-delivery Installment to be paid on the Initial Borrowing Date
shall have been issued and assigned to the Collateral Agent pursuant to an Assignment of Contracts and (y) each other Borrowing
Date (other than the Borrowing Date in relation to the Delivery Date), each additional Refund Guarantee that has been issued since
the Initial Borrowing Date shall have been assigned to the Collateral Agent by delivering a supplement to the relevant schedule
to the Assignment of Contracts to the Collateral Agent with the updated information, in each case along with (to the extent incorporated
into the Assignment of Contracts) an appropriate notice and consent relating thereto, and the Lead Arrangers shall have received
reasonably satisfactory evidence to such effect. Each Refund Guarantee shall secure a principal amount equal to (i) the amount
of the corresponding Pre-delivery Installment to be paid by the Borrower to the Yard minus (ii) the amount paid
by the Yard to the Borrower in respect of the corresponding Pre-delivery Installment under Article 8, Clause 2.8 (i),
(ii), (iii) or (iv), as the case may be, of the Construction Contract pursuant to the terms of each Refund Guarantee, and
the Lead Arrangers shall have received reasonably satisfactory evidence to such effect.

 

6.04 Equity Payment.
On each Borrowing Date on which the proceeds of Loans are being used to fund a payment under the Construction Contract, the Facility
Agent shall have received evidence, in form and substance reasonably satisfactory to the Facility Agent, of the payment by the
Borrower (other than from proceeds of Loans) of at least [*]% of each such amount then due on such Borrowing Date under the Construction
Contract, it being agreed and acknowledged that where the Borrower makes an equity payment in excess of any of the minimum equity
payments of [*]% referred to above, the subsequent minimum equity payment for future Borrowing Dates required may be reduced to
take account of such over payment on a basis notified by the Borrower to the Facility Agent as long as at all times the Borrower
continues to comply with the minimum equity requirements set out above.

 

6.05 Fees, Costs,
etc. On each Borrowing Date, the Borrower shall have paid to the Agents, the Lead Arrangers and the Lenders all costs, fees,
expenses (including, without limitation, reasonable fees and expenses of Norton Rose LLP and local and maritime counsel and consultants)
and other compensation contemplated hereby payable to the Agents, the Lead Arrangers and the Lenders or payable in respect of the
transactions contemplated hereunder (including, without limitation, the KfW Refinancing), to the extent then due; provided that
(i) any such costs, fees and expenses and other compensation shall have been invoiced to the Borrower at least three Business Days
prior to such Borrowing Date and (ii) such costs, fees and expenses in respect of the KfW Refinancing shall include ongoing or
recurring legal costs or expenses after the Effective Date where such legal costs or expenses are incurred in respect of the period
falling 6 months after the Effective Date.

 

6.06 Construction
Contract. On each Borrowing Date, the Borrower shall have certified that all conditions and requirements under the Construction
Contract required to be satisfied on such Borrowing Date, including in connection with the respective payment installments to be
made to the Yard on such Borrowing Date, shall have been satisfied (including, but not limited to, the Borrower’s payment
to the Yard of the portion of the payment installment on the Vessel that is not being financed with proceeds of the Loans), other
than those that are not materially adverse to the Lenders, it being understood that any litigation between the Yard and the Parent
and/or Borrower shall be deemed to be materially adverse to the Lenders.

 

6.07 Notice of
Borrowing. Prior to the making of each Loan, the Facility Agent shall have received the Notice of Borrowing required by Section
2.03(a).

 

    	 	(56)	 

     

    

 

6.08 Solvency
Certificate. On each Borrowing Date, Parent shall cause to be delivered to the Facility Agent a solvency certificate from a
senior financial officer of Parent, in substantially the form of Exhibit K or otherwise reasonably acceptable to the Facility Agent,
which shall be addressed to the Facility Agent and each of the Lenders and dated such Borrowing Date, setting forth the conclusion
that, after giving effect to the transactions hereunder (including the incurrence of all the financing contemplated with respect
thereto and the purchase of the Vessel), the Parent and its Subsidiaries, taken as a whole, are not insolvent and will not be rendered
insolvent by the Indebtedness incurred in connection therewith, and will not be left with unreasonably small capital with which
to engage in their respective businesses and will not have incurred debts beyond their ability to pay such debts as they mature.

 

6.09 Litigation.
On each Borrowing Date, other than as set forth on Schedule 6.09, there shall be no actions, suits or proceedings (governmental
or private) pending or, to the Parent or the Borrower’s knowledge, threatened (i) with respect to this Agreement or any other
Credit Document or (ii) which has had, or, if adversely determined, could reasonably be expected to have, a Material Adverse Effect.

 

6.10 Hermes Cover.
The obligation of each Lender to make Loans on the first Borrowing Date following the Restatement Date is subject at the time of
the making of such Loans to the satisfaction or waiver of the following additional condition that the Facility Agent shall have
received evidence from the Hermes Agent that the Hermes Cover has been amended to provide cover in respect of the increase to the
Total Commitment agreed pursuant to the First Supplemental Agreement and remains in full force and effect on terms acceptable to
the Initial Mandated Lead Arranger (it being understood that the Initial Mandated Lead Arranger shall have confirmed to the Hermes
Agent that the terms of the Hermes Cover are acceptable), and the Additional Hermes Premium shall have been paid in full, which
the Borrower hereby agrees to pay.

 

The acceptance of the
proceeds of each Loan shall constitute a representation and warranty by the Borrower to the Facility Agent and each of the Lenders
that all of the applicable conditions specified in Section 5, this Section 6 and Section 7 applicable to such Loan have been satisfied
as of that time.

 

Section 7
Conditions Precedent to the Delivery Date. The obligation of each Lender to make Loans on the Delivery Date is subject
at the time of making such Loans to the satisfaction of the following conditions:

 

7.01 Delivery
of Vessel. On the Delivery Date, the Vessel shall have been delivered in accordance with the terms of the Construction Contract,
other than those changes that would not be materially adverse to the interests of the Lenders, and the Facility Agent shall have
received (a) certified copies of the Delivery Documents (as such term is defined in the Construction Contract) required to be delivered
by the Yard pursuant to Article 7, paragraph 1.3, clauses (i), (ii), (vii) and (viii) (and which, in the case of (vii) shall include
details of all Permitted Change Orders) of the Construction Contract and (b) a copy of the written statement in respect of the
Buyer’s Allowance (as defined in the Construction Contract) referred to in Article 8, paragraph 2.8 (vii) of the Construction
Contract as well as any details of any payment required to be made to the Borrower pursuant to Article 8, paragraph 2.8 (viii)
of the Construction Contract.

 

    	 	(57)	 

     

    

 

7.02 Collateral
and Guaranty Requirements. On or prior to the Delivery Date, the Collateral and Guaranty Requirements with respect to the Vessel
shall have been satisfied or the Facility Agent shall have waived such requirements (other than the Specified Requirements) and/or
conditioned such waiver on the satisfaction of such requirements within a specified period of time.

 

7.03 Evidence
of [*]% Payment. On the Delivery Date, the Borrower shall have provided funding for an amount in the aggregate equal to the
sum of at least (x) [*]% of the Initial Construction Price for the Vessel, (y) [*]% of the aggregate amount of Permitted Change
Orders for the Vessel and (z) [*]% of the difference between the Final Construction Price and the Adjusted Construction Price for
the Vessel (in each case, other than from proceeds of Loans) and the Facility Agent shall have received a certificate from the
officer of the Borrower to such effect.

 

7.04 Hermes Compliance;
Compliance with Applicable Laws and Regulations. On the Delivery Date, all Loans and other financing to be made pursuant hereto
shall be in material compliance with all applicable requirements of law or regulation and the Hermes Cover.

 

7.05 Opinion of
Counsel.(a)

 

(a)       On
the Delivery Date, the Facility Agent shall have received from Norton Rose LLP (or another counsel reasonably acceptable to the
Lead Arrangers), special English counsel to the Facility Agent for the benefit of the Lead Arrangers, an opinion addressed to the
Facility Agent (for itself and on behalf of the Lenders) and the Collateral Agent (for itself and on behalf of the Secured Creditors)
and each of the Lenders and dated as of the Delivery Date in substantially the form delivered to the Lenders pursuant to Section
5.10, or otherwise reasonably satisfactory to the Lead Arrangers, covering the matters set forth in Schedule 7.05.

 

(b)       On
the Delivery Date, the Facility Agent shall have received from Paul, Weiss, Rifkind, Wharton & Garrison LLP (or another counsel
reasonably acceptable to the Lead Arrangers), special New York counsel to the Credit Parties, an opinion addressed to the Facility
Agent and each of the Lenders and dated as of the Delivery Date in substantially the form delivered to the Lenders pursuant to
Section 5.10, or otherwise reasonably satisfactory to the Lead Arrangers, covering the matters set forth in Schedule 7.05.

 

(c)       On
the Delivery Date, the Facility Agent shall have received from Graham Thompson & Co. (or another counsel reasonably acceptable
to the Lead Arrangers), special Bahamas counsel to the Credit Parties (or if the Vessel is not flagged in the Bahamas, counsel
qualified in the jurisdiction of the flag of the Vessel and reasonably satisfactory to the Facility Agent), an opinion addressed
to the Facility Agent and each of the Lenders and dated as of the Delivery Date in substantially the form delivered to the Lenders
pursuant to Section 5.10, or otherwise reasonably satisfactory to the Lead Arrangers, covering the matters set forth in Schedule
7.05.

 

(d)       On
the Delivery Date, the Facility Agent shall have received from special Cox Hallett Wilkinson (or another counsel reasonably acceptable
to the Lead Arrangers), Bermuda counsel to the Credit Parties, an opinion addressed to the Facility Agent and each of the Lenders
and dated as of such Borrowing Date in substantially the form delivered to the Lenders prior to the Effective Date, or otherwise
reasonably satisfactory to the Lead Arrangers, covering the matters set forth in Schedule 7.05.

 

    	 	(58)	 

     

    

 

Section 8
Representations and Warranties. In order to induce the Lenders to enter into this Agreement and to make the Loans,
the Borrower or each Credit Party, as applicable, makes the following representations and warranties, in each case on a daily basis,
all of which shall survive the execution and delivery of this Agreement and the making of the Loans:

 

8.01 Entity
Status. The Parent and each of the other Credit Parties (i) is a Person duly organized, constituted and validly
existing (or the functional equivalent) under the laws of the jurisdiction of its formation, has the capacity to sue and be sued
in its own name and the power to own and charge its assets and carry on its business as it is now being conducted and (ii) is duly
qualified and is authorized to do business and is in good standing (or the functional equivalent) in each jurisdiction where the
ownership, leasing or operation of its property or the conduct of its business requires such qualifications except for failures
to be so qualified or authorized or in good standing which, either individually or in the aggregate, could not reasonably be expected
to have a Material Adverse Effect.

 

8.02 Power and
Authority. Each of the Credit Parties has the power to enter into and perform this Agreement and those of the other Credit
Documents to which it is a party and the transactions contemplated hereby and thereby and has taken all necessary action to authorize
the entry into and performance of this Agreement and such other Credit Documents and such transactions. This Agreement constitutes
legal, valid and binding obligations of the Parent and the Borrower enforceable in accordance with its terms and in entering into
this Agreement and borrowing the Loans (in the case of the Borrower), the Parent and the Borrower are each acting on their own
account. Each other Credit Document constitutes (or will constitute when executed) legal, valid and binding obligations of each
Credit Party expressed to be a party thereto enforceable in accordance with their respective terms.

 

8.03 No Violation.
The entry into and performance of this Agreement, the other Credit Documents and the transactions contemplated hereby and thereby
do not and will not conflict with:

 

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

 

		(b)	the constitutional documents of any Credit Party; or

 

		(c)	except as set forth on Schedule 8.03, any agreement or document to which any member of the NCLC
Group is a party or which is binding upon such Credit Party or any of its assets, nor result in the creation or imposition of any
Lien on a Credit Party or its assets pursuant to the provisions of any such agreement or document.

 

8.04 Governmental
Approvals. Except for the filing of those Security Documents which require registration in the Federal Republic of Germany,
the Bahamas, any state of the United States of America and/or with the Registrar of Companies in Bermuda, and for the registration
of the Vessel Mortgage through the Bahamas Maritime Authority (if the Vessel is flagged in the Bahamas) or such other relevant
authority (if the Vessel is flagged in another Acceptable Flag Jurisdiction), all authorizations, approvals, consents, licenses,
exemptions, filings, registrations, notarizations and other matters, official or otherwise, required in connection with the entry
into, performance, validity and enforceability of this Agreement and each of the other Credit Documents and the transactions contemplated
thereby have been obtained or effected and are in full force and effect except for matters in respect of (x) the Construction Risk
Insurance and any Refund Guarantee (in each case only to the extent that such Collateral has not yet been delivered) and (y) Collateral
to be delivered on the Delivery Date.

 

    	 	(59)	 

     

    

 

8.05 Financial
Statements; Financial Condition. (a)(i) The audited consolidated balance sheets of the Parent and its Subsidiaries as at December
31, 2011 and the unaudited consolidated balance sheets of the Parent and its Subsidiaries as at June 30, 2012 and the related consolidated
statements of operations and of cash flows for the fiscal years or quarters, as the case may be, ended on such dates, reported
on by and accompanied by, in the case of the annual financial statements, an unqualified report from PricewaterhouseCoopers LLP,
present fairly in all material respects the consolidated financial condition of the Parent and its Subsidiaries as at such date,
and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years or quarters, as
the case may be, then ended. All such financial statements, including the related schedules and notes thereto, have been prepared
in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of
accountants and disclosed therein).

 

(ii)The pro
forma consolidated balance sheet of the Parent and its Subsidiaries as of December 31, 2011 (after giving effect to the Transaction
and the financing therefor), a copy of which has been furnished to the Lenders prior to the Initial Borrowing Date, presents a
good faith estimate in all material respects of the pro forma consolidated financial position of the Parent and its Subsidiaries
as of such date.

 

(b)       Since
December 31, 2011, nothing has occurred that has had or could reasonably be expected to have a Material Adverse Effect.

 

8.06 Litigation.
No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency (including but not limited
to investigative proceedings) are current or pending or, to the Parent or the Borrower’s knowledge, threatened, which might,
if adversely determined, have a Material Adverse Effect.

 

8.07 True and
Complete Disclosure. Each Credit Party has fully disclosed in writing to the Facility Agent all facts relating to such Credit
Party which it knows or should reasonably know and which might reasonably be expected to influence the Lenders in deciding whether
or not to enter into this Agreement.

 

8.08 Use of Proceeds.
All proceeds of the Loans (other than Deferred Loans, which shall be used only for the purpose of paying the principal portion
of the repayment instalment of a Loan due on each Repayment Date falling during the relevant Deferral Period) may be used only
to finance (i) up to 80% of the Adjusted Construction Price of the Vessel and (ii) up to 100% of the Hermes Premium.

 

    	 	(60)	 

     

    

 

8.09 Tax Returns
and Payments. The NCLC Group have complied with all taxation laws in all jurisdictions in which it is subject to Taxation and
has paid all material Taxes due and payable by it; no material claims are being asserted against it with respect to Taxes, which
might, if such claims were successful, have a material adverse effect on the ability of any Credit Party to perform its obligations
under the Credit Documents or could otherwise be reasonably expected to have a Material Adverse Effect. As at the Effective Date
all amounts payable by the Parent and the Borrower hereunder may be made free and clear of and without deduction for or on account
of any Taxation in the Parent and the Borrower’s jurisdiction.

 

8.10 No Material
Misstatements. (a) All written information (other than the Projections, estimates and information of a general economic nature
or general industry nature) (the “Information”) concerning the Parent and its Subsidiaries, and the transactions
contemplated hereby prepared by or on behalf of the foregoing or their representatives and made available to any Lenders or any
Agent in connection with the transactions contemplated hereby, when taken as a whole, was true and correct in all material respects,
as of the date such Information was furnished to the Lenders or any Agent and as of the Effective Date and did not, taken as a
whole, contain any untrue statement of a material fact as of any such date or omit to state a material fact necessary in order
to make the statements contained therein, taken as a whole, not materially misleading in light of the circumstances under which
such statements were made.

 

(b)       The
Projections and estimates and information of a general economic nature prepared by or on behalf of the Parent, the Borrower or
any of their respective representatives and that have been made available to any Lenders or any Agent in connection with the transactions
contemplated hereby (i) have been prepared in good faith based upon assumptions believed by the Parent, the Borrower to be reasonable
as of the date thereof (it being understood that actual results may vary materially from the Projections), as of the date such
Projections and estimates were furnished to the Lenders and as of the Effective Date, and (ii) as of the Effective Date, have not
been modified in any material respect by the Parent or the Borrower.

 

8.11 The Security
Documents. (a) None of the Collateral is subject to any Liens except Permitted Liens.

 

(b)       The
security interests created under the Share Charge in favor of the Collateral Agent, as pledgee, for the benefit of the Secured
Creditors, constitute perfected security interests in the Share Charge Collateral described in the Share Charge, subject to no
security interests of any other Person. No filings or recordings are required in order to perfect (or maintain the perfection or
priority of) the security interests created in the Share Charge Collateral under the Share Charge other than with respect to that
portion of the Share Charge Collateral constituting a “general intangible” under the UCC. The filings on Form UCC-1
made pursuant to the Share Charge will perfect a security interest in the Collateral covered by the Share Charge to the extent
a security interest in such Collateral may be perfected by such filings.

 

(c)       After
the execution and registration thereof, the Vessel Mortgage will create, as security for the obligations purported to be secured
thereby, a valid and enforceable perfected security interest in and mortgage lien on the Vessel in favor of the Collateral Agent
(or such other trustee as may be required or desired under local law) for the benefit of the Secured Creditors, superior and prior
to the rights of all third Persons (except that the security interest and mortgage lien created on the Vessel may be subject to
the Permitted Liens related thereto) and subject to no other Liens (other than Permitted Liens related thereto).

 

    	 	(61)	 

     

    

 

(d)       After
the execution and delivery thereof and upon the taking of the actions mentioned in the immediately succeeding sentence, each of
the Security Documents will create in favor of the Collateral Agent for the benefit of the Secured Creditors a legal, valid and
enforceable fully perfected first priority security interest in and Lien on all right, title and interest of the Credit Parties
party thereto in the Collateral described therein, subject only to Permitted Liens. Subject to Sections 7.02, 8.04 and this Section
8.11 and the definition of “Collateral and Guaranty Requirements,” no filings or recordings are required in order to
perfect the security interests created under any Security Document except for filings or recordings which shall have been made
on or prior to the execution of such Security Document.

 

8.12 Capitalization.
All the Capital Stock, as set forth on Schedule 8.12, in the Borrower and each other Credit Party (other than the Parent) is legally
and beneficially owned directly or indirectly by the Parent and, except as permitted by Section 10.02, such structure shall remain
so until the Maturity Date.

 

8.13 Subsidiaries.
On and as of the Initial Borrowing Date, other than in respect of Dormant Subsidiaries (i) the Parent has no Subsidiaries
other than those Subsidiaries listed on Schedule 8.13 which Schedule identifies the correct legal name, direct owner, percentage
ownership and jurisdiction of organization of the Borrower and each such other Subsidiary on the date hereof, (ii) all outstanding
shares of the Borrower and each other Subsidiary of the Parent have been duly and validly issued, are fully paid and non-assessable
and have been issued free of preemptive rights, and (iii) neither the Borrower nor any Subsidiary of the Parent has outstanding
any securities convertible into or exchangeable for its Capital Stock or outstanding any right to subscribe for or to purchase,
or any options or warrants for the purchase of, or any agreement providing for the issuance (contingent or otherwise) of or any
calls, commitments or claims of any character relating to, its Capital Stock or any stock appreciation or similar rights.

 

8.14 Compliance
with Statutes, etc. The Parent and each of its Subsidiaries is in compliance in all material respects with all applicable statutes,
regulations and orders of, and all applicable restrictions imposed by, all governmental bodies, domestic or foreign, in respect
of the conduct of its business and the ownership of its property, except such noncompliances as could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

8.15 Winding-up,
etc. None of the events contemplated in clauses (a), (b), (c) or (d) of Section 11.05 has occurred with respect to any Credit
Party.

 

8.16 No Default.
No event has occurred which constitutes a Default or Event of Default under or in respect of any Credit Document to which any Credit
Party is a party or by which the Parent or any of its Subsidiaries may be bound (including (inter alia) this Agreement) and no
event has occurred which constitutes a default under or in respect of any agreement or document to which any Credit Party is a
party or by which any Credit Party may be bound, except to an extent as could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

 

    	 	(62)	 

     

    

 

8.17 Pollution
and Other Regulations. Each of the Credit Parties:

 

(a)       is
in compliance with all applicable federal, state, local, foreign and international laws, regulations, conventions and agreements
relating to pollution prevention or protection of human health or the environment (including, without limitation, ambient air,
surface water, ground water, navigable waters, water of the contiguous zone, ocean waters and international waters), including
without limitation, laws, regulations, conventions and agreements relating to (i) emissions, discharges, releases or threatened
releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous materials, oil, hazard substances, petroleum
and petroleum products and by-products (“Materials of Environmental Concern”) or (ii) Environmental Law;

 

(b)       has
all permits, licenses, approvals, rulings, variances, exemptions, clearances, consents or other authorizations required under applicable
Environmental Law (“Environmental Approvals”) and is in compliance with all Environmental Approvals required
to operate its business as presently conducted or as reasonably anticipated to be conducted;

 

(c)       has
not received any notice, claim, action, cause of action, investigation or demand by any other person, alleging potential liability
for, or a requirement to incur, investigatory costs, clean-up costs, response and/or remedial costs (whether incurred by a governmental
entity or otherwise), natural resources damages, property damages, personal injuries, attorneys’ fees and expenses or fines
or penalties, in each case arising out of, based on or resulting from (i) the presence or release or threat of release into the
environment of any Materials of Environmental Concern at any location, whether or not owned by such person or (ii) Environmental
Claim,

 

(A)       which
is, or are, in each case, material; and

 

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

 

There are no Environmental
Claims pending or threatened against any of the Credit Parties which the Parent or the Borrower, in its reasonable opinion, believes
to be material.

 

There are no past or
present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release, emission,
discharge or disposal of any Materials of Environmental Concern, that the Parent or the Borrower reasonably believes could form
the basis of any bona fide material Environmental Claim against any of the Credit Parties.

 

8.18 Ownership
of Assets. Except as permitted by Section 10.02, each member of the NCLC Group has good and marketable title to all its assets
which is reflected in the audited accounts referred to in Section 8.05(a).

 

8.19 Concerning
the Vessel. As of the Delivery Date, (a) the name, registered owner, official number, and jurisdiction of registration and
flag of the Vessel shall be set forth on Schedule 8.19 (as updated from time to time by the Borrower pursuant to Section 9.13 with
respect to flag jurisdiction, and otherwise (with respect to name, registered owner, official number and jurisdiction of registration)
upon advance notice and in a manner that does not interfere with the Lenders’ Liens on the Collateral, provided that each
applicable Credit Party shall take all steps requested by the Collateral Agent to preserve and protect the Liens created by the
Security Documents on the Vessel) and (b) the Vessel is and will be operated in material compliance with all applicable law, rules
and regulations.

 

    	 	(63)	 

     

    

 

8.20 Citizenship.
None of the Credit Parties has an establishment in the United Kingdom within the meaning of the Overseas Companies Regulation 2009
or a place of business in the United States (in each case, except as already disclosed) or any other jurisdiction which requires
any of the Security Documents to be filed or registered in that jurisdiction to ensure the validity of the Security Documents to
which it is a party unless (x) all such filings and registrations have been made or will be made as provided in Sections 7.02,
8.04 and 8.11 and the definition of “Collateral and Guaranty Requirements” and (y) prompt notice of the establishment
of such a place of business is given to the Facility Agent and the requirements set forth in Section 9.10 have been satisfied.
The Borrower and each other Credit Party which owns or operates, or will own or operate, the Vessel at any time is, or will be,
qualified to own and operate the Vessel under the laws of the Bahamas or such other jurisdiction in which the Vessel is permitted,
or will be permitted, to be flagged in accordance with the terms of Section 9.13.

 

8.21 Vessel Classification.
The Vessel is or will be as of the Delivery Date, classified in the highest class available for vessels of its age and type with
a classification society listed on Schedule 8.21 hereto or another internationally recognized classification society reasonably
acceptable to the Collateral Agent, free of any overdue conditions or recommendations.

 

8.22 No Immunity.
None of the Credit Parties nor any of their respective assets enjoys any right of immunity (sovereign or otherwise) from set-off,
suit or execution in respect of their obligations under this Agreement or any of the other Credit Documents or by any relevant
or applicable law.

 

8.23 Fees, Governing
Law and Enforcement. No fees or taxes, including, without limitation, stamp, transaction, registration or similar taxes, are
required to be paid to ensure the legality, validity, or enforceability of this Agreement or any of the other Credit Documents
other than recording taxes which have been, or will be, paid as and to the extent due. Under the laws of the Bahamas or any other
jurisdiction where the Vessel is flagged, the choice of the laws of England as set forth in the Credit Documents which are stated
to be governed by the laws of England is a valid choice of law, and the irrevocable submission by each Credit Party to jurisdiction
and consent to service of process and, where necessary, appointment by such Credit Party of an agent for service of process, in
each case as set forth in such Credit Documents, is legal, valid, binding and effective.

 

8.24 Form of Documentation.
Each of the Credit Documents is in proper legal form (under the laws of England, the Bahamas, Bermuda and each other jurisdiction
where the Vessel is flagged or where the Credit Parties are domiciled) for the enforcement thereof under such laws. To ensure the
legality, validity, enforceability or admissibility in evidence of each such Credit Document in England, the Bahamas and/or Bermuda
it is not necessary that any Credit Document or any other document be filed or recorded with any court or other authority in England,
the Bahamas and Bermuda, except as have been made, or will be made, in accordance with Section 5, 6, 7 and 8, as applicable.

 

8.25 Pari Passu
or Priority Status. The claims of the Agents and the Lenders against the Parent or the Borrower under this Agreement will rank
at least pari passu with the claims of all unsecured creditors of the Parent or the Borrower (other than claims of such creditors
to the extent that they are statutorily preferred) and in priority to the claims of any creditor of the Parent or the Borrower
who is also a Credit Party.

 

    	 	(64)	 

     

    

 

8.26 Solvency.
The Credit Parties, taken as a whole, are and shall remain, after the advance to them of the Loans or any of such Loans, solvent
in accordance with the laws of Bermuda, the United States, England and the Bahamas and in particular with the provisions of the
Bankruptcy Code and the requirements thereof.

 

8.27 No Undisclosed
Commissions. There are and will be no commissions, rebates, premiums or other payments by or to or on account of any Credit
Party, their shareholders or directors in connection with the Transaction as a whole other than as disclosed to the Facility Agent
or any other Agent in writing.

 

8.28 Completeness
of Documentation. The copies of the Management Agreements, the Construction Contract, each Refund Guarantee, and to the extent
applicable, the Supervision Agreement delivered to the Facility Agent are true and complete copies of each such document constituting
valid and binding obligations of the parties thereto enforceable in accordance with their respective terms and no amendments thereto
or variations thereof have been agreed nor has any action been taken by the parties thereto which would in any way render such
document inoperative or unenforceable, unless replaced by a management agreement or management agreements, refund guarantees or,
to the extent applicable, a supervision agreement, as the case may be, reasonably satisfactory to the Facility Agent.

 

8.29 Money Laundering.
Any borrowing by the Borrower hereunder, and the performance of its obligations hereunder and under the other Security Documents,
will be for its own account and will not, to the best of its knowledge, involve any breach by it of any law or regulatory measure
relating to “money laundering” as defined in Article 1 of the Directive (2005/EC/60) of the European Parliament and
of the Council of the European Communities.

 

Section 9
Affirmative Covenants. The Parent and the Borrower hereby covenant and agree that on and after the Initial Borrowing
Date and until the Total Commitments have terminated and the Loans, together with interest, Commitment Commission and all other
obligations incurred hereunder and thereunder, are paid in full (other than contingent indemnification and expense reimbursement
claims for which no claim has been made):

 

9.01 Information
Covenants. The Parent will provide to the Facility Agent (or will procure the provision of):

 

(a)       Quarterly
Financial Statements. Within 60 days after the close of the first three fiscal quarters in each fiscal year of the Parent,
the consolidated balance sheets of the Parent and its Subsidiaries as at the end of such quarterly accounting period and the related
consolidated statements of operations and cash flows, in each case for such quarterly accounting period and for the elapsed portion
of the fiscal year ended with the last day of such quarterly accounting period, and in each case, setting forth comparative figures
for the related periods in the prior fiscal year, all of which shall be certified by a financial officer of the Borrower, subject
to normal year-end audit adjustments and the absence of footnotes;

 

    	 	(65)	 

     

    

 

(b)       Annual
Financial Statements. Within 120 days after the close of each fiscal year of the Parent, the consolidated balance sheets of
the Parent and its Subsidiaries as at the end of such fiscal year and the related consolidated statements of operations and changes
in shareholders’ equity and of cash flows for such fiscal year setting forth comparative figures for the preceding fiscal
year and audited by independent certified public accountants of recognized international standing, together with an opinion of
such accounting firm (which opinion shall not be qualified as to scope of audit or as to the status of the Parent as a going concern
provided that for the fiscal years ending December 31, 2020 and December 31, 2021, any such opinion may contain a going concern
explanatory paragraph or like qualification that is due to the impending maturity of any Indebtedness within twelve months of
the date of delivery of such audit or any actual or potential inability to satisfy any financial covenant) to the effect that
such consolidated financial statements fairly present, in all material respects, the financial position and results of operations
of the Parent and its Subsidiaries on a consolidated basis in accordance with GAAP;

 

(c)       Valuations.
After the Delivery Date, together with delivery of the financial statements described in Section 9.01(b) for each fiscal year,
and at any other time within 15 days of a written request from the Facility Agent, an appraisal report of recent date (but in no
event earlier than 90 days before the delivery of such reports) from an Approved Appraiser or such other independent firm of shipbrokers
or shipvaluers nominated by the Borrower and approved by the Facility Agent (acting on the instructions of the Required Lenders)
or failing such nomination and approval, appointed by the Facility Agent (acting on such instructions) in its sole discretion (each
such valuation and any other valuation obtained pursuant to this Section 9.01(c) shall be made without, unless reasonably required
by the Facility Agent, physical inspection and on the basis of a sale for prompt delivery for cash at arm’s length on normal
commercial terms as between a willing buyer and a willing seller without taking into account the benefit of any charterparty or
other engagement concerning the Vessel), stating the then current fair market value of the Vessel. The appraisal obtained pursuant
to the above provisions shall be treated as the fair market value of the Vessel for that period unless the Facility Agent (acting
on the instructions of the Required Lenders) notifies the Borrower within 15 days of the receipt of this appraisal that it is not
satisfied that such appraisal appropriately reflects the fair market value of the Vessel, in which case the Facility Agent shall
be entitled to request that the Borrower obtains a second valuation from an Approved Appraiser, such second valuation to be obtained
within 15 days of the receipt of the request for the same. Where any such second valuation is so requested, the fair market value
of the Vessel shall be determined on the basis of the average of the two appraisals so obtained. All such appraisals shall be conducted
by, and made at the expense of, the Borrower (it being understood that the Facility Agent may and, at the request of the Lenders,
shall, upon prior written notice to the Borrower (which notice shall identify the names of the relevant appraisal firms), obtain
such appraisals and that the cost of all such appraisals will be for the account of the Borrower); provided that, unless
an Event of Default shall then be continuing, in no event shall the Borrower be required to pay for appraisal reports from one
or, if applicable, two appraisers on more than one occasion in any fiscal year of the Borrower, with the cost of any such reports
in excess thereof to be paid by the Lenders on a pro rata basis;

 

(d)       Filings.
Promptly, copies of all financial information, proxy materials and other information and reports, if any, which the Parent or any
of its Subsidiaries shall file with the Securities and Exchange Commission (or any successor thereto);

 

    	 	(66)	 

     

    

 

(e)       Projections.
(i) As soon as practicable (and in any event within 120 days after the close of each fiscal year), commencing with the fiscal year
ending December 31, 2012, annual cash flow projections on a consolidated basis of the NCLC Group showing on a monthly basis advance
ticket sales (for at least 12 months following the date of such statement) for the NCLC Group;

 

(ii)       As
soon as practicable (and in any event not later than January 31 of each fiscal year):

 

		(x)	a budget for the NCLC Group for such new fiscal year including a 12 month liquidity budget for
such new fiscal year;

 

		(y)	updated financial projections of the NCLC Group for at least the next five years (including an
income statement and quarterly break downs for the first of those five years); and

 

		(z)	an outline of the assumptions supporting such budget and financial projections including but without
limitation any scheduled drydockings;

 

(f)       Officer’s
Compliance Certificates. As soon as practicable (and in any event within 60 days after the close of each of the first three
quarters of its fiscal year and within 120 days after the close of each fiscal year), a statement signed by one of the Parent’s
financial officers substantially in the form of Exhibit M (commencing with the fourth quarter of the fiscal year ending December
31, 2012) and such other information as the Facility Agent may reasonably request;

 

(g)       Litigation.
On a quarterly basis, details of any material litigation, arbitration or administrative proceedings affecting any Credit Party
which are instituted and served, or, to the knowledge of the Parent or the Borrower, threatened (and for this purpose proceedings
shall be deemed to be material if they involve a claim in an amount exceeding $25,000,000 or the equivalent in another currency);

 

(h)       Notice
of Event of Default. Promptly upon (i) any Credit Party becoming aware thereof (and in any event within three Business Days),
notification of the occurrence of any Event of Default and (ii) the Facility Agent’s request from time to time, a certificate
stating whether any Credit Party is aware of the occurrence of any Event of Default;

 

(i)       Status
of Foreign Exchange Arrangements. Promptly upon reasonable request from the Lead Arrangers through the Facility Agent, an update
on the status of the Parent and the Borrower’s foreign exchange arrangements with respect to the Vessel and this Agreement;

 

(j)       Other
Information. Promptly, such further information in its possession or control regarding its financial condition and operations
and those of any company in the NCLC Group as the Facility Agent may reasonably request; and

 

(k)       Debt
Deferral Extension – Regular Monitoring Requirements. Whilst any Deferred Loan is outstanding, the Borrower shall supply
to the Facility Agent as soon as the same become available, but in any event within five, 10 and 30 days after the end of, respectively,
each monthly, bi-monthly and quarterly period beginning on the Second Deferral Effective Date (or such other period as Hermes or
the Lenders may require from time to time), the information required by the Debt Deferral Extension Regular Monitoring Requirements,
with such information to be in reasonable detail and with appropriate calculations and computations in all respects reasonably
satisfactory to the Facility Agent.

 

    	 	(67)	 

     

    

 

(l)       Hermes
Information Requests. Whilst any Deferred Loan is outstanding, upon the request of the Hermes Agent (acting on the instructions
of Hermes), the Parent and the Lenders shall provide information in form and substance reasonably satisfactory to Hermes regarding
arrangements in respect of Indebtedness for Borrowed Money of the NCLC Group then existing or any such Indebtedness to be incurred
by or made available to (as the case may be) the NCLC Group (such information to be provided directly to Hermes in accordance with
terms of the Hermes Agent’s request).

 

All accounts required
under this Section 9.01 shall be prepared in accordance with GAAP and shall fairly represent in all material respects the financial
condition of the relevant company.

 

9.02 Books and
Records; Inspection. The Parent will keep, and will cause each of its Subsidiaries to keep, proper books of record and account
in all material respects, in which materially proper and correct entries shall be made of all financial transactions and the assets,
liabilities and business of the Parent and its Subsidiaries in accordance with GAAP. The Parent will, and will cause each of its
Subsidiaries to, permit officers and designated representatives of the Facility Agent at the reasonable request of any Lead Arranger
to visit and inspect, under guidance of officers of the Parent or such Subsidiary, any of the properties of the Parent or such
Subsidiary, and to examine the books of account of the Parent or such Subsidiary and discuss the affairs, finances and accounts
of the Parent or such Subsidiary with, and be advised as to the same by, its and their officers and independent accountants, all
upon reasonable prior notice and at such reasonable times and intervals and to such reasonable extent as the Facility Agent at
the reasonable request of any such Lead Arranger may reasonably request.

 

9.03 Maintenance
of Property; Insurance. The Parent will (x) keep, and will procure that each of its Subsidiaries keeps, all of its real property
and assets properly maintained and in existence and will comprehensively insure, and will procure that each of its Subsidiaries
comprehensively insures, for such amounts and of such types as would be effected by prudent companies carrying on business similar
to the Parent or its Subsidiaries (as the case may be) and (y) as of the Delivery Date, maintain (or cause the Borrower to maintain)
insurance (including, without limitation, hull and machinery, war risks, loss of hire (if applicable), protection and indemnity
insurance as set forth on Schedule 9.03 (the “Required Insurance”) with respect to the Vessel at all times.

 

9.04 Corporate
Franchises. The Parent will, and will cause each of its Subsidiaries to, do all such things
as are necessary to maintain its corporate existence (except as permitted by Section 10.02) in good standing and will ensure that
it has the right and is duly qualified to conduct its business as it is conducted in all applicable jurisdictions and will obtain
and maintain all franchises and rights necessary for the conduct of its business, except, in the case of Subsidiaries that are
not Credit Parties, to the extent that a failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

    	 	(68)	 

     

    

 

9.05 Compliance
with Statutes, etc. The Parent will, and will cause each of its Subsidiaries to, comply with
all applicable statutes, regulations and orders of, and all applicable restrictions (including all laws and regulations relating
to money laundering) imposed by, all governmental bodies, domestic or foreign, in respect of the conduct of its business and the
ownership of its property, except such non-compliances as could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

 

9.06 Hermes Cover.
(a) The terms and conditions of the Hermes Cover are incorporated herein and in so far as they impose terms, conditions and/or
obligations on the Collateral Agent and/or the Facility Agent and/or the Hermes Agent and/or the Lenders in relation to the Borrower
or any other Credit Party then such terms, conditions and obligations are binding on the parties hereto and further in the event
of any conflict between the terms of the Hermes Cover and the terms hereof the terms of the Hermes Cover shall be paramount and
prevail. For the avoidance of doubt, neither the Parent nor the Borrower has any interest or entitlement in the proceeds of the
Hermes Cover. In particular, but without limitation, the Borrower shall pay any difference between the amount of the Loans drawn
to pay the Hermes Premium, and the Hermes Premium.

 

(b)       The
Borrower shall at all times promptly pay all due and owing Hermes Premium.

 

9.07 End of Fiscal
Years. The Parent and the Borrower will maintain their fiscal year ends as in effect on the
Effective Date.

 

9.08 Performance
of Credit Document Obligations. The Parent will, and will cause each of its Subsidiaries
to, perform all of its obligations under the terms of each mortgage, indenture, security agreement and other debt instrument (including,
without limitation, the Credit Documents) by which it is bound, except such non-performances as could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

9.09 Payment of
Taxes. The Parent will pay and discharge, and will cause each of its Subsidiaries to pay
and discharge, all material taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits,
or upon any properties belonging to it, in each case on a timely basis, and all lawful claims which, if unpaid, might become a
Lien not otherwise permitted under Section 10.01, provided that neither the Parent nor any of
its Subsidiaries shall be required to pay any such tax, assessment, charge, levy or claim which is being contested in good faith
and by proper proceedings if it has maintained adequate reserves with respect thereto in accordance with generally accepted accounting
principles.

 

9.10 Further Assurances.
(a) The Borrower will, from time to time on being required to do so by the Facility Agent or the Hermes Agent, do or procure the
doing of all such acts and/or execute or procure the execution of all such documents in a form reasonably satisfactory to the Facility
Agent or the Hermes Agent (as the case may be) as the Facility Agent or the Hermes Agent may reasonably consider necessary for
giving full effect to any of the Credit Documents or securing to the Agents and/or the Lenders or any of them the full benefit
of the rights, powers and remedies conferred upon the Agents and/or the Lenders or any of them in any such Credit Document.

 

    	 	(69)	 

     

    

 

(b)       The
Borrower hereby authorizes the Collateral Agent to file one or more financing or continuation statements under the UCC (or any
non-U.S. equivalent thereto), and amendments thereto, relative to all or any part of the Collateral without the signature of the
Borrower, where permitted by law. The Collateral Agent will promptly send the Borrower a copy of any financing or continuation
statements which it may file without the signature of the Borrower and the filing or recordation information with respect thereto.

 

(c)       The
Parent will cause each Subsidiary of the Parent which owns any direct interest in the Borrower promptly following such Subsidiary’s
acquisition of such interest, to execute and deliver a counterpart to the Share Charge and, in connection therewith, promptly execute
and deliver all further instruments, and take all further action, that the Facility Agent may reasonably require (including, without
limitation, the provision of officers’ certificates, resolutions, good standing certificates and opinions of counsel, in
each case to the reasonable satisfaction of the Facility Agent).

 

(d)       If
at any time the Borrower shall enter into a Supervision Agreement pursuant to the Construction Contract, the Borrower shall, substantially
simultaneously therewith, duly authorize, execute and deliver a valid and effective first-priority legal assignment in favor of
the Collateral Agent of all of the Borrower’s present and future interests in and benefits under such Supervision Agreement,
which such assignment shall be in form and substance reasonably acceptable to the Facility Agent, and customary for this type of
transaction.

 

9.11 Ownership
of Subsidiaries. Other than “director qualifying shares” and similar requirements, the Parent shall at all times
directly or indirectly own 100% of the Capital Stock or other Equity Interests of the Borrower (except as permitted by Section
10.02).

 

9.12 Consents
and Registrations. The Parent and the Borrower shall obtain (and shall, at the request of the Facility Agent, promptly furnish
certified copies to the Facility Agent of) all such authorizations, approvals, consents, licenses and exemptions as may be required
under any applicable law or regulation to enable it or any Credit Party to perform its obligations under, and ensure the validity
or enforceability of, each of the Credit Documents are obtained and promptly renewed from time to time and will procure that the
terms of the same are complied with at all times. Insofar as such filings or registrations have not been completed on or before
the Initial Borrowing Date, the Borrower will procure the filing or registration within applicable time limits of each Security
Document which requires filing or registration together with all ancillary documents required to preserve the priority and enforceability
of the Security Documents.

 

9.13 Flag of Vessel.
(a) The Borrower shall cause the Vessel to be registered under the laws and flag of the Bahamas or, provided that the requirements
of a Flag Jurisdiction Transfer are satisfied, another Acceptable Flag Jurisdiction. Notwithstanding the foregoing, the relevant
Credit Party may transfer the Vessel to an Acceptable Flag Jurisdiction pursuant to the requirements set forth in the definition
of “Flag Jurisdiction Transfer”.

 

    	 	(70)	 

     

    

 

(b)       Except
as permitted by Section 10.02, the Borrower will own the Vessel and will procure that the Vessel is traded within the NCLC Fleet
from the Delivery Date until the Maturity Date.

 

(c)       The
Borrower will at all times engage the Manager (or a replacement manager reasonably acceptable to the Facility Agent) to provide
the commercial and technical management and crewing of the Vessel.

 

9.14 “Know
Your Customer” and Other Similar Information. The Parent will, and will cause the Credit Parties, to provide (i) the
 “Know Your Customer” information required pursuant to the PATRIOT Act and applicable money laundering provisions and
(ii) such other documentation and evidence necessary in order for the Lenders to carry out and be reasonably satisfied with other
similar checks under all applicable laws and regulations pursuant to the Transaction and the Hermes Cover, in each case as requested
by the Facility Agent, the Hermes Agent or any Lender in connection with each of the Facility Agent’s, the Hermes Agent’s
and each Lender’s internal compliance regulations.

 

9.15 Equal Treatment.
The Parent undertakes with the Facility Agent that:(a)it shall use its best efforts to procure the entry into by the relevant
members of the NCLC Group of similar debt deferral, covenant amendment and mandatory prepayment arrangements to those contemplated
by the Third Supplemental Agreement and this Agreement (as amended and restated by the Third Supplemental Agreement) in respect
of each financial contract or financial document relating to any existing Indebtedness for Borrowed Money with the support of any
ECA in existence on the Second Deferral Effective Date to which a member of the NCLC Group is a party as soon as reasonably practicable
thereafter (with such amendments being on terms which shall not prejudice the rights of Hermes under this Agreement);

 

(b)       it
shall promptly upon written request, supply the Facility Agent and the Hermes Agent with information (in form and substance satisfactory
to the Facility Agent and Hermes Agent) regarding the status of the amendments to be entered into in accordance with paragraph
(a) above;

 

(c)       provided
that if this clause (c) applies to a grant of additional Liens, clause (e) below shall not apply in respect of such Liens, if at
any time after the date of the Third Supplemental Agreement, it or any other member of the NCLC Group is required to grant additional
Liens in relation to a financial contract or financial document relating to any existing Indebtedness for Borrowed Money:

 

(i)       with
the support of any ECA (excluding any extensions or increases of such existing Indebtedness for Borrowed Money), such Lien shall
be granted on a pari passu basis to the Lenders (and the Facility Agent agrees to enter and/or procure the entry by the relevant
Lenders into such intercreditor documentation to reflect such pari passu ranking (in form and substance reasonably satisfactory
to the Lenders) as may be required in connection with such arrangements); or

 

(ii)       without
the support of any ECA (excluding any extensions or increases of such existing Indebtedness for Borrowed Money), such Lien shall
(without prejudice to any of the Borrower’s other obligations under this Agreement) be permitted provided that it shall not
have an adverse effect on any Liens or other rights granted to the Collateral Agent under the Credit Documents;

 

    	 	(71)	 

     

    

 

(d)       in
respect of any new Indebtedness for Borrowed Money incurred by a member of the NCLC Group or any extensions or increases of any
existing Indebtedness for Borrowed Money (in each case, other than any such Indebtedness permitted under this Agreement), in each
case with or which has the support of any ECA, the Parent shall enter into good faith negotiations with the Facility Agent to grant
additional Liens for the purpose of further securing the Loans; provided that any failure to reach agreement under this paragraph
(d) following such good faith negotiations shall not constitute an Event of Default; and

 

(e)       save
for the incurrence of any Indebtedness for Borrowed Money or the granting of any Liens as permitted under Section 4.02(d)(ii) and
(iv) and except as permitted by clause (c) above, if at any time after the Second Deferral Effective Date the Parent or any other
member of the NCLC Group enters into any financial contract or financial document relating to any Indebtedness for Borrowed Money
and which contains any debt deferral or covenant waivers of existing debt, or the raising of any new debt intended to reimburse
existing debt that benefits from additional Liens or more favourable terms than those available to the Lenders such additional
Liens or terms shall be granted to the Lenders on a pari passu basis.

 

9.16 Covered Construction
Contracts.

 

(i)       The
Parent shall, and the Parent shall procure that any member of the NCLC Group that has entered into a shipbuilding contract with
a shipbuilder or enters into any such shipbuilding contract, in each case which is financed with the support of Hermes (as amended
from time to time having regard to sub-clause (ii) below, the “Covered Construction Contracts”) shall, continue to
perform all of their respective obligations as set out in any Covered Construction Contract (including without limitation the payment
of any instalments due under any Covered Construction Contract (as the same may have been amended prior to the Second Deferral
Effective Date), and subject to any amendment agreed pursuant to sub-clause (ii) below). The Parent shall and the Parent shall
procure that any member of the NCLC Group shall promptly notify the Facility Agent and Hermes of any failure by it to comply with
any due and owing obligations under a Covered Construction Contract.

 

(ii)       The
Parent shall and the Parent shall procure that any member of the NCLC Group further undertakes to consult with the Facility Agent
and Hermes in respect of any proposed amendment to a Covered Construction Contract insofar as any such proposed amendment relates
to a payment instalment or (save as expressly permitted by the relevant credit agreement) a delivery date or any other substantial
amendment which may affect the related financing and to obtain the Facility Agent and Hermes’s approval prior to executing
any such amendment.

 

9.17 Poseidon
Principles

 

The Parent and the Borrower
shall, upon the request of the Facility Agent and at the cost of the Borrower, on or before 31st July in each calendar year, supply
to the Facility Agent all information necessary in order for the Lenders to comply with their obligations under the Poseidon Principles
in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be collected and
reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance, in each case relating to the Vessel for
the preceding calendar year provided always that, for the avoidance of doubt, such information shall be confidential information
for the purposes of Section 14.14 but the Borrower acknowledges that, in accordance with the Poseidon Principles, such information
will form part of the information published regarding the Lenders' portfolio climate alignment.

 

    	 	(72)	 

     

    

 

Section 10
Negative Covenants. The Parent and the Borrower hereby covenant and agree that on and after the Initial Borrowing
Date and until all Commitments have terminated and the Loans, together with interest, Commitment Commission and all other Credit
Document Obligations incurred hereunder and thereunder, are paid in full (other than contingent indemnification and expense reimbursement
claims for which no claim has been made):

 

10.01 Liens.
The Parent will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien upon or
with respect to any Collateral, whether now owned or hereafter acquired, or sell any such Collateral subject to an understanding
or agreement, contingent or otherwise, to repurchase such Collateral (including sales of accounts receivable with recourse to the
Parent or any of its Subsidiaries); provided that the provisions of this Section 10.01 shall not prevent the creation, incurrence,
assumption or existence of the following (Liens described below are herein referred to as “Permitted Liens”):

 

(i)       inchoate
Liens for taxes, assessments or governmental charges or levies not yet due and payable or Liens for taxes, assessments or governmental
charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves have been established
in accordance with generally accepted accounting principles;

 

(ii)       Liens
imposed by law, which were incurred in the ordinary course of business and do not secure Indebtedness for Borrowed Money, such
as carriers’, warehousemen’s, materialmen’s and mechanics’ liens and other similar Liens arising in the
ordinary course of business, and (x) which do not in the aggregate materially detract from the value of the Collateral and
do not materially impair the use thereof in the operation of the business of the Parent or such Subsidiary or (y) which are
being contested in good faith by appropriate proceedings, which proceedings (or orders entered in connection with such proceedings)
have the effect of preventing the forfeiture or sale of the Collateral subject to any such Lien;

 

(iii)       Liens
in existence on the Effective Date which are listed, and the property subject thereto described, in Schedule 10.01, without giving
effect to any renewals or extensions of such Liens, provided that the aggregate principal amount of the Indebtedness, if
any, secured by such Liens does not increase from that amount outstanding on the Effective Date, less any repayments of principal
thereof;

 

(iv)       Liens
created pursuant to the Security Documents including, without limitation, Liens created in relation to any Interest Rate Protection
Agreement or Other Hedging Agreement;

 

    	 	(73)	 

     

    

 

(v)       Liens
arising out of judgments, awards, decrees or attachments with respect to which the Parent or any of its Subsidiaries shall in
good faith be prosecuting an appeal or proceedings for review, provided that the aggregate amount of all such judgments,
awards, decrees or attachments shall not constitute an Event of Default under Section 11.09;

 

(vi)       Liens
in respect of seamen’s wages which are not past due and other maritime Liens arising in the ordinary course of business
up to an aggregate amount of $10,000,000; 

 

(vii)       [intentionally
omitted];

 

(vii)       Liens
which rank after the Liens created by the Security Documents to secure the performance of bids, tenders, bonds or contracts; provided
that (a) such bids, tenders, bonds or contracts directly relate to the Vessel, are incurred in the ordinary course of business
and do not relate to the incurrence of Indebtedness for Borrowed Money, and (b) at any time outstanding, the aggregate amount
of Liens under this clause (vii) shall not secure greater than $25,000,000 of obligations. 

 

In connection with the granting of Liens
described above in this Section 10.01 by the Parent or any of its Subsidiaries, the Facility Agent and the Collateral Agent shall
be authorized to take any actions deemed appropriate by it in connection therewith (including, without limitation, by executing
appropriate lien subordination agreements in favor of the holder or holders of such Liens, in respect of the item or items of equipment
or other assets subject to such Liens).

 

10.02 Consolidation,
Merger, Amalgamation, Sale of Assets, Acquisitions, etc.

 

(a)       
The Parent will not, and will not permit any of its Subsidiaries to, wind up, liquidate or dissolve its affairs or enter into any
transaction of merger, amalgamation or consolidation, or convey, sell, lease or otherwise dispose of all or substantially all of
its property or assets, or make any Acquisitions, except that:

 

(i)       any
Subsidiary of the Parent (other than the Borrower) may merge, amalgamate or consolidate with and into, or be dissolved or liquidated
into, the Parent or other Subsidiary of the Parent (other than the Borrower), so long as (x) in the case of any such merger, amalgamation,
consolidation, dissolution or liquidation involving the Parent, the Parent is the surviving or continuing entity of any such merger,
amalgamation, consolidation, dissolution or liquidation and (y) any security interests granted to the Collateral Agent for the
benefit of the Secured Creditors pursuant to the Security Documents in the assets of such Subsidiary shall remain in full force
and effect and perfected (to at least the same extent as in effect immediately prior to such merger, amalgamation, consolidation,
dissolution or liquidation) and all actions required to maintain said perfected status have been taken;

 

(ii)       the
Parent and any Subsidiary of the Parent may make dispositions of assets so long as such disposition is permitted pursuant to Section
10.02(b);

 

(iii)       the
Parent and any Subsidiary of the Parent (other than the Borrower) may make Acquisitions; provided that (x) the Parent provides
evidence reasonably satisfactory to the Required Lenders that the Parent will be in compliance with the financial undertakings
contained in Sections 10.06 to 10.09 after giving effect to such Acquisition on a pro forma basis and (y) no Default or Event of
Default will exist after giving effect to such Acquisition; and

 

    	 	(74)	 

     

    

 

(iv)       the
Parent and any Subsidiary of the Parent (other than the Borrower) may establish new Subsidiaries.

 

(b)       The
Parent will not, and will not permit any other company in the NCLC Group to, either in a single transaction or in a series of transactions
whether related or not and whether voluntarily or involuntarily, sell, transfer, lease or otherwise dispose of all or a substantial
part of its assets except that the following disposals shall not be taken into account:

 

(i)       dispositions
made in the ordinary course of trading of the disposing entity (excluding a disposition of the Vessel or other Collateral) including
without limitation, the payment of cash as consideration for the purchase or acquisition of any asset or service or in the discharge
of any obligation incurred for value in the ordinary course of trading;

 

(ii)       dispositions
of cash raised or borrowed for the purposes for which such cash was raised or borrowed;

 

(iii)       dispositions
of assets (other than the Vessel or other Collateral) owned by any member of the NCLC Group in exchange for other assets comparable
or superior as to type and value;

 

(iv)       a
vessel (other than the Vessel or other Collateral) or any other asset owned by any member of the NCLC Group (other than the Borrower)
may be sold, provided such sale is on a willing seller willing buyer basis at or about market rate and at arm’s length
subject always to the provisions of any loan documentation for the financing of such vessel or other asset;

 

(v)       the
Credit Parties may sell, lease or otherwise dispose of the Vessel or sell 100% of the Capital Stock of the Borrower, provided
that such sale is made at fair market value, the Total Commitment is permanently reduced to $0, and the Loans are repaid in full;
and

 

(vi)       Permitted
Chartering Arrangements.

 

10.03 Dividends.

 

(a)       Subject
to Section 4.02(d) and sub-clause (b) below, the Parent and each of its Subsidiaries shall be entitled at any time to authorize,
declare or pay any Dividends provided no Default is continuing or would occur as a result of the authorization, declaration or
payment of any such Dividend at such time;

 

    	 	(75)	 

     

    

 

(b)       Notwithstanding
the foregoing sub-clause (a), (i) any Subsidiary of the Parent (other than the Borrower, in respect of which Section 10.12 applies)
may (x) authorize, declare and pay Dividends to another member of the NCLC Group regardless of whether a Default exists at such
time, (y) pay Dividends and other distributions, directly or indirectly, to the Parent for the purpose of providing liquidity to
the Parent to enable the Parent to satisfy payment obligations for which the Parent is an obligor, and (ii) the Parent, Holdings
and the Subsidiaries may pay Dividends and other distributions (A) in respect of the Tax liability to each relevant jurisdiction
in respect of consolidated, combined, unitary or affiliated Tax returns for each relevant jurisdiction of the NCLC Group or Holdings
or holder of the Parent’s Capital Stock with respect to income taxable as a result of any member of the NCLC Group or Holdings
being taxed as a pass-through entity for U.S. Federal, state and local income Tax purposes or attributable to any member of the
NCLC Group, (B) in respect of a conversion, exchange or repurchase of convertible or exchangeable notes and any conversion of preference
shares to ordinary shares in connection therewith, provided that the cash portion of a repurchase of convertible or exchangeable
notes is limited to the amount of interest that would otherwise be payable through maturity on the amount of such convertible or
exchangeable notes being repurchased plus any amount payable in lieu of fractional shares, and (C) to the extent contractually
owed to holders of equity in the Parent or Holdings and (iii) the Parent may pay Dividends and other distributions to Holdings
for the purposes of providing cash to Holdings for the payment of any Tax payable in connection with Holdings’ equity plan;
provided that the actions in clause (ii) above shall only be permitted if no Event of Default has occurred and is continuing or
would result therefrom.

 

10.04 Advances,
Investments and Loans. The Parent will not, and will not permit any other member of the NCLC Group to, purchase or acquire
any margin stock (or other Equity Interests) or any other asset, or make any capital contribution to or other investment in any
other Person (each of the foregoing an “Investment” and, collectively, “Investments”),
in each case either in a single transaction or in a series of transactions (whether related or not), except that the following
shall be permitted:

 

(i)         Investments
on arm’s length terms;

 

(ii)        Investments for its
use in its ordinary course of business;

 

(iii)       Investments
the cost of which is less than or equal to its fair market value at the date of acquisition; and

 

(iv)       Investments permitted by Section 10.02.

 

10.05 Transactions
with Affiliates. (a) The Parent will not, and will not permit any of its 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 such Person (each of the foregoing, an “Affiliate Transaction”)
involving aggregate consideration in excess of $10,000,000, unless such Affiliate Transaction is on terms that are not materially
less favorable to the Parent or any Subsidiary of the Parent than those that could have been obtained in a comparable transaction
by such Person with an unrelated Person.

 

(b)        The
provisions of Section 10.05(a) shall not apply to the following:

 

    	 	(76)	 

     

    

 

(i)       transactions
between or among the Parent and/or any Subsidiary of the Parent (or an entity that becomes a Subsidiary of the Parent as a result
of such transaction) and any merger, consolidation or amalgamation of the Parent or any Subsidiary of the Parent and any direct
parent of the Parent, any Subsidiary of the Parent or, in the case of a Subsidiary of the Parent, the Parent; provided that
such parent shall have no material liabilities and no material assets other than cash, Cash Equivalents and the Capital Stock of
the Parent or such Subsidiary of the Parent, as the case may be, and such merger, consolidation or amalgamation is otherwise in
compliance with the terms of this Agreement and effected for a bona fide business purpose;

 

(ii)       Dividends
permitted by Section 10.03 and Investments permitted by Section 10.04;

 

(iii)       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 Parent or any Subsidiary of the Parent, any direct or indirect parent of the Parent;

 

(iv)       [intentionally
omitted];

 

(v)       any
agreement to pay, and the payment of, monitoring, management, transaction, advisory or similar fees (A) in an aggregate amount
in any fiscal year not to exceed the sum of (1) the greater of (i) 1% of Consolidated EBITDA of the Parent and (ii) $9,000,000,
plus reasonable out of pocket costs and expenses in connection therewith and unpaid amounts accrued for prior periods; plus (2)
any deferred fees (to the extent such fees were within such amount in clause (A)(1) above originally), plus (B) 2.0% of the value
of transactions with respect to which an Affiliate provides any transaction, advisory or other services;

 

(vi)       transactions
in which the Parent or any Subsidiary of the Parent, as the case may be, delivers to the Facility Agent a letter from an independent
financial advisor stating that such transaction is fair to the Parent or any Subsidiary of the Parent, as the case may be, from
a financial point of view or meets the requirements of Section 10.05(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 Parent in good faith;

 

(viii)       any
agreement as in effect as of the Effective 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 Lenders in any material respect than the original agreement as in
effect on the Effective Date) or any transaction contemplated thereby as determined in good faith by the Parent;

 

(ix)       (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 Agreement, which are fair to the Parent and its Subsidiaries in the reasonable determination of the Board of
Directors or the senior management of the Parent, 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 Subsidiaries of the Parent entered into in the
ordinary course of business and consistent with past practice or industry norm;

 

    	 	(77)	 

     

    

 

(x)       the
issuance of Equity Interests (other than Disqualified Stock) of the Parent to any Person;

 

(xi)       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
Parent or any direct or indirect parent of the Issuer or of a Subsidiary of the Parent, as appropriate, in good faith;

 

(xii)       any
contribution to the capital of the Parent;

 

(xiii)       transactions
between the Parent or any Subsidiary of the Parent and any Person, a director of which is also a director of the Parent or a Subsidiary
of the Parent or any direct or indirect parent of the Parent; provided, however, that such director abstains from
voting as a director of the Parent or a Subsidiary of the Parent or such direct or indirect parent, as the case may be, on any
matter involving such other Person;

 

(xiv)       pledges
of Equity Interests of Subsidiaries of the Parent (other than the Borrower);

 

(xv)       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;

 

(xvi)       any
employment agreements entered into by the Parent or any Subsidiary of the Parent in the ordinary course of business; and

 

(xvii)transactions
undertaken in good faith (as certified by a responsible financial or accounting officer of the Parent in an officer’s certificate)
for the purpose of improving the consolidated tax efficiency of Holdings, the Parent and its Subsidiaries and not for the purpose
of circumventing any provision set forth in this Agreement.

 

10.06 Free Liquidity.
The Parent will not permit the Free Liquidity to be less than (x) until December 31, 2022, $200,000,000 at any time and (y) thereafter,
$50,000,000 at any time.

 

10.07 Total Net
Funded Debt to Total Capitalization. The Parent will not permit the ratio of Total Net Funded Debt to Total Capitalization
to be greater than 0.70:1.00 at any time.

 

10.08 Collateral
Maintenance. The Borrower will not permit the Appraised Value of the Vessel (such value, the “Vessel Value”)
to be less than 125% of the aggregate outstanding principal amount of Loans at such time; provided that, so long as any non-compliance
in respect of this Section 10.08 is not caused by a voluntary Collateral Disposition, such non-compliance shall not constitute
a Default or an Event of Default so long as within 10 Business Days of the occurrence of such default, the Borrower shall either
(i) post additional collateral reasonably satisfactory to the Required Lenders in favor of the Collateral Agent (it being understood
that cash collateral comprised of Dollars is satisfactory and that it shall be valued at par), pursuant to security documentation
reasonably satisfactory in form and substance to the Collateral Agent and the Lead Arrangers, in an aggregate amount sufficient
to cure such non-compliance (and shall at all times during such period and prior to satisfactory completion thereof, be diligently
carrying out such actions) or (ii) repay Loans in an amount sufficient to cure such non-compliance; provided, further, that, subject
to the last sentence in Section 9.01(c), the covenant in this Section 10.08 shall be tested no more than once per calendar
year beginning with the first calendar year end to occur after the Delivery Date in the absence of the occurrence of an Event
of Default which is continuing.

 

    	 	(78)	 

     

    

 

10.09 Consolidated
EBITDA to Consolidated Debt Service. The Parent will not permit the ratio of Consolidated EBITDA to Consolidated Debt Service
for the NCLC Group at the end of any fiscal quarter, computed for the period of the four consecutive fiscal quarters ending as
at the end of the relevant fiscal quarter, to be less than 1.25:1.00 unless the Free Liquidity of the NCLC Group at all times during
such period of four consecutive fiscal quarters ending as at the end of such fiscal quarter was equal to or greater than $100,000,000.

 

10.10 Business;
Change of Name. The Parent will not, and will not permit any of its Subsidiaries to, change its name, change its address as
indicated on Schedule 14.03A to an address outside the State of Florida, or make or threaten to make any substantial change in
its business as presently conducted or cease to perform its current business activities or carry on any other business which is
substantial in relation to its business as presently conducted if doing so would imperil the security
created by any of the Security Documents or affect the ability of the Parent or its Subsidiaries
to duly perform its obligations under any Credit Document to which it is or may be a party from time to time (it being
understood that name changes and changes of address to an address outside the State of Florida shall be permitted so long as new,
relevant Security Documents are executed and delivered (and if necessary, recorded) in a form reasonably satisfactory to the Collateral
Agent), in each case in the reasonable opinion of the Facility Agent; provided that any new leisure
or hospitality venture embarked upon by any member of the NCLC Group (other than the Parent)
shall not constitute a substantial change in its business.

 

10.11 Subordination
of Indebtedness. Other than the Sky Vessel Indebtedness, (i) the Parent shall procure that any and all of its Indebtedness
with any other Credit Party and/or any shareholder of the Parent is at all times fully subordinated to the Credit Document Obligations
and (ii) the Parent shall not make or permit to be made any repayments of principal, payments of interest or of any other costs,
fees, expenses or liabilities arising from or representing Indebtedness with any shareholder of the Parent. Upon the occurrence
of an Event of Default, the Parent shall not make any repayments of principal, payments of interest or of any other costs, fees,
expenses or liabilities arising from or representing Indebtedness with any other Credit Party (including, for the avoidance of
doubt, the Sky Vessel Indebtedness); provided that, notwithstanding anything set forth in this Agreement to the contrary, the consent
of the Lenders will be required for any (I) prepayment of the Sky Vessel Indebtedness in advance of the scheduled repayments set
forth in the memorandum of agreement referred to in the definition of Sky Vessel and (II) amendment to the memorandum of agreement
referred to in the definition of Sky Vessel to the extent that such amendment involves a material change to terms of the financing
arrangements set forth therein that is adverse to the interests of either the Parent or the Lenders (including, without limitation,
any change that is adverse to the interests of either the Parent or the Lenders (i) in the timing and/or schedule of repayment
applicable to such financing arrangements by more than five Business Days or (ii) in the interest rate applicable to such financing
arrangements). This Section 10.11 is without prejudice to Section 4.02(d).

 

    	 	(79)	 

     

    

 

10.12 Activities
of Borrower, etc. The Parent will not permit the Borrower to, and the Borrower will not:

 

(i)       issue
or enter into any guarantee or indemnity or otherwise become directly or contingently liable for the obligations of any other Person,
other than in the ordinary course of its business as owner of the Vessel;

 

(ii)       incur
any Indebtedness or become a creditor in respect of any Indebtedness, other than (w) Indebtedness incurred under the Credit Documents,
(x) Indebtedness that is a Permitted Intercompany Arrangement, (y) Indebtedness which complies with Section 4.02(d)(ii)(I) or (z),
after the Second Deferred Loan Repayment Date, in each case in the ordinary course of its business as owner of the Vessel and provided
further that in the case of (x), (y) and (z) such Indebtedness is subordinated to the rights of the Lenders;

 

(iii)       engage
in any business or own any significant assets or have any material liabilities other than (i) its ownership of the Vessel and (ii)
those liabilities which it is responsible for under this Agreement and the other Credit Documents to which it is a party, provided
that the Borrower may also engage in those activities that are incidental to (x) the maintenance of its existence in compliance
with applicable law and (y) legal, tax and accounting matters in connection with any of the foregoing activities; and

 

(iv)        make
or pay any Dividend or other distribution (in cash or in kind) in respect of its Capital Stock to another member of the NCLC Group,
other than when no Event of Default has occurred and is continuing or would result therefrom.

 

10.13 Material
Amendments or Modifications of Construction Contracts. The Parent will not, and will not permit any of its Subsidiaries to,
make any material amendments, modifications or changes to any term or provision of the Construction Contract that would amend,
modify or change (i) the purpose of the Vessel or (ii) the Initial Construction Price in excess of 7.5% in the aggregate, in each
case unless such amendment, modification or change is approved in advance by the Facility Agent and the Hermes Agent and the same
could not reasonably be expected to be adverse to the interests of the Lenders or the Hermes Cover.

 

10.14 No Place
of Business. None of the Credit Parties shall establish a place of business in the United Kingdom or the United States of America,
with the exception of those places of business already in existence on the Effective Date, unless prompt notice thereof is given
to the Facility Agent and the requirements set forth in Section 9.10 have been satisfied.

 

    	 	(80)	 

     

    

 

Section 11
Events of Default. Upon the occurrence of any of the following specified events (each an “Event of Default”):

 

11.01 Payments.
The Borrower or any other Credit Party does not pay on the due date any amount of principal or interest on any Loan (provided,
however, that if any such amount is not paid when due solely by reason of some error or omission on the part of the bank or banks
through whom the relevant funds are being transmitted no Event of Default shall occur for the purposes of this Section 11.01 until
the expiry of three Business Days following the date on which such payment is due) or, within three days of the due date any other
amount, payable by it under any Credit Document to which it may at any time be a party, at the place and in the currency in which
it is expressed to be payable; or

 

11.02 Representations,
etc. Any representation, warranty or statement made or repeated in, or in connection with, any Credit Document or in any accounts,
certificate, statement or opinion delivered by or on behalf of any Credit Party thereunder or in connection therewith is materially
incorrect when made or would, if repeated at any time hereafter by reference to the facts subsisting at such time, no longer be
materially correct; or

 

11.03 Covenants.
Any Credit Party shall (i) default in the due performance or observance by it of any term, covenant or agreement contained in Section
9.01(h), Section 9.06, Section 9.11, or Section 10 or (ii) default in the due performance or observance by it of any other term,
covenant or agreement contained in this Agreement or any other Credit Document and, in the case of this clause (ii), such default
shall continue unremedied for a period of 30 days after written notice to the Borrower by the Facility Agent or any of the Lenders,
provided that any default in the due performance or observance of any term, covenant or agreement contained in Section 10.07, Section
10.08 or Section 10.09 arising from the First Deferral Effective Date through (and including) December 31, 2022 shall not constitute
an Event of Default, unless during such period a mandatory prepayment event has occurred under Section 4.02(d), an Event of Default
has occurred under Section 11.05 or a Credit Party has entered into a restructuring, arrangement or composition with or for the
benefit of its creditors; or

 

11.04 Default
Under Other Agreements. (a) Any event of default occurs under any financial contract or financial document relating to any
Indebtedness of any member of the NCLC Group;

 

(b)       Any
such Indebtedness or any sum payable in respect thereof is not paid when due (after the expiry of any applicable grace period(s))
whether by acceleration or otherwise;

 

(c)       Any
Lien over any assets of any member of the NCLC Group becomes enforceable; or

 

(d)       Any
other Indebtedness of any member of the NCLC Group is not paid when due or is or becomes capable of being declared due prematurely
by reason of default or any security for the same becomes enforceable by reason of default,

 

    	 	(81)	 

     

    

 

provided that:

 

(i)       it
shall not be a Default or Event of Default under this Section 11.04 unless the principal amount of the relevant Indebtedness as
described in preceding clauses (a) through (d), inclusive, exceeds $15,000,000;

 

(ii)       no
Event of Default will arise under clauses (a), (c) and/or (d) until the earlier of (x) 30 days following the occurrence of the
related event of default, Lien becoming enforceable or Indebtedness becoming capable of being declared due prematurely, as the
case may be, and (y) the acceleration of the relevant Indebtedness or the enforcement of the relevant Lien;

 

(iii)       if
at any time hereafter the Parent or any other member of the NCLC Group agrees to the incorporation of a cross default provision
into any financial contract or financial document relating to any Indebtedness that is more onerous than this Section 11.04, then
the Parent shall immediately notify the Facility Agent and that cross default provision shall be deemed to apply to this Agreement
as if set out in full herein with effect from the date of such financial contract or financial document and during the term of
that financial contract or financial document; and

 

(iv)       no
Event of Default will arise under this Section 11.04 if caused solely as a result of breach of financial covenants equivalent to
those set forth in Section 10.07, Section 10.08 or Section 10.09 that occurs from the First Deferral Effective Date through (and
including) December 31, 2022 under or in relation to any other Hermes-backed facility agreement to which the Parent is a party
and to which the Principles or the Framework apply, unless at the time of such default a mandatory prepayment event has occurred
and is continuing under Section 4.02(d); or

 

11.05 Bankruptcy,
etc. (a) Other than as expressly permitted in Section 10, any order is made or an effective resolution passed or other action
taken for the suspension of payments or dissolution, termination of existence, liquidation, winding-up or bankruptcy of any member
of the NCLC Group; or

 

(b)       Any
member of the NCLC Group shall commence a voluntary case concerning itself under Title 11 of the United States Code entitled “Bankruptcy,”
as now or hereafter in effect, or any successor thereto (the “Bankruptcy Code”); or an involuntary case is commenced
against any member of the NCLC Group, and the petition is not dismissed within 45 days after the filing thereof, provided,
however, that during the pendency of such period, each Lender shall be relieved of its obligation to extend credit hereunder;
or a custodian (as defined in the Bankruptcy Code) is appointed for, or takes charge of, all or substantially all of the property
of any member of the NCLC Group, to operate all or any substantial portion of the business of any member of the NCLC Group, or
any member of the NCLC Group commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of
debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating
to any member of the NCLC Group, or there is commenced against any member of the NCLC Group any such proceeding which remains undismissed
for a period of 45 days after the filing thereof, or any member of the NCLC Group is adjudicated insolvent or bankrupt; or any
order of relief or other order approving any such case or proceeding is entered; or any member of the NCLC Group makes a general
assignment for the benefit of creditors; or any Company action is taken by any member of the NCLC Group for the purpose of effecting
any of the foregoing; or

 

    	 	(82)	 

     

    

 

(c)       A
liquidator (subject to Section 11.05(e)), trustee, administrator, receiver, manager or similar officer is appointed in respect
of any member of the NCLC Group or in respect of all or any substantial part of the assets of any member of the NCLC Group and
in any such case such appointment is not withdrawn within 30 days (in this Section 11.05, the “Grace Period”)
unless the Facility Agent considers in its sole discretion that the interest of the Lenders and/or the Agents might reasonably
be expected to be adversely affected in which event the Grace Period shall not apply; or

 

(d)       Any
member of the NCLC Group becomes or is declared insolvent or is unable, or admits in writing its inability, to pay its debts as
they fall due or becomes insolvent within the terms of any applicable law; or

 

(e)       Anything
analogous to or having a substantially similar effect to any of the events specified in this Section 11.05 shall have occurred
under the laws of any applicable jurisdiction (subject to the analogous grace periods set forth herein); or

 

11.06 Total Loss.
An Event of Loss shall occur resulting in the actual or constructive total loss of the Vessel or the agreed or compromised total
loss of the Vessel and the proceeds of the insurance in respect thereof shall not have been received within 150 days of the event
giving rise to such Event of Loss; or

 

11.07 Security
Documents. At any time after the execution and delivery thereof, any of the Security Documents shall cease to be in full force
and effect, or shall cease to give the Collateral Agent for the benefit of the Secured Creditors the Liens, rights, powers and
privileges purported to be created thereby (including, without limitation, a perfected security interest in, and Lien on, all of
the material Collateral), in favor of the Collateral Agent, superior to and prior to the rights of all third Persons (except in
connection with Permitted Liens), and subject to no other Liens (except Permitted Liens), or any “event of default”
(as defined in the Vessel Mortgage) shall occur in respect of the Vessel Mortgage; or

 

11.08 Guaranties.
(a) The Parent Guaranty, or any provision thereof, shall cease to be in full force or effect as to the Parent, or the Parent (or
any Person acting by or on behalf of the Parent) shall deny or disaffirm the Parent’s obligations under the Parent Guaranty;
or

 

(b)       After
the execution and delivery thereof, the Hermes Cover, or any material provision thereof, shall cease to be in full force or effect,
or Hermes (or any Person acting by or on behalf of the Parent or the Hermes Agent) shall deny or disaffirm Hermes’ obligations
under the Hermes Cover; or

 

11.09 Judgments.
Any distress, execution, attachment or other process affects the whole or any substantial part of the assets of any member of the
NCLC Group and remains undischarged for a period of 21 days or any uninsured judgment in excess of $15,000,000 following final
appeal remains unsatisfied for a period of 30 days in the case of a judgment made in the United States and otherwise for a period
of 60 days; or

 

    	 	(83)	 

     

    

 

11.10 Cessation
of Business. Subject to Section 10.02, any member of the NCLC Group shall cease to carry on all or a substantial part of its
business; or

 

11.11 Revocation
of Consents. Any authorization, approval, consent, license, exemption, filing, registration or notarization or other requirement
necessary to enable any Credit Party to comply with any of its obligations under any of the Credit Documents to which it is a party
shall have been materially adversely modified, revoked or withheld or shall not remain in full force and effect and within 90 days
of the date of its occurrence such event is not remedied to the satisfaction of the Required Lenders and the Required Lenders consider
in their sole discretion that such failure is or might be expected to become materially prejudicial to the interests, rights or
position of the Agents and the Lenders or any of them; provided that the Borrower shall not be entitled to the aforesaid 90 day
period if the modification, revocation or withholding of the authorization, approval or consent is due to an act or omission of
any Credit Party and the Required Lenders are satisfied in their sole discretion that the interests of the Agents or the Lenders
might reasonably be expected to be materially adversely affected; or

 

11.12 Unlawfulness.
At any time it is unlawful or impossible for:

 

(i)       any
Credit Party to perform any of its obligations under any Credit Document to which it is a party; or

 

(ii)       the
Agents or the Lenders, as applicable, to exercise any of their rights under any of the Credit Documents;

 

provided that no Event of Default
shall be deemed to have occurred (x) (except where the unlawfulness or impossibility adversely affects any Credit Party’s
payment obligations under this Agreement and/or the other Credit Documents (the determination of which shall be in the Facility
Agent’s sole discretion) in which case the following provisions of this Section 11.12 shall not apply) where the unlawfulness
or impossibility prevents any Credit Party from performing its obligations (other than its payment obligations under this Agreement
and the other Credit Documents) and is cured within a period of 21 days of the occurrence of the event giving rise to the unlawfulness
or impossibility and the relevant Credit Party, within the aforesaid period, performs its obligation(s), and (y) where the Facility
Agent and/or the Lenders, as applicable, could, in its or their sole discretion, mitigate the consequences of unlawfulness or impossibility
in the manner described in Section 2.11(a) (it being understood that the costs of mitigation shall be determined in accordance
with Section 2.11(a)); or

 

11.13 Insurances.
Borrower shall have failed to insure the Vessel in the manner specified in this Agreement or failed to renew the Required Insurance
at least 10 Business Days prior to the date of expiry thereof and, if requested by the Facility Agent, produce prompt confirmation
of such renewal to the Facility Agent; or

 

11.14 Disposals.
The Borrower or any other member of the NCLC Group shall have concealed, removed, or permitted to be concealed or removed, any
part of its property, with intent to hinder, delay or defraud its creditors or any of them, or made or suffered a transfer of any
of its property which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law; or shall have made any transfer
of its property to or for the benefit of a creditor with the intention of preferring such creditor over any other creditor; or

 

    	 	(84)	 

     

    

 

11.15 Government
Intervention. The authority of any member of the NCLC Group in the conduct of its business shall be wholly or substantially
curtailed by any seizure or intervention by or on behalf of any authority and within 90 days of the date of its occurrence any
such seizure or intervention is not relinquished or withdrawn and the Facility Agent reasonably considers that the relevant occurrence
is or might be expected to become materially prejudicial to the interests, rights or position of the Agents and/or the Lenders;
provided that the Borrower shall not be entitled to the aforesaid 90 day period if the seizure or intervention executed by any
authority is due to an act or omission of any member of the NCLC Group and the Facility Agent is satisfied, in its sole discretion,
that the interests of the Agents and/or the Lenders might reasonably be expected to be materially adversely affected; or

 

11.16 Change of
Control. A Change of Control shall occur; or

 

11.17 Material
Adverse Change. Any event shall occur which results in a Material Adverse Effect; or

 

11.18 Repudiation
of Construction Contract or other Material Documents. Any party to the Construction Contract, any Credit Document or any other
material documents related to the Credit Document Obligations hereunder shall repudiate the Construction Contract, such Credit
Document or such material document in any way;

 

then, and in any such
event, and at any time thereafter, if any Event of Default shall then be continuing, the Facility Agent, upon the written request
of the Required Lenders and after having informed the Hermes Agent of such written request, shall by written notice to the Borrower,
take any or all of the following actions, without prejudice to the rights of any Agent or any Lender to enforce its claims against
any Credit Party (provided that, if an Event of Default specified in Section 11.05 shall occur, the result which would occur
upon the giving of written notice by the Facility Agent to the Borrower as specified in clauses (i) and (ii) below shall occur
automatically without the giving of any such notice):

 

(i) declare the Total
Commitments terminated, whereupon all Commitments of each Lender shall forthwith terminate immediately and any Commitment Commission
shall forthwith become due and payable without any other notice of any kind;

 

(ii) declare the principal
of and any accrued interest in respect of all Loans and all Credit Document Obligations owing hereunder and thereunder to be, whereupon
the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by each Credit Party; and

 

(iii) enforce, as
Collateral Agent, all of the Liens and security interests created pursuant to the Security Documents.

 

    	 	(85)	 

     

    

 

Section 12
Agency and Security Trustee Provisions.

 

12.01 Appointment
and Declaration of Trust. (a) The Lenders hereby designate KfW IPEX-Bank GmbH, as Facility Agent (for purposes of this Section
12, the term “Facility Agent” shall include KfW IPEX-Bank GmbH (and/or any of its Affiliates) in its capacity as Collateral
Agent under the Security Documents and as CIRR Agent) to act as specified herein and in the other Credit Documents. Each Lender
hereby irrevocably authorizes the Agents to take such action on its behalf under the provisions of this Agreement, the other Credit
Documents and any other instruments and agreements referred to herein or therein and to exercise such powers and to perform such
duties hereunder and thereunder as are specifically delegated to or required of the Agents by the terms hereof and thereof and
such other powers as are reasonably incidental thereto. Each Agent may perform any of its duties hereunder by or through its respective
officers, directors, agents, employees or affiliates and, may transfer from time to time any or all of its rights, duties and obligations
hereunder and under the relevant Credit Documents (in accordance with the terms thereof) to any of its banking affiliates.

 

(b)       With
effect from the Initial Syndication Date, KfW IPEX-Bank GmbH in its capacity as Collateral Agent pursuant to the Security Documents
declares that it shall hold the Collateral in trust for the Secured Creditors. The Collateral Agent shall have the right to delegate
a co-agent or sub-agent from time to time to perform and benefit from any or all of rights, duties and obligations hereunder and
under the relevant Security Documents (in accordance with the terms thereof and of the Security Trust Deed) and, in the event that
any such duties or obligations are so delegated, the Collateral Agent is hereby authorized to enter into additional Security Documents
or amendments to the then existing Security Documents to the extent it deems necessary or advisable to implement such delegation
and, in connection therewith, the Parent will, or will cause the relevant Subsidiary to, use its commercially reasonable efforts
to promptly deliver any opinion of counsel that the Facility Agent may reasonably require to the reasonable satisfaction of the
Facility Agent.

 

(c)       The
Lenders hereby designate KfW IPEX-Bank GmbH, as Hermes Agent, which Agent shall be responsible for any and all communication, information
and negotiation required with Hermes in relation to the Hermes Cover. All notices and other communications provided to the Hermes
Agent shall be mailed, telexed, telecopied, delivered or electronic mailed to the Notice Office of the Hermes Agent.

 

12.02 Nature of
Duties. The Agents shall have no duties or responsibilities except those expressly set forth in this Agreement and the Security
Documents. None of the Agents nor any of their respective officers, directors, agents, employees or affiliates shall be liable
for any action taken or omitted by it or them hereunder, under any other Credit Document, under the Hermes Cover or in connection
herewith or therewith, unless caused by such Person’s gross negligence or willful misconduct (any such liability limited
to the applicable Agent to whom such Person relates). The duties of each of the Agents shall be mechanical and administrative in
nature; none of the Agents shall have by reason of this Agreement or any other Credit Document any fiduciary relationship in respect
of any Lender; and nothing in this Agreement or any other Credit Document, expressed or implied, is intended to or shall be so
construed as to impose upon any Agents any obligations in respect of this Agreement, any other Credit Document or the Hermes Cover
except as expressly set forth herein or therein.

 

    	 	(86)	 

     

    

 

12.03 Lack of
Reliance on the Agents. Independently and without reliance upon the Agents, each Lender, to the extent it deems appropriate,
has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of the Credit
Parties in connection with the making and the continuance of the Loans and the taking or not taking of any action in connection
herewith, (ii) its own appraisal of the creditworthiness of the Credit Parties and (iii) its own appraisal of the Hermes Cover
and, except as expressly provided in this Agreement, none of the Agents shall have any duty or responsibility, either initially
or on a continuing basis, to provide any Lender with any credit or other information with respect thereto, whether coming into
its possession before the making of the Loans or at any time or times thereafter. None of the Agents shall be responsible to any
Lender for any recitals, statements, information, representations or warranties herein or in any document, certificate or other
writing delivered in connection herewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection,
collectibility, priority or sufficiency of this Agreement, any other Credit Document, the Hermes Cover or the financial condition
of the Credit Parties or any of them or be required to make any inquiry concerning either the performance or observance of any
of the terms, provisions or conditions of this Agreement, any other Credit Document, the Hermes Cover, or the financial condition
of the Credit Parties or any of them or the existence or possible existence of any Default or Event of Default.

 

12.04 Certain
Rights of the Agents. If any of the Agents shall request instructions from the Required Lenders with respect to any act or
action (including failure to act) in connection with this Agreement, any other Credit Document or the Hermes Cover, the Agents
shall be entitled to refrain from such act or taking such action unless and until the Agents shall have received instructions from
the Required Lenders; and the Agents shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing,
no Lender shall have any right of action whatsoever against the Agents as a result of any of the Agents acting or refraining from
acting hereunder or under any other Credit Document in accordance with the instructions of the Required Lenders.

 

12.05 Reliance.
Each of the Agents shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice,
statement, certificate, telex, teletype or telecopier message, cablegram, radiogram, order or other document or telephone message
signed, sent or made by any Person that the applicable Agent believed to be the proper Person, and, with respect to all legal matters
pertaining to this Agreement, any other Credit Document, the Hermes Cover and its duties hereunder and thereunder, upon advice
of counsel selected by the Facility Agent.

 

12.06 Indemnification.
To the extent any of the Agents is not reimbursed and indemnified by the Borrower, the Lenders will reimburse and indemnify the
applicable Agents, in proportion to their respective “percentages” as used in determining the Required Lenders (without
regard to the existence of any Defaulting Lenders), for and against any and all liabilities, obligations, losses, damages, penalties,
claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature which may be imposed on, asserted against
or incurred by such Agents in performing their respective duties hereunder or under any other Credit Document, in any way relating
to or arising out of this Agreement or any other Credit Document; provided that no Lender shall be liable to an Agent for any portion
of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting
from such Agent’s gross negligence or willful misconduct.

 

    	 	(87)	 

     

    

 

12.07 The Agents
in their Individual Capacities. With respect to its obligation to make Loans under this Agreement, each of the Agents shall
have the rights and powers specified herein for a “Lender” and may exercise the same rights and powers as though it
were not performing the duties specified herein; and the term “Lenders,” “Secured Creditors”, “Required
Lenders” or any similar terms shall, unless the context clearly otherwise indicates, include each of the Agents in their
respective individual capacity. Each of the Agents may accept deposits from, lend money to, and generally engage in any kind of
banking, trust or other business with any Credit Party or any Affiliate of any Credit Party as if it were not performing the duties
specified herein, and may accept fees and other consideration from the Borrower or any other Credit Party for services in connection
with this Agreement and otherwise without having to account for the same to the Lenders.

 

12.08 Resignation
by an Agent.

 

(a) Any Agent may resign
from the performance of all its functions and duties hereunder and/or under the other Credit Documents at any time by giving 15
Business Days’ prior written notice to the Borrower and the Lenders. Such resignation shall take effect upon the appointment
of a successor Agent pursuant to clauses (b) and (c) below or as otherwise provided below.

 

(b)       Upon
notice of resignation by an Agent pursuant to clause (a) above, the Required Lenders shall appoint a successor Agent hereunder
or thereunder who shall be a commercial bank or trust company reasonably acceptable to the Borrower; provided that the Borrower’s
consent shall not be required pursuant to this clause (b) if an Event of Default exists at the time of appointment of a successor
Agent.

 

(c)       If
a successor Agent shall not have been so appointed within the 15 Business Day period referenced in clause (a) above, the applicable
Agent, with the consent of the Borrower (which shall not be unreasonably withheld or delayed), shall then appoint a commercial
bank or trust company with capital and surplus of not less than $500,000,000 as successor Agent who shall serve as the applicable
Agent hereunder or thereunder until such time, if any, as the Lenders appoint a successor Agent as provided above; provided
that the Borrower’s consent shall not be required pursuant to this clause (c) if an Event of Default exists at the time of
appointment of a successor Agent.

 

(d)       If
no successor Agent has been appointed pursuant to clause (b) or (c) above by the 25th Business Day after the date such notice of
resignation was given by the applicable Agent, the applicable Agent’s resignation shall become effective and the Required
Lenders shall thereafter perform all the duties of such Agent hereunder and/or under any other Credit Document until such time,
if any, as the Required Lenders appoint a successor Agent as provided above.

 

12.09 The Lead
Arrangers. Notwithstanding any other provision of this Agreement or any provision of any other Credit Document, KfW IPEX-Bank
GmbH is hereby appointed as a Lead Arranger by the Lenders to act as specified herein and in the other Credit Documents. Each of
the Lead Arrangers in their respective capacities as such shall have only the limited powers, duties, responsibilities and liabilities
with respect to this Agreement or the other Credit Documents or the transactions contemplated hereby and thereby as are set forth
herein or therein; it being understood and agreed that the Lead Arrangers shall be entitled to all indemnification and reimbursement
rights in favor of any of the Agents as provided for under Sections 12.06 and 14.01. Without limitation of the foregoing, none
of the Lead Arrangers shall, solely by reason of this Agreement or any other Credit Documents, have any fiduciary relationship
in respect of any Lender or any other Person.

 

    	 	(88)	 

     

    

 

12.10 Impaired
Agent. (a) If, at any time, any Agent becomes an Impaired Agent, a Credit Party or a Lender which is required to make a payment
under the Credit Documents to such Agent in accordance with Section 4.03 may instead either pay that amount directly to the
required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph
(a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing,
in the name of the Credit Party or the Lender making the payment and designated as a trust account for the benefit of the party
or parties hereto beneficially entitled to that payment under the Credit Documents. In each case such payments must be made on
the due date for payment under the Credit Documents.

 

(b)       All
interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the beneficiaries of that
trust account pro rata to their respective entitlements.

 

(c)       A
party to this Agreement which has made a payment in accordance with this Section 12.10 shall be discharged of the relevant payment
obligation under the Credit Documents and shall not take any credit risk with respect to the amounts standing to the credit of
the trust account.

 

(d)       Promptly
upon the appointment of a successor Agent in accordance with Section 12.11, each party to this Agreement which has made a payment
to a trust account in accordance with this Section 12.10 shall give all requisite instructions to the bank with whom the trust
account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution in accordance
with Section 2.04.

 

12.11 Replacement
of an Agent. (a) After consultation with the Parent, the Required Lenders may, by giving 30 days’ notice to an Agent
(or, at any time such Agent is an Impaired Agent, by giving any shorter notice determined by the Required Lenders) replace such
Agent by appointing a successor Agent (subject to Section 12.08(b) and (c)).

 

(b)       The
retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Borrower) make available to
the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the
purposes of performing its functions as Agent under the Credit Documents.

 

(c)       The
appointment of the successor Agent shall take effect on the date specified in the notice from the Required Lenders to the retiring
Agent. As from such date, the retiring Agent shall be discharged from any further obligation in respect of the Credit Documents
but shall remain entitled to the benefit of this Section 12.11 (and any agency fees for the account of the retiring Agent shall
cease to accrue from (and shall be payable on) that date).

 

    	 	(89)	 

     

    

 

(d)Any successor
Agent and each of the other parties to this Agreement shall have the same rights and obligations amongst themselves as they
would have had if such successor had been an original party to this Agreement.

 

12.12 Resignation
by the Hermes Agent. (a) The Hermes Agent may resign from the performance of all its functions and duties hereunder and/or
under the other Credit Documents at any time by giving 15 Business Days’ prior written notice to the Borrower and the Lenders.
Such resignation shall take effect upon the appointment of a successor Hermes Agent pursuant to clauses (b) and (c) below or as
otherwise provided below.

 

(b)       Upon
any such notice of resignation by the Hermes Agent, the Required Lenders shall appoint a successor Hermes Agent hereunder or thereunder
who shall be a commercial bank or trust company reasonably acceptable to the Borrower; provided that the Borrower’s consent
shall not be required pursuant to this clause (b) if an Event of Default exists at the time of appointment of a successor Hermes
Agent.

 

(c)       If
a successor Hermes Agent shall not have been so appointed within such 15 Business Day period, the Hermes Agent, with the consent
of the Borrower (which shall not be unreasonably withheld or delayed), shall then appoint a commercial bank or trust company with
capital and surplus of not less than $500,000,000 as successor Hermes Agent who shall serve as Hermes Agent hereunder or thereunder
until such time, if any, as the Lenders appoint a successor Hermes Agent as provided above; provided that the Borrower’s
consent shall not be required pursuant to this clause (d) if an Event of Default exists at the time of appointment of a successor
Hermes Agent.

 

(d)       If
no successor Hermes Agent has been appointed pursuant to clause (b) or (c) above by the 25th Business Day after the date such notice
of resignation was given by the Hermes Agent, the Hermes Agent’s resignation shall become effective and the Required Lenders
shall thereafter perform all the duties of the Hermes Agent hereunder and/or under any other Credit Document until such time, if
any, as the Required Lenders appoint a successor Hermes Agent as provided above.

 

Section 13
Benefit of Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
respective successors and assigns of the parties hereto, subject to the provisions of this Section 13.

 

13.01 Assignments
and Transfers by the Lenders. (a) Subject to Section 13.06 and 13.07, any Lender (or any Lender together with one or more other
Lenders, each an “Existing Lender”) may:

 

(i)        with
the consent of the Hermes Agent and the written consent of the Federal Republic of Germany, where required according to the applicable
Hermes General Terms and Conditions (Allgemeine Bedingungen) and the supplementary provisions relating to the assignment
of Guaranteed Amounts (Ergänzende Bestimmungen für Forderungsabtretungen-AB (FAB)), assign any of its rights or
transfer by novation any of its rights and obligations under this Agreement or any Credit Document to which it is a party (including,
without limitation, all of the Commitments and outstanding Loans, or if less than all, a portion equal to at least $10,000,000
in the aggregate for such Lender’s rights and obligations), to (x) its parent company and/or any Affiliate of such assigning
or transferring Lender which is at least 50% owned (directly or indirectly) by such Lender or its parent company or (y) in the
case of any Lender that is a fund that invests in bank loans, any other fund that invests in bank loans and is managed or advised
by the same investment advisor of such Lender or by an Affiliate of such investment advisor, or

 

    	 	(90)	 

     

    

 

(ii)        with
the consent of the Hermes Agent, the written consent of the Federal Republic of Germany, where required according to the applicable
Hermes General Terms and Conditions (Allgemeine Bedingungen) and the supplementary provisions relating to the assignment
of Guaranteed Amounts (Ergänzende Bestimmungen für Forderungsabtretungen-AB (FAB)) and consent of the Borrower
(which consent, in the case of the Borrower (x) shall not be unreasonably withheld or delayed, (y) shall not be required if a Default
or Event of Default shall have occurred and be continuing at such time and (z) shall be deemed to have been given ten Business
Days after the Existing Lender has requested it in writing unless consent is expressly refused by the Borrower within that time)
assign any of its rights in or transfer by novation any of its rights in and obligations under all of its Commitments and outstanding
Loans, or if less than all, a portion equal to at least $10,000,000 in the aggregate for such Existing Lender’s rights and
obligations, hereunder to one or more Eligible Transferees (treating any fund that invests in bank loans and any other fund that
invests in bank loans and is managed or advised by the same investment advisor of such fund or by an Affiliate of such investment
advisor as a single Eligible Transferee),

 

each of which assignees
or transferees shall become a party to this Agreement as a Lender by execution of (I) an Assignment Agreement (in the case of assignments)
and (II) a Transfer Certificate (in the case of transfers under Section 13.06); provided that (x) at such time, Schedule
1.01(a) shall be deemed modified to reflect the Commitments and/or outstanding Loans, as the case may be, of such New Lender and
of the Existing Lenders, (y) the consent of the Facility Agent shall be required in connection with any assignment or transfer
pursuant to the preceding clause (ii) (which consent, in each case, shall not be unreasonably withheld or delayed) and (z) the
consent of the CIRR Agent shall be required in connection with any assignment or transfer pursuant to preceding clause (i) or (ii)
if the New Lender elects to become a Refinanced Bank; and provided, further, that at no time shall a Lender assign
or transfer its rights or obligations under this Agreement to a hedge fund, private equity fund, insurance company or other similar
or related financing institution that is not in the primary business of accepting cash deposits from, and making loans to, the
public.

 

(b)       If
(x) a Lender assigns or transfers any of its rights or obligations under the Credit Documents or changes its Facility Office and
(y) as a result of circumstances existing at the date the assignment, transfer or change occurs, a Credit Party would be obliged
to make a payment to the New Lender or Lender acting through its new Facility Office under Sections 2.09, 2.10 or 4.04, then the
New Lender or Lender acting through its new Facility Office is only entitled to receive payment under that section to the same
extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer
or change had not occurred. This Section 13.01(b) shall not apply in respect of an assignment or transfer made in the ordinary
course of the primary syndication of the Credit Agreement.

 

    	 	(91)	 

     

    

 

(c)       Each
New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that
the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the
requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes
effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would
have been had it remained a Lender.

 

(d)       The
Borrower and Bookrunner hereby agree to discuss and co-operate in good faith in connection with any initial syndication and transfer
of the Loans.

 

13.02 Assignment
or Transfer Fee. Unless the Facility Agent otherwise agrees and excluding an assignment or transfer (i) to an Affiliate of
a Lender, (ii) made in connection with primary syndication of this Agreement or (iii) as set forth in Section 13.03, each
New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account)
a fee of $3,500.

 

13.03 Assignments
and Transfers to Hermes or KfW. Nothing in this Agreement shall prevent or prohibit any Lender from assigning its rights or
transferring its rights and obligations hereunder to (x) Hermes and (y) KfW in support of borrowings made by such Lender from KfW
pursuant to the KfW Refinancing, in each case without the consent of the Borrower and without being required to pay the non-refundable
assignment fee of $3,500 referred to in Section 13.02 above.

 

13.04 Limitation
of Responsibility to Existing Lenders. (a) Unless expressly agreed to the contrary, an Existing Lender makes no representation
or warranty and assumes no responsibility to a New Lender for:

 

(i) the legality,
validity, effectiveness, adequacy or enforceability of the Credit Documents, the Security Documents or any other documents;

 

(ii) the
financial condition of any Credit Party;

 

(iii) the
performance and observance by any Credit Party of its obligations under the Credit Documents or any other documents; or

 

(iv) the
accuracy of any statements (whether written or oral) made in or in connection with any Credit Document or any other document,

 

and any representations
or warranties implied by law are excluded.

 

(b)       Each
New Lender confirms to the Existing Lender, the other Lender Creditors and the Secured Creditors that it (1) has made (and shall
continue to make) its own independent investigation and assessment of the financial condition and affairs of each Credit Party
and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information
provided to it by the Existing Lender or any other Lender Creditor in connection with any Credit Document or any Lien (or any other
security interest) created pursuant to the Security Documents and (2) will continue to make its own independent appraisal of the
creditworthiness of each Credit Party and its related entities whilst any amount is or may be outstanding under the Credit Documents
or any Commitment is in force.

 

    	 	(92)	 

     

    

 

(c)       Nothing
in any Credit Document obliges an Existing Lender to:

 

(i) accept
a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Section
13; or

 

(ii) support
any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Credit Party of its obligations
under the Credit Documents or otherwise.

 

13.05 [Intentionally
Omitted].

 

13.06 Procedure
and Conditions for Transfer. (a) Subject to Section 13.01, a transfer is effected in accordance with Section 13.06(c) when
the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New
Lender. The Facility Agent shall, subject to Section 13.06(b), as soon as reasonably practicable after receipt by it of a duly
completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with
the terms of this Agreement, execute that Transfer Certificate.

 

(b)       The
Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender
once it is satisfied it has complied with all necessary “know your customer” or similar checks under all applicable
laws and regulations in relation to the transfer to such New Lender.

 

(c)       On
the date of the transfer:

 

(i)       to
the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under
the Credit Documents to which it is a party and in respect of the Security Documents each of the Credit Parties and the Existing
Lender shall be released from further obligations towards one another under the Credit Documents and in respect of the Security
Documents and their respective rights against one another under the Credit Documents and in respect of the Security Documents shall
be cancelled (being the “Discharged Rights and Obligations”);

 

(ii)       each
of the Credit Parties and the New Lender shall assume obligations towards one another and/or acquire rights against one another
which differ from the Discharged Rights and Obligations only insofar as that Credit Party or other member of the NCLC Group and
the New Lender have assumed and/or acquired the same in place of that Credit Party and the Existing Lender;

 

(iii)       the
Facility Agent, the Collateral Agent, the Hermes Agent, the New Lender and the other Lenders shall acquire the same rights and
assume the same obligations between themselves and in respect of the Security Documents as they would have acquired and assumed
had the New Lender been an original Lender with the rights, and/or obligations acquired or assumed by it as a result of the transfer
and to that extent the Facility Agent, the Collateral Agent, the Hermes Agent and the Existing Lender shall each be released from
further obligations to each other under the Credit Documents, it being understood that the indemnification provisions under this
Agreement (including, without limitation, Sections 2.09, 2.10, 4.04, 14.01 and 14.05) shall survive as to such Existing Lender;
and

 

    	 	(93)	 

     

    

 

(iv)       the
New Lender shall become a party to this Agreement as a “Lender”

 

13.07 Procedure
and Conditions for Assignment. (a) Subject to Section 13.01, an assignment may be effected in accordance with Section
13.07(c) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing
Lender and the New Lender. The Facility Agent shall, subject to Section 13.07(b) below, as soon as reasonably practicable after
receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered
in accordance with the terms of this Agreement, execute that Assignment Agreement.

 

(b)       The
Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender
once it is satisfied it has complied with all necessary “know your customer” or similar checks under all applicable
laws and regulations in relation to the assignment to such New Lender.

 

(c)       On
the date of the assignment:

 

(i) the Existing
Lender will assign absolutely to the New Lender its rights under the Credit Documents and in respect of any Lien (or any other
security interest) created pursuant to the Security Documents expressed to be the subject of the assignment in the Assignment Agreement;

 

(ii) the
Existing Lender will be released from the obligations (the “Relevant Obligations”) expressed to be the subject
of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of any Lien (or any
other security interest) created pursuant to the Security Documents), it being understood that the indemnification provisions under
this Agreement (including, without limitation, Sections 2.09, 2.10, 4.04, 14.01 and 14.05) shall survive as to such Existing Lender;
and

 

(iii) the
New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the Relevant Obligations.

 

13.08 Copy of
Transfer Certificate or Assignment Agreement to Parent. The Facility Agent shall, as soon as reasonably practicable after it
has executed a Transfer Certificate or an Assignment Agreement, send to the Parent a copy of that Transfer Certificate or Assignment
Agreement.

 

13.09 Security
over Lenders’ Rights. In addition to the other rights provided to Lenders under this Section 13, each Lender may without
consulting with or obtaining consent from any Credit Party, at any time charge, assign or otherwise create a Lien (or any other
security interest) or declare a trust in or over (whether by way of collateral or otherwise) all or any of its rights under any
Credit Document to secure obligations of that Lender including, without limitation:

 

    	 	(94)	 

     

    

 

(i)       any
charge, assignment or other Lien (or any other security interest) or trust to secure obligations to a federal reserve or central
bank or the CIRR Representative; and

 

(ii)       in
the case of any Lender which is a fund, any charge, assignment or other Lien (or any other security interest) granted to any holders
(or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations
or securities,

 

except that
no such charge, assignment or Lien (or any other security interest) or trust shall:

 

(i) release
a Lender from any of its obligations under the Credit Documents or substitute the beneficiary of the relevant charge, assignment
or other Lien (or any other security interest) or trust for the Lender as a party to any of the Credit Documents; or

 

(ii) require
any payments to be made by a Credit Party or grant to any person any more extensive rights than those required to be made or granted
to the relevant Lender under the Credit Documents.

 

13.10 Assignment
by a Credit Party. No Credit Party may assign any of its rights or transfer by novation any of its rights, obligations or interest
hereunder or under any other Credit Document without the prior written consent of the Hermes Agent, the CIRR Representative, and
the Lenders.

 

13.11 Lender Participations.
(a) Although any Lender may grant participations in its rights hereunder, such Lender shall remain a “Lender” for all
purposes hereunder (and may not transfer by novation its rights and obligations or assign its rights under all or any portion of
its Commitments hereunder except as provided in Sections 2.12 and 13.01) and the participant shall not constitute a “Lender”
hereunder; and

 

(b) no Lender shall grant
any participation under which the participant shall have rights to approve any amendment to or waiver of this Agreement or any
other Credit Document except to the extent such amendment or waiver would (x) extend the final scheduled maturity of any Loan in
which such participant is participating, or reduce the rate or extend the time of payment of interest or Commitment Commission
thereon (except (m) in connection with a waiver of applicability of any post-default increase in interest rates and (n) that any
amendment or modification to the financial definitions in this Agreement shall not constitute a reduction in the rate of interest
for purposes of this clause (x)) or reduce the principal amount thereof, or increase the amount of the participant’s participation
over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default or of a mandatory
reduction in the Total Commitments shall not constitute a change in the terms of such participation, and that an increase in any
Commitment or Loan shall be permitted without the consent of any participant if the participant’s participation is not increased
as a result thereof), (y) consent to the assignment by the Borrower of any of its rights, or transfer by the Borrower of any of
its rights and obligations, under this Agreement or (z) release all or substantially all of the Collateral under all of the Security
Documents (except as expressly provided in the Credit Documents) securing the Loans hereunder in which such participant is participating.
In the case of any such participation, the participant shall not have any rights under this Agreement or any of the other Credit
Documents (the participant’s rights against such Lender in respect of such participation to be those set forth in the agreement
executed by such Lender in favor of the participant relating thereto) and all amounts payable by the Borrower hereunder shall be
determined as if such Lender had not sold such participation.

 

    	 	(95)	 

     

    

 

13.12 Increased
Costs. To the extent that a transfer of all or any portion of a Lender’s Commitments and related outstanding Credit Document
Obligations pursuant to Section 2.12 or Section 13.01 would, at the time of such assignment, result in increased costs under Section
2.09, 2.10 or 4.04 from those being charged by the respective assigning Lender prior to such assignment, then the Borrower shall
not be obligated to pay such increased costs (although the Borrower shall be obligated to pay any other increased costs of the
type described above resulting from changes after the date of the respective assignment).

 

Section 14
Miscellaneous.

 

14.01 Payment
of Expenses, etc. The Borrower agrees that it shall:  whether or not the transactions herein contemplated are consummated, (i)
pay all reasonable documented out-of-pocket costs and expenses of each of the Agents (including, without limitation, the reasonable
documented fees and disbursements of Norton Rose LLP, Bahamian counsel, Bermudian counsel, other counsel to the Facility Agent
and the Lead Arrangers and local counsel) in connection with (a) the preparation, execution and delivery of this Agreement and
the other Credit Documents and the documents and instruments referred to herein and therein and any amendment, waiver or consent
relating hereto or thereto, and (b) any initial transfers by KfW IPEX-Bank GmbH as original Lender pursuant to Section 5.11 carried
out during the period falling 6 months after the Effective Date including, without limitation, all documents requested to be executed
in respect of such transfers, and all respective syndication efforts with respect to this Agreement; (ii) pay all documented out-of-pocket
costs and expenses of each of the Agents and each of the Lenders in connection with the enforcement of this Agreement and the other
Credit Documents and the documents and instruments referred to herein and therein (including, without limitation, the fees and
disbursements of counsel (excluding in-house counsel) for each of the Agents and for each of the Lenders); (iii) pay and hold the
Facility Agent and each of the Lenders harmless from and against any and all present and future stamp, documentary, transfer, sales
and use, value added, excise and other similar taxes with respect to the foregoing matters, the performance of any obligation under
this Agreement or any Credit Document or any payment thereunder, and save the Facility Agent and save each of the Lenders harmless
from and against any and all liabilities with respect to or resulting from any delay or omission (other than to the extent attributable
to the Facility Agent or such Lender) to pay such taxes; and (iv) other than in respect of a wrongful failure by any Lender to
fund its Commitments as required by this Agreement, indemnify the Agents and each Lender, and each of their respective officers,
directors, trustees, employees, representatives and agents from and hold each of them harmless against any and all liabilities,
obligations (including removal or remedial actions), losses, damages, penalties, claims, actions, judgments, suits, costs, expenses
and disbursements (including reasonable attorneys’ and consultants’ fees and disbursements) incurred by, imposed on
or assessed against any of them as a result of, or arising out of, or in any way related to, or by reason of, (a) any investigation,
litigation or other proceeding (whether or not any of the Agents or any Lender is a party thereto) related to the entering into
and/or performance of this Agreement or any other Credit Document or the proceeds of any Loans hereunder or the consummation of
any transactions contemplated herein, or in any other Credit Document or the exercise of any of their rights or remedies provided
herein or in the other Credit Documents, or (b) the actual or alleged presence of Hazardous Materials on the Vessel or in the air,
surface water or groundwater or on the surface or subsurface of any property at any time owned or operated by the Borrower, the
generation, storage, transportation, handling, disposal or Environmental Release of Hazardous Materials at any location, whether
or not owned or operated by the Borrower, the non-compliance of the Vessel or property with foreign, federal, state and local laws,
regulations, and ordinances (including applicable permits thereunder) applicable to the Vessel or property, or any Environmental
Claim asserted against the Borrower or the Vessel or property at any time owned or operated by the Borrower, including, without
limitation, the reasonable fees and disbursements of counsel and other consultants incurred in connection with any such investigation,
litigation or other proceeding (but excluding any losses, liabilities, claims, damages, penalties, actions, judgments, suits, costs,
disbursements or expenses to the extent incurred by reason of the gross negligence or willful misconduct of the Person to be indemnified
or by reason of a failure by the Person to be indemnified to fund its Commitments as required by this Agreement). To the extent
that the undertaking to indemnify, pay or hold harmless each of the Agents or any Lender set forth in the preceding sentence may
be unenforceable because it violates any law or public policy, the Borrower shall make the maximum contribution to the payment
and satisfaction of each of the indemnified liabilities which is permissible under applicable law.

 

    	 	(96)	 

     

    

 

14.02 Right of
Set-off. In addition to any rights now or hereafter granted under applicable law or otherwise, and not by way of limitation
of any such rights, upon the occurrence and during the continuance of an Event of Default, each Lender is hereby authorized at
any time or from time to time, without presentment, demand, protest or other notice of any kind to the Parent or any Subsidiary
of the Parent or to any other Person, any such notice being hereby expressly waived, to set off and to appropriate and apply any
and all deposits (general or special) and any other Indebtedness at any time held or owing by such Lender (including, without limitation,
by branches and agencies of such Lender wherever located) to or for the credit or the account of the Parent or any Subsidiary of
the Parent but in any event excluding assets held in trust for any such Person against and on account of the Credit Document Obligations
and liabilities of the Parent or such Subsidiary of the Parent, as applicable, to such Lender under this Agreement or under any
of the other Credit Documents, including, without limitation, all interests in Credit Document Obligations purchased by such Lender
pursuant to Section 14.05(b), and all other claims of any nature or description arising out of or connected with this Agreement
or any other Credit Document, irrespective of whether or not such Lender shall have made any demand hereunder and although said
Credit Document Obligations, liabilities or claims, or any of them, shall be contingent or unmatured. Each Lender upon the exercise
of its rights to set-off pursuant to this Section 14.02 shall give notice thereof to the Facility Agent.

 

14.03 Notices.
Except as otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing
(including telexed, telegraphic, telecopier or electronic (unless and until notified to the contrary) communication) and mailed,
telexed, telecopied, delivered or electronic mailed: if to any Credit Party, at the address specified on Schedule 14.03A; if to
any Lender, at its address specified opposite its name on Schedule 14.03B; and if to the Facility Agent or the Hermes Agent, at
its Notice Office; or, as to any other Credit Party, at such other address as shall be designated by such party in a written notice
to the other parties hereto and, as to each Lender, at such other address as shall be designated by such Lender in a written notice
to the Parent, the Borrower and the Facility Agent; provided that, with respect to all notices and other
communication made by electronic mail or other electronic means, the Facility Agent, the Hermes Agent, the Lenders, the Parent,
the Borrower and the Pledgor agree that they (x) shall notify each other in writing
of their electronic mail address and/or any other information required to enable the sending and receipt of information by that
means and (y) shall notify each other of any change to their address or any other such information supplied by them. All such
notices and communications shall, (i) when mailed, be effective three Business Days after being deposited in the mails, prepaid
and properly addressed for delivery, (ii) when sent by overnight courier, be effective one Business Day after delivery to the overnight
courier prepaid and properly addressed for delivery on such next Business Day, (iii) when sent by telex or telecopier, be
effective when sent by telex or telecopier, except that notices and communications to the Facility Agent or the Hermes Agent shall
not be effective until received by the Facility Agent or the Hermes Agent (as the case may be), or (iv) when electronic mailed,
be effective only when actually received in readable form and in the case of any electronic communication made by a Lender, the
Parent, the Borrower or the Pledgor to the Facility Agent or the Hermes Agent, only if it is addressed in such a manner as the
Facility Agent shall specify for this purpose. A copy of any notice to the Facility Agent shall be delivered to the Hermes Agent
at its Notice Office. If an Agent is an Impaired Agent the parties to this Agreement may, instead of
communicating with each other through such Agent, communicate with each other directly and (while such Agent is an Impaired Agent)
all the provisions of the Credit Documents which require communications to be made or notices to be given to or by such Agent
shall be varied so that communications may be made and notices given to or by the relevant parties to this Agreement directly.
This provision shall not operate after a replacement Agent has been appointed.

 

    	 	(97)	 

     

    

 

14.04 No Waiver;
Remedies Cumulative. No failure or delay on the part of an Agent or any Lender in exercising any right, power or privilege
hereunder or under any other Credit Document and no course of dealing between the Borrower or any other Credit Party and an Agent
or any Lender shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder
or under any other Credit Document preclude any other or further exercise thereof or the exercise of any other right, power or
privilege hereunder or thereunder. The rights, powers and remedies herein or in any other Credit Document expressly provided are
cumulative and not exclusive of any rights, powers or remedies which an Agent or any Lender would otherwise have. No notice to
or demand on any Credit Party in any case shall entitle any Credit Party to any other or further notice or demand in similar or
other circumstances or constitute a waiver of the rights of an Agent or any Lender to any other or further action in any circumstances
without notice or demand.

 

14.05 Payments
Pro Rata. (a) Except as otherwise provided in this Agreement, the Facility Agent agrees that promptly after its receipt of
each payment from or on behalf of the Borrower in respect of any Credit Document Obligations hereunder, it shall distribute such
payment to the Lenders (other than any Lender that has consented in writing to waive its pro rata share of any such payment) pro
rata based upon their respective shares, if any, of the Credit Document Obligations with respect to which such payment was received.

 

(b)       Other
than in connection with assignments and participations (which are governed by Section 13), each of the Lenders agrees that, if
it should receive any amount hereunder (whether by voluntary payment, by realization upon security, by the exercise of the right
of setoff or banker’s lien, by counterclaim or cross action, by the enforcement of any right under the Credit Documents,
or otherwise), which is applicable to the payment of the principal of, or interest on, the Loans, Commitment Commission, of a sum
which with respect to the related sum or sums received by other Lenders is in a greater proportion than the total of such Credit
Document Obligation then owed and due to such Lender bears to the total of such Credit Document Obligation then owed and due to
all of the Lenders immediately prior to such receipt, then such Lender receiving such excess payment shall purchase for cash without
recourse or warranty from the other Lenders an interest in the Credit Document Obligations of the respective Credit Party to such
Lenders in such amount as shall result in a proportional participation by all the Lenders in such amount; provided that
if all or any portion of such excess amount is thereafter recovered from such Lender, such purchase shall be rescinded and the
purchase price restored to the extent of such recovery, but without interest.

 

    	 	(98)	 

     

    

 

(c)       Notwithstanding
anything to the contrary contained herein, the provisions of the preceding Sections 14.05(a) and (b) shall be subject to the express
provisions of this Agreement which require, or permit, differing payments to be made to Non-Defaulting Lenders as opposed to Defaulting
Lenders.

 

14.06 Calculations;
Computations. (a) The financial statements to be furnished to the Lenders pursuant hereto shall be made and prepared in accordance
with generally accepted accounting principles in the United States consistently applied throughout the periods involved (except
as set forth in the notes thereto or as otherwise disclosed in writing by the Parent to the Lenders). In addition, all computations
determining compliance with the financial covenants set forth in Sections 10.06 through 10.09, inclusive, shall utilize accounting
principles and policies in conformity with those used to prepare the historical financial statements delivered to the Lenders for
the fiscal year of the Parent ended December 31, 2011 (with the foregoing generally accepted accounting principles, subject to
the preceding proviso, herein called “GAAP”). Unless otherwise noted, all references in this Agreement to “generally
accepted accounting principles” shall mean generally accepted accounting principles as in effect in the United States.

 

(b)       All
computations of interest and Commitment Commission hereunder shall be made on the basis of a year of 360 days for the actual number
of days (including the first day but excluding the last day) occurring in the period for which such interest or Commitment Commission
are payable.

 

14.07 Governing
Law; Exclusive Jurisdiction of English Courts; Service of Process. 

 

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

 

(b)       The
courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including
a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of
or in connection with this Agreement) (a “Dispute”). The parties hereto agree that the courts of England are
the most appropriate and convenient courts to settle disputes and accordingly no party hereto will argue to the contrary. This
section 14.07 is for the benefit of the Lenders, Agents and Secured Creditors. As a result, no such party shall be prevented from
taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Lenders, Agents
and Secured Creditors may take concurrent proceedings in any number of jurisdictions.

 

(c)       Without
prejudice to any other mode of service allowed under any relevant law, each Credit Party (other than a Credit Party incorporated
in England and Wales): (i) irrevocably appoints ec3 Services Limited, having its
registered office at The St Botolph Building, 138 Houndsditch, London, ec3A 7AR,
as its agent for service of process in relation to any proceedings before the English courts in connection with any credit document
and (ii) agrees that failure by an agent for service of process to notify the relevant Credit Party of the process will not invalidate
the proceedings concerned. If any person appointed as an agent for service of process is unable for any reason to act as agent
for service of process, the Parent (on behalf of all the Credit Parties) must immediately (and in any event within five days of
such event taking place) appoint another agent on terms acceptable to the facility agent. Failing this, the Facility Agent may
appoint another agent for this purpose.

 

    	 	(99)	 

     

    

 

Each party to this Agreement
expressly agrees and consents to the provisions of this Section 14.07.

 

14.08 Counterparts.
This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each
of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.
A set of counterparts executed by all the parties hereto shall be lodged with the Borrower and the Facility Agent.

 

14.09 Effectiveness.
This Agreement shall take effect as a deed on the date (the “Effective Date”) on which (i) the Borrower, the
Guarantor, the Agents and each of the Lenders who are initially parties hereto shall have signed a counterpart hereof (whether
the same or different counterparts) and shall have delivered the same to the Facility Agent or, in the case of the Lenders and
the other Agents, shall have given to the Facility Agent written or facsimile notice (actually received) at such office that the
same has been signed and mailed to it, (ii) the Borrower shall have paid to the Facility Agent for its own account and/or the account
of Lenders and/or Agents, as the case may be, the fees required to be paid pursuant to the heads of terms, dated September 14,
2012, among the Parent and KfW IPEX-Bank GmbH (the “Heads of Terms”) and (iii) the Credit Parties shall have
provided (x) the “Know Your Customer” information required pursuant to the USA Patriot
Act (Title III of Pub.: 107-56 (signed into law October 26, 2001)) (the “Patriot
Act”) and (y) such other documentation and evidence necessary in order to carry out and be reasonably satisfied with other
similar checks under all applicable laws and regulations pursuant to the Transaction and the Hermes Cover, in each case as requested
by the Facility Agent, the Hermes Agent or any Lender in connection with each of the Facility Agent’s, the Hermes Agent’s,
Hermes’ and each Lender’s internal compliance regulations. The Facility Agent will give the Parent, the Borrower and
each Lender prompt written notice of the occurrence of the Effective Date.

 

14.10 Headings
Descriptive. The headings of the several sections and subsections of this Agreement are inserted for convenience only and shall
not in any way affect the meaning or construction of any provision of this Agreement.

 

14.11 Amendment
or Waiver; etc.

 

    	 	(100)	 

     

    

 

(a)Neither this Agreement nor any other Credit Document nor any terms hereof or thereof may be changed,
waived, discharged or terminated unless such change, waiver, discharge or termination is in writing signed by the respective Credit
Parties party thereto, the Hermes Agent and the Required Lenders, provided that no such change, waiver, discharge or termination
shall, without the consent of each Lender (other than a Defaulting Lender), (i) extend the final scheduled maturity of any Loan,
extend the timing for or reduce the principal amount of any Scheduled Repayment, increase or extend any Commitment (it being understood
that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default or of a mandatory reduction in
the Commitments shall not constitute an increase of the Commitment of any Lender), or reduce the rate (including, without limitation,
the Applicable Margin and the Fixed Rate) or extend the time of payment of interest on any Loan or Commitment Commission or fees
(except (x) in connection with the waiver of applicability of any post-default increase in interest rates and (y) any amendment
or modification to the definitions used in the financial covenants set forth in Sections 10.06 through 10.09, inclusive, in
this Agreement shall not constitute a reduction in the rate of interest for purposes of this clause (i)), or reduce the principal
amount thereof (except to the extent repaid in cash), (ii) release any of the Collateral (except as expressly provided in the Credit
Documents) under any of the Security Documents, (iii) amend, modify or waive any provision of Section 13 or this Section 14.11,
(iv) change the definition of Required Lenders (it being understood that, with the consent of the Required Lenders, additional
extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders on substantially the
same basis as the extensions of Loans and Commitments are included on the Effective Date) or a provision which expressly requires
the consent of all the Lenders, (v) consent to the assignment and/or transfer by the Parent and/or Borrower of any of its
rights and obligations under this Agreement, or (vi) replace the Parent Guaranty or release the Parent Guaranty from the relevant
guarantee to which such Guarantor is a party (other than as provided in such guarantee); provided, further, that
no such change, waiver, discharge or termination shall (u) without the consent of Hermes, amend, modify or waive any provision
that relates to the rights or obligations of Hermes and (v) without the consent of each Agent, the CIRR Representative and/or each
Lead Arranger, as applicable, amend, modify or waive any provision relating to the rights or obligations of such Agent, the CIRR
Representative and/or such Lead Arranger, as applicable.

 

(b)       If,
in connection with any proposed change, waiver, discharge or termination to any of the provisions of this Agreement as contemplated
by clauses (i) through (vi), inclusive, of the first proviso to Section 14.11(a), the consent of the Required Lenders is obtained
but the consent of each Lender (other than any Defaulting Lender) is not obtained, then the Borrower shall have the right, so long
as all non-consenting Lenders are treated as described in either clauses (A) or (B) below, to either (A) replace each such non-consenting
Lender or Lenders with one or more Replacement Lenders pursuant to Section 2.12 so long as at the time of such replacement, each
such Replacement Lender consents to the proposed change, waiver, discharge or termination or (B) terminate such non-consenting
Lender’s Commitment (if such Lender’s consent is required as a result of its Commitment), and/or repay outstanding
Loans and terminate any outstanding Commitments of such Lender which gave rise to the need to obtain such Lender’s consent,
in accordance with Section 4.01(d), provided that, unless the Commitments are terminated, and Loans repaid, pursuant
to preceding clause (B) are immediately replaced in full at such time through the addition of new Lenders or the increase
of the Commitments and/or outstanding Loans of existing Lenders (who in each case must specifically consent thereto), then in the
case of any action pursuant to preceding clause (B) the Required Lenders (determined before giving effect to the proposed
action) and the Hermes Agent shall specifically consent thereto, provided, further, that in any event the Borrower
shall not have the right to replace a Lender, terminate its Commitment or repay its Loans solely as a result of the exercise of
such Lender’s rights (and the withholding of any required consent by such Lender) pursuant to the second proviso to Section 14.11(a).

 

    	 	(101)	 

     

    

 

(c)       Subject
to the further proviso to Section 14.11(a), if a Screen Rate Replacement Event has occurred in relation to the Screen Rate, any
amendment or waiver that relates to (i) providing for the use of a Replacement Benchmark in relation to that currency in place
of that Screen Rate and (ii)(A) aligning any provision of any Credit Document to the use of that Replacement Benchmark, (B) enabling
that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any
consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement), (C) implementing
market conventions applicable to that Replacement Benchmark, (D) providing for appropriate fallback (and market disruption) provisions
for that Replacement Benchmark, or (E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any
transfer of economic value from one party to another as a result of the application of that Replacement Benchmark (and if any adjustment
or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body,
the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made, having regard
to the following paragraphs of this Section 14.11, with the consent of the Facility Agent (acting on the instructions of the Required
Lenders) and the Borrower.

 

(d)       At
least six months prior to the LIBOR Discontinuation Date (or, if the LIBOR Discontinuation Date is not known such that the date
six months prior to its occurrence cannot be determined, such shorter period as is appropriate in the circumstances), the Facility
Agent, the Lenders and the Borrower (or the Parent on the Borrower’s behalf) will enter into good faith negotiations with
a view to agreeing the Replacement Benchmark, the Consequential Technical Amendments as well as any other necessary adjustments
to the Credit Documents for the period following the LIBOR Discontinuation Date. The negotiations will take into account the then
current market standards and will be conducted with a view to ensuring that the interest yield under this Agreement is not impacted
and will also take into account any corresponding changes required in respect of the Refinancing Agreements.

 

(e)       Subject
to paragraph (d) above, for any Interest Period following the LIBOR Discontinuation Date, the Eurodollar Rate shall be replaced
by the weighted average of the rates notified to the Facility Agent by each Lender three Business Days prior to the first day of
that Interest Period, to be that which expresses as a percentage rate per annum the cost to the relevant Lender of funding or refinancing
an amount equal to the outstanding Loan during the relevant Interest Period from whatever source it may reasonably select (other
than from KfW).

 

(f)       Upon
the LIBOR Discontinuation Date, the Replacement Reference Rate or, as applicable, the reference rate determined pursuant to paragraph
(e) above shall also replace the Eurodollar Rate accordingly.

 

    	 	(102)	 

     

    

 

(g)       For
the purposes of this Section 14.11:

 

“Consequential Technical
Amendments” means any consequential amendment to this Agreement required or desirable to make the Replacement Reference
Rate effective.

 

“LIBOR Discontinuation
Date” means the date on which the Screen Rate Replacement Event occurs.

 

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

 

“Replacement Benchmark”
means a benchmark rate that is:

 

		(i)	formally designated, nominated or recommended as the replacement for a Screen Rate by (A) the administrator
of that Screen Rate (provided that the market or economic reality that such benchmark rate measures is the same as that measured
by that Screen Rate) or (B) any Relevant Nominating Body, and if replacements have, at the relevant time, been formally designated,
nominated or recommended under both paragraphs, the "Replacement Benchmark" will be the replacement under paragraph (B)
above;

 

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

 

		(iii)	in the opinion of the Required Lenders and the Borrower an appropriate successor to a Screen Rate.

 

“Replacement Reference
Rate” means the reference rate which it is agreed in accordance with the above provisions will replace the Screen Rate
for the purpose of this Agreement.

 

“Screen Rate Replacement
Event” means:

 

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

 

		(ii)	(A)(1) the administrator of that Screen Rate or its supervisor publicly announces that such administrator
is insolvent or (2) information is published in any order, decree, notice, petition or filing, however described, of or filed with
a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms
that the administrator of that Screen Rate is insolvent, provided that, in each case, at that time, there is no successor
administrator to continue to provide that Screen Rate, (B) the administrator of that Screen Rate publicly announces that it has
ceased or will cease, to provide that Screen Rate permanently or indefinitely and, at that time, there is no successor administrator
to continue to provide that Screen Rate, (C) the supervisor of the administrator of that Screen Rate publicly announces that such
Screen Rate has been or will be permanently or indefinitely discontinued, or (D) the administrator of that Screen Rate or its supervisor
announces that that Screen Rate may no longer be used;

 

    	 	(103)	 

     

    

 

		(iii)	the administrator of that Screen Rate determines that that Screen Rate should be calculated in
accordance with its reduced submissions or other contingency or fallback policies or arrangements and either (A) the circumstance(s)
or event(s) leading to such determination are not (in the opinion of the Required Lenders and the Borrower) temporary or (B) that
Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than five Business Days; or

 

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

 

14.12 Survival.
All indemnities set forth herein including, without limitation, in Sections 2.09, 2.10, 2.11, 4.04, 14.01 and 14.05 shall, subject
to Section 14.13 (to the extent applicable), survive the execution, delivery and termination of this Agreement and the making and
repayment of the Loans.

 

14.13 Domicile
of Loans. Each Lender may transfer and carry its Loans at, to or for the account of any office, Subsidiary or Affiliate of
such Lender. Notwithstanding anything to the contrary contained herein, to the extent that a transfer of Loans pursuant to this
Section 14.13 would, at the time of such transfer, result in increased costs under Section 2.09, 2.10, or 4.04 from those
being charged by the respective Lender prior to such transfer, then the Borrower shall not be obligated to pay such increased costs
(although the Borrower shall be obligated to pay any other increased costs of the type described above resulting from changes after
the date of the respective transfer).

 

14.14 Confidentiality.
Each Lender agrees that it will use its best efforts not to disclose without the prior consent of the Parent or the Borrower (other
than to their respective Affiliates or their respective Affiliates’ employees, auditors, advisors or counsel or to another
Lender if the Lender or such Lender’s holding or parent company, Affiliates or board of trustees in its sole discretion determines
that any such party should have access to such information, provided such Persons shall be subject to the provisions of this Section
14.14 to the same extent as such Lender) any information with respect to the Parent or any of its Subsidiaries which is now or
in the future furnished pursuant to this Agreement or any other Credit Document, provided that the Hermes Agent and the CIRR Agent
may disclose any information to Hermes or the CIRR Representative, provided, further, that any Lender may disclose any such information
(a) as has become generally available to the public other than by virtue of a breach of this Section 14.14 by the respective Lender,
(b) as may be required in any report, statement or testimony submitted to any municipal, state or Federal regulatory body having
or claiming to have jurisdiction over such Lender or similar organizations (whether in the United States, the United Kingdom or
elsewhere) or their successors, (c) as may be required in respect to any summons or subpoena or in connection with any litigation,
(d) in order to comply with any law, order, regulation or ruling applicable to such Lender, (e) to an Agent, (f) to any prospective
or actual transferee or participant in connection with any contemplated transfer or participation of any of the Commitments or
any interest therein by such Lender, provided that such prospective transferee expressly agrees to be bound by the confidentiality
provisions contained in this Section 14.14 , (g) to a classification society or other entity which a Lender has engaged to make
calculations necessary to enable that Lender to comply with its reporting obligations under the Poseidon Principles and (h) to
Hermes and/or the Federal Republic of Germany and/or the European Union and/or any agency thereof or any person acting or purporting
to act on any of their behalves. In the case of Section 14.14(h), each of the Parent and the Borrower acknowledges and agrees that
any such information may be used by Hermes and/or the Federal Republic of Germany and/or the European Union and/or any agency thereof
or any person acting or purporting to act on any of their behalves for statistical purposes and/or for reports of a general nature.

 

    	 	(104)	 

     

    

 

14.15 Register.
The Facility Agent shall maintain a register (the “Register”) on which it will record the Commitments from time
to time of each of the Lenders, the Loans made by each of the Lenders and each repayment and prepayment in respect of the principal
amount of the Loans of each Lender. Failure to make any such recordation, or any error in such recordation shall not affect the
Borrower’s obligations in respect of such Loans. With respect to any Lender, the assignment or transfer of the Commitments
of such Lender and the rights to the principal of, and interest on, any Loan made pursuant to such Commitments shall not be effective
until such assignment or transfer is recorded on the Register maintained by the Facility Agent with respect to ownership of such
Commitments and Loans. Prior to such recordation all amounts owing to the transferor with respect to such Commitments and Loans
shall remain owing to the transferor. The registration of an assignment or transfer of all or part of any Commitments and Loans
(as the case may be) shall be recorded by the Facility Agent on the Register only upon the acceptance by the Facility Agent of
a properly executed and delivered Transfer Certificate or Assignment Agreement pursuant to Section 13.06(a) or 13.07(a), respectively.

 

14.16 Third Party
Rights. Other than the Other Creditors with respect to Section 4.05 and Hermes with respect to Sections 5.15 and 9.06, a person
who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the
benefit of any term of this Agreement unless expressly provided to the contrary in a Credit Document. Notwithstanding any term
of any Credit Document, the consent of any person who is not a party to this Agreement is not required to rescind or vary this
Agreement at any time.

 

14.17 Judgment
Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from the Borrower hereunder
in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties
hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance
with normal banking procedures the Facility Agent could purchase the specified currency with such other currency at the Facility
Agent’s Frankfurt office on the Business Day preceding that on which final judgment is given. The obligations of the Borrower
in respect of any sum due to any Lender or an Agent hereunder shall, notwithstanding any judgment in a currency other than the
specified currency, be discharged only to the extent that on the Business Day following receipt by such Lender or an Agent (as
the case may be) of any sum adjudged to be so due in such other currency such Lender or an Agent (as the case may be) may in accordance
with normal banking procedures purchase the specified currency with such other currency; if the amount of the specified currency
so purchased is less than the sum originally due to such Lender or an Agent, as the case may be, in the specified currency, the
Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment,
to indemnify such Lender or an Agent, as the case may be, against such loss, and if the amount of the specified currency so purchased
exceeds the sum originally due to any Lender or an Agent, as the case may be, in the specified currency, such Lender or an Agent,
as the case may be, agrees to remit such excess to the Borrower.

 

    	 	(105)	 

     

    

 

14.18 Language.
All correspondence, including, without limitation, all notices, reports and/or certificates, delivered by any Credit Party to an
Agent or any Lender shall, unless otherwise agreed by the respective recipients thereof, be submitted in the English language or,
to the extent the original of such document is not in the English language, such document shall be delivered with a certified English
translation thereof. In the event of any conflict between the English translation and the original text of any document, the English
translation shall prevail unless the original text is a statutory instrument, legal process or any other document of a similar
type or a notice, demand or other communication from Hermes or in relation to the Hermes Cover.

 

14.19 Waiver of
Immunity. The Borrower, in respect of itself, each other Credit Party, its and their process agents, and its and their properties
and revenues, hereby irrevocably agrees that, to the extent that the Borrower, any other Credit Party or any of its or their properties
has or may hereafter acquire any right of immunity from any legal proceedings, whether in the United Kingdom, the United States,
Bermuda, the Bahamas, Germany or elsewhere, to enforce or collect upon the Credit Document Obligations of the Borrower or any other
Credit Party related to or arising from the transactions contemplated by any of the Credit Documents, including, without limitation,
immunity from service of process, immunity from jurisdiction or judgment of any court or tribunal, immunity from execution of a
judgment, and immunity of any of its property from attachment prior to any entry of judgment, or from attachment in aid of execution
upon a judgment, the Borrower, for itself and on behalf of the other Credit Parties, hereby expressly waives, to the fullest extent
permissible under applicable law, any such immunity, and agrees not to assert any such right or claim in any such proceeding, whether
in the United Kingdom, the United States, Bermuda, the Bahamas, Germany or elsewhere.

 

14.20 “Know
Your Customer” Notice. Each Lender hereby notifies each Credit Party that pursuant to the requirements of the Patriot
Act and/or other applicable laws and regulations, it is required to obtain, verify, and record information that identifies each
Credit Party, which information includes the name of each Credit Party and other information that will allow such Lender to identify
each Credit Party in accordance with the Patriot Act and/or such other applicable
laws and regulations, and each Credit Party agrees to provide such information from time to time to any Lender.

 

14.21 Release
of Liens and the Parent Guaranty; Flag Jurisdiction Transfer. (a) In the event that any Person conveys, sells,
leases, assigns, transfers or otherwise disposes of all or any portion of the Collateral to a Person that is not (and is not required
to become) a Credit Party in a transaction permitted by this Agreement or the Credit Documents (including pursuant to a valid waiver
or consent), each Lender hereby consents to the release and hereby directs the Collateral Agent to release any Liens created by
any Credit Document in respect of such Collateral, and, in the case of a disposition of all of the Equity Interests of any Credit
Party (other than the Borrower) in a transaction permitted by this Agreement and as a result of which such Credit Party would not
be required to guaranty the Credit Document Obligations pursuant to Sections 9.10(c) and 15, each Lender hereby consents to the
release of such Credit Party’s obligations under the relevant guarantee to which it is a party. Each Lender hereby directs
the Collateral Agent, and the Collateral Agent agrees, upon receipt of reasonable advance notice from the Borrower, to execute
and deliver or, at the Borrower’s expense, file such documents and perform other actions reasonably necessary to release
the relevant guarantee, as applicable, and the Liens when and as directed pursuant to this Section 14.21. In addition, the Collateral
Agent agrees to take such actions as are reasonably requested by the Borrower and at the Borrower’s expense to terminate
the Liens and security interests created by the Credit Documents when all the Credit Document Obligations (other than contingent
indemnification Credit Document Obligations and expense reimbursement claims to the extent no claim therefore has been made) are
paid in full and Commitments are terminated. Any representation, warranty or covenant contained in any Credit Document relating
to any such Equity Interests or asset of the Borrower shall no longer be deemed to be made once such Equity Interests or asset
is so conveyed, sold, leased, assigned, transferred or disposed of.

 

    	 	(106)	 

     

    

 

(b)       In
the event that the Borrower desires to implement a Flag Jurisdiction Transfer with respect to the Vessel, upon receipt of reasonable
advance notice thereof from the Borrower, the Collateral Agent shall use commercially reasonably efforts to provide, or (as necessary)
procure the provision of, all such reasonable assistance as any Credit Party may request from time to time in relation to (i) the
Flag Jurisdiction Transfer, (ii) the related deregistration of the Vessel from its previous flag jurisdiction, and (iii) the release
and discharge of the related Security Documents provided that the relevant Credit Party shall pay all documented out of pocket
costs and expenses reasonably incurred by the Collateral Agent or a Secured Creditor in connection with provision of such assistance.
Each Lender hereby consents, in connection with any Flag Jurisdiction Transfer and subject to the satisfaction of the requirements
thereof to be satisfied by the relevant Credit Party, to (i) deregister the Vessel from its previous flag jurisdiction
and (ii) release and hereby direct the Collateral Agent to release the Vessel Mortgage. Each Lender hereby directs the Collateral
Agent, and the Collateral Agent agrees to execute and deliver or, at the Borrower’s expense, file such documents and perform
other actions reasonably necessary to release the Vessel Mortgage when and as directed pursuant to this Section 14.21(b).

 

14.22 Partial
Invalidity. If, at any time, any provision of the Credit Documents is or becomes illegal, invalid or unenforceable in any respect
under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality,
validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. Any
such illegal, invalid or unenforceable provision shall to the extent possible be substituted by a legal, valid and enforceable
provision which reflects the intention of the parties to this Agreement.

 

Section 15
Parent Guaranty.

 

15.01 Guaranty
and Indemnity. The Parent irrevocably and unconditionally:

 

(i)       guarantees
to each Lender Creditor punctual performance by each other Credit Party of all that Credit Party’s Credit Document Obligations
under the Credit Documents; or

 

    	 	(107)	 

     

    

 

(ii)       undertakes
with each Lender Creditor that whenever another Credit Party does not pay any amount when due under or in connection with any Credit
Document, the Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and

 

(iii)       agrees
with each Lender Creditor that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as
an independent and primary obligation, indemnify that Lender Creditor immediately on demand against any cost, loss or liability
it incurs as a result of a Credit Party not paying any amount which would, but for such unenforceability, invalidity or illegality,
have been payable by it under any Credit Document on the date when it would have been due. The amount payable by the Guarantor
under this indemnity will not exceed the amount it would have had to pay under this Section 15 if the amount claimed had been recoverable
on the basis of a guarantee.

 

15.02 Continuing
Guaranty. This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Credit Party
under the Credit Documents, regardless of any intermediate payment or discharge in whole or in part.

 

15.03 Reinstatement.
If any discharge, release or arrangement (whether in respect of the obligations of any Credit Party or any security for those obligations
or otherwise) is made by a Lender Creditor in whole or in part on the basis of any payment, security or other disposition which
is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability
of the Guarantor under this Section 15 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

 

15.04 Waiver of
Defenses. The obligations of the Guarantor under this Section 15 will not be affected by an act, omission, matter or thing
which, but for this Section 15, would reduce, release or prejudice any of its obligations under this Section 15 (without limitation
and whether or not known to it or any Lender Creditor) including:

 

(i)       any
time, waiver or consent granted to, or composition with, any Credit Party or other person;

 

(ii)       the
release of any other Credit Party or any other person under the terms of any composition or arrangement with any creditor of any
member of the NCLC Group;

 

(iii)       the
taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights
against, or security over assets of, any Credit Party or other person or any non-presentation or non-observance of any formality
or other requirement in respect of any instrument or any failure to realize the full value of any security;

 

(iv)       any
incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Credit Party
or any other person;

 

    	 	(108)	 

     

    

 

(v)       any
amendment, novation, supplement, extension restatement (however fundamental and whether or not more onerous) or replacement of
a Credit Document or any other document or security including, without limitation, any change in the purpose of, any extension
of or increase in any facility or the addition of any new facility under any Credit Document or other document or security;

 

(vi)       any
unenforceability, illegality or invalidity of any obligation of any person under any Credit Document or any other document or security;
or

 

(vii)       any
insolvency or similar proceedings.

 

15.05 Guarantor
Intent. Without prejudice to the generality of Section 15.04, the Guarantor expressly confirms that it intends that this guarantee
shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Credit
Documents and/or any facility or amount made available under any of the Credit Documents for the purposes of or in connection with
any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made;
carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to
new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from
time to time; and any fees, costs and/or expenses associated with any of the foregoing.

 

15.06 Immediate
Recourse. The Guarantor waives any right it may have of first requiring any Credit Party (or any trustee or agent on its behalf)
to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Guarantor
under this Section 15. This waiver applies irrespective of any law or any provision of a Credit Document to the contrary.

 

15.07 Appropriations.
Until all amounts which may be or become payable by the Credit Parties under or in connection with the Credit Documents have been
irrevocably paid in full, each Lender Creditor (or any trustee or agent on its behalf) may:

 

(i)       refrain
from applying or enforcing any other moneys, security or rights held or received by that Lender Creditor (or any trustee or agent
on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against
those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and

 

(ii)       hold
in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor’s liability
under this Section 15.

 

15.08 Deferral
of Guarantor’s Rights. Until all amounts which may be or become payable by the Credit Parties under or in connection
with the Credit Documents have been irrevocably paid in full and unless the Facility Agent otherwise directs, the Guarantor will
not exercise any rights which it may have by reason of performance by it of its obligations under the Credit Documents or by reason
of any amount being payable, or liability arising, under this Section 15:

 

(i)       to
be indemnified by a Credit Party;

 

    	 	(109)	 

     

    

 

(ii)       to
claim any contribution from any other guarantor of any Credit Party’s obligations under the Credit Documents;

 

(iii)       to
take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Lender Creditors under
the Credit Documents or of any other guarantee or security taken pursuant to, or in connection with, the Credit Documents by any
Lender Creditor;

 

(iv)       to
bring legal or other proceedings for an order requiring any Credit Party to make any payment, or perform any obligation, in respect
of which the Guarantor has given a guarantee, undertaking or indemnity under Section 15.01;

 

(v)       to
exercise any right of set-off against any Credit Party; and/or

 

(vi)       to
claim or prove as a creditor of any Credit Party in competition with any Lender Creditor.

 

If the Guarantor
receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to
the extent necessary to enable all amounts which may be or become payable to the Lender Creditors by the Credit Parties under or
in connection with the Credit Documents to be repaid in full on trust for the Lender Creditors and shall promptly pay or transfer
the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Section 4.

 

15.09 Additional
Security. This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently
held by any Credit Party.

 

Section 16
Bail-In.

 

Notwithstanding any other
term of any Credit Document or any other agreement, arrangement or understanding between the parties to a Credit Document, each
party to this Agreement acknowledges and accepts that any liability of any party to a Credit Document under or in connection with
the Credit Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound
by the effect of:

 

(a)       any
Bail-In Action in relation to any such liability, including (without limitation):

 

(i)       a
reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in
respect of any such liability;

 

(ii)       a
conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred
on, it; and

 

(iii)       a
cancellation of any such liability; and

 

    	 	(110)	 

     

    

 

(b)       a
variation of any term of any Credit Document to the extent necessary to give effect to any Bail-In Action in relation to any such
liability.

 

*     *     *

    	 	(111)	 

 

     

    

 

EXECUTION PAGES –

THIRD SUPPLEMENTAL AGREEMENT

(HULL NO. [*] (NORWEGIAN JOY))

 

	The Borrower	 	 
	 	 	 
	SIGNED by	)	/s/ Daniel S. Farkas
	for and on behalf of	)	Daniel S. Farkas
	BREAKAWAY FOUR, LTD.	)	Authorised Signatory 
	 	 	
	The Parent	 	 
	 	 	 
	SIGNED by	)	/s/ Daniel S. Farkas
	for and on behalf of	)	Daniel S. Farkas
	NCL CORPORATION LTD.	)	Authorised Signatory
	 	 	
	The Shareholder	 	 
	 	 	 
	SIGNED by	)	/s/ Daniel S. Farkas
	for and on behalf of	)	Daniel S. Farkas
	NCL INTERNATIONAL, LTD.	)	Authorised Signatory
	 	 	

 

     

     

    

 

EXECUTION PAGES –

THIRD SUPPLEMENTAL AGREEMENT

(HULL NO. [*] (NORWEGIAN JOY))

 

	The Facility Agent	 	 
	 	 	 
	SIGNED by	)	/s/ James Tobin
	for and on behalf of	)	James Tobin
	KFW IPEX-BANK GMBH	)	Attorney-in-Fact
	 	 	Authorised Signatory
	The Hermes Agent	 	 
	 	 	 
	SIGNED by	)	/s/ James Tobin
	for and on behalf of	)	James Tobin
	KFW IPEX-BANK GMBH	)	Attorney-in-Fact
	 	 	Authorised Signatory
	The Collateral Agent	 	 
	 	 	 
	SIGNED by	)	/s/ James Tobin
	for and on behalf of	)	James Tobin
	KFW IPEX-BANK GMBH	)	Attorney-in-Fact
	 	 	Authorised Signatory
	The CIRR Agent	 	 
	 	 	 
	SIGNED by	)	/s/ James Tobin
	for and on behalf of	)	James Tobin
	KFW IPEX-BANK GMBH	)	Attorney-in-Fact
	 	 	Authorised Signatory
	The Bookrunner	 	 
	 	 	 
	SIGNED by	)	/s/ James Tobin
	for and on behalf of	)	James Tobin
	KFW IPEX-BANK GMBH	)	Attorney-in-Fact
	 	 	Authorised Signatory
	The Initial Mandated Lead Arranger	 	 
	 	 	 
	SIGNED by	)	/s/ James Tobin
	for and on behalf of	)	James Tobin
	KFW IPEX-BANK GMBH	)	Attorney-in-Fact
	 	 	Authorised Signatory
	The Lenders	 	 
	 	 	 
	SIGNED by	)	/s/ James Tobin
	for and on behalf of	)	James Tobin
	KFW IPEX-BANK GMBH	)	Attorney-in-Fact
	 	 	Authorised SignatoryEX-10.7

 Exhibit 10.7 

FIRST LIEN LOAN AND SECURITY AGREEMENT 

Dated as of October 14, 2016 $440,000,000 

MALLARD INTERMEDIATE, INC., 

as Intermediate Holdco 
 and 

MALLARD BUYER CORP., 

VINEYARD ACQUISITION SUB LLC, 

HERITAGE WINE, LLC, 

CERTAIN OTHER PERSONS FROM TIME TO TIME PARTY HERETO, 

as Borrowers 
 BANK OF THE
WEST, as Administrative Agent and Collateral Agent, 
 BANK OF THE WEST, 

ING CAPITAL LLC, 

AMERICAN AGCREDIT, PCA, 
 as
Joint Lead Arrangers, 
 BANK OF THE WEST, 

ING CAPITAL LLC, 

AMERICAN AGCREDIT, PCA, 
 as
Joint Book Runners, 
 ING CAPITAL LLC, 

as Syndication Agent, 
 AGSTAR
FINANCIAL SERVICES, PCA/FLCA, CITY NATIONAL BANK, 
 MUFG UNION BANK, N.A., as
Co-Documentation Agents, 
 and 

THE LENDERS THAT ARE PARTIES HERETO, 

as Lenders 

	 	TABLE OF CONTENTS 

  

							
	 	 	 	  	Page	 
		
	Section 1. DEFINITIONS; RULES OF CONSTRUCTION	  	 	2	 
			
	 1.1
	 	Definitions	  	 	2	 
			
	 1.2
	 	Accounting Terms	  	 	37	 
			
	 1.3
	 	Uniform Commercial Code	  	 	38	 
			
	 1.4
	 	Certain Matters of Construction	  	 	38	 
			
	 1.5
	 	Certain Calculations	  	 	38	 
			
	 1.6
	 	Time References	  	 	39	 
		
	Section 2. CREDIT FACILITIES	  	 	39	 
			
	 2.1
	 	Revolver Commitment	  	 	39	 
			
	 2.2
	 	Term Loan Commitment	  	 	41	 
			
	 2.3
	 	Capital Expenditure Loan Commitment	  	 	42	 
			
	 2.4
	 	Letter of Credit Facility	  	 	43	 
		
	Section 3. INTEREST, FEES AND CHARGES	  	 	46	 
			
	 3.1
	 	Interest	  	 	46	 
			
	 3.2
	 	Fees	  	 	48	 
			
	 3.3
	 	Computation of Interest	  	 	48	 
			
	 3.4
	 	Reimbursement Obligations	  	 	49	 
			
	 3.5
	 	Illegality	  	 	49	 
			
	 3.6
	 	Inability to Determine Rates	  	 	50	 
			
	 3.7
	 	Increased Costs; Capital Adequacy	  	 	50	 
			
	 3.8
	 	Mitigation	  	 	51	 
			
	 3.9
	 	Funding Losses	  	 	51	 
			
	 3.10
	 	Maximum Interest	  	 	51	 
			
	 3.11
	 	Replacement Lender	  	 	52	 
		
	Section 4. LOAN ADMINISTRATION	  	 	52	 
			
	 4.1
	 	Manner of Borrowing and Funding Revolver Loans and Capital Expenditure Loans	  	 	52	 
			
	 4.2
	 	Defaulting Lender	  	 	55	 
			
	 4.3
	 	Number and Amount of LIBOR Loans; Determination of Rate	  	 	55	 
			
	 4.4
	 	Borrower Agent	  	 	55	 
			
	 4.5
	 	One Obligation	  	 	56	 
			
	 4.6
	 	Effect of Termination	  	 	56	 

  
 i 

							
	Section 5. PAYMENTS	  	 	56	 
			
	 5.1
	 	General Payment Provisions	  	 	56	 
			
	 5.2
	 	Repayment of Revolver Loans	  	 	57	 
			
	 5.3
	 	Repayment of Term Loans and Capital Expenditure Loans	  	 	57	 
			
	 5.4
	 	Mandatory Prepayments	  	 	58	 
			
	 5.5
	 	Payment of Other Obligations	  	 	59	 
			
	 5.6
	 	Marshaling; Payments Set Aside	  	 	59	 
			
	 5.7
	 	Application and Allocation of Payments	  	 	59	 
			
	 5.8
	 	[Reservedl	  	 	62	 
			
	 5.9
	 	Account Stated	  	 	62	 
			
	 5.10
	 	Taxes	  	 	62	 
			
	 5.11
	 	Lender Tax Information	  	 	63	 
			
	 5.12
	 	Nature and Extent of Each Borrower’s Liability	  	 	65	 
		
	Section 6. CONDITIONS PRECEDENT	  	 	67	 
			
	 6.1
	 	Conditions Precedent to Initial Loans	  	 	67	 
			
	 6.2
	 	Conditions Precedent to All Credit Extensions	  	 	70	 
			
	 6.3
	 	Conditions Subsequent	  	 	71	 
		
	Section 7. COLLATERAL	  	 	72	 
			
	 7.1
	 	Grant of Security Interest	  	 	72	 
			
	 7.2
	 	Lien on Deposit Accounts; Cash Collateral	  	 	74	 
			
	 7.3
	 	Real Estate Collateral	  	 	74	 
			
	 7.4
	 	Other Collateral	  	 	75	 
			
	 7.5
	 	No Assumption of Liability	  	 	75	 
			
	 7.6
	 	Further Assurances	  	 	75	 
			
	 7.7
	 	Foreign Subsidiary Stock	  	 	75	 
		
	Section 8. COLLATERAL ADMINISTRATION	  	 	75	 
			
	 8.1
	 	Borrowing Base Certificates	  	 	75	 
			
	 8.2
	 	Administration of Accounts	  	 	76	 
			
	 8.3
	 	Administration of Inventory	  	 	76	 
			
	 8.4
	 	Administration of Equipment	  	 	77	 
			
	 8.5
	 	Administration of Deposit Accounts	  	 	77	 
			
	 8.6
	 	General Provisions	  	 	78	 
			
	 8.7
	 	Power of Attorney	  	 	79	 

  
 ii 

							
	Section 9. REPRESENTATIONS AND WARRANTIES	  	 	80	 
			
	 9.1
	 	General Representations and Warranties	  	 	80	 
			
	 9.2
	 	Complete Disclosure	  	 	88	 
			
	 9.3
	 	Amendment of Schedules	  	 	88	 
		
	Section 10. COVENANTS AND CONTINUING AGREEMENTS	  	 	89	 
			
	 10.1
	 	Affirmative Covenants	  	 	89	 
			
	 10.2
	 	Negative Covenants	  	 	93	 
			
	 10.3
	 	Financial Covenants	  	 	101	 
		
	Section 11. EVENTS OF DEFAULT; REMEDIES ON DEFAULT	  	 	102	 
			
	 11.1
	 	Events of Default	  	 	102	 
			
	 11.2
	 	Remedies upon Default	  	 	104	 
			
	 11.3
	 	License	  	 	105	 
			
	 11.4
	 	Setoff	  	 	105	 
			
	 11.5
	 	Remedies Cumulative; No Waiver	  	 	105	 
		
	Section 12. AGENT	  	 	106	 
			
	 12.1
	 	Appointment, Authority and Duties of Agent	  	 	106	 
			
	 12.2
	 	Agreements Regarding Collateral and Borrower Materials	  	 	107	 
			
	 12.3
	 	Reliance By Agent	  	 	108	 
			
	 12.4
	 	Action Upon Default	  	 	108	 
			
	 12.5
	 	Ratable Sharing	  	 	108	 
			
	 12.6
	 	Indemnification	  	 	108	 
			
	 12.7
	 	Limitation on Responsibilities of Agent	  	 	109	 
			
	 12.8
	 	Successor Agent and Co-Agents	  	 	109	 
			
	 12.9
	 	Due Diligence and Non-Reliance	  	 	110	 
			
	 12.10
	 	Remittance of Payments and Collections	  	 	110	 
			
	 12.11
	 	Individual Capacities	  	 	111	 
			
	 12.12
	 	Joint Lead Arrangers	  	 	111	 
			
	 12.13
	 	Bank Product Providers	  	 	112	 
			
	 12.14
	 	No Thir Party Beneficiaries	  	 	112	 
		
	Section 13. BENEFIT OF AGREEMENT; ASSIGNMENTS	  	 	112	 
			
	 13.1
	 	Successors and Assigns	  	 	112	 
			
	 13.2
	 	Participations	  	 	112	 
			
	 13.3
	 	Assignments	  	 	113	 
			
	 13.4
	 	Replacement of Certain Lenders	  	 	114	 

  
 iii 

							
	Section 14. MISCELLANEOUS	  	 	114	 
			
	 14.1
	 	Consents	  	 	114	 
			
	 14.2
	 	Indemnity	  	 	116	 
			
	 14.3
	 	Notices and Communications	  	 	116	 
			
	 14.4
	 	Performance of Borrowers’ Obligations	  	 	117	 
			
	 14.5
	 	Credit Inquiries	  	 	118	 
			
	 14.6
	 	Severability	  	 	118	 
			
	 14.7
	 	Cumulative Effect; Conflict of Terms	  	 	118	 
			
	 14.8
	 	Counterparts	  	 	118	 
			
	 14.9
	 	Entire Agreement	  	 	118	 
			
	 14.10
	 	Relationship with Lenders	  	 	118	 
			
	 14.11
	 	No Advisory or Fiduciary Responsibility	  	 	119	 
			
	 14.12
	 	Confidentiality	  	 	119	 
			
	 14.13
	 	GOVERNING LAW	  	 	120	 
			
	 14.14
	 	Consent to Forum	  	 	120	 
			
	 14.15
	 	Waivers by Borrowers	  	 	120	 
			
	 14.16
	 	Patriot Act Notice	  	 	121	 

  
 iv 

 LIST OF EXHIBITS AND SCHEDULES 

 

			
	Exhibit A	  	Form of Assignment and Acceptance
	Exhibit B	  	Form of Assignment Notice
	Exhibit C	  	Form of Borrowing Base Certificate
	Exhibit D	  	Form of Compliance Certificate
	Exhibit E	  	Form of Notice of Borrowing
	Exhibit F	  	Form of Notice of Conversion/Continuation
	Exhibit G	  	Form of Notice of Elected Harvest Period
	Exhibit H	  	Form of Secured Bank Products Provider Agreement
	Exhibit 2.1.2	  	Form of First Lien Revolver Note
	Exhibit 2.2.2	  	Form of First Lien Term Note
	Exhibit 2.3.4	  	Form of First Lien Capital Expenditure Note
	Exhibit 6.1(j)	  	Form of Solvency Certificate
	Schedule 1.1	  	Commitments of Lenders
	Schedule 8.5	  	Deposit Accounts
	Schedule 8.6.1	  	Business Locations
	Schedule 9.1.4	  	Names and Capital Structure
	Schedule 9.1.5	  	Owned Real Estate
	Schedule 9.1.11	  	Patents, Trademarks, Copyrights and Licenses
	Schedule 9.1.14	  	Environmental Matters
	Schedule 9.1.15	  	Restrictive Agreements
	Schedule 9.1.16	  	Litigation
	Schedule 9.1.18	  	Pension Plans
	Schedule 9.1.20	  	Labor Contracts
	Schedule 10.2.2	  	Existing Liens
	Schedule 10.2.5	  	Existing Investments
	Schedule 10.2.16	  	Existing Affiliate Transactions
	Schedule 14.3.1	  	Notice Addresses

  
 v 

 FIRST LIEN LOAN AND SECURITY AGREEMENT 

THIS FIRST LIEN LOAN AND SECURITY AGREEMENT (this “Agreement”) is dated as of October 14, 2016, among MALLARD
INTERMEDIATE, INC., a Delaware corporation (“Intermediate Holdco”), MALLARD BUYER CORP., a Delaware corporation (“Borrower Agent”), each other Subsidiary of Intermediate Holdco party to this
Agreement from time to time, including the Targets identified below (together with the Borrower Agent, each a “Borrower” and, collectively, “Borrowers”), the financial institutions party to this Agreement from time
to time as lenders (collectively, “Lenders”), and BANK OF THE WEST (“Bank of the West”), as administrative agent and collateral agent for the Lenders (in such capacity, together with its successors and
assigns in such capacity, “Agent”), Bank of the West, ING CAPITAL LLC (“ING Capital”) and AMERICAN AGCREDIT, PCA (“American AgCredit”), as joint lead arrangers (in such
capacity, together with their successors and assigns in such capacity, the “Joint Lead Arrangers”), Bank of the West, ING Capital and American AgCredit, as joint book runners (in such capacity, together with their successors and
assigns in such capacity, the “Joint Book Runners”), ING Capital, as syndication agent (in such capacity, together with its successors and assigns in such capacity, “Syndication Agent”), and AGSTAR FINANCIAL
SERVICES, PCA/FLCA, CITY NATIONAL BANK and MUFG UNION BANK, N.A., as co-documentation agents (in such capacity, together with their respective successors and assigns in such capacity,
“Co-Documentation Agents”). 
 R E C I T A L S: 

WHEREAS, Borrower Agent has assumed the rights and obligations of Mallard Holdco, LLC, a Delaware limited liability company
(“Ultimate Holdco”), under that certain Membership Unit Purchase Agreement, dated as of August 25, 2016 (the “Project Vine Purchase Agreement”; and such purchase transaction under the Project Vine Purchase
Agreement, the “Project Vine Acquisition”) among Ultimate Holdco, Heritage Wine Holdings, LLC, a Delaware limited liability company (“Seller”), Heritage Wine, LLC, a Delaware limited liability company
(“Heritage Target”), and Vineyard Acquisition Sub LLC, a Delaware limited liability company (“Vineyard Target”; and together with Heritage Target, the “Targets”), pursuant to which Borrower Agent
will purchase from the Seller 100% of the issued and outstanding limited liability company interests of each of the Targets; 

WHEREAS, the Borrowers desire to obtain financing, among other reasons, to finance the Project Vine Acquisition; and 

WHEREAS, the Lenders have agreed to extend certain credit facilities to the Borrowers, upon the terms and conditions specified in this
Agreement, in an aggregate amount not to exceed $440,000,000, consisting of a term loan facility in the aggregate principal amount of $135,000,000, a revolving loan facility in an aggregate principal amount of up to $280,000,000 (with a letter of
credit sub-facility of the revolving loan facility in the aggregate availability amount of $15,000,000 and a swingline sub-facility of the revolving loan facility in the
aggregate availability amount of $15,000,000), and a capital expenditures facility in the aggregate principal amount of $25,000,000. 

NOW, THEREFORE, for valuable consideration hereby acknowledged, the parties agree as follows: 

  
 1 

 SECTION 1. DEFINITIONS; RULES OF CONSTRUCTION 

1.1    Definitions. As used herein, the following terms have the meanings set forth below: 

Account: as defined in the UCC, including all rights to payment for goods sold or leased, or for services rendered. 

Account Debtor: a Person obligated under an Account, Chattel Paper or General Intangible. 

Accounts Formula Amount: 85% of the Value of Eligible Accounts; provided, however, that such percentage shall be reduced by 1.0%
for each percentage point (or portion thereof) that the Dilution Percent exceeds 5%. 
 Acquisition: a transaction or series of
transactions resulting in (a) acquisition of a business, division, or substantially all assets of a Person; (b) record or beneficial ownership of 50% or more of the Equity Interests of a Person; (c) merger, consolidation or
combination of a Borrower or Subsidiary with another Person or (d) acquisition of a vineyard or a wine production facility. 

Adjusted Base Rate: for any day, a rate per annum equal to the greatest of (a) the Bank of the West Prime Rate in effect on such
day, (b) the Federal Funds Rate in effect on such day plus 0.50%, or (c) the one-month LIBOR Index (adjusted for reserves) on such date (or, if such date is not a Business Day, the immediately
preceding Business Day) plus 1%. Any change in the Adjusted Base Rate due to a change in the Prime Rate, or the Federal Funds Rate, or the one- month LIBOR rate shall be effective from and including the
effective date of such change in the Prime Rate or, the Federal Funds Rate or the LIBOR rate, respectively. 
 Adjusted Base Rate
Loan: any Loan that bears interest based on the Adjusted Base Rate. 
 Adjusted Base Rate Revolver Loan: a Revolver Loan that
bears interest based on the Adjusted Base Rate. 
 Affiliate: with respect to any Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 Agent: as
defined in the preamble to this Agreement. 
 Agent Indemnitees: Agent and its officers, directors, employees, Affiliates, agents and
attorneys (excluding Excluded Affiliates). 
 Agent Professionals: attorneys, accountants, appraisers, auditors, business valuation
experts, environmental engineers or consultants, turnaround consultants, and other professionals and experts retained by Agent. 

Agreement: as defined in the preamble to this Agreement. 

Allocable Amount: as defined in Section 5.12.3. 

  
 2 

 American AgCredit: as defined in the preamble to this Agreement. 

Anti-Corruption Laws: means all laws, rules, and regulations of any jurisdiction applicable to the Obligors or any of their respective
Subsidiaries from time to time concerning or relating to bribery or corruption. 
 Anti-Terrorism Law: any Applicable Law relating to
terrorism or money laundering, including the Patriot Act and the Currency and Foreign Transactions Reporting Act (also known as the Bank Secrecy Act, 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 19511959), the
Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended) and Executive Order 13224 (effective September 24, 2001). 

Applicable Law: all laws, rules and regulations and government guidelines applicable to the Person, conduct, transaction, agreement or
matter in question, including all applicable statutory law, common law and equitable principles, and all provisions of constitutions, treaties, statutes, rules, regulations, orders and decrees of Governmental Authorities. 

Applicable Margin: the per annum margin set forth below, as determined by the Average Availability for the most recent month then
ended: 
  

																															
	 Level
	  	 Average

Availability
	  	Revolver Loans	 	 	Term Loans	 	 	Capital
Expenditure Loans	 	 	Letter of
Credit Fee	 
	  	LIBOR	 	 	Adjusted
Base
Rate	 	 	LIBOR	 	 	Adjusted
Base
Rate	 	 	LIBOR	 	 	Adjusted
Base Rate	 
	 I
	  	£ 33%	  	 	2.00	% 	 	 	1.00	% 	 	 	2.00	% 	 	 	1.00	% 	 	 	2.00	% 	 	 	1.00	% 	 	 	2.00	% 
	 II
	  	> 33% and £ 66%	  	 	1.75	% 	 	 	0.75	% 	 	 	2.00	% 	 	 	1.00	% 	 	 	2.00	% 	 	 	1.00	% 	 	 	1.75	% 
	 III
	  	> 66%	  	 	1.50	% 	 	 	0.50	% 	 	 	2.00	% 	 	 	1.00	% 	 	 	2.00	% 	 	 	1.00	% 	 	 	1.50	% 

 Until October 31, 2016, the margins shall be determined as if Level I were applicable. Thereafter, margins shall be
subject to increase or decrease by Agent on the first day of the calendar month following the Agent’s receipt of the monthly Borrowing Base Certificate required to be delivered hereunder. If Agent is unable to calculate Average Availability for
a particular month (or partial period) due to Borrowers’ failure to deliver any Borrowing Base Certificate when required hereunder, then, at the option of Agent or Required Lenders, the margins shall be determined as if Level I were applicable,
from the first day of such month until the first day of the calendar month immediately following the actual receipt by the Agent of the applicable Borrowing Base Certificate. 

Approved Fund: any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in
commercial loans and similar extensions of credit in its ordinary course of activities, and is administered or managed by a Lender, an entity that administers or manages a Lender, or an Affiliate of either. 

Asset Disposition: a sale, lease, license, consignment, transfer or other disposition of Property of an Obligor, including a
disposition of Property in connection with a sale-leaseback transaction or synthetic lease. 

  
 3 

 Assignment and Acceptance: an assignment agreement between a Lender and Eligible
Assignee, in the form of Exhibit A. 
 Availability: the Borrowing Base minus the principal balance of all Revolver
Loans. 
 Availability Reserve: as of any date of determination, the sum (without duplication) of (a) the Inventory Reserve;
(b) the Rent and Charges Reserve; (c) the LC Reserve; (d) the Bank Product Reserve; (e) the Grower Reserve; (f) the aggregate amount of liabilities secured by Liens upon Collateral that are senior to Agent’s Liens (but
imposition of any such reserve shall not waive an Event of Default arising therefrom); and (g) such additional reserves, in such amounts and with respect to such matters, as Agent in its Permitted Discretion may elect to impose from time to
time upon two (2) Business Days’ prior notice to Borrowers (including telephonic or electronic notice) to the extent such additional reserves bear a reasonable relationship to the issue giving rise to the implementation thereof. 

Average Availability: means, the amount calculated as of the last Business Day of each month, equal to (a) Availability for each
day during such month, divided by (b) the number of days in such month. 
 Bail-In
Action: shall mean the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

Bail-In Legislation: shall mean, with respect to any EEA Member Country implementing Article 55
of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 Bank of the West: as defined in the preamble to this Agreement, together with its successors and assigns. 

Bank of the West Indemnitees: Bank of the West and its officers, directors, employees, Affiliates, agents and attorneys (excluding
Excluded Affiliates). 
 Bank Product: any of the following products, services or facilities extended to any Borrower or Subsidiary
by a Lender or any of its Affiliates: (a) Cash Management Services; products under Hedging Agreements; (c) commercial credit card and merchant card services; and (d) leases and other banking products or services as may be requested by
any Borrower or Subsidiary, other than Letters of Credit. 
 Bank Product Reserve: the aggregate amount of reserves established by
Agent from time to time in its Permitted Discretion in respect of Secured Bank Product Obligations. 
 Bankruptcy Code: Title 11 of
the United States Code. 
 Board of Governors: the Board of Governors of the Federal Reserve System. 

  
 4 

 Borrowed Money: with respect to any Obligor, without duplication, its (a) Debt
that arises from the lending of money by any Person to such Obligor, (ii) is evidenced by notes, drafts, bonds, debentures, credit documents or similar instruments, (iii) accrues interest or is a type upon which interest charges are
customarily paid (excluding trade payables owing in the Ordinary Course of Business), or (iv) was issued or assumed as full or partial payment for Property; (b) Capital Leases; (c) reimbursement obligations due and owing with respect
to drawn letters of credit; and (d) guaranties of any Debt of the foregoing types owing by another Person. 
 Borrower or
Borrowers: as defined in the preamble to this Agreement. 
 Borrower Agent: as defined in the preamble to this Agreement. 

Borrower Materials: Borrowing Base information, reports, financial statements and other written materials delivered by Borrowers
hereunder, as well as other Reports and information provided by Agent to Lenders. 
 Borrowing: a Loan or group of Loans that are
made on the same day or are converted into a Loan or Loans on the same day. 
 Borrowing Base: on any date of determination, an
amount equal to the lesser of (a) the aggregate amount of Revolver Commitments, minus the Availability Reserve then in effect; or the sum of the Accounts Formula Amount, plus the Inventory Formula Amount, minus the
Availability Reserve then in effect. 
 Borrowing Base Certificate: a certificate, substantially in the form of Exhibit C, by
which Borrowers certify calculation of the Borrowing Base. 
 Business Day: any day other than a Saturday, Sunday or other day on
which commercial banks are authorized to close under the laws of, or are in fact closed in California, and if such day relates to a LIBOR Loan, any such day on which dealings in Dollar deposits are conducted between banks in the London interbank
Eurodollar market. 
 Capital Expenditure Commitment Termination Date: the earliest to occur of (a) the date that is three years
from the Closing Date; (b) the date on which Borrowers terminate the Capital Expenditure Loan Commitment pursuant to Section 2.3.5; or (c) the date on which the Capital Expenditure Loan Commitment is terminated
pursuant to Section 11.2. 
 Capital Expenditure Loan: a capital expenditure loan made pursuant to
Section 2.3. 
 Capital Expenditure Loan Commitment: for any Lender, the obligation of such Lender to make
Capital Expenditure Loans hereunder, in an aggregate principal amount up to the amount shown on Schedule 1.1. “Capital Expenditure Loan Commitments” means the aggregate amount of such commitments of all Lenders. 

Capital Expenditure Loan Maturity Date: the date that is five years from the Closing Date. 

  
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 Capital Expenditures: all liabilities incurred or expenditures made by a Borrower or
Subsidiary for the acquisition of fixed assets, or any improvements, replacements, substitutions or additions thereto with a useful life of more than one year (excluding normal replacements and maintenance which are properly charged to current
operations), other than Permitted Acquisitions, in each case that are (or should be) set forth as capital expenditures in a consolidated statement of cash flows of such Borrower or Subsidiary for such period, in each case prepared in accordance with
GAAP. 
 Capital Lease: any lease that is required to be capitalized for financial reporting purposes in accordance with GAAP. For
the avoidance of doubt, notwithstanding any change in GAAP after the Closing Date that would require lease obligations that would be treated as operating leases as of the Closing Date to be classified and accounted for as capital leases or otherwise
reflected on the Obligors’ consolidated balance sheet, for the purposes of determining compliance with any covenant contained herein, such obligations shall be treated in the same manner as operating leases are treated as of the Closing Date to
the extent provided in Section 1.2. 
 Cash Collateral: cash, and any interest or other income earned
thereon, that is delivered to Agent to Cash Collateralize any Obligations. 
 Cash Collateral Account: a demand deposit, money market
or other account established by Agent at such financial institution as Agent may select in its reasonable discretion, which account shall be subject to a Lien in favor of Agent. 

Cash Collateralize: the delivery of cash to Agent, as security for the payment of Obligations, in an amount equal to (a) with
respect to LC Obligations, 105% of the aggregate LC Obligations, and (b) with respect to any inchoate, contingent or other Obligations (including Secured Bank Product Obligations, but excluding indemnification obligations which are either
contingent or inchoate to the extent no claims giving rise thereto have been asserted), Agent’s good faith, reasonable estimate of the amount that is due or could become due, including all fees and other amounts relating to such Obligations.
“Cash Collateralization” has a correlative meaning. 
 Cash Equivalents: (a) marketable obligations issued by,
or unconditionally guaranteed by, the United States government or any agency or instrumentality thereof and backed by the full faith and credit of the United States government, in each case maturing within 12 months of the date of acquisition;
(b) certificates of deposit, time deposits and bankers’ acceptances maturing within 12 months of the date of acquisition, and overnight bank deposits, in each case which are issued by Bank of the West, any Lender or a commercial bank
organized under the laws of the United States or any state or district thereof, rated A-1 (or better) by S&P or P-1 (or better) by Moody’s at the time of
acquisition, and (unless issued by a Lender) not subject to offset rights; repurchase obligations with a term of not more than 30 days for underlying investments of the types described in clauses (a) and (b) entered into with any bank described
in clause (b); (d) commercial paper issued by Bank of the West, any Lender or rated A-1 (or better) by S&P or P-1 (or better) by Moody’s, and maturing within
nine months of the date of acquisition; and (e) shares of any money market fund that has substantially all of its assets invested continuously in the types of investments referred to above, has net assets of at least $500,000,000 and has the
highest rating obtainable from either Moody’s or S&P. 

  
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 Cash Management Services: any services provided from time to time by Bank of the
West, any Lender or any of their respective Affiliates to any Borrower or Subsidiary in connection with operating, collections, payroll, trust, or other depository or disbursement accounts, including automated clearinghouse, e-payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository, information reporting, lockbox and stop payment services. 

CERCLA: the Comprehensive Environmental Response Compensation and Liability Act (42 U.S.C. § 9601 et seq.). 

CFC: means a Person that is a “controlled foreign corporation” under Section 957 of the Code. 

CFC Holding Company: means a Subsidiary (including a disregarded entity for U.S. federal income tax purposes) (i) substantially
all of the assets of which consist of equity and, if applicable, intercompany debt of one or more direct or indirect Subsidiaries that are CFCs or other CFC Holding Companies and (ii) that conducts no material business other than holding such
equity and, if applicable, intercompany debt. 
 Change in Law: the occurrence, after the date hereof, of (a) the adoption,
taking effect or phasing in of any law, rule, regulation or treaty; (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority; or (c) the making,
issuance or application of any request, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; provided, however, that “Change in Law” shall include, regardless of the date
enacted, adopted or issued, all requests, guidelines, requirements or directives (i) under or relating to the Dodd-Frank Wall Street Reform and Consumer Protection Act, or (ii) promulgated pursuant to Basel III by the Bank of International
Settlements, the Basel Committee on Banking Supervision (or any similar authority) or any other Governmental Authority. 
 Change of
Control: (a) Equity Sponsor ceases to own and control, beneficially and of record, at least 51% of the Equity Interests of Ultimate Holdco, (b) Ultimate Holdco ceases to own and control, beneficially and of record, directly or
indirectly, all Equity Interests of Intermediate Holdco, (c) Intermediate Holdco ceases to own and control, beneficially and of record, directly or indirectly, all Equity Interests of each Borrower, (d) a change in the majority of
directors of any Obligor during any 24 month period, unless approved by the majority of directors serving at the beginning of such period or previously approved by such directors, or (e) the sale or transfer of all or substantially all of any
Borrower’s assets, other than sales or transfers to another Borrower or Permitted Asset Dispositions. 
 Claims: all claims,
liabilities, obligations, losses, damages, penalties, judgments, proceedings, interest, costs and expenses of any kind (including remedial response costs, reasonable and documented attorneys’ fees (excluding the allocated fees of in-house counsel) and Extraordinary Expenses) at any time (including after Full Payment of the Obligations or replacement of Agent or any Lender) incurred by any Indemnitee or asserted against any Indemnitee by any
Obligor or other Person, in any way relating to (a) any Loans, Letters of Credit, Loan Documents, Borrower Materials, or the use thereof or transactions relating thereto, (b) any action taken or omitted in connection with any Loan
Documents, (c) the existence or perfection of any Liens, or realization upon any Collateral, (d) exercise of any rights or remedies under any Loan Documents or Applicable Law, or (e) failure by any Obligor to perform or observe any
terms 

  
 7 

 
of any Loan Document, in each case including all reasonable out-of-pocket costs and
out-of-pocket expenses relating to any investigation, litigation, arbitration or other proceeding (including an Insolvency Proceeding or appellate proceedings), whether
or not the applicable Indemnitee is a party thereto. 
 Closing Date: October 14, 2016, which is the date on which each of the
conditions precedent set forth on Section 6.1 either have been satisfied or have been waived. 
 Code: the
Internal Revenue Code of 1986, as amended from time to time and any successor statute. 
 Collateral: all Property described in
Section 7.1, all Property described in any Security Documents as security for any Obligations, and all other Property that now or hereafter secures (or is intended to secure) any Obligations; provided, however, that
such Property shall not include the Excluded Assets. 
 Commitment: for any Lender, the aggregate amount of such Lender’s
Revolver Commitment, Term Loan Commitment and Capital Expenditure Loan Commitment. 
 “Commitments” means the aggregate
amount of all Revolver Commitments, Term Loan Commitments and Capital Expenditure Loan Commitments. 
 Commodity Exchange Act: the
Commodity Exchange Act (7 U.S.C. § 1 et seq.). 
 Company Material Adverse Effect: means, for purposes of representations and
warranties made or to be made on or as of the Closing Date, “Material Adverse Effect” as defined in the Project Vine Purchase Agreement. 

Compliance Certificate: a certificate, substantially in the form of Exhibit D, by which Borrowers certify compliance with
Sections 10.2.3 and 10.3, and calculate the applicable Level for the Applicable Margin. 
 Consolidated Net Income:
means, with respect to any Person for any period, the net income (loss) of such Person and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 

Contingent Obligation: any obligation of a Person arising from a guaranty, indemnity or other assurance of payment or performance of
any Debt, lease, dividend or other similar obligation (“primary obligations”) of another obligor (“primary obligor”) in any manner, whether directly or indirectly, including any obligation of such Person under any
(a) guaranty, endorsement, co-making or sale with recourse of an obligation of a primary obligor; (b) obligation to make
take-or-pay or similar payments regardless of nonperformance by any other party to an agreement; and (c) arrangement (i) to purchase any primary obligation or
security therefor, (ii) to supply funds for the purchase or payment of any primary obligation, (iii) to maintain or assure working capital, equity capital, net worth or solvency of the primary obligor, to purchase Property or services for
the purpose of assuring the ability of the primary obligor to perform a primary obligation, or (v) otherwise to assure or hold harmless the holder of any primary obligation against loss in respect thereof. The amount of any Contingent
Obligation shall be deemed to be the stated or determinable 

  
 8 

 
amount of the primary obligation (or, if less, the maximum amount for which such Person may be liable under the instrument evidencing the Contingent Obligation) or, if not stated or determinable,
the maximum reasonably anticipated liability with respect thereto. 
 Control: the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

Controlled Investment Affiliate: as to any Person, any other Person that (a) directly or indirectly, is in Control of, is
Controlled by, or is under common Control with, such Person and (b) is organized by such Person primarily for the purpose of making equity or debt investments, directly or indirectly, in Intermediate Holdco or other portfolio companies of such
Person. 
 Curative Equity: means the net amount of proceeds received by the Borrowers from issuances of Equity Interests (or capital
contributions in respect thereof) or Subordinated Debt (which Subordinated Debt shall not permit cash payments of interest or principal until Full Payment of the Obligations) in immediately available funds and which are designated “Curative
Equity” by such Borrower under Section 10.3.3 at the time it is contributed. For the avoidance of doubt, the forgiveness of antecedent debt (whether Debt, trade payables, or otherwise) shall not constitute Curative
Equity. 
 CWA: the Clean Water Act (33 U.S.C. §§ 1251 et seq.). 

Debt: as applied to any Person, without duplication, all of the following, whether or not included as indebtedness or liabilities in
accordance with GAAP: (a) Borrowed Money; (b) all obligations of such Person to pay the deferred purchase price of property or services (other than accrued expenses and trade accounts payable in the Ordinary Course of Business and employee
benefit obligations in the Ordinary Course of Business that are not past due by more than sixty (60) days); (c) net obligations owing by such Person under any Hedging Agreements; (d) indebtedness (excluding prepaid interest thereon)
secured by a Lien on property owned or being purchased by such Person (excluding Grower Payables that are not past due by more than sixty (60) days), but including indebtedness arising under conditional sales or other title retention
agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; provided, that, if such indebtedness is not assumed by a personal liability of such Person then the amount of such indebtedness shall be
limited to the lesser of (i) the amount of such indebtedness and (ii) the book value of the asset securing such indebtedness; (e) all Contingent Obligations to the extent that the “primary obligations” (as defined in the
definition of Contingent Obligations) related thereto constitute Debt; (f) all reimbursement obligations in connection with letters of credit issued for the account of such Person; and (g) in the case of an Obligor, without duplication,
the principal amount of Obligations. The Debt of a Person shall include any recourse Debt of any partnership in which such Person is a general partner or joint venturer and the amount of any net obligation under any Hedging Agreement on any date
shall be deemed to be the swap termination value as of such date. 
 Debt to Net Worth Ratio: as of any date of determination, the
ratio of (a) Borrowers’ Debt, to (b) Borrowers’ Net Worth. 

  
 9 

 Default: an event or condition that, with the lapse of time or giving of notice,
would constitute an Event of Default. 
 Default Rate: for any Obligation (including, to the extent permitted by law, interest not
paid when due), 2% plus the interest rate otherwise applicable thereto. 
 Defaulting Lender: any Lender or other Recipient that, as
determined by Agent, (a) has failed to perform any funding obligations hereunder, and such failure is not cured within three (3) Business Days; (b) has notified Agent or any Borrower that such Lender does not intend to comply with its
funding obligations hereunder or has made a public statement to the effect that it does not intend to comply with its funding obligations hereunder or under any other credit facility; (c) has failed, within two (2) Business Days following
request by Agent, to confirm in a manner satisfactory to Agent that such Lender will comply with its funding obligations hereunder; or (d) has, or has a direct or indirect parent company that has, become the subject of an Insolvency Proceeding
(other than via an Undisclosed Administration) or taken any action in furtherance thereof, or become the subject of a Bail-In Action; provided, however, that a Lender shall not be a Defaulting Lender
solely by virtue of a Governmental Authority’s ownership of an equity interest in such Lender or parent company so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within
the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. 

Deposit Account Control Agreements: the Deposit Account control agreements to be executed by each institution maintaining a Deposit
Account for a Borrower, in favor of Agent, as security for the Obligations. 
 Dilution Percent: the percent, determined for
Borrowers’ most recent Fiscal Quarter, equal to (a) bad debt write-downs or write-offs, discounts, returns, promotions, allowances, credits, credit memos and other dilutive items with respect to Accounts (in each case, without duplication
of returns, rebates, discounts, credits or allowances reducing the Value of Eligible Accounts), divided by (b) gross sales. 

Distribution: any declaration or payment of a distribution (including distributions to fund pass through income tax obligations),
interest or dividend on any Equity Interest (other than payment-in-kind); any distribution, advance or repayment of Debt to a holder of Equity Interests; or any
purchase, redemption, or other acquisition or retirement for value of any Equity Interest. 
 Documentation Agent or Co-Documentation Agent: as defined in the preamble to this Agreement and also includes any Lender designated by Agent as a “Documentation Agent” or
“Co-Documentation Agent” pursuant to a joinder agreement or amendment to this Agreement. 

Dollars: lawful money of the United States. 

Domestic Subsidiary: any Subsidiary that is incorporated or organized under the laws of the United States of America, any state thereof
or the District of Columbia. 

  
 10 

 EBITDA: for any applicable period and determined on a consolidated basis for
Intermediate Holdco and its Subsidiaries, Consolidated Net Income plus 
 (a)    without duplication, the sum of
the following for such applicable period (to the extent deducted in determining such Consolidated Net Income for such period): 

(i)    interest expense, and amounts due under the Loan Documents as of the Closing Date including
administrative fees, closing fees, legal fees, fees for field exams and appraisals, expenses and similar items, 

(ii)    income tax expense, 

(iii)    depreciation and amortization as set forth in the statement of cash flows of Intermediate Holdco
and its Subsidiaries, 
 (iv)    non-cash expenses, losses and
charges (including any charges resulting from purchase accounting (including step-ups in basis for inventory and other assets),
mark-to- market adjustments of Hedging Agreements, LIFO adjustment reserves or the non-cash writeoff or writedown of goodwill,
intangibles and long-lived assets) excluding any such non-cash item to the extent that it represents an accrual or reserve for potential cash items in any future period or amortization of a prepaid cash item
that was paid in a prior period, as approved by Agent and Required Lenders in writing, 

(v)    non-recurring or extraordinary charges as approved by Agent
and Required Lenders in writing, and losses from Asset Dispositions, 
 (vi)    with respect to the
Transactions, bonus payments, costs, reasonable fees to Persons (other than Intermediate Holdco, Equity Sponsor or any of their Affiliates), charges, or expenses incurred in connection therewith prior to, on or within 90 days of the Closing Date;
provided that the amounts necessary to pay all of such costs, fees, charges, or expenses are actually funded on the Closing Date as reflected in the sources and uses that is reasonably acceptable to Agent on or prior to the Closing Date, 

(vii)    management fees and expenses paid to GI Partners prior to or on the Closing Date in an amount not
to exceed $100,000; 
 (viii)    expenses, retention bonuses and restructuring charges directly incurred
by Intermediate Holdco not later than 180 days following the Closing Date in connection with the Transactions that do not exceed, in the aggregate, $3,000,000 to the extent such expenses are reflected in the Intermediate Holdco’s profit and
loss statements; 
 (ix)    with respect to any Permitted Acquisition, permitted Asset Disposition,
permitted Debt or Investments other than Restricted Investments after the Closing Date, costs, fees, charges, or expenses consisting of out-of-pocket expenses owed by
any Borrower or any of its Subsidiaries to any Person for services performed by such Person in connection with such transaction incurred within 90 days of the consummation of such transaction, up to an aggregate amount (for all such items in this
clause (ix)) for such transactions not to exceed the greater of (A) $5,000,000 and (B) 10% of the cash portion of the purchase price or principal amount of the Debt, as applicable, of such transactions; 

  
 11 

 (x)    with respect to proposed transactions described
in clause (ix) above that are not consummated, costs, fees, charges or expenses consisting of out-of-pocket expenses up to an aggregate amount not to exceed
$500,000 per year; 
 (xi)    non-cash compensation expense
(including deferred non-cash compensation expense), or other non-cash expenses or charges, arising from the sale or issuance of Equity Interests, the granting of stock
options, and the granting of stock appreciation rights and similar arrangements (including any repricing, amendment, modification, substitution, or change of any such Equity Interests, stock option, stock appreciation rights, or similar
arrangements) minus the amount of any such expenses or charges when paid in cash to the extent not deducted in the computation of Consolidated Net Income; and 

(xii)    losses from discontinued operations; minus 

(b)    nonrecurring and extraordinary gains, and gains from Asset Dispositions, for such applicable period (to the extent
included in determining such Consolidated Net Income); 
 in each case, determined on a consolidated basis in accordance with GAAP; provided, however; that
EBITDA (a) for the quarter ended January 31, 2016 shall be $18,342,000, (b) for the quarter ended April 30, 2016 shall be $13,862,970 and (c) for the quarter ended July 31, 2016 shall be $13,379,512. 

EEA Financial Institution: shall mean (a) any credit institution or investment firm established in any EEA Member Country which is
subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

EEA Member Country: shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

EEA Resolution Authority: shall mean any public administrative authority or any Person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 
 Elected
Harvest Period: the three consecutive month period determined by Borrowers pursuant to a Notice of Elected Harvest Period delivered to Agent no later than 7 Business Days prior to the commencement of such Elected Harvest Period, which shall
occur during the period commencing on October 1st of any calendar year through and including January 31st of the immediately succeeding
calendar year. 
 Eligible Account: an Account owing to a Borrower that arises in the Ordinary Course of Business from the sale of
goods or rendition of services, is payable in Dollars and is deemed by 

  
 12 

 
Agent in its Permitted Discretion to be an Eligible Account; provided, that no Account shall be an Eligible Account if (a) it is unpaid for more than 90 days after the original
invoice date or has selling terms that exceed 90 days; (b) 50% or more of the Accounts owing by the Account Debtor are not Eligible Accounts under the foregoing clause; (c) when aggregated with other Accounts owing by the Account Debtor, it
exceeds 20% (or 40% in respect of Accounts for which Southern Glazer’s Wine and Spirits, LLC is the Account Debtor) of the aggregate Accounts (or such higher percentage as Agent may establish in its Permitted Discretion for the Account Debtor
from time to time), but only to the extent of such excess; (d) it does not conform with a covenant or representation herein; (e) it is owing by a creditor or supplier and is subject to a potential offset, counterclaim, dispute, deduction,
discount, recoupment, reserve, defense, chargeback, credit or allowance (but ineligibility shall be limited to the amount thereof); (f) an Insolvency Proceeding has been commenced by or against the Account Debtor; or the Account Debtor has failed,
has suspended or ceased doing business, is liquidating, dissolving or winding up its affairs, is not Solvent, or is subject to any country sanctions program or specially designated nationals list maintained by the Office of Foreign Assets Control of
the U.S. Treasury Department; or the Borrower is not able to bring suit or enforce remedies against the Account Debtor through judicial process; (g) the Account Debtor is organized or has its principal offices or assets outside the United
States or Canada, unless the Account is supported by (x) a letter of credit on terms reasonably satisfactory to Agent and (i) such letter of credit names Agent as beneficiary for the benefit of the Secured Parties or (ii) the issuer
of such letter of credit has consented to the assignment of the proceeds thereof to Agent, or (y) credit insurance reasonably satisfactory in all respects to Agent; (h) it is owing by a Governmental Authority, unless the Account Debtor is
the United States or any department, agency or instrumentality thereof and the Account has been assigned to Agent in compliance with the federal Assignment of Claims Act; (i) it is not subject to a duly perfected, first priority Lien in favor
of Agent, or is subject to any other Lien (other than non-consensual Permitted Liens arising by operation of law which are junior to the Agent’s Lien) unless an appropriate Reserve has been established in
Agent’s Permitted Discretion; (j) the goods giving rise to it have not been delivered to the Account Debtor, the services giving rise to it have not been accepted by the Account Debtor, or it otherwise does not represent a final sale;
(k) it is evidenced by Chattel Paper or an Instrument of any kind, or has been reduced to judgment; (l) its payment has been extended or the Account Debtor has made a partial payment; (m) it arises from a sale to an Affiliate, from a
sale on a cash-on-delivery, bill-and-hold, sale-or-return, sale-on-approval, consignment, or other repurchase or return basis, or from a sale for personal, family or
household purposes; (n) it represents a progress billing or retainage, or relates to services for which a performance, surety or completion bond or similar assurance has been issued; (o) it includes a billing for interest, fees or late
charges, but ineligibility shall be limited to the extent thereof; or (p) it is an Account owned by a target acquired in connection with a Permitted Acquisition, until the completion of an appraisal and field examination with respect to such
target, in each case, reasonably satisfactory to Agent (which appraisal and field examination may be conducted prior to the closing of such Permitted Acquisition). 

Eligible Assignee: a Person that is (a) a Lender, Affiliate of a Lender or Approved Fund; any other financial institution approved
by Borrower Agent (which approval shall not be unreasonably withheld or delayed, and shall be deemed given if no objection is made within 10 Business Days after written notice of the proposed assignment) and Agent, which extends revolving credit
facilities of this type in its ordinary course of business and whose becoming an assignee would not constitute a prohibited transaction under Section 4975 of the Code or any other 

  
 13 

 
Applicable Law; and (c) upon the occurrence and during the continuation of any Event of Default, any Person acceptable to Agent in its discretion; provided, however, any
assignment to a financial institution in respect of Revolver Loans shall also require the approval of the Issuing Bank and Swingline Lender. 

Eligible Equipment: Equipment (including wine barrels) that is deemed by Agent, in its Permitted Discretion, to be Eligible Equipment.
Without limiting the foregoing, no Equipment shall be Eligible Equipment unless: (a) such Equipment meets all standards imposed by any Governmental Authority, has not been acquired from a Sanction Entity or Sanctioned Person; (b) such
Equipment conforms with the covenants and representations herein; (c) such Equipment is subject to Agent’s duly perfected, first priority Lien, and no other Lien (other than Permitted Liens); (d) such Equipment is located within the United
States; (e) such Equipment is not located on leased premises, premises subject to a mortgage, or in the possession of a warehouseman, processor, repairman, mechanic, shipper, freight forwarder or other Person, unless (i) the lessor,
mortgagee or such Person in possession of the Equipment has delivered a Lien Waiver or a mortgagee waiver or an appropriate Rent and Charges Reserve has been established and (ii) if requested by Agent, the lessor, mortgagee or such Person in
possession of the Equipment has agreed in writing that such Equipment shall be and remain personal property notwithstanding the manner of their annexation to any Real Estate or their adaptability to the uses and purposes of such Equipment;
(f) such Equipment shall have been purchased by a Borrower no earlier than 120 days prior to the date for which such Borrower delivered to Agent a request for a Capital Expenditure Loan with respect to such Equipment and the purchase price of
such Equipment shall have been paid in full; and (g) with respect to such Equipment, Borrower Agent has delivered to Agent (i) a copy of the invoice for the Equipment which is being purchased using the proceeds of the requested Capital
Expenditure Loan, (ii) evidence that such Equipment has been delivered to Borrowers and installed, if necessary for its proper operation, (iii) evidence of payments of all taxes, shipping, delivery, handling, installation, overhead and
other so called “soft” costs related to the purchase of such Eligible Equipment, (iv) evidence that such Eligible Equipment has been insured as required hereunder, and (v) such other documentation and evidence that Agent may
reasonably request. 
 Eligible Inventory: Inventory owned by a Borrower that is deemed by Agent, in its Permitted Discretion, to be
Eligible Inventory; provided that, no Inventory shall be Eligible Inventory unless it (a) is located at a Borrower’s principal place of business or any other facility storing cased goods and/or bulk wine that complies with such
Borrower’s related representations and warranties contained in this Agreement, (b) is not used, returned, obsolete, spoiled, inadequately sealed, packaged or stored, or otherwise unmerchantable, consigned, demonstrative or custom
inventory, supplies (other than bulk wine), packing or shipping materials, (c) is bulk wine at cost or wholesale “FOB” cased wine, that is not older than three years following December 31 of its vintage year for white wine and
that is either (i) not older than four years following December 31 of its vintage year for red wine or (ii) is four years or older following December 31 of its vintage year for red wine but does not exceed $5,000,000 in the
aggregate in Value of such red wine; (d) is not held on consignment, nor subject to any deposit or down payment; (e) meets all standards imposed by any Governmental Authority; (f) conforms with the covenants and representations
herein; (g) is subject to Agent’s duly perfected, first priority Lien, and no other Lien (other than (x) any Lien permitted pursuant to PACA or any other similar agricultural law or regulation with respect to which Agent has
established a Grower’s Reserve, (y) non-consensual 

  
 14 

 
Permitted Liens arising by operation of law which are junior to the Agent’s Lien, or (z) any other Lien with respect to which Agent has establish an appropriate reserve its Permitted
Discretion); (h) is within the continental United States, is not in transit (except (x) between locations of Borrowers, or (y) to another location disclosed to Agent with respect to which Agent has received an appropriate Lien Waiver or
established an appropriate reserve in its Permitted Discretion, and is not consigned to any Person; (i) is not subject to any warehouse receipt or negotiable Document; (j) is not subject to any License or other arrangement that restricts
such Borrower’s or Agent’s right to dispose of such Inventory, unless Agent has received an appropriate Lien Waiver or established an appropriate reserve in its Permitted Discretion; (k) is not located on leased premises or in the
possession of a warehouseman, processor, repairman, mechanic, shipper, freight forwarder or other Person, unless the lessor or such Person has delivered a Lien Waiver or an appropriate Rent and Charges Reserve has been established; (l) is
reflected in the details of a current perpetual inventory report; or (m) if it is Inventory owned by a target acquired in connection with a Permitted Acquisition, an appraisal and field examination with respect to such Inventory have been
completed and are reasonably satisfactory to Agent (which appraisal and field examination may be conducted prior to the closing of such Permitted Acquisition). 

Enforcement Action: any action to enforce any Obligations (other than Secured Bank Product Obligations) or Loan Documents or to
exercise any rights or remedies relating to any Collateral (whether by judicial action, self-help, notification of Account Debtors, exercise of setoff or recoupment, exercise of any right to act in an Obligor’s Insolvency Proceeding or to
credit bid Obligations, or otherwise). 
 Environmental Agreement: each agreement of Borrowers with respect to any Real Estate
subject to a Mortgage, pursuant to which Borrowers agree to indemnify and hold harmless Agent and Lenders from liability under any Environmental Laws. 

Environmental Laws: all Applicable Laws (including all programs, permits and guidance promulgated by regulatory agencies), relating to
human health (but excluding occupational safety and health, to the extent regulated by OSHA) or the protection or pollution of the environment, including CERCLA, RCRA and CWA. 

Environmental Notice: a written notice from any Governmental Authority or other Person of any alleged or threatened noncompliance with,
investigation of a possible, violation of, litigation relating to, or potential fine or liability under any Environmental Law, or with respect to any Environmental Release, environmental pollution or hazardous materials, including any complaint,
summons, citation, order, claim, demand or request for correction or remediation. 
 Environmental Release: a release as defined in
CERCLA or under any other Environmental Law. 
 Equity Contribution: as defined in Section 6.1(o). 

Equity Interest: the interest of any (a) shareholder in a corporation; (b) partner in a partnership (whether general,
limited, limited liability or joint venture); (c) member in a limited liability company; or (d) other Person having any other form of equity security or ownership interest. 

  
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 Equity Sponsor: Mallard Management, LLC and its Controlled Investment Affiliates.

 ERISA: the Employee Retirement Income Security Act of 1974. 

ERISA Affiliate: any trade or business (whether or not incorporated) under common control with an Obligor within the meaning of
Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

ERISA Event: (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by any Obligor or ERISA Affiliate from a
Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA; a complete or partial withdrawal by any Obligor or ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the
treatment of a Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) the determination that any Pension Plan or
Multiemployer Plan is considered an at risk plan or a plan in critical or endangered status under the Code, ERISA or the Pension Protection Act of 2006; (f) an event or condition which constitutes grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (g) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007
of ERISA, upon any Obligor or ERISA Affiliate. 
 EU Bail-In Legislation Schedule: shall mean
the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

Excluded Affiliate: shall mean any (i) Affiliate that is engaged as principal primarily in private equity, mezzanine financing or
venture capital or (ii) any Affiliate (other than any “above the wall” individuals) that is engaged directly or indirectly in a sale of the Target and its subsidiaries as sell-side representative. Notwithstanding the foregoing, no
Lender under the Second Lien Loan Agreement shall be deemed an Excluded Affiliate. 
 Excluded Assets: as defined in
Section 7.1. 
 Excluded Swap Obligation: with respect to an Obligor, each Swap Obligation as to which, and
only to the extent that, such Obligor’s guaranty of or grant of a Lien as security for such Swap Obligation is or becomes illegal under the Commodity Exchange Act because the Obligor does not constitute an “eligible contract
participant” as defined in such act (determined after giving effect to any keepwell, support or other agreement for the benefit of such Obligor and all guarantees of Swap Obligations by other Obligors) when such guaranty or grant of Lien
becomes effective with respect to the Swap Obligation. If a Hedging Agreement governs more than one Swap Obligation, only the Swap Obligation(s) or portions thereof described in the foregoing sentence shall be Excluded Swap Obligation(s) for the
applicable Obligor. 
 Excluded Subsidiary: shall mean each (a) CFC, (b) direct or indirect Domestic Subsidiary of a CFC or a
CFC Holding Company, and (c) CFC Holding Company. 

  
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 Excluded Tax: with respect to Agent, any Lender, Issuing Bank or any other recipient
of a payment to be made by or on account of any Obligation (each, a “Recipient”), (a) any tax imposed on the net income or net profits (however denominated) of any Recipient (including any franchise taxes imposed in lieu of such taxes and
any branch profits taxes), in each case imposed by the jurisdiction (or by any political subdivision or taxing authority thereof) in which such Recipient is organized or the jurisdiction (or by any political subdivision or taxing authority thereof)
in which such Recipient’s principal office is located; (b) any tax imposed as a result of a present or former connection between such Recipient and the jurisdiction or taxing authority imposing the tax (other than any such connection
arising solely from such Recipient having executed, delivered or performed its obligations or received payment under, or enforced its rights or remedies under the Agreement or any other Loan Document); (c) taxes resulting from a Recipient’s
failure to comply with the requirements of Section 5.11 of the Agreement; (d) any United States federal withholding taxes that are or would be imposed on amounts payable to a Foreign Lender pursuant to a law, and based
upon the applicable withholding rate in effect at the time such Foreign Lender becomes a party to the Agreement (or designates a new Lending Office), except in each case to the extent that (i) such Foreign Lender (or its assignor, if
any) was previously entitled to receive an amount pursuant to Section 5.10.1 or 5.10.2 of the Agreement, if any, with respect to such withholding tax at the time such Foreign Lender becomes a party to the Agreement (or
designates a new Lending Office), and (ii) additional United States federal withholding taxes are imposed after the time such Foreign Lender becomes a party to the Agreement (or designates a new Lending Office), as a result of a change in law,
rule, regulation, order or other decision with respect to any of the foregoing by any Governmental Authority, and (e) any United States federal withholding taxes imposed under FATCA. 

Extraordinary Expenses: all documented and reasonable
out-of-pocket costs, out-of-pocket expenses or advances that Agent may incur during a
Default or Event of Default, or during the pendency of an Insolvency Proceeding of an Obligor, including those relating to (a) any audit, inspection, repossession, storage, repair, appraisal, insurance, manufacture, preparation or advertising
for sale, sale, collection, or other preservation of or realization upon any Collateral; (b) any action, arbitration or other proceeding (whether instituted by or against Agent, any Lender, any Obligor, any representative of creditors of an
Obligor or any other Person) in any way relating to any Collateral (including the validity, perfection, priority or avoidability of Agent’s Liens with respect to any Collateral), Loan Documents, Letters of Credit or Obligations, including any
lender liability or other Claims; (c) the exercise, protection or enforcement of any rights or remedies of Agent in, or the monitoring of, any Insolvency Proceeding; (d) settlement or satisfaction of any taxes, charges or Liens with
respect to any Collateral; (e) any Enforcement Action; (f) negotiation and documentation of any modification, waiver, workout, restructuring or forbearance with respect to any Loan Documents or Obligations; and (g) Protective
Advances. Such costs, expenses and advances include transfer fees, Other Taxes, storage fees, insurance costs, permit fees, utility reservation and standby fees, reasonable and documented legal fees, appraisal fees, brokers’ fees and
commissions, auctioneers’ fees and commissions, accountants’ fees, environmental study fees, wages and salaries paid to employees of any Obligor or independent contractors in liquidating any Collateral, and
out-of-pocket travel expenses. 
 Extraordinary
Receipts: means any cash payments received by or payable on behalf of Intermediate Holdco or its Subsidiaries not in the ordinary course of business consisting of (a) indemnity payments or (b) any purchase price adjustment (other than
a working capital or tax 

  
 17 

 
adjustment) received in connection with any acquisition agreement (including the Project Vine Purchase Agreement); provided, however, that Extraordinary Receipts shall not include cash receipts
from indemnity payments to the extent that such funds are received by any Person in respect of any third party claim against such Person and applied to pay (or reimburse such Person for its prior payment of) such claim plus related costs and
expenses. 
 FATCA: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version),
any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any applicable intergovernmental agreements and related legislation or official administrative
rules or practices with respect thereto. 
 Federal Funds Rate: (a) the weighted average of interest rates on overnight federal
funds transactions with members of the Federal Reserve System on the applicable Business Day (or on the preceding Business Day, if the applicable day is not a Business Day), as published by the Federal Reserve Bank of New York on the next Business
Day; or (b) if no such rate is published on the next Business Day, the average rate (rounded up, if necessary, to the nearest 1/8 of 1%) charged to Bank of the West on the applicable day on such transactions, as determined by Agent. 

Fiscal Quarter: each period of three months, ending on April 30, July 31, October 31 and January 31 of each year.

 Fiscal Year: the fiscal year of Borrowers and Subsidiaries for accounting and tax purposes, ending on July 31 of each year.

 Fixed Charge Coverage Ratio: the ratio, determined on a consolidated basis for Intermediate Holdco and its Subsidiaries for the
most recent four Fiscal Quarters, of (a) (i) TTM EBITDA minus (ii) Capital Expenditures (except those financed with (x) Borrowed Money other than Revolver Loans or (y) proceeds arising from a casualty event covered by
insurance, a Permitted Asset Disposition or an issuance of any Equity Interests (or receipt of capital contributions) by any Borrower, in each case, to the extent such proceeds are applied to finance such Capital Expenditures within 365 days)
minus (iii) all federal, state, and local income taxes paid in cash during such period or Distributions made in accordance with Section 10.2.4 by any Obligor to Ultimate Holdco for the payment of such taxes, to
(b) Fixed Charges. 
 Fixed Charges: during the most recent four Fiscal Quarters, determined for Intermediate Holdco and its
Subsidiaries on a consolidated basis in accordance with GAAP, the sum of (a) cash interest expense (other than payment-in-kind) during such period and
(b) scheduled principal payments in respect of Debt that are required to be paid during such period; provided, however, Fixed Charges (a) for the quarter ended January 31, 2016 shall be $7,543,342, (b) for the quarter ended
April 30, 2016 shall be $4,486,728 and (c) for the quarter ended July 31, 2016 shall be $5,445,439. 
 FLSA: the Fair
Labor Standards Act of 1938. 
 FOB Value for Case Inventory: as of any date of determination, the Eligible Inventory available at
cost for case wine multiplied by the implied ratio for case wine of Inventory available at FOB to Inventory available at cost set forth in the most recently delivered appraisal conducted 

  
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on behalf of, and reasonably acceptable to, Agent). The implied ratio referred to above shall be 2.46 as of the Closing Date and will be subsequently adjusted to the extent set forth in any
subsequent appraisal conducted on behalf of, and reasonably acceptable to, the Agent. 
 Food Security Act: means 7 U.S.C.
§1631, Protection of Purchasers of Farm Products, of the Food Security Act of 1985, as amended. 
 Foreign Lender: any Lender
that is organized under the laws of a jurisdiction other than the laws of the United States, or any state or district thereof. 
 Foreign
Plan: any employee benefit plan or arrangement (a) maintained or contributed to by any Obligor or Subsidiary that is not subject to the laws of the United States; or (b) mandated by a government other than the United States for
employees of any Obligor or Subsidiary. 
 Foreign Subsidiary: a Subsidiary (i) that is not a Domestic Subsidiary,
(ii) substantially all the assets of which, directly or indirectly, constitute equity interests or indebtedness of one or more “controlled foreign corporations” (as defined in Section 957 of the Code), or (iii) that is a
Domestic Subsidiary of a Subsidiary described in clause (i) or (ii). 
 Fronting Exposure: a Defaulting Lender’s Pro Rata
share of LC Obligations or Swingline Loans, as applicable, except to the extent allocated to other Lenders under Section 4.2. 

Full Payment: with respect to any Obligations, (a) the full and reasonably indefeasible cash payment thereof, including any
interest, fees and other charges accruing during an Insolvency Proceeding (whether or not allowed in the proceeding); and (b) if such Obligations are LC Obligations or inchoate or contingent in nature (other than indemnification obligations
which are either contingent or inchoate to the extent no claims giving rise thereto have been asserted), (i) Cash Collateralization thereof (or delivery of a backstop letter of credit reasonably acceptable to Agent in its reasonable discretion, in
the amount of required Cash Collateral) or (ii) the full termination thereof. No Loans shall be deemed to have been paid in full until all Commitments related to such Loans have expired or been terminated. 

GAAP: generally accepted accounting principles in effect in the United States from time to time. 

Governmental Approvals: all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and
required reports to, all Governmental Authorities. 
 Governmental Authority: any federal, state, local, foreign or other agency,
authority, body, commission, court, instrumentality, political subdivision, or other entity or officer exercising executive, legislative, judicial, regulatory or administrative functions for any governmental, judicial, investigative, regulatory or
self-regulatory authority (including any applicable supranational bodies, such as the European Union or the European Central Bank). 

Grower Payable: an account payable of any Borrower outstanding to a grower or supplier of agricultural products that constitutes
Inventory. 

  
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 Grower Reserve: as of any date of determination, a reserve established by Agent in
its Permitted Discretion in respect of Accounts or Inventory subject to any Lien or statutory trust created under PACA, the Food Security Act or any applicable state counterpart statute, in each case, that arises in connection with a Grower Payable.

 Guarantor Payment: as defined in Section 5.12.3. 

Guarantors: Intermediate Holdco and each other Person who guarantees payment or performance of any Obligations. 

Guaranty: each guaranty agreement executed by a Guarantor in favor of Agent. 

Hedging Agreement: any “swap agreement” as defined in Section 101(53B)(A) of the Bankruptcy Code. 

Heritage Target: as defined in the recitals to this Agreement. 

Indemnified Taxes: Taxes other than Excluded Taxes imposed on or with respect to any payment made by or on account of any Obligation.

 Indemnitees: Agent Indemnitees, Lender Indemnitees, Issuing Bank Indemnitees and Bank of the West Indemnitees (excluding Excluded
Affiliates). 
 Insolvency Proceeding: any case or proceeding commenced by or against a Person under any state, federal or foreign
law for, or any agreement of such Person to, (a) the entry of an order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt adjustment law; (b) the appointment of a receiver, trustee, liquidator,
administrator, conservator or other custodian for such Person or any part of its Property; or (c) an assignment or trust mortgage for the benefit of creditors. 

Intellectual Property: all intellectual and similar Property of a Person, including inventions, designs, patents, copyrights,
trademarks, service marks, trade names, trade secrets, URLs, domain names, social media accounts, internet keywords, websites, confidential or proprietary information, customer lists, know-how, software and
databases; all embodiments or fixations thereof and all related documentation, applications, registrations and franchises; all licenses or other rights to use any of the foregoing; and all books and records relating to the foregoing. 

Intellectual Property Claim: any claim or assertion (whether in writing, by suit or otherwise) that a Borrower’s or
Subsidiary’s ownership, use, marketing, sale or distribution of any Inventory, Equipment, Intellectual Property or other Property violates another Person’s Intellectual Property. 

Intercompany Subordination Agreement: the Subordination Agreement of even date herewith, among Obligors and Agent. 

Intercreditor Agreement: the Intercreditor Agreement of even date herewith, between Second Lien Agent and Agent. 

  
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 Interest Period: as defined in Section 3.1.3. 

Intermediate Holdco: as defined in the preamble to this Agreement. 

Inventory: as defined in the UCC, including all goods intended for sale, lease, display or demonstration; all work in process; and all
raw materials, and other materials and supplies of any kind that are or could be used in connection with the manufacture, printing, packing, shipping, advertising, sale, lease or furnishing of such goods, or otherwise used or consumed in a
Borrower’s business (but excluding Equipment). 
 Inventory Formula Amount: as of any date of determination, the sum of: 

(a)    85% of the NOLV for Bulk Inventory; plus  

(b)    the lesser of: 

(i)    85% of the NOLV for Case Inventory; and 

(ii)    65% of the FOB Value for Case Inventory. 

Inventory Reserve: reserves established by Agent, in its Permitted Discretion upon two Business Days’ prior written notice to
Borrower Agent (including telephonic (followed promptly by email) or electronic notice), to reflect factors that could reasonably be expected to negatively impact the value of Inventory, including change in salability, obsolescence, seasonality,
theft, shrinkage, imbalance, change in composition or mix, markdowns and vendor chargebacks. 
 Investment: an Acquisition; an
acquisition of record or beneficial ownership of any Equity Interests of a Person; or an advance or capital contribution to or other investment in a Person; provided that, Capital Expenditures shall not in and of themselves constitute
“Investments.” 
 IP Assignment: a collateral assignment or security agreement pursuant to which an Obligor assigns or
grants a security interest in its interests in copyrights, patents, trademarks or other intellectual property to Agent, as security for the Obligations. 

IRS: the United States Internal Revenue Service. 

Issuing Bank: Bank of the West or any Affiliate of Bank of the West, or any replacement issuer appointed pursuant to
Section 2.4.4. 
 Issuing Bank Indemnitees: Issuing Bank and its officers, directors, employees,
Affiliates, agents and attorneys (excluding Excluded Affiliates). 
 Joint Book Runners: as defined in the preamble to this
Agreement. 
 Joint Lead Arrangers: as defined in the preamble to this Agreement. 

LC Application: an application by Borrower Agent to Issuing Bank for issuance of a Letter of Credit, in form and substance reasonably
satisfactory to Issuing Bank. 

  
 21 

 LC Conditions: the following conditions necessary for issuance of a Letter of Credit:
each of the conditions set forth in Section 6; (b) after giving effect to such issuance, total LC Obligations do not exceed the Letter of Credit Sublimit, no Overadvance exists, and total outstanding Revolver Loans plus LC
Obligations do not exceed the Borrowing Base (without giving effect to the LC Reserve for purposes of this calculation); (c) the expiration date of such Letter of Credit is (i) no more than 365 or 366, as applicable, days from issuance, in the
case of standby Letters of Credit; provided that, standby Letters of Credit may provide for automatic renewal for successive periods of 365 or 366, as applicable, days unless the Issuing Bank elects not to extend, (ii) no more than 120 days
from issuance, in the case of documentary Letters of Credit, and (iii) no later than seven days prior to the Revolver Termination Date, in the case of all Letters of Credit, unless Cash Collateralized by such date; (d) the Letter of Credit
and payments thereunder are denominated in Dollars; and (e) the purpose and the form of the proposed Letter of Credit is reasonably satisfactory to Agent and Issuing Bank in their reasonable discretion. 

LC Documents: all documents, instruments and agreements (including LC Requests and LC Applications) delivered by Borrowers or any other
Person to Issuing Bank or Agent in connection with any Letter of Credit. 
 LC Obligations: the sum (without duplication) of
(a) all amounts owing by Borrowers for any drawings under Letters of Credit; and (b) the stated amount of all outstanding Letters of Credit. 

LC Request: a request for issuance of a Letter of Credit, to be provided by Borrower Agent to Issuing Bank, in form reasonably
satisfactory to Agent and Issuing Bank. 
 LC Reserve: the aggregate of all LC Obligations, other than those that have been Cash
Collateralized by Borrowers. 
 Lender Indemnitees: Lenders and their officers, directors, employees, Affiliates, agents and
attorneys (excluding Excluded Affiliates). 
 Lenders: as defined in the preamble to this Agreement, including Agent in its capacity
as a provider of Swingline Loans and any other Person who hereafter becomes a “Lender” pursuant to an Assignment and Acceptance. 

Lending Office: the office designated as such by the applicable Lender at the time it becomes party to this Agreement or thereafter by
notice to Agent and Borrower Agent. 
 Letter of Credit: any standby or documentary letter of credit issued by Issuing Bank for the
account of a Borrower, or any indemnity, guarantee, exposure transmittal memorandum or similar form of credit support issued by Agent or Issuing Bank for the benefit of a Borrower. 

Letter of Credit Sublimit: $15,000,000. 

LIBOR: for any Interest Period with respect to a LIBOR Loan, the rate per annum determined by the Agent to be the London interbank
offered rate (“LIBOR”) as administered by ICE Benchmark Administration, or a comparable or successor rate which rate is approved by the Agent, as of approximately 11:00 a.m. (London time) on the date that is two Business Days prior to
commencement of such Interest Period for deposits in Dollars with a term equivalent to such 

  
 22 

 
Interest Period (for delivery on the first day of such Interest Period) as appearing on the applicable screen page of Bloomberg (or, in the event such rate does not appear on a Bloomberg screen
page, on the appropriate page or screen of such other information service that publishes such rate as shall be selected by the Agent; provided that at no time shall LIBOR, when used to calculate interest rates, be less than 0.00% per annum. If the
Board of Governors imposes a Reserve Percentage with respect to LIBOR deposits, then LIBOR shall be the foregoing rate, divided by 1 minus the Reserve Percentage. 

LIBOR Capital Expenditure Loan: a Capital Expenditure Loan that bears interest based on LIBOR. 

LIBOR Loan: each set of LIBOR Revolver Loans, LIBOR Term Loans or LIBOR Capital Expenditure Loans having a common length and
commencement of Interest Period. 
 LIBOR Revolver Loan: a Revolver Loan that bears interest based on LIBOR. 

LIBOR Term Loan: a Term Loan that bears interest based on LIBOR. 

License: any license or agreement under which an Obligor is authorized to use Intellectual Property in connection with any manufacture,
marketing, distribution or disposition of Collateral, any use of Property or any other conduct of its business. 
 Licensor: any
Person from whom an Obligor obtains the right to use any Intellectual Property. 
 Lien: any Person’s interest in Property
securing an obligation owed to, or a claim by, such Person, including any lien, security interest, pledge, hypothecation, trust, reservation, encroachment, easement,
right-of-way, covenant, condition, restriction, leases, or other title exception or encumbrance. 

Lien Waiver: an agreement, in form and substance reasonably satisfactory to Agent, by which (a) for any material Collateral
located on leased premises, the lessor waives or subordinates any Lien it may have on the Collateral, and agrees to permit Agent to enter upon the premises and remove the Collateral or to use the premises to store or dispose of the Collateral;
(b) for any Collateral held by a warehouseman, processor, shipper, customs broker or freight forwarder, such Person waives or subordinates any Lien it may have on the Collateral, agrees to hold any Documents in its possession relating to the
Collateral as agent for Agent, and agrees to deliver the Collateral to Agent upon request; (c) for any Collateral held by a repairman, mechanic or bailee, such Person acknowledges Agent’s Lien, waives or subordinates any Lien it may have
on the Collateral, and agrees to deliver the Collateral to Agent upon request; and (d) for any Collateral subject to a Licensor’s Intellectual Property rights, the Licensor grants to Agent the right, vis-a-vis such Licensor, to enforce Agent’s Liens with respect to the Collateral, including the right to dispose of it with the benefit of the Intellectual Property, whether or not a default exists under
any applicable License. 
 Loan: a Revolver Loan, Term Loan or Capital Expenditure Loan. 

Loan Documents: this Agreement, Other Agreements and Security Documents. 

  
 23 

 Loan Year: each 12 month period commencing on the Closing Date and on each
anniversary of the Closing Date. 
 Margin Stock: as defined in Regulation U of the Board of Governors. 

Material Adverse Effect: the effect of any event or circumstance that, taken alone or in conjunction with other events or
circumstances, (a) has or could be reasonably expected to have a material adverse effect (i) on the business, results of operations, Properties or financial condition of Borrowers and their Subsidiaries, taken as a whole, (ii) on the
enforceability of any material provision of any Loan Document or (iii) on the validity or priority of Agent’s Liens on any material portion of the Collateral; (b) impairs in any material respect the ability of the Obligors as a whole
to perform their obligations under the Loan Documents, including repayment of any Obligations; or (c) otherwise impairs in any material respect the ability of Agent or the Lenders to enforce or collect the Obligations or to realize upon the
Collateral. An uninsured loss of 50% or more of Borrowers’ bulk wine and case goods inventory expected to be sold over the following 12 month period shall be deemed to be a “Material Adverse Effect.” 

Material Contract: any agreement to which a Borrower or Subsidiary is party (other than the Loan Documents) (a) for which breach,
termination, nonperformance or failure to renew could reasonably be expected to have a Material Adverse Effect; or (b) that relates to Subordinated Debt, or to Debt in an aggregate amount of $1,000,000 or more under any such agreement. 

Moody’s: Moody’s Investors Service, Inc., and its successors. 

Mortgage: a mortgage, deed of trust or deed to secure debt in which an Obligor grants a Lien on its Real Estate owned in fee to Agent,
as security for the Obligations. 
 Multiemployer Plan: any employee benefit plan of the type described in 

Section 4001(a)(3) of ERISA, to which any Obligor or ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan
years, has made or been obligated to make contributions. 
 Net Proceeds: with respect to an Asset Disposition, proceeds (including,
when received, any deferred or escrowed payments) received by a Borrower or Subsidiary in cash from such disposition, net of direct costs incurred in connection therewith, including (a) reasonable and customary costs and expenses actually
incurred in connection therewith, including, without limitation, legal fees and sales commissions and fees of accountants, brokers, investment banks and consultants, appraisals and title insurance premiums; (b) amounts applied to repayment of
Debt secured by a Permitted Lien senior to Agent’s Liens on Collateral sold; (c) withholding, transfer, income, sales, use, value added, title and recording or transfer taxes or similar taxes; and (d) reserves for indemnities, until
such reserves are no longer needed. 
 Net Worth: as of any date, the sum of (a) shareholder’s equity, determined on a
consolidated basis in accordance with GAAP, plus (b) to the extent shareholder’s equity has been reduced after the Closing Date as a result thereof, (i) amortization of good will and (ii) purchase accounting adjustments. 

  
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 NOLV for Bulk Inventory: as of any date of determination, the Eligible Inventory
available at cost for bulk wine multiplied by the implied ratio for bulk wine of Inventory net recovery to Inventory available at cost set forth in the most recently delivered appraisal conducted on behalf of, and reasonably acceptable to,
Agent. The implied ratio referred to above shall be 1.89 as of the Closing Date and will be subsequently adjusted to the extent set forth in any subsequent appraisal conducted on behalf of, and reasonably acceptable to, the Agent. 

NOLV for Case Inventory: as of any date of determination, the Eligible Inventory available at cost for case wine multiplied by
the implied ratio for case wine of Inventory net recovery to Inventory available at cost set forth in the most recently delivered appraisal conducted on behalf of, and reasonably acceptable to, Agent. The implied ratio referred to above shall be
2.07 as of the Closing Date and will be subsequently adjusted to the extent set forth in any subsequent appraisal conducted on behalf of, and reasonably acceptable to, the Agent. 

Notice of Borrowing: a Notice of Borrowing, substantially in the form of Exhibit E, to be provided by the Borrower Agent to
request a Borrowing of Revolver Loans, Term Loans or Capital Expenditure Loans, as applicable. 
 Notice of Conversion/Continuation:
a Notice of Conversion/Continuation, substantially in the form of Exhibit F, to be provided by the Borrower Agent to request a conversion or continuation of any Loans as LIBOR Loans. 

Notice of Elected Harvest Period: a Notice of Elected Harvest Period, substantially in the form of Exhibit G, to be provided by
the Borrower Agent notifying Agent of the commencement of the Elected Harvest Period. 
 Obligations: all (a) principal of and
premium, if any, on the Loans, (b) LC Obligations and other obligations of Obligors with respect to Letters of Credit, (c) interest, expenses, fees, indemnification obligations, Extraordinary Expenses and other amounts payable by Obligors
under Loan Documents, (d) Secured Bank Product Obligations, and (e) other Debts, obligations and liabilities of any kind owing by Obligors pursuant to the Loan Documents, whether now existing or hereafter arising, whether evidenced by a
note or other writing, whether allowed in any Insolvency Proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether direct or indirect, absolute or
contingent, due or to become due, primary or secondary, or joint or several; provided, that Obligations of an Obligor shall not include its Excluded Swap Obligations. 

Obligor: each Borrower, Guarantor, or other Person that is liable for payment of any Obligations or that has granted a Lien in favor of
Agent on its assets to secure any Obligations. 
 OFAC: means The Office of Foreign Assets Control of the U.S. Department of the
Treasury. 
 Ordinary Course of Business: the ordinary course of business of any Borrower or Subsidiary, consistent with past
practices and undertaken in good faith. 
 Organic Documents: with respect to any Person, its charter, certificate or articles of
incorporation, bylaws, articles of organization, limited liability agreement, operating agreement, 

  
 25 

 
members agreement, shareholders agreement, partnership agreement, certificate of partnership, certificate of formation, voting trust agreement, or similar agreement or instrument governing the
formation or operation of such Person. 
 OSHA: the Occupational Safety and Hazard Act of 1970. 

Other Agreement: each LC Document, fee letter, Lien Waiver, Intercompany Subordination Agreement, Intercreditor Agreement, Mortgage,
assignment of lease, estoppel letter, attornment agreement, consent agreement, waiver or release related to any Real Estate, Environmental Agreement, other Real Estate agreement pursuant to which any Obligor or any Lender is a party, Borrowing Base
Certificate, Compliance Certificate or other note, document, instrument or agreement (other than this Agreement or a Security Document) now or hereafter delivered by an Obligor or other Person to Agent or a Lender in connection with any transactions
relating hereto. 
 Other Taxes: all present or future stamp or documentary taxes or any other excise or property taxes, charges or
similar levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document.1 

Overadvance: as defined in Section 2.1.5. 

Overadvance Loan: an Adjusted Base Rate Revolver Loan made when an Overadvance exists or is caused by the funding thereof. 

PACA: the Perishable Agricultural Commodities Act, as amended, and any successor statute. 

Participant: as defined in Section 13.2. 

Patriot Act: the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA
Patriot Act of 2001). 
 Payment Item: each check, draft or other item of payment payable to a Borrower, including those constituting
proceeds of any Collateral. 
 PBGC: the Pension Benefit Guaranty Corporation. 

Pension Plan: any employee pension benefit plan (as defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is
subject to Title IV of ERISA and is sponsored or maintained by any Obligor or ERISA Affiliate or to which the Obligor or ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in
Section 4064(a) of ERISA, has made contributions at any time during the preceding five plan years. 
  

	1 	 NTD - Borrowers’ tax counsel to discuss with Agent’s tax counsel 

  
 26 

 Permitted Acquisition: means any Acquisition satisfying each of the following
conditions: 
 (a)    both before and after giving effect to such Acquisition and the Loans (if any) requested to be
made in connection therewith, no Event of Default exists, will exist, or would result therefrom, including as a result of the Borrowers violating Section 10.2.15; 

(b)    if such Acquisition (x) is an acquisition of assets of a target Person or (y) includes the acquisition,
directly or indirectly, of capital stock, membership interests or partnership interests of a target Person, upon completion of such Acquisition, Borrowers shall, in each case, comply with the requirements set forth in Sections 7.3, 7.4 and
10.1.9, as applicable; 
 (c)    Agent shall have received copies of all environmental assessments for such
Acquisition (to the extent produced in connection with such Acquisition); 
 (d)    Agent and the Lenders shall have
received pro forma financial statements of the Borrower and its Subsidiaries, recalculated for the most recently completed trailing twelve month period for which financial statements are available, after giving effect to such Acquisition, certified
by the chief financial officer of Borrower Agent, demonstrating that, after giving effect to such Acquisition, Borrower remains in compliance, on a Pro Forma Basis, with the financial covenants set forth in Section 10.3
hereof; 
 (e)    Agent shall have received evidence, in form and substance reasonably satisfactory to Agent, that
immediately before and after giving effect to such Acquisition, Borrowers shall have Availability of not less than 15% of the Revolver Commitments then in effect; and 

(f)    the acquired business has its primary operations in the United States and shall be organized under the laws of a
political subdivision of the United States; 
 (g)    except in the case of an acquisition of a vineyard, the acquired
business shall have EBITDA for the 4 fiscal quarter period ended immediately prior to the acquisition date in an amount greater than $0; 

(h)    the Borrower shall provide to the Agent a copy of any executed purchase agreement or similar agreement with respect
to any such Acquisition; 
 (i)    such Acquisition shall not be a “hostile” Acquisition and shall have been
approved by the board of directors (or equivalent) and/or shareholders (or equivalent) of the applicable Obligor and the acquired business (if applicable); 

(j)    the total purchase price of the Acquisition does not exceed $25,000,000; and 

(k)    the Agent shall have received, at least five (5) Business Days prior to the date on which any such Acquisition
is to be consummated (or such later date as is agreed by the Agent in its sole discretion), a certificate of a Responsible Officer of the Borrower Agent, in form and substance reasonably satisfactory to the Agent, certifying that all of the
requirements set forth in this definition have been satisfied or will be satisfied on or prior to the consummation of such Acquisition. 

  
 27 

 Permitted Asset Disposition: as long as all Net Proceeds are remitted to Agent to the
extent required by Section 5.4.2: (a) an Asset Disposition that is a sale or disposition of Cash Equivalents or Inventory in the Ordinary Course of Business; provided, however, that if an Event of Default exists, then no
Asset Disposition shall occur under this clause (a) following written notice from Agent to Borrower Agent to discontinue such Asset Dispositions; (b) an Asset Disposition that is a disposition of Equipment that, in the aggregate during any
Fiscal Year, has a fair market or book value (whichever is greater) of $1,000,000 or less; (c) so long as no Event of Default has occurred and is continuing, an Asset Disposition that is a disposition of Inventory that is obsolete,
unmerchantable or otherwise unsalable in the Ordinary Course of Business; (d) so long as no Event of Default has occurred and is continuing, an Asset Disposition other than Inventory (including, but not limited to, Intellectual Property rights)
that is no longer necessary, used or useful for such Obligor’s business in the Ordinary Course of Business; (e) so long as no Event of Default has occurred and is continuing, an Asset Disposition that is a termination of a lease of real or
personal Property that is not necessary for the Ordinary Course of Business and would not reasonably be expected to have a Material Adverse Effect; (f) an Asset Disposition that is a disposition of Property between and among Obligors;
(g) licensing, on a non-exclusive basis, of Intellectual Property in the Ordinary Course of Business; (h) the leasing, occupancy agreements or sub-leasing of
property in the Ordinary Course of Business and which do not materially interfere with the business of Borrower or its Subsidiaries; (i) the sale or discount, in each case without recourse and in the Ordinary Course of Business, of overdue
accounts receivable arising in the Ordinary Course of Business, to the extent that such overdue accounts receivable are not Eligible Accounts; (j) casualty events with respect to any Obligor’s tangible Property so long as fully insured as
required under this Agreement; (k) dispositions of any Obligor’s Real Estate and any improvements thereon arising in connection with any condemnation or eminent proceedings or sale, including by way of a like-kind exchange under
Section 1031 of the Code, of a vineyard; or (l) dispositions in the Ordinary Course of Business from Subsidiaries that are not Obligors to other Subsidiaries that are not Obligors; or (m) approved in writing by Agent and Required
Lenders. 
 Permitted Contingent Obligations: Contingent Obligations (a) arising from endorsements of Payment Items for
collection or deposit in the Ordinary Course of Business; (b) arising from Hedging Agreements permitted hereunder; (c) existing on the Closing Date, and any extension or renewal thereof that does not increase the amount of such Contingent
Obligation when extended or renewed; (d) incurred in the Ordinary Course of Business with respect to surety, appeal or performance bonds, or other similar obligations; (e) arising from customary indemnification obligations in favor of
purchasers in connection with Permitted Asset Dispositions and dispositions of Equipment permitted hereunder; (f) arising under the Loan Documents; (g) constituting Investments permitted by this Agreement, (h) pursuant to guaranties
by an Obligor of another Obligor with respect to operating leases, contracts and other commitments entered into in the Ordinary Course of Business, (i) to the extent such guaranties are permitted by Section 10.2.1; or (j) other
Contingent Obligations in an aggregate amount of $500,000 or less at any one time outstanding. 
 Permitted Discretion: a
determination made in the exercise, in good faith, of reasonable business judgment from the perspective of a secured, asset-based lender. 

Permitted Lien: as defined in Section 10.2.2. 

  
 28 

 Permitted Purchase Money Debt: Purchase Money Debt of Borrowers and Subsidiaries that
is unsecured or secured only by a Purchase Money Lien, as long as the aggregate principal amount does not exceed $5,000,000 outstanding at any one time, so long as its incurrence does not violate Section 10.2.3. 

Person: any individual, corporation, limited liability company, partnership, joint venture, association, trust, unincorporated
organization, Governmental Authority or other entity. 
 Plan: any employee benefit plan (as defined in Section 3(3) of ERISA)
established by an Obligor or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, an ERISA Affiliate. 

Platform: as defined in Section 14.3.3. 

Prime Rate: the rate of interest announced by Bank of the West from time to time as its prime rate. Such rate is set by Bank of the
West on the basis of various factors, including its costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above or below such rate. Any change in
such rate publicly announced by Bank of the West shall take effect at the opening of business on the day specified in the announcement. 

Project Vine Acquisition: as defined in the recitals to this Agreement. 

Project Vine Purchase Agreement: as defined in the recitals to this Agreement. 

Pro Forma Basis: means, with respect to any determination for any period, that such determination shall be made giving pro forma effect
to each acquisition or disposition consummated during such period, together with all transactions relating thereto consummated during such period (including any incurrence, assumption, refinancing or repayment of Debt), as if such acquisition or
disposition and related transactions had been consummated on the first day of such period, in each case based on historical results accounted for in accordance with GAAP (but without giving effect to any
step-up in basis of inventory or other assets resulting from such acquisition) or on a basis consistent with Article 11 of Regulation S-X of the Securities Act, as
interpreted by the staff of the Securities and Exchange Commission and, to the extent applicable, reasonable assumptions acceptable to Agent in its Permitted Discretion with respect to cost savings that are expected to have a continuing impact on
the Borrower and its Subsidiaries and that are specified in details in the relevant compliance certificate, financial statement or other document provided and certified to Agent or any Lender by the chief financial officer of Borrowers in connection
herewith. 
 Pro Rata: with respect to any Lender, a percentage (rounded to the ninth decimal place) determined (a) while
Revolver Commitments are outstanding, by dividing the amount of such Lender’s Revolver Commitment, Term Loans and Capital Expenditure Loan Commitments (to the extent outstanding) and Capital Expenditure Loans by the aggregate amount of all
Revolver Commitments, Term Loans and Capital Expenditure Loan Commitments (to the extent outstanding and Capital Expenditure Loans); and (b) at any other time, by dividing the amount of such Lender’s Loans and LC Obligations by the
aggregate amount of all outstanding Loans and LC Obligations. 

  
 29 

 Properly Contested: with respect to any obligation of an Obligor, (a) the
obligation is subject to a bona fide dispute regarding amount or the Obligor’s liability to pay; (b) the obligation is being properly contested in good faith by appropriate action promptly instituted and diligently pursued;
(c) adequate reserves have been established in accordance with GAAP; (d) non-payment could not reasonably be expected to have a Material Adverse Effect, nor result in forfeiture or sale of any
material portion of the assets of the Obligor; (e) no Lien is imposed on assets of the Obligor, unless bonded and stayed to the reasonable satisfaction of Agent; and (f) if the obligation results from entry of a judgment or other order,
such judgment or order is stayed pending appeal or other judicial review. 
 Property: any interest in any kind of property or asset,
whether real, personal or mixed, or tangible or intangible. 
 Protective Advances: as defined in
Section 2.1.6. 
 Purchase Money Debt: (a) Debt (other than the Obligations) for payment of any of the
purchase price of fixed assets (including Real Estate) or construction or improvement thereof; (b) Debt (other than the Obligations) incurred within sixty (60) days before or after acquisition of any fixed assets (including Real Estate),
for the purpose of financing any of the purchase price or for the construction or improvement thereof; and (c) any renewals, extensions or refinancings (but not increases) thereof. 

Purchase Money Lien: a Lien that secures Purchase Money Debt, encumbering (i) in the case of personal Property, only the fixed
assets acquired with such Debt (including, in the case of Purchase Money Debt subject to a master lease or similar agreement, all fixed assets acquired with such Debt) and constituting a Capital Lease or a purchase money security interest under the
UCC, or, (ii) in the case of Real Estate, such Real Estate, associated fixtures located on such Real Estate and related rights and interests appurtenant to such Real Estate pursuant to a customary mortgage or deed of trust. 

Qualified ECP: an Obligor with total assets exceeding $10,000,000 or that constitutes an “eligible contract participant”
under the Commodity Exchange Act and can cause another Person to qualify as an “eligible contract participant” under Section 1a(18) (A) (v) (II) of such act. 

RCRA: the Resource Conservation and Recovery Act (42 U.S.C. §§ 6991-6991i). 

Real Estate: all right, title and interest (whether as owner, lessor or lessee) in any real Property or any buildings, structures,
parking areas or other improvements thereon. 
 Recipient: as defined in “Excluded Tax.” 

Refinancing Conditions: the following conditions for Refinancing Debt: (a) it is in an aggregate principal amount that does not
exceed the principal amount of the Debt being extended, renewed or refinanced plus any unpaid accrued interest thereon, premium or similar amount required to be paid, including, but not limited to, underwriting discounts, defeasance costs,
commissions and fees and expenses, including in the form of original issue discount, incurred in connection with any of the foregoing ; (b) it has a final maturity no sooner than and a weighted average life no less than, and an initial interest rate
no greater than, the Debt being extended, 

  
 30 

 
renewed or refinanced; (c) it is subordinated to the Obligations at least to the same extent as the Debt being extended, renewed or refinanced; (d) the representations, covenants and
defaults applicable to it are not, taken as a whole, materially less favorable to Borrowers than those applicable to the Debt being extended, renewed or refinanced; and (e) upon giving effect to it, no Default or Event of Default shall have
occurred and be continuing. 
 Refinancing Debt: Borrowed Money that is the result of an extension, renewal or refinancing of Debt
permitted under Section 10.2.1(b), (c), (d) or (e). 
 Reimbursement Date: as defined in
Section 2.4.2. 
 Related Real Estate Documents: with respect to any Real Estate subject to a Mortgage, the
following, in form and substance reasonably satisfactory to Agent: (a) a mortgagee title insurance policy (or binding commitments therefor) covering Agent’s interest under the Mortgage, in a form and amount (not to exceed in any event the
fair market value of the Real Estate covered thereby) and by an insurer reasonably acceptable to Agent, which must be fully paid on the effective date of the Mortgage; (b) such assignments of leases, estoppel letters, attornment agreements,
consents, waivers and releases as Agent may reasonably require with respect to other Persons having an interest in the Real Estate as are customarily required by real estate lenders for similarly situated Real Estate in order to adequately protect
Agent’s interest in the Real Estate; provided, however, that to the extent not obviating the Agent’s ability to seek or obtain mortgagee title insurance policies in accordance with clause (a) of this definition, obtaining any
third party documents under this clause (b) shall be subject to the exercise of commercially reasonable efforts by Borrower; provided further that no subordination agreements shall be required with respect to leases or subleases that are
permitted by Section 10.2.2(z) hereof; (c) either (i) a current, as-built survey of the Real Estate certified by a licensed surveyor reasonably acceptable to Agent sufficient to delete the standard
survey exception from the mortgagee title insurance policy issued in connection with the applicable Mortgage, or (ii) such documentation as is sufficient for the title company to remove the standard survey exception from the applicable
mortgagee title insurance policy; (d) a life-of-loan flood hazard determination and, if a building on the Real Estate is located in a flood plain, an acknowledged
notice to borrower and flood insurance in an amount, with endorsements and by an insurer, in each case in compliance with all applicable flood laws; (e) an appraisal of the Real Estate that is no older than 180 days from the date of issuance,
prepared by an appraiser reasonably acceptable to Agent, and in form and substance reasonably satisfactory to Required Lenders and compliant with the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended from time to time;
(f) environmental assessment report prepared by environmental engineers reasonably acceptable to Agent prepared within six (6) months prior to the Closing Date (or the recording date of the Mortgage, in the case of Mortgages recorded after
the Closing Date), provided, that an environmental database (i.e., ‘desktop’) assessment may be accepted by Agent in lieu of an environmental assessment if the delivery of environmental assessment report is not reasonably practical or
Agent otherwise determines such assessment report is otherwise not required in its Permitted Discretion; and (g) an Environmental Agreement in form and substance reasonably satisfactory to Agent. 

Rent and Charges Reserve: the aggregate of (a) all past due rent and other amounts owing by an Obligor to any landlord,
warehouseman, processor, repairman, mechanic, shipper, freight forwarder, broker or other Person who possesses any Collateral or could assert a Lien on any Collateral; and (b) a reserve equal to three months’ rent and other charges that
could be payable to any such Person, unless it has executed a Lien Waiver. 

  
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 Report: as defined in Section 12.2.3. 

Reportable Event: any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period
has been waived. 
 Required Lenders: subject to Section 4.2, two or more Lenders having (a) Revolver
Commitments, Term Loan Commitments and Capital Expenditure Loan Commitments in excess of 50% of the aggregate Revolver Commitments, Term Loan Commitments and Capital Expenditure Loan Commitments; and (b) if the Revolver Commitments, Term Loan
Commitments and Capital Expenditure Loan Commitments have terminated, Loans in excess of 50% of all outstanding Loans; provided, however, that at any time there is less than three Lenders, “Required Lenders” shall mean all Lenders;
provided further, however, that the Commitments and Loans of any Defaulting Lender shall be excluded from such calculation. 
 Reserve
Percentage: the reserve percentage (expressed as a decimal, rounded up to the nearest 1/8th of 1%) applicable to member banks under regulations issued by the Board of Governors for determining the maximum reserve requirement for Eurocurrency
liabilities. 
 Restricted Investment: any Investment by a Borrower or Subsidiary, other than (a) Investments existing on the
Closing Date and set forth on Schedule 10.2.5; (b) Investments in cash and Cash Equivalents that are subject to Agent’s Lien and control (other than cash and Cash Equivalents not required to be subject to a Control Agreement hereunder);
(c) guarantees and loans and advances permitted under Section 10.2.1 and Section 10.2.7, respectively; (d) any Investments in any Borrower; (e) Permitted Acquisitions; (f) acquisitions of
securities from Account Debtors received in connection with any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such Account Debtors, Investments consisting of extensions of credit in the nature of Accounts or
notes receivable arising from the grant of trade credit in the Ordinary Course of Business, and Investments received in satisfaction or partial satisfaction thereof from financial troubled Account Debtors to the extent reasonably necessary in order
to prevent or limit loss; (g) the receipt and holding of promissory notes and other noncash consideration received in connection with any Asset Disposition permitted by Section 10.2.6; (h) Investments in Hedging
Agreements to the extent permitted under Section 10.2.14, (i) deposits, prepayments and other credits to suppliers made in the Ordinary Course of Business; (j) extensions of trade credit in the Ordinary Course of
Business; (k) Investments made in the Ordinary Course of Business and resulting from pledges and deposits constituting Permitted Liens; (l) Permitted Contingent Obligations; (m) Investments of any Person in existence at the time such
Person becomes a Subsidiary; provided that such Investment was not created in anticipation of such Person becoming a Subsidiary; (n) Investments to the extent made with the proceeds of, or paid for by the issuance of, any Equity Interests
issued by (or capital contributions to) the Borrowers that are used by the Borrowers or any of their Subsidiaries substantially contemporaneously to make such Investment; and (o) other Investments in an aggregate amount outstanding at any time
not to exceed $1,000,000. 

  
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 Restrictive Agreement: an agreement (other than a Loan Document or a Second Lien Loan
Document) that conditions or materially restricts the right of any Borrower, Subsidiaries or other Obligor to incur or repay the Obligations, to grant Liens on the Collateral in favor of Agent and the Lenders, to declare or make Distributions, to
modify, extend or renew any agreement evidencing the Obligations, or to repay any intercompany Debt. 
 Revolver Commitment: for any
Lender, its obligation to make Revolver Loans and to participate in LC Obligations up to the maximum principal amount shown on Schedule 1.1, as hereafter modified pursuant to Section 2.1.7 or an Assignment and
Acceptance to which it is a party. “Revolver Commitments” means the aggregate amount of such commitments of all Lenders. 

Revolver Commitment Termination Date: the earliest to occur of (a) the Revolver Termination Date; (b) the date on which
Borrowers terminate the Revolver Commitments pursuant to Section 2.1.4; or (c) the date on which the Revolver Commitments are terminated pursuant to Section 11.2. 

Revolver Loan: a loan made pursuant to Section 2.1, and any Swingline Loan, Overadvance Loan or Protective
Advance. 
 Revolver Termination Date: the date that is five years from the Closing Date. 

Royalties: all royalties, fees, expense reimbursement and other amounts payable by a Borrower under a License. 

Sanctioned Entity: means (a) a country or a government of a country, (b) an agency of the government of a country,
(c) an organization directly or indirectly controlled by a country or its government, (d) a Person resident in or determined to be resident in a country, in each case, that is subject to or the target of any Sanctions (including, at the
time of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria). 
 Sanctioned Person: means, at any time, (a) any
Person listed on any Sanctions-related list of designated Persons maintained by the OFAC, the U.S. Department of State, by the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the
United Kingdom or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Entity or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or
(b). 
 Sanctions: means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time
by (a) the U.S. government, including those administered by the OFAC or the U.S. Department of State, (b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United
Kingdom or other relevant sanctions authority. 
 S&P: Standard & Poor’s Ratings Services, a Standard &
Poor’s Financial Services LLC business, and its successors. 
 Second Lien Agent: Bank of the West. 

  
 33 

 Second Lien Loan Agreement: that certain Second Lien Loan and Security Agreement of
the date hereof (and as subsequently amended or modified in accordance with the Intercreditor Agreement), among Borrowers, the financial institutions party thereto from time to time as lenders, and Second Lien Agent. 

Second Lien Loan Documents: the Second Lien Loan Agreement, the Second Lien Notes, any “Loan Document” as defined therein,
and each other agreement or document associated therewith. 
 Second Lien Notes: the notes issued by Borrowers to evidence the Second
Lien Obligations. 
 Second Lien Obligations: the obligations of Borrowers arising under the Second Lien Loan Agreement. 

Secured Bank Product Obligations: Debt, obligations and other liabilities with respect to Bank Products owing by a Borrower or
Subsidiary to a Secured Bank Product Provider; provided, that Secured Bank Product Obligations of an Obligor shall not include its Excluded Swap Obligations. 

Secured Bank Product Provider: (a) Bank of the West or any of its Affiliates; and (b) any other Lender or Affiliate of a
Lender that is providing a Bank Product, provided such provider delivers a Secured Bank Product Provider Agreement to Agent within 10 days following the later of the Closing Date or creation of the Bank Product. 

Secured Bank Product Provider Agreement: means an agreement in substantially the form of Exhibit H, executed and delivered by
any Lender or Affiliate (other than Bank of the West) that is providing a Bank Product, (a) describing the Bank Product and setting forth the maximum amount to be secured by the Collateral and the methodology to be used in calculating such
amount, and (b) agreeing to be bound by Section 12.13. 
 Secured Parties: Agent, Issuing Bank,
Lenders and Secured Bank Product Providers. 
 Security Documents: the Guaranties, Mortgages, IP Assignments, Deposit Account Control
Agreements, Stock Pledges and all other documents, instruments and agreements now or hereafter securing (or given with the intent to secure) any Obligations. 

Seller: as defined in the recitals to this Agreement. 

Senior Officer: the chairman of the board, president, treasurer, controller, chief executive officer or chief financial officer of a
Borrower or, if the context requires, an Obligor. 
 Settlement Report: a report summarizing Revolver Loans and participations in LC
Obligations outstanding as of a given settlement date, allocated to Lenders on a Pro Rata basis in accordance with their Revolver Commitments. 

Solvent: as to any Person, such Person (a) owns Property whose fair salable value (as defined below) is greater than the amount
required to pay all of its debts (including contingent, 

  
 34 

 
subordinated, unmatured and unliquidated liabilities); (b) owns Property whose present fair salable value (as defined below) is greater than the probable total liabilities (including contingent,
subordinated, unmatured and unliquidated liabilities) of such Person as they become absolute and matured; (c) is able to pay all of its debts as they mature; (d) has capital that is not unreasonably small for its business and is sufficient
to carry on its business and transactions and all business and transactions in which it is about to engage; (e) is not “insolvent” within the meaning of Section 101(32) of the Bankruptcy Code; and (f) has not incurred and
does not intend to incur, or reasonably believe that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise). “Fair salable value” means the amount that could be obtained for assets
within a reasonable time, either through collection or through sale under ordinary selling conditions by a capable and diligent seller to an interested buyer who is willing (but under no compulsion) to purchase. 

Specified Default: An Event of Default occurring under Sections 11.1(a), 11.1(b), 11.1(c)
(solely in respect of Borrowers’ failure to comply with (x) the reporting requirements set forth in Section 8.1, (y) the cash management requirements set forth in
Section 6.3(c), or (z) the financial covenants set forth in Section 10.3), or 11.1(j). 

Specified Representations: the representations and warranties set forth in Sections 9.1.1 (first sentence only),
9.1.2 (the first sentence), 9.1.2(a) and (b), 9.1.3, 9.1.5 (d) (with respect to the Targets or any target acquired in a Permitted Acquisition, solely to the extent related
to the filing of a UCC-1 financing statement, the recording or filing, as appropriate, of IP Assignments with the United States Copyright Officer and the United States Patent and Trademark Office, and the
delivery of membership certificates, if applicable), 9.1.7(c), 9.1.7(d), 9.1.18, 9.1.19, 9.1.21, 9.1.22, 9.1.23 and 9.1.24(a),
9.1.24(b) (to the extent any Obligor would have a right under the Project Vine Acquisition Agreement not to consummate the transactions contemplated therein or to terminate its obligations thereunder, in each case, as a result of a
breach of such representation or warranty made by the Seller), 9.1.24(d), 9.1.25 and 9.1.26. 

Stock Pledges: the stock pledges to be executed by each Obligor, in favor of Agent, whereby each Obligor pledges the stock of its
Subsidiaries (other than Excluded Subsidiaries) as security for the Obligations. 
 Subordinated Debt: Debt incurred by a Borrower
that is expressly subordinate and junior in right of payment to Full Payment of all Obligations in a manner reasonably satisfactory to Agent, and is on other terms (including maturity, interest, fees, repayment, covenants and subordination)
reasonably satisfactory to Agent. For the purposes of this Agreement, Subordinated Debt shall include Debt incurred pursuant to the Second Lien Loan Documents and intercompany Debt among the Obligors. 

Subsidiary: any entity more than 50% of whose voting securities or Equity Interests is owned by a Borrower or any combination of
Borrowers (including indirect ownership by a Borrower through other entities in which the Borrower directly or indirectly owns more than 50% of the voting securities or Equity Interests). 

Supermajority Lenders: subject to Section 4.2, two or more Lenders having (a) Revolver Commitments, Term
Loan Commitments and Capital Expenditure Loan Commitments in excess 

  
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of 67% of the aggregate Revolver Commitments, Term Loan Commitments and Capital Expenditure Loan Commitments; and (b) if the Revolver Commitments, Term Loan Commitments and Capital
Expenditure Loan Commitments have terminated, Loans in excess of 67% of all outstanding Loans; provided, however, that at any time there is less than three Lenders, “Supermajority Lenders” shall mean all Lenders; provided
further, however, that the Commitments and Loans of any Defaulting Lender shall be excluded from such calculation. 
 Swap
Obligations: with respect to an Obligor, its obligations under a Hedging Agreement that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 

Swingline Lender: Bank of the West or any replacement agent that has funded Swingline Loans. 

Swingline Loan: any Borrowing of Revolver Loans funded with the Swingline Lender’s funds, until such Borrowing is settled among
Lenders or repaid by Borrowers. 
 Syndication Agent: as defined in the preamble to this Agreement. 

Targets: as defined in the recitals to this Agreement. 

Taxes: all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 Term
Loan: a term loan made pursuant to Section 2.2. 
 Term Loan Commitment: for any Lender, the obligation
of such Lender to make a Term Loan hereunder, up to the principal amount shown on Schedule 1.1. 
 “Term Loan
Commitments” means the aggregate amount of such commitments of all Lenders. 
 Term Loan Formula Amount: as of any date
of determination, the amount that is equal to the sum of (a) 75% of the appraised “as-is” fair market value of the Borrowers’ owned Real Estate on the Closing Date, plus (b) 100% of the
appraised NOLV of Borrowers’ owned Equipment that is not included in the calculation of the Borrowing Base on the Closing Date, minus (c) applicable Availability Reserves described in clauses (f) and (g) of the definition
thereof, in effect at such time. 
 Term Loan Maturity Date: the date that is five years from the Closing Date. 

Transactions: means, collectively, the transactions contemplated by the Project Vine Purchase Agreement, the Loan Documents, and the
Second Lien Loan Documents. 
 Transferee: any actual or potential Eligible Assignee, Participant or other Person acquiring an
interest in any Obligations. 

  
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 Trigger Period: means the period (a) commencing on the date that (i) a
Specified Default occurs and (ii) Availability is less than $10,000,000 for five (5) or more consecutive Business Days; and (b) continuing until a period of thirty (30) consecutive days has elapsed, during which at all times
(i) no Specified Default exists and (ii) Availability is greater than $10,000,000. 
 TTM EBITDA: as of the date of
determination and on a consolidated basis, Borrowers’ EBITDA for the prior twelve month period. 
 UCC: the Uniform Commercial
Code as in effect in the state of New York or, when the laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform Commercial Code of such jurisdiction. 

Ultimate Holdco: as defined in the preamble to this Agreement. 

Undisclosed Administration: means in relation to a Lender or a parent company that directly or indirectly controls such Lender, the
appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender or Person, as the case
may be, is subject to home jurisdiction supervision if Applicable Law requires that such appointment is not to be publicly disclosed. 

United States or U.S.: United States of America. 

Unfunded Pension Liability: the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the
current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to the Code, ERISA or the Pension Protection Act of 2006 for the applicable plan year. 

Unused Line Fee Rate: a per annum rate equal to 0.25%. 

Upstream Payment: a Distribution by a Subsidiary of a Borrower to such Borrower. 

Value: (a) with respect to free on board cased Inventory, value is determined on the basis of the wholesale of such Inventory; and
(b) with respect to an Account, its face amount, net of any returns, rebates, discounts (calculated on the shortest terms), credits, allowances or Taxes (including sales, excise or other taxes) that have been or could be claimed by the Account
Debtor or any other Person. 
 Vineyard Target: as defined in the recitals to this Agreement. 

1.2    Accounting Terms. Under the Loan Documents (except as otherwise specified herein), all accounting
terms shall be interpreted, all accounting determinations shall be made, and all financial statements shall be prepared, in accordance with GAAP applied on a basis consistent with the most recent audited financial statements of Borrowers delivered
to Agent before the Closing Date and using the same inventory valuation method as used in such financial statements, except for any change required or permitted by GAAP if Borrowers’ certified public accountants concur in such change, the
change is disclosed to Agent, and Section 10.3 is amended in a manner reasonably satisfactory to Required Lenders and the Borrowers to take into account the effects of the change. 

  
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 1.3    Uniform Commercial Code. As used herein, the
following terms are defined in accordance with the UCC in effect in the state of New York from time to time: “Chattel Paper,” “Commercial Tort Claim,” “Deposit Account,” “Document,” “Equipment,”
“General Intangibles,” “Goods,” “Instrument,” “Investment Property,” “Letter-of-Credit Right” and “Supporting
Obligation.” 
 1.4    Certain Matters of Construction. The terms “herein,”
“hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. Any pronoun used shall be deemed to cover all genders. The terms
“including” and “include” shall mean “including, without limitation” and, for purposes of each Loan Document, the parties agree that the rule of ejusdem generis shall not be applicable to limit any provision.
Section titles appear as a matter of convenience only and shall not affect the interpretation of any Loan Document. All references to (a) laws or statutes include all related rules, regulations, interpretations, amendments and successor
provisions; (b) any document, instrument or agreement include any amendments, waivers and other modifications, extensions or renewals (to the extent permitted by the Loan Documents); (c) any section mean, unless the context otherwise requires,
a section of this Agreement; (d) any exhibits or schedules mean, unless the context otherwise requires, exhibits and schedules attached hereto, which are hereby incorporated by reference; (e) any Person include successors and assigns;
(f) time of day mean time of day at Agent’s notice address under Section 14.3.1; or (g) discretion of Agent, Issuing Bank or any Lender mean the sole and absolute discretion of such Person. All references to Value, Borrowing Base
components, Loans, Letters of Credit, Obligations and other amounts herein shall be denominated in Dollars, unless expressly provided otherwise, and all determinations (including calculations of financial covenants) made from time to time under the
Loan Documents shall be made in light of the circumstances existing at such time. Borrowing Base calculations shall be consistent with historical methods of valuation and calculation, and otherwise satisfactory to Agent in its Permitted Discretion
(and not necessarily calculated in accordance with GAAP). Borrowers shall have the burden of establishing any alleged negligence, misconduct or lack of good faith by Agent, Issuing Bank or any Lender under any Loan Documents. No provision of any
Loan Documents shall be construed against any party by reason of such party having, or being deemed to have, drafted the provision. A reference to Borrowers’ “knowledge” or similar concept means actual knowledge of a Senior Officer,
or knowledge that a Senior Officer would have obtained if he or she had engaged in good faith and diligent performance of his or her duties, including reasonably specific inquiries of employees or agents and a good faith attempt to ascertain the
matter. 
 1.5    Certain Calculations. For purposes of making all calculations of the Fixed Charge
Coverage Ratio, all components of such calculations shall be adjusted to include or exclude, as the case may be, without duplication, such components of such calculations attributable to any business or assets that have been acquired or disposed of
by Intermediate Holdco or any of its Subsidiaries after the first day of the applicable period of determination and prior to the end of such period, as determined in good faith by Intermediate Holdco on a Pro Forma Basis. 

  
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 1.6    Time References. Unless the context of this
Agreement or any other Loan Document clearly requires otherwise, all references to time of day refer to Pacific standard time or Pacific daylight saving time, as in effect in Los Angeles, California on such day. For purposes of the computation of a
period of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to and including”; provided that, with respect to
a computation of fees or interest payable to Agent or any Lender, such period shall in any event consist of at least one full day. 
 SECTION 2.
CREDIT FACILITIES 
 2.1    Revolver Commitment. 

2.1.1    Revolver Loans. Each Lender agrees, severally on a Pro Rata basis up to its Revolver Commitment, on the
terms set forth herein, to make Revolver Loans to Borrowers from time to time through the Revolver Commitment Termination Date. During each period commencing on October 1st of any calendar year
through and including January 31st of the immediately succeeding calendar year during the term of this Agreement, but concluding on the Revolver Commitment Termination Date, Borrower Agent may
deliver to Agent a Notice of Elected Harvest Period which shall be effective during the applicable Elected Harvest Period. The Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Lenders have any obligation to honor a
request for a Revolver Loan if the unpaid balance of Revolver Loans outstanding at such time (including the requested Loan) would exceed the Borrowing Base. 

2.1.2    Revolver Notes. The Revolver Loans made by each Lender and interest accruing thereon shall be evidenced by
the records of Agent and such Lender. At the request of any Lender, Borrowers shall deliver to such Lender a promissory note in substantially the form of Exhibit 2.1.2 evidencing its Revolver Loans. 

2.1.3    Use of Proceeds. The proceeds of Revolver Loans shall be used by Borrowers solely (a) to fund a
portion of the Project Vine Acquisition; (b) to pay fees and transaction expenses associated with the closing of this credit facility and the Project Vine Acquisition; (c) to pay Obligations in accordance with this Agreement; and
(d) for lawful corporate purposes of Borrowers, including working capital and Permitted Acquisitions. 

2.1.4    Voluntary Reduction or Termination of Revolver Commitments. 

(a)    The Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance
with this Agreement. Upon prior written notice to Agent at any time, Borrowers may, at their option, terminate the Revolver Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable. On the termination
date, Borrowers shall make Full Payment of all Obligations. 
 (b)    Borrowers may permanently reduce the Revolver
Commitments, on a Pro Rata basis for each Lender, without penalty or premium, except as otherwise provided in Section 3.9, upon prior written notice to Agent delivered at any time, which notice shall specify the amount of
the reduction and shall be irrevocable once given. Each reduction shall be in a minimum amount of $10,000,000, or an increment of $10,000,000 in excess thereof. 

  
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 2.1.5    Overadvances. If the aggregate Revolver Loans exceed the
Borrowing Base (“Overadvance”) at any time, the excess amount shall be payable by Borrowers within one (1) Business Day of request by Agent, but all such Revolver Loans shall nevertheless constitute Obligations secured by the
Collateral and entitled to all benefits of the Loan Documents. Agent may require Lenders to honor requests for Overadvance Loans and to forbear from requiring Borrowers to cure an Overadvance, (a) when no other Event of Default is known to
Agent, as long as (i) the Overadvance does not continue for more than 30 consecutive days (and no Overadvance may exist for at least five consecutive days thereafter before further Overadvance Loans are required), and (ii) the Overadvance
is not known by Agent to exceed 5% of the Borrowing Base; and (b) regardless of whether an Event of Default exists, if Agent discovers an Overadvance not previously known by it to exist, as long as from the date of such discovery the
Overadvance (i) shall not be increased to an amount in excess of 5% of the Borrowing Base, and (ii) does not continue for more than 30 consecutive days. In no event shall Overadvance Loans be required that would cause the outstanding
Revolver Loans and LC Obligations to exceed the aggregate Revolver Commitments. Any funding of an Overadvance Loan or sufferance of an Overadvance shall not constitute a waiver by Agent or Lenders of the Event of Default caused thereby. Required
Lenders may at any time revoke Agent’s authority to make further Overadvances by written notice to Agent. Absent such revocation, Agent’s determination that funding of an Overadvance or permitting an Overadvance is appropriate shall be
conclusive. In no event shall any Borrower or other Obligor be deemed a beneficiary of this Section nor authorized to enforce any of its terms. 

2.1.6    Protective Advances. Agent shall be authorized, in its discretion, at any time that any conditions in
Section 6 are not satisfied to make Adjusted Base Rate Revolver Loans (“Protective Advances”) (a) up to an aggregate amount of 5% of the Borrowing Base outstanding at any time, if Agent deems such Loans
reasonably necessary or reasonably desirable to preserve or protect Collateral, or to enhance the collectibility or repayment of Obligations, as long as such Loans do not cause the outstanding Revolver Loans and LC Obligations to exceed the
aggregate Revolver Commitments; or (b) to pay any other amounts chargeable to Obligors under any Loan Documents, including interest, costs, fees and expenses. Each Lender shall participate in each Protective Advance on a Pro Rata basis.
Required Lenders may at any time revoke Agent’s authority to make further Protective Advances under clause (a) by written notice to Agent. Absent such revocation, Agent’s determination that funding of a Protective Advance is
appropriate shall be conclusive. In no event shall any Borrower or other Obligor be deemed a beneficiary of this Section nor authorized to enforce any of its terms. 

2.1.7    Increase in Commitments. Borrowers may request an increase in Revolver Commitments, Capital Expenditure
Loan Commitments and Term Loan Commitments from time to time upon notice to Agent, as long as (a) the requested increase is in a minimum amount equal to the lesser of (i) $10,000,000, or (ii) the balance of the amount available under
clause (b), and is offered on the same terms as existing Revolver Commitments, Capital Expenditure Loan Commitments or Term Loan Commitments, as applicable, except for fees which shall be determined by the Borrowers and the applicable Lenders,
(b) increases under this Section do not exceed $100,000,000 in the aggregate, (c) no reduction in Commitments pursuant to Section 2.1.4 has occurred prior to the requested increase, (d) the requested increase
does not cause the Commitments and Term Loans to exceed 90% of any applicable cap under any Subordinated Debt agreement, (e) no Default or Event of Default shall have occurred and be continuing. Agent shall promptly notify Lenders of the
requested increase and, within 10 Business Days thereafter, 

  
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each Lender shall notify Agent if and to what extent such Lender commits to increase its Revolver Commitment, Capital Expenditure Loan Commitments or Term Loan Commitment, as applicable. Any
Lender not responding within such period shall be deemed to have declined an increase. If Lenders fail to commit to the full requested increase, Eligible Assignees may issue additional Revolver Commitments, Capital Expenditure Loan Commitments or
Term Loan Commitments, as applicable, and become Lenders hereunder. Agent may allocate, in its reasonable discretion, the increased Revolver Commitments, Capital Expenditure Loan Commitments or Term Loan Commitments, as applicable, among committing
Lenders and, if necessary, Eligible Assignees. Provided that conditions in this Section 2.1.7 and 6.2 are satisfied, total Revolver Commitments, Capital Expenditure Loan Commitments or Term Loan Commitments, as applicable,
shall be increased by the requested amount (or such lesser amount committed by Lenders and Eligible Assignees) on a date agreed upon by Agent and Borrower Agent, but no later than 45 days following Borrowers’ increase request. Agent, Borrowers,
and new and existing Lenders shall execute and deliver such documents and agreements as Agent deems appropriate to evidence the increase in and allocations of Revolver Commitments, Capital Expenditure Loan Commitments or Term Loan Commitments, as
applicable. On the effective date of an increase, all outstanding Revolver Loans, LC Obligations, other exposures under the Revolver Commitments, Capital Expenditure Loan Commitments and Term Loan Commitments, as applicable shall be reallocated
among Lenders, and settled by Agent if necessary, in accordance with Lenders’ adjusted shares of such Commitments. The terms and provisions of the incremental Capital Expenditure Loans and Revolver Loans will be identical to the terms and
conditions applicable to the existing Revolver Loans and Capital Expenditure Loans, as applicable. The terms and provisions of the incremental Term Loans shall be as set forth in a joinder agreement; provided that (a) the weighted
average life to maturity of any incremental Term Loan shall be no shorter than the weighted average life to maturity of the existing Term Loan, (b) the final maturity date of any incremental Term Loan shall be no earlier than the Term Loan
Maturity Date, (c) incremental Term Loans shall not participate on a greater (but may participate on a lesser) than pro rata basis with the existing Term Loan in any optional or mandatory prepayment hereunder, (d) the incremental Term
Loans may be unsecured or secured by the Collateral on a pari passu or junior basis, (e) the effective interest rate for the Incremental Term Loans shall not be more than 0.50% per annum greater than the effective interest rate for the existing
Term Loans and (f) all other terms of the incremental Term Loans, if not consistent with the terms of the existing Term Loans, must be reasonably acceptable to the Agent. 

2.2    Term Loan Commitment. 

2.2.1    Term Loan. Each Lender agrees, severally on a Pro Rata basis up to its Term Loan Commitment, on the terms
set forth herein, to make a Term Loan to Borrowers. Term Loan shall be funded by Lenders on the Closing Date and used solely to finance a portion of the Project Vine Acquisition. The Term Loan Commitment of each Lender shall expire upon the funding
by Lenders of Term Loan. Once repaid, whether such repayment is voluntary or required, Term Loan may not be reborrowed. 

2.2.2    Term Note. The Term Loan made by each Lender and interest accruing thereon shall be evidenced by the
records of Agent and such Lender. At the request of any Lender, Borrowers shall deliver to such Lender a promissory note in substantially the form of Exhibit 2.2.2 evidencing its Term Loan. 

  
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 2.3    Capital Expenditure Loan Commitment. 

2.3.1    Capital Expenditure Loans. Each Lender agrees, severally on a Pro Rata basis up to its Capital Expenditure
Loan Commitment, on the terms set forth herein, to make Capital Expenditure Loans to Borrowers from time to time through the Capital Expenditure Commitment Termination Date. 

2.3.2    Additional Conditions on Capital Expenditure Loans. In addition to the conditions set forth in
Section 6, no Lender shall have an obligation to make a Capital Expenditure Loan if: 

(a)    the principal amount of the requested Capital Expenditure Loan would exceed (i) 80% of the invoice price (of
which, not more than 20% can constitute sales taxes, delivery charges and other “soft” costs related to such purchase) of the used Eligible Equipment to be purchased with the proceeds of such Capital Expenditure Loan, (ii) 100% of the
invoice price (of which, not more than 20% can constitute sales taxes, delivery charges and other “soft” costs related to such purchase) of the new Eligible Equipment to be purchased with the proceeds of such Capital Expenditure Loan or
(iii) the lesser of (A) 75% of the purchase price of the new Real Estate (including vineyards) or (B) 75% of appraised “as is” fair market value of the new Real Estate (including vineyards). 

(b)    after giving effect to such requested Capital Expenditure Loan, the aggregate amount of the outstanding Capital
Expenditure Loans would exceed the Capital Expenditure Loan Commitment; 
 (c)    in the case of an Eligible Equipment
purchase, the documents required to be delivered to Agent pursuant to clause (g) of the definition of Eligible Equipment either (i) have not been delivered to Agent five (5) Business Days prior to the date that the Notice of Borrowing
requesting such Capital Expenditure Loan has been delivered to Agent, or (ii) are not in form and substance reasonably satisfactory to Agent; and 

(d)    in the case of a Real Estate purchase, the Borrowers have not delivered to Agent five (5) Business Days prior
to the date that the Notice of Borrowing requesting such Capital Expenditure Loan (i) an executed Mortgage in recordable form sufficient to create a first priority Lien in favor of Agent on such Real Estate subject to Permitted Liens, or
(ii) all Related Real Estate Documents with respect to such Real Estate in form and substance reasonably satisfactory to Agent. 

2.3.3    Use of Proceeds. The proceeds of Capital Expenditure Loans shall be used by Borrowers solely to finance
the purchase of Eligible Equipment or Real Estate (including vineyards). 
 2.3.4    Capital Expenditure Loan
Note. The Capital Expenditure Loans made by each Lender and interest accruing thereon shall be evidenced by the records of Agent and such Lender. At the request of any Lender, Borrowers shall deliver to such Lender a promissory note in
substantially the form of Exhibit 2.3.4 evidencing its Capital Expenditure Loans. 

  
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 2.3.5    Voluntary Reduction or Termination of Capital Expenditure
Loan Commitment. 
 (a)    The Capital Expenditure Loan Commitment shall terminate on the Capital Expenditure
Commitment Termination Date, unless sooner terminated in accordance with this Agreement. Upon prior written notice to Agent at any time, Borrowers may, at their option, terminate the Capital Expenditure Loan Commitment and this credit facility. Any
notice of termination given by Borrowers shall be irrevocable. On the termination date, Borrowers shall make Full Payment of all Obligations in connection with the outstanding Capital Expenditure Loans. 

(b)    Borrowers may permanently reduce the Capital Expenditure Loan Commitment, on a Pro Rata basis for each Lender,
without penalty or premium, except as otherwise provided in Section 3.9, upon prior written notice to Agent delivered at any time, which notice shall specify the amount of the reduction and shall be irrevocable once given.
Each reduction shall be in a minimum amount of $10,000,000, or an increment of $10,000,000 in excess thereof. 

2.4    Letter of Credit Facility. 

2.4.1    Issuance of Letters of Credit. Issuing Bank shall issue Letters of Credit from time to time (or until the
Revolver Commitment Termination Date, if earlier), on the terms set forth herein, including the following: 

(a)    Each Borrower acknowledges that Issuing Bank’s issuance of any Letter of Credit is conditioned upon Issuing
Bank’s receipt of a LC Application with respect to the requested Letter of Credit, as well as such other instruments and agreements as Issuing Bank may customarily require for issuance of a letter of credit of similar type and amount. Issuing
Bank shall have no obligation to issue any Letter of Credit unless (i) Issuing Bank receives a LC Request and LC Application at least three Business Days prior to the requested date of issuance; (ii) each LC Condition is satisfied; and
(iii) if a Defaulting Lender exists, Borrower or such Lender has entered into arrangements reasonably satisfactory to Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. If, in sufficient time to act, Issuing
Bank receives written notice from Required Lenders that a LC Condition has not been satisfied, Issuing Bank shall not issue the requested Letter of Credit until such notice is withdrawn in writing by the Required Lenders or until Required Lenders
have waived such condition in accordance with this Agreement. Prior to receipt of any such notice, Issuing Bank shall not be deemed to have knowledge of any failure of LC Conditions. 

(b)    Letters of Credit may be requested by a Borrower to support obligations incurred for proper corporate purposes, or
as otherwise approved by Agent. The renewal or extension of any Letter of Credit shall be treated as the issuance of a new Letter of Credit, except that delivery of a new LC Application shall be required at the discretion of Issuing Bank. 

(c)    Borrowers assume all risks of the acts, omissions or misuses of any Letter of Credit by the beneficiary. In
connection with issuance of any Letter of Credit, none of Agent, Issuing Bank or any Lender shall be responsible for the existence, character, quality, 

  
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quantity, condition, packing, value or delivery of any goods purported to be represented by any Documents; any differences or variation in the character, quality, quantity, condition, packing,
value or delivery of any goods from that expressed in any Documents; the form, validity, sufficiency, accuracy, genuineness or legal effect of any Documents or of any endorsements thereon (so long as they appear on their face to comply with the
Letter of Credit); the time, place, manner or order in which shipment of goods is made; partial or incomplete shipment of, or failure to ship, any goods referred to in a Letter of Credit or Documents; any deviation from instructions, delay, default
or fraud by any shipper or other Person in connection with any goods, shipment or delivery; any breach of contract between a shipper or vendor and a Borrower; errors, omissions, interruptions or delays in transmission or delivery of any messages, by
mail, cable, telegraph, telex, telecopy, e-mail, telephone or otherwise; errors in interpretation of technical terms; the misapplication by a beneficiary of any Letter of Credit or the proceeds thereof; or any
consequences arising from causes beyond the control of Issuing Bank, Agent or any Lender, including any act or omission of a Governmental Authority. The rights and remedies of Issuing Bank under the Loan Documents shall be cumulative. Issuing Bank
shall be fully subrogated to the rights and remedies of each beneficiary whose claims against Borrowers are discharged with proceeds of any Letter of Credit. In the event of a conflict between the terms of any LC Application and this Agreement, the
provisions of this Agreement shall govern. 
 (d)    In connection with its administration of and enforcement of rights
or remedies under any Letters of Credit or LC Documents, Issuing Bank shall be entitled to act, and shall be fully protected in acting, upon any certification, documentation or communication in whatever form believed by Issuing Bank, in good faith,
to be genuine and correct and to have been signed, sent or made by a proper Person. Issuing Bank may consult with and employ legal counsel, accountants and other experts to advise it concerning its obligations, rights and remedies, and shall be
entitled to act upon, and shall be fully protected in any action taken in good faith reliance upon, any advice given by such experts. Issuing Bank may employ agents and
attorneys-in-fact in connection with any matter relating to Letters of Credit or LC Documents, and shall not be liable for the negligence or misconduct of agents and attorneys-in- fact selected with reasonable care. 

2.4.2    Reimbursement; Participations. 

(a)    If Issuing Bank honors any request for payment under a Letter of Credit, Borrowers shall pay to Issuing Bank, on
the same day (“Reimbursement Date”), the amount paid by Issuing Bank under such Letter of Credit and, to the extent not paid by Borrowers on the Reimbursement Date, such amount shall automatically be converted to a Revolver Loan and
accrue interest at the Adjusted Base Rate plus the Applicable Margin from the Reimbursement Date until paid by Borrowers. The obligation of Borrowers to reimburse Issuing Bank for any payment made under a Letter of Credit shall be absolute,
unconditional, irrevocable, and joint and several, and shall be paid without regard to any lack of validity or enforceability of any Letter of Credit or the existence of any claim, setoff, defense or other right that Borrowers may have at any time
against the beneficiary. Whether or not Borrower Agent submits a Notice of Borrowing, Borrowers shall be deemed to have requested a Borrowing of Adjusted Base Rate Revolver Loans in an amount necessary to pay all amounts due Issuing Bank on any
Reimbursement Date and each Lender agrees to fund its Pro Rata share of such Borrowing whether or not the Commitments have terminated, an Overadvance exists or is created thereby, or the conditions in Section 6 are
satisfied. 

  
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 (b)    Upon issuance of a Letter of Credit, each Lender shall be deemed
to have irrevocably and unconditionally purchased from Issuing Bank, without recourse or warranty, an undivided Pro Rata interest and participation in all LC Obligations relating to the Letter of Credit. If Issuing Bank makes any payment under a
Letter of Credit and Borrowers do not reimburse such payment on the Reimbursement Date, Agent shall promptly notify Lenders and each Lender shall promptly (within one Business Day) and unconditionally pay to Agent, for the benefit of Issuing Bank,
the Lender’s Pro Rata share of such payment. Upon request by a Lender, Issuing Bank shall furnish copies of any Letters of Credit and LC Documents in its possession at such time. 

(c)    The obligation of each Lender to make payments to Agent for the account of Issuing Bank in connection with Issuing
Bank’s payment under a Letter of Credit shall be absolute, unconditional and irrevocable, not subject to any counterclaim, setoff, qualification or exception whatsoever, and shall be made in accordance with this Agreement under all
circumstances, irrespective of any lack of validity or unenforceability of any Loan Documents; any draft, certificate or other document presented under a Letter of Credit having been determined to be forged, fraudulent, invalid or insufficient in
any respect or any statement therein being untrue or inaccurate in any respect; or the existence of any setoff or defense that any Obligor may have with respect to any Obligations. Issuing Bank does not assume any responsibility for any failure or
delay in performance or any breach by any Borrower or other Person of any obligations under any LC Documents. Issuing Bank does not make to Lenders any express or implied warranty, representation or guaranty with respect to the Collateral, LC
Documents or any Obligor. Issuing Bank shall not be responsible to any Lender for any recitals, statements, information, representations or warranties contained in, or for the execution, validity, genuineness, effectiveness or enforceability of any
LC Documents; the validity, genuineness, enforceability, collectibility, value or sufficiency of any Collateral or the perfection of any Lien therein; or the assets, liabilities, financial condition, results of operations, business, creditworthiness
or legal status of any Obligor. 
 (d)    No Issuing Bank Indemnitee shall be liable to any Lender or other Person for
any action taken or omitted to be taken in connection with any Letter of Credit or LC Document except as a result of its gross negligence or willful misconduct. Issuing Bank may refrain from taking any action with respect to a Letter of Credit until
it receives written instructions from Required Lenders. 
 2.4.3    Cash Collateral. If any LC Obligations,
whether or not then due or payable, shall for any reason be outstanding at any time (a) that an Event of Default has occurred and the Obligations have been accelerated and/or the Commitments have been terminated, (b) after the Commitment
Termination Date, or (c) within 7 Business Days prior to the Revolver Termination Date, then Borrowers shall, at Issuing Bank’s or Agent’s request, Cash Collateralize the stated amount of all outstanding Letters of Credit and pay to
Issuing Bank the amount of all other LC Obligations. Borrowers shall, if notified by 10:00 a.m. (Los Angeles time) by Issuing Bank or Agent from time to time, Cash Collateralize the Fronting Exposure of any Defaulting

  
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Lender on the same Business Day (and otherwise on the Business Day following receipt of such notification). If Borrowers fail to provide any Cash Collateral as required hereunder, Lenders may
(and shall upon direction of Agent) advance, as Revolver Loans, the amount of the Cash Collateral required (whether or not the Commitments have terminated, an Overadvance exists or the conditions in Section 6 are
satisfied). 
 2.4.4    Resignation of Issuing Bank. Issuing Bank may resign at any time upon notice to Agent and
Borrowers. On and after the effective date of such resignation, Issuing Bank shall have no obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall continue to have all rights and other obligations of an Issuing
Bank hereunder relating to any Letter of Credit issued by it prior to such date. Agent shall promptly appoint a replacement Issuing Bank, which, as long as no Default or Event of Default exists, shall be reasonably acceptable to Borrowers. 

SECTION 3. INTEREST, FEES AND CHARGES 

3.1    Interest. 

3.1.1    Rates and Payment of Interest. 

(a)    The Obligations shall bear interest (i) if an Adjusted Base Rate Loan, at the Adjusted Base Rate in effect
from time to time, plus the Applicable Margin; (ii) if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; and (iii) if any other Obligation (including, to the extent permitted by law, interest not paid
when due), at the Adjusted Base Rate in effect from time to time, plus the Applicable Margin for Adjusted Base Rate Revolver Loans. 

(b)    During an Insolvency Proceeding with respect to any Borrower or the continuation of an Event of Default under
Section 11.1(a), or during any other Event of Default that continues for at least 30 days after its occurrence, if Agent or Required Lenders in their discretion so elect, Obligations shall bear interest at the Default Rate
(whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is fair and reasonable compensation for this. 

(c)    Interest shall accrue from the date a Loan is advanced or Obligation is incurred or payable, until paid in full by
Borrowers. If a Loan is repaid on the same day made, one day’s interest shall accrue. Interest accrued on the Loans shall be due and payable in arrears, (i) on the last Business Day of each calendar quarter; (ii) on any date of
prepayment, with respect to the principal amount of Loans (other than Revolving Loans) being prepaid; and (iii) on the Capital Expenditure Loan Maturity Date, the Revolver Termination Date or the Term Loan Maturity Date. Interest accrued on
LIBOR Loans shall be due and payable in arrears on the last day of the Interest Period; provided that if any Interest Period exceeds three months, interest shall be due and payable every three months after the beginning of such Interest Period.
Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate
shall be due and payable on demand. 

  
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 3.1.2    Application of LIBOR to Outstanding Loans. 

(a)    Borrowers may on any Business Day, subject to delivery of a Notice of Conversion/Continuation, elect to convert any
portion of the Adjusted Base Rate Loans to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During any Default or Event of Default, Agent may (and shall at the direction of Required Lenders) declare that no Loan may
be made, converted or continued as a LIBOR Loan. 
 (b)    Whenever Borrowers desire to convert or continue Loans as
LIBOR Loans, Borrower Agent shall give Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. (Los Angeles time) at least three Business Days before the requested conversion or continuation date. Promptly after receiving any such
notice, Agent shall notify each Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be converted or continued, the conversion or continuation date (which shall be a Business Day), and
the duration of the Interest Period (which shall be deemed to be 30 days if not specified). If, upon the expiration of any Interest Period in respect of any LIBOR Loans, Borrowers shall have failed to deliver a Notice of Conversion/Continuation,
they shall be deemed to have elected to convert such Loans into Adjusted Base Rate Loans. 
 3.1.3    Interest
Periods. In connection with the making, conversion or continuation of any LIBOR Loans, Borrowers shall select an interest period (“Interest Period”) to apply, which interest period shall be 30, 60, 90 or 180 days; provided,
however, that: 
 (a)    the Interest Period shall begin on the date the Loan is made or continued as, or converted
into, a LIBOR Loan, and shall expire on the numerically corresponding day in the calendar month at its end; 

(b)    if any Interest Period begins on a day for which there is no corresponding day in the calendar month at its end or
if such corresponding day falls after the last Business Day of such month, then the Interest Period shall expire on the last Business Day of such month; and if any Interest Period would otherwise expire on a day that is not a Business Day, the
period shall expire on the next Business Day; 
 (c)    no Interest Period shall extend beyond the Revolver Termination
Date; and no Interest Period for a LIBOR Term Loan may be established that would require repayment before the end of an Interest Period in order to make any scheduled principal payment on Term Loans; and 

(d)    with respect to LIBOR Loans, (i) Agent shall determine LIBOR at the beginning of any Interest Period and such
LIBOR rate shall be fixed for such Interest Period, (ii) interest shall be paid at the end of an Interest Period, or in the case of Interest Periods greater than 90 days, interest shall be paid at the end of each 90 day period. 

3.1.4    Interest Rate Not Ascertainable. If Agent shall reasonably determine that on any date for determining
LIBOR, due to any circumstance affecting the London interbank market, adequate and fair means do not exist for ascertaining such rate on the basis provided herein, then Agent shall immediately notify Borrowers of such determination. Until Agent
notifies Borrowers that such circumstance no longer exists, the obligation of Lenders to make LIBOR Loans shall be suspended, and no further Loans may be converted into or continued as LIBOR Loans. 

  
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 3.2    Fees. 

3.2.1    Unused Line Fee for Revolver Loans. Borrowers shall pay to Agent, for the Pro Rata benefit of Lenders that
have Revolver Commitments, a fee equal to the Unused Line Fee Rate times the amount by which the Revolver Commitments exceed the average daily balance of Revolver Loans (excluding Swingline Loans) and stated amount of Letters of Credit during any
month. Such fee shall be payable in arrears, on the last Business Day of each calendar quarter and on the Commitment Termination Date. 

3.2.2    LC Facility Fees. Borrowers shall pay (a) to Agent, for the Pro Rata benefit of Lenders, a fee equal
to the Applicable Margin in effect for LIBOR Revolver Loans times the average daily stated amount of Letters of Credit, which fee shall be payable quarterly in arrears, on the last Business Day of each calendar quarter; (b) to Issuing Bank, for
its own account, a fronting fee equal to 0.25% of the stated amount of each Letter of Credit, which fee shall be payable on the date of issuance; and (c) to Issuing Bank, for its own account, all customary charges associated with the issuance,
amending, negotiating, payment, processing, transfer and administration of Letters of Credit, which charges shall be paid as and when incurred. At such time as the Obligations accrue interest at the Default Rate under Section 3.1.1(b), and
without duplication of such increase, the fee payable under clause (a) shall be increased by 2% per annum. 

3.2.3    Unused Line Fee for Capital Expenditure Loans. Borrowers shall pay to Agent, for the Pro Rata benefit of
Lenders that have Capital Expenditure Loan Commitments, a fee equal to the Unused Line Fee Rate times the amount by which the Capital Expenditure Loan Commitments exceed the average daily balance of Capital Expenditure Loans during any month. Such
fee shall be payable in arrears, on the last Business Day of each calendar quarter and on the Capital Expenditure Commitment Termination Date. 

3.2.4    Fee Letter. Borrowers shall pay all fees set forth in the fee letter executed in connection with this
Agreement. 
 3.3    Computation of Interest. Fees, Yield Protection. All interest, as well as fees and
other charges calculated on a per annum basis, shall be computed for the actual days elapsed, based on a year of 360 days with respect to LIBOR Loans, and 365 days with respect to Adjusted Base Rate Loans. Each determination by Agent of any
interest, fees or interest rate hereunder shall be final, conclusive and binding for all purposes, absent manifest error. All fees shall be fully earned when due and shall not be subject to rebate, refund or proration. All fees payable under
Section 3.2 are compensation for services and are not, and shall not be deemed to be, interest or any other charge for the use, forbearance or detention of money. A certificate as to amounts payable by Borrowers under Section 3.4, 3.6,
3.7, 3.9 or 5.10, submitted to Borrower Agent by Agent or the affected Lender, as applicable, shall be final, conclusive and binding for all purposes, absent manifest error, and Borrowers shall pay such amounts to the appropriate party within 10
days following receipt of the certificate. 

  
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 3.4    Reimbursement Obligations. Borrowers shall
reimburse Agent for all Extraordinary Expenses. Borrowers shall also reimburse Agent for all reasonable and documented out-of-pocket legal, accounting, appraisal,
consulting, and other reasonable and documented out-of-pocket fees, costs and expenses actually incurred by it in connection with (a) negotiation and preparation of
any Loan Documents, including any amendment or other modification thereof; (b) administration of and actions relating to any Collateral, Loan Documents and transactions contemplated thereby, including any actions taken to perfect or maintain
priority of Agent’s Liens on any Collateral, to maintain any insurance required hereunder or to verify Collateral; and (c) subject to the limits of Section 10.1.1(b), each inspection, audit or appraisal with respect to any Obligor or
Collateral, whether prepared by Agent’s personnel or a third party. If, for any reason (including inaccurate reporting on financial statements or a Compliance Certificate), it is reasonably determined prior to Full Payment of all of the
Obligations that a higher Applicable Margin should have applied to a period than was actually applied, then, following Agent’s consultation with Borrower, the proper margin shall be applied retroactively and Borrowers shall within three
(3) Business Days of request, pay to Agent, for the Pro Rata benefit of Lenders, an amount equal to the difference between the amount of interest and fees that would have accrued using the proper margin and the amount actually paid. All amounts
payable by Borrowers under this Section shall be due within thirty (30) days of receipt by the Borrower Agent of an invoice relating thereto setting forth such expense in reasonable detail (other than with respect to fees and expenses accrued
through the Closing Date, which shall be paid (a) on the Closing Date if such documentation reasonably supporting such fees and expenses is provided within three (3) days prior to the Closing Date, or (b) within three
(3) Business Days after delivery of such supporting documentation if not timely delivered before the Closing Date). All such reimbursement obligations, including Extraordinary Expenses, shall be limited, in the case of legal fees and expenses,
to the reasonable and documented fees, disbursements and other charges of one primary counsel to Agent, plus, if reasonably necessary, one primary counsel to the Agent and the Lenders, taken as a whole, plus, if reasonably necessary, one local
counsel in each applicable jurisdiction which, in each case, shall exclude allocated costs of in-house counsel and (ii) in the case of other consultants and advisers, to the reasonable and documented fees
and expenses of such Person. 
 3.5    Illegality. If any Lender reasonably determines that any Applicable
Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund LIBOR Loans, or to determine or charge interest rates based upon LIBOR, or any
Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to Agent, any obligation of such
Lender to make or continue LIBOR Loans or to convert Adjusted Base Rate Loans to LIBOR Loans shall be suspended until such Lender notifies Agent that the circumstances giving rise to such determination no longer exist. Upon delivery of such notice,
Borrowers shall prepay or, if applicable, convert all LIBOR Loans of such Lender to Adjusted Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBOR Loans to such day, or
immediately, if such Lender may not lawfully continue to maintain such LIBOR Loans. Upon any such prepayment or conversion, Borrowers shall also pay accrued interest on the amount so prepaid or converted. 

  
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 3.6    Inability to Determine Rates. If Required Lenders
notify Agent for any reason in connection with a request for a Borrowing of, or conversion to or continuation of, a LIBOR Loan that (a) Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable
amount and Interest Period of such Loan, (b) adequate and reasonable means do not exist for determining LIBOR for the requested Interest Period, or (c) LIBOR for the requested Interest Period does not adequately and fairly reflect the cost
to such Lenders of funding such Loan, then Agent will promptly so notify Borrower Agent and each Lender. Thereafter, the obligation of Lenders to make or maintain LIBOR Loans shall be suspended until Agent (upon instruction by Required Lenders)
withdraws such notice. Upon receipt of such notice, Borrower Agent may revoke any pending request for a Borrowing of, conversion to or continuation of a LIBOR Loan or, failing that, will be deemed to have submitted a request for an Adjusted Base
Rate Loan. 
 3.7    Increased Costs; Capital Adequacy. 

3.7.1    Change in Law. If any Change in Law shall: 

(a)    impose, modify or deem applicable any reserve, liquidity, special deposit, compulsory loan, insurance charge or
similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in calculating LIBOR) or Issuing Bank; 

(b)    subject any Lender or Issuing Bank to any Tax with respect to any Loan, Loan Document, Letter of Credit or
participation in LC Obligations, or change the basis of taxation of payments to such Lender or Issuing Bank in respect thereof (except for Indemnified Taxes or Other Taxes which are governed by Section 5.10 and the
imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or Issuing Bank, and, for the avoidance of doubt, without duplication of Section 5.10); or 

(c)    impose on any Lender, Issuing Bank or interbank market any other condition, cost or expense affecting any Loan,
Loan Document, Letter of Credit, participation in LC Obligations, or Commitment; 
 and the result thereof shall be to increase the cost to such Lender of
making or maintaining any Loan or Commitment, or to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit, or to reduce the amount of any sum received or receivable by such Lender or
Issuing Bank hereunder (whether of principal, interest or any other amount) by an amount deemed by such Lender or Issuing Bank to be material, then, within fifteen (15) days after written demand of such Lender or Issuing Bank (which shall set
forth in reasonable detail the amount(s) due and the basis therefor), Borrowers will pay to such Lender or Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or Issuing Bank, as applicable, for such
additional costs incurred or reduction suffered. 
 3.7.2    Capital Adequacy. If any Lender or Issuing Bank
determines that any Change in Law affecting such Lender or Issuing Bank or any Lending Office of such Lender or such Lender’s or Issuing Bank’s holding company, if any, regarding capital or liquidity requirements has or would have the
effect of reducing the rate of return on such Lender’s, Issuing Bank’s or holding company’s capital as a consequence of this Agreement, or such 

  
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Lender’s or Issuing Bank’s Commitments, Loans, Letters of Credit or participations in LC Obligations, to a level below that which such Lender, Issuing Bank or holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s, Issuing Bank’s and holding company’s policies with respect to capital adequacy or liquidity), then from time to time upon receipt in reasonable detail
(which detail shall not include any confidential or price sensitive information or any other information to the extent prohibited by law) of the amounts due and the basis therefor, Borrowers will pay to such Lender or Issuing Bank, as the case may
be, such additional amount or amounts as will compensate it or its holding company for any such reduction suffered. 

3.7.3    Compensation. Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant
to this Section shall not constitute a waiver of its right to demand such compensation, but Borrowers shall not be required to compensate a Lender or Issuing Bank for any increased costs incurred or reductions suffered more than 180 days prior to
the date that the Lender or Issuing Bank notifies Borrower Agent of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or Issuing Bank’s intention to claim compensation therefor (except that, if the
Change in Law giving rise to such increased costs or reductions is retroactive, then the 180 day period referred to above shall be extended to include the period of retroactive effect thereof). 

3.8    Mitigation. If any Lender gives a notice under Section 3.5 or requests compensation under
Section 3.7, or if Borrowers are required to pay additional amounts with respect to a Lender under Section 5.10, then such Lender shall use reasonable efforts to designate a different Lending Office or to assign its rights and obligations
hereunder to another of its offices, branches or Affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (a) would eliminate the need for such notice or reduce amounts payable or to be withheld in the future,
as applicable; and (b) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or unlawful. Borrowers shall pay all reasonable costs and expenses incurred by any
Lender in connection with any such designation or assignment. 
 3.9    Funding Losses. If for any reason
(other than default by a Lender) (a) any Borrowing of, or conversion to or continuation of, a LIBOR Loan does not occur on the date specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation (whether or not withdrawn), (b)
any repayment or conversion of a LIBOR Loan occurs on a day other than the end of its Interest Period, (c) Borrowers fail to repay a LIBOR Loan when required hereunder, or (d) a Lender (other than a Defaulting Lender) is required to assign
a LIBOR Loan prior to the end of its Interest Period pursuant to Section 13.4, then Borrowers shall pay to Agent its customary administrative charge and to each Lender all resulting losses and expenses, excluding loss of anticipated profits,
but including any loss or expense arising from liquidation or redeployment of funds or from fees payable to terminate deposits of matching funds. Lenders shall not be required to purchase Dollar deposits in any interbank or offshore Dollar market to
fund any LIBOR Loan, but this Section shall apply as if each Lender had purchased such deposits. 

3.10    Maximum Interest. Notwithstanding anything to the contrary contained in any Loan Document, the
interest paid or agreed to be paid under the Loan Documents shall not 

  
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exceed the maximum rate of non-usurious interest permitted by Applicable Law (“maximum rate”). If Agent or any Lender shall receive interest in
an amount that exceeds the maximum rate, the excess interest shall be applied to the principal of the Obligations or, if it exceeds such unpaid principal, refunded to Borrowers. In determining whether the interest contracted for, charged or received
by Agent or a Lender exceeds the maximum rate, such Person may, to the extent permitted by Applicable Law, (a) characterize any payment that is not principal as an expense, fee or premium rather than interest; (b) exclude voluntary
prepayments and the effects thereof; and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

3.11    Replacement Lender. Borrower Agent may obtain, at Borrowers’ expense, a replacement Lender
(“Replacement Lender”) for a Lender seeking payment or compensation under Sections 3.6, 3.7, 3.9 or 5.10 of this Agreement (or that is a Defaulting Lender (any such Lender, an “Affected Lender”)), which Replacement Lender shall
be reasonably satisfactory to Agent and the Issuing Bank. In the event Borrower Agent obtains a Replacement Lender that will purchase all outstanding Obligations owed to such Affected Lender and assume its Revolver Commitment hereunder within ninety
(90) days following notice to Agent and the Affected Lender of Borrower Agent’s intention to do so (the “Replacement Notice”), the Affected Lender shall sell and assign its Loans, Revolver Commitment and Capital Expenditure Loan
Commitment, without recourse, to such Replacement Lender in accordance with the provisions of Section 13.3; provided that, (a) Borrower Agent and Issuing Bank shall have consented thereto in writing, (b) such assignment will in fact
result in a reduction in such compensation and payment then payable to the Affected Lender, (c) such assignment does not conflict with Applicable Laws or regulations, (d) (i) Borrowers or the Replacement Lender have reimbursed such
Affected Lender for any administrative fee payable by such Affected Lender to Agent pursuant to Section 13.3 and (ii) in any case where such replacement occurs as the result of a demand for payment of certain costs or Taxes pursuant to
Sections 3.6, 3.7, 3.9 or 5.10, Borrowers have paid all increased costs for and Taxes to which such Affected Lender is entitled to under such Sections 3.6, 3.7, 3.9 or 5.10 through the date of such sale and assignment; provided, further, that, each
Replacement Lender shall be an Eligible Assignee. Such Affected Lender shall be entitled to receive, in cash, concurrently with such assignment, all amounts owed to it under the Loan Documents through the date of assignment. An Affected Lender shall
not be required to make any such assignment and delegation if, on or before sixty (60) days after Agent’s and the Affected Lender’s receipt of the Replacement Notice, as a result of a waiver by such Affected Lender or otherwise, the
circumstances entitling Borrower Agent to require such assignment and delegation cease to apply. Nothing in this Section 3.11 shall limit or impair (A) any rights that any Borrower or Agent may have against any Lender that is a Defaulting
Lender or (B) Agent’s rights to replace a Lender in accordance with Section 13.4. 
 SECTION 4. LOAN ADMINISTRATION 

4.1    Manner of Borrowing and Funding Revolver Loans and Capital Expenditure Loans. 

4.1.1    Notice of Borrowing - Revolver Loans. 

(a)    Whenever Borrowers desire funding of a Borrowing of Revolver Loans, Borrower Agent shall give Agent a Notice of
Borrowing. Such notice must be received by 

  
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Agent no later than 11:00 a.m. (Los Angeles time) (i) at least one Business Day prior to the requested funding date, in the case of Adjusted Base Rate Loans (or on the requested funding date
in the case of Adjusted Base Rate Loans to be made on the Closing Date), and (ii) at least three Business Days prior to the requested funding date, in the case of LIBOR Loans. Notices received after 11:00 a.m. (Los Angeles time) shall be deemed
received on the next Business Day. Each Notice of Borrowing shall be irrevocable and shall specify (A) the amount of the Borrowing, (B) the requested funding date (which must be a Business Day), (C) whether the Borrowing is to be made as
Adjusted Base Rate Loans or LIBOR Loans, and (D) in the case of LIBOR Loans, the duration of the applicable Interest Period (which shall be deemed to be 30 days if not specified). 

(b)    Unless payment is otherwise timely made by Borrowers, the becoming due of any Obligations (whether principal,
interest, fees or other charges, including Extraordinary Expenses, LC Obligations, Cash Collateral and Secured Bank Product Obligations but excluding Obligations other than principal, interest, scheduled fees and LC Obligations, which are being
disputed by written notice to Agent and in good faith by Borrower and are not more than thirty (30) days past due) shall be deemed to be a request for Adjusted Base Rate Revolver Loans on the due date, in the amount of such Obligations. The
proceeds of such Revolver Loans shall be disbursed as direct payment of the relevant Obligation. In addition, Agent may, at its option, charge such Obligations against any operating, investment or other account of a Borrower maintained with Agent or
any of its Affiliates. 
 (c)    If Borrowers maintain any disbursement account with Agent or any Affiliate of Agent,
then presentation for payment of any Payment Item when there are insufficient funds to cover it shall be deemed to be a request for an Adjusted Base Rate Revolver Loan on the date of such presentation, in the amount of the Payment Item. The proceeds
of such Revolver Loan may be disbursed directly to the disbursement account. 
 4.1.2    Notice of Borrowing -
Capital Expenditure Loans. Subject to Section 2.3.2, whenever Borrowers desire funding of Capital Expenditure Loans, Borrower Agent shall give Agent a Notice of Borrowing. Such notice must be received by Agent by 11:00 a.m. (Los Angeles
time) (i) on the requested funding date, in the case of Adjusted Base Rate Loans, and (ii) at least three Business Days prior to the requested funding date, in the case of LIBOR Loans. Notices received after such time shall be deemed
received on the next Business Day. Each Notice of Borrowing shall be irrevocable and shall specify (A) the amount of the Borrowing, (B) the requested funding date (which must be a Business Day), (C) whether the Borrowing is to be made as
an Adjusted Base Rate Loan or LIBOR Loan, and (D) in the case of a LIBOR Loan, the applicable Interest Period (which shall be deemed to be 30 days if not specified). 

4.1.3    Fundings by Lenders. Each Lender shall timely honor its Revolver Commitment by funding its Pro Rata share
of each Borrowing of Revolver Loans that is properly requested hereunder. Except for Borrowings to be made as Swingline Loans, Agent shall endeavor to notify Lenders of each Notice of Borrowing (or deemed request for a Borrowing) by 12:00 noon (Los
Angeles time) on the date prior to the proposed funding date for Adjusted Base Rate Loans or by 3:00 p.m. (Los Angeles time) at least three Business Days before any proposed funding of LIBOR Loans. Each Lender shall fund to Agent such Lender’s
Pro Rata share of the Borrowing to the account specified by Agent in immediately available funds not later than 2:00 p.m. (Los Angeles time) on the requested funding date, unless Agent’s notice is received after

  
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the times provided above, in which case Lender shall fund its Pro Rata share by 11:00 a.m. (Los Angeles time) on the next Business Day. Subject to its receipt of such amounts from Lenders, Agent
shall disburse the proceeds of the Revolver Loans as directed by Borrower Agent. Unless Agent shall have received (in sufficient time to act) written notice from a Lender that it does not intend to fund its Pro Rata share of a Borrowing, Agent may
assume that such Lender has deposited or promptly will deposit its share with Agent, and Agent may disburse a corresponding amount to Borrowers. If a Lender’s share of any Borrowing or of any settlement pursuant to
Section 4.1.4(b) is not received by Agent, then Borrowers agree to repay to Agent on demand the amount of such share, together with interest thereon from the date disbursed until repaid, at the rate applicable to the
Borrowing. 
 4.1.4    Swingline Loans; Settlement. 

(a)    Agent may, but shall not be obligated to, advance Swingline Loans to Borrowers, up to an aggregate outstanding
amount of $15,000,000, unless the funding is specifically required to be made by all Lenders hereunder. Each Swingline Loan shall constitute a Revolver Loan for all purposes, except that payments thereon shall be made to Agent for its own account
and shall accrue at the interest rate for Adjusted Base Rate for Revolver Loans (minus the Unused Line Fee Rate) from the date made until payment by Borrowers. The obligation of Borrowers to repay Swingline Loans shall be evidenced by the records of
Agent and need not be evidenced by any promissory note. 
 (b)    Settlement of Swingline Loans and other Revolver
Loans among Lenders and Agent shall take place on a date determined from time to time by Agent (but at least weekly), on a Pro Rata basis in accordance with the Settlement Report delivered by Agent to Lenders. Between settlement dates, Agent may in
its reasonable discretion apply payments on Revolver Loans to Swingline Loans, regardless of any designation by Borrower or any provision herein to the contrary. Each Lender’s obligation to make settlements with Agent is absolute and
unconditional, without offset, counterclaim or other defense, and whether or not the Commitments have terminated, an Overadvance exists or the conditions in Section 6 are satisfied. If, due to an Insolvency Proceeding with
respect to a Borrower or otherwise, any Swingline Loan may not be settled among Lenders hereunder, then each Lender shall be deemed to have purchased from Agent a Pro Rata participation in such Loan and shall transfer the amount of such
participation to Agent, in immediately available funds, within one Business Day after Agent’s request therefor. 

4.1.5    Notices. Borrowers may request, convert or continue Loans, select interest rates and transfer funds based
on telephonic or e-mailed instructions to Agent. Borrowers shall confirm each such request by prompt delivery to Agent of a Notice of Borrowing or Notice of Conversion/Continuation, if applicable, but if it
differs materially from the action taken by Agent or Lenders, the records of Agent and Lenders shall govern. Neither Agent nor any Lender shall have any liability for any loss suffered by a Borrower as a result of Agent or any Lender acting upon its
understanding of telephonic or e-mailed instructions from a person believed in good faith by Agent or any Lender to be a person authorized to give such instructions on a Borrower’s behalf. 

  
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 4.2    Defaulting Lender. 

4.2.1    Reallocation of Pro Rata Share; Amendments. For purposes of determining Lenders’ obligations to fund
or participate in Loans or Letters of Credit, Agent may exclude the Commitments and Loans of any Defaulting Lender(s) from the calculation of Pro Rata shares. A Defaulting Lender shall have no right to vote on any amendment, waiver or other
modification of a Loan Document, except as provided in Section 14.1.1(c). 

4.2.2    Payments; Fees. Agent may, in its discretion, receive and retain any amounts payable to a Defaulting
Lender under the Loan Documents, and a Defaulting Lender shall be deemed to have assigned to Agent such amounts until all Obligations owing to Agent, non-Defaulting Lenders and other Secured Parties have been
paid in full. Agent may apply such amounts to the Defaulting Lender’s defaulted obligations, use the funds to Cash Collateralize such Lender’s Fronting Exposure, or readvance the amounts to Borrowers hereunder. A Lender shall not be
entitled to receive any fees accruing hereunder during the period in which it is a Defaulting Lender, and the unfunded portion of its Commitment shall be disregarded for purposes of calculating the unused line fee under
Section 3.2.1. If any LC Obligations owing to a Defaulted Lender are reallocated to other Lenders, fees attributable to such LC Obligations under Section 3.2.2 shall be paid to such Lenders. Agent
shall be paid all fees attributable to LC Obligations that are not reallocated. 
 4.2.3    Cure. Borrowers,
Agent and Issuing Bank may agree in writing that a Lender is no longer a Defaulting Lender. At such time, Pro Rata shares shall be reallocated without exclusion of such Lender’s Commitments and Loans, and all outstanding Revolver Loans, LC
Obligations and other exposures under the Revolver Commitments shall be reallocated among Lenders and settled by Agent (with appropriate payments by the reinstated Lender) in accordance with the readjusted Pro Rata shares. Unless expressly agreed by
Borrowers, Agent and Issuing Bank, no reinstatement of a Defaulting Lender shall constitute a waiver or release of claims against such Lender. The failure of any Lender to fund a Loan, to make a payment in respect of LC Obligations or otherwise to
perform its obligations hereunder shall not relieve any other Lender of its obligations, and no Lender shall be responsible for default by another Lender. 

4.3    Number and Amount of LIBOR Loans; Determination of Rate. Each Borrowing of LIBOR Loans when made
shall be in a minimum amount of $1,000,000, plus any increment of $500,000 in excess thereof. No more than 10 Borrowings of LIBOR Loans may be outstanding at any time, and all LIBOR Loans having the same length and beginning date of their Interest
Periods shall be aggregated together and considered one Borrowing for this purpose. Upon determining LIBOR for any Interest Period requested by Borrowers, Agent shall promptly notify Borrowers thereof by telephone or electronically and, if requested
by Borrowers, shall confirm any telephonic notice in writing. 
 4.4    Borrower Agent. Each Borrower
hereby designates Borrower Agent as its representative and agent for all purposes under the Loan Documents, including requests for Loans and Letters of Credit, designation of interest rates, delivery or receipt of communications, preparation and
delivery of Borrowing Base and financial reports, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Loan 

  
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Documents (including in respect of compliance with covenants), and all other dealings with Agent, Issuing Bank or any Lender. Borrower Agent hereby accepts such appointment. Agent and Lenders
shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or communication (including any notice of borrowing) delivered by Borrower Agent on behalf of any Borrower. Agent and Lenders may give any notice or
communication with a Borrower hereunder to Borrower Agent on behalf of such Borrower. Each of Agent, Issuing Bank and Lenders shall have the right, in its discretion, to deal exclusively with Borrower Agent for any or all purposes under the Loan
Documents. Each Borrower agrees that any notice, election, communication, representation, agreement or undertaking made on its behalf by Borrower Agent shall be binding upon and enforceable against it. 

4.5    One Obligation. The Loans, LC Obligations and other Obligations constitute one general obligation of
Borrowers and are secured by Agent’s Lien on all Collateral; provided, however, that Agent and each Lender shall be deemed to be a creditor of, and the holder of a separate claim against, each Borrower to the extent of any Obligations jointly
or severally owed by such Borrower. 
 4.6    Effect of Termination. On the effective date of the
termination of all Commitments, the Obligations shall be immediately due and payable, and any Lender may terminate its and its Affiliates’ Bank Products (including, only with the consent of Agent, any Cash Management Services). Until Full
Payment of the Obligations, all undertakings of Borrowers contained in the Loan Documents shall continue, and Agent shall retain its Liens in the Collateral and all of its rights and remedies under the Loan Documents. Agent shall not be required to
terminate its Liens unless it receives Cash Collateral or a written agreement, in each case reasonably satisfactory to it, protecting Agent and Lenders from the dishonor or return of any Payment Items previously applied to the Obligations. Sections
2.4, 3.4, 3.6, 3.7, 3.9, 5.5, 5.9, 5.10, 12, 14.2, this Section, and each indemnity or waiver given by an Obligor or Lender in any Loan Document, shall survive Full Payment of the Obligations. 

SECTION 5. PAYMENTS 

5.1    General Payment Provisions. All payments of Obligations shall be made in Dollars, and subject to
Section 5.10, without offset, counterclaim or defense of any kind, free of (and without deduction for) any Taxes, and in immediately available funds, not later than 12:00 noon (Los Angeles time) on the due date. Any payment after such time
shall be deemed made on the next Business Day. Borrower Agent on behalf of Borrowers, may, at the time of payment, specify to Agent the Obligations to which such payment is to be applied, but Agent shall in all events retain the right to apply such
payment in such manner as Agent, subject to the provisions hereof, may determine to be appropriate. If any payment under the Loan Documents shall be stated to be due on a day other than a Business Day, the due date shall be extended to the next
Business Day and such extension of time shall be included in any computation of interest and fees. Any payment of a LIBOR Loan prior to the end of its Interest Period shall be accompanied by all amounts due under Section 3.9. Any prepayment of
Loans shall be applied first to Adjusted Base Rate Loans and then to LIBOR Loans (unless otherwise requested by the Borrowers); provided, however, that as long as no Event of Default exists, prepayments of LIBOR Loans may, at the option of Borrower
and Agent, be held by Agent as Cash Collateral and applied to such Loans at the end of their Interest Periods. 

  
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 5.2    Repayment of Revolver Loans. Revolver Loans shall
be due and payable in full on the Revolver Termination Date, unless payment is sooner required hereunder. Revolver Loans may be prepaid from time to time, without penalty or premium, except as otherwise provided in Section 3.9. Notwithstanding
Section 5.4, if any Asset Disposition outside the Ordinary Course of Business includes the disposition of Accounts or Inventory, then Net Proceeds equal to the greater of (a) the net book value of such Accounts and Inventory, or
(b) the reduction in the Borrowing Base upon giving effect to such disposition, shall be applied to the Revolver Loans. 

5.3    Repayment of Term Loans and Capital Expenditure Loans. 

5.3.1    Payment of Principal on the Term Loan. The principal amount of the Term Loan shall be repaid on the last
day of each Fiscal Quarter during each Loan Year, in equal quarterly installments of $1,662,300, commencing with the first full Fiscal Quarter following the Closing Date until the Term Loan Maturity Date, on which date all principal, interest and
other amounts owing with respect to the Term Loan shall be due and payable in full. Each installment shall be paid to Agent for the Pro Rata benefit of Lenders. Once repaid, whether such repayment is voluntary or required, the Term Loan may not be
reborrowed. 
 5.3.2    Payment of Principal on the Capital Expenditure Loans. Commencing on the first day of the
Fiscal Quarter following each new Loan Year and continuing until the Capital Expenditure Loan Maturity Date (on which date all principal, interest and other amounts owing with respect to such Capital Expenditure Loans shall be due and payable in
full), the principal amount of all Capital Expenditure Loans disbursed in the immediately preceding Loan Year shall be repaid in consecutive quarterly installments, each of which shall be in an amount equal to (a) the original principal amount
of such Capital Expenditure Loans, times (b)(i) in respect of Capital Expenditure Loans used to purchase Eligible Equipment consisting of wine barrels, 1/12th, (ii) in respect of Capital Expenditure Loans used to purchase any Eligible
Equipment other than wine barrels, 1/28th, and (iii) in respect of Capital Expenditure Loans used to purchase any Real Estate, 1/100th.
Each installment shall be paid to Agent for the Pro Rata benefit of Lenders. Once repaid, whether such repayment is voluntary or required, such Capital Expenditure Loans may not be reborrowed. 

5.3.3    Optional Prepayments. Borrowers may, at their option from time to time, prepay in whole or in part the
Term Loans or Capital Expenditure Loans, without penalty or premium, except as otherwise provided in Section 3.9. Borrower Agent shall give written notice to Agent of an intended prepayment of Term Loans or Capital
Expenditure Loans, which notice shall specify the amount of the prepayment, shall be irrevocable once given, shall be given at least two (2) Business Days prior to such prepayment, provided that a notice of prepayment of the Term Loans or
Capital Expenditure Loans delivered by the Borrower Agent may state that such notice is conditioned upon the effectiveness of another credit facility or other transaction. 

5.3.4    Interest; Application of Prepayments. Each prepayment of Term Loans or Capital Expenditure Loans shall be
accompanied by all interest accrued thereon and any amounts payable under Section 3.9, and shall be applied to the remaining principal installments of the Term Loans or the Capital Expenditure Loans, as applicable, pro rata
against all such scheduled installments based upon the respective amounts thereof; provided, however, optional prepayments of Term Loans or Capital Expenditure Loans shall be applied to the next four scheduled amortization payments, with any
additional amounts to be applied pro rata against all subsequent scheduled installments based upon the respective amounts thereof. 

  
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 5.4    Mandatory Prepayments. 

5.4.1    Concurrently with any issuance of Equity Interests by a Borrower (other than issuances of Equity Interests to the
Equity Sponsor and other investors existing on the Closing Date, issuances to management or employees under employee stock option or similar benefit plan in existence from time to time or issuances in connection with
Section 10.3.3 hereunder), Borrowers shall prepay the Obligations in an amount equal to 50% of the Net Proceeds of such issuance; 

5.4.2    Within five (5) Business Days of receipt of Net Proceeds of any
non-ordinary course sale or other disposition of assets (including as a result of casualty or condemnation (subject to Section 8.6.2) and excluding sales or other dispositions of
Inventory, surplus, obsolete or worn-out Property, Property no longer used or useful in such Obligor’s business) by any Obligor in excess of $250,000 in any Fiscal Year (with only the amount in excess of
the annual amount being subject to prepayment), Borrowers shall prepay the Obligations in an amount equal to 100% of the Net Proceeds of such disposition; provided, however, that Net Proceeds that are reinvested (or committed in
writing to be reinvested) in replacement assets (including acquisitions of other entities) useful in the business of any Obligor within 365 days (and if so committed in writing to reinvestment within such
365-day period, reinvested within 90 days), shall be excluded; provided, however, that in each case, until the same has been reinvested or the reinvestment period has expired, such Net Proceeds shall be
applied as follows: 
 (a)    FIRST, to the extent necessary to prevent the then outstanding Term Loans from exceeding
the Term Loan Formula Amount (as adjusted to give effect to the loss in value of the Real Estate or Equipment that is the subject of such Disposition), to a restricted deposit account maintained by the Borrowers that is subject to the Agent’s
first priority lien (other than Permitted Liens) and treated only for purposes of the Term Loan Formula Amount as an offset to the principal amount of the Term Loans; 

(b)    SECOND, to the repayment of the Revolver Loans then outstanding (without a corresponding reduction of the Revolver
Commitments) until the Revolver Loans are paid in full; and 
 (c)    LAST, to the Borrowers for their general business
purposes. 
 5.4.3    Within five (5) Business Days of the receipt of any Extraordinary Receipts in excess of
$250,000 in the aggregate in any Fiscal Year, Borrowers shall prepay the Obligations in an amount equal to 100% of such proceeds, net of fees, costs and expenses incurred in collecting such Extraordinary Receipts and taxes paid or payable as a
result thereof or as a result of the distribution of such Extraordinary Receipts to such Person; 

5.4.4    Concurrently with any incurrence of any Debt by a Borrower (other than Debt permitted under this Agreement),
Borrowers shall prepay the Obligations in an amount equal to 100% of the Net Proceeds of such Debt; 

  
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 5.4.5    Notwithstanding anything herein to the contrary, if an
Overadvance exists, Borrowers shall, promptly, following Agent’s notice of such occurrence, but in no event later than three (3) Business Days, repay the outstanding Revolver Loans in an amount sufficient to reduce the principal balance of
Revolver Loans to the Borrowing Base; 
 5.4.6    Notwithstanding anything herein to the contrary, on the Term Loan
Maturity Date or Capital Expenditure Loan Maturity Date (as applicable), Borrowers shall prepay all Term Loans and Capital Expenditure Loans (unless sooner repaid hereunder); and 

5.4.7    Notwithstanding anything else to the contrary contained herein, (i) the amount of all mandatory prepayments
made hereunder (other than pursuant to Sections 5.4.2 and 5.4.5), shall be applied as follows: 

(a)    FIRST, to Term Loans to the scheduled principal installments of the Term Loans pro rata, 

(b)    SECOND, to the Capital Expenditure Loans to the scheduled principal installments of the Capital Expenditures Loans
pro rata, 
 (c)    THIRD, to Revolver Loans (without a reduction of the Revolver Commitment), 

(d)    FOURTH, to Cash Collateralize outstanding Letters of Credit, and 

(e)    LAST, to all remaining Obligations. 

5.5    Payment of Other Obligations. Obligations other than Loans, including LC Obligations and
Extraordinary Expenses, shall be paid by Borrowers as provided in the Loan Documents or, if no payment date is specified, within three (3) Business Days of receipt of written request by the Agent. 

5.6    Marshaling; Payments Set Aside. None of Agent or Lenders shall be under any obligation to marshal any
assets in favor of any Obligor or against any Obligations. If any payment by or on behalf of Borrowers is made to Agent, Issuing Bank or any Lender, or Agent, Issuing Bank or any Lender exercises a right of setoff, and such payment or the proceeds
of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by Agent, Issuing Bank or such Lender in its discretion) to be repaid
to a trustee, receiver or any other Person, then to the extent of such recovery, the Obligation originally intended to be satisfied, and all Liens, rights and remedies relating thereto, shall be revived and continued in full force and effect as if
such payment had not been made or such setoff had not occurred. 
 5.7    Application and Allocation of
Payments. 
 5.7.1    Application. Payments made by Borrowers hereunder shall be applied
(a) first, as specifically required hereby; (b) second, to Obligations then due and owing; (b) third, to other Obligations specified by Borrowers; and (c) fourth, as determined by Agent in its
reasonable discretion. 

  
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 5.7.2    Post-Default Allocation. Notwithstanding anything in any
Loan Document to the contrary, during an Event of Default, monies to be applied to the Obligations, whether arising from payments by Obligors, realization on the Collateral, setoff or otherwise, shall be allocated as follows: 

(a)    FIRST, to all costs and expenses, including Extraordinary Expenses, owing to Agent (other than costs and expenses
in respect of Secured Bank Product Obligations); 
 (b)    SECOND, to all amounts owing to Agent on Swingline Loans;

 (c)    THIRD, to all amounts owing to Issuing Bank; 

(d)    FOURTH, to all Obligations constituting fees (other than Secured Bank Product Obligations); 

(e)    FIFTH, to all Obligations constituting interest (other than Secured Bank Product Obligations); 

(f)    SIXTH, to Cash Collateralization of LC Obligations; 

(g)    SEVENTH, to all Loans, and to Secured Bank Product Obligations arising under Hedging Agreements (including Cash
Collateralization thereof) up to the amount of Reserves existing therefor; 
 (h)    EIGHTH, to all other Secured Bank
Product Obligations up to the amount of Reserves existing therefor; and 
 (i)    LAST, to all remaining Obligations.

 Amounts shall be applied to payment of each category of Obligations only after Full Payment of all preceding categories. If amounts are insufficient to
satisfy a category, Obligations in the category shall be paid on a pro rata basis. Amounts distributed with respect to any Secured Bank Product Obligation shall be calculated using the methodology reported to Agent for such Obligation (but no
greater than the maximum amount reported to Agent). Agent shall have no obligation to calculate the amount of any Secured Bank Product Obligation and may request a reasonably detailed calculation thereof from the applicable Secured Bank Product
Provider. If the provider fails to deliver the calculation within five Business Days following request, Agent may assume the amount is zero. The allocations set forth in this Section are solely to determine the rights and priorities among Secured
Parties, and may be changed by agreement among them without the consent of any Obligor. This Section is not for the benefit of or enforceable by any Obligor, and each Borrower irrevocably waives the right to direct the application of any payments or
Collateral proceeds subject to this Section. 
 5.7.3    Defaulting Lender Waterfall. Notwithstanding anything in
any Loan Document to the contrary, any payment of principal, interest, fees or other amounts received by Agent for the account of a Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to this
Section 5.7, Article VIII or otherwise, and including any amounts made 

  
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available to Agent by such Defaulting Lender), shall be applied at such time or times as may be determined by Agent as follows: 

(i)    FIRST, to the payment of any amounts owing by such Defaulting Lender to Agent hereunder; 

(ii)    SECOND, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to the Issuing Bank
hereunder; 
 (iii)    THIRD, if so determined by Agent or requested by the Issuing Bank, to be held as Cash Collateral
for future Fronting Exposure with respect to such Defaulting Lender of any participation in any Letter of Credit; 

(iv)    FOURTH, as Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Loan
in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Agent; 

(v)    FIFTH, if so determined by Agent and Borrowers, to be held in a
non-interest bearing deposit account and released pro rata in order to satisfy obligations of such Defaulting Lender to fund future Loans, and participations in Letter of Credit under this Agreement; 

(vi)    SIXTH, to the payment of any amounts owing to Lenders or the Issuing Bank as a result of any judgment of a court
of competent jurisdiction obtained by any Lender or the Issuing Bank against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; 

(vii)    SEVENTH, so long as no Default or Event of Default exists, to the payment of any amounts owing to Borrowers as a
result of any judgment of a court of competent jurisdiction obtained by Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and 

(viii)    LAST, to such Defaulting Lender or as otherwise conferred thereunder or directed by a court of competent
jurisdiction; 
 provided, however, that if (x) such payment is a payment of the principal amount of any Loans or Letters of Credit in
respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made or the related Letters of Credit were issued at a time when the LC Conditions were satisfied or waived, such payment shall be
applied solely to pay the Loans of, and LC Obligations owed to, all Lenders other than Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC Obligations owed to, such Defaulting Lender until such time as
all Loans and funded and unfunded participations in LC Obligations are held by Lenders pro rata in accordance with the Commitments hereunder without giving effect to Section 5.7.2. Any payments, prepayments or other amounts
paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 5.7.3 shall be deemed paid to and redirected by that
Defaulting Lender, and each Lender irrevocably consents hereto. 

  
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 5.7.4    Erroneous Application. Agent shall not be liable for any
application of amounts made by it in good faith and, if any such application is subsequently determined to have been made in error, the sole recourse of any Lender or other Person to which such amount should have been made shall be to recover the
amount from the Person that actually received it (and, if such amount was received by any Lender, such Lender hereby agrees to return it). 

5.8    [Reserved]. 

5.9    Account Stated. The Agent shall maintain in accordance with its usual and customary practices
account(s) evidencing the Debt of Borrowers hereunder. Any failure of Agent to record anything in a loan account, or any error in doing so, shall not limit or otherwise affect the obligation of Borrowers to pay any amount owing hereunder. Entries
made in a loan account shall constitute presumptive evidence of the information contained therein. If any information contained in a loan account is provided to or inspected by any Person, the information shall be conclusive and binding on such
Person for all purposes absent manifest error, except to the extent such Person notifies Agent in writing within 30 days after receipt or inspection that specific information is subject to dispute. 

5.10    Taxes. 

5.10.1    Payments Free of Taxes. All payments by Obligors of Obligations shall be made free and clear of and
without reduction or withholding for any Indemnified Taxes or Other Taxes, except as required by Applicable Law. If Applicable Law requires any Obligor or Agent to withhold or deduct any Tax (including backup withholding or withholding Tax), the
withholding or deduction shall be based on information provided pursuant to Section 5.11 (to the extent permitted by Applicable Law) and the Obligor or Agent (as applicable) shall be entitled to make such deduction or
withholding and shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with Applicable Law. If the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable
by Borrowers shall be increased so that Agent, Lender or Issuing Bank, as applicable, receives an amount equal to the sum it would have received if no such withholding or deduction (including deductions applicable to additional sums payable under
this Section) had been made. Without limiting the foregoing and without duplication of other amounts payable by the Borrowers under this Section, Borrowers shall timely pay all Other Taxes to the relevant Governmental Authorities in accordance with
Applicable Law. 
 5.10.2    Tax Indemnification by Borrowers. Borrowers shall indemnify, hold harmless and
reimburse (within 30 days after demand therefor) Agent, Lenders and Issuing Bank for any Indemnified Taxes or Other Taxes (including those attributable to amounts payable under this Section) withheld or deducted by any Obligor or Agent, or paid by
Agent, any Lender or Issuing Bank, with respect to any Obligations, Letters of Credit or Loan Documents, whether or not such Taxes were properly asserted by the relevant Governmental Authority, and including all penalties, interest and reasonable
expenses relating thereto. A certificate as to the calculations of any such payment or liability shall be delivered to Borrower Agent by Agent, or by a Lender or Issuing Bank (with a copy to Agent), shall be conclusive, absent manifest error. As
soon as practicable after any payment of Indemnified Taxes or Other Taxes by a Borrower to a relevant Governmental Authority, Borrower Agent shall deliver to Agent a receipt from the Governmental Authority evidencing such payment or other evidence
of payment reasonably satisfactory to Agent. 

  
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 5.10.3    Refunds. If any Lender or Issuing Bank determines, in
its sole discretion, that it has received a refund in respect of any Indemnified Taxes or Other Taxes as to which indemnification or additional amounts have been paid to it by Borrowers pursuant to this Section 5.10, it
shall promptly remit such refund (but only to the extent of indemnity payments made, or additional amounts paid, by Borrowers under this Section 5.10 with respect to the Indemnified Taxes or Other Taxes giving rise to such
refund) to such Borrower, net of all out-of-pocket expense of such Lender or Issuing Bank, as the case may be, and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund); provided that such Borrower, upon the request of Lender or Issuing Bank, as the case may be, agrees promptly to return such refund, plus any penalties, interest or other charges imposed
on such party by the relevant Governmental Authority, to such party in the event such party is required to repay such refund to the relevant Governmental Authority. This subsection shall not be construed to require any Lender or Issuing Bank, as the
case may be, to make available its tax returns (or any other information relating to its taxes that it deems confidential) to Borrowers or any other Person. 

5.11    Lender Tax Information. 

5.11.1    Status of Lenders. Each Recipient shall deliver documentation and information to Agent and Borrower Agent,
at the times and in form required by Applicable Law or reasonably requested by Agent or Borrower Agent, sufficient to permit Agent or Borrowers to determine (a) whether or not payments made with respect to Obligations are subject to Taxes or
information reporting requirements, (b) if applicable, the required rate of withholding or deduction, and (c) such Recipient’s entitlement to any available exemption from, or reduction of, applicable Taxes for such payments or
otherwise to establish such Recipient’s status for withholding tax purposes in the applicable jurisdiction. 

5.11.2    Documentation. Without limiting the generality of the foregoing, if a Borrower is resident for tax
purposes in the United States, 
 (a)    any Recipient that is a “United States person” within the meaning of
Section 7701(a)(30) of the Code shall deliver to Agent and Borrower Agent two duly signed and properly completed copies of IRS Form W-9 or such other documentation or information prescribed by Applicable
Law on or prior to the date on which such Lender becomes a Lender hereunder, upon the expiration, obsolescence or invalidity of any previously delivered form and after the occurrence of any change in circumstance relating to the Lender requiring a
change in the most recent form previously delivered by it to Borrower Agent (and from time to time thereafter upon request by Agent or Borrower Agent), in each case certifying that such Lender is entitled to receive payments hereunder without
deduction or withholding of any United States federal backup withholding tax; 
 (b)    if any Foreign Lender is
entitled to any exemption from or reduction of withholding tax for payments with respect to the Obligations, it shall deliver to Agent and Borrower Agent (i) on or prior to the date on which such Lender becomes a Lender hereunder,
(ii) upon the expiration, obsolescence or invalidity of any previously delivered form, 

  
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and (iii) after the occurrence of any change in circumstances relating to the Lender requiring a change in the most recent form previously delivered by it to Borrower Agent (and from time to
time thereafter upon request by Agent or Borrower, but only if such Foreign Lender is legally entitled to do so), (a) two duly signed and properly completed copies of IRS Form W-8BEN or W-8BEN-E claiming eligibility for benefits of an income tax treaty to which the United States is a party; (b) two duly signed and properly completed copies of IRS Form W-8ECI; (c) two duly signed and properly completed copies of IRS Form W-8IMY and all required supporting documentation; (d) in the case of a Foreign Lender claiming
the benefits of the exemption for portfolio interest under section 881(c) of the Code, two duly signed and properly completed copies of IRS Form W-8BEN or W-8BEN-E and a certificate showing such Foreign Lender is not (i) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (ii) a “10 percent shareholder” of any
Obligor within the meaning of section 881(c)(3)(B) of the Code, or (iii) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code; or (e) any other form prescribed by Applicable Law as a basis for claiming
exemption from or a reduction in withholding tax, together with such supplementary documentation necessary to allow Agent and Borrowers to determine the withholding or deduction required to be made, including, if applicable, any documentation
necessary to prevent withholding under Sections 1471 or 1472 of the Code (as of the date hereof, and any regulations promulgated thereunder and any interpretation or other guidance issued in connection therewith); and 

(c)    if payment of an Obligation to a Lender would be subject to U.S. federal withholding Tax imposed by FATCA if such
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code), such Lender shall deliver to Borrower Agent and Agent at the time(s) prescribed by
Applicable Law and otherwise as reasonably requested by Borrower Agent or Agent such documentation prescribed by Applicable Law (including Section 1471(b)(3) (C)(i) of the Code) and such additional documentation reasonably requested by Borrower
Agent or Agent as may be necessary for them to comply with their obligations under FATCA and to determine that such Lender has complied with its obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for
purposes of this clause (c), “FATCA” shall include any amendments made to FATCA after the date hereof. 

(d)    On or before the date the Agent becomes a party to this Agreement, the Agent shall provide to the Borrower Agent
two duly-signed, properly completed copies of the documentation prescribed in clause (i) or (ii) below, as applicable (together with all required attachments thereto): (i) IRS Form W-9 or any successor
thereto, or (ii) (A) IRS Form W-8ECI or any successor thereto, and (B) with respect to payments received on account of any Lender, a U.S. branch withholding certificate on IRS Form W-8IMY or any successor thereto evidencing its agreement with the Borrower to be treated as a U.S. Person for U.S. federal withholding purposes. At any time thereafter, the Agent shall provide updated documentation
previously provided (or a successor form thereto) when any documentation previously delivered has expired or become obsolete or invalid or otherwise upon the reasonable request of the Borrower. 

Each Lender and Agent agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any
respect, it shall update such form or certification, provide such successor form, or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

  
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 5.11.3    Lender Obligations. Each Lender and Issuing Bank shall
promptly notify Borrowers and Agent of any change in circumstances that would change any claimed Tax exemption or reduction. Each Lender and Issuing Bank shall indemnify, hold harmless and reimburse (within 10 days after demand therefor) Borrowers
and Agent for any Taxes, losses, claims, liabilities, penalties, interest and expenses (including reasonable attorneys’ fees) incurred by or asserted against a Borrower or Agent by any Governmental Authority due to such Lender’s or Issuing
Bank’s failure to deliver, or inaccuracy or deficiency in, any documentation required to be delivered by it pursuant to this Section. Each Lender and Issuing Bank authorizes Agent to set off any amounts due to Agent under this Section against
any amounts payable to such Lender or Issuing Bank under any Loan Document. 
 5.12    Nature and Extent of
Each Borrower’s Liability. 
 5.12.1    Joint and Several Liability. Each Borrower agrees
that it is jointly and severally liable for, and absolutely and unconditionally guarantees to Agent and Lenders the prompt payment and performance of, all Obligations and all agreements under the Loan Documents. Each Borrower agrees that its
guaranty obligations hereunder constitute a continuing guaranty of payment and not of collection, that such obligations shall not be discharged until Full Payment of the Obligations, and that such obligations are absolute and unconditional,
irrespective of (a) the genuineness, validity, regularity, enforceability, subordination or any future modification of, or change in, any Obligations or Loan Document, or any other document, instrument or agreement to which any Obligor is or
may become a party or be bound; (b) the absence of any action to enforce this Agreement (including this Section) or any other Loan Document, or any waiver, consent or indulgence of any kind by Agent or any Lender with respect thereto;
(c) the existence, value or condition of, or failure to perfect a Lien or to preserve rights against, any security or guaranty for the Obligations or any action, or the absence of any action, by Agent or any Lender in respect thereof (including
the release of any security or guaranty); (d) the insolvency of any Obligor; (e) any election by Agent or any Lender in an Insolvency Proceeding for the application of Section 1111(b) (2) of the Bankruptcy Code; (f) any borrowing
or grant of a Lien by any other Borrower, as debtor-in-possession under Section 364 of the Bankruptcy Code or otherwise; (g) the disallowance of any claims of
Agent or any Lender against any Obligor for the repayment of any Obligations under Section 502 of the Bankruptcy Code or otherwise; or (h) any other action or circumstances that might otherwise constitute a legal or equitable discharge or
defense of a surety or guarantor, except Full Payment of all Obligations. 
 5.12.2    Waivers. 

(a)    Each Borrower expressly waives all rights that it may have now or in the future under any statute, at common law,
in equity or otherwise, to compel Agent or Lenders to marshal assets or to proceed against any Obligor, other Person or security for the payment or performance of any Obligations before, or as a condition to, proceeding against such Borrower. Each
Borrower waives all defenses available to a surety, guarantor or accommodation co-obligor other than Full Payment of all Obligations and waives, to the maximum extent

  
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permitted by law, any right to revoke any guaranty of any Obligations as long as it is a Borrower. It is agreed among each Borrower, Agent and Lenders that the provisions of this
Section 5.12 are of the essence of the transaction contemplated by the Loan Documents and that, but for such provisions, Agent and Lenders would decline to make Loans and issue Letters of Credit. Each Borrower acknowledges
that its guaranty pursuant to this Section is necessary to the conduct and promotion of its business, and can be expected to benefit such business. 

(b)    Agent and Lenders may, in their discretion, pursue such rights and remedies as they deem appropriate, including
realization upon Collateral or any Real Estate by judicial foreclosure or nonjudicial sale or enforcement, without affecting any rights and remedies under this Section 5.12. If, in taking any action in connection with the
exercise of any rights or remedies, Agent or any Lender shall forfeit any other rights or remedies, including the right to enter a deficiency judgment against any Borrower or other Person, whether because of any Applicable Laws pertaining to
“election of remedies” or otherwise, each Borrower consents to such action and waives any claim based upon it, even if the action may result in loss of any rights of subrogation that any Borrower might otherwise have had. Any election of
remedies that results in denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. Each Borrower
waives all rights and defenses arising out of an election of remedies, such as nonjudicial foreclosure with respect to any security for the Obligations, even though that election of remedies destroys such Borrower’s rights of subrogation
against any other Person. Agent may bid all or a portion of the Obligations at any foreclosure, trustee or other sale, including any private sale, and the amount of such bid need not be paid by Agent but shall be credited against the Obligations.
The amount of the successful bid at any such sale, whether Agent or any other Person is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral, and the difference between such bid amount and the remaining
balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 5.12, notwithstanding that any present or future law or court decision may have the effect of
reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale. 

5.12.3    Extent of Liability; Contribution. 

(a)    Notwithstanding anything herein to the contrary, each Borrower’s liability under this
Section 5.12 shall be limited to the greater of (i) all amounts for which such Borrower is primarily liable, as described below, and (ii) such Borrower’s Allocable Amount. 

(b)    If any Borrower makes a payment under this Section 5.12 of any Obligations (other than
amounts for which such Borrower is primarily liable) (a “Guarantor Payment”) that, taking into account all other Guarantor Payments previously or concurrently made by any other Borrower, exceeds the amount that such Borrower
would otherwise have paid if each Borrower had paid the aggregate Obligations satisfied by such Guarantor Payments in the same proportion that such Borrower’s Allocable Amount bore to the total Allocable Amounts of all Borrowers, then such
Borrower shall be entitled to receive contribution and indemnification payments from, and to be reimbursed by, each other Borrower for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to
such Guarantor Payment. The “Allocable Amount” for any Borrower shall be the maximum amount 

  
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that could then be recovered from such Borrower under this Section 5.12 without rendering such payment voidable under Section 548 of the Bankruptcy Code or under
any applicable state fraudulent transfer or conveyance act, or similar statute or common law. 
 (c)    Nothing
contained in this Section 5.12 shall limit the liability of any Borrower to pay Loans made directly or indirectly to that Borrower (including Loans advanced to any other Borrower and then
re-loaned or otherwise transferred to, or for the benefit of, such Borrower), LC Obligations relating to Letters of Credit issued to support such Borrower’s business, and all accrued interest, fees,
expenses and other related Obligations with respect thereto, for which such Borrower shall be primarily liable for all purposes hereunder. 

5.12.4    Joint Enterprise. Each Borrower has requested that Agent and Lenders make this credit facility available
to Borrowers on a combined basis, in order to finance Borrowers’ business most efficiently and economically. Borrowers’ business is a mutual and collective enterprise, and the successful operation of each Borrower is dependent upon the
successful performance of the integrated group. Borrowers believe that consolidation of their credit facility will enhance the borrowing power of each Borrower and ease administration of the facility, all to their mutual advantage. Borrowers
acknowledge that Agent’s and Lenders’ willingness to extend credit and to administer the Collateral on a combined basis hereunder is done solely as an accommodation to Borrowers and at Borrowers’ request. 

5.12.5    Subordination. Each Borrower hereby subordinates any claims, including any rights at law or in equity to
payment, subrogation, reimbursement, exoneration, contribution, indemnification or set off, that it may have at any time against any other Obligor, howsoever arising, to the Full Payment of all Obligations. 

SECTION 6. CONDITIONS PRECEDENT 

6.1    Conditions Precedent to Initial Loans. The obligation of each Lender to make the initial extensions of
credit provided for hereunder is subject to the fulfillment, to the reasonable satisfaction of Agent and each Lender, of each of the following conditions precedent (the making of such initial extensions of credit by a Lender being conclusively
deemed to be its satisfaction or waiver of the conditions precedent): 
 (a)    The Closing Date shall occur on or
before January 31, 2017. 
 (b)    Each Loan Document (including, without limitation, the Related Real Estate
Documents for all Real Estate subject to a Mortgage) shall have been duly executed and delivered to Agent by each of the signatories thereto, and each Obligor shall be in compliance in all material respects with all terms thereof. 

(c)    Agent shall have received a certificate, in form and substance reasonably satisfactory to it, from a knowledgeable
Senior Officer of Borrower Agent certifying that the Project Vine Acquisition shall be consummated pursuant to the Project Vine Purchase Agreement substantially concurrently with the initial funding of the Loans on the Closing Date (without any
amendment, modification or waiver thereof or any consent thereunder which is materially adverse to the interests of the Joint Lead Arrangers without the consent of the Joint Lead Arrangers, such consent not to be unreasonably withheld, conditioned
or delayed (it being 

  
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understood and agreed that (i) any decrease in the consideration for the Project Vine Acquisition shall not be deemed to be materially adverse to the Joint Lead Arrangers so long as such
purchase price decrease is applied to reduce the amount of the Commitments hereunder, the commitments under the Second Lien Loan Documents and the Equity Contribution on a pro rata basis, (ii) any increase in the consideration for the Project
Vine Acquisition shall be deemed not to be materially adverse to the interests of the Joint Lead Arrangers so long as such purchase price increase is funded with an increase in the Equity Contribution, (iii) any amendment or other modification
(including a waiver or consent related thereto) to the definition of Company Material Adverse Effect without the prior written consent of the Lenders (such consent not to be unreasonably withheld, delayed or conditioned) shall be deemed to be
materially adverse to the interests of the Joint Lead Arrangers, (iv) any working capital adjustment shall not be deemed an increase or decrease in the consideration for the Project Vine Acquisition, and (v) any assignment of the rights
and obligations of Ultimate Holdco under the Project Vine Purchase Agreement to the Borrower Agent shall not be deemed to be materially adverse to the Joint Lead Arrangers)). 

(d)    Lenders shall have received the Historic Seller Financial Statements pursuant to
Section 9.1.7(a). 
 (e)    Lenders shall have received a pro forma consolidated balance
sheet and related pro forma consolidated statements of income of the Borrowers as of and for the twelve-month period ending on the last day of the most recently completed four fiscal quarter period for which financial statements have been delivered
pursuant to paragraph (d) above, in each case, prepared after giving effect to the Transactions (but without giving effect to any step- up in basis of inventory or other assets) as if the Transactions had occurred as of such period and any
other adjustments as agreed by the Equity Sponsor and the Lenders. 
 (f)    The Joint Lead Arrangers shall have
received from the Borrowers a detailed business plan or projections of the Borrowers and their Subsidiaries for the Fiscal Years 2017 through 2021 and for the four Fiscal Quarters beginning with the first quarter of 2017. 

(g)    Subject to the terms and conditions of the access letter(s) from KPMG, the Joint Lead Arrangers shall have
received from the Borrowers the final quality of earnings reports with respect to the Targets and the Borrowers prepared by KPMG in connection with the Transactions. 

(h)    The Specified Representations shall be true and correct in all material respects and the representations and
warranties set forth in the Project Vine Purchase Agreement shall be true and correct in all material respects; provided that in each case any such representation or warranty qualified by materiality or “Material Adverse Effect” or
similar language shall be accurate in all respects. 
 (i)    The Joint Lead Arrangers shall have received from the
Borrowers and the Guarantors reasonably satisfactory legal opinions, perfection certificates, corporate documents and officers’ and public officials’ certifications; a customary notice of borrowing; organizational documents; customary
evidence of authorization to enter into the Loan Documents in respect of the Obligations; and good standing certificates in jurisdictions of formation/organization, in each case of the Obligors. 

  
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 (j)    The Agent shall have received a solvency certificate from the
chief financial officer or equivalent officer of the Borrowers certifying that the Borrowers and their Subsidiaries, on a consolidated basis after giving effect to the Transactions, are Solvent, the form of which is attached as Exhibit 6.10).

 (k)    With respect to the Obligations, all actions necessary to establish that the Agent will have a perfected,
first priority Lien (subject to Permitted Liens) on and security interest in all Collateral of Borrowers and the Guarantors under the Loan Documents shall have been taken, including without limitation, Agent’s receipt of a payoff letter from
each of Silicon Valley Bank, Wells Fargo Bank, N.A. and Metropolitan Life Insurance Co. that provides that upon payment of the outstanding Debt owing to such Person by the Obligors, such Person shall terminate its lien on the Collateral and Real
Estate. 
 (l)    All fees earned, due and payable on the Closing Date pursuant to this Agreement and the Fee Letter
and out-of-pocket expenses earned, due and payable on the Closing Date pursuant to this Agreement (to the extent invoiced at least three (3) days prior to the
Closing Date) shall, upon the closing under the Loan Documents, have been paid (which amounts may be offset against the proceeds of the applicable Loans). 

(m)    So long as requested at least ten (10) days prior to the Closing Date, the Agent and Lenders shall have
received, at least three (3) Business Days prior to the Closing Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including, without limitation, the Patriot Act. 
 (n)    Since the date of the Project Vine Purchase Agreement, no
Company Material Adverse Effect shall have occurred. 
 (o)    Prior to, or substantially concurrently with the initial
funding contemplated hereunder, there shall have occurred the issuance of not less than an aggregate $370,000,000 of combined equity capital (subject to reduction for any closing working capital or other purchase price adjustments set forth in the
Project Vine Purchase Agreement, and including equity capital issued to fund transaction fees and expenses) from (i) Equity Sponsor and (ii) management “roll-over” equity, on terms and conditions reasonably satisfactory to the
Agent, including indirect ownership of not less than 50% of the Equity Interests of Heritage Target and Vineyard Target, directly or indirectly, by the Equity Sponsor (the “Equity Contribution”). 

(p)    All consents and approvals of the boards of directors (including, without limitation, the board of directors of
each Target), shareholders or members as applicable, and Governmental Authorities reasonably necessary in connection with the Project Vine Acquisition and the Loan Documents and the transactions contemplated hereunder and thereunder shall be
obtained. 

  
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 (q)    The Agent shall have received the results of lien searches with
respect to the Borrowers and their respective Subsidiaries in jurisdictions reasonably selected by it. 
 (r)    The
Agent shall have received customary insurance certificates (including “earthquake” insurance), naming the Agent, on behalf of the Lenders, as lenders loss payee or additional insured, as applicable, together with the appropriate lenders
loss payee endorsements and additional insured endorsements. 
 (s)    There shall be no pending litigation, bankruptcy
or insolvency, injunction, order or claim with respect to the Borrowers or any of their Subsidiaries that could reasonably be expected to enjoin or prohibit, or result in substantial damages in respect of, the Lenders funding the Loans on the
Closing Date. 
 (t)    Availability after giving effect to the funding of the Loans on the Closing Date shall equal or
exceed $20,000,000. 
 (u)    Issuance of not less than $25,000,000 of “Loans” under (and as defined in) the
Second Lien Loan Documents on terms and conditions set forth in the Second Lien Loan Documents. 

(v)    Borrowers’ aggregate Indebtedness for all Borrowed Money on the Closing Date shall not exceed $345,000,000.

 (w)    Prior to, or substantially concurrently with the initial funding hereunder, the refinancing of certain
existing Indebtedness of the Targets shall have been consummated and all security interests and guarantees in connection therewith shall be terminated and released. 

6.2    Conditions Precedent to All Credit Extensions. Agent, Issuing Bank and Lenders shall not be required
to fund any Loans or arrange for issuance of any Letters of Credit, other than the initial Loans made to fund the Project Vine Acquisition and which satisfy the conditions precedent in Section 6.1, unless the following conditions are satisfied:

 (a)    No Default or Event of Default shall exist at the time of, or result from, such funding, issuance or grant;

 (b)    The representations and warranties of each Obligor in the Loan Documents shall be true and correct in all
material respects (provided that if a representation or warranty is by its terms already subject to a materiality qualifier, it shall not be further subject to the materiality qualifier in this Section) on the date of, and upon giving effect to,
such funding, issuance or grant (except for representations and warranties that expressly relate to an earlier date); 

(c)    No event shall have occurred or circumstance exist that has or could reasonably be expected to have a Material
Adverse Effect; and 
 (d)    With respect to issuance of a Letter of Credit, the LC Conditions shall be satisfied.

  
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 Notwithstanding the foregoing in this Section 6.2, in respect of
any Loan made pursuant to Section 2.1.7 that is used for the purpose of consummating a Permitted Acquisition or an Investment permitted under the terms of this Agreement, clauses (a) and (b) in this Section 6.2
shall be replaced with the following clauses (e) and (f), respectively: 
 (e)    No Event of Default under
Section 11.1(a) or 11.1(j) shall exist at the time of, or result from, such funding, issuance or grant; and 

(f)    the Specified Representations shall be true and correct in all material respects (provided that if a
representation or warranty is by its terms already subject to a materiality qualifier, it shall not be further subject to the materiality qualifier in this Section) on the date of, and upon giving effect to, such funding, issuance or grant (except
for representations and warranties that expressly relate to an earlier date). 
 Each request (or deemed request) by Borrowers for funding
of a Loan or issuance of a Letter of Credit shall constitute a representation by Borrowers that the foregoing conditions are satisfied on the date of such request and on the date of such funding, issuance or grant. As an additional condition to any
funding, issuance or grant, Agent shall have received such other information, documents, instruments and agreements as it reasonably deems appropriate in connection therewith (including, without limitation, customary legal opinions requested by
Agent in connection with any Loan made pursuant to Section 2.1.7). 

6.3    Conditions Subsequent. The obligation of the Lenders to continue to extend credit hereunder is
subject to the fulfillment, on or before the date applicable thereto, of the following conditions subsequent (the failure by Borrowers to so perform or cause to be performed such conditions subsequent as and when required by the term thereof (unless
such date is extended, in writing, by Agent), shall constitute an Event of Default): 
 (a)    Within thirty
(30) days after the Closing Date (or such longer period as the Agent may reasonably agree), Borrowers shall use commercially reasonable efforts to obtain Lien Waivers for all leased locations and locations which are not owned by any Obligor
where (i) Collateral with fair market value in excess of $100,000 ($500,000 with respect to grape crush facilities) is stored or maintained or (ii) where any Obligor maintains its books and records. 

(b)    Within one hundred twenty (120) days after the Closing Date (or such longer period as the Agent may
reasonably agree), all of Borrowers’ principal cash management and other treasury services (including deposit accounts, lockboxes, funds transfer, and other treasury management services) shall be maintained at Bank of the West or one or more of
the Lenders (except for Deposit Accounts that constitute Excluded Assets) and shall be subject to control agreements (in form and substance reasonably satisfactory to Agent), establishing Agent’s control over and first priority perfected Lien
in such accounts, which control may be exercised exclusively by Agent during any Trigger Period. 
 (c)    Within one
hundred twenty (120) days after the Closing Date (or such longer period as the Agent may reasonably agree), Borrowers will comply with the interest rate protection requirements set forth in Section 10.1.10. 

  
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 (d)    Within one hundred twenty (120) days after the Closing Date
(or such longer period as the Agent may reasonably agree), Borrowers shall have delivered to Agent a water rights assessment of the Real Estate owned by such Borrowers and evidence, in form and substance reasonably satisfactory to the Agent, of
commercially reasonable implementation of the recommendations set forth therein. 
 SECTION 7. COLLATERAL 

7.1    Grant of Security Interest. To secure the prompt payment and performance of all Obligations, each
Borrower hereby grants to Agent, for the benefit of Secured Parties, a continuing security interest in and Lien upon all of the following Property, whether now owned or hereafter acquired, and wherever located: 

(a)    all Accounts; 

(b)    all Chattel Paper, including electronic chattel paper; 

(c)    all Commercial Tort Claims, including those shown on Schedule 9.1.16; 

(d)    all Deposit Accounts; 

(e)    all Documents; 

(f)    all General Intangibles, including Intellectual Property; 

(g)    all Goods, including Inventory, Equipment and fixtures; 

(h)    all Instruments; 

(i)    all Investment Property; 

(j)    all Letter-of-Credit Rights; 

(k)    all Supporting Obligations; 

(l)    Real Estate; 

(m)    All monies, whether or not in the possession or under the control of Agent, a Lender, or a bailee or Affiliate of
Agent or a Lender, including any Cash Collateral; 
 (n)    all accessions to, substitutions for, and all replacements,
products, and cash and non-cash proceeds of the foregoing, including proceeds of and unearned premiums with respect to insurance policies, and claims against any Person for loss, damage or destruction of any
Collateral; and 

  
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 (o)    all books and records (including customer lists, files,
correspondence, tapes, computer programs, print-outs and computer records) pertaining to the foregoing. 
 Notwithstanding anything to the
contrary, the Collateral shall exclude the following: (a)(i) any governmental licenses or state or local franchises, charters and authorizations to the extent a security interest therein is prohibited by Applicable Law (after giving effect to the
applicable anti-assignment provisions of the UCC or other Applicable Law); (ii) pledges and security interests prohibited by Applicable Law (with no requirement to obtain the consent of any Governmental Authority or third party, including, without
limitation, no requirement to comply with the Federal Assignment of Claims Act or any similar statute) (after giving effect to the applicable anti-assignment provisions of the UCC or other Applicable Law); (iii) any lease, license in which a
Borrower is the licensee, permit or agreement to the extent that a grant of a security interest therein would violate or invalidate such lease, license, permit or agreement or create a right of termination in favor of any other party thereto or
otherwise require consent thereunder (after giving effect to the applicable anti-assignment provisions of the UCC or other Applicable Law); (iv) motor vehicles, airplanes and other assets subject to certificates of title; (v) any assets to the
extent a security interest in such assets could result in material adverse tax consequences, as reasonably determined by Borrowers in consultation with the Agent; (vi) letter of credit rights (to the extent a security interest therein cannot be
perfected by UCC filings) and commercial tort claims below $750,000; (vii) margin stock and stock and assets of unrestricted subsidiaries, captive insurance subsidiaries,
not-for-profit subsidiaries, special purpose entities and immaterial subsidiaries; (viii) any fee-owned Real Estate with a
fair market value (to be determined in good faith by the Borrowers) of less than $1,000,000 or that is located in a jurisdiction other than the U.S.; provided, however, all Real Estate owned in fee by any Borrower or Guarantor as of the date
hereof shall be deemed Collateral and shall be subject to a mortgage in favor of the Agent; (ix) any leasehold interests in Real Estate; (x) any asset held directly or indirectly by any Foreign Subsidiary; (xi) any intent-to-use trademark application prior to the filing of a “Statement of Use” or “Amendment to Allege Use” with respect thereto, to the extent, if any,
that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use
trademark application under applicable federal law; (xii) interests in joint ventures and non-wholly owned subsidiaries which cannot be pledged without the consent of third parties (that are not Obligors)
(after giving effect to the applicable anti-assignment provisions of the UCC or other Applicable Law); (xiii) any property subject to a purchase money or capital lease financing arrangement or similar arrangement permitted hereunder to the extent
such documents governing such arrangement do not permit other liens on such property; (xiv) any assets acquired in connection with a permitted acquisition or permitted investment subject to liens permitted hereunder and which are subject to
contractual arrangements prohibiting a lien securing the Obligations (that were not entered into in contemplation of such acquisition); (xv) assets where the cost of obtaining a security interest therein exceeds the practical benefit to the Lenders
afforded thereby, in each case, as reasonably determined by the Agent and Borrowers; and (xvi) petty cash accounts less than $25,000 individually and in the aggregate less than $100,000; and (b) the Borrowers and Guarantors shall not be
required with respect to any assets located outside the U.S. or assets that require action under the laws of any jurisdiction other than the U.S. to create or perfect a security interest in such assets, including any intellectual property registered
in any jurisdiction other than the U.S. (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any jurisdiction other than the U.S.) (the foregoing described in clauses (a)(i) through
(xvi) and (b) are, collectively, the “Excluded Assets”). 

  
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 7.2    Lien on Deposit Accounts; Cash Collateral. 

7.2.1    Deposit Accounts. To further secure the prompt payment and performance of all Obligations, each Borrower
hereby grants to Agent a continuing security interest in and Lien upon all amounts credited to any Deposit Account of such Borrower, including any sums in any blocked or lockbox accounts or in any accounts into which such sums are swept. Each
Borrower hereby authorizes and directs each bank or other depository to deliver to Agent, upon request, all balances in any such Deposit Account maintained by such Borrower, without inquiry into the authority or right of Agent to make such request;
provided, however, that Agent agrees not to make such a request or otherwise deliver a notice of exclusive control under any Deposit Account Control Agreement unless an Event of Default then exists. 

7.2.2    Cash Collateral. Cash Collateral may be invested in Cash Equivalents, at Agent’s discretion (and with
the consent of Borrowers, as long as no Event of Default exists), but Agent shall have no duty to do so, regardless of any agreement or course of dealing with any Borrower, and shall have no responsibility for any investment or loss. Each Borrower
hereby grants to Agent, as security for the Obligations, a security interest in all Cash Collateral held from time to time and all proceeds thereof, whether held in a Cash Collateral Account or otherwise. Agent may apply Cash Collateral to the
payment of Obligations as they become due and payable, in such order as Agent may elect. Each Cash Collateral Account and all Cash Collateral shall be under the sole dominion and control of Agent, and no Borrower or other Person shall have any right
to any Cash Collateral, until Full Payment of all Obligations. 
 7.3    Real Estate Collateral. 

7.3.1    Lien on Real Estate. The Obligations shall also be secured by Mortgages upon all Real Estate owned by
Obligors, other than Real Estate owned by Obligors that constitutes an Excluded Asset. The Mortgages shall be duly recorded, at Borrowers’ expense, in each office where such recording is required to constitute a fully perfected Lien on the Real
Estate covered thereby. Notwithstanding any provision in this Agreement to the contrary, it is understood and agreed that if pursuant to the applicable state law a mortgage tax will be owed on the full amount of the indebtedness evidenced hereby,
then the amount secured by the applicable Mortgage shall be limited to an amount mutually agreed upon by Agent and Borrowers, but not less than 100% of the fair market value of the applicable Real Estate at the time the applicable Mortgage is
delivered. If any Borrower acquires Real Estate hereafter, other than Real Estate that constitutes an Excluded Asset, Borrowers shall, within sixty (60) days (as such date may be extended in writing from time to time by Agent) after such
acquisition, execute and deliver a Mortgage in recordable form sufficient to create a first priority Lien in favor of Agent on such Real Estate subject to Permitted Liens, and shall deliver all Related Real Estate Documents (except as may be waived
by the Agent at the direction of the Supermajority Lenders). 
 7.3.2    Collateral Assignment of Leases. To
further secure the prompt payment and performance of all Obligations, each Borrower hereby collaterally assigns to Agent all of such Borrower’s right, title and interest in, to and under all now or hereafter existing leases of

  
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Real Estate to which such Borrower is lessor (as a fee owner of such Real Estate), and all extensions, renewals, modifications and proceeds thereof, except to the extent such interest constitutes
an Excluded Asset. 
 7.4    Other Collateral. 

7.4.1    Commercial Tort Claims. Borrowers shall promptly notify Agent in writing if any Borrower has a Commercial
Tort Claim for which a claim has been asserted (other than a Commercial Tort Claim for less than $750,000), shall promptly amend Schedule 9.1.16 to include such claim, and shall take such actions as Agent deems appropriate to subject such
claim to a duly perfected, first priority Lien in favor of Agent. 
 7.4.2    Certain After-Acquired Collateral.
Borrowers shall promptly notify Agent in writing if, after the Closing Date, any Borrower obtains any interest in any Collateral consisting of Deposit Accounts, Chattel Paper, Documents, Instruments, Intellectual Property, Investment Property or Letter-of-Credit Rights, in each case having a fair market value in excess of $250,000, and shall promptly take such actions as Agent deems appropriate to effect Agent’s
duly perfected, first priority Lien upon such Collateral, including using commercially reasonable efforts to obtain any appropriate possession, control agreement or Lien Waiver. If any Collateral having a fair market value in excess of $250,000 is
in the possession of a third party, at Agent’s request, Borrowers shall use commercially reasonable efforts to obtain an acknowledgment that such third party holds the Collateral for the benefit of Agent. 

7.5    No Assumption of Liability. The Lien on Collateral granted hereunder is given as security only and
shall not subject Agent or any Lender to, or in any way modify, any obligation or liability of Borrowers relating to any Collateral. 

7.6    Further Assurances. All Liens granted to Agent under the Loan Documents are for the benefit of
Secured Parties. Promptly upon reasonable request, Borrowers shall deliver such instruments and agreements, and shall take such actions, as Agent reasonably deems appropriate under Applicable Law to evidence or perfect its Lien on any Collateral, or
otherwise to give effect to the intent of this Agreement. Each Borrower authorizes Agent to file any financing statement that describes the Collateral as “all assets” or “all personal property” of such Borrower, or words to
similar effect, and ratifies any action taken by Agent before the Closing Date to effect or perfect its Lien on any Collateral. 

7.7    Foreign Subsidiary Stock. Notwithstanding Section 7.1, the Collateral shall include only 65% of
the voting stock of any Foreign Subsidiary, and any stock in excess of such percentage shall be an Excluded Asset. 
 SECTION 8. COLLATERAL
ADMINISTRATION 
 8.1    Borrowing Base Certificates. By the 25th day of each month (or the third
Business Day of each week, during a Trigger Period), Borrower Agent shall deliver to Agent (and Agent shall promptly deliver same to Lenders) a Borrowing Base Certificate prepared as of the close of business of the previous month (or week and month,
during a Trigger Period), and at any time an Event of Default has occurred and is continuing, at such other times as Agent may reasonably request. All calculations of Availability in any Borrowing Base Certificate shall

  
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originally be made by Borrowers and certified by a Senior Officer, provided that Agent may from time to time review and adjust any such calculation in its Permitted Discretion (a) to reflect
its reasonable estimate of declines in value of any Collateral; and (b) to the extent the calculation is not made in accordance with this Agreement or does not accurately reflect the Availability Reserve 

8.2    Administration of Accounts. 

8.2.1    Records and Schedules of Accounts. Each Borrower shall keep accurate and complete records of its Accounts,
including all payments and collections thereon, and shall submit to Agent sales, collection, reconciliation and other reports in form reasonably satisfactory to Agent, on such periodic basis as Agent may reasonably request. Each Borrower shall also
provide to Agent, on or before the last Business Day of each month (or the third Business Day of each week, during a Trigger Period), a detailed aged trial balance of all Accounts as of the end of the preceding month, or week, as the case may be,
specifying each Account’s Account Debtor name, amount, invoice date and due date, showing any discount, allowance, credit, authorized return or dispute, and other information as Agent may reasonably request. Each Borrower shall also provide to
Agent, annually (or more frequently if reasonably requested by Agent) addresses for each of such Borrower’s Account Debtors. If Accounts in an aggregate face amount of $100,000 or more cease to be Eligible Accounts, Borrowers shall notify Agent
of such occurrence promptly (and in any event within one Business Day) after any Borrower has knowledge thereof. 

8.2.2    Taxes. If an Account of any Borrower includes a charge for any material, past due Taxes, Agent is
authorized, in its reasonable discretion, to pay the amount thereof to the proper taxing authority for the account of such Borrower and to charge Borrowers therefor; provided, however, that neither Agent nor Lenders shall be liable for
any Taxes that may be due from Borrowers or with respect to any Collateral. 
 8.2.3    Account Verification.
Concurrently with any field examination or upon the occurrence and during the continuation of an Event of Default, Agent shall have the right at any time, in the name of Agent, any designee of Agent or any Borrower, to verify the validity, amount or
any other matter relating to any Accounts of Borrowers by mail, telephone or otherwise. Borrowers shall cooperate fully with Agent in an effort to facilitate and promptly conclude any such verification process. 

8.3    Administration of Inventory. 

8.3.1    Records and Reports of Inventory. Each Borrower shall keep accurate and complete records of its Inventory,
including costs and daily withdrawals and additions, and shall submit to Agent on the last Business Day of each month inventory and reconciliation reports in form reasonably satisfactory to Agent, as of the last day of the preceding calendar month.
Each Borrower shall conduct a physical inventory at least once per calendar year and periodic cycle counts consistent with historical practices, and shall provide to Agent a report based on each such inventory and count promptly upon completion
thereof, together with such supporting information as Agent may reasonably request. Agent may participate in and observe each physical count. 

  
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 8.3.2    Returns of Inventory. No Borrower shall return any
Inventory to a supplier, vendor or other Person, whether for cash, credit or otherwise, unless (a) such return is in the Ordinary Course of Business; (b) no Event of Default or Overadvance exists or would result therefrom; (c) Agent
is promptly notified if the aggregate Value of all Inventory returned in any month exceeds $250,000; and (d) any payment received by a Borrower for a return is promptly remitted to Agent for application to the Obligations. 

8.3.3    Acquisition, Sale and Maintenance. No Borrower shall acquire or accept any Inventory on consignment or
approval, and shall take all steps to assure that all Inventory is produced in accordance with all material requirements of Applicable Law, including the FLSA. No Borrower shall sell any Inventory on consignment or approval or any other basis under
which the customer may return or require a Borrower to repurchase such Inventory. Borrowers shall use, store and maintain all Inventory with reasonable care and caution, in accordance with applicable standards of any insurance and in conformity with
all material requirements of Applicable Law, and shall make current rent payments (within applicable grace periods provided for in leases and except in the case of a bona fide dispute) at all locations where any Collateral is located. 

8.4    Administration of Equipment. 

8.4.1    Records and Schedules of Equipment. Each Borrower shall keep accurate and complete records of its
Equipment, including kind, quality, quantity, cost, acquisitions and dispositions thereof, and shall submit to Agent, on such periodic basis as Agent may reasonably request, a current schedule thereof, in form reasonably satisfactory to Agent.
Promptly upon Agent’s reasonable request, Borrowers shall deliver to Agent evidence of their ownership or interests in any Equipment. 

8.4.2    Dispositions of Equipment. No Borrower shall sell, lease or otherwise dispose of any Equipment, without
the prior written consent of Agent, other than (a) Permitted Asset Dispositions, (b) replacement of Equipment that is worn, damaged or obsolete with other Equipment of like function, if the replacement Equipment is acquired (or committed
to be acquired) within 365 days after such disposition and is free of Liens (other than Permitted Liens), and (c) any disposition that is permitted under Section 10.2.6 hereof. 

8.4.3    Condition of Equipment. The Equipment material to the Borrowers’ business is in good operating
condition and repair, and all necessary replacements and repairs have been made so that the value and operating efficiency of the Equipment is preserved at all times, reasonable wear and tear excepted. Each Borrower shall ensure that the Equipment
material to its business is mechanically and structurally sound, and capable of performing the functions for which it was designed, in accordance with manufacturer’s published and recommended specifications. No Borrower shall permit any
Equipment having a fair market value in excess of $250,000 to become affixed to Real Estate leased by such Borrower unless such Borrower has used commercially reasonable efforts to obtain a Lien Waiver or similar instrument from the applicable
landlord or mortgagee. 
 8.5    Administration of Deposit Accounts. Schedule 8.5 sets forth all Deposit
Accounts maintained by Borrowers. Subject to Section 6.3(b), each Borrower shall take all actions 

  
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necessary to establish Agent’s control of each such Deposit Account (other than an account constituting an Excluded Asset). Each Borrower shall be the sole account holder of such Deposit
Account and shall not allow any other Person (other than Agent) to have control over such Deposit Account or any Property deposited therein. Each Borrower shall promptly notify Agent of any opening or closing of a Deposit Account and, with the
consent of Agent, will amend Schedule 8.5 to reflect same. 
 8.6    General Provisions. 

8.6.1    Location of and Access to Collateral. All tangible items of Collateral, other than Inventory in transit or
delivered for repair or Inventory located outside of the United States or Canada and having an aggregate retail value not in excess of $100,000, shall at all times be kept by Borrowers at the business locations set forth in Schedule 8.6.1,
(as such Schedule 8.6.1 may from time to time be updated by Borrower Agent providing written notice to Agent; provided, however, that any location outside of the United States or Canada must be approved in advance and in writing by Agent)
except that Borrowers may (a) make sales or other dispositions of Collateral in accordance with Section 10.2.6; (b) move Collateral to another location in the United States, upon 10 Business Days’ prior written
notice to Agent (or such shorter period as Agent may agree); provided, however that if there was a Lien Waiver for the prior location, Borrowers shall use commercially reasonable efforts to obtain a Lien Waiver for the new location; and
(c) maintain Collateral at other locations having an aggregate retail value not to exceed $100,000 at any single location ($500,000 with respect to grape crush facilities). Upon the request of Agent, each Borrower agrees to use commercially
reasonable efforts to obtain a Lien Waiver (i) for all Collateral having an aggregate retail value in excess of $100,000 located on leased premises, in a warehouse or subject to a bailment arrangement ($500,000 with respect to grape crush
facilities), (ii) for any leased premises where any Obligor maintains its books and records and (iii) Collateral consisting of Intellectual Property subject to a License. 

8.6.2    Insurance of Collateral; Condemnation Proceeds. 

(a)    Each Borrower shall maintain insurance with respect to tangible items of Collateral, covering casualty, hazard,
theft, malicious mischief, flood and other risks, in amounts, with endorsements and with insurers (with a Best’s Financial Strength Rating of at least A_ VII, unless otherwise approved by Agent) as are reasonably satisfactory to Agent. From
time to time upon request (but no less frequently than annually), Borrowers shall deliver to Agent the originals or certified copies of its insurance policies and updated flood plain searches. Unless Agent shall agree otherwise, each policy shall
include satisfactory endorsements (i) showing Agent as lender loss payee, mortgagee under a standard mortgage clause or additional insured, as appropriate; (ii) requiring 30 days’ prior written notice to Agent in the event of
cancellation of the policy for any reason (or in the case of non-payment, at least ten (10) days’ prior written notice) ; and (iii) specifying that the interest of Agent shall not be impaired or
invalidated by any act or neglect of any Borrower or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower fails to provide and pay for any insurance, Agent
may, at its option, but shall not be required to, procure the insurance and charge Borrowers therefor. Each Borrower agrees to deliver to Agent, promptly as rendered, copies of all claim reports made to insurance companies where the claim made is in
excess of $500,000. Subject to Section 5.4.2, while no Event of 

  
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Default exists, Borrowers may settle, adjust or compromise any insurance claim, as long as proceeds in excess of $500,000 are delivered to Agent. If an Event of Default exists, only Agent shall
be authorized to settle, adjust and compromise such claims. 
 (b)    Any Net Proceeds of insurance (other than
proceeds from workers’ compensation or D&O insurance) and any awards arising from condemnation of any Collateral shall be paid to Agent. Any such proceeds or awards that relate to Inventory shall be applied to payment of the Revolver Loans,
and then to any other Obligations outstanding, including the Term Loans. Subject to clause (c) below, any proceeds or awards that relate to Equipment or Real Estate shall be applied first to Term Loans pursuant to Sections 5.4.2 and
5.4.7, then to Revolver Loans and then to other Obligations. 
 (c)    If requested by Borrowers in writing within
15 days after Agent’s receipt of any insurance proceeds or condemnation awards relating to any loss or destruction of Equipment or Real Estate, Borrowers may use such proceeds or awards to repair or replace such Equipment or Real Estate or for
reinvestment in other Property useful to the business constituting capital assets (and until so used, the proceeds shall be held by Agent as Cash Collateral) as long as (i) no Event of Default exists; (ii) such repair or replacement is
promptly undertaken and concluded, in accordance with plans reasonably satisfactory to Agent; (iii) the repaired or replaced Property is free of Liens, other than Permitted Liens; (iv) Borrowers comply with disbursement procedures for such
repair or replacement as Agent may reasonably require; and (v) the aggregate amount of such proceeds or awards from any single casualty or condemnation does not exceed $3,000,000. 

8.6.3    Protection of Collateral. All expenses of protecting, storing, warehousing, insuring, handling,
maintaining and shipping any Collateral, all Taxes payable with respect to any Collateral (including any sale thereof), and all other payments required to be made by Agent to any Person to realize upon any Collateral, shall be borne and paid by
Borrowers. Agent shall not be liable or responsible in any way for the safekeeping of any Collateral, for any loss or damage thereto (except for reasonable care in its custody while Collateral is in Agent’s actual possession), for any
diminution in the value thereof, or for any act or default of any warehouseman, carrier, forwarding agency or other Person whatsoever, but the same shall be at Borrowers’ sole risk. 

8.6.4    Defense of Title. Each Borrower shall take all reasonable actions to defend its title to Collateral and
Agent’s Liens therein against all Persons, claims and demands, except Permitted Liens. 
 8.7    Power of
Attorney. Each Borrower hereby irrevocably constitutes and appoints Agent (and all Persons designated by Agent) as such Borrower’s true and lawful attorney (and
agent-in-fact) for the purposes provided in this Section. Agent, or Agent’s designee, may, without notice and in either its or a Borrower’s name, but at the
cost and expense of Borrowers: 
 (a)    Endorse a Borrower’s name on any Payment Item or other proceeds of
Collateral (including proceeds of insurance) that come into Agent’s possession or control; and 

  
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 (b)    During an Event of Default which is continuing, (i) notify
any Account Debtors of the assignment of their Accounts, demand and enforce payment of Accounts by legal proceedings or otherwise, and generally exercise any rights and remedies with respect to Accounts; (ii) settle, adjust, modify, compromise,
discharge or release any Accounts or other Collateral, or any legal proceedings brought to collect Accounts or Collateral; (iii) sell or assign any Accounts and other Collateral upon such terms, for such amounts and at such times as Agent
reasonably deems advisable; (iv) collect, liquidate and receive balances in Deposit Accounts or investment accounts, and take control, in any manner, of proceeds of Collateral; (v) prepare, file and sign a Borrower’s name to a proof
of claim or other document in a bankruptcy of an Account Debtor, or to any notice, assignment or satisfaction of Lien or similar document; (vi) receive, open and dispose of mail addressed to a Borrower, and notify postal authorities to deliver
any such mail to an address designated by Agent; (vii) endorse any Chattel Paper, Document, Instrument, bill of lading, or other document or agreement relating to any Accounts, Inventory or other Collateral; (viii) use a Borrower’s
stationery and sign its name to verifications of Accounts and notices to Account Debtors; (ix) use information contained in any data processing, electronic or information systems relating to Collateral; (x) make and adjust claims under
insurance policies; (xi) take any action as may be reasonably necessary or appropriate to obtain payment under any letter of credit, banker’s acceptance or other instrument for which a Borrower is a beneficiary; and (xii) take all
other actions as Agent deems reasonably appropriate to fulfill any Borrower’s obligations under the Loan Documents. 
 SECTION 9.
REPRESENTATIONS AND WARRANTIES 
 9.1    General Representations and Warranties. To induce Agent and
Lenders to enter into this Agreement and to make available the Commitments, Loans and Letters of Credit, Intermediate Holdco, and each Borrower makes in respect of each Obligor as of the Closing Date and at and as of the date of the making of each
Revolver Loan, Capital Expenditure Loan, or other extension of credit made after the Closing Date, each of the following representations and warranties to the Agent and Lenders, each of which shall be true, correct, and complete, in all material
respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), at and as of the date of the making of each such Revolver
Loan, Capital Expenditure Loan, or other extension of credit, as though made on and as of the date of such Revolver Loan, Capital Expenditure Loan, or other extension of credit (except to the extent that such representations and warranties relate
solely to an earlier date) and such representations and warranties shall survive the execution and delivery of this Agreement: 

9.1.1    Organization and Qualification. Intermediate Holdco and each Subsidiary is duly organized, validly
existing and, where applicable, in good standing under the laws of the jurisdiction of its organization. Each Borrower and Subsidiary is duly qualified, authorized to do business and, where applicable, in good standing as a foreign corporation or
limited liability company (as applicable) in each jurisdiction where failure to be so qualified could reasonably be expected to have a Material Adverse Effect. 

9.1.2    Power and Authority. Each Obligor is duly authorized to execute, deliver and perform the Loan Documents to
which it is party. The execution, delivery and performance of the Loan Documents have been duly authorized by all necessary corporate or other 

  
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organizational action, and do not (a) require any consent or approval of any holders of Equity Interests of any Obligor, except those already obtained; (b) contravene the Organic
Documents of any Obligor; (c) violate or cause a default under any Applicable Law or Material Contract; or (d) result in or require the imposition of any Lien (other than Permitted Liens) on any Property of any Obligor, except, as set
forth solely in clause (c), as could not reasonably be expected to have a Material Adverse Effect. 

9.1.3    Enforceability. Each Loan Document is a legal, valid and binding obligation of each Obligor party thereto,
enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles
of equity, regardless of whether considered in a proceeding in equity or at law. 
 9.1.4    Capital Structure.
Schedule 9.1.4 shows, for each Obligor and each of its respective Subsidiaries, its name, jurisdiction of organization, authorized and issued Equity Interests and holders of its Equity Interests. Except as disclosed on Schedule 9.1.4,
in the five years preceding the Closing Date, no Obligor has, nor has any of its Subsidiaries, acquired any substantial part of the assets of any other Person nor been the surviving entity in a merger or combination. Each Obligor has good title to
its Equity Interests in its Subsidiaries, subject only to Liens of the Agent and Second Lien Agent, and all such Equity Interests are duly issued, fully paid and non-assessable. There are no outstanding
purchase options, warrants, subscription rights, agreements to issue or sell, convertible interests, phantom rights or powers of attorney relating to Equity Interests of any Obligor or Subsidiary. 

9.1.5    Title to Properties; Priority of Liens. 

(a)    Schedule 9.1.5 sets forth all of the Real Estate owned by Obligors other than Real Estate owned by Obligors
that constitutes an Excluded Asset. 
 (b)    Each Obligor has valid title to (or valid leasehold interests in) all of
its Real Estate, and good title to all of its personal Property necessary to the conduct of its business, including all such Property reflected in any financial statements delivered to Agent or Lenders, in each case free of Liens except for
Permitted Liens and any Liens that do not, in the aggregate, materially and adversely (i) interfere with the Ordinary Course of Business on the applicable Real Estate, (ii) interfere with the ability to utilize such assets for their
intended purposes, or (iii) effect the value of such assets. 
 (c)    Each Obligor and Subsidiary has paid and
discharged all lawful claims that, if unpaid, could become a Lien on its Properties, other than Permitted Liens. 

(d)    To the extent required under this Agreement, all Liens of Agent in the Collateral, or with respect to the Real
Estate subject to a Mortgage, upon proper recordation of the Mortgages in the applicable land records will, constitute duly perfected, first priority Liens, subject only to Permitted Liens that are expressly allowed to have priority over
Agent’s Liens. 
 9.1.6    Accounts. Agent may rely, in determining which Accounts are Eligible Accounts, on
all statements and representations made by any Borrowers with respect thereto. Borrowers warrant, with respect to each Account at the time it is shown as an Eligible Account in a Borrowing Base Certificate, that: 

  
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 (a)    it is genuine and in all material respects what it purports to
be, and is not evidenced by a judgment; 
 (b)    it arises out of a completed, bona fide sale and delivery of goods or
rendition of services in the Ordinary Course of Business, and substantially in accordance with any purchase order, contract or other document relating thereto; 

(c)    it is for a sum certain, maturing as stated in the invoice covering such sale or rendition of services, a copy of
which has been furnished or made available to Agent on its request; 
 (d)    it is not subject to any offset, Lien
(other than Agent’s Lien and Permitted Liens), deduction, defense, dispute, counterclaim or other adverse condition except as arising in the Ordinary Course of Business and disclosed to Agent; and it is absolutely owing by the Account Debtor,
without contingency in any respect; 
 (e)    no purchase order, agreement, document or Applicable Law validly
restricts assignment of the Account to Agent (regardless of whether, under the UCC, the restriction is ineffective), and the applicable Borrower is the sole payee or remittance party shown on the invoice; 

(f)    no extension, compromise, settlement, modification, credit, deduction or return has been authorized with respect
to the Account, except discounts or allowances granted in the Ordinary Course of Business for prompt payment that are reflected on the face of the invoice related thereto or otherwise described in the reports submitted to Agent hereunder; and 

(g)    to each Borrower’s knowledge, (i) there are no facts or circumstances that are reasonably likely to
impair the enforceability or collectability of such Account; (ii) the Account Debtor had the capacity to contract when the Account arose, continues to meet the applicable Borrower’s customary credit standards, is Solvent, is not
contemplating or subject to an Insolvency Proceeding, and has not failed, or suspended or ceased doing business; and (iii) there are no proceedings or actions threatened or pending against any Account Debtor that could reasonably be expected to
have a material adverse effect on the Account Debtor’s financial condition. 
 9.1.7    Financial
Statements. 
 (a)    Borrowers have delivered to Agent and Lenders (i) the audited consolidated financial
statements of the Seller, consisting of the audited consolidated balance sheet and the related audited consolidated statements of income, changes in members’ equity and cash flows for the Fiscal Years ended on July 31, 2013, July 31,
2014 and July 31, 2015 and (ii) the unaudited consolidated financial statements of the Seller, consisting of the unaudited consolidated balance sheet and the related unaudited consolidated statements of income and cash flows for each
Fiscal Quarter ending at least forty-five (45) days prior to the Closing Date, and 

  
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(iii) the unaudited consolidated financial statements of the Seller, consisting of the unaudited consolidated balance sheet and the related unaudited consolidated statements of income and cash
flows for each fiscal month (that is not also the end of a Fiscal Quarter) ending at least thirty (30) days prior to the Closing Date (collectively, the “Historic Seller Financial Statements”). Except as disclosed in the
Project Vine Purchase Agreement, if applicable, the Historic Seller Financial Statements (i) were prepared in accordance with GAAP applied on a consistent basis throughout the periods covered thereby, except as may be indicated in the notes
thereto and subject, in the case of unaudited financial statements, to the absence of footnotes and normal year-end adjustments and (ii) fairly present, in all material respects, the consolidated
financial condition and results of operations of the Seller as of the dates thereof and for the periods therein referred to (subject, in the case of unaudited financial statements, to the absence of footnotes and normal year-end adjustments). All projections delivered from time to time to Agent and Lenders have been prepared in good faith, based on assumptions believed by the Borrowers to be reasonable in light of the circumstances
at such time. 
 (b)    Since July 31, 2015, there has been no Material Adverse Effect. 

(c)    No financial statement delivered to Agent or Lenders at any time contains any untrue statement of a material fact,
nor fails to disclose any material fact necessary to make such financial statement not materially misleading at such time in light of the circumstances under which such financial statement was furnished. 

(d)    The Obligors, on a consolidated basis, are Solvent. 

9.1.8    Surety Obligations. No Obligor or Subsidiary of any Obligor is obligated as surety or indemnitor under any
bond or other contract that assures payment or performance of any obligation of any Person, except as permitted hereunder. 

9.1.9    Taxes. Each Obligor and each Subsidiary of any Obligor has filed all federal and state and local tax
returns and other reports that it is required by law to file, and has paid, or made provision for the payment of, all Taxes upon it, its income and its Properties that are due and payable, except to the extent being Properly Contested. The provision
for Taxes on the books of each Borrower and Subsidiary is adequate for all years not closed by applicable statutes, and for its current Fiscal Year. Notwithstanding the foregoing, no Obligor or Subsidiary shall not be deemed to have breached the
representations and warranties under this Section 9.1.9 if they have failed to file immaterial tax returns or failed to pay immaterial Taxes. In this connection, “immaterial” means (i) with respect to tax returns, tax returns
which individually and in the aggregate with other similar tax returns, have a Tax liability of not more than $250,000, and (ii) with respect to Taxes, Taxes which individually and in the aggregate with other Taxes, do not total more than
$250,000. 
 9.1.10    Brokers. There are no brokerage commissions, finder’s fees or investment banking fees
payable in connection with any transactions contemplated by the Loan Documents. 
 9.1.11    Intellectual
Property. Each Borrower and Subsidiary owns or has the lawful right to use all Intellectual Property necessary for the conduct of its business, without conflict with any rights of others, except as could not reasonably be expected to have a
Material 

  
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Adverse Effect. There is no pending or, to any Borrower’s knowledge, threatened Intellectual Property Claim with respect to any Borrower, any Subsidiary or any of their Property (including
any Intellectual Property) except as could not reasonably be expected to have a Material Adverse Effect. Except as disclosed on Schedule 9.1.11, no Borrower or Subsidiary pays or owes any Royalty or other compensation to any Person with
respect to any Intellectual Property. All material Intellectual Property owned, used or licensed by, or otherwise subject to any interests of, any Borrower or Subsidiary as of the date hereof is shown on Schedule 9.1.11. 

9.1.12    Governmental Approvals. Each Borrower and Subsidiary is in compliance with, and is in good standing with
respect to, all material Governmental Approvals necessary to conduct its business and to own, lease and operate its Properties. All necessary import, export or other licenses, permits or certificates for the import or handling of any goods or other
Collateral have been procured and are in effect, and Borrowers and Subsidiaries have complied with all foreign and domestic laws with respect to the shipment and importation of any goods or Collateral, except where noncompliance could not reasonably
be expected to have a Material Adverse Effect. 
 9.1.13    Compliance with Laws. Each Borrower and Subsidiary
has duly complied, and its Properties and business operations are in compliance, in all material respects with all Applicable Law, except where noncompliance could not reasonably be expected to have a Material Adverse Effect. There are no pending
written citations, notices or orders of material noncompliance issued to any Borrower or Subsidiary under any Applicable Law. No Inventory has been produced in violation of the FLSA or PACA or any applicable state counterpart statute. 

9.1.14    Compliance with Environmental Laws. Except as would not reasonably be expected to have a Material Adverse
Effect, and except as disclosed on Schedule 9.1.14, (i) no Borrower’s or any Subsidiary’s operations, Real Estate or other Properties are, as a result of or in connection with the conduct of any Borrower or Subsidiary, subject to
any federal, state or local investigation to determine whether any remedial action is needed to address any Environmental Release; (ii) no Borrower or any Subsidiary has received any Environmental Notice that remains outstanding or unresolved;
and (iii) no Borrower or any Subsidiary has any material obligation to investigate or remediate any Environmental Release under any Environmental Law. 

9.1.15    Burdensome Contracts. No Borrower or Subsidiary is party or subject to any contract, agreement or charter
restriction that could reasonably be expected to have a Material Adverse Effect. No Borrower or Subsidiary is a party or subject to any Restrictive Agreement, except as shown on Schedule 9.1.15 or as expressly permitted under this Agreement.
No such Restrictive Agreement prohibits the execution, delivery or performance of any Loan Document by an Obligor. 

9.1.16    Litigation. Except as shown on Schedule 9.1.16, there are no proceedings or investigations pending
or, to any Borrower’s knowledge, threatened against any Obligor or any Subsidiary of any Obligor, or any of their businesses, operations or Properties, that (a) relate to any Loan Documents or transactions contemplated thereby; or
(b) could reasonably be expected to have a Material Adverse Effect. Except as shown on such Schedule, no Obligor has a Commercial Tort Claim for which a claim has been asserted (other than a Commercial Tort Claim for less than $750,000). No
Obligor or any Subsidiary of any Obligor is in default with respect to any order, injunction or judgment of any Governmental Authority, except as could not reasonably be expected to have a Material Adverse Effect. 

  
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 9.1.17    No Defaults. No event or circumstance has occurred or
exists that constitutes a Default or Event of Default. No Obligor or any Subsidiary of any Obligor is in default under any Material Contract, which default could reasonably be expected to have a Material Adverse Effect. 

9.1.18    ERISA. Except as disclosed on Schedule 9.1.18: 

(a)    Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code, and other
Applicable Laws. Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination or opinion letter from the IRS or an application for such a letter is currently being processed by the IRS with
respect thereto and, to the knowledge of Borrowers, nothing has occurred which would prevent, or cause the loss of, such qualification. No application for a waiver of the minimum funding standards or an extension of any amortization period has been
made with respect to any Plan. 
 (b)    There are no pending or, to the knowledge of Borrowers, threatened claims,
actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules
with respect to any Plan that has resulted in or could reasonably be expected to have a Material Adverse Effect. 

(c)    (i) Except as could not reasonably be expected to have a Material Adverse Effect, (i) no ERISA Event has
occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) no Obligor or ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to
any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) no Obligor or ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of
notice under Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan; (v) no Obligor or ERISA Affiliate has engaged in a transaction that could be subject to
Section 4069 or 4212(c) of ERISA; and (vi) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is at least 60%, and no Obligor or ERISA
Affiliate knows of any fact or circumstance that could reasonably be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of such date. 

(d)    With respect to any Foreign Plan, (i) all employer and employee contributions required by law or by the terms
of the Foreign Plan have been made, or, if applicable, accrued, in accordance with normal accounting practices; (ii) the fair market value of the assets of each funded Foreign Plan, the liability of each insurer for any Foreign Plan funded
through insurance, or the book reserve established for any Foreign Plan, together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations with respect to all current and former participants in such
Foreign Plan according to the actuarial 

  
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assumptions and valuations most recently used to account for such obligations in accordance with applicable generally accepted accounting principles; and (iii) it has been registered as
required and administered in substantial compliance with the requirements of applicable regulatory authorities. 

9.1.19    Trade Relations. There exists no actual or threatened termination, limitation or modification of any
business relationship between any Obligor or any Subsidiary of any Obligor and any customer or supplier, or any group of customers or suppliers, who individually or in the aggregate would cause losses to the business of such Borrower or Subsidiary
that could reasonably be likely to result in a Material Adverse Effect. There exists no condition or circumstance that could reasonably be expected to impair the ability of any Obligor or any Subsidiary of any Obligor to conduct its business at any
time hereafter in substantially the same manner as conducted on the Closing Date. 
 9.1.20    Labor Relations.
Except as described on Schedule 9.1.20, no Obligor or any Subsidiary of any Obligor is party to or bound by any collective bargaining agreement, management agreement or consulting agreement. There are no material grievances, disputes or
controversies with any union or other organization of any Obligor’s or any Subsidiary of any Obligor’s employees, or, to any Borrower’s knowledge, any asserted or threatened strikes, work stoppages or demands for collective
bargaining, in each case, which could reasonably be expected to result in a Material Adverse Effect. 

9.1.21    Payable Practices. No Obligor or any Subsidiary of any Obligor has made any material change in its
historical accounts payable practices from those in effect on the Closing Date. 
 9.1.22    Not a Regulated
Entity. No Obligor or any Subsidiary of any Obligor is an “investment company” within the meaning of the Investment Company Act of 1940; or (b) subject to regulation under the Federal Power Act, the Interstate Commerce Act, any
public utilities code or any other Applicable Law regarding its authority to incur Debt. 
 9.1.23    Margin
Stock. No Obligor or any Subsidiary of any Obligor is engaged, principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock in a manner that would result in a
violation of Regulation U. No Loan proceeds or Letters of Credit will be used by Borrowers to purchase or carry, or to reduce or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose governed by Regulations T,
U or X of the Board of Governors. 
 9.1.24    Acquisition Documents. 

(a)    Borrowers have delivered to Agent a complete and correct copy of the Project Vine Purchase Agreement, including all
schedules and exhibits thereto. The execution, delivery and performance of the Project Vine Purchase Agreement have been duly authorized by all necessary action on the part of Borrowers. 

(b)    To Borrower Agent’s knowledge, none of the Seller’s representations or warranties in the Project Vine
Purchase Agreement contain any untrue statement of a material fact or omit any fact necessary to make the statements therein not materially misleading in light of the circumstances in which such statements were made, in any case that could
reasonably be expected to result in a Material Adverse Effect. 

  
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 (c)    Project Vine Purchase Agreement is the legal, valid and binding
obligation of Borrower Agent, enforceable against Borrower Agent in accordance with its terms, in each case, except (i) as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or
affecting generally the enforcement of creditors’ rights and (ii) general equitable principles. Borrower Agent is not in default of any material obligations under the Project Vine Purchase Agreement. All representations and warranties made
by Borrower Agent in the Project Vine Purchase Agreement and in the certificates delivered in connection therewith are true and correct in all material respects (other than with respect to any representations and warranties that are made as of an
earlier date which shall be true and correct in all materials respects as of such earlier date and provided that any such representation and warranty shall be qualified by materiality of “Material Adverse Effect” or similar language shall
be accurate in all respects). 
 (d)    As of the Closing Date, all requisite approvals by Governmental Authorities
required in order to consummate the transactions in accordance with the Project Vine Acquisition Agreement have been obtained (including filings or approvals required under the Hart-Scott-Rodino Antitrust Improvements Act), except for any approval
the failure to obtain could not reasonably be expected to be materially adverse to the interests of the Lenders. 

(e)    As of the Closing Date, the Project Vine Acquisition has been consummated in all material respects in accordance
with the Project Vine Acquisition Agreement and all Applicable Laws. As of the Closing Date, after giving effect to the transactions contemplated by the Project Vine Purchase Agreement, Borrowers will have good title to the assets acquired pursuant
thereto, free and clear of all Liens other than Permitted Liens. 
 9.1.25    OFAC; Other Anti-Corruption Laws.
No Obligor nor any of its Subsidiaries is in material violation of any of the country or list based economic and trade sanctions administered and enforced by OFAC. No Obligor nor any of its Subsidiaries (a) is Sanctioned Person or a Sanctioned
Entity (b) is owned or controlled by a Sanctioned Person or Entity, (c) has its assets located in Sanctioned Entities, or (d) derives revenues from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. No
proceeds of any Loan or Letter of Credit made hereunder will be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity. The Obligors and their respective
Subsidiaries have implemented, and maintain in effect, policies and procedures designed to ensure compliance by such Person and its respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. The Obligors
and their respective Subsidiaries and their respective officers and directors and to the knowledge of the Obligors and their respective Subsidiaries its employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in
all material respects. 
 9.1.26    Patriot Act; Other Anti-Terrorism Laws. To the extent applicable, each
Obligor and each of its Subsidiaries is in compliance, in all material respects, with all Anti-Terrorism Laws and has not engaged in any transaction, investment, undertaking or activity that conceals the identity, source or destination of the
proceeds from any category of prohibited offenses designated by the Organization for Economic Co-operation and Development’s 

  
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Financial Action Task Force on Money Laundering. No part of the proceeds of the Loans or Letter of Credit made hereunder will be used by any Obligor or any of their Affiliates, directly or
indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or
obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

9.1.27    Status as Holding Company. Intermediate Holdco is a holding company and does not have any material
liabilities (other than liabilities arising under the Loan Documents and the other agreements contemplated by the Project Vine Acquisition Agreement to which it is a party), own any material assets (other than the Equity Interests of the Borrower
Agent) or engage in any operations or business (other than the ownership of the Borrower Agent). 
 9.1.28    Hedging
Agreements. On each date that any Hedging Agreement is executed, Borrower and each other Obligor satisfy all eligibility, suitability and other requirements under the Commodity Exchange Act and the Commodity Futures Trading Commission
regulations. 
 9.1.29    Inventory. Agent may rely, in determining whether Inventory is Eligible Inventory, on
all statements and representations made by any Borrowers with respect thereto. Borrowers warrant, with respect to such Inventory at the time it is shown as an Eligible Inventory in a Borrowing Base Certificate, that: 

(a)    Such Inventory is of good and merchantable quality, free from known defects, 

(b)    Such Inventory is not excluded as ineligible by virtue of one or more of the excluding criteria (other than any
Agent-discretionary criteria) set forth in the definition of Eligible Inventory, and 
 (c)    each Obligor keeps
correct and accurate records itemizing and describing the type, quality, and quantity of its and its Subsidiaries’ Inventory and the book value thereof. 

9.2    Complete Disclosure. The Loan Documents taken as a whole do not contain any untrue statement of a
material fact, nor fail to disclose any material fact necessary to make the statements contained therein not materially misleading in light of the circumstances in which such statements were made. There is no fact or circumstance (other than general
economic conditions) that any Obligor has failed to disclose to Agent in writing that could reasonably be expected to have a Material Adverse Effect. 

9.3    Amendment of Schedules. Borrower Agent may amend any one or more of the Schedules to this Agreement
(subject to prior notice to Agent) and any representation, warranty, or covenant contained herein which refers to any such Schedule shall from and after the date of any such amendment refer to such Schedule as so amended and any Default or Event of
Default that exists solely as a result of the failure to amend such Schedule shall from and after the date of any such amendment be waived automatically without further action by Agent or the Lenders;

  
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provided, however, (a) that in no event shall the failure to make an immaterial amendment to any such Schedule constitute a Default or Event of Default; (b) no Default or Event of
Default shall exist or have occurred by virtue of any changes disclosed on such Schedules if the disclosed items would not have resulted in a Default or Event of Default if disclosed on the Closing Date, as applicable; and (c) the amendment of
a Schedule shall not constitute a waiver or modification of any of the covenants contained in Sections 10.1 or 10.2. 
 SECTION 10. COVENANTS AND
CONTINUING AGREEMENTS 
 10.1    Affirmative Covenants. Until Full Payment of the Obligations,
Intermediate Holdco shall, and shall cause each Subsidiary to, at all times: 
 10.1.1    Inspections; Appraisals.

 (a)    Permit Agent, or any third party used for such purposes, from time to time, subject (except when a Default or
an Event of Default exists) to reasonable notice and during normal business hours, to visit and inspect the Properties of Intermediate Holdco, any Borrower or Subsidiary, inspect, audit and make extracts from any Borrower’s or Subsidiary’s
books and records, conduct appraisals, and discuss with its officers, employees, agents, advisors and independent accountants such Borrower’s or Subsidiary’s business, financial condition, assets, prospects and results of operations
(subject to existing confidentiality obligations and attorney-client privileges). Lenders may participate in any such visit or inspection, at their own expense. Neither Agent nor any Lender shall have any duty to Obligor to make any inspection, nor
to share any results of any inspection, appraisal or report with any Obligor. Intermediate Holdco and each Obligor acknowledges that all inspections, appraisals and reports are prepared by Agent and Lenders for their purposes, and no Obligor shall
not be entitled to rely upon them. 
 (b)    Reimburse Agent for all reasonable and documented charges, costs and
expenses of Agent in connection with (i) examinations of any Obligor’s books and records or any other financial or Collateral matters as Agent deems appropriate, up to two times per Loan Year; and (ii) appraisals of Inventory up to
two times per Loan Year; provided, however, that if an examination or appraisal is initiated during an Event of Default, all charges, costs and expenses therefor shall be reimbursed by Borrowers without regard to such limits. Borrowers
agree to pay Agent’s then standard charges for examination activities, including the standard charges of Agent’s internal examination and appraisal groups, as well as the charges of any third party used for such purposes. 

10.1.2    Financial and Other Information. Keep adequate records and books of account with respect to its business
activities, in a manner to allow financial statements to be prepared in accordance with GAAP; and furnish to Agent and Lenders: 

(a)    as soon as available, and in any event within one hundred twenty (120) days after the close of each Fiscal
Year, balance sheets as of the end of such Fiscal Year and the related statements of income, cash flow and shareholders’ equity for such Fiscal Year, on a consolidated basis for Intermediate Holdco and its Subsidiaries, which consolidated
statements shall be audited and certified (without qualification) by Moss Adams, LLC or any firm of independent certified public accountants of recognized standing selected by Intermediate Holdco 

  
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and reasonably acceptable to Agent (it being agreed that for the Fiscal Year ending July 31, 2017, only the post-acquisition period will be required to be audited), and shall set forth,
beginning with the Fiscal Year ending July 31, 2018 in comparative form corresponding figures for the preceding Fiscal Year and other information acceptable to Agent; 

(b)    as soon as available, and in any event within thirty (30) days after the end of each month (other than the
end of a Fiscal Quarter), unaudited balance sheets as of the end of such month and the related statements of income and cash flow for such month and for the portion of the Fiscal Year then elapsed, on a consolidated basis for Intermediate Holdco and
its Subsidiaries, setting forth in comparative form, beginning with the Fiscal Year ending July 31, 2017, corresponding figures for the preceding Fiscal Year and certified by the chief financial officer of Borrower Agent as prepared in
accordance with GAAP (and noting any purchase accounting adjustments) in order to present financial performance and measure financial covenants at normalized levels, and fairly presenting in all material respects the financial position and results
of operations for such month and period, subject to normal year-end adjustments and the absence of footnotes; 

(c)    as soon as available, and in any event within forty-five (45) days after the end of each Fiscal Quarter,
unaudited balance sheets as of the end of such Fiscal Quarter and the related statements of income and cash flow for such Fiscal Quarter and for the portion of the Fiscal Year then elapsed, on a consolidated basis for Intermediate Holdco and its
Subsidiaries, setting forth in comparative form, corresponding figures for the preceding Fiscal Year and certified by the chief financial officer of Borrower Agent as prepared in accordance with GAAP (and noting any purchase accounting adjustments)
in order to present financial performance and measure financial covenants at normalized levels, and fairly presenting in all material respects the financial position and results of operations for such Fiscal Quarter and period, subject to normal year-end adjustments and the absence of footnotes; 
 (d)    concurrently with
delivery of financial statements under clause (c) above on a quarterly basis, a Compliance Certificate executed by the chief financial officer or treasurer of Borrower Agent; 

(e)    concurrently with delivery of financial statements under clause (a) above, copies of all management letters
and other material reports submitted to any Borrower by their accountants in connection with such financial statements; 

(f)    (i)    concurrently with the delivery of the Borrowing Base Certificate required pursuant to
Section 8.1, a listing of each Borrower’s trade payables, specifying the trade creditor and balance due, a detailed trade payable aging, and a detailed Accounts aging, all in form reasonably satisfactory to Agent and
(ii) the report set forth in Section 8.2.1 within the prescribed time period set forth therein; 

(g)    concurrently with the delivery of the Borrowing Base Certificate required pursuant to
Section 8.1, a copy of an Inventory report to the extent required pursuant to Section 8.3.1; 

  
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 (h)    not later than thirty (30) days after the end of each
Fiscal Year, the operating budget and cash flow projections of Borrower Agent and its Subsidiaries for such Fiscal Year, month by month; 

(i)    promptly after the sending or filing thereof, copies of any proxy statements, financial statements or reports that
any Obligor has made generally available to its shareholders; copies of any regular, periodic and special reports or registration statements or prospectuses that any Obligor files with the Securities and Exchange Commission or any other Governmental
Authority, or any securities exchange; and copies of any press releases or other statements made available by any Obligor to the public concerning material changes to or developments in the business of such Obligor; 

(j)    promptly after the sending or filing thereof, copies of any annual report to be filed in connection with each Plan
or Foreign Plan; and 
 (k)    such other reports and information (financial or otherwise) as Agent may reasonably
request from time to time in connection with any Collateral or any Obligor’s, Subsidiary’s or other Obligor’s financial condition or business. 

10.1.3    Notices. Notify Agent and Lenders in writing, promptly after a Senior Officer of an Obligor obtaining
knowledge thereof, of any of the following that affects an Obligor: (a) the threat or commencement of any proceeding or investigation, whether or not covered by insurance, if the foregoing could reasonably be expected to have a Material Adverse
Effect; (b) any pending or threatened (in writing) labor dispute, strike or walkout, or the expiration of any material labor contract; (c) any material default under or termination of a Material Contract; (d) the existence of any
Default or Event of Default; (e) any judgment in an amount exceeding $250,000; (f) the assertion of any Intellectual Property Claim that could reasonably be expected to have a Material Adverse Effect; (g) any violation or asserted
violation of any Applicable Law (including ERISA, OSHA, FLSA, or any Environmental Laws) that could reasonably be expected to have a Material Adverse Effect; (h) any Environmental Release by an Obligor or on any Property owned, leased or
occupied by an Obligor, if any such Environmental Release could reasonably be expected to have a Material Adverse Effect; or receipt of any Environmental Notice, if receipt of such Environmental Notice could reasonably be expected to have a Material
Adverse Effect; (i) the occurrence of any ERISA Event that could reasonably be expected to have a Material Adverse Effect; (j) the discharge of or any withdrawal or resignation by Borrowers’ independent accountants; (k) any
opening of a new office or place of business, at least 10 days prior to such opening. 
 10.1.4    Landlord and
Storage Agreements. Upon reasonable request, provide Agent with copies of all existing agreements that are material to the conduct of any Obligor’s business, and promptly after execution thereof, if requested by Agent, provide Agent with
copies of all future agreements that are material to the conduct of any Obligor’s business between an Obligor and any landlord, warehouseman, processor, shipper, bailee or other Person that owns any premises at which any Collateral having an
aggregate value in excess of $100,000 is kept in the United States or that otherwise possesses or handles any portion of the Collateral having an aggregate value in excess of $100,000 ($500,000 with respect to grape crush facilities). 

  
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 10.1.5    Compliance with Laws. Comply with all Applicable Laws,
including ERISA, Environmental Laws, FLSA, OSHA, PACA, Anti-Terrorism Laws, Anti-Corruption Laws and laws regarding collection and payment of Taxes, laws regarding the labeling of wine bottles, and maintain all Governmental Approvals necessary to
the ownership of its Properties or conduct of its business, unless failure to comply (other than failure to comply with Anti-Terrorism Laws) or maintain could not reasonably be expected to have a Material Adverse Effect. The Obligors and their
respective Subsidiaries will maintain in effect and enforce policies and procedures designed to ensure compliance by the Obligors and their respective Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption
Laws and applicable Sanctions. Without limiting the generality of the foregoing, if any Borrower or any Subsidiary obtains knowledge (after reasonably inquiry) of an Environmental Release that occurs at or on any Properties of such Borrower or
Subsidiary that could reasonably be expected to have a Material Adverse Effect on such Property, it shall act promptly and diligently to investigate and report to Agent and all appropriate Governmental Authorities the extent of, and subject to any
right of such Borrower or Subsidiary to contest, take appropriate action to remediate, such Environmental Release as required by Environmental Law, whether or not directed to do so by any Governmental Authority. 

10.1.6    Taxes. Pay and discharge all Taxes prior to the date on which they become delinquent or penalties attach,
unless such Taxes are being Properly Contested or are individually and in the aggregate with other unpaid Taxes, not more than $250,000. 

10.1.7    Insurance. In addition to the insurance required hereunder with respect to Collateral, maintain insurance
with insurers (with a Best Rating of at least A7, unless otherwise approved by Agent) reasonably satisfactory to Agent, (a) with respect to the Properties and business of any Obligor and its Subsidiaries of such type (including product
liability, workers’ compensation, larceny, embezzlement, or other criminal misappropriation insurance), in such amounts, and with such coverages and deductibles as are customary for companies similarly situated; and (b) business
interruption insurance or its equivalent customary in the premium wine industry as provided by wine stock valued at selling price, including all profit margins, or otherwise reasonably satisfactory to Agent, with deductibles and subject, if
requested by Agent, to an insurance assignment reasonably satisfactory to Agent. 
 10.1.8    Licenses. Keep each
material License affecting any Collateral (including the manufacture, distribution or disposition of Inventory) or any other material Property of Obligors and Subsidiaries in full force and effect, promptly notify Agent of any proposed material
modification to any such License, or entry into any new material License, in each case at least 10 days prior to its effective date; pay all Royalties when due; and notify Agent of any default or breach asserted by any Person to have occurred under
any such material License, except where such default or breach could not reasonably be expected to have a Material Adverse Effect. 

10.1.9    Future Subsidiaries. Promptly notify Agent upon any Person becoming a Subsidiary and: 

(a)    if such Person is a wholly owned material Subsidiary and not an Excluded Subsidiary, (i) cause it to guaranty
the Obligations in a manner reasonably satisfactory 

  
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to Agent within twenty (20) Business Days of formation or acquisition thereof (or such longer period as the Agent may reasonably agree) and (ii) to execute and deliver such other
documents, instruments and agreements and to take such other actions as Agent shall reasonably require to evidence and perfect a Lien in favor of Agent on all assets of such Person constituting Collateral, including, if requested by Agent, delivery
of such legal opinions, in form and substance reasonably satisfactory to Agent, as it shall deem reasonably appropriate; 

(b)    if any Equity Interests or Debt of such Person are owned by or on behalf of any Obligor, to pledge such Equity
Interests and promissory notes evidencing such Debt (except that, if such Subsidiary is a CFC or CFC Holding Company that is not joined as an Obligor, the Equity Interests of such Subsidiary to be pledged may be limited to sixty-five percent (65%)
of the outstanding Equity Interests of such Subsidiary) to secure obligations of any Borrower organized under the laws of the United States, in each case, in form and substance reasonably satisfactory to Agent. 

10.1.10    Interest Rate Protection. Within 120 days after the Closing Date, enter into one or more interest rate
hedges to fix or limit the interest rate risks of Borrowers with respect to the Term Loans in a principal amount no less than 50% of the Term Loan Commitment for a period of not less than two years on terms and with counterparties reasonably
satisfactory to Agent, which may be in the form of an “out of the money” interest rate cap. 

10.1.11    Intellectual Property. Keep all material Intellectual Property necessary to the conduct of the business
of each Obligor in full force and effect, including timely filing any renewals required to maintain the Intellectual Property and promptly notify Agent of any proposed modification to any such Intellectual Property, if such modification would result
in the inability to maintain or renew the relevant registered Intellectual Property. 
 10.1.12    Material
Contracts. Keep each Material Contract with suppliers of Inventory, managers of vineyards, companies providing compliance services in connection with state and federal alcohol control commissions necessary to the conduct of the business in full
force and effect unless the termination of such Material Contract could not be reasonably likely to result in a Material Adverse Effect; provided, any Material Contract may be replaced or supplemented with a new or existing contract or contracts.

 10.1.13    Eligible Equipment. Each Obligor agrees that any Equipment that constitutes Eligible Equipment
shall be and remain personal property notwithstanding the manner of their annexation to any Real Estate owned by any Obligor or the adaptability to the uses and purposes of such Equipment. 

10.2    Negative Covenants. Until Full Payment of the Obligations, Intermediate Holdco shall not, and shall
cause each Subsidiary not to, at all times: 
 10.2.1    Permitted Debt. Create, incur, guarantee or suffer to
exist any Debt, except: 
 (a)    the Obligations; 

(b)    Subordinated Debt; 

  
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 (c)    Permitted Purchase Money Debt; 

(d)    Debt (other than the Obligations, Subordinated Debt and Permitted Purchase Money Debt), but only to the extent
outstanding on the Closing Date and not satisfied with the proceeds of the initial Loans; 
 (e)    Debt with respect
to Bank Products and Debt pursuant to Hedging Agreements permitted under Section 10.2.14; 

(f)    Debt that is in existence when a Person becomes a Subsidiary or that is secured by an asset when acquired by a
Borrower or Subsidiary, as long as such Debt was not incurred in contemplation of such Person becoming a Subsidiary or such acquisition, and does not exceed $500,000 in the aggregate at any time; 

(g)    Permitted Contingent Obligations; 

(h)    Refinancing Debt as long as each Refinancing Condition is satisfied; 

(i)    Debt that is not included in any of the preceding clauses of this Section, is not secured by a Lien and does not
exceed $500,000 in the aggregate at any time; 
 (j)    Debt of (i) any Obligor to any other Obligor,
(ii) any Subsidiary that is not an Obligor to another Subsidiary that is not an Obligor, (iii) any Obligor to a Subsidiary that is not an Obligor in an amount not to exceed $100,000; (iv) any Subsidiary that is not an Obligor to any
Obligor, and (v) guaranty obligations of any Obligor in respect of Debt otherwise permitted hereunder of any Obligor provided all such Debt owing by an Obligor is subject to the Intercompany Subordination Agreement; 

(k)    Debt incurred to pay premiums under policies of insurance and related interest due thereunder; 

(l)    Debt attributable to credit card “charge-backs” incurred in the Ordinary Course of Business; 

(m)    Debt which may be deemed to exist as a result of the existence of any worker’s compensation, health,
disability or other employee benefits or property, casualty or liability insurance or self-insurance claims, guaranties, or similar obligations incurred in the Ordinary Course of Business; 

(n)    Debt in respect of netting services and overdraft protections in connection with Deposit Accounts in the Ordinary
Course of Business; and 
 (o)    Debt incurred by a Borrower or any of its Subsidiaries arising from agreements
providing for indemnification, earn-outs, adjustment of purchase price or similar obligations, in connection with Permitted Acquisitions or permitted dispositions of any business, asset or Subsidiary of Borrower or any of its Subsidiaries. 

10.2.2    Permitted Liens. Create or suffer to exist any Lien upon any of its Property, except the following
(collectively, “Permitted Liens”): 
 (a)    Liens in favor of Agent; 

  
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 (b)    Liens that secured the Second Lien Obligations to the extent the
same are subordinated to the Liens in favor of Agent; 
 (c)    Purchase Money Liens securing Permitted Purchase Money
Debt; 
 (d)    Liens for Taxes not due and payable or being Properly Contested; 

(e)    statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business,
but only if (i) payment of the obligations secured thereby is not yet due and payable or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the
business of any Borrower or Subsidiary; 
 (f)    Liens incurred or deposits of cash made in the Ordinary Course of
Business to secure the performance of tenders, bids, leases, contracts (except those relating to Borrowed Money), statutory obligations, Hedging Agreements, surety and appeal bonds, performance bonds and other similar obligations; 

(g)    Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; 

(h)    Liens in respect of judgments that would not constitute an Event of Default hereunder; 

(i)    easements, rights-of-way,
restrictions (including zoning restrictions), conditions, building code laws, covenants, other agreements of record, encroachments, protrusions and other similar encumbrances and other minor title defects affecting Real Estate, and other similar
charges or encumbrances on Real Estate, that do not secure any monetary obligation and do not interfere in any material respect with the Ordinary Course of Business or impair Agent’s Lien on Real Estate in any material respect, taken as a
whole, and any exceptions on the final mortgagee title insurance policy issued in connection with any Mortgage; and such other minor defects of title or survey matters that are disclosed by current surveys that do not materially interfere with the
current use of the Real Estate and do not otherwise impair Agent’s Lien on Real Estate in any material respect; 

(j)    normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting
bank on Payment Items in the course of collection; 
 (k)    pledges or deposits of cash in the Ordinary Course of
Business in connection with workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA; 

(l)    Liens securing Debt permitted under Section 10.2.1(e); 

(m)    Liens arising in the Ordinary Course of Business in favor of carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s or other like Liens arising under Applicable Law in the Ordinary Course of Business which are not overdue for a period of more than 60 days or which are being Properly Contested; 

  
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 (n)    Liens incurred in favor of insurance companies (or their
financing affiliates) in connection with the financing of insurance premiums in the Ordinary Course of Business; 

(o)    any interest or title (and all encumbrances and other matters affecting such interest or title) of a lessor or
sublessor under any lease permitted hereunder; 
 (p)    Liens solely on any cash earnest money deposits made in
connection with any letter of intent or purchase agreement permitted hereunder; 
 (q)    purported Liens evidenced by
the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered into in the Ordinary Course of Business or to the extent permitted under the Loan Documents; 

(r)    any zoning restrictions or similar law or right reserved to or vested in any governmental office or agency to
control or regulate the use of any Real Estate not materially detracting from the value of such Real Estate; 

(s)    licenses of patents, trademarks and other intellectual property rights granted by Borrowers or any of their
Subsidiaries in the Ordinary Course of Business and not interfering in any respect with the ordinary conduct of the business of Borrowers or such Subsidiary; 

(t)    Liens incurred in the Ordinary Course of Business on deposits made in connection with workers’ compensation,
unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and
return-of-money bonds and other similar obligations (exclusive of obligations for the payment of Borrowed Money); 

(u)    Liens in favor of customs and revenue authorities arising as a matter of law and in the Ordinary Course of
Business to secure payment of customs duties in connection with the importation of goods; 
 (v)    Liens in favor of
any grower securing payment obligations to such grower which are not past due for a period of more than 60 days, subject to establishment by Agent of an appropriate Grower Reserve; 

(w)    existing Liens shown on Schedule 10.2.2 and Liens securing Refinancing Debt; provided, that, any Liens
relating to such Refinancing Debt shall only attach to the Property which was subject to the Liens so refinanced; 

(x)    Possessory Liens in favor of brokers and dealers arising in connection with the acquisition of disposition of
Investments that are not Restricted Investments; provided that such Liens (i) attach only to such Investments and (ii) secure only obligations incurred in the Ordinary Course of Business and arising in connection with the acquisition or
disposition of such Investments and not any obligation in connection with margin financing; 
 (y)    Liens on property
in existence at the time such property is acquired pursuant to a Permitted Acquisition or on such property of a Subsidiary of an Obligor in existence at the time such Subsidiary is acquired pursuant to a Permitted Acquisition; provided that such
Liens are not incurred in connection with or in anticipation of such Permitted Acquisition and do not attach to any other assets of any Loan Party or any Subsidiary; and 

  
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 (z)    licenses, sublicenses, leases or subleases granted to third
parties in the Ordinary Course of Business or not materially interfering with the business of the Borrowers or any Subsidiary. 

10.2.3    Capital Expenditures. Make Capital Expenditures in excess of $20,000,000 in the aggregate during any
Fiscal Year; provided, however, in the event Capital Expenditures during any Fiscal Year are less than the amount permitted for such Fiscal Year, then 50% of the unused amount may be carried over and used in the immediately succeeding
Fiscal Year; provided, further, that any amount carried over shall be deemed to be the last amount spent in such succeeding fiscal year. In addition, any Capital Expenditures made with the cash proceeds of any Equity Interest
investment specifically designated for the purpose of making Capital Expenditures or with proceeds of Permitted Asset Dispositions, insurance or condemnation awards shall not be deemed Capital Expenditures for purposes of this
Section 10.2.3. 
 10.2.4    Distributions; Upstream Payments. Declare or make any
Distributions, except: 
 (a)    Upstream Payments and Distributions to the direct or indirect parent of Intermediate
Holdco to the extent necessary to (i) permit the direct or indirect parent of Intermediate Holdco to discharge, to the extent attributable to the direct or indirect ownership of Borrowers and their Subsidiaries, the federal consolidated,
combined, unitary or similar tax liabilities and any state or local tax liabilities of the direct or indirect parent of Intermediate Holdco and its Subsidiaries, (ii) permit the direct or indirect parent of Intermediate Holdco to pay franchise
taxes, audit costs, and other administrative costs and expenses customary for such a company, in each case so long as the amount of any such Distribution is applied for such purpose; and (iii) make
tax-related payments required under the Project Vine Purchase Agreement. 

(b)    Each Subsidiary of an Obligor may make Distributions to any Borrower; 

(c)    the Obligors and each Subsidiary may declare and make dividend payments or distributions payable solely in the
common stock or other common Equity Interests of such Person, so long as it does not result in a Change of Control; 

(d)    a Distribution to the extent permitted under Section 10.2.16(e); 

(e)    the Borrowers may make Distributions to Intermediate Holdco, and Intermediate Holdco may make Distributions to
Ultimate Holdco, the proceeds of which are used substantially contemporaneously, directly or indirectly, to redeem or repurchase Equity Interests from officers, directors, employees, advisors or consultants (or any spouses, ex-spouses, or estates of any of the foregoing) of any Obligor or any of its Subsidiaries, upon termination of employment in connection with the exercise of stock options, stock appreciation rights or other equity
incentives or equity based incentives or in connection with the death or disability of such Persons; provided, that, in all such cases (i) the aggregate amount of such payments in respect of 

  
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all such Equity Interests so redeemed or repurchased shall not exceed $2,500,000 in any Fiscal Year (ii) immediately before and after making such Distribution, no Event of Default shall have
occurred and be continuing or result therefrom, (iii) immediately before and after giving effect to such Distribution on a pro forma basis, Borrowers shall have no less than $10,000,000 of Availability. 

(f)    Any payment permitted or required pursuant to Section 5.13 of the Second Lien Loan Agreement. 

10.2.5    Restricted Investments. Make any Restricted Investment. 

10.2.6    Disposition of Assets. Make any Asset Disposition, except a Permitted Asset Disposition, a disposition of
Equipment under Section 8.4.2, or a transfer of Property by a Subsidiary or Obligor to a Borrower. 

10.2.7    Loans. Make any loans or other advances of money to any Person, except (a) advances to an officer or
employee for salary, travel expenses, commissions and similar items in the Ordinary Course of Business but not to exceed $250,000 in the aggregate outstanding at any one time; (b) prepaid expenses and extensions of trade credit made in the
Ordinary Course of Business; (c) deposits with financial institutions permitted hereunder; (d) intercompany loans by an Obligor to another Obligor that are subject to the Intercompany Subordination Agreement, and (e) advances or
loans, each evidenced by promissory notes, to officers, directors or employees for the purchase by such officers, directors or employees of Equity Interests of Ultimate Holdco or Intermediate Holdco so long as either (i) Intermediate Holdco
makes a capital contribution in cash in the full amount thereof to Borrowers or (ii) such loans do not otherwise exceed $250,000 in the aggregate outstanding at any one time. 

10.2.8    Restrictions on Payment of Certain Debt. Make any payments (whether voluntary or mandatory, or a
prepayment, redemption, retirement, defeasance or acquisition) with respect to any (a) Subordinated Debt (other than Debt incurred pursuant to the Second Lien Loan Documents), except regularly scheduled payments of principal, interest and fees,
but only to the extent permitted under any subordination agreement relating to such Debt (and a Senior Officer of Borrower Agent shall certify to Agent, not less than five Business Days prior to the date of payment, that all conditions under such
agreement have been satisfied); or (b) the Debt incurred pursuant to the Second Lien Loan Documents (other than with the proceeds of any Refinancing Debt related thereto), except to the extent permitted by the Intercreditor Agreement;
provided, however, that the Borrowers may incur Refinancing Debt and use the proceeds thereof to repay the Subordinated Debt in full. 

10.2.9    Fundamental Changes. (a) Combine or consolidate with any Person, or liquidate, wind up its affairs
or dissolve itself, in each case whether in a single transaction or in a series of related transactions; except, (i) any wholly-owned Subsidiary of any Obligor (other than any Borrower) may merge with and into or consolidate with any other
wholly-owned Subsidiary of any Obligor (other than any Borrower), (ii) any Borrower may merge with and into or consolidate with any other Borrower and any Guarantor may merge with and into or consolidate with a Borrower or any other Guarantor;
provided that in any merger involving a Borrower and a Guarantor, such Borrower shall be the continuing or surviving Person, (iii) mergers or 

  
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consolidations of any Person with or into Borrower or any Subsidiary if the acquisition of the Equity Interest in such Person by Borrower or such Subsidiary would have been permitted pursuant to
Section 10.2.5 (so long as (x) in the case of a merger or consolidation involving a Borrower, a Borrower shall be the continuing or surviving Person, (y) if a Subsidiary is not the surviving or continuing Person,
the surviving Person becomes a Subsidiary and complies with the provisions of Section 10.1.9 and there is compliance with all financial covenants in Section 10.3 on a Pro Forma Basis, and
(z) no Event of Default shall have occurred and be continuing after giving effect thereto), (iv) mergers, combinations, or consolidations of any Subsidiary with any Person to consummate a Permitted Asset Disposition with respect to the Equity
Interests of such Subsidiary concurrently with such consummation, (v) mergers, combinations, or consolidations of any Subsidiary with any Person to consummate a Permitted Asset Disposition with respect to the Equity Interests of such Subsidiary
concurrently with such consummation, or (vi) any CFC or CFC Holding Company that is not an Obligor may merge into any CFC or CFC Holding Company that is not an Obligor, (b) for any Obligor, without providing thirty (30) days’
prior written notice to Agent of the same, change its (i) tax, charter or other organizational identification number, (ii) name, or (iii) form or state of organization; provided that at all times each Obligor shall maintain its
state of organization in the United States. 
 10.2.10    Subsidiaries. Form or acquire any Subsidiary after the
Closing Date, except in accordance with Sections 10.1.9, 10.2.5 and 10.2.9; or permit any existing Subsidiary to issue any additional Equity Interests except director’s qualifying shares or Equity Interests issued to an
Obligor; provided, that, any such Equity Interest issued to an Obligor shall be promptly pledged by such Obligor to Agent and Secured Parties in accordance with the Loan Documents. 

10.2.11    Organic Documents. Amend, modify or otherwise change any of its Organic Documents in a manner materially
adverse to Agent and the Lenders. 
 10.2.12    Accounting Changes. Make any material change in accounting
treatment or reporting practices, except as required by GAAP and in accordance with Section 1.2; or change its Fiscal Year (other than, within the first fifteen (15) months after the date hereof, to December 31). 

10.2.13    Restrictive Agreements. Become a party to any Restrictive Agreement, except a Restrictive Agreement
(a) in effect on the Closing Date (and renewals, amendments and replacements thereof that are not otherwise prohibited by this Agreement); (b) relating to secured Debt permitted hereunder, as long as the restrictions apply only to collateral
for such Debt; (c) a Restrictive Agreement relating to Subordinated Debt permitted hereunder (and renewals, amendments and replacements thereof that are not otherwise prohibited by this Agreement), (d) constituting customary restrictions on
assignment in leases, Licenses and other contracts, or (e) customary provisions in purchase and sale agreements to be executed by Obligors in connection with a Permitted Asset Disposition. 

10.2.14    Hedging Agreements. Enter into any Hedging Agreement, except as required under this Agreement or to
hedge risks arising in the Ordinary Course of Business and not for speculative purposes without the prior written consent of the Agent. 

  
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 10.2.15    Conduct of Business. In the case of the Obligors,
engage in any line of business substantially different from the business as conducted by the Obligors on the Closing Date and any business reasonably related, ancillary or complementary to the business in which any Obligor is engaged on the date
hereof. 
 10.2.16    Affiliate Transactions. Enter into or be party to any transaction with an Affiliate of an
Obligor, except (a) transactions expressly permitted by the Loan Documents; (b) payment of reasonable compensation and employee benefit arrangements to directors, officers and employees for services actually rendered, and payment of
reasonable fees, out-of-pocket and documented costs and indemnities paid for the benefit of directors, officers or employees of Intermediate Holdco or any of its
Subsidiaries; (c) transactions solely among Obligors; (d) transactions with Affiliates that were consummated prior to the Closing Date, as set forth on Schedule 10.2.16; (e) reimbursement of reasonable
out-of-pocket and documented costs and expenses (but not fees) of the Equity Sponsor not to exceed $200,000 in the aggregate in any Fiscal Year, (f) advances for
commissions, reasonable out-of-pocket and documented travel expenses and other similar purposes in the Ordinary Course of Business to directors, officers and employees,
and (g) transactions with Affiliates whether or not in the Ordinary Course of Business, upon fair and reasonable terms not less substantially favorable than would be obtained in a comparable
arm’s-length transaction with a non-Affiliate. 

10.2.17    Anti-Corruption Laws. Request any Borrowing or Letter of Credit, use, (or allow its Subsidiaries and its
or their respective directors, officers, employees and agents to use), the proceeds of any Borrowing or Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything
else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Entity, to the
extent such activities, business or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or in a European Union member state, or (c) in any manner that would result in the violation of any
Sanctions applicable to any party hereto. 
 10.2.18    Amendments to Subordinated Debt or Second Lien Loan
Documents. Amend, supplement or otherwise modify (a) the Second Lien Loan Documents in any manner not permitted by the Intercreditor Agreement or resulting in the Obligations not constituting permitted debt under the Second Lien Loan
Agreement, or otherwise not being fully benefited by the subordination provisions thereof, or (b) any document, instrument or agreement relating to any Subordinated Debt, if such modification (i) increases the principal balance of such
Debt (other than as a result of capitalization of interest, fees or expenses or with respect to intercompany debt), or increases any required payment of principal or interest (other than payment-in-kind interest); (ii) accelerates the date on which any installment of principal or any interest is due, or adds any additional redemption, put or prepayment provisions (other than in connection
with a Change of Control so long as such Subordinated Debt is not paid until Full Payment of all outstanding Obligations); (iii) shortens the final maturity date or otherwise accelerates amortization; (iv) increases the interest rate (other
than as a result of the implementation of payment in kind default interest or with respect to intercompany debt); (v) increases or adds any material fees or charges; (vi) modifies any covenant in a manner or adds any representation, covenant or
default that is more onerous or restrictive in any material respect 

  
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for any Borrower or Subsidiary, or that is otherwise materially adverse to any Borrower or Subsidiary or Lenders; provided that if covenants in this Agreement are amended or modified, then
covenants in the Subordinated Debt documents, instruments and agreements can be amended or modified for the purpose of maintaining the relative difference between covenants in this Agreements and such Subordinated Debt documents, instruments and
agreements; or (vii) results in the Obligations not constituting permitted debt under the Subordinated Debt documents, or otherwise not being fully benefited by the subordination provisions thereof. 

10.3    Financial Covenants. Until Full Payment of the Obligations, Borrower Agent and its Subsidiaries on a
consolidated basis shall maintain as of the date of determination (and to be certified by a Senior Officer of Borrower Agent in the Compliance Certificate provided in accordance with Section 10.1.2(c)): 

10.3.1    Debt to Net Worth. Commencing on October 31, 2016, maintain a Debt to Net Worth Ratio of not greater
than 1.50:1.00 measured at the end of each Fiscal Quarter. 
 10.3.2    Minimum Fixed Charge Coverage Ratio.
Maintain a Fixed Charge Coverage Ratio of at least 1.25:1.00 measured at the end of each Fiscal Quarter for the four consecutive Fiscal Quarters then ended. 

10.3.3    Curative Equity. 

(a)    Subject to the limitations set forth in clause (d) below, any holder of Equity Interests of any Borrower or
any direct or indirect parent of the Borrower Agent shall have the right to cure (and shall be deemed to have cured) an Event of Default arising out of a breach of any of the financial covenants set forth in Sections 10.3.1 and 10.3.2
(the “Specified Financial Covenants”) if Borrowers receive the cash proceeds of an investment of Curative Equity within ten (10) Business Days after the date on which the financial statements referred to in Sections
10.1.2(a) and (c) are required to be delivered in respect of such fiscal period for which such financial covenant is being measured in accordance with Section 10.1.2. 

(b)    Borrower Agent shall promptly notify Agent of its receipt of any proceeds of Curative Equity (and shall
immediately apply the same to the payment of first to Term Loans (on a pro rata basis to all remaining installments based upon the respective amounts thereof), second to the Capital Expenditure Loans (on a pro rata basis to all remaining
installments based upon the respective amounts thereof), third to the Revolver Loans (without reduction of the Revolver Commitment), then to Cash Collateralize outstanding Letters of Credit, and then to other Obligations). 

(c)    Upon delivery of a certificate by Borrower Agent to Agent as to the amount of the proceeds of such Curative Equity
and that such amount has been applied to the Obligations in accordance with clause (b) above, then such Curative Equity shall be treated on a dollar-for-dollar
basis as EBITDA or Net Worth, as applicable, of the Borrowers for such Fiscal Quarter any Event of Default has occurred and is continuing from a breach of any of the Specified Financial Covenants and for the three subsequent Fiscal Quarters with no
further action required by the Required Lenders. Prior to the date of the delivery of a certificate conforming to the requirements of this Section, any Event of Default that has occurred as a result 

  
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of a breach of any of the Specified Financial Covenants shall be deemed to be continuing and, as a result, the Lenders shall have no obligation to make additional loans or otherwise extend
additional credit hereunder. In the event Borrower Agent does not cure all financial covenant violations as provided in this Section 10.3.3, the existing Event(s) of Default shall continue unless waived in writing by the
Required Lenders in accordance herewith. 
 (d)    Notwithstanding anything to the contrary contained in the foregoing
or this Agreement, (i) Borrowers’ rights under this Section 10.3.3 may be exercised not more than five times during the term of this Agreement; (ii) in each trailing four Fiscal Quarter Period there shall be
at least two Fiscal Quarters in respect of which no Curative Equity is made, (iii) the amount of any Curative Equity shall not exceed the amount required to cause Borrowers to be in compliance with such financial covenants and the amount of all
such Curative Equity shall not exceed $30,000,000 in the aggregate during the term of this Agreement, (iv) any Curative Equity will be disregarded for purposes of determining the availability of any baskets, pricing or other items governed by
reference to EBITDA contained in the loan documentation, and (v) no reduction in indebtedness with the proceeds of any Curative Equity shall be considered for purposes of recalculating compliance with the financial covenants for the initial
quarter during such period. 
 SECTION 11. EVENTS OF DEFAULT; REMEDIES ON DEFAULT 

11.1    Events of Default. Each of the following shall be an “Event of Default” if it occurs for
any reason whatsoever, whether voluntary or involuntary, by operation of law or otherwise: 
 (a)    A Borrower fails
to pay (i) the principal amount of any Obligations when due (whether at stated maturity, on demand, upon acceleration or otherwise) or (ii) any of the other Obligations when due and such failure continues for three (3) Business Days;

 (b)    Any representation or warranty of an Obligor made in writing in connection with any Loan Documents or
transactions contemplated thereby is incorrect or misleading in any material respect when given; 
 (c)    A Borrower
breaches or fail to perform any covenant contained in Sections 6.3, 7.2, 7.3, 7.4, 8.1, 8.6.2, 10.1.1, 10.1.2, 10.1.3(d), 10.2 or 10.3; 

(d)    An Obligor breaches or fails to perform any other covenant (not specified in clause (c) above) contained in
any Loan Documents, and such breach or failure is not cured within thirty (30) days after a Senior Officer of such Obligor has knowledge thereof or receives written notice thereof from Agent, whichever is sooner; provided,
however, that such notice and opportunity to cure shall not apply if the breach or failure to perform is not capable of being cured within such period or is a willful breach by an Obligor; 

(e)    A Guarantor repudiates, revokes or attempts to revoke, in writing, its Guaranty; an Obligor denies or contests the
validity or enforceability of any Loan Documents or Obligations, or the perfection or priority of any Lien on the Collateral granted to Agent having a fair market value, individually or in the aggregate, in excess of $250,000; or any material
provision of a Loan Document ceases to be in full force or effect for any reason (other than a waiver or release by Agent and Lenders); 

  
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 (f)    Any breach or default of an Obligor occurs (after giving effect
to any applicable grace period thereunder) under (i) any Hedging Agreement in excess of $500,000 resulting in an early termination event or equivalent event, or (ii) any instrument or agreement to which it is a party or by which it or any
of its Properties is bound relating to any Debt (other than the Obligations) in excess of $500,000, if the maturity of or any payment with respect to such Debt may be accelerated or demanded due to such breach; 

(g)    Any judgment or order for the payment of money is entered against an Obligor in an amount that exceeds,
individually or cumulatively with all unsatisfied judgments or orders against all Obligors, $500,000 (net of insurance coverage therefor that has not been denied by the insurer), unless a stay of enforcement of such judgment or order is in effect,
by reason of a pending appeal or otherwise, unless such judgment is discharged or satisfied in full, in each case within sixty (60) days; 

(h)    A loss, theft, damage or destruction occurs with respect to any Collateral if the amount not covered by insurance
exceeds $1,000,000; 
 (i)    An Obligor is enjoined, restrained or in any way prevented by any Governmental Authority
from conducting any material part of its business; an Obligor suffers the loss, revocation or termination of any material license, permit, lease or agreement necessary to its business which has or could reasonably be expected to have a Material
Adverse Effect; there is a cessation of any material part of an Obligor’s business for a material period of time; any Collateral or Property of an Obligor is taken or impaired through condemnation which has or could reasonably be expected to
have a Material Adverse Effect; an Obligor agrees to or commences any liquidation, dissolution or winding up of its affairs (except as permitted by Section 10.2.9); the Obligors on a consolidated basis cease to be Solvent; 

(j)    An Insolvency Proceeding is commenced by an Obligor; an Obligor makes an offer of settlement, extension or
composition to its unsecured creditors generally; a trustee is appointed to take possession of any substantial Property of or to operate any of the business of an Obligor; or an Insolvency Proceeding is commenced against an Obligor and: the Obligor
consents to institution of the proceeding, the petition commencing the proceeding is not timely contested by the Obligor, the petition is not dismissed within sixty (60) days after filing, or an order for relief is entered in the proceeding;

 (k)    An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that has resulted or could
reasonably be expected to result in liability of an Obligor to a Pension Plan, Multiemployer Plan or PBGC, or that constitutes grounds for appointment of a trustee for or termination by the PBGC of any Pension Plan or Multiemployer Plan; an Obligor
or ERISA Affiliate fails to pay when due any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan; or any event similar to the foregoing occurs or exists with respect to a Foreign
Plan, in each case, where such event could reasonably be expected to have a Material Adverse Effect; 

  
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 (l)    An Obligor or any of its Senior Officers is criminally indicted
or convicted for (i) a felony involving fraud or other financial matters committed in the conduct of the Obligor’s business, or (ii) violating any state or federal law (including the Controlled Substances Act, Money Laundering Control
Act of 1986 and Illegal Exportation of War Materials Act) that could lead to forfeiture of any material Property or any Collateral; 

(m)    If there is an “Event of Default” under and as defined in the Second Lien Loan Documents; or 

(n)    A Change of Control occurs. 

11.2    Remedies upon Default. If an Event of Default described in Section 11.1 (j) occurs with respect
to any Borrower, then to the extent permitted by Applicable Law, all Obligations (other than Secured Bank Product Obligations) shall become automatically due and payable and all Commitments shall terminate, without any action by Agent or notice of
any kind. In addition, or if any other Event of Default exists, Agent may in its discretion (and shall upon written direction of Required Lenders) do any one or more of the following from time to time: 

(a)    declare any Obligations (other than Secured Bank Product Obligations) immediately due and payable, whereupon they
shall be due and payable without diligence, presentment, demand, protest or notice of any kind, all of which are hereby waived by Borrowers to the fullest extent permitted by law; 

(b)    terminate, reduce or condition any Commitment, or make any adjustment to the Borrowing Base; 

(c)    require Obligors to Cash Collateralize LC Obligations, Secured Bank Product Obligations and other Obligations that
are contingent or not yet due and payable (other than indemnification obligations which are either contingent or inchoate to the extent no claims giving rise thereto have been asserted), and, if Obligors fail promptly to deposit such Cash
Collateral, Agent may (and shall upon the direction of Required Lenders) advance the required Cash Collateral as Revolver Loans (whether or not an Overadvance exists or is created thereby, or the conditions in Section 6 are
satisfied); and 
 (d)    exercise any other rights or remedies afforded under any agreement, by law, at equity or
otherwise, including the rights and remedies of a secured party under the UCC. Such rights and remedies include the rights to (i) take possession of any Collateral; (ii) require Borrowers to assemble Collateral, at Borrowers’ expense,
and make it available to Agent at a place designated by Agent; (iii) enter any premises where Collateral is located and store Collateral on such premises until sold (and if the premises are owned or leased by a Borrower, Borrowers agree not to
charge for such storage); and (iv) sell or otherwise dispose of any Collateral in its then condition, or after any further manufacturing or processing thereof, at public or private sale, with such notice as may be required by Applicable Law, in
lots or in bulk, at such locations, all as Agent, in its reasonable discretion, deems advisable. Each Borrower agrees that 10 days’ notice of any proposed sale or other disposition of Collateral by Agent shall be reasonable, and that any sale
conducted on the internet or to a licensor of Intellectual Property shall be commercially reasonable. Agent may conduct sales on any 

  
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Obligor’s premises, without charge, and any sale may be adjourned from time to time in accordance with Applicable Law. Agent shall have the right to sell, lease or otherwise dispose of any
Collateral for cash, credit or any combination thereof, and Agent may purchase any Collateral at public or, if permitted by law, private sale and, in lieu of actual payment of the purchase price, may credit bid and set off the amount of such price
against the Obligations. 
 11.3    License. Agent is hereby granted an irrevocable, non-exclusive license or other right to use, license or sub-license following the occurrence and during the continuance of an Event of Default (without payment of royalty or
other compensation to any Person) any or all Intellectual Property of Borrowers, computer hardware and software, trade secrets, brochures, customer lists, promotional and advertising materials, labels, packaging materials and other Property, in
advertising for sale, marketing, selling, collecting, completing manufacture of, or otherwise exercising any rights or remedies with respect to, any Collateral to the extent necessary or appropriate in order to sell, lease, dispose or otherwise
manage in a commercially reasonable manner any of the Collateral. Each Borrower’s rights and interests under Intellectual Property shall inure to Agent’s benefit. 

11.4    Setoff. At any time during an Event of Default, Agent, Issuing Bank, Lenders, and any of their
Affiliates are authorized, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in
whatever currency) at any time owing by Agent, Issuing Bank, such Lender or such Affiliate to or for the credit or the account of an Obligor against any Obligations, irrespective of whether or not Agent, Issuing Bank, such Lender or such Affiliate
shall have made any demand under this Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or are owed to a branch or office of Agent, Issuing Bank, such Lender or such Affiliate different from the branch
or office holding such deposit or obligated on such indebtedness. The rights of Agent, Issuing Bank, each Lender and each such Affiliate under this Section are in addition to other rights and remedies (including other rights of setoff) that such
Person may have. 
 11.5    Remedies Cumulative; No Waiver. 

11.5.1    Cumulative Rights. All agreements, warranties, guaranties, indemnities and other undertakings of
Borrowers under the Loan Documents are cumulative and not in derogation of each other. The rights and remedies of Agent and Lenders are cumulative, may be exercised at any time and from time to time, concurrently or in any order, and are not
exclusive of any other rights or remedies available by agreement, by law, at equity or otherwise. All such rights and remedies shall continue in full force and effect until Full Payment of all Obligations. 

11.5.2    Waivers. No waiver or course of dealing shall be established by (a) the failure or delay of Agent or
any Lender to require strict performance by Borrowers with any terms of the Loan Documents, or to exercise any rights or remedies with respect to Collateral or otherwise; (b) the making of any Loan or issuance of any Letter of Credit during a
Default, Event of Default or other failure to satisfy any conditions precedent; or (c) acceptance by Agent or any Lender of any payment or performance by an Obligor under any Loan Documents in a manner other than that specified therein. It is
expressly acknowledged by Borrowers that any failure to satisfy a financial covenant on a measurement date shall not be cured or remedied by satisfaction of such covenant on a subsequent date. 

  
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 SECTION 12. AGENT 

12.1    Appointment, Authority and Duties of Agent. 

12.1.1    Appointment and Authority. Each Secured Party appoints and designates Bank of the West as Agent under all
Loan Documents. Agent may, and each Secured Party authorizes Agent to, enter into all Loan Documents to which Agent is intended to be a party and accept all Security Documents, for the benefit of Secured Parties. Any action taken by Agent in
accordance with the provisions of the Loan Documents, and the exercise by Agent of any rights or remedies set forth therein, together with all other powers reasonably incidental thereto, shall be authorized by and binding upon all Secured Parties.
Without limiting the generality of the foregoing, Agent shall have the sole and exclusive authority to (a) act as the disbursing and collecting agent for Lenders with respect to all payments and collections arising in connection with the Loan
Documents; (b) execute and deliver as Agent each Loan Document, including any intercreditor or subordination agreement, and accept delivery of each Loan Document; (c) act as collateral agent for Secured Parties for purposes of perfecting
and administering Liens under the Loan Documents, and for all other purposes stated therein; (d) manage, supervise or otherwise deal with Collateral; (e) take any Enforcement Action or otherwise exercise any rights or remedies with respect
to any Collateral or under any Loan Documents; Applicable Law or otherwise; and (f) appoint any Lender as a Documentation Agent or Co-Documentation Agent. The duties of Agent are ministerial and
administrative in nature only, and Agent shall not have a fiduciary relationship with any Secured Party, Participant or other Person, by reason of any Loan Document or any transaction relating thereto. Agent alone shall be authorized to determine
whether any Account or Inventory constitutes an Eligible Account or Eligible Inventory, whether to impose or release any reserve, or whether any conditions to funding or to issuance of a Letter of Credit have been satisfied, which determinations and
judgments, if exercised in good faith, shall exonerate Agent from liability to any Secured Party or other Person for any error in judgment. 

12.1.2    Duties. Agent shall not have any duties except those expressly set forth in the Loan Documents. The
conferral upon Agent of any right shall not imply a duty to exercise such right, unless instructed to do so by Lenders in accordance with this Agreement. 

12.1.3    Agent Professionals. Agent may perform its duties through agents and employees. Agent may consult with
and employ Agent Professionals, and shall be entitled to act upon, and shall be fully protected in any action taken in good faith reliance upon, any advice given by an Agent Professional. Agent shall not be responsible for the negligence or
misconduct of any agents or Agent Professionals selected by it with reasonable care. 
 12.1.4    Instructions of
Required Lenders. The rights and remedies conferred upon Agent under the Loan Documents may be exercised without the necessity of joinder of any other party, unless required by Applicable Law. Agent may request instructions from Required Lenders
or other Secured Parties with respect to any act (including the failure to act) in connection with any Loan Documents or Collateral, and may seek assurances to its satisfaction 

  
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from Secured Parties of their indemnification obligations against Claims that could be incurred by Agent. Agent may refrain from any act until it has received such instructions or assurances, and
shall not incur liability to any Person by reason of so refraining. Instructions of Required Lenders shall be binding upon all Secured Parties, and no Secured Party shall have any right of action whatsoever against Agent as a result of Agent acting
or refraining from acting pursuant to instructions of Required Lenders. Notwithstanding the foregoing, instructions by and consent of specific parties shall be required to the extent provided in Section 14.1.1. In no event
shall Agent be required to take any action that, in its opinion, is contrary to Applicable Law or any Loan Documents or could subject any Agent Indemnitee to personal liability. 

12.2    Agreements Regarding Collateral and Borrower Materials. 

12.2.1    Lien Releases; Care of Collateral. Secured Parties authorize Agent to release (and Agent shall release)
any Lien with respect to any Collateral (a) upon Full Payment of the Obligations; (b) that is the subject of a disposition or Lien that Borrowers certify in writing is a Permitted Asset Disposition or a Permitted Lien entitled to priority
over Agent’s Liens (and Agent may rely conclusively on any such certificate without further inquiry); (c) that does not constitute a material part of the Collateral; or (d) subject to Section 14.1, with the
consent of Required Lenders. Secured Parties authorize Agent to subordinate its Liens to any Purchase Money Lien or other Lien entitled to priority hereunder. Agent shall have no obligation to assure that any Collateral exists or is owned by an
Obligor, or is cared for, protected or insured, nor to assure that Agent’s Liens have been properly created, perfected or enforced, or are entitled to any particular priority, nor to exercise any duty of care with respect to any Collateral.

 12.2.2    Possession of Collateral. Agent and Secured Parties appoint each Lender as agent (for the benefit of
Secured Parties) for the purpose of perfecting Liens in any Collateral held or controlled by such Lender, to the extent such Liens are perfected by possession or control. If any Lender obtains possession or control of any Collateral, it shall notify
Agent thereof and, promptly upon Agent’s request, deliver such Collateral to Agent or otherwise deal with it in accordance with Agent’s instructions. 

12.2.3    Reports. Agent shall promptly provide to Lenders, when complete, any field audit, examination or
appraisal report prepared for Agent with respect to any Obligor or Collateral (“Report”). Reports and other Borrower Materials may be made available to Lenders by providing access to them on the Platform, but Agent shall not be
responsible for system failures or access issues that may occur from time to time. Each Lender agrees (a) that Reports are not intended to be comprehensive audits or examinations, and that Agent or any other Person performing an audit or
examination will inspect only specific information regarding the Obligations or Collateral and will rely significantly upon Borrowers’ books, records and representations; (b) that Agent makes no representation or warranty as to the
accuracy or completeness of any Borrower Materials and shall not be liable for any information contained in or omitted from any Borrower Materials, including any Report; and (c) to keep all Borrower Materials confidential and strictly for such
Lender’s internal use, not to distribute any Report or other Borrower Materials (or the contents thereof) to any Person (except to such Lender’s Participants, attorneys and accountants), and to use all Borrower Materials solely for
administration of the Obligations. Each Lender shall indemnify and hold harmless Agent and any other Person preparing a Report from any action such Lender may take as a result of or any conclusion it may draw from any Borrower Materials, as well as
from any Claims arising as a direct or indirect result of Agent furnishing same to such Lender, via the Platform or otherwise. 

  
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 12.2.4    Intercreditor Agreements. Secured Parties authorize
Agent to enter into the Intercreditor Agreement and any subordination agreement in respect of other Subordinated Debt, and, with the consent of Required Lenders, any amendments, supplements or waivers to any of the foregoing. 

12.3    Reliance By Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon
any certification, notice or other communication (including those by telephone, telex, telegram, telecopy or e-mail) believed by it to be genuine and correct and to have been signed, sent or made by the proper
Person. Agent shall have a reasonable and practicable amount of time to act upon any instruction, notice or other communication under any Loan Document, and shall not be liable for any delay in acting. 

12.4    Action Upon Default. Agent shall not be deemed to have knowledge of any Default or Event of Default,
or of any failure to satisfy any conditions in Section 6, unless it has received written notice from a Borrower or Required Lenders specifying the occurrence and nature thereof. If any Lender acquires knowledge of a Default, Event of Default or
failure of such conditions, it shall promptly notify Agent and the other Lenders thereof in writing. Each Secured Party agrees that, except as otherwise provided in any Loan Documents or with the written consent of Agent and Required Lenders, it
will not take any Enforcement Action, accelerate Obligations (other than Secured Bank Product Obligations), or exercise any right that it might otherwise have under Applicable Law to credit bid at foreclosure sales, UCC sales or other dispositions
of Collateral, or to assert any rights relating to any Collateral. 
 12.5    Ratable Sharing. If any
Lender obtains any payment or reduction of any Obligation, whether through set-off or otherwise, in excess of its share of such Obligation, determined on a Pro Rata basis or in accordance with
Section 5.7.2, as applicable, such Lender shall forthwith purchase from Agent, Issuing Bank and the other Lenders such participations in the affected Obligation as are necessary to share the excess payment or reduction on a Pro Rata basis or in
accordance with Section 5.7.2, as applicable. If any of such payment or reduction is thereafter recovered from the purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without
interest. Notwithstanding the foregoing, if a Defaulting Lender obtains a payment or reduction of any Obligation, it shall immediately turn over the amount thereof to Agent for application under Section 4.2.2 and it shall provide a written
statement to Agent describing the Obligation affected by such payment or reduction. 

12.6    Indemnification. EACH LENDER SHALL INDEMNIFY AND HOLD HARMLESS AGENT INDEMNITEES AND ISSUING BANK
INDEMNITEES, TO THE EXTENT NOT REIMBURSED BY OBLIGORS, ON A PRO RATA BASIS, AGAINST ALL CLAIMS THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY SUCH INDEMNITEE; PROVIDED, THAT ANY CLAIM AGAINST (I) AN AGENT INDEMNITEE RELATES TO OR ARISES FROM
ITS ACTING AS OR FOR AGENT (IN THE CAPACITY OF AGENT), AND (II) AN ISSUING BANK INDEMNITEE RELATES TO OR ARISES FROM ITS ACTING AS OR FOR ISSUING BANK (IN THE CAPACITY OF ISSUING 

  
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BANK); PROVIDED FURTHER, THAT IN NO EVENT SHALL ANY LENDER HAVE ANY OBLIGATION HEREUNDER TO INDEMNIFY OR HOLD HARMLESS AN AGENT INDEMNITEE OR ISSUING BANK INDEMNITEE WITH RESPECT TO A CLAIM THAT
IS DETERMINED IN A FINAL, NON- APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO RESULT FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE. In Agent’s discretion, it may reserve
for any Claims made against an Agent Indemnitee or Issuing Bank Indemnitee, and may satisfy any judgment, order or settlement relating thereto, from proceeds of Collateral prior to making any distribution of Collateral proceeds to Secured Parties.
If Agent is sued by any receiver, trustee or other Person for any alleged preference or fraudulent transfer, then any monies paid by Agent in settlement or satisfaction of such proceeding, together with all interest, costs and expenses (including
reasonable attorneys’ fees) incurred in the defense of same, shall be promptly reimbursed to Agent by each Lender to the extent of its Pro Rata share to the extent not reimbursed by Obligors. 

12.7    Limitation on Responsibilities of Agent. Agent shall not be liable to any Secured Party for any
action taken or omitted to be taken under the Loan Documents, except for losses directly and solely caused by Agent’s gross negligence or willful misconduct. Agent does not assume any responsibility for any failure or delay in performance or
any breach by any Obligor, Lender or other Secured Party of any obligations under the Loan Documents. Agent does not make any express or implied representation, warranty or guarantee to Secured Parties with respect to any Obligations, Collateral,
Loan Documents or Obligor. No Agent Indemnitee shall be responsible to Secured Parties for any recitals, statements, information, representations or warranties contained in any Loan Documents or Borrower Materials; the execution, validity,
genuineness, effectiveness or enforceability of any Loan Documents; the genuineness, enforceability, collectibility, value, sufficiency, location or existence of any Collateral, or the validity, extent, perfection or priority of any Lien therein;
the validity, enforceability or collectibility of any Obligations; or the assets, liabilities, financial condition, results of operations, business, creditworthiness or legal status of any Obligor or Account Debtor. No Agent Indemnitee shall have
any obligation to any Secured Party to ascertain or inquire into the existence of any Default or Event of Default, the observance by any Obligor of any terms of the Loan Documents, or the satisfaction of any conditions precedent contained in any
Loan Documents. 
 12.8    Successor Agent and Co-Agents. 

12.8.1    Designation; Successor Agent. Subject to the appointment and acceptance of a successor Agent as provided
below, Agent may resign at any time by giving at least 30 days’ written notice thereof to Lenders and Borrowers. Upon receipt of such notice, Required Lenders shall have the right, in consultation with Borrower Agent, to appoint a successor
Agent which shall be (a) a Lender or an Affiliate of a Lender; or (b) a financial institution reasonably acceptable to Required Lenders and (provided no Default or Event of Default exists) Borrowers. If no successor agent is appointed
prior to the effective date of Agent’s resignation, the retiring Agent may appoint a successor agent that is a financial institution acceptable to it and that meets the qualifications set forth above, which shall be a Lender unless no Lender
accepts the role; provided that in no event shall any such successor Agent be a Defaulting Lender. Upon acceptance by a successor Agent of its appointment hereunder, such successor Agent shall

  
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thereupon succeed to and become vested with all the powers and duties of the retiring Agent without further act, and the retiring Agent shall be discharged from its duties and obligations
hereunder but shall continue to have the benefits of the indemnification set forth in Sections 12.6 and 14.2. Notwithstanding any Agent’s resignation, the provisions of this Section 12 shall continue in
effect for its benefit with respect to any actions taken or omitted to be taken by it while Agent. Any successor to Bank of the West by merger or acquisition of stock or this loan shall continue to be Agent hereunder without further act on the part
of any Secured Party or Obligor. 
 12.8.2    Co-Collateral Agent. If
necessary or appropriate under Applicable Law, Agent may appoint a Person to serve as a co-collateral agent or separate collateral agent under any Loan Document. Each right and remedy intended to be available
to Agent under the Loan Document shall also be vested in such agent. Secured Parties shall execute and deliver any instrument or agreement that Agent may request to effect such appointment. If the agent shall die, dissolve, become incapable of
acting, resign or be removed, then all the rights and remedies of such agent, to the extent permitted by Applicable Law, shall vest in and be exercised by Agent until appointment of a new agent. 

12.9    Due Diligence and Non-Reliance. Each Lender acknowledges and
agrees that it has, independently and without reliance upon Agent or any other Lenders, and based upon such documents, information and analyses as it has deemed appropriate, made its own credit analysis of each Obligor and its own decision to enter
into this Agreement and to fund Loans and participate in LC Obligations hereunder. Each Secured Party has made such inquiries as it feels necessary concerning the Loan Documents, Collateral and Obligors. Each Secured Party acknowledges and agrees
that the other Secured Parties have made no representations or warranties concerning any Obligor, any Collateral or the legality, validity, sufficiency or enforceability of any Loan Documents or Obligations. Each Secured Party will, independently
and without reliance upon any other Secured Party, and based upon such financial statements, documents and information as it deems appropriate at the time, continue to make and rely upon its own credit decisions in making Loans and participating in
LC Obligations, and in taking or refraining from any action under any Loan Documents. Except for notices, reports and other information expressly requested by a Lender, Agent shall have no duty or responsibility to provide any Secured Party with any
notices, reports or certificates furnished to Agent by any Obligor or any credit or other information concerning the affairs, financial condition, business or Properties of any Obligor (or any of its Affiliates) which may come into possession of
Agent or its Affiliates. 
 12.10    Remittance of Payments and Collections. 

12.10.1    Remittances Generally. All payments by any Lender to Agent shall be made by the time and on the day set
forth in this Agreement, in immediately available funds. If no time for payment is specified or if payment is due on demand by Agent and request for payment is made by Agent by 11:00 a.m. (Los Angeles time) on a Business Day, payment shall be made
by Lender not later than 2:00 p.m. (Los Angeles time) on such day, and if request is made after 11:00 a.m. (Los Angeles time), then payment shall be made by 11:00 a.m. (Los Angeles time) on the next Business Day. Payment by Agent to any Secured
Party shall be made by wire transfer, in the type of funds received by Agent. Any such payment shall be subject to Agent’s right of offset for any amounts due from such payee under the Loan Documents. 

  
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 12.10.2    Failure to Pay. If any Secured Party fails to pay any
amount when due by it to Agent pursuant to the terms hereof, such amount shall bear interest, from the due date until paid in full, at the rate determined by Agent as customary for interbank compensation for two Business Days and thereafter at the
Default Rate for Adjusted Base Rate Revolver Loans. In no event shall Borrowers be entitled to receive credit for any interest paid by a Secured Party to Agent, nor shall any Defaulting Lender be entitled to interest on any amounts held by Agent
pursuant to Section 4.2. 
 12.10.3    Recovery of Payments. If Agent pays an amount to
a Secured Party in the expectation that a related payment will be received by Agent from an Obligor and such related payment is not received, then Agent may recover such amount from the Secured Party. If Agent determines that an amount received by
it must be returned or paid to an Obligor or other Person pursuant to Applicable Law or otherwise, then, notwithstanding any other term of any Loan Document, Agent shall not be required to distribute such amount to any Secured Party. If any amounts
received and applied by Agent to any Obligations are later required to be returned by Agent pursuant to Applicable Law, each Lender shall pay to Agent, on demand, such Lender’s Pro Rata share of the amounts required to be returned. 

12.11    Individual Capacities. As a Lender, Bank of the West shall have the same rights and remedies under
the Loan Documents as any other Lender, and the terms “Lenders,” “Required Lenders” or any similar term shall include Bank of the West in its capacity as a Lender. Agent, Lenders and their Affiliates may accept deposits from,
lend money to, provide Bank Products to, act as financial or other advisor to, and generally engage in any kind of business with, Obligors and their Affiliates, as if they were not Agent or Lenders hereunder, without any duty to account therefor to
any Secured Party. In their individual capacities, Agent, Lenders and their Affiliates may receive information regarding Obligors, their Affiliates and their Account Debtors (including information subject to confidentiality obligations), and shall
have no obligation to provide such information to any Secured Party. 
 12.12    Joint Lead Arrangers.
Joint Book Runners. Syndication Agent, Documentation Agent, and Co-Documentation Agents. Each of the Joint Lead Arrangers, Joint Book Runners, Syndication Agent, Documentation Agent, and Co-Documentation Agents, in such capacities, shall not have any right, power, obligation, liability, responsibility, or duty under this Agreement other than those applicable to it in its capacity as a Lender, as
Agent, as Swingline Lender, or as Issuing Bank. Without limiting the foregoing, each of the Joint Lead Arrangers, Joint Book Runners, Syndication Agent, Documentation Agent, and Co-Documentation Agents, in
such capacities, shall not have or be deemed to have any fiduciary relationship with any Lender or any Obligor. Each Lender, Agent, Swingline Lender, Issuing Bank, and each Obligor acknowledges that it has not relied, and will not rely, on the Joint
Lead Arrangers, Joint Book Runners, Syndication Agent, Documentation Agent, and Co-Documentation Agents in deciding to enter into this Agreement or in taking or not taking action hereunder. Each of the Joint
Lead Arrangers, Joint Book Runners, Syndication Agent, Documentation Agent, and Co-Documentation Agents, in such capacities, shall be entitled to resign at any time by giving notice to Agent and Borrowers.

  
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 12.13    Bank Product Providers. Each Secured Bank Product
Provider, by delivery of a notice to Agent of a Bank Product, agrees to be bound by Section 5.7 and this Section 12. Each Secured Bank Product Provider shall indemnify and hold harmless Agent Indemnitees, to the extent not reimbursed by
Obligors, against all Claims that may be incurred by or asserted against any Agent Indemnitee in connection with such provider’s Secured Bank Product Obligations. 

12.14    No Third Party Beneficiaries. This Section 12 (except with respect to Borrowers’ rights
under Section 12.8) is an agreement solely among Secured Parties and Agent, and shall survive Full Payment of the Obligations. This Section 12 does not confer any rights or benefits upon Borrowers or any other Person. As between Borrowers
and Agent, any action that Agent may take under any Loan Documents or with respect to any Obligations shall be conclusively presumed to have been authorized and directed by Secured Parties. 

SECTION 13. BENEFIT OF AGREEMENT; ASSIGNMENTS 

13.1    Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Borrowers,
Agent, Lenders, Secured Parties, and their respective successors and permitted assigns, except that (a) no Borrower shall have the right to assign its rights or delegate its obligations under any Loan Documents; and (b) any assignment by a
Lender must be made in compliance with Section 13.3. Agent may treat the Person which made any Loan as the owner thereof for all purposes until such Person makes an assignment in accordance with Section 13.3. Any authorization or consent
of a Lender shall be conclusive and binding on any subsequent transferee or assignee of such Lender. 

13.2    Participations. 

13.2.1    Permitted Participants; Effect. Subject to Section 13.3.3, any Lender may sell
to a financial institution (“Participant”) a participating interest in the rights and obligations of such Lender under any Loan Documents. Despite any sale by a Lender of participating interests to a Participant, such Lender’s
obligations under the Loan Documents shall remain unchanged, it shall remain solely responsible to the other parties hereto for performance of such obligations, it shall remain the holder of its Loans and Commitments for all purposes, all amounts
payable by Borrowers shall be determined as if it had not sold such participating interests, and Borrowers and Agent shall continue to deal solely and directly with such Lender in connection with the Loan Documents. Each Lender shall be solely
responsible for notifying its Participants of any matters under the Loan Documents, and Agent and the other Lenders shall not have any obligation or liability to any such Participant. A Participant that would be a Foreign Lender if it were a Lender
shall not be entitled to the benefits of Section 5.10 unless Borrowers agree otherwise in writing. Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the
Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or
any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such
commitment, loan, letter of credit or other obligation is in registered form under Section 5f. 

  
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103- 1(c) of the United States Treasury Regulations, or is otherwise required thereunder. The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

13.2.2    Voting Rights. Each Lender shall retain the sole right to approve, without the consent of any
Participant, any amendment, waiver or other modification of a Loan Document other than that which forgives principal, interest or fees, reduces the stated interest rate or fees payable with respect to any Loan or Commitment in which such Participant
has an interest, postpones the Revolver Termination Date or the Term Loan Maturity Date or Capital Expenditure Loan Maturity Date or any date fixed for any regularly scheduled payment of principal, interest or fees on such Loan or Commitment, or
releases any Borrower, Guarantor (except in a Permitted Asset Disposition of such Borrower or Guarantor) or substantially all Collateral. 

13.2.3    Benefit of Set-Off. Borrowers agree that each Participant shall
have a right of set-off in respect of its participating interest to the same extent as if such interest were owing directly to a Lender, and each Lender shall also retain the right of set-off with respect to any participating interests sold by it. By exercising any right of set-off, a Participant agrees to share with Lenders all amounts received through its
set-off, in accordance with Section 12.5 as if such Participant were a Lender. 

13.3    Assignments. 

13.3.1    Permitted Assignments. A Lender may assign to an Eligible Assignee any of its rights and obligations
under the Loan Documents, as long as (a) each assignment is of a constant, and not a varying, percentage of the transferor Lender’s rights and obligations under the Loan Documents and, in the case of a partial assignment, is in a minimum
principal amount of $5,000,000 (unless otherwise agreed by Agent in its reasonable discretion) and integral multiples of $5,000,000 in excess of those amounts; (b) except in the case of an assignment in whole of a Lender’s rights and
obligations, the aggregate amount of the Commitments retained by the transferor Lender is at least $5,000,000 (unless otherwise agreed by Agent in its reasonable discretion); and (c) the parties to each such assignment shall execute and deliver
to Agent, for its acceptance and recording, an Assignment and Acceptance. Nothing herein shall limit the right of a Lender to pledge or assign any rights under the Loan Documents to secure obligations of such Lender, including a pledge or assignment
to a Federal Reserve Bank or any central bank; provided, however, that no such pledge or assignment shall release the Lender from its obligations hereunder nor substitute the pledge or assignee for such Lender as a party hereto. 

13.3.2    Effect; Effective Date. Upon delivery to Agent of an assignment notice in the form of Exhibit B
and a processing fee of $3,500 (unless otherwise agreed by Agent in its discretion), the assignment shall become effective as specified in the notice, if it complies with this Section 13.3. From such effective date, and
subject to recording of the assignment in the Register, the Eligible Assignee shall for all purposes be a Lender under the Loan Documents, and shall have all rights and obligations of a Lender thereunder. Upon consummation of an assignment, the
transferor Lender, Agent and Borrowers shall make appropriate arrangements for issuance of replacement and/or new notes, if applicable. The transferee Lender shall comply with Section 5.11 and deliver, upon request, an
administrative questionnaire satisfactory to Agent. 

  
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 13.3.3    Certain Assignees. No assignment or participation may
be made to a Borrower, Affiliate of a Borrower, Defaulting Lender or natural person. Any assignment by a Defaulting Lender shall be effective only upon payment by the Eligible Assignee or Defaulting Lender to Agent of an aggregate amount sufficient,
upon distribution (through direct payment, purchases of participations or other compensating actions as Agent deems appropriate), to satisfy all funding and payment liabilities then owing by the Defaulting Lender hereunder. If an assignment by a
Defaulting Lender shall become effective under Applicable Law for any reason without compliance with the foregoing sentence, then the assignee shall be deemed a Defaulting Lender for all purposes until such compliance occurs. 

13.3.4    Register. Agent, acting as a non-fiduciary agent of Borrowers
(solely for tax purposes), shall maintain (a) a copy of each Assignment and Acceptance delivered to it, and (b) a register for recordation of the names, addresses and Commitments of, and the principal amounts (and stated interest) of the
Loans and LC Obligations owing to, each Lender. Notwithstanding anything to the contrary herein, entries in the register shall be conclusive, absent manifest error, and Borrowers, Agent and Lenders shall treat each lender recorded in such register
as a Lender and the owner of the amounts owing to it under the Loan Documents as reflected in the register for all purposes under the Loan Documents, notwithstanding any notice to the contrary. The register shall be available for inspection by
Borrowers or any Lender, from time to time upon reasonable notice. 
 13.4    Replacement of Certain
Lenders. If a Lender (a) fails to give its consent to any amendment, waiver or action for which consent of all Lenders was required and Required Lenders consented, (b) makes a claim for payments under Section 3.7 or 5.10, or
(c) is a Defaulting Lender, then, in addition to any other rights and remedies that any Person may have, Agent or Borrowers (at their sole expense and effort, upon notice to such Lender and the Agent and so long as no Event of Default has
occurred and is continuing) may, by notice to such Lender within 120 days after such event, require such Lender to assign all of its rights and obligations under the Loan Documents to Eligible Assignee(s), pursuant to appropriate Assignment and
Acceptance(s), within 20 days after the notice provided that at the time of such replacement, each such replacement Lender consents to the proposed change, waiver, discharge or termination. Agent is irrevocably appointed as attorney-in-fact to execute any such Assignment and Acceptance if the Lender fails to execute it. Such Lender shall be entitled to receive, in cash, concurrently with such
assignment, all amounts owed to it under the Loan Documents through the date of assignment. 
 SECTION 14. MISCELLANEOUS 

14.1    Consents. Amendments and Waivers. 

14.1.1    Amendment. No modification of any Loan Document, including any extension or amendment of a Loan Document
or any waiver of a Default or Event of Default, shall be effective without the prior written agreement of Agent (with the consent of Required Lenders) and each Obligor party to such Loan Document; provided, however, that: 

  
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 (a)    without the prior written consent of Agent, no modification
shall be effective with respect to any provision in a Loan Document that relates to any rights, duties or discretion of Agent; 

(b)    without the prior written consent of Issuing Bank, no modification shall be effective with respect to any LC
Obligations, Section 2.4 or any other provision in a Loan Document that relates to any rights, duties or discretion of Issuing Bank; 

(c)    without the prior written consent of each Lender directly affected thereby, including a Defaulting Lender, no
modification shall be effective that would (i) increase the Commitment of such Lender; (ii) reduce the amount of, or waive or delay a scheduled payment of, any principal, interest or fees payable to such Lender (except as provided in
Section 4.2); (iii) extend the Revolver Termination Date, Term Loan Maturity Date or the Capital Expenditure Loan Maturity Date, applicable to such Lender’s Obligations; or (iv) amend this clause (c); 

(d)    without the prior written consent of all Lenders (except any Defaulting Lender), no modification shall be
effective that would (i) reduce the rate of interest on any Loan (other than any waiver of any increase in the interest rate applicable to any Loan pursuant to Section 3.1.1(b)) or any fee payable hereunder
(ii) alter Section 5.7.2, 7.1 (except to add Collateral), 12.5 or 14.1.1; (iii) release all or substantially all Collateral; (iv) except in connection with a merger, disposition or similar
transaction expressly permitted hereby, release any Obligor from liability for any Obligations, (v) contractually subordinate any of Agent’s Liens, or (vi) amend the definitions of Pro Rata, Required Lenders or Supermajority Lenders;

 (e)    without the prior written consent of Supermajority Lenders, no modification shall be effective that would
(i) amend the definition of Borrowing Base (or any defined term used in such definition) to the extent the effect of such amendment would be to increase Availability; or (ii) increase any advance rate; and 

(f)    without the prior written consent of a Secured Bank Product Provider, no modification shall be effective that
affects its relative payment priority under Section 5.7.2. 
 14.1.2    Limitations.
The agreement of Borrowers shall not be necessary to the effectiveness of any modification of a Loan Document that deals solely with the rights and duties of Lenders, Agent and/or Issuing Bank as among themselves. Only the consent of the parties to
any agreement relating to fees or a Bank Product shall be required for modification of such agreement, and no Bank Product provider (in such capacity) shall have any right to consent to modification of any Loan Document other than its Bank Product
agreement. Any waiver or consent granted by Agent or Lenders hereunder shall be effective only if in writing and only for the matter specified. 

14.1.3    Payment for Consents. No Borrower will, directly or indirectly, pay any remuneration or other thing of
value, whether by way of additional interest, fee or otherwise, to any Lender (in its capacity as a Lender hereunder) as consideration for agreement by such Lender with any modification of any Loan Documents, unless such remuneration or value is
concurrently paid, on the same terms, on a Pro Rata basis to all Lenders providing their consent. 

  
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 14.2    Indemnity. EACH BORROWER SHALL INDEMNIFY AND HOLD
HARMLESS THE INDEMNITEES AGAINST ANY CLAIMS (AS HEREIN DEFINED) THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE, INCLUDING CLAIMS ASSERTED BY ANY OBLIGOR OR OTHER PERSON OR ARISING FROM THE NEGLIGENCE OF AN INDEMNITEE; provided however,
that in no event shall any party to a Loan Document have any obligation thereunder to indemnify or hold harmless an Indemnitee with respect to a Claim to the extent that such Claim (x) is determined in a final,
non-appealable judgment by a court of competent jurisdiction to result from the gross negligence, bad faith or willful misconduct of such Indemnitee or such Indemnitee’s affiliates and its and their
respective officers, directors, employees, advisors and agents or the material breach by a Lender of its obligations under the Loan Documents and such breach resulted in such claim; (y) arises out of, or in connection with, any Claim,
litigation, investigation or proceeding that does not involve an act or omission by Sponsor, Intermediate Holdco, the Borrowers or any of its or their respective affiliates and that is brought by any such indemnified person against any other
indemnified person (other than an Indemnitee acting in its capacity as agent, arranger or any other similar role in connection with the Loans unless such claim would otherwise be excluded pursuant to clause (x) above) and (z) settlements
effected without Borrower Agent’s prior written consent (not to be unreasonably withheld or delayed), but no consent of Borrowers shall be required if an Event of Default has occurred and is continuing, provided that, Borrowers shall have no
obligation to reimburse any Indemnitee for fees and expenses unless such Indemnitee provides an undertaking in which such Indemnitee agrees to refund and return any and all amounts paid by Borrowers to such Indemnitee to the extent any of the
foregoing items in clause (x) through (z) above occurs. The foregoing shall be limited, in the case of legal fees and expenses, to the reasonable fees, disbursements and other charges of one counsel to the indemnified persons taken as a whole
and if necessary, one local counsel in any relevant jurisdiction (and, in the case of a conflict of interest, one additional counsel to the affected indemnified persons, taken as a whole, and if reasonably necessary, one local counsel in any
relevant jurisdiction), in each case, excluding allocated costs of in-house counsel, arising out of or relating to this Agreement, the Borrowers’ use or proposed use of proceeds of the Loans or the
commitments and any other transactions connected therewith. This Section 14.2 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any
non-Tax claim. 
 14.3    Notices and Communications. 

14.3.1    Notice Address. Subject to Section 4.1.5, all notices and other communications
by or to a party hereto shall be in writing and shall be given to any Borrower, at Borrower Agent’s address shown on Schedule 14.3.1, and to any other Person at its address shown on Schedule 14.3.1 (or, in the case of a Person who
becomes a Lender after the Closing Date, at the address shown on its Assignment and Acceptance), or at such other address as a party may hereafter specify by notice in accordance with this Section 14.3. Each communication
shall be effective only (a) if given by facsimile transmission, when transmitted to the applicable facsimile number, if confirmation of receipt is received; (b) if given by mail, three Business Days after deposit in the U.S. mail, with
first-class postage pre-paid, addressed to the applicable 

  
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address; or (c) if given by personal delivery, when duly delivered to the notice address with receipt acknowledged. Notwithstanding the foregoing, no notice to Agent pursuant to
Section 2.1.4, 2.4, 3.1.2, 4.1.1 or 5.3.3 shall be effective until actually received by the individual to whose attention at Agent such notice is required to be sent. Any written communication that is
not sent in conformity with the foregoing provisions shall nevertheless be effective on the date actually received by the noticed party. Any notice received by Borrower Agent shall be deemed received by all Borrowers. 

14.3.2    Electronic Communications; Voice Mail. Electronic mail and internet websites may be used only for routine
communications, such as delivery of Borrower Materials, administrative matters, distribution of Loan Documents, and matters permitted under Section 4.1.5. Agent and Lenders make no assurances as to the privacy and security
of electronic communications. Electronic and voice mail may not be used as effective notice under the Loan Documents. 

14.3.3    Platform. Borrower Materials shall be delivered pursuant to procedures approved by Agent, including
electronic delivery (if possible) upon request by Agent to an electronic system maintained by Agent (“Platform”). Borrowers shall notify Agent of each posting of Borrower Materials on the Platform and the materials shall be deemed
received by Agent only upon its receipt of such notice. Borrower Materials and other information relating to this credit facility may be made available to Lenders on the Platform. The Platform is provided “as is” and “as
available.” Agent does not warrant the accuracy or completeness of any information on the Platform nor the adequacy or functioning of the Platform, and expressly disclaims liability for any errors or omissions in the Borrower Materials or any
issues involving the Platform. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS, OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY AGENT WITH RESPECT TO BORROWER MATERIALS OR THE PLATFORM. Lenders acknowledge that Borrower Materials may include material non-public information of
Obligors and should not be made available to any personnel who do not wish to receive such information or who may be engaged in investment or other market-related activities with respect to any Obligor’s securities. No Agent Indemnitee shall
have any liability to Borrowers, Lenders or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) relating to use by any Person of the Platform or delivery of Borrower Materials
and other information through the Platform. 
 14.3.4    Non-Conforming
Communications. Agent and Lenders may rely upon any communications purportedly given by or on behalf of any Borrower even if they were not made in a manner specified herein, were incomplete or were not confirmed, or if the terms thereof, as
understood by the recipient, varied from a later confirmation. Each Borrower shall indemnify and hold harmless each Indemnitee from any liabilities, losses, costs and expenses arising from any electronic or telephonic communication purportedly given
by or on behalf of a Borrower. 
 14.4    Performance of Borrowers’ Obligations. Agent
may, in its discretion, with two (2) Business Days’ prior written notice to Borrower Agent at any time when a Default exists, or at any time when an Event of Default has occurred and is continuing, at Borrowers’ expense, pay

  
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any amount or do any act required of a Borrower under any Loan Documents or otherwise lawfully requested by Agent to (a) enforce any Loan Documents or collect any Obligations;
(b) protect, insure, maintain or realize upon any Collateral; or (c) defend or maintain the validity or priority of Agent’s Liens in any Collateral, including any payment of a judgment, insurance premium, warehouse charge, finishing
or processing charge, or landlord claim, or any discharge of a Lien. All payments, costs and expenses (including Extraordinary Expenses) of Agent under this Section shall be reimbursed to Agent by Borrowers, with interest from the date incurred
until paid in full, at the Default Rate applicable to Adjusted Base Rate Revolver Loans. Any payment made or action taken by Agent under this Section shall be without prejudice to any right to assert an Event of Default or to exercise any other
rights or remedies under the Loan Documents. 
 14.5    Credit Inquiries. Agent and Lenders may (but shall
have no obligation) to respond to usual and customary credit inquiries from third parties concerning any Obligor or Subsidiary. 

14.6    Severability. Wherever possible, each provision of the Loan Documents shall be interpreted in such
manner as to be valid under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of the Loan Documents shall remain in full force and
effect. 
 14.7    Cumulative Effect; Conflict of Terms. The provisions of the Loan Documents are
cumulative. The parties acknowledge that the Loan Documents may use several limitations or measurements to regulate similar matters, and they agree that these are cumulative and that each must be performed as provided. Except as otherwise provided
in another Loan Document (by specific reference to the applicable provision of this Agreement), if any provision contained herein is in direct conflict with any provision in another Loan Document, the provision herein shall govern and control. 

14.8    Counterparts. Any Loan Document may be executed in counterparts, each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when Agent has received counterparts bearing the signatures of all parties hereto. Delivery of a signature page of any Loan
Document by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of such agreement. 

14.9    Entire Agreement. Time is of the essence with respect to all Loan Documents and Obligations. The
Loan Documents constitute the entire agreement, and supersede all prior understandings and agreements, among the parties relating to the subject matter thereof. 

14.10    Relationship with Lenders. The obligations of each Lender hereunder are several, and no Lender
shall be responsible for the obligations or Commitments of any other Lender. Amounts payable hereunder to each Lender shall be a separate and independent debt. It shall not be necessary for Agent or any other Lender to be joined as an additional
party in any proceeding for such purposes. Nothing in this Agreement and no action of Agent, Lenders or any other Secured Party pursuant to the Loan Documents or otherwise shall be deemed to constitute Agent and any Secured Party to be a
partnership, joint venture or similar arrangement, nor to constitute control of any Obligor. 

  
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 14.11    No Advisory or Fiduciary Responsibility. In
connection with all aspects of each transaction contemplated by any Loan Document, Borrowers acknowledge and agree that (a)(i) this credit facility and any related arranging or other services by Agent, any Lender, any of their Affiliates or any
arranger are arm’s-length commercial transactions between Borrowers and such Person; (ii) Borrowers have consulted their own legal, accounting, regulatory and tax advisors to the extent they have
deemed appropriate; and (iii) Borrowers are capable of evaluating, and understand and accept, the terms, risks and conditions of the transactions contemplated by the Loan Documents; (b) each of Agent, Lenders, their Affiliates and any
arranger is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for Borrowers, any of their Affiliates or any
other Person, and has no obligation with respect to the transactions contemplated by the Loan Documents except as expressly set forth therein; and (c) Agent, Lenders, their Affiliates and any arranger may be engaged in a broad range of
transactions that involve interests that differ from those of Borrowers and their Affiliates, and have no obligation to disclose any of such interests to Borrowers or their Affiliates. To the fullest extent permitted by Applicable Law, each Borrower
hereby waives and releases any claims that it may have against Agent, Lenders, their Affiliates and any arranger with respect to any breach of agency or fiduciary duty in connection with any transaction contemplated by a Loan Document. 

14.12    Confidentiality. Each of Agent, Lenders and Issuing Bank (collectively, the “Restricted
Persons” and, each a “Restricted Person”) shall maintain the confidentiality of all Information (as defined below), except that Information may be disclosed (a) to its Affiliates, and to its and their partners, directors,
officers, employees, agents, advisors and representatives (provided such Persons are informed of the confidential nature of the Information and instructed to keep it confidential); (b) to the extent requested by any governmental, regulatory or self-
regulatory authority purporting to have jurisdiction over it or its Affiliates; (c) to the extent required by Applicable Law or by any subpoena or other legal process; (d) to any other party hereto; (e) in connection with any action
or proceeding relating to any Loan Documents or Obligations; (f) subject to an agreement containing provisions substantially the same as this Section, to any Transferee or any actual or prospective party (or its advisors) to any Bank Product;
(g) with the consent of Borrower Agent; or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) is available to Agent, any Lender, Issuing Bank or any of
their Affiliates on a nonconfidential basis from a source other than Borrowers. Notwithstanding the foregoing, Agent and Lenders may publish or disseminate general information concerning this credit facility for league table, tombstone and
advertising purposes, and may use Borrowers’ logos, trademarks or product photographs in advertising materials. As used herein, “Information” means all information received from an Obligor or Subsidiary or Affiliates relating to it or
its business, other than any such information that is available to Agent or any Lender thereof on a non-confidential basis prior to disclosure by an Obligor or any of its Subsidiaries or Affiliates. Any Person
required to maintain the confidentiality of Information pursuant to this Section shall be deemed to have complied if it exercises a degree of care similar to that which it accords its own confidential information. Each of Agent, Lenders and Issuing
Bank acknowledges that (i) Information may include material non-public information; (ii) it has developed compliance procedures regarding the use of material
non-public information; and (iii) it will handle such material non-public information in accordance with Applicable Law. 

  
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 14.13    GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS, UNLESS OTHERWISE SPECIFIED, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS). 

14.14    Consent to Forum. EACH PARTY HERETO HEREBY CONSENTS TO THE
NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT SITTING IN OR WITH JURISDICTION OVER NEW YORK, NEW YORK, IN ANY PROCEEDING OR DISPUTE RELATING IN ANY WAY TO ANY LOAN DOCUMENTS, AND AGREES THAT ANY
SUCH PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY SUCH COURT. EACH PARTY HERETO IRREVOCABLY WAIVES ALL CLAIMS, OBJECTIONS AND DEFENSES THAT IT MAY HAVE REGARDING SUCH COURT’S PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR INCONVENIENT
FORUM. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 14.3.1. Nothing herein shall limit the right of Agent or any Lender to bring proceedings against any Obligor in any other court, nor
limit the right of any party to serve process in any other manner permitted by Applicable Law. Nothing in this Agreement shall be deemed to preclude enforcement by Agent of any judgment or order obtained in any forum or jurisdiction. 

14.15    Waivers by Borrowers. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH BORROWER WAIVES
(A) THE RIGHT TO TRIAL BY JURY (WHICH AGENT AND EACH LENDER HEREBY ALSO WAIVES) IN ANY PROCEEDING OR DISPUTE OF ANY KIND RELATING IN ANY WAY TO ANY LOAN DOCUMENTS, OBLIGATIONS OR COLLATERAL; (B) PRESENTMENT, DEMAND, PROTEST, NOTICE OF
PRESENTMENT, DEFAULT, NON-PAYMENT, MATURITY, RELEASE, COMPROMISE, SETTLEMENT, EXTENSION OR RENEWAL OF ANY COMMERCIAL PAPER, ACCOUNTS, DOCUMENTS, INSTRUMENTS, CHATTEL PAPER AND GUARANTIES AT ANY TIME HELD BY
AGENT ON WHICH A BORROWER MAY IN ANY WAY BE LIABLE, AND HEREBY RATIFIES ANYTHING AGENT MAY DO IN THIS REGARD; (C) NOTICE PRIOR TO TAKING POSSESSION OR CONTROL OF ANY COLLATERAL; (D) ANY BOND OR SECURITY THAT MIGHT BE REQUIRED BY A COURT
PRIOR TO ALLOWING AGENT TO EXERCISE ANY RIGHTS OR REMEDIES; (E) THE BENEFIT OF ALL VALUATION, APPRAISEMENT AND EXEMPTION LAWS; (F) ANY CLAIM AGAINST AGENT, ISSUING BANK OR ANY LENDER, ON ANY THEORY OF LIABILITY, FOR SPECIAL, INDIRECT,
CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) IN ANY WAY RELATING TO ANY ENFORCEMENT ACTION, OBLIGATIONS, LOAN DOCUMENTS OR TRANSACTIONS RELATING THERETO; AND (G) NOTICE OF ACCEPTANCE HEREOF. EACH
BORROWER ACKNOWLEDGES THAT THE FOREGOING WAIVERS ARE A MATERIAL INDUCEMENT TO AGENT, ISSUING BANK AND LENDERS ENTERING INTO THIS AGREEMENT AND THAT THEY ARE RELYING UPON THE FOREGOING IN THEIR DEALINGS WITH BORROWERS. EACH BORROWER HAS REVIEWED THE
FOREGOING WAIVERS WITH ITS LEGAL COUNSEL AND HAS KNOWINGLY AND VOLUNTARILY WAIVED ITS JURY TRIAL AND OTHER RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY
THE COURT. 

  
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 14.16    Patriot Act Notice. Agent and Lenders subject to
the Patriot Act hereby notify Borrowers, Agent and Lenders that they are required to obtain, verify and record information that identifies each Borrower, including its legal name, address, tax ID number and other information that will allow Agent
and Lenders to identify it in accordance with the Patriot Act. Agent and Lenders will also require information regarding each personal guarantor, if any, and may require information regarding Borrowers’ management and owners, such as legal
name, address, social security number and date of birth. In addition, if Agent or any Lender is required by law or regulation or internal policies to do so, it shall have the right to periodically conduct (a) Patriot Act searches, OFAC/PEP
searches, and customary individual background checks for the Obligors and (b) OFAC/PEP searches and customary individual background checks for the Obligors’ senior management and key principals, and Borrowers agree to cooperate in respect
of the conduct of such searches and further agrees that the reasonable costs and charges for such searches shall constitute expenses hereunder for which the Borrowers shall be liable. 

[Remainder of page intentionally left blank; signatures begin on following page] 

  
 121 

 IN WITNESS WHEREOF, this Agreement has been executed and delivered as of date set
forth above. 
  

			
	INTERMEDIATE HOLDCO:
	
	MALLARD INTERMEDIATE, INC.

 
			
		
	By:	 	 /s/ Alex Ryan

 
			
	Name: Alex Ryan
	Title: President and Chief Executive Officer
	
	BORROWERS:
	
	MALLARD BUYER CORP.

 
			
		
	By:	 	 /s/ Alex Ryan

 
			
	Name: Alex Ryan
	Title: President and Chief Executive Officer
	
	VINEYARD ACQUISITION SUB LLC

 
			
		
	By:	 	 /s/ Alex Ryan

 
			
	Name: Alex Ryan
	Title: President and Chief Executive Officer
	
	HERITAGE WINE, LLC

 
			
		
	By:	 	 /s/ Alex Ryan

 
			
	Name: Alex Ryan
	Title: President and Chief Executive Officer

  
 First Lien Loan and
Security Agreement 

 
			
	CANVASBACK WINE COMPANY

 
			
		
	By:	 	 /s/ Alex Ryan

 
			
	Name: Alex Ryan
	Title: President and Chief Executive Officer
	
	WATERFOWL WINE COMPANY

 
			
		
	By:	 	 /s/ Alex Ryan

 
			
	Name: Alex Ryan
	Title: President and Chief Executive Officer
	
	HERITAGE VINEYARD COMPANY

 
			
		
	By:	 	 /s/ Alex Ryan

 
			
	Name: Alex Ryan
	Title: President and Chief Executive Officer
	
	DUCKHORN WINE COMPANY

 
			
		
	By:	 	 /s/ Alex Ryan

 
			
	Name: Alex Ryan
	Title: President and Chief Executive Officer

  
 First Lien Loan and
Security Agreement 

 [Lender signature pages intentionally omitted] 

  
 [Signature Page to First
Lien Loan and Security Agreement]

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