Document:

Exhibit 4.4

 

VERITEX HOLDINGS, INC.,

 

Issuer

 

to

 

U.S. Bank National Association,

 

Trustee

 

SUBORDINATED DEBT INDENTURE

 

Dated as of [·]

 

Subordinated Debt Securities

 

 

Reconciliation and tie between

 

Trust Indenture Act of 1939 (the “Trust Indenture Act”) and Indenture

 

	
Trust   Indenture Act Section
    	
 
    	
Indenture
   Section
    
	
§310(a)(1)
    	
 
    	
608
    
	
(a)(2)
    	
 
    	
608
    
	
(b)
    	
 
    	
609
    
	
§312(a)
    	
 
    	
701
    
	
(b)
    	
 
    	
702
    
	
(c)
    	
 
    	
702
    
	
§313(a)
    	
 
    	
703
    
	
(b)(2)
    	
 
    	
703
    
	
(c)
    	
 
    	
703
    
	
(d)
    	
 
    	
703
    
	
§314(a)
    	
 
    	
704
    
	
(c)(1)
    	
 
    	
102
    
	
(c)(2)
    	
 
    	
102
    
	
(e)
    	
 
    	
102
    
	
§315(b)
    	
 
    	
603
    
	
(e)
    	
 
    	
515
    
	
§316(a) (last   sentence)
    	
 
    	
101
    
	
(a)(1)(A)
    	
 
    	
502, 512
    
	
(a)(1)(B)
    	
 
    	
513
    
	
(b)
    	
 
    	
508
    
	
§317(a)(1)
    	
 
    	
503
    
	
(a)(2)
    	
 
    	
504
    
	
(b)
    	
 
    	
1003
    
	
§318(a)
    	
 
    	
108
    

 

Note:    This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.

 

 

TABLE OF CONTENTS

 

	
ARTICLE ONE.                   DEFINITIONS   AND OTHER PROVISIONS OF GENERAL APPLICATION
    	
1
    
	
 
    	
 
    	
 
    
	
Section 101.
    	
Definitions
    	
1
    
	
Section 102.
    	
Compliance Certificates   and Opinions
    	
10
    
	
Section 103.
    	
Form of Documents   Delivered to Trustee
    	
11
    
	
Section 104.
    	
Acts of Holders
    	
11
    
	
Section 105.
    	
Notices, etc. to   Trustee and Company
    	
12
    
	
Section 106.
    	
Notice to Holders of   Securities; Waiver
    	
13
    
	
Section 107.
    	
Language of Notices
    	
13
    
	
Section 108.
    	
Conflict with Trust   Indenture Act
    	
13
    
	
Section 109.
    	
Effect of Headings and   Table of Contents
    	
14
    
	
Section 110.
    	
Successors and Assigns
    	
14
    
	
Section 111.
    	
Separability Clause
    	
14
    
	
Section 112.
    	
Benefits of Indenture
    	
14
    
	
Section 113.
    	
Governing Law
    	
14
    
	
Section 114.
    	
Legal Holidays
    	
14
    
	
Section 115.
    	
Counterparts;   Electronic Transmission
    	
14
    
	
Section 116.
    	
Immunity of   Shareholders, Directors, Officers and Agents of the Company
    	
15
    
	
Section 117.
    	
Waiver of Jury Trial
    	
15
    
	
Section 118.
    	
Force Majeure
    	
15
    
	
 
    	
 
    	
 
    
	
ARTICLE TWO.                  SECURITIES   FORMS
    	
15
    
	
 
    	
 
    	
 
    
	
Section 201.
    	
Forms Generally
    	
15
    
	
Section 202.
    	
Form of Trustee’s   Certificate of Authentication
    	
16
    
	
Section 203.
    	
Securities in Global   Form
    	
16
    
	
 
    	
 
    	
 
    
	
ARTICLE THREE.             THE   SECURITIES
    	
17
    
	
 
    	
 
    	
 
    
	
Section 301.
    	
Amount Unlimited;   Issuable in Series
    	
17
    
	
Section 302.
    	
Currency; Denominations
    	
22
    
	
Section 303.
    	
Execution,   Authentication, Delivery and Dating
    	
22
    
	
Section 304.
    	
Temporary Securities
    	
23
    
	
Section 305.
    	
Registration, Transfer   and Exchange
    	
24
    
	
Section 306.
    	
Mutilated, Destroyed,   Lost and Stolen Securities
    	
27
    
	
Section 307.
    	
Payment of Interest;   Rights to Interest Preserved
    	
27
    
	
Section 308.
    	
Persons Deemed Owners
    	
29
    
	
Section 309.
    	
Cancellation
    	
29
    
	
Section 310.
    	
Computation of Interest
    	
30
    
	
 
    	
 
    	
 
    
	
ARTICLE FOUR.                SATISFACTION   AND DISCHARGE OF INDENTURE
    	
30
    
	
 
    	
 
    	
 
    
	
Section 401.
    	
Satisfaction and   Discharge
    	
30
    
	
Section 402.
    	
Defeasance and Covenant   Defeasance
    	
31
    
	
Section 403.
    	
Application of Trust   Money
    	
35
    
	
Section 404.
    	
Reinstatement
    	
35
    
	
Section 405.
    	
Effect on Subordination   Provisions
    	
35
    
	
 
    	
 
    	
 
    
	
ARTICLE FIVE.                  REMEDIES
    	
36
    
	
 
    	
 
    	
 
    
	
Section 501.
    	
Events of Default
    	
36
    
	
Section 502.
    	
Acceleration of   Maturity; Rescission and Annulment
    	
37
    
	
Section 503.
    	
Collection of   Indebtedness and Suits for Enforcement by Trustee
    	
39
    

 

 

	
Section 504.
    	
Trustee May File   Proofs of Claim
    	
39
    
	
Section 505.
    	
Trustee   May Enforce Claims Without Possession of Securities
    	
40
    
	
Section 506.
    	
Application of Money   Collected
    	
40
    
	
Section 507.
    	
Limitation on Suits
    	
41
    
	
Section 508.
    	
Unconditional Right of   Holders to Receive Principal, Premium and Interest
    	
41
    
	
Section 509.
    	
Restoration of Rights   and Remedies
    	
42
    
	
Section 510.
    	
Rights and Remedies   Cumulative
    	
42
    
	
Section 511.
    	
Delay or Omission Not   Waiver
    	
42
    
	
Section 512.
    	
Control by Holders
    	
42
    
	
Section 513.
    	
Waiver of Past Defaults
    	
43
    
	
Section 514.
    	
Waiver of Usury, Stay   or Extension Laws
    	
43
    
	
Section 515.
    	
Undertaking for Costs
    	
43
    
	
 
    	
 
    	
 
    
	
ARTICLE SIX.                    THE   TRUSTEE
    	
44
    
	
 
    	
 
    	
 
    
	
Section 601.
    	
Duties of Trustee
    	
44
    
	
Section 602.
    	
Certain Rights of   Trustee
    	
44
    
	
Section 603.
    	
Notice of Defaults
    	
46
    
	
Section 604.
    	
Not Responsible for   Recitals or Issuance of Securities
    	
46
    
	
Section 605.
    	
May Hold   Securities
    	
47
    
	
Section 606.
    	
Money Held in Trust
    	
47
    
	
Section 607.
    	
Compensation and   Reimbursement
    	
47
    
	
Section 608.
    	
Corporate Trustee   Required; Eligibility
    	
48
    
	
Section 609.
    	
Resignation and   Removal; Appointment of Successor
    	
48
    
	
Section 610.
    	
Acceptance of   Appointment by Successor
    	
50
    
	
Section 611.
    	
Merger, Conversion,   Consolidation or Succession to Business
    	
51
    
	
Section 612.
    	
Appointment of   Authenticating Agent
    	
51
    
	
 
    	
 
    	
 
    
	
ARTICLE SEVEN.              HOLDERS   LISTS AND REPORTS BY TRUSTEE AND COMPANY
    	
53
    
	
 
    	
 
    	
 
    
	
Section 701.
    	
Company to Furnish   Trustee Names and Addresses of Holders
    	
53
    
	
Section 702.
    	
Preservation of   Information; Communications to Holders
    	
53
    
	
Section 703.
    	
Reports by Trustee
    	
54
    
	
Section 704.
    	
Reports by Company
    	
54
    
	
 
    	
 
    	
 
    
	
ARTICLE EIGHT.              CONSOLIDATION,   MERGER AND SALES
    	
55
    
	
 
    	
 
    	
 
    
	
Section 801.
    	
Company   May Consolidate, Etc., Only on Certain Terms
    	
55
    
	
Section 802.
    	
Successor Person   Substituted for Company
    	
56
    
	
 
    	
 
    	
 
    
	
ARTICLE NINE.                 SUPPLEMENTAL   INDENTURES
    	
56
    
	
 
    	
 
    	
 
    
	
Section 901.
    	
Supplemental Indentures   without Consent of Holders
    	
56
    
	
Section 902.
    	
Supplemental Indentures   with Consent of Holders
    	
58
    
	
Section 903.
    	
Execution of   Supplemental Indentures
    	
59
    
	
Section 904.
    	
Effect of Supplemental   Indentures
    	
59
    
	
Section 905.
    	
Reference in Securities   to Supplemental Indentures
    	
60
    
	
Section 906.
    	
Effect on Senior   Indebtedness
    	
60
    
	
Section 907.
    	
Conformity with Trust   Indenture Act
    	
60
    
	
 
    	
 
    	
 
    
	
ARTICLE TEN.                   COVENANTS
    	
60
    
	
 
    	
 
    	
 
    
	
Section 1001.
    	
Payment of Principal,   Premium, Interest
    	
60
    
	
Section 1002.
    	
Maintenance of Office   or Agency
    	
60
    
	
Section 1003.
    	
Money for Securities   Payments to Be Held in Trust
    	
61
    

 

 

	
Section 1004.
    	
Corporate Existence
    	
63
    
	
Section 1005.
    	
Maintenance of   Properties
    	
63
    
	
Section 1006.
    	
Waiver of Certain   Covenants
    	
63
    
	
Section 1007.
    	
Company Statement as to   Compliance
    	
63
    
	
 
    	
 
    	
 
    
	
ARTICLE ELEVEN.           REDEMPTION   OF SECURITIES
    	
64
    
	
 
    	
 
    	
 
    
	
Section 1101.
    	
Applicability of   Article
    	
64
    
	
Section 1102.
    	
Election to Redeem;   Notice to Trustee
    	
64
    
	
Section 1103.
    	
Selection by Trustee of   Securities to be Redeemed
    	
64
    
	
Section 1104.
    	
Notice of Redemption
    	
65
    
	
Section 1105.
    	
Deposit of Redemption   Price
    	
66
    
	
Section 1106.
    	
Securities Payable on   Redemption Date
    	
67
    
	
Section 1107.
    	
Securities Redeemed in   Part
    	
67
    
	
 
    	
 
    	
 
    
	
ARTICLE TWELVE.          SINKING   FUNDS
    	
67
    
	
 
    	
 
    	
 
    
	
Section 1201.
    	
Applicability of   Article
    	
67
    
	
Section 1202.
    	
Satisfaction of Sinking   Fund Payments with Securities
    	
68
    
	
Section 1203.
    	
Redemption of   Securities for Sinking Fund
    	
68
    
	
 
    	
 
    	
 
    
	
ARTICLE THIRTEEN.      [RESERVED]
    	
69
    
	
 
    	
 
    	
 
    
	
ARTICLE FOURTEEN.     MEETINGS OF HOLDERS OF SECURITIES
    	
69
    
	
 
    	
 
    	
 
    
	
Section 1401.
    	
Purposes for Which   Meetings May Be Called
    	
69
    
	
Section 1402.
    	
Call, Notice and Place   of Meetings
    	
69
    
	
Section 1403.
    	
Persons Entitled to   Vote at Meetings
    	
69
    
	
Section 1404.
    	
Quorum; Action
    	
70
    
	
Section 1405.
    	
Determination of Voting   Rights; Conduct and Adjournment of Meetings
    	
71
    
	
Section 1406.
    	
Counting Votes and   Recording Action of Meetings
    	
71
    
	
 
    	
 
    	
 
    
	
ARTICLE FIFTEEN.          SUBORDINATION OF SECURITIES
    	
72
    
	
 
    	
 
    	
 
    
	
Section 1501.
    	
Agreement to   Subordinate
    	
72
    

 

 

SUBORDINATED DEBT INDENTURE, dated as of [·] (the “Indenture”), between Veritex Holdings, Inc., a corporation duly organized and existing under the laws of the State of Texas (hereinafter called the “Company”), having its principal executive office located at 8214 Westchester Drive, Suite 400, Dallas, Texas 75225, and U.S. Bank National Association, a national banking association duly organized and existing under the laws of the United States (hereinafter called the “Trustee”).

 

RECITALS

 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its subordinated unsecured debt securities (hereinafter called the “Securities”), unlimited as to principal amount, to bear such rates of interest, to mature at such time or times, to be issued in one or more Series, to have such relative rankings in priority of payment, and to have such other provisions as shall be fixed as hereinafter provided.

 

The Company has duly authorized the execution and delivery of this Indenture. All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

This Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder that are required to be part of this Indenture and, to the extent applicable, shall be governed by such provisions.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the purchase of the Securities by the Holders (as herein defined) thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or the Securities of any Series as follows:

 

ARTICLE ONE.

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 101.                             Definitions.

 

Except as otherwise expressly provided in or pursuant to this Indenture or unless the context otherwise requires, for all purposes of this Indenture:

 

(1)           the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular;

 

(2)           all other terms used herein that are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;

 

(3)           all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

 

1

 

(4)           the words “herein,” “hereof,” “hereto” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision;

 

(5)           the word “or” is always used inclusively (for example, the phrase “A or B” means “A or B or both,” not “either A or B but not both”);

 

(6)           provisions apply to successive events and transactions;

 

(7)           the term “merger” includes a statutory share exchange and the terms “merge” and “merged” have correlative meanings;

 

(8)           the masculine gender includes the feminine and the neuter; and

 

(9)           references to agreements and other instruments include subsequent amendments and supplements thereto.

 

Certain terms used principally in certain Articles hereof are defined in those Articles.

 

“Act,” when used with respect to any Holders, has the meaning specified in Section 104.

 

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

 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 612 to act on behalf of the Trustee to authenticate Securities of one or more Series.

 

“Authorized Newspaper” means a newspaper, in an official language of the place of publication or in the English language, customarily published on each day that is a Business Day in the place of publication, whether or not published on days that are not Business Days in the place of publication, and of general circulation in each place in connection with which the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same place meeting the foregoing requirements and in each case on any day that is a Business Day in the place of publication.

 

“Authorized Officer” means each of the Chairman of the Board, the Chief Executive Officer, the President, and the Executive Vice President and Chief Financial Officer of the Company.

 

“Board of Directors” means the board of directors of the Company or any committee of that board duly authorized to act generally or in any particular respect for the Company hereunder. The term “board of directors” means the board of directors of the Company and does not include committees of the board of directors.

 

2

 

“Board Resolution” means one or more resolutions, certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, delivered to the Trustee.

 

“Business Day” means, unless otherwise specified with respect to the Securities of any Series pursuant to Section 301, any day other than a Saturday, Sunday or other day on which banking institutions in the City of Dallas, Texas, or The City of New York, New York, are authorized or obligated by law, regulation or executive order to close; provided that such term shall mean, when used with respect to any payment of principal of, or premium or interest, if any, on, the Securities of any Series to be made at any Place of Payment for such Securities, unless otherwise specified pursuant to Section 301 with respect to such Securities, any day other than a Saturday, Sunday or other day on which banking institutions in such Place of Payment are authorized or obligated by law, regulation or executive order to close.

 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

 

“Common Stock” includes the Company common stock, par value $0.01 per share, and any other authorized stock of any class of the Company that has no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, termination or winding up of the Company and that is not subject to redemption by the Company.

 

“Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person and any other obligor upon the Securities.

 

“Company Request” and “Company Order” mean, respectively, a written request or order, as the case may be, signed in the name of the Company by an Authorized Officer and by the Secretary of the Company, and delivered to the Trustee.

 

“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereof is located at Dallas, Texas, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company).

 

“corporation” includes corporations, partnerships, associations, limited liability companies and other companies, statutory trusts and business trusts.

 

“Currency,” with respect to any payment, deposit or other transfer in respect of the principal of or any premium or interest on any Security, means Dollars.

 

“CUSIP number” means the alphanumeric designation assigned to a Security by

 

3

 

Standard & Poor’s, CUSIP Service Bureau.

 

“Dallas, Texas Banking Day” means any day except a Saturday, Sunday or a legal holiday in the City of Dallas, Texas, or a day on which banking institutions in the City of Dallas, Texas, are authorized or obligated by law, regulation or executive order to be closed.

 

“Defaulted Interest” has the meaning specified in Section 307.

 

“Depositary” means, with respect to any Security issuable or issued in the form of one or more global Securities, the Person designated as depositary by the Company in or pursuant to this Indenture, and, unless otherwise provided with respect to any Security, any successor to such Person. If at any time there is more than one such Person, “Depositary” shall mean, with respect to any Securities, the depositary that has been appointed with respect to such Securities.

 

“Dollars” or “$” means a dollar or other equivalent unit of legal tender for payment of public or private debts in the United States of America.

 

“Event of Default” has the meaning specified in Section 501.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute thereto, together with all rules and regulations promulgated thereunder, in each case as amended from time to time.

 

“GAAP” and “generally accepted accounting principles” mean, unless otherwise specified with respect to any Series of Securities pursuant to Section 301, such accounting principles as are generally accepted in the United States of America as of the date or time of any computation required hereunder.

 

“Government Obligations” means securities which are (i) direct obligations of the United States of America in each case where the payment or payments thereunder are supported by the full faith and credit of the United States of America, or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such other government or governments, in each case where the timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United States of America, and which, in the case of (i) or (ii), are denominated in, and the principal of and interest on such securities are payable in, Dollars and are not callable or redeemable at the option of the issuer or issuers thereof.

 

“Holder,” in the case of any Security, means the Person in whose name such Security is registered in the Security Register.

 

“Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and, with respect to any Security, by the terms and provisions of such Security established pursuant to Section 301 (as such terms and provisions may be amended pursuant to the applicable provisions hereof), provided, however, that, if at any time more than one Person is acting as Trustee under this instrument, “Indenture” shall mean, with respect to any one or more Series of Securities for which such Person is Trustee, this

 

4

 

instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of those particular Series of Securities for which such Person is Trustee established pursuant to Section 301, exclusive, however, of any provisions or terms which relate solely to other Series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted.

 

“Indexed Security” means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal face amount thereof at original issuance.

 

“interest,” with respect to any Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

“Interest Payment Date,” with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Maturity,” with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as provided in or pursuant to this Indenture or such Security, whether at the Stated Maturity or by an acceleration of the maturity of such Security in accordance with the terms of such Security, upon redemption at the option of the Company, upon repurchase or repayment at the option of the Holder or otherwise, and includes a Redemption Date for such Security and a date fixed for the repurchase or repayment of such Security at the option of the Holder.

 

“Office” or “Agency,” with respect to any Securities, means an office or agency of the Company maintained or designated in a Place of Payment for such Securities pursuant to Section 1002 or any other office or agency of the Company maintained or designated for such Securities pursuant to Section 1002 or, to the extent designated or required by Section 1002 in lieu of such office or agency, the Corporate Trust Office of the Trustee.

 

“Officer” means, with respect to any Person, the chairman of the board, vice chairman of the board, the chief executive officer, the president, the chief operating officer, the chief financial officer, the treasurer, any assistant treasurer, the controller, the secretary or any Vice President of such Person.

 

“Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be an Authorized Officer (which, in the case of a certificate provided by the Company to the Trustee pursuant to Section 704(1)(b) as required by Section 314(a)(4) of the Trust Indenture Act, shall be the principal executive officer or the principal financial officer of the Company), that complies with the requirements of Section 314(e) of the Trust Indenture Act and is delivered to the Trustee.

 

“Opinion of Counsel” means a written opinion of counsel, who is reasonably acceptable to the Trustee, that, if required by the Trust Indenture Act, complies with the requirements of Section 314(e) of the Trust Indenture Act.

 

“Original Issue Discount Security” means a Security issued pursuant to this Indenture

 

5

 

that provides for an amount less than the principal face amount thereof to be due and payable upon declaration of acceleration pursuant to Section 502.

 

“Outstanding,” when used with respect to any Securities, means, as of the date of determination, all such Securities theretofore authenticated and delivered under this Indenture, except:

 

(a)                                 any such Security theretofore cancelled by the Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar for cancellation;

 

(b)                                 any such Security for whose payment at the Maturity thereof money in the necessary amount (or, to the extent that such Security is payable at such Maturity in shares of Common Stock or other securities or property, Common Stock or such other securities or property in the necessary amount, together with, if applicable, cash in lieu of fractional shares or securities) has been theretofore deposited pursuant hereto (other than pursuant to Section 402) with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities, provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(c)                                  any such Security with respect to which the Company has effected defeasance or covenant defeasance pursuant to Section 402, except to the extent provided in Section 402;

 

(d)                                 any such Security that has been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, unless there shall have been presented to the Trustee proof satisfactory to the Trustee that such Security is held by a bona fide purchaser in whose hands such Security is a valid obligation of the Company; and

 

(e)                                  any such Security converted or exchanged as contemplated by this Indenture into Common Stock or other securities or property, if the terms of such Security provide for such conversion or exchange pursuant to Section 301;

 

provided, however, that in determining whether the Holders of the requisite principal amount of Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders of Securities for quorum purposes, (i) the principal amount of an Original Issue Discount Security that may be counted in making such determination and that shall be deemed to be Outstanding for such purposes shall be equal to the amount of the principal thereof that pursuant to the terms of such Original Issue Discount Security would be declared (or shall have been declared to be) due and payable upon a declaration of acceleration thereof pursuant to Section 502 at the time of such determination, and (ii) the principal amount of any Indexed Security that may be counted in making such determination and that shall be deemed Outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided in

 

6

 

or pursuant to this Indenture, and (iii) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination or relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities that a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned that shall have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee (A) the pledgee’s right so to act with respect to such Securities and (B) that the pledgee is not the Company or any other obligor upon the Securities or an Affiliate (other than a Trust) of the Company or such other obligor.

 

“Paying Agent” means any Person authorized by the Company, including the Company, to pay the principal of, or any premium or interest on, any Security on behalf of the Company.

 

“Person” and “person” mean any individual, corporation, partnership, association, limited liability company, other company, statutory trust, business trust, joint venture, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

 

“Place of Payment,” with respect to any Security, means the place or places where the principal of, or any premium or interest on, such Security are payable as provided in or pursuant to this Indenture or such Security.

 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same indebtedness as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a lost, destroyed, mutilated or stolen Security shall be deemed to evidence the same indebtedness as the lost, destroyed, mutilated or stolen Security.

 

“Redemption Date,” with respect to any Security or portion thereof to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture or such Security.

 

“Redemption Price,” with respect to any Security or portion thereof to be redeemed, means the price at which it is to be redeemed as determined by or pursuant to this Indenture or such Security.

 

“Regular Record Date” for the interest payable on any Security on any Interest Payment Date therefor means the date, if any, specified in or pursuant to this Indenture or such Security as the record date for the payment of such interest.

 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.

 

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“Securities Act” means the Securities Act of 1933, as amended, or any successor statute thereto, together with all rules and regulations promulgated thereunder, in each case as amended from time to time.

 

“Security” or “Securities” means any note or notes, bond or bonds, debenture or debentures, or any other evidence or evidences of indebtedness, as the case may be, authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under this Indenture, “Securities,” with respect to any such Person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any Series as to which such Person is not Trustee.

 

“Security Register” and “Security Registrar” have the respective meanings specified in Section 305.

 

“Senior Indebtedness” means the principal of, and premium, if any, and interest, including interest accruing after the commencement of any bankruptcy proceeding relating to the Company, on, or substantially similar payments the Company makes in respect of the following categories of debt, whether that debt was outstanding on the date of execution of this Indenture or thereafter incurred, created or assumed:

 

(1)           other indebtedness of the Company evidenced by notes, debentures, or bonds or other securities issued under the provisions of any indenture, fiscal agency agreement, debenture or note purchase agreement or other agreement, including any senior debt securities that may be offered;

 

(2)           indebtedness of the Company for money borrowed or represented by purchase-money obligations, as defined below;

 

(3)           the Company’s obligations as lessee under leases of property whether made as part of a sale and leaseback transaction to which it is a party or otherwise;

 

(4)           indebtedness, obligations and liabilities of others in respect of which the Company is liable contingently or otherwise to pay or advance money or property or as guarantor, endorser or otherwise or which it has agreed to purchase or otherwise acquire and indebtedness of partnerships and joint ventures that is included in the Company’s consolidated financial statements;

 

(5)           reimbursement and other obligations relating to letters of credit, bankers’ acceptances and similar obligations;

 

(6)           obligations under various hedging arrangements and agreements, including interest rate and currency hedging agreements and swap and non-swap forward agreements;

 

(7)           all of the Company’s obligations issued or assumed as the deferred purchase price of property or services, but excluding trade accounts payable and accrued liabilities arising in the ordinary course of business; and

 

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(8)           deferrals, renewals or extensions of any of the indebtedness or obligations described in clauses (1) through (8) above.

 

However, clauses (1) through (9) above exclude:

 

(x)         any indebtedness, obligation or liability referred to in clauses (1) through (9) above as to which, in the instrument creating or evidencing that indebtedness, obligation or liability, it is expressly provided that the indebtedness, obligation or liability is not senior in right of payment, is junior in right of payment to, or ranks equally in right of payment with, other specified types of indebtedness, obligations and liabilities of the Company, which other specified types of indebtedness, obligations and liabilities of the Company include the Securities;

 

(y)         any indebtedness, obligation or liability that is subordinated to indebtedness, obligations or liabilities of the Company to substantially the same extent as or to a greater extent than the Securities are subordinated; and

 

(z)          the Securities and the Company’s outstanding junior subordinated debentures and, unless expressly provided in the terms thereof, any indebtedness of the Company to its Subsidiaries.

 

As used above, the term “purchase money obligations” means indebtedness, obligations evidenced by a note, debenture, bond or other instrument, whether or not secured by a lien or other security interest, issued to evidence the obligation to pay or a guarantee of the payment of, and any deferred obligation for the payment of, the purchase price of property but excluding indebtedness or obligations for which recourse is limited to the property purchased, issued or assumed as all or a part of the consideration for the acquisition of property or services, whether by purchase, merger, consolidation or otherwise, but does not include any trade accounts payable.

 

“Series” means a series of Securities designated or established pursuant to Section 301, all of which Securities in such Series shall have like terms and conditions (other than the principal amount thereof).

 

“Significant Subsidiary” means any Subsidiary of the Company that is a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X promulgated by the Commission (as such rule is in effect on the date of this Indenture).

 

“Special Record Date” for the payment of any Defaulted Interest on any Security means a date fixed pursuant to Section 307.

 

“Stated Maturity,” with respect to any Security or any installment of principal thereof or interest thereon, means the date established by or pursuant to this Indenture or such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.

 

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“Subordination Provisions,” when used with respect to the Securities of any Series, shall have the meaning established pursuant to Section 301(20) with respect to the Securities of such Series.

 

“Subsidiary” means a corporation, a partnership, business or statutory trust or a limited liability company, a majority of the outstanding voting equity securities or a majority of the voting membership or partnership interests, as the case may be, of which is owned or controlled, directly or indirectly, by the Company or by one or more other Subsidiaries of the Company. For the purposes of this definition, “voting equity securities” means securities having voting power for the election of directors, managers, managing partners or trustees, as the case may be, whether at all times or only so long as no senior class of stock has voting power by reason of any contingency.

 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, and any reference herein to the Trust Indenture Act or a particular provision thereof shall mean such Act or provision, as the case may be, as amended or replaced from time to time or as supplemented from time to time by rules or regulations adopted by the Commission under or in furtherance of the purposes of such Act or provision, as the case may be.

 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such with respect to one or more Series of Securities pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each Person who is then a Trustee hereunder; provided, however, that if at any time there is more than one such Person, “Trustee” shall mean each such Person and as used with respect to the Securities of any Series shall mean the Trustee with respect to the Securities of such Series.

 

“United States,” means the United States of America (including the states thereof and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction; and the term “United States of America” means the United States of America.

 

“United States Alien,” except as otherwise provided in or pursuant to this Indenture or any Security, means any Person who, for United States federal income tax purposes, is a foreign corporation, a nonresident alien individual, a nonresident alien fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of which is, for United States federal income tax purposes, a foreign corporation, a nonresident alien individual or a nonresident alien fiduciary of a foreign estate or trust.

 

“Vice President,” when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title “Vice President.”

 

Section 102.                             Compliance Certificates and Opinions.

 

Except as otherwise expressly provided in or pursuant to this Indenture, upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have

 

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been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents or any of them is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

 

Section 103.                             Form of Documents Delivered to Trustee.

 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion with respect to the matters upon which his certificate or opinion is based is erroneous. Any such Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company, a governmental official or officers or any other Person or Persons, stating that the information with respect to such factual matters is in the possession of the Company unless such counsel knows, or in the exercise of reasonable care should know, that the certificate, opinion or representations with respect to such matters are erroneous.

 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture or any Security, they may, but need not, be consolidated and form one instrument.

 

Section 104.                             Acts of Holders.

 

(1)                                 Any request, demand, authorization, direction, notice, consent, waiver or other action provided by or pursuant to this Indenture to be made, given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing or a written record of voting at a meeting of the Holders. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 1406.

 

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Without limiting the generality of this Section 104, unless otherwise provided in or pursuant to this Indenture, a Holder, including a Depositary that is a Holder of a global Security, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other Act provided in or pursuant to this Indenture or the Securities to be made, given or taken by Holders, and a Depositary that is a Holder of a global Security may provide its proxy or proxies to the beneficial owners of interests in any such global Security through such Depositary’s standing instructions and customary practices.

 

(2)                                 The fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner that the Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine; and the Trustee may in any instance require further proof with respect to any of the matters referred to in this Section.

 

(3)                                 The ownership, principal amount and serial numbers of Securities held by any Person, and the date of the commencement and the date of the termination of holding the same, shall be proved by the Security Register.

 

(4)                                 If the Company shall solicit from the Holders of any Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may at its option (but is not obligated to), by Board Resolution, fix in advance a record date for the determination of Holders of Securities entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of Securities of record at the close of business on such record date shall be deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders of Securities shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date.

 

(5)                                 Any request, demand, authorization, direction, notice, consent, waiver or other Act by the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done or suffered to be done by the Trustee, any Security Registrar, any Paying Agent or the Company in reliance thereon, whether or not notation of such Act is made upon such Security.

 

Section 105.                             Notices, etc. to Trustee and Company.

 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,

 

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(1)                                 the Trustee by any Holder or the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, or

 

(2)                                 the Company by the Trustee or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to the attention of its Treasurer at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company.

 

Section 106.                             Notice to Holders of Securities; Waiver.

 

Except as otherwise expressly provided in or pursuant to this Indenture, where this Indenture provides for notice to Holders of Securities of any event, such notice shall be sufficiently given to Holders of Securities if in writing and mailed, first-class postage prepaid, to each Holder of a Security affected by such event, at his address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice.

 

In any case where notice to Holders of Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder of a Security shall affect the sufficiency of such notice with respect to other Holders of Securities. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given or provided. In the case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

Section 107.                             Language of Notices.

 

Any request, demand, authorization, direction, notice, consent or waiver or other Act required or permitted under this Indenture shall be in the English language, except that, if the Company so elects, any published notice may be in an official language of the country of publication.

 

Section 108.                             Conflict with Trust Indenture Act.

 

If any provision hereof limits, qualifies or conflicts with any duties under any required provision of the Trust Indenture Act imposed hereon by Section 318(c) thereof, such required provision shall control.

 

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Section 109.                             Effect of Headings and Table of Contents.

 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 110.                             Successors and Assigns.

 

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 111.                             Separability Clause.

 

In case any provision in this Indenture or any Security shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not, to the fullest extent permitted by law, in any way be affected or impaired thereby.

 

Section 112.                             Benefits of Indenture.

 

Nothing in this Indenture or any Security, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent and their respective successors hereunder and the Holders of Securities, and the holders of Senior Indebtedness with respect to such Series, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 113.                             Governing Law.

 

This Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said State.

 

Section 114.                             Legal Holidays.

 

Unless otherwise specified in or pursuant to this Indenture or any Securities, in any case where any Interest Payment Date, Stated Maturity or Maturity of, or any other day on which a payment is due with respect to, any Security shall be a day that is not a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Security other than a provision in any Security or in the Board Resolution, Officers’ Certificate or supplemental indenture establishing the terms of any Security that specifically states that such provision shall apply in lieu hereof) payment need not be made at such Place of Payment on such date, but such payment may be made on the next succeeding day that is a Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, at the Stated Maturity or Maturity or on any such other payment date, as the case may be, and no interest shall accrue on the amount payable on such date or at such time for the period from and after such Interest Payment Date, Stated Maturity, Maturity or other payment date, as the case may be, to the next succeeding Business Day.

 

Section 115.                             Counterparts; Electronic Transmission.

 

This Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Any facsimile or

 

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electronically transmitted copies hereof or signature hereon shall, for all purposes, be deemed originals.

 

Section 116.                             Immunity of Shareholders, Directors, Officers and Agents of the Company.

 

No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against any past, present or future shareholder, employee, officer or director, as such, of the Company or of any predecessor or successor, either directly or through the Company or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities by the Holders and as part of the consideration for the issue of the Securities.

 

Section 117.                             Waiver of Jury Trial.

 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 118.                             Force Majeure.

 

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

 

ARTICLE TWO.

 

SECURITIES FORMS

 

Section 201.                             Forms Generally.

 

Each Security and temporary or permanent global Security issued pursuant to this Indenture shall be in the form established by or pursuant to a Board Resolution and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by or pursuant to this Indenture or any indenture supplemental hereto and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officer of the Company executing such Security as evidenced by the execution of such Security.

 

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The Securities shall be issuable in registered form without coupons.

 

Definitive Securities may be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel engraved borders or may be produced in any other manner, all as determined by the officer of the Company executing such Securities, as evidenced by the execution of such Securities.

 

In the event Securities of any Series are intended to qualify as Tier 2 capital (as that term is contemplated in 12 Code of Federal Regulations §250.166 or any successor rule or regulation thereto) of the Company, the definitive Securities representing such Securities or such Securities in global form shall bear a legend to read substantially as follows:

 

This Security and the obligations of the Company (as defined herein) evidenced hereby (1) are not deposits with or held by the Company and are not insured by any federal agency, including, without limitation, the Federal Deposit Insurance Corporation, and (2) are subordinate in right of payment to the Senior Indebtedness (as defined in the Subordinated Debt Indenture identified herein).

 

Section 202.                             Form of Trustee’s Certificate of Authentication.

 

Subject to Section 612, the Trustee’s certificate of authentication shall be in substantially the following form:

 

This is one of the Securities of the Series designated therein referred to in the within-mentioned Indenture.

 

	
 
    	
 
    
	
 
    	
as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized Signatory
    

 

Section 203.                             Securities in Global Form.

 

Unless otherwise provided in or pursuant to this Indenture or any Securities, the Securities shall not be issuable in global form. If Securities of a Series shall be issuable in temporary or permanent global form, any such Security may provide that it or any number of such Securities shall represent the aggregate amount of all Outstanding Securities of such Series (or such lesser amount as is permitted by the terms thereof) from time to time set forth in such Securities in global form endorsed thereon or reflected on the books and records of the Trustee

 

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and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be increased or reduced to reflect exchanges. Any endorsement of any Security in global form to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby shall be made in such manner and by such Person or Persons as shall be specified therein or pursuant to Section 301 with respect to such Security or in the Company Order to be delivered pursuant to Section 303 or Section 304 with respect thereto. Subject to the provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Security in global form in the manner and upon instructions given by the Person or Persons specified therein or pursuant to Section 301 with respect to such Security or in the applicable Company Order. If a Company Order pursuant to Section 303 or Section 304 has been, or simultaneously is, delivered, any instructions by the Company with respect to a Security in global form shall be in writing but need not be accompanied by or contained in an Officers’ Certificate and need not be accompanied by an Opinion of Counsel. Notwithstanding the foregoing provisions of this paragraph, in the event a global Security is exchangeable for definitive Securities as provided in Section 305, then, unless otherwise provided in or pursuant to this Indenture with respect to the Securities of such Series, the Trustee shall deliver and redeliver such global Security to the extent necessary to effect such exchanges, shall endorse such global Security to reflect any decrease in the principal amount thereto resulting from such exchanges and shall take such other actions, all as contemplated by Section 305.

 

Notwithstanding the provisions of Section 307, unless otherwise specified in or pursuant to this Indenture or any Securities, payment of principal of, and any premium and interest on, any Security in temporary or permanent global form shall be made to the Person or Persons specified therein.

 

Notwithstanding the provisions of Section 308 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company or the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a global Security, the Holder of such global Security in registered form.

 

ARTICLE THREE.

 

THE SECURITIES

 

Section 301.                             Amount Unlimited; Issuable in Series.

 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Company may issue up to the aggregate principal amount of Securities of a Series from time to time authorized by or pursuant to one or more Board Resolutions. The Securities shall be subordinated in right of payment to Senior Indebtedness as provided in Article Fifteen.

 

The Securities may be issued in one or more Series. All Securities of each Series issued under this Indenture shall in all respects be equally and ratably entitled to the benefits hereof with respect to that Series without preference, priority or distinction on account of the actual time or times of the authentication and delivery or Maturity of the Securities of such Series. Unless

 

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expressly provided otherwise with respect to a Series, not all Securities of a Series need be issued at the same time, and, unless otherwise provided in the Securities of that Series or in this Indenture, a Series may be reopened and the aggregate principal amount of the Securities of a Series may be increased and additional Securities of that Series may be issued up to a maximum aggregate principal amount authorized for that Series, as that maximum aggregate principal amount may be increased from time to time. All Securities of a Series shall rank equally among themselves and with the other existing and future indebtedness of the Company that is subordinated in right of payment to the Senior Indebtedness to the same extent as the Securities of that Series.

 

The Company may from time to time establish one or more Series pursuant to this Indenture. A Series shall be established by (1) the execution and delivery of a Supplemental Indenture or (2) the adoption of a Board Resolution by the Board of Directors establishing that Series. The specific terms and conditions of the Securities of any Series established shall be determined and set either (1) by the Supplemental Indenture that establishes the Series, (2) if the Series is established by a Supplemental Indenture, to the extent that those specific terms and conditions are not determined and set by that Supplemental Indenture, by the adoption of a Board Resolution or Board Resolutions by the Board of Directors and, to the extent that those specific terms and conditions are not determined and set by the Supplemental Indenture or by the adoption of a Board Resolution or Board Resolutions by the Board of Directors or by a combination of those means of determining and setting the specific terms and conditions of the Securities of that Series, by the action of one or more Authorized Officers pursuant to authority to determine and set the specific terms and conditions of the Securities of that Series specifically delegated by the Board of Directors to that Authorized Officer or those Authorized Officers or (3) if the Series is established by action of the Board of Directors, to the extent that those specific terms and conditions are not set by the adoption of a Board Resolution or Board Resolutions by the Board of Directors, by the action of one or more Authorized Officers pursuant to authority to determine and set the specific terms and conditions of the Securities of that Series specifically delegated by the Board of Directors to that Authorized Officer or those Authorized Officers. If the specific terms and specific conditions of the Securities of a Series are determined and set by action of the Board of Directors, that action shall be evidenced by a Board Resolution. If the specific terms and conditions of the Securities of a Series established by action of the Board of Directors are determined and set by an Authorized Officer or Authorized Officers pursuant to authority delegated to them by the Board of Directors, that action shall be evidenced by an Officers’ Certificate executed by the Authorized Officer or Authorized Officers determining and setting those terms and conditions, which certificate shall also be attested to by the Secretary or an Assistant Secretary of the Company. If the specific terms and conditions of the Securities of a Series established by action of the Board of Directors are determined and set by an Authorized Officer or Authorized Officers pursuant to authority delegated to them by the Board of Directors and an Officers’ Certificate has been delivered in connection with the establishment of the terms and conditions of the Securities of a Series and the issuance of the Securities of that Series, an additional Officers’ Certificate shall not be required to be delivered in connection with any subsequent issuance of additional Securities of that Series.

 

Upon a Series being established and the specific terms and conditions of the Securities of that Series being determined and set otherwise than through a Supplemental Indenture, the Company shall cause to be delivered to the Trustee an Officers’ Certificate certifying that the

 

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Series has been established and the specific terms and conditions of the Securities of the Series have been determined and set and attaching to that Officers’ Certificate (1) the Board Resolution establishing the Series, (2) the Board Resolution or Board Resolutions determining and setting the specific terms and conditions of the Securities of that Series or providing for the delegation of authority to one or more Authorized Officers to determine and set the specific terms and conditions of the Securities of that Series and (3) if an Authorized Officer or Authorized Officers has determined and set the specific terms and conditions of the Securities of that Series, attaching the Certificate evidencing the action of that Authorized Officer or those Authorized Officers. The Officers’ Certificate that is required to be delivered to the Trustee in accordance with the immediately preceding sentence, may be provided before or at the time of the consummation of the first issuance of Securities of the Series to which the Officers’ Certificate relates.

 

Each Board Resolution of the Company determining and setting the specific terms and conditions of the Securities of a Series, each Officers’ Certificate evidencing the specific terms and conditions of the Securities of a Series, and each Supplemental Indenture setting forth the terms and conditions of the Securities of a Series, shall set forth the following information as to the terms and conditions of that Series:

 

(1)                                 the title of the Securities of such Series;

 

(2)                                 the aggregate principal amount of the Securities of such Series to be initially issued and sold by the Company and any limit upon the aggregate principal amount of Securities of such Series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of such Series pursuant to Section 304, Section 305, Section 306, Section 905 or Section 1107 or upon surrender in part of any Security for conversion or exchange into Common Stock or other securities or property pursuant to its terms), and if from time to time the Company may issue additional Securities of such Series or establish additional terms of the Securities of such Series;

 

(3)                                 if any of such Securities of such Series are to be issuable in global form, when any of such Securities are to be issuable in global form and (i) whether such Securities are to be issued in temporary or permanent global form or both, (ii) the conditions upon which Securities in definitive form will be issued to beneficial owners of Securities of Series; (iii) whether beneficial owners of interests in any such global Security may exchange such interests for Securities of the same Series and of like tenor and of any authorized form and denomination, and the circumstances under which any such exchanges may occur, if other than in the manner specified in Section 305, (iv) the name of the Depositary with respect to any such global Security and (v) if applicable and in addition to the Persons specified in Section 305, the Person or Persons who shall be entitled to make any endorsements on any such global Security and to give the instructions and take the other actions with respect to such global Security contemplated by the first paragraph of Section 201;

 

(4)                                 the date or dates, or the method or methods, if any, by which such date or dates shall be determined, on which the principal and premium, if any, of such Securities is payable;

 

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(5)                                 the rate or rates at which such Securities shall bear interest, if any, or the method or methods, if any, by which such rate or rates are to be determined, the date or dates, if any, from which such interest shall accrue or the method or methods, if any, by which such date or dates are to be determined, the Interest Payment Dates, if any, on which such interest shall be payable and the Regular Record Date, if any, for the interest payable on such Securities on any Interest Payment Date, the notice, if any, to Holders regarding the determination of interest on a floating rate Security and the manner of giving such notice, and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months;

 

(6)                                 if in addition to or other than Dallas, Texas, the place or places where the principal of, any premium and interest on, such Securities shall be payable, any of such Securities may be surrendered for registration of transfer or exchange, any of such Securities may be surrendered for conversion or exchange, and notices or demands to or upon the Company in respect of such Securities and this Indenture may be served;

 

(7)                                 whether any of the Securities are subject to prepayment and, if so, any premium payable in connection with any such prepayment;

 

(8)                                 whether any of such Securities are to be redeemable at the option of the Company and, if so, the date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities may be redeemed, in whole or in part, at the option of the Company;

 

(9)                                 if the Company is obligated to redeem or purchase any of such Securities pursuant to any sinking fund or analogous provision or at the option of any Holder thereof and, if so, the date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation, and any provisions for the remarketing of such Securities so redeemed or purchased;

 

(10)                          the denominations in which any of such Securities shall be issuable if other than denominations of $1,000 and any integral multiple thereof;

 

(11)                          whether the Securities of the Series will be convertible into and/or exchangeable for Common Stock or other securities or property, and if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, and any deletions from or modifications or additions to this Indenture to permit or to facilitate the issuance of such convertible or exchangeable Securities or the administration thereof;

 

(12)                          if other than the principal amount thereof, the portion of the principal amount of any of such Securities that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502 or the method by which such portion is to be determined;

 

(13)                          if the amount of payments of principal of, or any premium or interest on, such Securities may be determined with reference to an index, formula or other method or methods (which index, formula or method or methods may be based, without limitation, on one or more commodities, equity indices or other indices), and, if so, the terms and conditions upon which and the manner in which such amounts shall be determined and paid or payable;

 

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(14)         any affirmative or negative covenants to which the Company shall be subject or obligated to perform so long as any Security of such Series is Outstanding;

 

(15)         any deletions from, modifications of, or additions to, the Events of Default or covenants of the Company with respect to any of such Securities (whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein), and if Section 1006 shall be applicable with respect to any such additional covenants;

 

(16)         if any one or more of Section 401 relating to satisfaction and discharge, Section 402(2) relating to defeasance or Section 402(3) relating to covenant defeasance shall not be applicable to the Securities of such Series, and any covenants in addition to or other than those specified in Section 402(3) relating to the Securities of such Series that shall be subject to covenant defeasance, and, if the Holders of such Securities have the right to convert or exchange such Securities into Common Stock or other securities or property, if the right to effect such conversion or exchange will be subject to satisfaction and discharge pursuant to Section 401 or to defeasance or covenant defeasance pursuant to Section 402, and any deletions from, or modifications or additions to, the provisions of Article Four (including any modification which would permit satisfaction and discharge, defeasance or covenant defeasance to be effected with respect to less than all of the outstanding Securities of such Series) in respect of the Securities of such Series;

 

(17)         if any of such Securities are issuable in global form and are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and terms of such certificates, documents or conditions;

 

(18)         if not the Trustee, the identity of each Security Registrar, Paying Agent or Authenticating Agent with respect to such Securities;

 

(19)         the Person to whom any interest on any Security of such Series shall be payable, if other than the Person in whose name the Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, and the extent to which, or the manner in which, any interest payable on a temporary global Security will be paid if other than in the manner provided in this Indenture;

 

(20)         the terms pursuant to which the Securities of such Series will be made subordinate in right of payment to Senior Indebtedness, the definition of such Senior Indebtedness with respect to such Series and any changes in Article Fifteen with respect to such Series; and a Board Resolution, Officers’ Certificate or supplemental indenture, as the case may be, establishing the terms of such Series shall expressly state which articles, sections or other provisions thereof constitute the “Subordination Provisions” with respect to the Securities of such Series; and

 

(21)         any other terms of such Securities and any deletions from or modifications or additions to this Indenture in respect of such Securities.

 

The terms of the Securities of any Series may provide, without limitation, that the Securities shall be authenticated and delivered by the Trustee on original issue from time to time upon telephonic or written order of persons designated in the Board Resolution, Officers’

 

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Certificate or supplemental indenture, as the case may be, pertaining to such Series of Securities (telephonic instructions to be promptly confirmed in writing by such person) and that such persons are authorized to determine, consistent with such Board Resolution, Officers’ Certificate or supplemental indenture, such terms and conditions of the Securities of such Series as are specified in such Board Resolution, Officers’ Certificate or supplemental indenture. All Securities of any one Series need not be issued at the same time and, if so provided by the Company as contemplated by this Section 301, a Series may be reopened from time to time without the consent of any Holders for issuances of additional Securities of such Series or to establish additional terms of such Series of Securities.

 

If any of the terms of the Securities of any Series shall be established by action taken by or pursuant to a Board Resolution, the Board Resolution shall be delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of such Series.

 

Section 302.                             Currency; Denominations.

 

The principal of, and any premium and interest on, the Securities shall be payable in Dollars. Unless otherwise provided in or pursuant to this Indenture, Securities shall be issuable in registered form without coupons in denominations of $1,000 and any integral multiple thereof.

 

Section 303.                             Execution, Authentication, Delivery and Dating.

 

Securities shall be executed on behalf of the Company by its Chairman, Vice Chairman, Chief Executive Officer, its President or one of its Vice Presidents and by its Treasurer, one of its Assistant Treasurers, its Secretary or one of its Assistant Secretaries and may (but need not) have its corporate seal or a facsimile thereof reproduced thereon. The signature of any of these officers on the Securities may be manual or facsimile.

 

Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall, to the fullest extent permitted by law, bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.

 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities executed by the Company, to the Trustee for authentication and, provided that the Board Resolution and Officers’ Certificate or supplemental indenture or indentures with respect to such Securities referred to in Section 301 and a Company Order for the authentication and delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with the Company Order and subject to the provisions hereof and of such Securities shall authenticate and deliver such Securities. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 315(a) through Section 315(d) of the Trust Indenture Act) shall be fully protected in relying upon, an Opinion of Counsel to the following effect, which Opinion of Counsel may contain such assumptions, qualifications and limitations as such counsel shall deem appropriate:

 

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(a)                                 the form or forms and terms of such Securities have been established in conformity with Section 201 and Section 301 of this Indenture;

 

(b)                                 all conditions precedent set forth in Section 201, Section 301 and Section 303 of this Indenture to the authentication and delivery of such Securities have been complied with and that such Securities, when completed by appropriate insertions (if applicable), executed by duly Authorized Officers of the Company, delivered by duly authorized officers of the Company to the Trustee for authentication pursuant to this Indenture, and authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as enforcement thereof may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, arrangement, fraudulent conveyance, fraudulent transfer or other similar laws relating to or affecting creditors’ rights generally, and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

 

If all the Securities of any Series are not to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel at the time of issuance of each Security, but such opinion, with such modifications as counsel shall deem appropriate, shall be delivered at or before the time of issuance of the first Security of such Series. After any such first delivery, any separate request by the Company that the Trustee authenticate Securities of such Series for original issue will be deemed to be a certification by the Company that all conditions precedent provided for in this Indenture relating to authentication and delivery of such Securities continue to have been complied with.

 

The Trustee shall not be required to authenticate or to cause an Authenticating Agent to authenticate any Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully be taken.

 

Each Security shall be dated the date of its authentication.

 

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Security a certificate of authentication substantially in the form provided for in Section 202 or Section 612 executed by or on behalf of the Trustee or by the Authenticating Agent by the manual signature of one of its authorized signatories. Such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder.

 

Section 304.                             Temporary Securities.

 

Pending the preparation of definitive Securities, the Company may execute and deliver to the Trustee and, upon Company Order, the Trustee shall authenticate and deliver, in the manner provided in Section 303, temporary Securities in lieu thereof which are printed, lithographed,

 

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typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form, without coupons, and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Company executing such Securities may determine, as conclusively evidenced by their execution of such Securities. Such temporary Securities may be in global form.

 

Except in the case of temporary Securities in global form, which shall be exchanged in accordance with the provisions set forth in this Indenture or the provisions established pursuant to Section 301, if temporary Securities are issued, the Company shall cause definitive Securities to be prepared without unreasonable delay. Except as otherwise provided in or pursuant to this Indenture, after the preparation of definitive Securities of the same Series and containing terms and provisions that are identical to those of any temporary Securities, such temporary Securities shall be exchangeable for such definitive Securities upon surrender of such temporary Securities at an Office or Agency for such Securities, without charge to any Holder thereof. Except as otherwise provided in or pursuant to this Indenture, upon surrender for cancellation of any one or more temporary Securities, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of authorized denominations of the same Series and containing identical terms and provisions. Unless otherwise provided in or pursuant to this Indenture with respect to a temporary global Security, until so exchanged the temporary Securities of any Series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such Series.

 

Section 305.                             Registration, Transfer and Exchange.

 

With respect to the Securities of each Series, if any, the Company shall cause to be kept a register (each such register being herein sometimes referred to as the “Security Register”) at an Office or Agency for such Series in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of the Securities of such Series and of transfers of the Securities of such Series. Such Office or Agency shall be the “Security Registrar” for that Series of Securities. Unless otherwise specified in or pursuant to this Indenture or the Securities, the initial Security Registrar for each Series of Securities shall be as specified in the penultimate paragraph of Section 1002. The Company shall have the right to remove and replace from time to time the Security Registrar for any Series of Securities; provided that no such removal or replacement shall be effective until a successor Security Registrar with respect to such Series of Securities shall have been appointed by the Company and shall have accepted such appointment. In the event that the Trustee shall not be or shall cease to be Security Registrar with respect to a Series of Securities, it shall have the right to examine the Security Register for such Series at all reasonable times. There shall be only one Security Register for each Series of Securities.

 

Except as otherwise provided in or pursuant to this Indenture, upon surrender for registration of transfer of any Security of any Series at any Office or Agency for such Series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same Series denominated as authorized in or pursuant to this Indenture, of a like aggregate principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions.

 

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Except as otherwise provided in or pursuant to this Indenture, at the option of the Holder, Securities of any Series may be exchanged for other Securities of the same Series containing identical terms and provisions, in any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at any Office or Agency for such Series. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive.

 

Notwithstanding the foregoing, except as otherwise provided in or pursuant to this Indenture, the global Securities of any Series shall be exchangeable for definitive certificated Securities of such Series only if (i) the Depositary for such global Securities notifies the Company that it is unwilling or unable to continue as a Depositary for such global Securities or at any time the Depositary for such global Securities ceases to be a clearing agency registered as such under the Exchange Act, if so required by applicable law or regulation, and no successor Depositary for such Securities shall have been appointed within 90 days of such notification or of the Company becoming aware of the Depositary’s ceasing to be so registered, as the case may be, (ii) the Company, in its sole discretion, determines that the Securities of such Series shall no longer be represented by one or more global Securities and executes and delivers to the Trustee a Company Order to the effect that such global Securities shall be so exchangeable, or (iii) an Event of Default has occurred and is continuing with respect to such Securities.

 

If the beneficial owners of interests in a global Security are entitled to exchange such interests for definitive Securities as the result of an event described in clause (i), (ii) or (iii) of the preceding paragraph, then without unnecessary delay, but in any event not later than the earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive Securities in such form and denominations as are required by or pursuant to this Indenture, and of the same Series, containing identical terms and in aggregate principal amount equal to the principal amount of such global Security, executed by the Company. On or after the earliest date on which such interests may be so exchanged, such global Security shall be surrendered from time to time by the Depositary (or its custodian) as shall be specified in the Company Order with respect thereto (which the Company agrees to deliver), and in accordance with instructions given to the Trustee and the Depositary (which instructions shall be in writing but need not be contained in or accompanied by an Officers’ Certificate or be accompanied by an Opinion of Counsel), as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or in part, for definitive Securities as described above without charge. The Trustee shall authenticate and make available for delivery, in exchange for each portion of such surrendered global Security, a like aggregate principal amount of definitive Securities of the same Series of authorized denominations and of like tenor as the portion of such global Security to be exchanged, which shall be in the form of registered Securities, and which shall be in such denominations and registered in such names, as shall be specified by the Depositary; provided, however, that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities of the same Series to be redeemed and ending on the relevant Redemption Date. Promptly following any such exchange in part, such global Security shall be returned by the Trustee to such Depositary (or its custodian) or such other Depositary (or its custodian) referred to above in accordance with the instructions of the Company referred to above, and the Trustee shall endorse such global Security to reflect the decrease in the principal

 

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amount thereof resulting from such exchange. If a Security is issued in exchange for any portion of a global Security after the close of business at the Office or Agency for such Security where such exchange occurs on or after (i) any Regular Record Date for such Security and before the opening of business at such Office or Agency on the next Interest Payment Date, or (ii) any Special Record Date for such Security and before the opening of business at such Office or Agency on the related proposed date for payment of interest or Defaulted Interest, as the case may be, interest shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Security, but shall be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such global Security shall be payable in accordance with the provisions of this Indenture.

 

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company evidencing the same debt and entitling the Holders thereof to the same benefits under this Indenture as the Securities surrendered upon such registration of transfer or exchange.

 

Every Security presented or surrendered for registration of transfer or for exchange or redemption shall (if so required by the Company or the Security Registrar for such Security) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar for such Security duly executed by the Holder thereof or his attorney duly authorized in writing.

 

No service charge shall be made for any registration of transfer or exchange of Securities, or any redemption or repayment of Securities, or any conversion or exchange of Securities for other types of securities or property, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, Section 905 or Section 1107, or upon surrender in part of any Security for conversion or exchange into Common Stock or other securities or property pursuant to its terms, in each case not involving any transfer.

 

Except as otherwise provided in or pursuant to this Indenture, the Company shall not be required (i) to issue, register the transfer of or exchange any Securities during a period beginning at the opening of business 15 days before the day of the selection for redemption of Securities of like tenor and terms and of the same Series under Section 1103 and ending at the close of business on the day of such selection, or (ii) to register the transfer of or exchange any Security, or portion thereof, so selected for redemption, except in the case of any Security to be redeemed in part, the portion thereof not to be redeemed.

 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants or beneficial owners of interests in any global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements

 

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hereof.

 

Neither the Trustee nor any Paying Agent shall have any responsibility for any actions taken or not taken by the Depositary.

 

Section 306.                             Mutilated, Destroyed, Lost and Stolen Securities.

 

If any mutilated Security is surrendered to the Trustee, subject to the provisions of this Section 306, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding.

 

If there be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security, and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and, upon the Company’s request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding.

 

Notwithstanding the foregoing provisions of this Section 306, in case the outstanding principal balance of any mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.

 

Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute a separate obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of such Series duly issued hereunder.

 

The provisions of this Section, as amended or supplemented pursuant to this Indenture with respect to particular Securities or generally, shall (to the extent lawful) be exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

 

Section 307.                             Payment of Interest; Rights to Interest Preserved.

 

Unless otherwise provided in or pursuant to this Indenture, any interest on any Security that shall be payable, and are punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered as of the close of business on the Regular Record Date for such interest.

 

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Unless otherwise provided in or pursuant to this Indenture, any interest on any Security that shall be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such Security (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below:

 

(1)           The Company may elect to make payment of any Defaulted Interest to the Person in whose name such Security (or a Predecessor Security thereof) shall be registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted Interest as in this Clause provided. Thereupon, the Company shall fix or cause to be fixed a Special Record Date for the payment of such Defaulted Interest, which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company), shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to the Holder of such Security (or a Predecessor Security thereof) at the Holder’s address as it appears in the Security Register not less than 10 days prior to such Special Record Date. The Company may, in its discretion, in the name and at the expense of the Company cause a similar notice to be published at least once in an Authorized Newspaper of general circulation in the City of Dallas, Texas, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name such Security (or a Predecessor Security thereof) shall be registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2).

 

(2)           The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Security may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Clause, such payment shall be deemed practicable by the Trustee.

 

Unless otherwise provided in or pursuant to this Indenture or the Securities of any particular Series, at the option of the Company, interest on Securities that bear interest may be paid by mailing a check to the address of the Person entitled thereto as such address shall appear in the Security Register or by transfer to an account maintained by the payee with a bank located in the United States of America.

 

Subject to the foregoing provisions of this Section and Section 305, each Security

 

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delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

Section 308.                             Persons Deemed Owners.

 

Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered in the Security Register as the owner of such Security for the purpose of receiving payment of principal of, any premium and (subject to Section 305 and Section 307) interest on such Security and for all other purposes whatsoever, whether or not any payment with respect to such Security shall be overdue, and neither the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

No holder of any beneficial interest in any global Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such global Security, and such Depositary may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such global Security for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 

Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee, any Paying Agent or the Security Registrar from giving effect to any written certification, proxy or other authorization furnished by the applicable Depositary, as a Holder, with respect to a global Security or impair, as between such Depositary and the owners of beneficial interests in such global Security, the operation of customary practices governing the exercise of the rights of such Depositary (or its nominee) as the Holder of such global Security.

 

Section 309.                             Cancellation.

 

All Securities surrendered for payment, redemption, registration of transfer, exchange or conversion or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities, as well as Securities surrendered directly to the Trustee for any such purpose, shall be cancelled promptly by the Trustee. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be cancelled promptly by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by or pursuant to this Indenture. All cancelled Securities held by the Trustee shall be disposed of in accordance with its procedure for the disposition of cancelled Securities, and the Trustee upon the written request of the Company shall deliver to the Company a certificate of such disposition, or if directed by a Company Order returned to the Company.

 

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Section 310.                             Computation of Interest.

 

Except as otherwise provided in or pursuant to this Indenture or in the Securities of any Series, interest on the Securities shall be computed on the basis of a 360-day year of twelve 30-day months.

 

ARTICLE FOUR.

 

SATISFACTION AND DISCHARGE OF INDENTURE

 

Section 401.                             Satisfaction and Discharge.

 

Unless, pursuant to Section 301, the provisions of this Section 401 shall not be applicable with respect to the Securities of any Series, upon the direction of the Company by a Company Order, this Indenture shall cease to be of further effect with respect to any Series of Securities specified in such Company Order, and the Trustee, on receipt of a Company Order, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such Series, when

 

(1)           either

 

(a)                                 all Securities of such Series theretofore authenticated and delivered (other than (i) Securities of such Series that have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities of such Series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or

 

(b)                                 all Securities of such Series and not theretofore delivered to the Trustee for cancellation (i) have become due and payable, or (ii) will become due and payable at their Stated Maturity within one year, or (iii) if redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, money in Dollars in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, including the principal of, and any premium and interest on such Securities, to the date of such deposit (in the case of Securities which have become due and payable) or to the Maturity thereof, as the case may be;

 

(2)           the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Outstanding Securities of such Series; and

 

(3)           the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such Series have been complied with.

 

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In the event there are Securities of two or more Series Outstanding hereunder, the Trustee for the Series as to which the Indenture is to be discharged shall be required to execute an instrument acknowledging satisfaction and discharge of this Indenture only if requested to do so with respect to Securities of such Series as to which it is Trustee and if the other conditions thereto are met.

 

Notwithstanding the satisfaction and discharge of this Indenture with respect to any Series of Securities, the obligations of the Company to the Trustee under Section 607 and, if money shall have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section, the obligations of the Company and the Trustee with respect to the Securities of such Series under Section 305, Section 306, Section 403, Section 404, Section 1002 and Section 1003, any rights of Holders of the Securities of such Series (unless otherwise provided pursuant to Section 301 with respect to the Securities of such Series) to require the Company to repurchase or repay, and any rights of Holders of the Securities of such Series (unless otherwise provided pursuant to Section 301 with respect to the Securities of such Series) to convert or exchange, and the obligations of the Company to convert or exchange, such Securities into Common Stock or other securities or property, shall survive.

 

Section 402.                             Defeasance and Covenant Defeasance.

 

(1)           Unless, pursuant to Section 301, either or both of (i) defeasance of the Securities of or within a Series under clause (2) of this Section 402 or (ii) covenant defeasance of the Securities of or within a Series under clause (3) of this Section 402 shall not be applicable with respect to the Securities of such Series, then such provisions, together with the other provisions of this Section 402 (with such modifications thereto as may be specified pursuant to Section 301 with respect to any Securities), shall be applicable to such Securities, and the Company may at its option by Board Resolution, at any time, with respect to the Securities of or within such Series, elect to have Section 402(2) or Section 402(3) be applied to such Outstanding Securities upon compliance with the conditions set forth below in this Section 402. Unless otherwise specified pursuant to Section 301 with respect to the Securities of any Series, defeasance under clause (2) of this Section 402 and covenant defeasance under clause (3) of this Section 402 may be effected only with respect to all, and not less than all, of the Outstanding Securities of any Series. To the extent that the terms of any Security established in or pursuant to this Indenture permit the Company or any Holder thereof to extend the date on which any payment of principal of, or premium, if any, or interest, if any, on, such Security is due and payable, then unless otherwise provided pursuant to Section 301, the right to extend such date shall terminate upon defeasance or covenant defeasance, as the case may be.

 

(2)           Upon the Company’s exercise of the above option applicable to this Section 402(2) with respect to any Securities of or within a Series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities on the date the conditions set forth in clause (4) of this Section 402 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities, which shall thereafter be deemed to be “Outstanding” only for the purposes of clause (5) of this Section 402 and the other Sections of this Indenture referred to in clauses (i) through (iv) of this paragraph, and to have satisfied all of its other obligations under such Securities and this

 

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Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such Outstanding Securities to receive, solely (except as provided in clause (ii) below) from the trust fund described in clause (4)(a) of this Section 402 and as more fully set forth in this Section 402 and Section 403, payments in respect of the principal of (and premium, if any) and interest, if any, on, such Securities when such payments are due, (ii) the obligations of the Company and the Trustee with respect to such Securities under Section 305, Section 306, Section 1002 and Section 1003, any rights of Holders of the Securities of such Series (unless otherwise provided pursuant to Section 301 with respect to the Securities of such Series) to require the Company to repurchase or repay, and any rights of Holders of such Securities (unless otherwise provided pursuant to Section 301 with respect to the Securities of such Series) to convert or exchange, and the obligations of the Company to convert or exchange, such Securities into Common Stock or other securities or property, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) this Section 402 and Section 403 and Section 404. The Company may exercise its option under this Section 402(2) notwithstanding the prior exercise of its option under Section 402(3) with respect to such Securities.

 

(3)           Upon the Company’s exercise of the above option applicable to this Section 402(3) with respect to any Securities of or within a Series, the Company shall be released from its obligations under clauses (ii) and (iii) of Section 1004 and under Section 1005, Section 1006 and Section 1007 and any other covenant applicable to such Securities with respect to such Securities shall cease to be applicable to such Securities on and after the date the conditions set forth in clause (4) of this Section 402 are satisfied (hereinafter, “covenant defeasance”), and such Securities shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with any such covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that with respect to such Outstanding Securities, the Company may omit to comply with, and shall have no liability in respect of, any term, condition or limitation set forth in any such Section or any such other covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply shall not constitute a default or an Event of Default under Section 501(4) or Section 501(8) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby.

 

(4)           The following shall be the conditions to application of clause (2) or (3) of this Section 402 to any Outstanding Securities of or within a Series:

 

(a)                                 The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 608 who shall agree to comply with the provisions of this Section 402 applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (1) an amount in Dollars or (2) Government Obligations that through the scheduled payment of principal and interest in respect thereof in accordance

 

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with their terms will provide, not later than one day before the due date of any payment of principal of (and premium, if any) and interest, if any, on such Securities, money or (3) a combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (y) the principal of (and premium, if any) and interest, if any, on, such Outstanding Securities on the Stated Maturity of such principal or installment of principal or interest or the applicable Redemption Date, as the case may be, and (z) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities.

 

(b)                                 Such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company or any Subsidiary is a party or by which it is bound.

 

(c)                                  No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Securities shall have occurred and be continuing on the date of such deposit, and, solely in the case of defeasance under Section 402(2), no Event of Default with respect to such Securities under clause (5) or (6) of Section 501 or event which with notice or lapse of time or both would become an Event of Default with respect to such Securities under clause (5) or (6) of Section 501 shall have occurred and be continuing at any time during the period ending on and including the 91st day after the date of such deposit (it being understood that this condition to defeasance under Section 402(2) shall not be deemed satisfied until the expiration of such period).

 

(d)                                 In the case of defeasance pursuant to Section 402(2), the Company shall have delivered to the Trustee an opinion of independent counsel reasonably acceptable to the Trustee stating that (x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date of this Indenture there has been a change in applicable federal income tax law, in either case to the effect that, and based thereon such opinion of independent counsel shall confirm that, the Holders of such Outstanding Securities will not recognize income, gain or loss for federal income tax purposes as a result of such defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred; or, in the case of covenant defeasance pursuant to Section 402(3), the Company shall have delivered to the Trustee an opinion of independent counsel reasonably acceptable to the Trustee to the effect that the Holders of such Outstanding Securities will not recognize income, gain or loss for federal income tax purposes as a result of such covenant defeasance and will be

 

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subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred.

 

(e)                                  The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance or covenant defeasance, as the case may be, under this Indenture have been complied with.

 

(f)                                   If the moneys or Government Obligations or combination thereof, as the case may be, deposited under clause (a) above are sufficient to pay the principal of, and premium, if any, and interest, if any, on, such Securities provided such Securities are redeemed on a particular Redemption Date, the Company shall have given the Trustee irrevocable instructions to redeem such Securities on such date and to provide notice of such redemption to Holders as provided in or pursuant to this Indenture.

 

(g)                                  No event or condition will exist pursuant to the terms of Section 301(20) that would prevent the Company from making payments of principal and premium, if any, and interest on the Securities at the date of the irrevocable deposit referred to above.

 

(h)                                 Notwithstanding any other provisions of this Section 402(4), such defeasance or covenant defeasance shall be effected in compliance with any additional or substitute terms, conditions or limitations that may be imposed on the Company in connection therewith pursuant to Section 301.

 

(5)           Subject to the provisions of the last paragraph of Section 1003, all money and Government Obligations (or other property as may be provided pursuant to Section 301) (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee—collectively for purposes of this Section 402(5) and Section 403, the “Trustee”) pursuant to clause (4)(a) of Section 402 in respect of any Outstanding Securities of any Series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (other than the Company or any Subsidiary or Affiliate of the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal (and premium, if any) and interest but such money need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge, imposed on or assessed against the Government Obligations deposited pursuant to this Section 402 or the principal or interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of such Outstanding Securities.

 

Anything in this Section 402 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in clause

 

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(4)(a) of this Section 402 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in accordance with this Section 402.

 

Section 403.                             Application of Trust Money.

 

Subject to the provisions of the last paragraph of Section 1003, all money and Government Obligations deposited with the Trustee pursuant to Section 401 or Section 402 shall be held in trust and applied by it, in accordance with the provisions of the Securities subject to discharge under Section 401 or defeasance or covenant defeasance under Section 402, and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal, premium and interest for whose payment such money has or Government Obligations have been deposited with or received by the Trustee; but such money and Government Obligations need not be segregated from other funds except to the extent required by law.

 

Section 404.                             Reinstatement.

 

If the Trustee (or other qualifying trustee appointed pursuant to Section 402(4)(a)) or any Paying Agent is unable to apply any moneys or Government Obligations deposited pursuant to Section 401(1) or Section 402(4)(a) to pay any principal of or premium, if any, or interest, if any, on, the Securities of any Series by reason of any legal proceeding or any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Securities of such Series shall be revived and reinstated as though no such deposit had occurred, until such time as the Trustee (or other qualifying trustee) or Paying Agent is permitted to apply all such moneys and Government Obligations to pay the principal of and premium, if any, and interest, if any, on the Securities of such Series as contemplated by Section 401 or Section 402 as the case may be, and Section 403; provided, however, that if the Company makes any payment of the principal of or premium, if any, or interest if any, on the Securities of such Series following the reinstatement of its obligations as aforesaid, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the funds held by the Trustee (or other qualifying trustee) or Paying Agent.

 

Section 405.                             Effect on Subordination Provisions.

 

Unless otherwise expressly provided pursuant to Section 301 with respect to the Securities of any Series, the provisions of Article Fifteen hereof, insofar as they pertain to the Securities of such Series, and the Subordination Provisions of the Securities of such Series established pursuant to Section 301(20) are hereby expressly made subject to the provisions for, and to the right of the Company to effect, the satisfaction and discharge of all of the Securities of such Series as set forth in and pursuant to Section 401 and the provisions for, and to the right of the Company to effect, defeasance and covenant defeasance of all the Securities of such Series or designated Securities within such Series as set forth in and pursuant to Section 402. As a result, and anything herein to the contrary notwithstanding, if the Company complies with the

 

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provisions of Section 401 to effect the satisfaction and discharge of all of the Securities of a Series or complies with the provisions of Section 402 to effect the defeasance or covenant defeasance of designated Securities within a Series (which may be all of the Securities of such Series), upon the effectiveness of such satisfaction and discharge pursuant to Section 401 with respect to all of the Securities of such Series or of defeasance or covenant defeasance pursuant to Section 402 with respect to the Securities within such Series designated for such defeasance or covenant defeasance, all of the Securities of such Series, in the case of satisfaction and discharge pursuant to Section 401, or, in the case of defeasance or covenant defeasance pursuant to Section 402, the Securities of such Series as to which defeasance or covenant defeasance, as the case may be, shall have become effective shall thereupon cease to be so subordinated in right of payment to the Senior Indebtedness and shall no longer be subject to the provisions of Article Fifteen or the Subordination Provisions of such Securities established pursuant to Section 301(20) and, without limitation to the foregoing, all moneys, Government Obligations and other securities or property deposited with the Trustee (or other qualifying trustee) in trust in connection with such satisfaction and discharge, defeasance or covenant defeasance, as the case may be, and all proceeds therefrom may be applied to pay the principal of, and premium, if any, and interest, if any, on, such Securities as and when the same shall become due and payable notwithstanding the provisions of Article Fifteen or such Subordination Provisions without regard to whether any or all of the Senior Indebtedness then outstanding shall have been paid or otherwise provided for.

 

ARTICLE FIVE.

 

REMEDIES

 

Section 501.                             Events of Default.

 

“Events of Default,” wherever used in this Indenture with respect to Securities of any Series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree, or order of any court or any order, rule, or regulation of any administrative or governmental body) unless such event is specifically deleted or modified in or pursuant to the supplemental indenture, Board Resolution or Officers’ Certificate establishing such Series of Securities or the terms of the Securities of such Series pursuant to this Indenture:

 

(1)           default in the payment of any interest on any of the Securities of such Series when such interest becomes due and payable, and continuance of such default for a period of 30 days; or

 

(2)           default in the payment of any principal of or premium, if any, on any of the Securities of such Series when due (whether at Maturity or otherwise and whether payable in cash or in shares of Common Stock or other securities or property); or

 

(3)           default in the deposit of any sinking fund payment or payment under any analogous provision when due with respect to any of the Securities of such Series; or

 

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(4)           default in the performance, or breach, of any covenant or warranty of the Company in this Indenture or any Security of such Series (other than a covenant or warranty for which the consequences of breach or nonperformance are addressed elsewhere in this Section 501 or a covenant or warranty which has expressly been included in this Indenture, whether or not by means of a supplemental indenture, solely for the benefit of Securities of a Series other than such Series), and continuance of such default or breach (without such default or breach having been waived in accordance of the provisions of this Indenture) for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of such Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

(5)           the entry of a decree or order for relief in respect of the Company by a court having jurisdiction in the premises in an involuntary case or proceeding under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States of America or any political subdivision thereof, and such decree or order shall have continued unstayed and in effect for a period of 60 consecutive days; or

 

(6)           the commencement by the Company of a voluntary case under any applicable bankruptcy, insolvency or reorganization law, now or hereafter in effect of the United States of America or any political subdivision thereof, or the consent by the Company to the entry of a decree or order for relief in an involuntary case or proceeding under any such law; or

 

(7)           any other Event of Default provided in or pursuant to this Indenture with respect to Securities of such Series.

 

Section 502.                             Acceleration of Maturity; Rescission and Annulment.

 

Unless the supplemental indenture, Board Resolution or Officers’ Certificate establishing or evidencing the establishment of a Series of Securities or the terms of the Securities of a Series pursuant to this Indenture shall provide otherwise, if an Event of Default (other than an Event of Default specified in clause (5) or (6) of Section 501) with respect to Securities of any Series occurs and is continuing, then either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such Series may declare the principal of all the Securities of such Series, or such lesser amount as may be provided for in the Securities of such Series, and accrued and unpaid interest, if any, thereon to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or such lesser amount, as the case may be, and such accrued and unpaid interest shall become immediately due and payable. If an Event of Default specified in clause (5) or (6) of Section 501 occurs, then the principal amount of all of the Securities of such Series Outstanding, or such lesser amount as may be provided for in the Securities of such Series, and accrued and unpaid interest, if any, on all Securities of all Series Outstanding shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of the Securities of such Series.

 

At any time after the occurrence of an Event of Default with respect to Securities of one or more Series and before a judgment or decree for payment of the money due has been obtained

 

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by the Trustee as provided below in this Article Five, the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of all affected Series (voting as one class), by written notice to the Company and the Trustee may waive all defaults with respect to all affected Series, and may rescind and annul the consequences of the Event of Default, if:

 

(1)           the Company has paid or deposited with the Trustee a sum of money sufficient to pay (or, to the extent that the terms of the Securities of such Series established pursuant to Section 301 expressly provide for payment to be made in shares of Common Stock or other securities or property, shares of Common Stock or other securities or property, together with cash in lieu of fractional shares or securities, sufficient to pay)

 

(a)                                 all overdue installments of any interest on any Securities of such Series that have become due otherwise than by such declaration of acceleration,

 

(b)                                 the principal of and any premium on any Securities of such Series which have become due otherwise than by such declaration of acceleration and, to the extent permitted by applicable law, interest thereon at the rate or respective rates, as the case may be, provided for in or with respect to such Securities, or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of interest borne by such Securities,

 

(c)                                  to the extent permitted by applicable law, interest upon installments of any interest, if any, which have become due otherwise than by such declaration of acceleration at the rate or respective rates, as the case may be, provided for in or with respect to such Securities, or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of interest borne by such Securities, and

 

(d)                                 all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due the Trustee under Section 607; and

 

(2)           all Events of Default with respect to Securities of all affected Series other than the nonpayment of the principal of, or any premium and interest on, Securities of the affected Series that shall have become due solely by such acceleration, shall have been cured or waived as provided in Section 513.

 

No such rescission shall affect any subsequent default or impair any right consequent thereon.

 

For all purposes under this Indenture, if a portion of the principal of any Original Issue Discount Securities shall have been accelerated and declared due and payable pursuant to the provisions of this Indenture, then, from and after the date of such Event of Default, unless such Event of Default has been rescinded and annulled as provided above, the principal amount of such Original Issue Discount Securities shall be deemed, for all purposes under this Indenture, to be such portion of the principal as shall be due and payable as a result of such acceleration, and the payment of such portion of the principal as shall be due and payable as a result of such acceleration, together with interest, if any, on such portion and all other amounts owing under

 

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such Original Issue Discount Security, shall constitute payment in full of such Original Issue Discount Securities.

 

Section 503.                             Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if:

 

(1)           default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days,

 

(2)           default is made in the payment of the principal of (or premium, if any, on) any Security at its Maturity, or

 

(3)           default is made in the making or satisfaction of any sinking fund or analogous obligation when the same becomes due pursuant to the terms of any Security, the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities, the whole amount then due and payable with respect to such Securities, with interest upon the overdue principal, any premium and, to the extent permitted by applicable law, upon any overdue installments of interest at the rate or respective rates, as the case may be, provided for or with respect to such Securities or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of interest borne by such Securities, subject, however, to any limitation on such obligation of the Company to pay such amounts as shall be set forth in the supplemental indenture, Board Resolution or Officers’ Certificate establishing or evidencing the establishment of a Series of Securities or the terms of the Series of Securities of which such Security is a part pursuant to this Indenture, and, in addition thereto, such further amount of money as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due to the Trustee under Section 607.

 

If the Company fails to pay the money it is required to pay the Trustee pursuant to the preceding paragraph forthwith upon the demand of the Trustee, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.

 

If an Event of Default with respect to Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other proper remedy.

 

Section 504.                             Trustee May File Proofs of Claim.

 

In case of any judicial proceeding relative to the Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and empowered, by

 

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intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to

 

(1)           to file and prove a claim for the whole amount, or such lesser amount as may be provided for in the Securities of such Series, of the principal and any premium or interest owing and unpaid in respect of such Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents or counsel) and of the Holders of such Securities allowed in such judicial proceeding, and

 

(2)           collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator, or other similar official in any such judicial proceeding is authorized by each Holder of Securities to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders of Securities and to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607.

 

No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security any plan of reorganization, arrangement, adjustment, or composition affecting the Securities or the rights of any Holder or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, the Trustee may vote on behalf of the Holders for the election of a trustee in bankruptcy or similar official and may be a member of a creditors, or other similar committee.

 

Section 505.                             Trustee May Enforce Claims Without Possession of Securities.

 

All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production of such Securities in any related proceeding, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents, and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

 

Section 506.                             Application of Money Collected.

 

Any money collected by the Trustee pursuant to this Article Five or, after an Event of Default, any money or other property distributable in respect of the Company’s obligations under this Indenture shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation on such Securities of the payment if only partially paid and upon surrender of such Securities if fully paid:

 

FIRST: To the payment of all amounts due the Trustee (including any predecessor

 

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trustee) under Section 607; and

 

SECOND: To the payment of amounts then due and unpaid to the holders of Senior Indebtedness, to the extent required pursuant to the Subordinated Provisions established with respect to the Securities of such Series pursuant to Section 301(20);

 

THIRD: To the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities for principal and any premium and interest, respectively; and

 

FOURTH: The balance, if any, to the Person or Persons entitled thereto.

 

Section 507.                             Limitation on Suits.

 

No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy under this Indenture, unless:

 

(1)           such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series;

 

(2)           the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture;

 

(3)           such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses, and liabilities to be incurred in compliance with such request;

 

(4)           the Trustee for 60 days after its receipt of such notice, request, and offer of indemnity has failed to institute any such proceeding; and

 

(5)           no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Securities of that Series; it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb, or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner provided in this Indenture and for the equal and ratable benefit of all of such Holders.

 

Section 508.                             Unconditional Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and

 

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any premium and (subject to Section 305 and Section 307) any interest on such Security on the respective Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and, in the case of any Security that is convertible into or exchangeable for other securities or property, to convert or exchange, as the case may be, such Security in accordance with its terms), and to institute suit for the enforcement of any such payment and such rights shall not be impaired without the consent of such Holder.

 

Section 509.                             Restoration of Rights and Remedies.

 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions under this Indenture and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

 

Section 510.                             Rights and Remedies Cumulative.

 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Securities in the last paragraph of Section 306, no right or remedy conferred in this Indenture upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given under this Indenture or now or in the future existing at law or in equity or otherwise. The assertion or employment of any right or remedy under this Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 511.                             Delay or Omission Not Waiver.

 

No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of or acquiescence in any such Event of Default. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Section 512.                             Control by Holders.

 

The Holders of a majority in aggregate principal amount of the Outstanding Securities of any Series shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that

 

(1)           such direction shall not be in conflict with any rule of law or with this Indenture or with the Securities of any Series,

 

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(2)           the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and

 

(3)           the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.

 

Section 513.                             Waiver of Past Defaults.

 

Subject to Section 502, the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past default under this Indenture with respect to such Series and its consequences, except a default (1) in the payment of the principal of, or any premium or interest on, any Security of such Series, or (2) in respect of a covenant or provision of this Indenture which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such affected Series.

 

Upon any such waiver, such default shall cease to exist, and any Event of Default arising from such default shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any consequent right.

 

Section 514.                             Waiver of Usury, Stay or Extension Laws.

 

The Company covenants that (to the extent that it may lawfully do so) it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or any other law wherever enacted, now or at any time hereafter in force, which would prohibit or forgive the Company from paying all or any portion of the principal of or premium, if any, or interest, if any, on any Securities as contemplated herein and therein or which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent that it may lawfully do so) expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee or the Holders, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

Section 515.                             Undertaking for Costs.

 

All parties to this Indenture agree, and each Holder of any Securities by his acceptance of such Securities shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered, or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney’s fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 515 shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest, if any, on any Securities on or

 

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after the Stated Maturity or Maturities expressed in such Securities (or, in the case of redemption, on or after the Redemption Date) or for the enforcement of the right, if any, to convert or exchange any Security into Common Stock or other securities in accordance with its terms).

 

ARTICLE SIX.

 

THE TRUSTEE

 

Section 601.                             Duties of Trustee.

 

(1)           If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it hereby, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

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

 

(a)                                 the duties of the Trustee will be determined solely by the express provisions hereof and the Trustee need perform only those duties that are specifically set forth herein and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(b)                                 in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements hereof. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements hereof.

 

(3)           Whether or not therein expressly so provided, every provision hereof that in any way relates to the Trustee is subject to paragraphs (1) and (2) of this Section 601 and to Section 602.

 

(4)           No provision hereof will require the Trustee to expend or risk its own funds or incur any liability.

 

(5)           The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.

 

Section 602.                             Certain Rights of Trustee.

 

Subject to Section 315(a) through Section 315(d) of the Trust Indenture Act:

 

(1)           the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

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(2)           any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or a Company Order (in each case, other than delivery of any Security, to the Trustee for authentication and delivery pursuant to Section 303 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;

 

(3)           whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence shall be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate;

 

(4)           before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed with due care.

 

(5)           the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or pursuant to this Indenture at the request or direction of any of the Holders of Securities of any Series pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction;

 

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

 

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

 

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

 

(9)           in no event shall the Trustee be responsible or liable for special, indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of

 

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profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action;

 

(10)         the Trustee shall not be required to take notice or be deemed to have notice of any Event of Default, except failure by the Company to pay or cause to be made any of the payments required to be made to the Trustee, unless a Responsible Officer shall be specifically notified by a writing of such Default by the Company or by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities then outstanding delivered to the Corporate Trust Office of the Trustee and in the absence of such notice so delivered the Trustee may conclusively assume no Default exists.

 

(11)         the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; and

 

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

 

Section 603.                             Notice of Defaults.

 

Within 90 days after the Trustee is notified of the occurrence of any default hereunder with respect to the Securities of any Series, the Trustee shall transmit by mail to all Holders of Securities of such Series entitled to receive reports pursuant to Section 703(3), notice of such default hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any), or interest, if any, on, any Security of such Series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the best interest of the Holders of Securities of such Series; and provided, further, that in the case of any default of the character specified in Section 501(4) or Section 501(8) with respect to Securities of such Series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event that is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such Series.

 

Section 604.                             Not Responsible for Recitals or Issuance of Securities.

 

The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, shall be taken as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be

 

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accountable for the use or application by the Company of the Securities or the proceeds thereof. The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities or any money paid to the Company or upon the Company’s direction under any provision hereof, it will not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Securities or any other document in connection with the sale of the Securities or pursuant to this Indenture other than its certificate of authentication.

 

Section 605.                             May Hold Securities.

 

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other Person that may be an agent of the Trustee or the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Section 310(b) and Section 311 of the Trust Indenture Act, may otherwise deal with the Company with the same rights that it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other Person.

 

Section 606.                             Money Held in Trust.

 

Except as provided in Section 403 and Section 1003, money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law and shall be held uninvested. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company.

 

Section 607.                             Compensation and Reimbursement.

 

The Company agrees:

 

(1)           to pay to the Trustee from time to time reasonable compensation for all services rendered by the Trustee hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

(2)           except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to the Trustee’s negligence or bad faith; and

 

(3)           to indemnify each of the Trustee or any predecessor Trustee and their agents for, and to hold them harmless against, any loss, liability or reasonable expense (including, without limitation, the reasonable fees and disbursements of the Trustee’s agents, legal counsel, accountants and experts) and including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), incurred without negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the reasonable costs and expenses of defending themselves against any claim (whether asserted by the Company, or any Holder or any other Person) or liability in

 

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connection with the exercise or performance of any of their powers or duties hereunder, or in connection with enforcing the provisions of this Section, except to the extent that any such loss, liability or expense was due to the Trustee’s negligence or bad faith.

 

As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities of any Series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, or premium or interest on Securities. Such lien will survive the satisfaction and discharge hereof.

 

Any compensation or expense incurred by the Trustee after a default specified by Section 501(5) or Section 501(6) is intended to constitute an expense of administration under any then applicable bankruptcy or insolvency law. “Trustee” for purposes of this Section 607 shall include any predecessor Trustee, but the negligence or bad faith of any Trustee shall not affect the rights of any other Trustee under this Section 607. The provisions of this Section 607 shall, to the extent permitted by law, survive any termination of this Indenture (including, without limitation, termination pursuant to any Bankruptcy Laws) and the resignation or removal of the Trustee.

 

Section 608.                             Corporate Trustee Required; Eligibility.

 

(1)           There shall at all times be a Trustee hereunder that is a corporation, organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia, eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act and that has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000 subject to supervision or examination by federal or state authority. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

(2)           The following indenture shall be considered specifically described herein for purposes of clause (i) of the proviso contained in Section 310(b)(1) of the Trust Indenture Act: Senior Debt Indenture dated as of [·] between the Company and U.S. Bank National Association, as trustee; and, pursuant to Section 310(b)(1)(C)(i) of the Trust Indenture Act, unless otherwise ordered by the Commission, an event of default by the Company under this Indenture will not disqualify the Trustee under this Indenture because it is the trustee under such other indenture.

 

Section 609.                             Resignation and Removal; Appointment of Successor.

 

(1)           No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article Six shall become effective until the acceptance of appointment by the successor Trustee pursuant to Section 610.

 

(2)           The Trustee may resign at any time with respect to the Securities of one or more Series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 610 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may, at the Company’s expense, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to such Series.

 

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(3)           The Trustee may be removed at any time with respect to the Securities of any Series by Act of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such Series, delivered to the Trustee and the Company.

 

(4)           If at any time:

 

(a)                                 the Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act with respect to Securities of any Series after written request therefor by the Company or any Holder of a Security of such Series who has been a bona fide Holder of a Security of such Series for at least six months, or

 

(b)                                 the Trustee shall cease to be eligible under Section 608 and shall fail to resign after written request therefor by the Company or any such Holder, or

 

(c)                                  the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) the Company, by or pursuant to a Board Resolution, may remove the Trustee with respect to all Securities or the Securities of such Series, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder of a Security who has been a bona fide Holder of a Security of such Series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities of such Series and the appointment of a successor Trustee or Trustees.

 

(5)           If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more Series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those Series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such Series and that at any time there shall be only one Trustee with respect to the Securities of any particular Series) and shall comply with the applicable requirements of Section 610. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any Series shall be appointed by Act of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such Series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 610, become the successor Trustee with respect to the Securities of such Series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any Series shall have been so appointed by the Company or the Holders of Securities and accepted appointment in the manner required by Section 610, any Holder of a Security who has been a bona fide Holder of a Security of such Series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such Series.

 

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(6)           The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any Series and each appointment of a successor Trustee with respect to the Securities of any Series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Securities, if any, of such Series as their names and addresses appear in the Security Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such Series and the address of its Corporate Trust Office.

 

Section 610.                             Acceptance of Appointment by Successor.

 

(1)           Upon the appointment hereunder of any successor Trustee with respect to all Securities, such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges, shall execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject to Section 1003, shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 607.

 

(2)           Upon the appointment hereunder of any successor Trustee with respect to the Securities of one or more (but not all) Series, the Company, the retiring Trustee and such successor Trustee shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those Series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those Series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any notice given to, or received by, or any act or failure to act on the part of any other Trustee hereunder, and, upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture with respect to the Securities of that or those Series to which the appointment of such successor Trustee relates other than as hereinafter expressly set forth, and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those

 

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Series to which the appointment of such successor Trustee relates; but, on request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges with respect to the Securities of that or those Series to which the appointment of such successor relates and subject to Section 1003 shall duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those Series to which the appointment of such successor Trustee relates, subject to its claim, if any, provided for in Section 607.

 

(3)           Upon request of any Person appointed hereunder as a successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (1) or (2) of this Section, as the case may be.

 

(4)           No Person shall accept its appointment hereunder as a successor Trustee unless at the time of such acceptance such successor Person shall be qualified and eligible under this Article.

 

Section 611.                             Merger, Conversion, Consolidation or Succession to Business.

 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder (provided that such corporation shall otherwise be qualified and eligible under this Article), without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated but not delivered by the Trustee then in office, any such successor to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. In case any Securities shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities in either its own name or that of its predecessor Trustee.

 

Section 612.                             Appointment of Authenticating Agent.

 

The Trustee may appoint one or more Authenticating Agents acceptable to the Company with respect to one or more Series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of that or those Series issued upon original issue, exchange, registration of transfer, partial redemption, partial repayment, partial conversion or exchange for Common Stock or other securities or property, or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent.

 

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Each Authenticating Agent shall be reasonably acceptable to the Company and, except as provided in or pursuant to this Indenture, shall at all times be a corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable law and by its charter to act as an Authenticating Agent and has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in this Section.

 

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate agency or corporate trust business of an Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent that shall be acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities, if any, of the Series with respect to which such Authenticating Agent shall serve, as their names and addresses appear in the Security Register. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 612.

 

The Company agrees to pay each Authenticating Agent from time to time reasonable compensation for its services under this Section. If the Trustee makes such payments, it shall be entitled to be reimbursed for such payments, subject to the provisions of Section 607.

 

The provisions of Section 308, Section 604 and Section 605 shall be applicable to each Authenticating Agent.

 

If an Authenticating Agent is appointed with respect to one or more Series of Securities pursuant to this Section, the Securities of such Series may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form:

 

This is one of the Securities of the Series designated herein referred to in the within-mentioned Indenture.

 

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as Trustee
    
	
 
    	
 
    
	
 
    	
By:
    
	
 
    	
As Authenticating Agent
    
	
 
    	
 
    
	
 
    	
By:
    
	
 
    	
Authorized Signatory
    

 

If all of the Securities of any Series may not be originally issued at one time, and if the Trustee does not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company desires to have Securities of such Series authenticated upon original issuance, the Trustee, if so requested in writing (which writing need not be accompanied by or contained in an Officers’ Certificate of the Company), shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment designated by the Company with respect to such Series of Securities.

 

ARTICLE SEVEN.

 

HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 701.                             Company to Furnish Trustee Names and Addresses of Holders.

 

In accordance with Section 312(a) of the Trust Indenture Act, the Company shall furnish or cause to be furnished to the Trustee

 

(1)           semi-annually with respect to Securities of each Series not later than and of the year or upon such other dates as are set forth in or pursuant to the Board Resolution or indenture supplemental hereto authorizing such Series, a list, in each case in such form as the Trustee may reasonably require, of the names and addresses of Holders as of the applicable date, and

 

(2)           at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished,

 

provided, however, that so long as the Trustee is the Security Registrar no such list shall be required to be furnished.

 

Section 702.                             Preservation of Information; Communications to Holders.

 

The Trustee shall comply with the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act.

 

Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company, the Trustee, any Paying Agent or any Security Registrar shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities in accordance with Section 312(c) of the Trust Indenture Act, regardless of the source from which such information was derived, and that the

 

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Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture Act.

 

Section 703.                             Reports by Trustee.

 

(1)           Within 60 days after July 15 of each year commencing with the first July 15 following the first issuance of Securities pursuant to Section 301, if required by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit, pursuant to Section 313(c) of the Trust Indenture Act, a brief report dated as of such July 15 with respect to any of the events specified in said Section 313(a) and Section 313(b)(2) that may have occurred since the later of the immediately preceding July 15 and the date of this Indenture.

 

(2)           The Trustee shall transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.

 

(3)           Reports pursuant to this Section shall be transmitted in the manner and to the Persons required by Section 313(c) and Section 313(d) of the Trust Indenture Act.

 

Section 704.                             Reports by Company.

 

(1)           The Company, pursuant to Section 314(a) of the Trust Indenture Act, shall:

 

(a)                                 file with the Trustee, within 15 days after the Company files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of said Sections, then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports that may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations;

 

(b)                                 file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional certificates, information, documents and reports with respect to compliance by the Company, with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

 

(c)                                  transmit within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission. Delivery of such reports, information and documents to the Trustee is for informational

 

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purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

(2)           The Company intends to file the reports referred to in Section 704(1) with the Commission in electronic form pursuant to Regulation S-T of the Commission using the Commission’s Electronic Data Gathering, Analysis and Retrieval system. Compliance with the foregoing, or any successor electronic system approved by the Commission, shall constitute delivery by the Company of such reports to the Trustee and Holders in compliance with the provision of Section 704(1) and TIA Section 314(a). Notwithstanding anything to the contrary herein, the Trustee shall have no duty to search for or obtain any electronic or other filings that the Company makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise. Delivery of the reports, information and documents to the Trustee pursuant to this Section 704(2) shall be solely for the purposes of compliance with this Section 704(2) and with TIA Section 314(a). The Trustee’s receipt of such reports, information and documents shall not constitute notice to it of the content thereof or of any matter determinable from the content thereof (and the Trustee shall not have any duty to ascertain or inquire as to such content or matter), including the Company’s compliance with any of its covenants hereunder, as to which the Trustee is conclusively entitled to rely upon Officers’ Certificates.

 

ARTICLE EIGHT.

 

CONSOLIDATION, MERGER AND SALES

 

Section 801.                             Company May Consolidate, Etc., Only on Certain Terms.

 

The Company shall not, in any transaction or series of related transactions, consolidate with or merge into any Person or sell, assign, transfer, lease or otherwise convey all or substantially all its properties and assets to any Person, unless:

 

(1)           either (A) the Company shall be the continuing Person (in the case of a merger), or (B) the successor Person (if other than the Company) formed by such consolidation or into which the Company is merged or which acquires by sale, assignment, transfer, lease or other conveyance all or substantially all the properties and assets of the Company shall be a corporation organized and existing under the laws of the United States of America, any state thereof or the District of Columbia and shall expressly assume, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, executed by such successor corporation and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, any premium and interest on, all the Outstanding Securities and the due and punctual performance and observance of every obligation in this Indenture and the Outstanding Securities on the part of the Company to be performed or observed, and which supplemental indenture shall provide for conversion or exchange rights in accordance with the provisions of the Securities of any Series that are convertible or exchangeable into Common Stock or other securities;

 

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(2)           immediately after giving effect to such transaction and treating any indebtedness that becomes an obligation of the Company or any Subsidiary as a result of that transaction as having been incurred by the Company or any Subsidiary at the time of the transaction, no Event of Default, and no event which, after notice or lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and

 

(3)           either the Company or the successor Person shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease or other conveyance and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article Eight and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

For purposes of the foregoing, any sale, assignment, transfer, lease or other conveyance of all or any of the properties and assets of one or more Subsidiaries of the Company (other than to the Company or another Subsidiary), which, if such properties and assets were owned by the Company, would constitute all or substantially all of the Company’s properties and assets, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company.

 

Section 802.                             Successor Person Substituted for Company.

 

Upon any consolidation by the Company with or merger of the Company into any other Person or any sale, assignment, transfer, lease or conveyance of all or substantially all of the properties and assets of the Company to any Person in accordance with Section 801, the successor Person formed by such consolidation or into which the Company is merged or to which such sale, assignment, transfer, lease or other conveyance is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; and thereafter, except in the case of a lease, the predecessor Person shall be released from all obligations and covenants under this Indenture and the Securities.

 

ARTICLE NINE.

 

SUPPLEMENTAL INDENTURES

 

Section 901.                             Supplemental Indentures without Consent of Holders.

 

Without the consent of any Holders of Securities, the Company (when authorized by or pursuant to a Board Resolution) and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1)           to evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company contained herein and in the Securities; or

 

(2)           to add to the covenants of the Company for the benefit of the Holders of all or any Series of Securities (as shall be specified in such supplemental indenture or indentures) or to

 

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surrender any right or power herein conferred upon the Company with respect to all or any Series of Securities issued under this Indenture (as shall be specified in such supplemental indenture or indentures); or

 

(3)           to permit or facilitate the issuance of Securities of a Series in uncertificated or global form, provided any such action shall not adversely affect the interests of the Holders of Securities of any Series; or

 

(4)           to establish any Series of Securities and the form or terms of Securities of any Series as permitted by Section 201 and Section 301, including, without limitation, any Subordination Provisions and any conversion or exchange provisions applicable to Securities that are convertible into or exchangeable for other securities or property, and any deletions from or additions or changes to this Indenture in connection therewith (provided that any such deletions, additions and changes shall not be applicable to any other Series of Securities then Outstanding); or

 

(5)           to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 610; or

 

(6)           (a) to cure any ambiguity or to correct or supplement any provision herein that may be defective or that may be inconsistent with any other provision herein or (b) to make any other provisions with respect to matters or questions arising under this Indenture that shall not adversely affect the interests of the Holders of Securities of any Series then Outstanding in any material respect; or

 

(7)           to add any additional Events of Default with respect to all or any Series of Securities (as shall be specified in such supplemental indenture); or

 

(8)           to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance, covenant defeasance and/or satisfaction and discharge of any Series of Securities pursuant to Article Four, provided that any such action shall not adversely affect the interests of any Holder of a Security of such Series or any other Security in any material respect; or

 

(9)           to make provisions with respect to conversion or exchange rights of Holders of Securities of any Series; or

 

(10)         to amend, supplement or eliminate any provision contained herein or in any supplemental indenture or in any Securities (which amendment or supplement may apply to one or more Series of Securities or to one or more Securities within any Series as specified in such supplemental indenture or indentures), provided that such amendment, supplement or elimination does not apply to any Outstanding Security issued prior to the date of such supplemental indenture and entitled to the benefits of such provision; or

 

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(11)         in the case of any Series of Securities which are convertible into or exchangeable for Common Stock or other securities or property, to safeguard or provide for the conversion or exchange rights, as the case may be, of such Securities in the event of any reclassification or change of outstanding shares of Common Stock or any merger, consolidation, statutory share exchange or combination of the Company with or into another Person or any sale, lease, assignment, transfer, disposition or other conveyance of all or substantially all of the properties and assets of the Company to any other Person or other similar transactions, if expressly required by the terms of such Series of Securities established pursuant to Section 301; or

 

(12)         to add to, delete from or revise the conditions, limitations or restrictions on issue, authentication and delivery of Securities of any Series; or

 

(13)         to conform any provision in this Indenture to the requirements of the Trust Indenture Act; or

 

(14)         to make any change that does not adversely affect the legal rights under this Indenture of any Holder of Securities of any Series issued under this Indenture.

 

Section 902.                             Supplemental Indentures with Consent of Holders.

 

With the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of each Series affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company (when authorized by or pursuant to a Board Resolution), and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of the Securities of such Series or of modifying in any manner the rights of the Holders of Securities of such Series under this Indenture; provided, that no such supplemental indenture, without the consent of the Holder of each Outstanding Security affected thereby, shall

 

(1)           change the Stated Maturity of the principal of, or premium, if any, or any installment of interest, if any, on, any Security, or reduce the principal amount thereof or the premium, if any, thereon or the rate (or modify the calculation of such rate) of interest thereon, or reduce the amount payable upon redemption thereof at the option of the Company or repayment thereof at the option of the Holder, or reduce the amount of the principal of any Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502 or the amount thereof provable in bankruptcy pursuant to Section 504, or extend the time of payment of interest on any Security, or change any of the conversion, exchange or redemption provisions of any Security or change the Place of Payment where the principal of, any premium or interest on, any Security is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), in each case as such Stated Maturity, Redemption Date or date for repayment may, if applicable, be extended in accordance with the terms of such Security, or in the case of any Security that is convertible into or exchangeable for other securities or property, impair the right to institute suit to enforce the right to convert or exchange such Security in accordance with its terms or modify the ranking or priority of the Securities in a manner adverse to the Holders of the Securities, or

 

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(2)           reduce the percentage in principal amount of the Outstanding Securities of any Series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in Section 513 or Section 1006 of this Indenture, or reduce the requirements of Section 1404 for quorum or voting, or

 

(3)           modify any of the provisions of this Section 902, Section 513 or Section 1006, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby.

 

A supplemental indenture that changes or eliminates any covenant or other provision of this Indenture which shall have been included solely for the benefit of one or more particular Series of Securities, or which modifies the rights of the Holders of Securities of such Series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other Series.

 

Anything in this Indenture to the contrary notwithstanding, if more than one Series of Securities is Outstanding, the Company shall be entitled to enter into a supplemental indenture under this Section 902 with respect to any one or more Series of Outstanding Securities without entering into a supplemental indenture with respect to any other Series of Outstanding Securities.

 

It shall not be necessary for any Act of Holders of Securities under this Section 902 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

 

Section 903.                             Execution of Supplemental Indentures.

 

As a condition to executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article Nine or the modifications thereby of the trust created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 315(a) through Section 315(d) of the Trust Indenture Act) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel to the effect that the execution of such supplemental indenture is authorized or permitted by this Indenture and that such supplemental indenture has been duly authorized, executed and delivered by, and is a valid, binding and enforceable obligation of, the Company, subject to customary exceptions. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Section 904.                             Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture under this Article Nine, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of a Security theretofore or thereafter authenticated and delivered hereunder.

 

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Section 905.                             Reference in Securities to Supplemental Indentures.

 

Securities of any Series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article Nine may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any Series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such Series.

 

Section 906.                             Effect on Senior Indebtedness.

 

No supplemental indenture shall directly or indirectly modify or eliminate the Subordination Provisions or the definition of “Senior Indebtedness” applicable with respect to the Securities of any Series in any manner that might terminate or impair the subordination of such Series of Securities to such Senior Indebtedness without the prior written consent of the Holders of such Senior Indebtedness.

 

Section 907.                             Conformity with Trust Indenture Act.

 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 

ARTICLE TEN.

 

COVENANTS

 

Section 1001.                      Payment of Principal, Premium, Interest.

 

The Company covenants and agrees for the benefit of the Holders of the Securities of each Series that it will duly and punctually pay the principal of, any premium and interest on the Securities of such Series, whether payable in cash, shares of Common Stock or other securities or property, in accordance with the terms thereof and this Indenture.

 

Section 1002.                      Maintenance of Office or Agency.

 

The Company shall maintain in each Place of Payment for any Series of Securities an Office or Agency where Securities of such Series may be presented or surrendered for payment, where Securities of such Series may be surrendered for registration of transfer or exchange, where Securities of such Series that are convertible or exchangeable may be surrendered for conversion or exchange, and where notices and demands to or upon the Company in respect of the Securities of such Series relating thereto and this Indenture may be served, provided that, if (i) the City of Dallas, Texas, is a Place of Payment for the Securities of any Series, (ii) there shall be another Place of Payment in the United States of America for such Securities in addition to the City of Dallas, Texas, and (iii) all Securities of such Series are originally issued solely in the form of one or more permanent global Securities, then the Company shall not be required to maintain any such office or agency in the City of Dallas, Texas, unless and until all or any portion of such global Securities shall be exchanged for or otherwise issued as definitive certificated Securities of such Series as contemplated by the last paragraph of this Section 1002. The Company will give prompt written notice to the Trustee of the location, and any change in

 

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the location, of such Office or Agency. If at any time the Company shall fail to maintain any such required Office or Agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

 

The Company may also from time to time designate one or more other Offices or Agencies where the Securities of one or more Series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an Office or Agency in each Place of Payment for Securities of any Series for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other Office or Agency.

 

Unless otherwise provided in or pursuant to this Indenture, the Company hereby designates the City of Dallas, Texas, as a Place of Payment for each Series of Securities, initially appoints the Corporate Trust Office of the Trustee in the City of Dallas, Texas, as the Company’s Office or Agency in the City of Dallas, Texas, for such purpose and initially appoints the Trustee as the Security Registrar for each Series of Securities and, if the Securities of any Series are convertible into or exchangeable for Common Stock or other securities or property, initially appoints the Trustee as conversion or exchange agent, as the case may be, for the Securities of such Series. The Company may subsequently appoint a different Office or Agency in the City of Dallas, Texas or the Borough of Manhattan, the City of New York, and, as provided in Section 305, may remove and replace from time to time the Security Registrar.

 

As set forth above in this Section 1002, and unless otherwise provided pursuant to Section 301 with respect to any Series of Securities, in the event that the Securities of a Series are originally issued solely in the form of one or more permanent global Securities and if at any time thereafter Securities of such Series are issued in definitive certificated form in exchange for all or any portion of such global Securities (whether pursuant to Section 305 or otherwise pursuant to the terms of such Securities), the Company shall, at all times from and after the date of the first such exchange until such time as no Securities of such Series in definitive certificated form are Outstanding, establish and maintain an Office or Agency in the City of Dallas, Texas (in addition to any other Offices or Agencies the Company is required to maintain in respect of such Securities) where Securities of such Series may be surrendered and where notices and demands in respect of Securities of such Series and this Indenture may be served for the purposes specified in, and as contemplated by, the first paragraph of this Section 1002.

 

Section 1003.                      Money for Securities Payments to Be Held in Trust.

 

If the Company shall at any time act as its own Paying Agent with respect to any Series of Securities, it shall, on or before each due date of the principal of, any premium or interest on any of the Securities of such Series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in Dollars sufficient to pay the principal, any premium and interest, as the case may be, so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and shall promptly notify the Trustee of its action or failure so to act.

 

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Whenever the Company shall have one or more Paying Agents for any Series of Securities, it shall, on or prior to each due date of the principal of, or any premium or interest on, any Securities of such Series, deposit with any Paying Agent a sum in Dollars sufficient to pay the principal, premium and interest, as the case may be, so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

 

The Company shall cause each Paying Agent for any Series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent shall:

 

(1)           hold all sums held by it for the payment of the principal of, any premium or interest on the Securities of such Series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant to this Indenture;

 

(2)           give the Trustee notice of any default by the Company (or any other obligor upon the Securities of such Series) in the making of any payment of principal, any premium or interest on the Securities of such Series; and

 

(3)           at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

 

To the extent that the terms of any Securities established pursuant to Section 301 provide that any principal of, or premium or interest, if any, on any such Securities is or may be payable in Common Stock or other securities or property, then the provisions of this Section 1003 shall apply, mutatis mutandis, to such Common Stock or other securities or property.

 

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.

 

Except as otherwise provided herein or pursuant hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, any premium or interest on any Security of any Series and remaining unclaimed for two years after such principal or such premium or interest shall have become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may, not later than 30 days after the Company’s request for such repayment, at the expense of the Company cause to be published once, in an Authorized Newspaper in each Place of Payment for such Series or to be mailed to Holders of

 

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Securities of such Series, or both, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication or mailing nor shall it be earlier than two years after such principal and any premium or interest shall have become due and payable, any unclaimed balance of such money then remaining will be repaid to the Company.

 

Section 1004.                      Corporate Existence.

 

Subject to Article Eight, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (i) the corporate existence of the Company, (ii) the existence (corporate or other) of each Significant Subsidiary of the Company and (iii) the rights (charter and statutory), licenses and franchises of the Company and each of its Significant Subsidiaries; provided, however, that the Company shall not be required to preserve the existence (corporate or other) of any of its Significant Subsidiaries or any such right, license or franchise of the Company or any of its Significant Subsidiaries if the Board of Directors of the Company determines that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Significant Subsidiaries taken as a whole and that the loss thereof will not be disadvantageous in any material respect to the Holders.

 

Section 1005.                      Maintenance of Properties.

 

The Company will, and will cause each Significant Subsidiary to, cause all its properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section shall prevent the Company or any Significant Subsidiary from discontinuing the operation and maintenance of any of their respective properties if such discontinuance is, in the judgment of the Board of Directors of the Company or of any Significant Subsidiary, as the case may be, desirable in the conduct of its business.

 

Section 1006.                      Waiver of Certain Covenants.

 

The Company may omit in any particular instance to comply with any term, provision or condition set forth in Section 1002 to Section 1005, inclusive, with respect to the Securities of any Series and, if expressly provided pursuant to Section 301(13), any additional covenants applicable to the Securities of such Series if before the time for such compliance the Holders of at least a majority in aggregate principal amount of the Outstanding Securities of such Series, by Act of such Holders, either shall waive such compliance in such instance or generally shall have waived compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.

 

Section 1007.                      Company Statement as to Compliance.

 

The Company shall deliver to the Trustee, within 180 days after the end of each fiscal

 

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year, a written statement (which need not be contained in or accompanied by an Officers’ Certificate) signed by the principal executive officer, the principal financial officer or the principal accounting officer of the Company, stating whether or not, to the best of his or her knowledge, the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to notice requirements or periods of grace) and if the Company shall be in default, specifying all such defaults and the nature and status thereof of which he or she may have knowledge.

 

ARTICLE ELEVEN.

 

REDEMPTION OF SECURITIES

 

Section 1101.                      Applicability of Article.

 

Redemption of Securities of any Series at the option of the Company as permitted or required by the terms of such Securities shall be made in accordance with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article.

 

Section 1102.                      Election to Redeem; Notice to Trustee.

 

The election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Company of less than all of the Securities of any Series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such Series to be redeemed and, in the event that the Company shall determine that the Securities of any Series to be redeemed shall be selected from Securities of such Series having the same issue date, interest rate or interest rate formula, Stated Maturity and other terms (the “Equivalent Terms”), the Company shall notify the Trustee of such Equivalent Terms.

 

In the case of any redemption of Securities (A) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture or (B) pursuant to an election of the Company that is subject to a condition specified in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate evidencing compliance with such restriction or condition.

 

Section 1103.                      Selection by Trustee of Securities to be Redeemed.

 

If less than all of the Securities of any Series are to be redeemed or if less than all of the Securities of any Series with Equivalent Terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the Outstanding Securities of such Series or from the Outstanding Securities of such Series with Equivalent Terms, as the case may be, not previously called for redemption unless otherwise required by law, by lot or such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions of the principal amount of Securities of such Series; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Security of such Series not redeemed to less than the minimum denomination for a Security of such Series established herein or pursuant hereto.

 

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The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.

 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal of such Securities which has been or is to be redeemed.

 

Unless otherwise specified in or pursuant to this Indenture or the Securities of any Series, if any Security selected for partial redemption is converted or exchanged for Common Stock or other securities or property in part before termination of the conversion or exchange right with respect to the portion of the Security so selected, the converted or exchanged portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities which have been converted or exchanged during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such selection.

 

Section 1104.                      Notice of Redemption.

 

Notice of redemption shall be given in the manner provided in Section 106, not less than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the manner herein provided to the Holder of any Securities designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or portions thereof.

 

Any notice that is mailed to the Holder of any Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not such Holder receives the notice.

 

All notices of redemption shall state:

 

(1)           the Redemption Date,

 

(2)           the Redemption Price,

 

(3)           if less than all Outstanding Securities of any Series are to be redeemed, the identification (and, in the case of partial redemption, the principal amount) of the particular Security or Securities to be redeemed,

 

(4)           that, in case any Security is to be redeemed in part only, on and after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed,

 

(5)           that, on the Redemption Date, the Redemption Price shall become due and payable upon each such Security or portion thereof to be redeemed, together (if applicable) with accrued and unpaid interest, if any, thereon (subject, if applicable, to the provisos to the first

 

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paragraph of Section 1106), and, if applicable, that interest thereon shall cease to accrue on and after said date,

 

(6)           the place or places where such Securities are to be surrendered for payment of the Redemption Price and any accrued interest pertaining thereto,

 

(7)           that the redemption is for a sinking fund, if such is the case,

 

(8)           in the case of Securities of any Series that are convertible or exchangeable into Common Stock or other securities or property, the then current conversion or exchange price or rate, the date or dates on which the right to convert or exchange the principal of the Securities of such Series to be redeemed will commence or terminate, as applicable, and the place or places where and the Persons to whom such Securities may be surrendered for conversion or exchange,

 

(9)           the CUSIP number reference numbers of such Securities, if any (or any other numbers used by a Depositary to identify such Securities), and

 

(10)         if the Redemption Price or any portion thereof shall be payable, at the option of the Company or any Holders, in cash or in Common Stock or other securities or property (or a combination thereof), a statement as to whether the Company has elected to pay the Redemption Price in cash or Common Stock or other securities or property or a combination thereof and, if applicable, the portion of the Redemption Price that is to be paid in cash, Common Stock or other securities or property.

 

A notice of redemption published as contemplated by Section 106 need not identify particular Securities to be redeemed.

 

Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request delivered at least 10 days before the date such notice is to be given (unless a shorter period shall be acceptable to the Trustee), by the Trustee in the name and at the expense of the Company.

 

Section 1105.                      Deposit of Redemption Price.

 

On or prior to noon (local time in the City of Dallas, Texas) on any Redemption Date, the Company shall deposit, with respect to the Securities of any Series called for redemption pursuant to Section 1104, with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money in Dollars sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date, unless otherwise specified pursuant to Section 301 for or in the Securities of such Series) any accrued interest on, all such Securities or portions thereof which are to be redeemed on that date, except that, if the Securities of such Series are convertible or exchangeable into Common Stock or other securities or property, no such deposit shall be required with respect to any such Securities (or portions thereof) which have been converted or exchanged prior to such Redemption Date.

 

66

 

Section 1106.                      Securities Payable on Redemption Date.

 

Notice of redemption having been given as aforesaid, the Securities so to be redeemed (except, in the case of Securities which are convertible or exchangeable into Common Stock or other securities or property, any such Securities which shall have been so converted or exchanged prior to the applicable Redemption Date) shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, together with (unless otherwise provided with respect to the Securities of such Series pursuant to Section 301) accrued and unpaid interest, if any, thereon and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest, if any) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with, unless otherwise provided in or pursuant to this Indenture, any accrued and unpaid interest thereon to but excluding the Redemption Date; provided, however, that, except as otherwise specified in or pursuant to this Indenture or the Securities of such Series, installments of interest on Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the Regular Record Dates therefor according to their terms and the provisions of Section 307.

 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium, until paid, shall bear interest from the Redemption Date at the rate prescribed therefor in the Security or, if no rate is prescribed therefor in the Security, at the rate of interest, if any, borne by such Security.

 

Section 1107.                      Securities Redeemed in Part.

 

Any Security which is to be redeemed only in part shall be surrendered at any Office or Agency for such Security (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same Series, containing identical terms and provisions, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a Security in global form is so surrendered, the Company shall execute, and the Trustee shall authenticate and deliver to the Depositary for such Security in global form as shall be specified in the Company Order with respect thereto to the Trustee, without service charge, a new Security in global form in a denomination equal to and in exchange for the unredeemed portion of the principal of the Security in global form so surrendered.

 

ARTICLE TWELVE.

 

SINKING FUNDS

 

Section 1201.                      Applicability of Article.

 

The provisions of this Article Twelve shall be applicable to any sinking fund for the retirement of Securities of a Series that by its terms provides for such a sinking fund, except as

 

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otherwise permitted or required in or pursuant to this Indenture or any Security of such Series issued pursuant to this Indenture.

 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any Series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of Securities of such Series and this Indenture.

 

Section 1202.                      Satisfaction of Sinking Fund Payments with Securities.

 

The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver Outstanding Securities of such Series (other than any of such Securities previously called for redemption or any of such Securities in respect of which cash shall have been released to the Company) and (2) apply as a credit Securities of such Series that have been redeemed either at the election of the Company pursuant to the terms of such Series of Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities of any Series in lieu of cash payments pursuant to this Section 1202, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon Company Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall at the request of the Company from time to time pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment requested to be released to the Company.

 

Section 1203.                      Redemption of Securities for Sinking Fund.

 

Not less than 75 days prior to each sinking fund payment date for any Series of Securities, the Company shall deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 1202, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so credited and not theretofore delivered. If such Officers’ Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company

 

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shall thereupon be obligated to pay the amount therein specified. Not less than 60 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 1106 and Section 1107.

 

ARTICLE THIRTEEN.

 

[RESERVED]

 

ARTICLE FOURTEEN.

 

MEETINGS OF HOLDERS OF SECURITIES

 

Section 1401.                      Purposes for Which Meetings May Be Called.

 

A meeting of Holders of Securities of any Series may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other Act provided by this Indenture to be made, given or taken by Holders of Securities of such Series.

 

Section 1402.                      Call, Notice and Place of Meetings.

 

(1)           The Trustee may at any time call a meeting of Holders of Securities of any Series for any purpose specified in Section 1401, to be held at such time and at such place in the County of Dallas, the City of Dallas, Texas. Notice of every meeting of Holders of Securities of any Series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 106, not less than 21 nor more than 180 days prior to the date fixed for the meeting.

 

(2)           In case at any time the Company (by or pursuant to a Board Resolution) or the Holders of at least 10% in aggregate principal amount of the Outstanding Securities of any Series shall have requested the Trustee to call a meeting of the Holders of Securities of such Series for any purpose specified in Section 1401, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice of or made the first publication of the notice of such meeting within 21 days after receipt of such request (whichever shall be required pursuant to Section 106) or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such Series in the amount above specified, as the case may be, may determine the time and the place in the County of Dallas, the City of Dallas, Texas, for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause (1) of this Section.

 

Section 1403.                      Persons Entitled to Vote at Meetings.

 

To be entitled to vote at any meeting of Holders of Securities of any Series, a Person shall be (1) a Holder of one or more Outstanding Securities of such Series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding

 

69

 

Securities of such Series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any Series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.

 

Section 1404.                      Quorum; Action.

 

The Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of a Series shall constitute a quorum for a meeting or duly reconvened meeting of Holders of Securities of such Series; provided, however, that if any action is to be taken at such meeting with respect to a consent or waiver which this Indenture expressly provides may be given by the Holders of at least 66-2/3% in aggregate principal amount of the Outstanding Securities of a Series, the Persons entitled to vote 66-2/3% in aggregate principal amount of the Outstanding Securities of such Series shall constitute a quorum. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such Series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 1402(1), except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding Securities of such Series which shall constitute a quorum.

 

Except as limited by the proviso to Section 902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such Series; provided, however, that, except as limited by the proviso to Section 902, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other Act which this Indenture expressly provides may be made, given or taken by the Holders of at least 66-2/3% in aggregate principal amount of the Outstanding Securities of a Series may be adopted at a meeting or an adjourned meeting duly convened and at which a quorum is present as aforesaid only by the affirmative vote of the Holders of at least 66-2/3% in aggregate principal amount of the Outstanding Securities of that Series; and provided, further, that, except as limited by the proviso to Section 902, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other Act that this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a Series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of such Series.

 

Any resolution passed or decision taken at any meeting of Holders of Securities of any Series duly held in accordance with this Section shall be binding on all the Holders of Securities

 

70

 

of such Series, whether or not such Holders were present or represented at the meeting.

 

Section 1405.                      Determination of Voting Rights; Conduct and Adjournment of Meetings.

 

(1)           Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities of such Series in regard to proof of the holding of Securities of such Series and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 104 and the appointment of any proxy shall be proved in the manner specified in Section 104. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 104 or other proof.

 

(2)           The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided in Section 1402(2), in which case the Company or the Holders of Securities of the Series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of such Series represented at the meeting.

 

(3)           At any meeting, each Holder of a Security of such Series or proxy shall be entitled to one vote for each $1,000 principal amount of Securities of such Series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. If the Securities of such Series are issuable in minimum denominations of less than $1,000, then a Holder of such a Security in a principal amount of less than $1,000 shall be entitled to a fraction of one vote that is equal to the fraction that the principal amount of such Security bears to $1,000. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such Series or proxy.

 

(4)           Any meeting of Holders of Securities of any Series duly called pursuant to Section 1402 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of such Series represented at the meeting; and the meeting may be held as so adjourned without further notice.

 

Section 1406.                      Counting Votes and Recording Action of Meetings.

 

The vote upon any resolution submitted to any meeting of Holders of Securities of any Series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such Series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such Series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all

 

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votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings of each meeting of Holders of Securities of any Series shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 1402 and, if applicable, Section 1404. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company, and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.

 

ARTICLE FIFTEEN.

 

SUBORDINATION OF SECURITIES

 

Section 1501.                      Agreement to Subordinate.

 

The Company, for itself, its successors and assigns, covenants and agrees, and each Holder of Securities of any Series by his acceptance thereof, likewise covenants and agrees, that:

 

(1)           the payment of the principal of (and premium, if any) and interest, if any (including amounts payable on redemption or repurchase), on, each and all of the Securities of such Series shall be expressly subordinated, to the extent and in the manner provided in the Subordination Provisions established with respect to the Securities of such Series pursuant to Section 301(20) hereof, in right of payment to the prior payment in full of all Senior Indebtedness (as defined for purposes of such Series); and

 

(2)           in the event of the insolvency, bankruptcy, receivership, liquidation or other marshalling of the assets and liabilities of the Company, the holders of Senior Indebtedness (as defined for purposes of a Series of Securities) will be entitled to receive payment in full of all of the principal of, and premium, if any, and accrued and unpaid interest on, such Senior Indebtedness then outstanding before any Holder of Securities of such Series receives any payment of the principal amount of, or the premium, if any, or interest on, such Securities of such Series.

 

(Signature page follows)

 

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This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

 

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

 

 

	
 
    	
VERITEX HOLDINGS, INC.
    
	
 
    	
 
    
	
 
    	
By:
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
U.S. BANK NATIONAL

ASSOCIATION, as Trustee
    
	
 
    	
 
    
	
 
    	
By:
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

73Exhibit 4.1

 

 

 

NCL CORPORATION LTD.

 

as Issuer

  

4.625% Senior Notes due 2020

 

 

 

INDENTURE

 

Dated as of November 10, 2015

 

 

 

and

 

U.S. Bank National Association

as Trustee

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	46
	Section 1.03	Incorporation by Reference of Trust Indenture Act	47
	Section 1.04	Rules of Construction	47
	 	 	 
	Article II THE NOTES	48
	 	 	 
	Section 2.01	Amount of Notes	48
	Section 2.02	Form and Dating	49
	Section 2.03	Execution and Authentication	49
	Section 2.04	Registrar and Paying Agent	50
	Section 2.05	Paying Agent to Hold Money in Trust	50
	Section 2.06	Holder Lists	51
	Section 2.07	Transfer and Exchange	51
	Section 2.08	Replacement Notes	52
	Section 2.09	Outstanding Notes	52
	Section 2.10	[Reserved]	53
	Section 2.11	Cancellation	53
	Section 2.12	Defaulted Interest	53
	Section 2.13	CUSIP Numbers, ISINs, Etc.	53
	Section 2.14	Calculation of Principal Amount of Notes	53
	 	 	 
	Article III REDEMPTION	54
	 	 	 
	Section 3.01	Redemption	54
	Section 3.02	Applicability of Article	54
	Section 3.03	Notices to Trustee	54
	Section 3.04	Selection of Notes to Be Redeemed	55
	Section 3.05	Notice of Optional Redemption	55
	Section 3.06	Effect of Notice of Redemption	56
	Section 3.07	Deposit of Redemption Price	56
	Section 3.08	Notes Redeemed in Part	56
	Section 3.09	Redemption for Changes in Withholding Taxes	57
	 	 	 
	Article IV COVENANTS	57
	 	 	 
	Section 4.01	Payment of Notes	57
	Section 4.02	Reports and Other Information	60
	Section 4.03	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	62
	Section 4.04	Limitation on Restricted Payments	69
	Section 4.05	Dividend and Other Payment Restrictions Affecting Subsidiaries	76
	Section 4.06	Asset Sales	78
	Section 4.07	Transactions with Affiliates	81

 

     

     

    

 

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(cont’d)

 

	 	 	Page
	 	 	 
	Section 4.08	Change of Control	85
	Section 4.09	Compliance Certificate	87
	Section 4.10	Further Instruments and Acts	87
	Section 4.11	Future Subsidiary Guarantors	88
	Section 4.12	Liens	88
	Section 4.13	Re-flagging of Vessels	89
	Section 4.14	Maintenance of Office or Agency	89
	Section 4.15	[Reserved]	90
	Section 4.16	Covenant Suspension	90
	 	 	 
	Article V SUCCESSOR COMPANY	91
	 	 	 
	Section 5.01	When Issuer May Merge or Transfer Assets	91
	 	 	 
	Article VI DEFAULTS AND REMEDIES	93
	 	 	 
	Section 6.01	Events of Default	93
	Section 6.02	Acceleration	94
	Section 6.03	Other Remedies	95
	Section 6.04	Waiver of Past Defaults	95
	Section 6.05	Control by Majority	95
	Section 6.06	Limitation on Suits	96
	Section 6.07	Rights of the Holders to Receive Payment	96
	Section 6.08	Collection Suit by Trustee	96
	Section 6.09	Trustee May File Proofs of Claim	96
	Section 6.10	Priorities	97
	Section 6.11	Undertaking for Costs	97
	Section 6.12	Waiver of Stay or Extension Laws	97
	 	 	 
	Article VII TRUSTEE	98
	 	 	 
	Section 7.01	Duties of Trustee	98
	Section 7.02	Rights of Trustee	99
	Section 7.03	Individual Rights of Trustee	101
	Section 7.04	Trustee’s Disclaimer	101
	Section 7.05	Notice of Defaults	101
	Section 7.06	[Reserved]	102
	Section 7.07	Compensation and Indemnity	102
	Section 7.08	Replacement of Trustee	103
	Section 7.09	Successor Trustee by Merger	104
	Section 7.10	Eligibility; Disqualification	104
	Section 7.11	Preferential Collection of Claims Against the Issuer	104
	 	 	 
	Article VIII DISCHARGE OF INDENTURE; DEFEASANCE	104
	 	 	 
	Section 8.01	Discharge of Liability on Notes; Defeasance	104
	Section 8.02	Conditions to Defeasance	106
	Section 8.03	Application of Trust Money	107

 

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	 	 	Page
	 	 	 
	Section 8.04	Repayment to Issuer	107
	Section 8.05	Indemnity for U.S. Government Obligations	108
	Section 8.06	Reinstatement	108
	 	 	 
	Article IX AMENDMENTS AND WAIVERS	108
	 	 	 
	Section 9.01	Without Consent of the Holders	108
	Section 9.02	With Consent of the Holders	109
	Section 9.03	Compliance with Trust Indenture Act	110
	Section 9.04	Revocation and Effect of Consents and Waivers	110
	Section 9.05	Notation on or Exchange of Notes	111
	Section 9.06	Trustee to Sign Amendments	111
	Section 9.07	Additional Voting Terms; Calculation of Principal Amount	111
	 	 	 
	Article X [RESERVED]	111
	 	 
	Article XI [RESERVED]	112
	 	 
	Article XII [RESERVED]	112
	 	 
	Article XIII MISCELLANEOUS	112
	 	 	 
	Section 13.01	[Reserved]	112
	Section 13.02	Notices	112
	Section 13.03	Communication by the Holders with Other Holders	113
	Section 13.04	Certificate and Opinion as to Conditions Precedent	113
	Section 13.05	Statements Required in Certificate or Opinion	113
	Section 13.06	When Notes Disregarded	114
	Section 13.07	Rules by Trustee, Paying Agent and Registrar	114
	Section 13.08	Legal Holidays	114
	Section 13.09	GOVERNING LAW	114
	Section 13.10	No Recourse Against Others	114
	Section 13.11	Successors	114
	Section 13.12	Multiple Originals	114
	Section 13.13	Table of Contents; Headings	114
	Section 13.14	Indenture Controls	115
	Section 13.15	Severability	115
	Section 13.16	[Reserved]	115
	Section 13.17	Agent for Service; Submission to Jurisdiction; Waiver of Immunity	115
	Section 13.18	WAIVER OF JURY TRIAL	115
	Section 13.19	Security Advice Waiver	116
	Section 13.20	U.S.A. Patriot Act	116
	 	 	 
	Appendix A   –	Provisions Relating to the Initial Notes and Additional Notes	 

 

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EXHIBIT INDEX

 

	Exhibit A	–	Form of Note
	Exhibit B	–	Form of Transferee Letter of Representation
	Exhibit C	–	Form of Supplemental Indenture Related to Subsidiary Guarantors

 

    	 	 iv	 

     

    

 

INDENTURE dated as of November 10, 2015,
between NCL CORPORATION LTD., a company organized under the laws of Bermuda (the “Issuer”), and U.S. BANK NATIONAL
ASSOCIATION, as trustee (the “Trustee”).

 

Each party agrees as follows for the benefit
of the other parties and for the equal and ratable benefit of the holders of (i) $600,000,000 aggregate principal amount of
the Issuer’s 4.625% Senior Notes due 2020 issued on the date hereof (the “Initial Notes”) and (ii) Additional
Notes issued from time to time (together with the Initial Notes, the “Notes”):

 

Article I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01     Definitions.

 

“5.25% Notes” means the
Issuer’s 5.25% Senior Notes due 2019 issued on November 19, 2014 pursuant to the indenture dated as of November 19, 2014
by and between the Issuer and U.S. Bank National Association, as trustee, as it may be amended, restated, supplemented or otherwise
modified from time to time in accordance with the terms thereof.

 

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

 

(1)       Indebtedness
of any other Person existing at the time such other Person is merged, consolidated or amalgamated with or into or became a Restricted
Subsidiary of such specified Person, and

 

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

 

Acquired Indebtedness shall be deemed to have
been Incurred, with respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary
and, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of Vessels or other
assets.

 

“Acquisition Documents”
means the Agreement and Plan of Merger, dated as of September 2, 2014, among Norwegian Cruise Line Holdings Ltd., Portland
Merger Sub, Inc., Prestige Cruises International, Inc. and Apollo Management, L.P., and any other agreements or instruments contemplated
thereby, in each case, as amended, restated, supplemented or otherwise modified from time to time.

 

“Additional Notes” means
the Notes issued under the terms of this Indenture subsequent to the Issue Date.

 

“Additional Refinancing Amount”
means, in connection with the Incurrence of any Refinancing Indebtedness, the aggregate principal amount of additional Indebtedness,
Disqualified Stock or Preferred Stock Incurred to pay accrued interest,

 

     

     

    

 

premiums (including tender premiums), expenses,
defeasance costs and fees in respect thereof.

 

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

 

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

 

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

 

(2)       the
excess of:

 

(a)       the
present value at such redemption date of (i) the redemption price of the Note at November 15, 2017 (such redemption price
being set forth in Paragraph 6 of the Note) plus (ii) all required interest payments due on the Note through November
15, 2017 (excluding accrued but unpaid interest), computed using a discount rate equal to the Treasury Rate as of such redemption
date (or in the case of a satisfaction and discharge or defeasance, as of the date on which funds are deposited with the Trustee)
plus 50 basis points; over

 

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

 

“Asset Sale” means:

 

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

 

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

 

in each case other than:

 

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

 

    	 	2	 

     

    

 

(b)       the
disposition of all or substantially all of the assets of the Issuer in a manner permitted pursuant to Section 5.01 or any
disposition that constitutes a Change of Control;

 

(c)       any
Restricted Payment or Permitted Investment that is permitted to be made, and is made, under Section 4.04;

 

(d)       any
disposition of assets of the Issuer or any Restricted Subsidiary or issuance or sale of Equity Interests of any Restricted Subsidiary,
which assets or Equity Interests so disposed or issued have an aggregate Fair Market Value (as determined in good faith by the
Issuer) of less than $50 million;

 

(e)       any
disposition of property or assets, or the issuance of securities, by a Restricted Subsidiary of the Issuer to the Issuer or by
the Issuer or a Restricted Subsidiary of the Issuer to a Restricted Subsidiary of the Issuer;

 

(f)        any
exchange of assets (including a combination of assets and Cash Equivalents) for assets related to a Similar Business of comparable
or greater market value or usefulness to the business of the Issuer and its Restricted Subsidiaries as a whole, as determined in
good faith by the Issuer;

 

(g)       foreclosure
or any similar action with respect to any property or other asset of the Issuer or any of its Restricted Subsidiaries;

 

(h)       any
sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

 

(i)        the
lease, assignment or sublease of any real or personal property in the ordinary course of business;

 

(j)        any
sale of inventory or other assets in the ordinary course of business;

 

(k)       any
grant in the ordinary course of business of any license of patents, trademarks, know-how or any other intellectual property;

 

(l)        in
the ordinary course of business, any swap of assets, or lease, assignment or sublease of any real or personal property, in exchange
for services (including in connection with any outsourcing arrangements) of comparable or greater value or usefulness to the business
of the Issuer and its Restricted Subsidiaries as a whole, as determined in good faith by the Issuer;

 

(m)      a
transfer of accounts receivable and related assets of the type specified in the definition of “Receivables Financing”
(or a fractional undivided interest therein), including by a Receivables Subsidiary in a Qualified Receivables Financing;

 

    	 	3	 

     

    

 

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

 

(o)       dispositions
in connection with Permitted Liens;

 

(p)       any
disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a Person (other
than the Issuer or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary
acquired its business and assets (having been newly formed in connection with such acquisition), made as part of such acquisition
and in each case comprising all or a portion of the consideration in respect of such sale or acquisition;

 

(q)       the
sale of any property in a Sale/Leaseback Transaction within six months of the acquisition of such property;

 

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

 

(s)        any
surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other claims of
any kind;

 

(t)        time
charters and other similar arrangements; and

 

(u)       any
disposition made pursuant to the Acquisition Documents (as in effect on the Issue Date).

 

“Bankruptcy Law” means
Title 11, United States Code, or any similar Federal or state law for the relief of debtors.

 

“Bank Indebtedness” means
any and all amounts payable under or in respect of (a)(i) the NCLC Group Credit Facilities, and the letters of credit and
bankers’ acceptances thereunder and related documents and (ii) New Vessel Financings and related documents, in case
of each clause (i) and (ii) as amended, restated, supplemented, waived, replaced (whether or not upon termination, and
whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to
time (including after termination of the NCLC Group Credit Facilities or the New Vessel Financings), including any agreement or
indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness
under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture
or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof, including principal, premium
(if any), interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating
to the Issuer whether or not a claim for post-filing interest is allowed in such proceedings), fees, charges, expenses, reimbursement
obligations, guarantees and all other amounts payable thereunder or in respect thereof and (b) whether or not the Indebtedness
referred to in clause (a) remains outstanding, if

 

    	 	4	 

     

    

 

designated by the Issuer to be included in
this definition, one or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term
loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow
from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing
(including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments
or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case,
as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in
part from time to time.

 

“Board of Directors” means,
as to any Person, the board of directors or managers, as applicable, of such Person or any direct or indirect parent company of
such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such
Person) or any duly authorized committee thereof.

 

“Breakaway Credit Facilities”
means the Breakaway One Facility, the Breakaway Two Facility and the Breakaway Term Facilities.

 

“Breakaway Four Facility”
means the €590.5 million credit agreement dated October 12, 2012, as amended, restated, supplemented, waived, replaced
(whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced
or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing
or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures
or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder
or altering the maturity thereof.

 

“Breakaway One
Facility” means the €529.8 million credit agreement dated November 18, 2010, as amended, restated,
supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise),
restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture
extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness
under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or
indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof.

 

“Breakaway Plus Newbuild Facility”
means the export credit facility dated October 12, 2012 incurred by Breakaway Three, Ltd. with aggregate commitments of up
to €590.5 million, with such new special-purpose subsidiary to be the borrower, as amended, restated, supplemented, waived,
replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded,
refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing,
replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements

 

    	 	5	 

     

    

 

or indenture or indentures or any successor
or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering
the maturity thereof.

 

“Breakaway Plus Newbuild Facility
Secured Debt Cap” means €590.5 million.

 

“Breakaway Term Facilities”
means the (i) €126.1 million Pride of Hawai’i credit agreement, dated November 18, 2010 and (ii) the
€126.1 million Norwegian Jewel credit agreement, dated November 18, 2010, in each case, as amended, restated, supplemented,
waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded,
refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing,
replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or
indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or
issued thereunder or altering the maturity thereof.

 

“Breakaway Two Facility”
means the €529.8 million credit agreement dated November 18, 2010, as amended, restated, supplemented, waived, replaced
(whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced
or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing
or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures
or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder
or altering the maturity thereof.

 

“Business Day” means a
day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in New York
City.

 

“Capital Stock” means:

 

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

 

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

 

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

 

(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.

 

    	 	6	 

     

    

 

“Capitalized Lease Obligation”
means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would
at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in
accordance with GAAP.

 

“Capitalized Software Expenditures”
means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted
Subsidiaries during such period in respect of purchased software or internally developed software and software enhancements that,
in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of such Person
and such Restricted Subsidiaries.

 

“Cash Equivalents” means:

 

(1)       U.S.
dollars, pounds sterling, euros, the national currency of any member state in the European Union or such local currencies held
by an entity from time to time in the ordinary course of business;

 

(2)       securities
issued or directly and fully guaranteed or insured by the U.S. government or any country that is a member of the European Union
or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition;

 

(3)       certificates
of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances, in each case with maturities not exceeding one year and overnight bank deposits, in each case with any commercial
bank having capital and surplus in excess of $250.0 million and whose long-term debt is rated “A” or the equivalent
thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency);

 

(4)       repurchase
obligations for underlying securities of the types described in clauses (2) and (3) above entered into with any financial
institution meeting the qualifications specified in clause (3) above;

 

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

 

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

 

    	 	7	 

     

    

 

(7)       Indebtedness
issued by Persons (other than the Sponsors or any of their Affiliates) with a rating of “A” or higher from S&P
or “A-2” or higher from Moody’s (or reasonably equivalent ratings of another internationally recognized ratings
agency) in each case with maturities not exceeding two years from the date of acquisition;

 

(8)       investment
funds investing at least 95% of their assets in securities of the types described in clauses (1) through (7) above; and

 

(9)       instruments
equivalent to those referred to in clauses (1) through (8) above denominated in any foreign currency comparable in credit
quality and tenor to those referred to above and commonly used by corporations for cash management purposes in any jurisdiction
outside the United States of America to the extent reasonably required in connection with any business conducted by the Issuer
or any Subsidiary organized in such jurisdiction.

 

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

 

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

 

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

 

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

 

“Consolidated Depreciation and Amortization
Expense” means, with respect to any Person for any period, the total amount of depreciation and amortization expense,
including the amortization of intangible assets, deferred financing fees and Capitalized Software Expenditures and amortization
of unrecognized prior service costs and actuarial gains and losses related to pensions and other post-employment benefits, of such
Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.

 

    	 	8	 

     

    

 

“Consolidated Interest Expense”
means, with respect to any Person for any period, the sum, without duplication, of:

 

(1)       consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted in computing
Consolidated Net Income (including amortization of original issue discount, the interest component of Capitalized Lease Obligations,
and net payments and receipts (if any) pursuant to interest rate Hedging Obligations and excluding amortization of deferred financing
fees, debt issuance costs, commissions, fees and expenses and expensing of any bridge, commitment or other financing fees); plus

 

(2)       consolidated
capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; plus

 

(3)       commissions,
discounts, yield and other fees and charges Incurred in connection with any Receivables Financing which are payable to Persons
other than the Issuer and its Restricted Subsidiaries; minus

 

(4)       interest
income for such period.

 

For purposes of this definition, interest
on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by the Issuer to be the rate
of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

 

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

 

    	 	9	 

     

    

 

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

 

For purposes of this definition, whenever
pro forma effect is to be given to any event, the pro forma calculations shall be made in good faith by a responsible
financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the
reasonable good faith determination of the Issuer as set forth in an Officer’s Certificate, to reflect (1) operating
expense reductions and other operating improvements or synergies (x) reasonably expected to result from the applicable event
and (y) that are expected to be realized within 12 months from the date of the transaction giving rise to the calculation,
and (2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth
in footnote 5 to the “Summary Consolidated Financial Data” under “Summary” in the Offering Memorandum to
the extent such adjustments, without duplication, continue to be applicable to such four-quarter period.

 

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

 

“Consolidated Net Income”
means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries
for such period, on a consolidated basis; provided, however, that:

 

    	 	10	 

     

    

 

(1)       any
net after-tax extraordinary, nonrecurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses
or charges, any severance expenses, relocation expenses, curtailments or modifications to pension and post-retirement employee
benefit plans, any expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets
for alternate uses and fees, expenses or charges relating to facilities closing costs, acquisition integration costs, facilities
opening costs, project start-up costs, business optimization costs, signing, retention or completion bonuses, expenses or charges
related to any issuance of Equity Interests, Investment, acquisition, disposition, recapitalization or issuance, repayment, refinancing,
amendment or modification of Indebtedness (in each case, whether or not successful), and any fees, expenses, charges or change
in control payments related to the Prestige Merger Transactions, in each case, shall be excluded;

 

(2)       effects
of purchase accounting adjustments (including the effects of such adjustments pushed down to such Person and such Restricted Subsidiaries)
in amounts required or permitted by GAAP, or any consummated acquisition or the amortization or write-off of any amounts thereof,
net of taxes, shall be excluded;

 

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

 

(4)       any
net after-tax income or loss from disposed, abandoned, transferred, closed or discontinued operations and any net after-tax gains
or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded;

 

(5)       any
net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to business dispositions or
asset dispositions other than in the ordinary course of business (as determined in good faith by management of the Issuer) shall
be excluded;

 

(6)       any
net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early extinguishment
of indebtedness, Hedging Obligations or other derivative instruments shall be excluded;

 

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

 

    	 	11	 

     

    

 

from any Person in excess of, but
without duplication of, the amounts included in subclause (a);

 

(8)       solely
for the purpose of determining the amount available for Restricted Payments under clause (1) of the definition of “Cumulative
Credit,” the Net Income for such period of any Restricted Subsidiary shall be excluded to the extent that the declaration
or payment of dividends or similar distributions by such Restricted Subsidiary of its Net Income is not at the date of determination
permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of
the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable
to that Restricted Subsidiary or its stockholders, unless such restrictions with respect to the payment of dividends or similar
distributions have been legally waived; provided that the Consolidated Net Income of such Person shall be increased by the
amount of dividends or other distributions or other payments actually paid in cash (or converted into cash) by any such Restricted
Subsidiary to such Person, to the extent not already included therein;

 

(9)       an
amount equal to the amount of Permitted Tax Distributions actually made to any parent or equity holder of such Person in respect
of such period in accordance with Section 4.04(b)(xii) shall be included as though such amounts had been paid as income taxes
directly by such Person for such period;

 

(10)     any
impairment charges or asset write-offs, in each case pursuant to GAAP, and the amortization of intangibles and other fair value
adjustments arising pursuant to GAAP shall be excluded;

 

(11)     any
non-cash expense realized or resulting from stock option plans, employee benefit plans or post-employment benefit plans, or grants
or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other rights, shall
be excluded;

 

(12)     any
(a) one-time non-cash compensation charges, (b) costs and expenses after the Issue Date related to employment of terminated
employees, or (c) costs or expenses realized in connection with or resulting from stock appreciation or similar rights, stock
options or other rights existing on the Issue Date of officers, directors, managers and employees, in each case of such Person
or any of its Restricted Subsidiaries, shall be excluded;

 

(13)     accruals
and reserves that are established or adjusted within 12 months after the Issue Date and that are so required to be established
or adjusted in accordance with GAAP or as a result of adoption or modification of accounting policies shall be excluded;

 

(14)     solely
for purposes of calculating EBITDA, (a) the Net Income of any Person and its Restricted Subsidiaries shall be calculated without
deducting the income attributable to, or adding the losses attributable to, the minority equity

 

    	 	12	 

     

    

 

interests of third parties in any
non-Wholly Owned Restricted Subsidiary except to the extent of dividends declared or paid in respect of such period or any prior
period on the shares of Capital Stock of such Restricted Subsidiary held by such third parties and (b) any dividend, distribution
or other payment paid in cash and received from any Person in excess of amounts included in clause (7) above shall be included;

 

(15)     (a)(i) the
non-cash portion of “straight-line” rent expense shall be excluded and (ii) the cash portion of “straight-line”
rent expense which exceeds the amount expensed in respect of such rent expense shall be included and (b) non-cash gains, losses,
income and expenses resulting from fair value accounting required by the applicable standard under GAAP and related interpretations
shall be excluded;

 

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

 

(17)     (i) to
the extent covered by insurance and actually reimbursed, or, so long as such Person has made a determination that there exists
reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (a) not
denied by the applicable carrier in writing within 180 days and (b) in fact reimbursed within 365 days of the date of such
evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect
to liability or casualty events or business interruption shall be excluded (to the extent not previously included pursuant to clause (ii) hereof)
and (ii) amounts estimated in good faith to be received from insurance in respect of lost revenues or earnings in respect
of liability or casualty events or business interruption shall be included (with a deduction (a) for amounts actually received
up to such estimated amount to the extent included in Net Income in a future period and (b) for estimated amounts in excess
of amounts actually received in a future period);

 

(18)     Capitalized
Software Expenditures shall be excluded; and

 

(19)     non-cash
charges for deferred tax asset valuation allowances shall be excluded (except to the extent reversing a previously recognized increase
to net income).

 

Notwithstanding the foregoing, for the purpose
of Section 4.04 only, there shall be excluded from Consolidated Net Income any dividends, repayments of loans or advances
or other transfers of assets from Unrestricted Subsidiaries of the Issuer or a Restricted Subsidiary of the Issuer to the extent
such dividends, repayments or transfers increase the amount of Restricted Payments permitted under such Section pursuant to
clauses (4) and (5) of the definition of “Cumulative Credit.”

 

    	 	13	 

     

    

 

“Consolidated Non-cash Charges”
means, with respect to any Person for any period, the non-cash expenses (other than Consolidated Depreciation and Amortization
Expense) of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such period on a consolidated
basis and otherwise determined in accordance with GAAP, provided that if any such non-cash expenses represent an accrual
or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted
from EBITDA in such future period to the extent paid, but excluding from this proviso, for the avoidance of doubt, amortization
of a prepaid cash item that was paid in a prior period.

 

“Consolidated Taxes” means,
with respect to any Person for any period, the provision for taxes based on income, profits or capital, including, without limitation,
state, franchise, property and similar taxes, foreign withholding taxes (including penalties and interest related to such taxes
or arising from tax examinations) and any Permitted Tax Distributions taken into account in calculating Consolidated Net Income.

 

“Contingent Obligations”
means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do
not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent:

 

(1)       to
purchase any such primary obligation or any property constituting direct or indirect security therefor;

 

(2)       to
advance or supply funds;

 

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

 

(b)       to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor; or

 

(3)       to
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

 

“Credit Agreements” means
(i) any of the NCLC Group Credit Facilities, as amended, restated, supplemented, waived, replaced (whether or not upon termination,
and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time
to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring
all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement
agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity
thereof (except to the extent any such refinancing, replacement or restructuring is designated by the Issuer to not be included
in the definition of “Credit Agreements”) and (ii) whether or not any credit agreement referred to in

 

    	 	14	 

     

    

 

clause (i) remains outstanding,
if designated by the Issuer to be included in the definition of “Credit Agreements,” one or more (A) debt facilities
or commercial paper facilities, providing for revolving credit loans, term loans, securitization or receivables financing (including
through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables)
or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable
debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other
Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified,
extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time.

 

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

 

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

 

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

 

(1)       50%
of the Consolidated Net Income of the Issuer for the period (taken as one accounting period), from June 30, 2009 to the end
of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such
Restricted Payment (or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such deficit), plus

 

(2)       100%
of the aggregate net proceeds, including cash and the Fair Market Value (as determined in good faith by the Issuer or, if the fair
market value of such investment shall exceed $100 million, by the Board of Directors of the Issuer, a copy of the resolution of
which with respect thereto shall be delivered to the Trustee) of property other than cash, received by the Issuer after June 30,
2009 (other than net proceeds to the extent such net proceeds have been used to Incur Indebtedness, Disqualified Stock or Preferred
Stock pursuant to Section 4.03(b)(xii)) from the issue or sale of Equity Interests of the Issuer (excluding Refunding Capital
Stock, Designated Preferred Stock, Excluded

 

    	 	15	 

     

    

 

Contributions and Disqualified Stock),
including Equity Interests issued upon exercise of warrants or options (other than an issuance or sale to a Restricted Subsidiary
of the Issuer), plus

 

(3)       100%
of the aggregate amount of contributions to the capital of the Issuer, including the contribution of cash proceeds of the IPO,
received in cash and the Fair Market Value (as determined in good faith by the Issuer) of property other than cash after June 30,
2009 (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock and Disqualified Stock and other than
contributions to the extent such contributions have been used to Incur Indebtedness, Disqualified Stock or Preferred Stock pursuant
to Section 4.03(b)(xii)), plus

 

(4)       100%
of the principal amount of any Indebtedness or the liquidation preference or maximum fixed repurchase price, as the case may be,
of any Disqualified Stock of the Issuer or any Restricted Subsidiary thereof issued after June 30, 2009 (other than Indebtedness
or Disqualified Stock issued to a Restricted Subsidiary) which has been converted into or exchanged for Equity Interests in the
Issuer (other than Disqualified Stock) or any direct or indirect parent of the Issuer (provided in the case of any parent,
such Indebtedness or Disqualified Stock is retired or extinguished), plus

 

(5)       100%
of the aggregate amount received by the Issuer or any Restricted Subsidiary in cash and the Fair Market Value (as determined in
good faith by the Issuer) of property other than cash received by the Issuer or any Restricted Subsidiary after June 30, 2009
from:

 

(A)         the
sale or other disposition (other than to the Issuer or a Restricted Subsidiary of the Issuer) of Restricted Investments made by
the Issuer and its Restricted Subsidiaries after June 30, 2009 and from repurchases and redemptions of such Restricted Investments
from the Issuer and its Restricted Subsidiaries by any Person (other than the Issuer or any of its Restricted Subsidiaries) and
from repayments of loans or advances, and releases of guarantees, which constituted Restricted Investments made after June 30,
2009 (other than in each case to the extent that the Restricted Investment was made pursuant to Section 4.04(b)(vii)),

 

(B)         the
sale (other than to the Issuer or a Restricted Subsidiary of the Issuer) of the Capital Stock of an Unrestricted Subsidiary, or

 

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

 

(6)         in
the event any Unrestricted Subsidiary of the Issuer has been redesignated as a Restricted Subsidiary or has been merged, consolidated
or amalgamated with or into, or transfers or conveys its assets to, or is liquidated

 

    	 	16	 

     

    

 

into, the Issuer or a Restricted
Subsidiary, in each case, after June 30, 2009, the Fair Market Value (as determined in good faith by the Issuer) of the Investment
of the Issuer in such Unrestricted Subsidiary (which, if the Fair Market Value of such Investment shall exceed $50.0 million, shall
be determined by the Board of Directors of the Issuer, a copy of the resolution of which with respect thereto shall be delivered
to the Trustee) at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable)
(other than in each case to the extent that the designation of such Subsidiary as an Unrestricted Subsidiary was made pursuant
to Section 4.04(b)(vii) or constituted a Permitted Investment).

 

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

 

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

 

“Designated Non-cash Consideration”
means the Fair Market Value (as determined in good faith by the Issuer) of non-cash consideration received by the Issuer or one
of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant
to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of Cash Equivalents received in connection
with a subsequent sale of such Designated Non-cash Consideration.

 

“Designated Preferred Stock”
means Preferred Stock of the Issuer or any direct or indirect parent of the Issuer (other than Disqualified Stock), that is issued
for cash (other than to the Issuer or any of its Subsidiaries or an employee stock ownership plan or trust established by the Issuer
or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate, on
the issuance date thereof.

 

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

 

(1)       matures
or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a change of control
or asset sale),

 

(2)       is
convertible or exchangeable for Indebtedness or Disqualified Stock of such Person, or

 

(3)       is
redeemable at the option of the holder thereof, in whole or in part (other than solely as a result of a change of control or asset
sale), in each case prior to 91 days after the earlier of the maturity date of the Notes or the date the Notes are no longer outstanding;
provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible
or exchangeable or is so redeemable at the option of the holder thereof prior to such

 

    	 	17	 

     

    

 

date shall be deemed to be Disqualified
Stock; provided, further, however, that if such Capital Stock is issued to any employee or to any plan for
the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not
constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer in order to satisfy applicable
statutory or regulatory obligations or as a result of such employee’s termination, death or disability; provided,
further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations
thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock.

 

“EBITDA” means, with respect
to any Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication, to the
extent the same was deducted in calculating Consolidated Net Income:

 

(1)       Consolidated
Taxes; plus

 

(2)       Fixed
Charges; plus

 

(3)       Consolidated
Depreciation and Amortization Expense; plus

 

(4)       Consolidated
Non-cash Charges; plus

 

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

 

(6)       business
optimization expenses and other restructuring charges, reserves or expenses (which, for the avoidance of doubt, shall include,
without limitation, the effect of inventory optimization programs, facility consolidations, retention, systems establishment costs,
contract termination costs, future lease commitments and excess pension charges); plus

 

(7)       the
amount of management, monitoring, consulting, transaction and advisory fees and related expenses paid to the Sponsors (or any accruals
relating to such fees and related expenses) during such period to the extent otherwise permitted by Section 4.07, including,
if applicable, the amount of termination fees paid pursuant to Section 4.07(b)(iii)(B); plus

 

    	 	18	 

     

    

 

(8)       the
amount of loss on sale of receivables and related assets to a Receivables Subsidiary in connection with a Qualified Receivables
Financing; plus

 

(9)       any
costs or expense incurred pursuant to any management equity plan or stock option plan or any other management or employee benefit
plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with
cash proceeds contributed to the capital of the Issuer or net cash proceeds of an issuance of Equity Interests of the Issuer (other
than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation of the Cumulative Credit;
plus

 

(10)     Pre-Launch
Expenses; less, without duplication,

 

(11)     non-cash
items increasing Consolidated Net Income for such period (excluding the recognition of deferred revenue or any items which represent
the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period and any items
for which cash was received in a prior period).

 

“Epic Facility” means the
€662,905,320 Secured Loan Agreement dated September 22, 2006, as amended, restated, supplemented, waived, replaced (whether
or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise
modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise
restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor
or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering
the maturity thereof.

 

“Equity Interests” means
Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible
into, or exchangeable for, Capital Stock).

 

“Equity Offering” means
any public or private sale after the Issue Date of common stock or Preferred Stock of the Issuer or any direct or indirect parent
of the Issuer, as applicable (other than Disqualified Stock), other than:

 

(1)       public
offerings with respect to the Issuer’s or such direct or indirect parent’s common stock registered on Form S-4 or Form
S-8;

 

(2)       issuances
to any Subsidiary of the Issuer; and

 

(3)       any
such public or private sale that constitutes an Excluded Contribution.

 

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

 

    	 	19	 

     

    

 

“Excluded Contributions”
means the Cash Equivalents or other assets (valued at their Fair Market Value as determined in good faith by senior management
or the Board of Directors of the Issuer) received by the Issuer after the Issue Date from:

 

(1)       contributions
to its common equity capital, and

 

(2)       the
sale (other than to a Subsidiary of the Issuer or to any Subsidiary management equity plan or stock option plan or any other management
or employee benefit plan or agreement) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Issuer,

 

in each case designated as Excluded Contributions pursuant to
an Officer’s Certificate executed by an Officer of the Issuer on or promptly after the date such capital contributions are
made or the date such Capital Stock is sold, as the case may be.

 

“Explorer Newbuild Facility”
means the $440.3 million credit agreement dated July 31, 2013, as amended, restated, supplemented, waived, replaced (whether
or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise
modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise
restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor
or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering
the maturity thereof.

 

“Fair Market Value” means,
with respect to any asset or property, the price which could be negotiated in an arm’s-length transaction, for cash, between
a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction.

 

“First Lien Collateral Agent”
means any administrative agent or collateral agent for the lenders and other secured parties under any NCLC Group Credit Facility.

 

“Fixed Charge Coverage Ratio”
means, with respect to any Person for any period, the ratio of EBITDA of such Person for such period to the Fixed Charges (other
than Fixed Charges in respect of Qualified Non-Recourse Debt) of such Person for such period. In the event that the Issuer or any
of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness (other than in the case of revolving credit
borrowings or revolving advances under any Qualified Receivables Financing, in which case interest expense shall be computed based
upon the average daily balance of such Indebtedness during the applicable period) or issues, repurchases or redeems Disqualified
Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated
but prior to the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”),
then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase
or redemption of Indebtedness, or such issuance,

 

    	 	20	 

     

    

 

repurchase or redemption of Disqualified Stock
or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period.

 

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

 

For purposes of this definition, whenever
pro forma effect is to be given to any event, the pro forma calculations shall be made in good faith by a responsible
financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the
reasonable good faith determination of the Issuer as set forth in an Officer’s Certificate, to reflect (1) operating
expense reductions and other operating improvements or synergies (x) reasonably expected to result from the applicable event
and (y) that are expected to be realized within 12 months from the date of the transaction giving rise to the calculation,
and (2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth
in footnote 5 to the “Summary Consolidated Financial Data” under “Summary” in the Offering Memorandum to
the extent such adjustments, without duplication, continue to be applicable to such four-quarter period.

 

If any Indebtedness bears a floating rate
of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in
effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations
applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on a Capitalized
Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer
of the Issuer to be the rate of interest implicit

 

    	 	21	 

     

    

 

in such Capitalized Lease Obligation in accordance
with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility
computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable
period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar
rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or,
if none, then based upon such optional rate chosen as the Issuer may designate.

 

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

 

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

 

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

 

(2)       all
cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred Stock or Disqualified Stock of
such Person and its Restricted Subsidiaries.

 

“GAAP” means generally
accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect on the Issue Date. For the purposes of this Indenture, the term “consolidated” with respect
to any Person shall mean such Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary,
but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment.

 

“guarantee” means a guarantee
(other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in
any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part
of any Indebtedness or other obligations.

 

“Hedging Obligations” means,
with respect to any Person, the obligations of such Person under:

 

(1)       currency
exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency
exchange, interest rate or commodity collar agreements; and

 

    	 	22	 

     

    

 

(2)       other
agreements or arrangements designed to protect such Person against fluctuations in currency exchange, interest rates or commodity
prices.

 

“holder” or “noteholder”
means the Person in whose name a Note is registered on the Registrar’s books.

 

“Incur” means issue, assume,
guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person
existing at the time such person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise)
shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary.

 

“Indebtedness” means, with
respect to any Person:

 

(1)       the
principal of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money, (b) evidenced
by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication,
reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase price of any property (except
any such balance that constitutes (i) a trade payable or similar obligation to a trade creditor Incurred in the ordinary course
of business, (ii) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in
accordance with GAAP and (iii) liabilities accrued in the ordinary course of business), which purchase price is due more than
twelve months after the date of placing the property in service or taking delivery and title thereto, (d) in respect of Capitalized
Lease Obligations, or (e) representing any Hedging Obligations, if and to the extent that any of the foregoing indebtedness
(other than letters of credit and Hedging Obligations) would appear as a liability on a balance sheet (excluding the footnotes
thereto) of such Person prepared in accordance with GAAP;

 

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

 

(3)       to
the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such Person (whether
or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will
be the lesser of: (a) the Fair Market Value (as determined in good faith by the Issuer) of such asset at such date of determination,
and (b) the amount of such Indebtedness of such other Person;

 

provided, however, that notwithstanding the foregoing,
Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business and not
in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase price holdbacks in respect of a portion
of the purchase price of an asset to satisfy warranty or

 

    	 	23	 

     

    

 

other unperformed obligations of the respective seller; (4) Obligations
under or in respect of Qualified Receivables Financing; (5) any obligations under Hedging Obligations; provided that
such agreements are entered into for bona fide hedging purposes of the Issuer or its Restricted Subsidiaries (as determined in
good faith by the board of directors or senior management of the Issuer, whether or not accounted for as a hedge in accordance
with GAAP) and, in the case of any foreign exchange contract, currency swap agreement, futures contract, option contract or other
similar agreement, such agreements are related to business transactions of the Issuer or its Restricted Subsidiaries entered into
in the ordinary course of business and, in the case of any interest rate protection agreement, interest rate future agreement,
interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest
rate hedge agreement or other similar agreement or arrangement, such agreements substantially correspond in terms of notional amount,
duration and interest rates, as applicable, to Indebtedness of the Issuer or its Restricted Subsidiaries Incurred without violation
of this Indenture; (6) obligations in respect of surety and bonding requirements of the Issuer and its Restricted Subsidiaries;
(7) trade and other ordinary course payables, accrued expenses and intercompany liabilities arising in the ordinary course
of business; (8) in the case of the Issuer and its Restricted Subsidiaries (x) all intercompany Indebtedness having a
term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business and
(y) intercompany liabilities in connection with cash management, tax and accounting operations of the Issuer and its Restricted
Subsidiaries; and (9) obligations under the Acquisition Documents.

 

Notwithstanding anything in this Indenture
to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to, the effects of Statement of
Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or
decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives
created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but
for the application of this sentence shall not be deemed an Incurrence of Indebtedness under this Indenture.

 

“Indenture” means this
Indenture as amended or supplemented from time to time.

 

“Independent Financial Advisor”
means an accounting, appraisal or investment banking firm or consultant, in each case of nationally recognized standing, that is,
in the good faith determination of the Issuer, qualified to perform the task for which it has been engaged.

 

“Interest Payment Date”
has the meaning set forth in Exhibit A hereto.

 

“Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an
equivalent rating by any other Rating Agency.

 

    	 	24	 

     

    

 

“Investment Grade Securities”
means:

 

(1)       securities
issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other than
Cash Equivalents),

 

(2)       securities
that have a rating equal to or higher than Baa3 (or equivalent) by Moody’s and BBB- (or equivalent) by S&P, but excluding
any debt securities or loans or advances between and among the Issuer and its Subsidiaries,

 

(3)       investments
in any fund that invests exclusively in investments of the type described in clauses (1) and (2) which fund may also
hold immaterial amounts of cash pending investment and/or distribution, and

 

(4)       corresponding
instruments in countries other than the United States customarily utilized for high quality investments and in each case with maturities
not exceeding two years from the date of acquisition.

 

“Investments” means, with
respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees),
advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel
and similar advances to officers, employees and consultants made in the ordinary course of business and any assets or securities
received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary
in order to prevent or limit loss and any prepayments and other credits to suppliers made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person
and investments that are required by GAAP to be classified on the balance sheet of the Issuer in the same manner as the other investments
included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of the
definition of “Unrestricted Subsidiary” and Section 4.04:

 

(1)       “Investments”
shall include the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the Fair Market Value (as
determined in good faith by the Issuer) of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated
an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary,
the Issuer shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount
(if positive) equal to:

 

(a)       the
Issuer’s “Investment” in such Subsidiary at the time of such redesignation less

 

    	 	25	 

     

    

 

(b)       the
portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the Fair Market Value (as determined in good
faith by the Issuer) of the net assets of such Subsidiary at the time of such redesignation; and

 

(2)       any
property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value (as determined in good faith
by the Issuer) at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Issuer.

 

“IPO” means the initial
public offering of 27,058,824 ordinary shares, par value $.001 per share, of NCL Holdings, which was consummated on January 24,
2013.

 

“Issue Date” means the
date on which the Notes are originally issued.

 

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

 

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

 

“Meyer Facility Secured Debt Cap”
means €1,325 million.

 

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

 

“NCLC Group Credit Facilities”
means (i) the Senior Secured Credit Agreement, dated as of May 24, 2013 (as amended and restated in connection with the
Prestige Merger Transactions); (ii) the €258 million Pride of America Secured Loan Agreement dated as of April 4,
2003; (iii) the $334.1 million Norwegian Jewel Secured Loan Agreement dated as of April 20, 2004; (iv) the €308.1
million Pride of Hawaii Secured Loan Agreement dated as of April 20, 2004; (v) the Epic Facility; (vi) the

 

    	 	26	 

     

    

 

Breakaway Credit Facilities; (vii) the
Breakaway Plus Newbuild Facility; (viii) the Breakaway Four Facility; (ix) the Seahawk Newbuild Facilities; (x) the
Indebtedness payable pursuant to the memorandum of agreement, dated May 31, 2012, between Ample Avenue Limited, as seller,
and Norwegian Sky, Ltd., as buyer; (xi) the Oceania Newbuild Facilities; and (xii) the Explorer Newbuild Facility, each
as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or
otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture
extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under
such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or
indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof.

 

“NCL Holdings” means Norwegian
Cruise Line Holdings Ltd., the direct parent company of the Issuer.

 

“Net Income” means, with
respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect
of Preferred Stock dividends.

 

“Net Proceeds” means the
aggregate cash proceeds received by the Issuer or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without
limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received
in any Asset Sale and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable
or otherwise, but only as and when received, but excluding the assumption by the acquiring Person of Indebtedness relating to the
disposed assets or other consideration received in any other non-cash form), net of the direct costs relating to such Asset Sale
and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment
banking fees, and brokerage and sales commissions), and any relocation expenses Incurred as a result thereof, taxes paid or payable
as a result thereof (including Permitted Tax Distributions and after taking into account any available tax credits or deductions
and any tax sharing arrangements related thereto), amounts required to be applied to the repayment of principal, premium (if any)
and interest on Indebtedness required (other than pursuant to Section 4.06(b)(i) or (b)(ii)) to be paid as a result of such
transaction, all expenditures incurred to inspect, repair or modify a Vessel and bring such Vessel to the condition and place of
delivery in connection with the sale of such Vessel as may be specified in the related purchase and sale agreement or otherwise
as the Board of Directors of the Issuer shall determine advisable in connection with such sale, and any deduction of appropriate
amounts to be provided by the Issuer as a reserve in accordance with GAAP against any liabilities associated with the asset disposed
of in such transaction and retained by the Issuer after such sale or other disposition thereof, including, without limitation,
pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification
obligations associated with such transaction.

 

    	 	27	 

     

    

 

“New Vessel Aggregate Secured Debt
Cap” means the sum of each of the New Vessel Secured Debt Caps (with such New Vessel Aggregate Secured Debt Cap to be
expressed as the sum of the euro and U.S. dollar denominations of the New Vessel Secured Debt Caps reflected in this New Vessel
Aggregate Secured Debt Cap).

 

“New Vessel Financing”
means any financing arrangement entered into by any New Vessel Subsidiary in connection with any acquisition of one or more Vessels.

 

“New Vessel Secured Debt Cap”
means, in respect of a New Vessel Financing, 90% of the contract price for the acquisition and any other Ready for Sea Cost of
the related Vessel (and 100% of any related export credit insurance premium), expressed in euros or U.S. dollars, as the case may
be.

 

“New Vessel Subsidiary”
means any Subsidiary of the Issuer that is formed for the purpose of acquiring one or more Vessels.

 

“Notes Obligations” means
Obligations in respect of the Notes and this Indenture, including, for the avoidance of doubt, Obligations in respect of any future
guarantees thereof.

 

“Obligations” means any
principal, interest, penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations
with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation
governing any Indebtedness; provided that Obligations with respect to the Notes shall not include fees or indemnifications
in favor of the Trustee and other third parties other than the holders of the Notes.

 

“Oceania Newbuild Facilities”
means the (i) €349.5 million Marina Loan Agreement, dated July 18, 2008 and (ii) the €349.5 million Riviera
Loan Agreement, dated July 18, 2008, in each case, as amended, restated, supplemented, waived, replaced (whether or not upon
termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified
from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring
all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement
agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity
thereof.

 

“Offering Memorandum” means
the confidential offering memorandum, dated November 5, 2015, relating to the issuance of the Initial Notes.

 

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

 

“Officer’s Certificate”
means a certificate signed on behalf of the Issuer by an Officer of the Issuer, who must be the principal executive officer, the
principal

 

    	 	28	 

     

    

 

financial officer, the treasurer or the principal
accounting officer of the Issuer, which meets the requirements set forth in this Indenture.

 

“Opinion of Counsel” means
a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer
or the Trustee.

 

“Other Facilities Secured Debt Cap”
means €1,923.0 million.

 

“Pari Passu Indebtedness”
means with respect to the Issuer, the Notes and any Indebtedness which ranks pari passu in right of payment to the Notes.

 

“Permitted Holders” means,
at any time, each of (i) the Sponsors, (ii) the Management Group, (iii) any Person that has no material assets other
than the Capital Stock of the Issuer and, directly or indirectly, holds or acquires 100% of the total voting power of the Voting
Stock of the Issuer, and of which no other Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2)
of the Exchange Act, or any successor provision), other than any of the other Permitted Holders, holds more than 50% of the total
voting power of the Voting Stock thereof and (iv) any group (within the meaning of Section 13(d)(3) or Section 14(d)(2)
of the Exchange Act, or any successor provision) the members of which include any of the Permitted Holders and that, directly or
indirectly, hold or acquire beneficial ownership of the Voting Stock of the Issuer (a “Permitted Holder Group”),
so long as (1) each member of the Permitted Holder Group has voting rights proportional to the percentage of ownership interests
held or acquired by such member (or more in the case of a Permitted Holder or less in the case of a member that is not a Permitted
Holder) and (2) no Person or other “group” (other than Permitted Holders) beneficially owns more than 50% on a
fully diluted basis of the Voting Stock held by the Permitted Holder Group. Any Person or group whose acquisition of beneficial
ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements
of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder.

 

“Permitted Investments”
means:

 

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

 

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

 

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

 

(4)       any
Investment in securities or other assets not constituting Cash Equivalents and received in connection with an Asset Sale made pursuant
to the

 

    	 	29	 

     

    

 

provisions of Section 4.06
or any other disposition of assets not constituting an Asset Sale;

 

(5)       any
Investment existing on, or made pursuant to binding commitments existing on, the Issue Date or an Investment consisting of any
extension, modification or renewal of any Investment existing on the Issue Date; provided that the amount of any such Investment
may be increased (x) as required by the terms of such Investment as in existence on the Issue Date or (y) as otherwise
permitted under this Indenture;

 

(6)       loans
and advances to officers, directors, managers, employees or consultants of the Issuer or any Restricted Subsidiary, taken together
with all other loans and advances made pursuant to this clause (6), not to exceed the greater of $25 million and 0.375% of Total
Assets at any one time outstanding;

 

(7)       any
Investment acquired by the Issuer or any of its Restricted Subsidiaries (a) in exchange for any other Investment or accounts
receivable held by the Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization
or recapitalization of the issuer of such other Investment or accounts receivable, or (b) as a result of a foreclosure by
the Issuer or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect
to any secured Investment in default;

 

(8)       Hedging
Obligations permitted under Section 4.03(b)(ix);

 

(9)       any
Investment by the Issuer or any of its Restricted Subsidiaries in a Similar Business having an aggregate Fair Market Value (as
determined in good faith by the Issuer), taken together with all other Investments made pursuant to this clause (9) that are
at that time outstanding, not to exceed the greater of (x) $300 million and (y) 5.0% of Total Assets at the time of such
Investment, plus an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits
on sale, repayments, income and similar amounts) actually received in respect of any such Investment made pursuant to this clause (9)
(with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes
in value) that does not otherwise increase the Cumulative Credit; provided, however, that if any Investment pursuant
to this clause (9) is made in any Person that is not the Issuer or a Restricted Subsidiary of the Issuer at the date of the
making of such Investment and such Person becomes the Issuer or a Restricted Subsidiary of the Issuer after such date, such Investment
shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this
clause (9) for so long as such Person continues to be the Issuer or a Restricted Subsidiary;

 

(10)     additional
Investments by the Issuer or any of its Restricted Subsidiaries having an aggregate Fair Market Value (as determined in good faith
by the Issuer), taken together with all other Investments made pursuant to this

 

    	 	30	 

     

    

 

clause (10) that are at that
time outstanding, not to exceed the greater of (x) $300 million and (y) 5.0% of Total Assets at the time of such
Investment, plus an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits
on sale, repayments, income and similar amounts) actually received in respect of any such Investment made pursuant to this clause (10)
(with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes
in value); provided that an amount equal to any such Investment made as a result of such increase of this clause (10)
from any returns shall decrease the Cumulative Credit only to the extent such return previously increased the Cumulative Credit;
provided, however, that if any Investment pursuant to this clause (10) is made in any Person that is not the
Issuer or a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes the Issuer
or a Restricted Subsidiary of the Issuer after such date, such Investment shall thereafter be deemed to have been made pursuant
to clause (1) above and shall cease to have been made pursuant to this clause (10) for so long as such Person continues
to be the Issuer or a Restricted Subsidiary;

 

(11)     loans
and advances to officers, directors, managers, employees or consultants for business-related travel expenses, moving expenses,
payroll payments and other similar expenses, in each case Incurred in the ordinary course of business or consistent with past practice
or to fund such person’s purchase of Equity Interests of the Issuer or any direct or indirect parent of the Issuer;

 

(12)     Investments
the payment for which consists of Equity Interests of the Issuer (other than Disqualified Stock) or any direct or indirect parent
of the Issuer, as applicable; provided, however, that such Equity Interests will not increase the amount available
for Restricted Payments under clause (3) of the definition of “Cumulative Credit”;

 

(13)     any
transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the provisions of Section 4.07(b)
(except transactions described in clauses (ii), (vi), (vii) and (xi)(B) of such Section);

 

(14)     Investments
consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons;

 

(15)     guarantees
issued in accordance with Section 4.03, including, without limitation, any guarantee or other obligation issued or incurred
under the Credit Agreements in connection with any letter of credit issued for the account of the Issuer or any of its Subsidiaries
(including with respect to the issuance of, or payments in respect of drawings under, such letters of credit);

 

(16)     Investments
consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases of
contract rights or licenses or leases of intellectual property;

 

    	 	31	 

     

    

 

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

 

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

 

(19)     any
Investment in an entity which is not a Restricted Subsidiary to which a Restricted Subsidiary sells accounts receivable pursuant
to a Receivable Financing;

 

(20)     additional
Investments in joint ventures not to exceed at any one time in the aggregate outstanding under this clause (20), the greater
of (x) $150 million and (y) 2.5% of Total Assets at the time of such Investment, plus an amount equal to any returns
(including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually
received in respect of any such Investment made pursuant to this clause (20) (with the Fair Market Value of each Investment
being measured at the time made and without giving effect to subsequent changes in value) that does not otherwise increase the
Cumulative Credit; provided, however, that if any Investment pursuant to this clause (20) is made in any Person that
is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes a Restricted
Subsidiary of the Issuer after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above
and shall cease to have been made pursuant to this clause (20) for so long as such Person continues to be a Restricted Subsidiary;

 

(21)     Investments
of a Restricted Subsidiary of the Issuer acquired after the Issue Date or of an entity merged into, amalgamated with or consolidated
with the Issuer or a Restricted Subsidiary of the Issuer in a transaction that is not prohibited by Section 5.01 after the
Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation
and were in existence on the date of such acquisition, merger, amalgamation or consolidation; and

 

(22)     any
Investment in any Subsidiary of the Issuer or any joint venture in connection with intercompany cash management arrangements or
related activities arising in the ordinary course of business.

 

“Permitted Jurisdiction”
means (i) any state of the United States, the District of Columbia or any territory of the United States, (ii) Bermuda,
(iii) the

 

    	 	32	 

     

    

 

Bahamas, (iv) the Isle of Man, (v) Panama,
(vi) Liberia, (vii) the Marshall Islands, or (viii) any other jurisdiction approved by the First Lien Collateral
Agent.

 

“Permitted Liens” means,
with respect to any Person:

 

(1)       pledges
or deposits and other Liens granted by such Person under workmen’s compensation laws, unemployment insurance laws or similar
legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or
leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash
or U.S. government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested
taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business;

 

(2)       Liens
imposed by law, such as landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s,
construction or other like Liens arising in the ordinary course of business and securing obligations that are not overdue by more
than 30 days or that are being contested in good faith by appropriate proceedings and in respect of which, if applicable, the Issuer
or any Restricted Subsidiary shall have set aside on its books reserves in accordance with GAAP; and with respect to the Vessels:
(i) Liens fully covered (in excess of customary deductibles) by valid policies of insurance, (ii) Liens for master’s
and crew’s wages on the current voyage, if not yet due and payable, (iii) Liens for trade debt incurred in the ordinary
course of business over a period not exceeding thirty (30) days and not by its terms overdue, and (iv) Liens for general
average and salvage, including contract salvage, and provided that (x) Permitted Liens shall not include any Liens
described in clauses (i) through (iv) of this paragraph unless such Liens are subordinate to the Liens created under
the applicable Vessel Mortgage, or constitute maritime liens that would in any event be entitled to priority over the applicable
Vessel Mortgage under applicable law;

 

(3)       Liens
for taxes, assessments or other governmental charges (i) that are not yet overdue by more than 30 days or (ii) if overdue
by more than 30 days, that are being contested in good faith by appropriate proceedings that have the effect of preventing the
forfeiture or sale of the property subject to any such Lien and for which adequate reserves are being maintained to the extent
required by GAAP;

 

(4)       Liens
(A) in favor of issuers of performance and surety bonds or bid bonds or with respect to other regulatory requirements or letters
of credit, bankers’ acceptances or similar obligations issued pursuant to the request of and for the account of such Person
in the ordinary course of its business (including as required by the U.S. Federal Maritime Commission or other similar U.S. or
foreign government authority) and (B) securing other obligations in respect of surety and bonding requirements;

 

    	 	33	 

     

    

 

(5)       minor
survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers,
electric lines, telegraph and telephone lines and other similar purposes, servicing agreements, development agreements, site plan
agreements and other similar encumbrances incurred in the ordinary course of business or zoning or other restrictions as to the
use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties
which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value
of said properties or materially impair their use in the operation of the business of such Person;

 

(6)       Liens
on assets of a Restricted Subsidiary securing Indebtedness of such Restricted Subsidiary or any other Restricted Subsidiary permitted
to be Incurred pursuant to Section 4.03;

 

(7)       [Reserved];

 

(8)       Liens
securing Hedging Obligations;

 

(9)       [Reserved];

 

(10)     [Reserved];

 

(11)     Liens
securing Indebtedness permitted to be Incurred pursuant to Section 4.03(b)(iii); provided that such Lien extends only
to the assets and/or Capital Stock, the acquisition, lease, construction, repair, replacement or improvement of which is financed
thereby and any proceeds or products thereof;

 

(12)     Liens
existing on the Issue Date;

 

(13)     Liens
on assets, property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided, however,
that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary;

 

(14)     Liens
on assets or property at the time the Issuer or a Restricted Subsidiary of the Issuer acquired the assets or property, including
any acquisition by means of a merger, amalgamation or consolidation with or into the Issuer or any Restricted Subsidiary of the
Issuer; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such
acquisition; provided, further, however, that the Liens may not extend to any other property owned by the Issuer
or any Restricted Subsidiary of the Issuer (other than pursuant to after-acquired property clauses in effect with respect to such
Lien at the time of acquisition of such Person on property of such Person of the type that would have been subject to such Lien
notwithstanding the occurrence of such acquisition);

 

    	 	34	 

     

    

 

(15)     Liens
securing Indebtedness or other obligations of the Issuer or a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary
of the Issuer permitted to be Incurred in accordance with Section 4.03;

 

(16)     [Reserved];

 

(17)     Liens
on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
documentary letters of credit, bank guarantees or bankers’ acceptances issued or created for the account of such Person to
facilitate the purchase, shipment or storage of such inventory or other goods;

 

(18)     leases
and subleases of real property which do not materially interfere with the ordinary conduct of the business of the Issuer or any
of its Restricted Subsidiaries;

 

(19)     Liens
arising from Uniform Commercial Code financing statement filings regarding operating leases or other obligations not constituting
Indebtedness in the ordinary course of business;

 

(20)     Liens
in favor of the Issuer or any Restricted Subsidiary;

 

(21)     Liens
on accounts receivable and related assets of the type specified in the definition of “Receivables Financing” Incurred
in connection with a Qualified Receivables Financing;

 

(22)     pledges,
deposits and other Liens in the ordinary course of business to secure liability to insurance carriers;

 

(23)     Liens
on the Equity Interests of Unrestricted Subsidiaries;

 

(24)     leases
or subleases, and licenses or sublicenses (including with respect to intellectual property) granted to others in the ordinary course
of business;

 

(25)     Liens
to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals
or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6),
(8), (9), (11), (12), (13), (14), (15), (20) and (35), provided that in the case of Liens to secure any refinancing, refunding,
extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals or replacements) as a whole, or
in part, of any Indebtedness secured by any Lien referred to in clauses (iii), (xi) and (xv) of Section 4.03(b), (i) such
new Lien shall be limited to all or part of the same property (including any after acquired property to the extent it would have
been subject to the original Lien) that secured the original Lien (plus improvements on and accessions to such property, proceeds
and products thereof, customary security deposits and any other assets pursuant to the after-acquired property clauses to the extent
such

 

    	 	35	 

     

    

 

assets secured (or would have secured)
the Indebtedness being refinanced, refunded, extended, renewed or replaced) and (ii) the Indebtedness secured by such Liens
is not increased to any amount greater than the sum of (A) the outstanding principal amount (or accreted value, if applicable)
or, if greater, committed amount of the Indebtedness described under such clauses at the time the original Lien became a Permitted
Lien under this Indenture, (B ) unpaid accrued interest and premiums (including tender premiums) and (C) an amount necessary
to pay any underwriting discounts, defeasance costs, commissions, fees and expenses, related to such refinancing, refunding, extension,
renewal or replacement;

 

(26)     Liens
on equipment of the Issuer or any Restricted Subsidiary granted in the ordinary course of business to the Issuer’s or such
Restricted Subsidiary’s client at which such equipment is located;

 

(27)     judgment
and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation
being contested in good faith by appropriate proceedings and for which adequate reserves have been made;

 

(28)     Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of goods entered
into in the ordinary course of business;

 

(29)     Liens
(A) incurred to secure cash management services or to implement cash pooling arrangements in the ordinary course of business
and (B) on cash and Cash Equivalents and letters of credit securing any surety and bonding requirements;

 

(30)     other
Liens securing obligations the outstanding principal amount of which does not, taken together with the principal amount of all
other obligations secured by Liens incurred under this clause (30) that are at that time outstanding, exceed the greater of $100
million and 1.0% of Total Assets at the time of Incurrence;

 

(31)     any
encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or similar
arrangement securing obligations of such joint venture or pursuant to any joint venture or similar agreement;

 

(32)     any
amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds issued for the benefit of the
Issuer or any Restricted Subsidiary, under any indenture issued in escrow pursuant to customary escrow arrangements pending the
release thereof, or under any indenture pursuant to customary discharge, redemption or defeasance provisions;

 

(33)     Liens
(i) arising by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off or similar
rights and

 

    	 	36	 

     

    

 

remedies as to deposit accounts
or other funds maintained with a depository or financial institution, (ii) attaching to commodity trading accounts or other
commodity brokerage accounts incurred in the ordinary course of business or (iii) encumbering reasonable customary initial
deposits and margin deposits and similar Liens attaching to brokerage accounts incurred in the ordinary course of business and
not for speculative purposes;

 

(34)     Liens
in favor of any counterparty to a Vessel operations agreement (other than the Restricted Subsidiary that is the record owner of
the related Vessel) arising in connection with such Vessel operations agreement;

 

(35)     pledges
of, and other Liens on, the Equity Interests in and the assets of New Vessel Subsidiaries in favor of lenders under and in connection
with New Vessel Financing permitted to be incurred under Section 4.03(b)(i);

 

(36)     Liens
arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with any appeal
or other proceedings for review;

 

(37)     Liens
on Unearned Customer Deposits (i) in favor of credit card companies pursuant to agreements therewith consistent with industry
practice and (ii) in favor of customers; and

 

(38)     Liens
incurred in the ordinary course of business of the Issuer or any Restricted Subsidiary arising from vessel purchasing, vessel chartering,
drydocking, maintenance, the furnishing of supplies and bunkers to vessels, repairs and improvements to Vessels, crews’ wages
and maritime Liens.

 

“Permitted Tax Distributions”
means dividends to pay any U.S. federal, state or local income taxes actually payable by the holders of the Issuer’s capital
stock (or, in the case of any such holder that owns any assets other than the Issuer’s capital stock at any applicable time,
the U.S. federal, state or local income taxes that would have been actually payable had such holder owned no other assets) by virtue
of the fact that the Issuer is a pass-through entity for U.S. federal, state or local income tax purposes (as applicable), for
any such taxable year (or portion thereof) ending after December 31, 2011 and, to the extent resulting from audit adjustments
after the Issue Date, for any such taxable year (or portion thereof) ending prior to December 31, 2011.

 

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

 

“Preferred Stock” means
any Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution, or winding up.

 

“Pre-Launch Expenses” means,
with respect to any fiscal period, the amount of expenses (other than interest expense) incurred with respect to any new

 

    	 	37	 

     

    

 

Vessels incurred prior to the commencement
of ordinary course revenue generating cruises and directly related to such commencement of the new Vessel.

 

“Prestige Facilities Secured Debt
Cap” means $2,341.3 million.

 

“Prestige Merger Transactions”
means the transactions described under “Summary—The Transactions” in the confidential offering memorandum, dated
November 5, 2014, relating to the issuance of the 5.25% Notes.

 

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

 

“Qualified Non-Recourse Subsidiary”
means (1) a Restricted Subsidiary that is formed or created after the Issue Date in order to finance an acquisition, lease,
construction, repair, replacement or improvement of any property or equipment (directly or through one of its Subsidiaries) that
secures Qualified Non-Recourse Debt and (2) any Restricted Subsidiary of a Qualified Non-Recourse Subsidiary.

 

“Qualified Receivables Financing”
means any Receivables Financing of a Receivables Subsidiary that meets the following conditions:

 

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

 

(2)       all
sales of accounts receivable and related assets to the Receivables Subsidiary are made at Fair Market Value (as determined in good
faith by the Issuer); and

 

(3)       the
financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith
by the Issuer) and may include Standard Securitization Undertakings.

 

The grant of a security interest in any accounts
receivable of the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) to secure Bank Indebtedness,
Indebtedness in respect of the Notes or any Refinancing Indebtedness with respect to the Notes shall not be deemed a Qualified
Receivables Financing.

 

“Rating Agency” means (1) each
of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the Notes for reasons outside of the Issuer’s
control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F)

 

    	 	38	 

     

    

 

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

 

“Ready for Sea Cost” means
with respect to a vessel or vessels to be acquired, constructed or leased (pursuant to a Capitalized Lease Obligation) by the Issuer
or any Restricted Subsidiary of the Issuer, the aggregate amount of all expenditures incurred to acquire or construct and bring
such vessel or vessels to the condition and location necessary for its intended use, including any and all inspections, appraisals,
repairs, modifications, additions, permits and licenses in connection with such acquisition or lease, which would be classified
and accounted for as “property, plant and equipment” in accordance with GAAP and any assets relating to such vessel
or vessels.

 

“Receivables Fees” means
distributions or payments made directly or by means of discounts with respect to any participation interests issued or sold in
connection with, and all other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Financing.

 

“Receivables Financing”
means any transaction or series of transactions that may be entered into by the Issuer or any of its Subsidiaries pursuant to which
the Issuer or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in the case
of a transfer by the Issuer or any of its Subsidiaries); and (b) any other Person (in the case of a transfer by a Receivables
Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the
Issuer or any of its Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such accounts
receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts
receivable and other assets which are customarily transferred or in respect of which security interests are customarily granted
in connection with asset securitization transactions involving accounts receivable and any Hedging Obligations entered into by
the Issuer or any such Subsidiary in connection with such accounts receivable.

 

“Receivables Repurchase Obligation”
means any obligation of a seller of receivables in a Qualified Receivables Financing to repurchase receivables arising as a result
of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming
subject to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to
take action by or any other event relating to the seller.

 

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

 

    	 	39	 

     

    

 

designated by the Board of Directors of the
Issuer (as provided below) as a Receivables Subsidiary and:

 

(a)       no
portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Issuer or
any other Subsidiary of the Issuer (excluding guarantees of obligations (other than the principal of and interest on, Indebtedness)
pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Issuer or any other Subsidiary of
the Issuer in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset
of the Issuer or any other Subsidiary of the Issuer, directly or indirectly, contingently or otherwise, to the satisfaction thereof,
other than pursuant to Standard Securitization Undertakings;

 

(b)       with
which neither the Issuer nor any other Subsidiary of the Issuer has any material contract, agreement, arrangement or understanding
other than on terms which the Issuer reasonably believes to be no less favorable to the Issuer or such Subsidiary than those that
might be obtained at the time from Persons that are not Affiliates of the Issuer; and

 

(c)       to
which neither the Issuer nor any other Subsidiary of the Issuer has any obligation to maintain or preserve such entity’s
financial condition or cause such entity to achieve certain levels of operating results.

 

Any such designation by the Board of Directors
of the Issuer shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors
of the Issuer giving effect to such designation and an Officer’s Certificate certifying that such designation complied with
the foregoing conditions.

 

“Record Date” has the meaning
specified in Exhibit A hereto.

 

“Reimbursement and Distribution Agreement”
means the Reimbursement and Distribution Agreement, dated August 17, 2007, by and among NCL Investment Ltd., Star Cruises
Limited and the Issuer, as amended, supplemented or modified from time to time.

 

“Representative” means
the trustee, agent or representative (if any) for an issue of Indebtedness; provided that if, and for so long as, such Indebtedness
lacks such a Representative, then the Representative for such Indebtedness shall at all times constitute the holder or holders
of a majority in outstanding principal amount of obligations under such Indebtedness.

 

“Responsible Officer” means,
when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president,
assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily
performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any
corporate trust matter is referred because of such Person’s knowledge of and familiarity with the

 

    	 	40	 

     

    

 

particular subject and who shall have direct
responsibility for the administration of this Indenture.

 

“Restricted Cash” means
cash and Cash Equivalents held by Restricted Subsidiaries that are contractually restricted from being distributed to the Issuer,
except for such cash and Cash Equivalents subject only to such restrictions that are contained in agreements governing Indebtedness
permitted under this Indenture and that are secured by such cash or Cash Equivalents.

 

“Restricted Investment”
means an Investment other than a Permitted Investment.

 

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

 

“Sale/Leaseback Transaction”
means an arrangement relating to property now owned or hereafter acquired by the Issuer or a Restricted Subsidiary whereby the
Issuer or a Restricted Subsidiary transfers such property to a Person and the Issuer or such Restricted Subsidiary leases it from
such Person, other than leases between the Issuer and a Restricted Subsidiary of the Issuer or between Restricted Subsidiaries
of the Issuer.

 

“S&P” means Standard &
Poor’s Ratings Group or any successor to the rating agency business thereof.

 

“Seahawk Newbuild Facilities”
means two export credit facilities, each related to the financing of one new Vessel to be owned by a special-purpose subsidiary
of the Issuer and each with aggregate commitments of up to €666.0 million, in each case, with such new special-purpose subsidiary
to be the borrower, and in each case, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and
whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to
time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all
or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement
agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity
thereof.

 

“SEC” means the Securities
and Exchange Commission.

 

“Secured Indebtedness”
means any Indebtedness secured by a Lien.

 

“Secured Vessel Debt Cap”
means the U.S. dollar equivalent of the sum of (i) $3,550 million, (ii) the Meyer Facility Secured Debt Cap, (iii) the
Breakaway Plus Newbuild Facility Secured Debt Cap, (iv) the Prestige Facilities Secured Debt Cap,

 

    	 	41	 

     

    

 

(v) the Other Facilities Secured Debt
Cap and (vi) the New Vessel Aggregate Secured Debt Cap.

 

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

 

“Shareholders’ Agreement”
means the Amended and Restated Shareholders’ Agreement, dated January 24, 2013, by and among Norwegian Cruise Line Holdings
Ltd., Genting Hong Kong Limited, Star NCLC Holdings Ltd. and the other parties thereto, as amended, supplemented or modified from
time to time.

 

“Significant Subsidiary”
means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Issuer within the meaning of Rule 1-02
under Regulation S-X promulgated by the SEC (or any successor provision).

 

“Similar Business” means
any business, the majority of whose revenues are derived from (i) the business or activities of the Issuer and its Subsidiaries
anticipated to be conducted as of the Issue Date, (ii) any business that is a natural outgrowth or a reasonable extension,
development or expansion of any such business or any business similar, reasonably related, incidental, complementary or ancillary
to any of the foregoing or (iii) any business that in the Issuer’s good faith business judgment constitutes a reasonable
diversification of business conducted by the Issuer and its Subsidiaries.

 

“Sponsors” means (i) Apollo
Management, L.P. and any of its respective Affiliates other than any portfolio companies not primarily engaged in the cruise business
(collectively, the “Apollo Sponsors”), (ii) TPG Global, LLC and any of its respective Affiliates other
than any portfolio companies (collectively, the “TPG Sponsors”), (iii) Genting Hong Kong Limited, and any
of its respective Affiliates (collectively, the “Genting HK”), and (iv) any Person that forms a group (within
the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) with any Apollo
Sponsors, TPG Sponsors and/or Genting HK; provided that the Apollo Sponsors, TPG Sponsors and/or Genting HK (x) own
a majority of the voting power and (y) control a majority of the Board of Directors of such group.

 

“Standard Securitization Undertakings”
means representations, warranties, covenants, indemnities and guarantees of performance entered into by the Issuer or any Subsidiary
of the Issuer which the Issuer has determined in good faith to be customary in a Receivables Financing including, without limitation,
those relating to the servicing of the assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase
Obligation shall be deemed to be a Standard Securitization Undertaking.

 

“Stated Maturity” means,
with respect to any security, the date specified in such security as the fixed date on which the final payment of principal of
such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing
for the repurchase of such security at the option of the holder thereof upon the happening of any contingency beyond the control
of the issuer unless such contingency has occurred).

 

    	 	42	 

     

    

 

“Subordinated Indebtedness”
means with respect to the Issuer, any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the
Notes.

 

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

 

“Subsidiary Guarantee”
means any guarantee of the obligations of the Issuer under this Indenture and the Notes by a Restricted Subsidiary in accordance
with the provisions of this Indenture.

 

“Subsidiary Guarantor”
means any Restricted Subsidiary that Incurs a Subsidiary Guarantee pursuant to Section 4.11 or otherwise Incurs a Subsidiary
Guarantee; provided that upon the release or discharge of such Subsidiary from its Subsidiary Guarantee in accordance with
this Indenture, such Subsidiary ceases to be a Subsidiary Guarantor.

 

“Suspension Period” means
the period of time between a Covenant Suspension Event and the related Reversion Date.

 

“TIA” or “Trustee
Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the
date of this Indenture.

 

“Total Assets” means the
total consolidated assets of the Issuer and its Restricted Subsidiaries, as shown on the most recent balance sheet of the Issuer,
without giving effect to any amortization of the amount of intangible assets since June 30, 2009.

 

“Transfer Restricted Notes”
means, each and collectively, the Transfer Restricted Definitive Notes and the Transfer Restricted Global Notes.

 

“Treasury Rate” means,
as of the applicable redemption date, the yield to maturity as of such redemption date of United States Treasury securities with
a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become
publicly available at least two Business Days prior to either, at the sole discretion of the Issuer, (a) such redemption date
or (b) the date a notice of redemption is delivered or, in the case of a satisfaction and discharge or defeasance,

 

    	 	43	 

     

    

 

two Business Days prior to the date on which
funds are deposited with the Trustee (or, if such Statistical Release is no longer published, any publicly available source of
similar market data)) most nearly equal to the period from such redemption date to November 15 2017; provided, however,
that if the period from such redemption date to November 15 2017 is less than one year, the weekly average yield on actually traded
United States Treasury securities adjusted to a constant maturity of one year will be used.

 

“Trust Officer” means:

 

(1)       any
officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant
secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to
those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred
because of such Person’s knowledge of and familiarity with the particular subject, and

 

(2)       who
shall have direct responsibility for the administration of this Indenture.

 

“Trustee” means the party
named as such in this Indenture until a successor replaces it and, thereafter, means the successor.

 

“Unearned Customer Deposits”
means amounts paid to the Issuer or any of its Subsidiaries representing customer deposits for unsailed bookings (whether paid
directly by the customer or by a credit card company).

 

“Uniform Commercial Code”
or “UCC” means the New York Uniform Commercial Code as in effect from time to time.

 

“Unrestricted Subsidiary”
means:

 

(1)       any
Subsidiary of the Issuer that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors
of such Person in the manner provided below; and

 

(2)       any
Subsidiary of an Unrestricted Subsidiary;

 

The Issuer may designate any Subsidiary of
the Issuer (including any newly acquired or newly formed Subsidiary of the Issuer) to be an Unrestricted Subsidiary unless such
Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of,
the Issuer or any other Subsidiary of the Issuer that is not a Subsidiary of the Subsidiary to be so designated; provided,
however, that the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have and do not
thereafter Incur any Indebtedness pursuant to which the lender has recourse to any of the assets of the Issuer or any of its Restricted
Subsidiaries, unless otherwise permitted by Section 4.04; provided, further, however, that either:

 

    	 	44	 

     

    

 

(a)       the
Subsidiary to be so designated has total consolidated assets of $1,000 or less; or

 

(b)       if
such Subsidiary has consolidated assets greater than $1,000, then such designation would be permitted under Section 4.04.

 

The Issuer may designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation:

 

(x)       (1) the
Issuer could Incur $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a),
or (2) the Fixed Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries would be no less than such ratio for
the Issuer and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking
into account such designation, and

 

(y)       no
Event of Default shall have occurred and be continuing.

 

Any such designation by the Issuer shall be
evidenced to the Trustee by promptly filing with the Trustee a copy of the resolution of the Board of Directors or any committee
thereof of the Issuer giving effect to such designation and an Officer’s Certificate certifying that such designation complied
with the foregoing provisions.

 

“U.S. Government Obligations”
means securities that are:

 

(1)       direct
obligations of the United States of America for the timely payment of which its full faith and credit is pledged, or

 

(2)       obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the timely
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America,

 

which, in each case, are not callable or redeemable
at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2)
of the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of
or interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such depository receipt;
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable
to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations
or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt.

 

“Voting Stock” of any Person
as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors
of such Person.

 

    	 	45	 

     

    

 

“Vessel” means a passenger
cruise vessel.

 

“Vessel Mortgages” means
each first priority statutory ship mortgage granting a Lien on a Vessel owned by a Subsidiary of the Issuer.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness or Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient
obtained by dividing (1) the sum of the products of the number of years from the date of determination to the date of each
successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified
Stock or Preferred Stock multiplied by the amount of such payment, by (2) the sum of all such payments.

 

“Wholly Owned Restricted Subsidiary”
is any Wholly Owned Subsidiary that is a Restricted Subsidiary.

 

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

 

Section 1.02     Other
Definitions.

 

	Term	Section
	Agent Members	Appendix A
	Asset Sale Offer	4.06(b)(ii)
	Covenant Suspension Event	4.16
	Definitive Note	Appendix A
	Depository	Appendix A
	Event of Default	6.01
	Global Notes	Appendix A
	Global Notes Legend	Appendix A
	IAI	Appendix A
	Increased Amount	4.12(c)
	Initial Notes	Preamble
	Initial Purchasers	Appendix A
	Issuer	Preamble
	Notes Custodian	Appendix A
	protected purchaser	2.08
	QIB	Appendix A
	Regulation S	Appendix A
	Regulation S Global Notes	Appendix A
	Regulation S Notes	Appendix A
	Reporting Entity	4.02(b)
	Restricted Notes Legend	Appendix A
	Restricted Payments	4.04(a)(iv)
	Restricted Period	Appendix A

 

    	 	46	 

     

    

 

	Term	Section
	Reversion Date	4.16
	Rule 144A	Appendix A
	Rule 144A Global Notes	Appendix A
	Rule 144A Notes	Appendix A
	Rule 501	Appendix A
	Second Commitment	4.06(b)(ii)
	Successor Issuer	5.01(a)(i)
	Suspended Covenants	4.16
	Transfer Restricted Definitive Notes	Appendix A
	Transfer Restricted Global Notes	Appendix A
	Trustee	Preamble
	U.S.A. Patriot Act	13.20
	Unrestricted Definitive Notes	Appendix A
	Unrestricted Global Notes	Appendix A

 

Section 1.03     Incorporation
by Reference of Trust Indenture Act. This Indenture is not qualified under the TIA, and the TIA shall not apply to or in any
way govern the terms of this Indenture. As a result, no provisions of the TIA are incorporated into this Indenture unless expressly
incorporated pursuant to this Indenture.

 

Section 1.04     Rules
of Construction. Unless the context otherwise requires:

 

(a)       a
term has the meaning assigned to it;

 

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

 

(c)       “or”
is not exclusive;

 

(d)       “including”
means including without limitation;

 

(e)       words
in the singular include the plural and words in the plural include the singular;

 

(f)        unsecured
Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its nature as unsecured
Indebtedness;

 

(g)       the
principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof that
would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP;

 

(h)       the
principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or (ii) the
maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater;

 

    	 	47	 

     

    

 

(i)        unless
otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall
be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP;

 

(j)        “$”
and “U.S. dollars” each refer to United States dollars, or such other money of the United States of America
that at the time of payment is legal tender for payment of public and private debts; and

 

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

 

Article II

THE NOTES

 

Section 2.01     Amount
of Notes. The aggregate principal amount of Notes which may be authenticated and
delivered under this Indenture on the Issue Date is $600,000,000.

 

The Issuer may from time to time after the
Issue Date issue Additional Notes under this Indenture in an unlimited principal amount, so long as (i) the Incurrence of
the Indebtedness represented by such Additional Notes is at such time permitted by Section 4.03 and (ii) such Additional
Notes are issued in compliance with the other applicable provisions of this Indenture. With respect to any Additional Notes issued
after the Issue Date (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Notes pursuant to Section 2.07, 2.08, 2.09, 3.08, 4.06(f), 4.08(c) or Appendix A), there shall be (a) established
in or pursuant to a resolution of the Board of Directors of the Issuer and (b) (i) set forth or determined in the manner
provided in an Officer’s Certificate or (ii) established in one or more indentures supplemental hereto, prior to the
issuance of such Additional Notes:

 

(1)       the
aggregate principal amount of such Additional Notes which may be authenticated and delivered under this Indenture;

 

(2)       the
issue price and issuance date of such Additional Notes, including the date from which interest on such Additional Notes shall accrue;
and

 

(3)       if
applicable, that such Additional Notes shall be issuable in whole or in part in the form of one or more Global Notes and, in such
case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global
Notes in addition to or in lieu of those set forth in Exhibit A hereto and any circumstances in addition to or in lieu
of those set forth in Section 2.2 of Appendix A in which any such Global Note may be exchanged in whole or in part for Additional
Notes registered, or any transfer of

 

    	 	48	 

     

    

 

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

 

If any of the terms of any Additional Notes
are established by action taken pursuant to a resolution of the Board of Directors of the Issuer, a copy of an appropriate record
of such action shall be certified by the Secretary or any Assistant Secretary of the Issuer and delivered to the Trustee at or
prior to the delivery of the Officer’s Certificate or an indenture supplemental hereto setting forth the terms of the Additional
Notes.

 

The Initial Notes, including any Additional
Notes, may, at the Issuer’s option, be treated as a single class for all purposes under this Indenture, including, without
limitation, waivers, amendments, redemptions and offers to purchase; provided that if the Additional Notes are not fungible
with the Initial Notes for U.S. federal income tax purposes or U.S. securities laws purposes, the Additional Notes will have a
separate CUSIP number, if applicable.

 

Section 2.02     Form
and Dating. Provisions relating to the Initial Notes are set forth in Appendix A, which is hereby incorporated
in and expressly made a part of this Indenture. The (i) Initial Notes and the Trustee’s certificate of authentication
and (ii) any Additional Notes and the Trustee’s certificate of authentication shall each be substantially in the form
of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have
notations, legends or endorsements required by law, stock exchange rule, agreements to which the Issuer or any Subsidiary Guarantor
is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Issuer).
Each Note shall be dated the date of its authentication. The Notes shall be issuable only in registered form without interest coupons
and in denominations of $2,000 and any integral multiples of $1,000.

 

Section 2.03     Execution
and Authentication. The Trustee shall authenticate and make available for delivery upon a written order of the Issuer signed
by one Officer of the Issuer (a) Initial Notes for original issue on the date hereof in an aggregate principal amount of $600,000,000
and (b) subject to the terms of this Indenture, Additional Notes in an aggregate principal amount to be determined at the
time of issuance and specified therein. Such order shall specify the amount of separate Note certificates to be authenticated,
the principal amount of each of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated,
the registered holder of each of the Notes and delivery instructions and whether the Notes are to be Initial Notes. Notwithstanding
anything to the contrary in this Indenture or Appendix A, any issuance of Additional Notes after the Issue Date shall
be in a principal amount of at least $2,000 and integral multiples of $1,000 in excess thereof.

 

One Officer shall sign the Notes for the Issuer
by manual or facsimile signature.

 

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

 

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A Note shall not be valid until an authorized
signatory of the Trustee manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence
that the Note has been authenticated under this Indenture.

 

The Trustee may appoint one or more authenticating
agents reasonably acceptable to the Issuer to authenticate the Notes. Any such appointment shall be evidenced by an instrument
signed by a Trust Officer, a copy of which shall be furnished to the Issuer. Unless limited by the terms of such appointment, an
authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication
by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent
or agent for service of notices and demands.

 

Section 2.04     Registrar
and Paying Agent.

 

(a)       The
Issuer shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange (the
“Registrar”) and (ii) an office or agency where Notes may be presented for payment (the “Paying
Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Issuer may have one
or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrars.
The term “Paying Agent” includes the Paying Agent and any additional paying agents. The Issuer initially appoints
the Trustee as Registrar, Paying Agent and the Notes Custodian with respect to the Global Notes.

 

(b)       The
Issuer may enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement
shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee in writing of the
name and address of any such agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such
and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Issuer or any of its domestically
organized Wholly Owned Subsidiaries may act as Paying Agent or Registrar.

 

(c)       The
Issuer may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee; provided,
however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor
as evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may
be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent
until the appointment of a successor in accordance with clause (i) above. The Registrar or Paying Agent may resign at
any time upon written notice to the Issuer and the Trustee; provided, however, that the Trustee may resign as Paying
Agent or Registrar only if the Trustee also resigns as Trustee in accordance with Section 7.08.

 

Section 2.05     Paying
Agent to Hold Money in Trust. Prior to each due date of the principal of and interest on any Note, the Issuer shall deposit
with each Paying Agent (or if the Issuer or a Wholly Owned Subsidiary is acting as Paying Agent,

 

    	 	50	 

     

    

 

segregate and hold in trust for the benefit
of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due. The Issuer shall require
each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in trust for the benefit of holders
or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Notes, and shall notify the
Trustee of any default by the Issuer in making any such payment. If the Issuer or a Wholly Owned Subsidiary of the Issuer acts
as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust for the benefit of the Persons entitled
thereto. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds
disbursed by such Paying Agent. Upon complying with this Section 2.05, a Paying Agent shall have no further liability for
the money delivered to the Trustee.

 

Section 2.06     Holder
Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of
the names and addresses of holders. If the Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar to furnish,
to the Trustee, in writing at least five Business Days before each Interest Payment Date and at such other times as the Trustee
may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses
of holders.

 

Section 2.07     Transfer
and Exchange. The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for
registration of transfer and in compliance with Appendix A. When a Note is presented to the Registrar with a request to
register a transfer, the Registrar shall register the transfer as requested if its requirements therefor are met. When Notes are
presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar
shall make the exchange as requested if the same requirements are met. To permit registration of transfers and exchanges, the Issuer
shall execute and the Trustee shall authenticate Notes at the Registrar’s request. The Issuer may require payment of a sum
sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to
this Section. The Issuer shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes selected
for redemption (except, in the case of Notes to be redeemed in part, the portion thereof not to be redeemed) or of any Notes for
a period of 15 days before a selection of Notes to be redeemed.

 

Prior to the due presentation for registration
of transfer of any Note, the Issuer, the Trustee, the Paying Agent and the Registrar may deem and treat the Person in whose name
a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest, if any,
on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Trustee, the
Paying Agent or the Registrar shall be affected by notice to the contrary.

 

Any holder of a beneficial interest in a Global
Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Note may be
effected only through a book-entry system maintained by (a) the holder of such

 

    	 	51	 

     

    

 

Global Note (or its agent) or (b) any holder of a beneficial
interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall be required to be reflected
in a book entry.

 

All Notes issued upon any transfer or exchange
pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture
as the Notes surrendered upon such transfer or exchange.

 

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

 

Every replacement Note is an additional obligation
of the Issuer.

 

The provisions of this Section 2.08 are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
lost, destroyed or wrongfully taken Notes.

 

Section 2.09         Outstanding
Notes.  Notes outstanding at any time are all Notes authenticated by the Trustee except for those canceled by it,
those delivered to it for cancellation and those described in this Section as not outstanding.  Subject to Section 13.06,
a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.

 

If a Note is replaced pursuant to Section 2.08
(other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuer receive
proof satisfactory to them that the replaced Note is held by a protected purchaser.  A mutilated Note ceases to be outstanding
upon surrender of such Note and replacement thereof pursuant to Section 2.08.

 

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

 

Section 2.10         [Reserved].

 

Section 2.11         Cancellation.  The
Issuer at any time may deliver Notes to the Trustee for cancellation.  The Registrar and each Paying Agent shall forward
to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment.  The Trustee and no one
else shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and shall dispose of canceled
Notes in accordance with its customary procedures.  The Issuer may not issue new Notes to replace Notes it has redeemed,
paid or delivered to the Trustee for cancellation.  The Trustee shall not authenticate Notes in place of canceled Notes
other than pursuant to the terms of this Indenture.

 

Section 2.12         Defaulted
Interest.  If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay the defaulted interest
then borne by the Notes (plus interest on such defaulted interest to the extent lawful) in any lawful manner.  The Issuer
may pay the defaulted interest to the Persons who are holders on a subsequent special record date.  The Issuer shall
fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall
promptly mail or cause to be mailed to each affected holder a notice that states the special record date, the payment date and
the amount of defaulted interest to be paid.

 

Section 2.13         CUSIP
Numbers, ISINs, Etc.  The Issuer in issuing the Notes may use CUSIP numbers, ISINs and “Common Code”
numbers (if then generally in use) and, if so, the Trustee shall use any such CUSIP numbers, ISINs and “Common Code”
numbers in notices of redemption as a convenience to holders; provided, however, that any such notice may state that
no representation is made as to the correctness of such numbers, either as printed on the Notes or as contained in any notice of
a redemption that reliance may be placed only on the other identification numbers printed on the Notes and that any such redemption
shall not be affected by any defect in or omission of such numbers.  The Issuer shall advise the Trustee of any change
in any such CUSIP numbers, ISINs and “Common Code” numbers.

 

Section 2.14         Calculation
of Principal Amount of Notes.  The aggregate principal amount of the Notes, at any date of determination, shall be
the principal amount of the Notes at such date of determination.  With respect to any matter requiring consent, waiver,
approval or other action of the holders of a specified percentage of the principal amount of all the Notes, such percentage shall
be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination,
of Notes, the holders of which have so consented, by (b) the

 

    	 	53	 

     

    

 

aggregate principal amount, as of such date of determination, of
the Notes then outstanding, in each case, as determined in accordance with the preceding sentence, Section 2.09 and Section 13.06
of this Indenture.  Any such calculation of the applicable premium made pursuant to this Section 2.14 shall be made
by the Issuer and delivered to the Trustee pursuant to an Officer’s Certificate.

 

Section 2.15         Depositary.  None
of the Trustee, any Paying Agent or the Registrar shall have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests of a Note in global form or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests.  The Trustee, Paying Agent and the Registrar shall be entitled
to deal with any depositary (including any Depository), and any nominee thereof, that is the holder of any such global Note for
all purposes of this Indenture relating to such global Note (including the payment of principal, premium, if any, and interest
and Additional Amounts, if any, the giving of instructions or directions by or to the owner or holder of a beneficial ownership
interest in such global Note) as the sole holder of such global Note and shall have no obligations to the beneficial owners thereof.  None
of the Trustee, any Paying Agent or the Registrar shall have any responsibility or liability for any acts or omissions of any such
depositary with respect to such global Note, for the records of any such depositary, including records in respect of beneficial
ownership interests in respect of any such global Note, for any transactions between such depositary and any participant in such
depositary or between or among any such depositary, any such participant and/or any holder or owner of a beneficial interest in
such global Note or for any transfers of beneficial interests in any such global Note.

 

Article III

 

REDEMPTION

 

Section 3.01         Redemption.  The
Notes may be redeemed, in whole or from time to time in part, subject to the conditions and at the redemption prices set forth
in Paragraph 6 of the forms of Note set forth in Exhibit A hereto, which are hereby incorporated by reference
and made a part of this Indenture, together with accrued and unpaid interest to the redemption date.

 

Section 3.02         Applicability
of Article.  Redemption of Notes at the election of the Issuer or otherwise, as permitted or required by any provision
of this Indenture, shall be made in accordance with such provision and this Article III.

 

Section 3.03         Notices
to Trustee.  If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Paragraph 6
of the Note, it shall notify the Trustee in an Officer’s Certificate of (i) the Section of this Indenture pursuant
to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and
(iv) the redemption price.  The Issuer shall give notice to the Trustee provided for in this paragraph at least
30 days but not more than 60 days before a redemption date if the redemption is pursuant to Paragraph 6 of the Note, unless
a shorter period is acceptable to the Trustee.  The Issuer may also include a request in such

 

    	 	54	 

     

    

 

Officer’s Certificate that the Trustee give the notice of
redemption in the Issuer’s name and at its expense and setting forth the information to be stated in such notice as provided
in Section 3.05.  If fewer than all the Notes are to be redeemed, the record date relating to such redemption shall
be selected by the Issuer and given to the Trustee, which record date shall be not fewer than 15 days after the date of notice
to the Trustee.  Any such notice may be canceled at any time prior to notice of such redemption being mailed to any holder
and shall thereby be void and of no effect.

 

Section 3.04         Selection
of Notes to Be Redeemed.  In the case of any partial redemption, selection of the Notes for redemption will be made
by the Trustee on a by lot basis to the extent practicable subject to the procedures of the Depository; provided that no
Notes of $2,000 (and integral multiples in excess thereof) or less shall be redeemed in part.  The Trustee shall make
the selection from outstanding Notes not previously called for redemption.  The Trustee may select for redemption portions
of the principal of Notes that have denominations larger than $2,000.  Notes and portions of them the Trustee selects
shall be in amounts of $2,000 or any integral multiple of $1,000 in excess thereof.  Provisions of this Indenture that
apply to Notes called for redemption also apply to portions of Notes called for redemption.  The Trustee shall notify
the Issuer promptly of the Notes or portions of Notes to be redeemed.

 

Section 3.05         Notice
of Optional Redemption.

 

(a)          At
least 30 days but not more than 60 days before a redemption date pursuant to Paragraph 6 of the Note, the Issuer shall mail
or cause to be mailed by first-class mail, or delivered electronically if held by the Depository, a notice of redemption to each
holder whose Notes are to be redeemed.

 

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

 

(i)          the
redemption date;

 

(ii)         the
redemption price and the amount of accrued interest to the redemption date;

 

(iii)        the
name and address of the Paying Agent;

 

(iv)        that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price, plus accrued interest;

 

(v)         if
fewer than all the outstanding Notes are to be redeemed, the certificate numbers and principal amounts of the particular Notes
to be redeemed, the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding
after such partial redemption;

 

(vi)        that,
unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant
to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the
redemption date;

 

    	 	55	 

     

    

 

(vii)       the
CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Notes being redeemed;

 

(viii)      that
no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or “Common Code” number,
if any, listed in such notice or printed on the Notes; and

 

(ix)         if
such redemption is subject to conditions precedent, how the Issuer intends to proceed in the event that one or more of such conditions
are not met.

 

(b)          At
the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s
expense.  In such event, the Issuer shall provide the Trustee with the information required by this Section at least
one Business Day prior to the date such notice is to be provided to holders in the final form such notice is to be delivered to
holders and such notice may not be canceled once delivered to holders of Notes.

 

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

 

Section 3.07         Deposit
of Redemption Price.  With respect to any Notes, prior to 10:00 a.m., New York City time, on the redemption
date, the Issuer shall deposit with the Paying Agent (or, if the Issuer or a Wholly Owned Subsidiary is the Paying Agent, shall
segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest on all Notes or portions thereof
to be redeemed on that date other than Notes or portions of Notes called for redemption that have been delivered by the Issuer
to the Trustee for cancellation.  On and after the redemption date, interest shall cease to accrue on Notes or portions
thereof called for redemption so long as the Issuer has deposited with the Paying Agent funds sufficient to pay the principal of,
plus accrued and unpaid interest on, the Notes or portions thereof to be redeemed, unless the Paying Agent is prohibited
from making such payment pursuant to the terms of this Indenture.

 

Section 3.08         Notes
Redeemed in Part.  Upon surrender of a Note that is redeemed in part, the Issuer shall execute and the Trustee shall
authenticate for the holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the
Note surrendered.

 

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Section 3.09         Redemption
for Changes in Withholding Taxes.

 

The Issuer may redeem the Notes, in whole but
not in part, at its discretion at any time upon giving not less than 30 nor more than 60 days’ prior written notice to the
holders, at a redemption price equal to 100% of the aggregate principal amount thereof, together with accrued and unpaid interest,
if any, to the redemption date and all Additional Amounts, (if any), which otherwise would be payable, if on the next date on which
any amount would be payable in respect of the Notes, the Issuer would be required to pay Additional Amounts, and the Issuer cannot
avoid any such payment obligation by taking reasonable measures available to it, as a result of:

 

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

 

(b)          any
amendment to, or change in, an official interpretation or application regarding such laws, regulations or rulings, including by
virtue of a holding, judgment or order by a court of competent jurisdiction which is announced and becomes effective after the
date of the Offering Memorandum (or, if the applicable Tax Jurisdiction became a Tax Jurisdiction on a date after the date of the
Offering Memorandum, such later date).

 

The Issuer will not give any such notice of redemption
earlier than 90 days prior to the earliest date on which the Issuer would be obligated to make such payment or withholding if a
payment in respect of the Notes were then due, and, at the time such notice is given, the obligation to pay Additional Amounts
must remain in effect.

 

Prior to the publication or, where relevant, mailing
of any notice of redemption of the Notes pursuant to the foregoing, the Issuer will deliver to the Trustee (i) an opinion
of independent tax counsel, the choice of such counsel to be subject to the prior written approval of the Trustee (such approval
not to be unreasonably withheld) to the effect that there has been such change or amendment which would entitle the Issuer to redeem
the Notes hereunder and (ii) a certificate signed by an officer of the Issuer stating that the Issuer cannot avoid any obligation
to pay Additional Amounts by taking reasonable measures available to it.

 

Article IV

 

COVENANTS

 

Section 4.01         Payment
of Notes.

 

(a)          The
Issuer shall promptly pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and in
this Indenture.  An installment of principal of or interest shall be considered paid on the date due if on such date
the Trustee or the Paying Agent holds as of 12:00 p.m. New York City time money

 

    	 	57	 

     

    

 

sufficient to pay all principal and interest then due and the Trustee
or the Paying Agent, as the case may be, is not prohibited from paying such money to the holders on that date pursuant to the terms
of this Indenture.

 

(b)          The
Issuer shall pay interest on overdue principal at the rate specified therefor in the Notes, and it shall pay interest on overdue
installments of interest at the same rate borne by the Notes to the extent lawful.

 

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

 

(i)          any
Taxes, to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the
holder or the beneficial owner of the Notes and the relevant Tax Jurisdiction (other than solely from the mere acquisition, ownership,
holding or disposition of such Note, the enforcement of rights under such Note and/or the receipt of any payments in respect of
such Note);

 

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

 

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

 

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

 

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

 

(vi)        any
combination of the above clauses (i) through (v).

 

(d)          The
Issuer will pay and indemnify the holder for any present or future stamp, issue, registration, transfer, court or documentary taxes,
or any other excise or property taxes, charges or similar levies (including penalties, interest and other liabilities related thereto)
which are levied by any jurisdiction on the execution, delivery, issuance, or registration of any of the Notes, this Indenture,
or any other document or instrument referred to therein, or the receipt of any payments with respect to, or enforcement of, the
Notes (such sum being recoverable from the Issuer as a liquidated sum payable as a debt).

 

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

 

(f)          The
Issuer will make all withholdings and deductions (within the time period and in the minimum amount) required by law and will remit
the full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. The Issuer will use its reasonable
efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Issuer
will furnish to the Trustee (or to a holder upon request), within a reasonable time after the date the payment of any Taxes so
deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Issuer, or if, notwithstanding such entity’s
efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to Trustee) by such
entity.

 

(g)          The
obligations described under Sections 4.01(c), (d), (e) and (f) shall survive any termination, defeasance or discharge of this
Indenture and shall apply,

 

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mutatis mutandis, to any jurisdiction in which any successor Person
to the Issuer is incorporated, or resident or doing business for tax purposes or any jurisdiction from or through which such Person
makes any payment on the Notes and any department or political subdivision thereof or therein.

 

Section 4.02         Reports
and Other Information.

 

(a)          For
so long as any Notes are outstanding, the Issuer shall provide to the Trustee and, upon request, to beneficial owners of the Notes
a copy of all of the information and reports referred to below:

 

(i)          within
15 days after the time period specified in the SEC’s rules and regulations for non-accelerated filers, annual reports of
the Reporting Entity for such fiscal year containing the information that would have been required to be contained in an annual
report on Form 20-F or Form 10-K (or any successor or comparable form) if the Reporting Entity had been a reporting company under
the Exchange Act, except to the extent permitted to be excluded by the SEC;

 

(ii)         within
15 days after the time period specified in the SEC’s rules and regulations for non-accelerated filers, quarterly reports
of the Reporting Entity for such fiscal quarter containing the information that would have been required to be contained in a quarterly
report on Form 6-K or 10-Q (or any successor or comparable form) if the Reporting Entity had been a reporting company under the
Exchange Act, except to the extent permitted to be excluded by the SEC; and

 

(iii)        within
15 days after the time period specified in the SEC’s rules and regulations for filing current reports on Form 8-K, current
reports of the Reporting Entity containing substantially all of the information that would be required to be filed in a Current
Report on Form 8-K under the Exchange Act on the Issue Date pursuant to Sections 1, 2 and 4, Items 5.01, 5.02 (other than
compensation information), 5.03(b) and Item 9.01 (only to the extent relating to any of the foregoing) of Form 8-K if the Reporting
Entity had been a reporting company under the Exchange Act; provided, however, that no such current reports will
be required to be furnished if the Issuer determines in its good faith judgment that such event is not material to holders or the
business, assets, operations, financial position or prospects of the Issuer and its Restricted Subsidiaries, taken as a whole;
provided further that the Reporting Entity shall not be obligated to file or provide Current Reports on Form 8-K until after
such time as the Issuer has determined that it is no longer a “foreign private issuer” under the Securities Act, or
such determination is otherwise made by the SEC;

 

In addition to providing such information to the
Trustee, the Issuer shall make available to the holders, prospective investors, market makers affiliated with any initial purchaser
of the Notes and securities analysts the information required to be provided pursuant to the foregoing clauses (i), (ii) and
(iii), by posting such information

 

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to its website (or the website of any of the Issuer’s parent
companies, including the Reporting Entity) or on IntraLinks or any comparable online data system or website.

 

Notwithstanding the foregoing, (A) neither
the Issuer nor another Reporting Entity will be required to furnish any information, certificates or reports that would otherwise
be required by Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 or 308 of Regulation
S-K, (B) such reports will not be required to contain financial information required by Rule 3-10 or Rule 3-16 of Regulation
S-X, (C) such reports shall be subject to exceptions, exclusions and other differences consistent with the presentation of
financial and other information in this offering memorandum and shall not be required to present compensation or beneficial ownership
information and (D) the Issuer’s determination that it is a “foreign private issuer” (as such term is defined
in the Securities Act or the Exchange Act) shall be conclusive with respect to the determination of which Exchange Act form or
forms of reports, information and documents are required to be provided pursuant to this covenant, until such time as the Issuer
or the SEC determines that the Issuer does not qualify as a “foreign private issuer” (as so defined) for purposes of
providing such reports, information and documents.

 

(b)          The
financial statements, information and other documents required to be provided as described in Section 4.02(a) may be those
of (i) the Issuer or (ii) any direct or indirect parent of the Issuer (any such entity, a “Reporting Entity”),
so long as in the case of (ii) such direct or indirect parent of the Issuer shall not conduct, transact or otherwise engage,
or commit to conduct, transact or otherwise engage, in any business or operations other than its direct or indirect ownership of
all of the Equity Interests in, and its management of the Issuer; provided that, if the financial information so furnished relates
to such direct or indirect parent of the Issuer, the same is accompanied by a reasonably detailed description of the quantitative
differences between the information relating to such parent, on the one hand, and the information relating to the Issuer and its
Restricted Subsidiaries on a standalone basis, on the other hand.

 

(c)          The
Issuer will make such information available to prospective investors upon request.  The Issuer has agreed that, for so
long as any Notes remain outstanding during any period when neither it nor another Reporting Person is subject to Section 13
or 15(d) of the Exchange Act, or otherwise permitted to furnish the SEC with certain information pursuant to Rule 12g3-2(b) of
the Exchange Act, it will furnish to the holders of the Notes and to prospective investors, upon their request, the information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 

Notwithstanding the foregoing, the Issuer will
be deemed to have furnished such reports referred to above to the Trustee, the holders and prospective investors if the Issuer
or another Reporting Entity has filed such reports with the SEC via the EDGAR filing system (or any successor system) and such
reports are publicly available.  In addition, the requirements of this Section 4.02 shall be deemed satisfied by
the posting of reports that would be required to be provided  on the Issuer’s website (or that of any of the
Issuer’s parent companies, including the Reporting Entity).

 

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The Issuer will also hold a quarterly conference
call to discuss its financial results with holders of the Notes, beginning with a discussion of the fiscal year ended December 31,
2015.  The conference call will not be later than five business days from the date on which the Issuer’s financial
information is filed or otherwise made available to holders of the Notes in accordance with this Indenture. No fewer than two days
prior to the conference call, the Issuer shall issue a press release to the appropriate wire services announcing the time, date
and access details of such conference call.

 

Delivery of such reports, information and documents
to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice
of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely conclusively on the Officer’s Certificates).  The
Trustee is under no duty to examine such reports, information or documents to ensure compliance with the provision of this Indenture
or to ascertain the correctness or otherwise of the information or the statements contained therein.

 

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

 

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

 

(b)         The
limitations set forth in Section 4.03(a) shall not apply to:

 

(i)          the
Incurrence by the Issuer or its Restricted Subsidiaries of Bank Indebtedness in an aggregate principal amount not exceeding the
Secured Vessel Debt Cap (as calculated on the date of the relevant Incurrence under this Section 4.03(b)(i)) at the time of
Incurrence;

 

(ii)         Indebtedness
existing on the Issue Date (other than Indebtedness described in clause (i) of this Section 4.03(b)), including the Notes;

 

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(iii)        Indebtedness
(including Capitalized Lease Obligations) Incurred by the Issuer or any of its Restricted Subsidiaries, Disqualified Stock issued
by the Issuer or any of its Restricted Subsidiaries and Preferred Stock issued by any Restricted Subsidiaries of the Issuer to
finance (whether prior to or within 270 days after) the acquisition, lease, construction, repair, replacement or improvement of
property (real or personal) or equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning
such assets) in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount or liquidation
preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding (including any Refinancing Indebtedness
with respect thereto) and Incurred pursuant to this clause (iii), does not exceed the greater of $150 million or 2.5% of Total
Assets at the time of Incurrence (it being understood that any Indebtedness Incurred pursuant to this clause (iii) shall cease
to be deemed Incurred or outstanding for purposes of this clause (iii) but shall be deemed Incurred for purposes of Section 4.03(a)
and after the first date on which the Issuer, or the Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness
under Section 4.03(a) without reliance upon this clause (iii));

 

(iv)        Indebtedness
Incurred by the Issuer or any of its Restricted Subsidiaries constituting reimbursement obligations with respect to letters of
credit and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect
of workers’ compensation claims, health, disability or other benefits to employees or former employees or their families
or property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or
pursuant to the requirements of, environmental or other permits or licenses from governmental authorities, or other Indebtedness
with respect to reimbursement type obligations regarding workers’ compensation claims;

 

(v)         Indebtedness
arising from agreements of the Issuer or a Restricted Subsidiary providing for indemnification, adjustment of purchase price or
similar obligations, in each case, Incurred in connection with the Prestige Merger Transactions, any Investments or any other acquisition
or disposition of any business, assets or a Subsidiary of the Issuer in accordance with the terms of this Indenture, other than
guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose
of financing such acquisition;

 

(vi)        Indebtedness
of the Issuer to a Restricted Subsidiary; provided that (except in respect of intercompany current liabilities Incurred
in the ordinary course of business in connection with the cash management operations of the Issuer and its Subsidiaries) any such
Indebtedness owed to a Restricted Subsidiary is subordinated in right of payment to the obligations of the Issuer under the Notes;
provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results
in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such

 

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Indebtedness (except to the Issuer or another Restricted
Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an Incurrence
of such Indebtedness not permitted by this clause (vi);

 

(vii)       shares
of Preferred Stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided that any subsequent
issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary that holds such shares
of Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any
such shares of Preferred Stock (except to the Issuer or another Restricted Subsidiary) shall be deemed, in each case, to be an
issuance of shares of Preferred Stock not permitted by this clause (vii);

 

(viii)      Indebtedness
of a Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided that any subsequent issuance or transfer
of any Capital Stock or any other event which results in any Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or
any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an Incurrence of such Indebtedness
not permitted by this clause (viii);

 

(ix)         Hedging
Obligations that are not incurred for speculative purposes but (A) for the purpose of fixing or hedging interest rate risk
with respect to any Indebtedness that is permitted by the terms of this Indenture to be outstanding; (B) for the purpose of
fixing or hedging currency exchange rate risk with respect to any currency exchanges; or (C) for the purpose of fixing or
hedging commodity price risk with respect to any commodity purchases or sales and, in each case, extensions or replacements thereof;

 

(x)          obligations
(including reimbursement obligations with respect to letters of credit, bank guarantees, warehouse receipts and similar instruments)
in respect of performance, bid, appeal, surety bonds, completion guarantees and similar obligations provided by the Issuer or any
Restricted Subsidiary in the ordinary course of business or consistent with past practice or industry practice (including as required
by the U.S. Federal Maritime Commission, or other similar U.S. or foreign government authority);

 

(xi)         Indebtedness
or Disqualified Stock of the Issuer or Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary of the
Issuer in an aggregate principal amount or liquidation preference which, when aggregated with the principal amount or liquidation
preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding (including any Refinancing Indebtedness
with respect thereto) and Incurred pursuant to this clause (xi), does not exceed the greater of $300 million and 5.0% of Total
Assets at the time of Incurrence (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount) (it being
understood that any Indebtedness

 

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Incurred pursuant to this clause (xi) shall cease
to be deemed Incurred or outstanding for purposes of this clause (xi) but shall be deemed Incurred for purposes of Section 4.03(a)
from and after the first date on which the Issuer, or the Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness
under Section 4.03(a) without reliance upon this clause (xi));

 

(xii)        Indebtedness
or Disqualified Stock of the Issuer or any Restricted Subsidiary of the Issuer and Preferred Stock of any Restricted Subsidiary
of the Issuer in an aggregate principal amount or liquidation preference not greater than 100.0% of the net cash proceeds received
by the Issuer and its Restricted Subsidiaries since immediately after the Issue Date (other than from Excluded Contributions) from
the issue or sale of Equity Interests of the Issuer or any direct or indirect parent entity of the Issuer (which proceeds are contributed
to the Issuer or its Restricted Subsidiary) or cash contributed to the capital of the Issuer (in each case other than proceeds
of Disqualified Stock or sales of Equity Interests to, or contributions received from, the Issuer or any of its Subsidiaries) as
determined in accordance with clauses (2) and (3) of the definition of “Cumulative Credit” to the extent
such net cash proceeds or cash have not been applied pursuant to such clauses to make Restricted Payments or to make other Investments,
payments or exchanges pursuant to Section 4.04(b) or to make Permitted Investments (other than Permitted Investments specified
in clauses (1) and (3) of the definition thereof) (plus, in the case of any Refinancing Indebtedness, the Additional
Refinancing Amount) (it being understood that any Indebtedness Incurred pursuant to this clause (xii) shall cease to be deemed
Incurred or outstanding for purposes of this clause (xii) but shall be deemed Incurred for purposes of the first paragraph
of this covenant from and after the first date on which the Issuer, or the Restricted Subsidiary, as the case may be, could have
Incurred such Indebtedness under the first paragraph of this covenant without reliance upon this clause (xii));

 

(xiii)       any
guarantee by the Issuer or any Restricted Subsidiary of the Issuer of Indebtedness or other obligations of the Issuer or any of
its Restricted Subsidiaries so long as the Incurrence of such Indebtedness Incurred by the Issuer or such Restricted Subsidiary
is permitted under the terms of this Indenture; provided that if such Indebtedness is by its express terms subordinated
in right of payment to the Notes, any such guarantee with respect to such Indebtedness shall be subordinated in right of payment
substantially to the same extent as such Indebtedness is subordinated to the Notes;

 

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

 

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in each case at the time such Indebtedness was Incurred
or Disqualified Stock or Preferred Stock was issued pursuant to Section 4.03(a) or clauses (ii), (iii), (xi), (xii),
(xiv), (xv) and (xxii) of this Section 4.03(b), or any Indebtedness, Disqualified Stock or Preferred Stock Incurred
to so refund or refinance such Indebtedness, Disqualified Stock or Preferred Stock, including any additional Indebtedness, Disqualified
Stock or Preferred Stock Incurred to pay premiums (including tender premiums), accrued and unpaid interest, expenses, defeasance
costs and fees in connection therewith (subject to the following proviso, “Refinancing Indebtedness”) prior
to its respective maturity; provided, however, that such Refinancing Indebtedness:

 

(1)         has
a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the shorter of
(x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded,
refinanced or defeased and (y) the Weighted Average Life to Maturity that would result if all payments of principal on the
Indebtedness, Disqualified Stock and Preferred Stock being refunded or refinanced that were due on or after the date that is one
year following the last maturity date of any Notes then outstanding were instead due on such date;

 

(2)         to
the extent such Refinancing Indebtedness refinances (a) Indebtedness junior to the Notes, such Refinancing Indebtedness is
junior to the Notes, or (b) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or
Preferred Stock;

 

(3)         shall
not include Indebtedness of the Issuer or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary; and

 

(4)         shall
not include Indebtedness of a Restricted Subsidiary (that is not a Subsidiary Guarantor) that refinances Indebtedness of the Issuer;

 

provided, further, that subclause (1) of this clause (xiv) will
not apply to any refunding or refinancing of any Secured Indebtedness;

 

(xv)       Indebtedness,
Disqualified Stock or Preferred Stock of (A) the Issuer or any of its Restricted Subsidiaries incurred to finance an acquisition
or (B) Persons that are acquired by the Issuer or any of its Restricted Subsidiaries or merged, consolidated or amalgamated
with or into the Issuer or any of its Restricted Subsidiaries in accordance with the terms of this Indenture; provided that
after giving effect to such acquisition or merger, consolidation or amalgamation, either:

 

(1)         the
Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set
forth in Section 4.03(a); or

 

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(2)         the
Fixed Charge Coverage Ratio of the Issuer would be no less than immediately prior to such acquisition or merger, consolidation
or amalgamation;

 

(xvi)      Indebtedness
Incurred by a Receivables Subsidiary in a Qualified Receivables Financing that is not recourse to the Issuer or any Restricted
Subsidiary other than a Receivables Subsidiary (except for Standard Securitization Undertakings);

 

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

 

(xviii)    Indebtedness
of the Issuer or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued pursuant to the Bank Indebtedness,
in a principal amount not in excess of the stated amount of such letter of credit (so long as such letter of credit is treated
as outstanding for the purposes of calculating outstanding amounts of Bank Indebtedness);

 

(xix)       Indebtedness
of the Issuer or any Restricted Subsidiary consisting of (A) the financing of insurance premiums or (B) take-or-pay obligations
contained in supply arrangements, in each case, in the ordinary course of business;

 

(xx)        Indebtedness
consisting of Indebtedness issued by the Issuer or a Restricted Subsidiary of the Issuer to current or former officers, directors,
managers and employees thereof or any direct or indirect parent thereof, their respective estates, spouses or former spouses, in
each case to finance the purchase or redemption of Equity Interests of the Issuer or any of its direct or indirect parent companies
to the extent described in Section 4.04(b)(iv);

 

(xxi)       Indebtedness
of the Issuer or any Restricted Subsidiary Incurred in connection with credit card processing arrangements entered into in the
ordinary course of business; and

 

(xxii)      Indebtedness
Incurred on behalf of, or representing guarantees of Indebtedness of, joint ventures of the Issuer and any Restricted Subsidiary
in an aggregate principal amount, which when aggregated with the principal amount of all other Indebtedness then outstanding (including
any Refinancing Indebtedness with respect thereto) and Incurred pursuant to this clause (xxii), does not exceed the greater of
$150 million and 2.5% of Total Assets at the time of Incurrence (plus, in the case of any Refinancing Indebtedness, the Additional
Refinancing Amount) (it being understood that any Indebtedness Incurred pursuant to this clause (xxii) shall cease to be deemed
Incurred or outstanding for purposes of this clause (xxii) but shall be deemed Incurred for purposes of Section 4.03(a)
from and after the first date on which the Issuer, or the Restricted Subsidiary, as the

 

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case may be, could have Incurred such Indebtedness under
Section 4.03(a) without reliance upon this clause (xxii)).

 

(c)         Notwithstanding
anything to the contrary, no Restricted Subsidiary may Incur unsecured Indebtedness or issue shares of Disqualified Stock or Preferred
Stock pursuant to Section 4.03(a), unless such Restricted Subsidiary shall have guaranteed the Notes.

 

(d)         For
purposes of determining compliance with this Section 4.03:

 

(1)         in
the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of more
than one of the categories of permitted Indebtedness described in clauses (i) through (xxii) of Section 4.03(b)
or is entitled to be Incurred pursuant to Section 4.03(a), the Issuer shall, in its sole discretion, classify or reclassify,
or later divide, classify or reclassify (as if Incurred at such later time), such item of Indebtedness, Disqualified Stock or Preferred
Stock (or any portion thereof) in any manner that complies with this Section 4.03;

 

(2)         at
the time of Incurrence, the Issuer will be entitled to divide and classify an item of Indebtedness in more than one of the types
of Indebtedness described in Section 4.03(a) and (b) (or any portion thereof) without giving pro forma effect
to the Indebtedness Incurred pursuant to any other clause or Section 4.03(b) (or any portion thereof) when calculating the
amount of Indebtedness that may be Incurred pursuant to any such clause or Section 4.03(a) (or any portion thereof);

 

(3)         in
connection with the Incurrence or issuance, as applicable, of (x) revolving loan Indebtedness under the first paragraph of
this covenant or (y) any Indebtedness, Disqualified Stock or Preferred Stock under clause (xv) above, the Issuer or applicable
Restricted Subsidiary may elect at any time prior to the actual Incurrence of such Indebtedness or issuance of such Disqualified
Stock or Preferred Stock, as applicable, to designate such Incurrence or issuance as having occurred on the date of such election,
and any related subsequent actual Incurrence or issuance will be deemed for all purposes under the Indenture to have been Incurred
on the date of such election;

 

(4)         if
any Indebtedness denominated in U.S. dollars is exchanged, converted or refinanced into Indebtedness denominated in euros, then
(in connection with such exchange, conversion or refinancing, and thereafter), the U.S. dollar amount limitations set forth in
any of clauses (i) through (xxii) above with respect to such exchange, conversion or refinancing shall be deemed to be
the amount of euros into which such Indebtedness has been exchanged, converted or refinanced at the time of such exchange, conversion
or refinancing; and

 

(5)         if
any Indebtedness denominated in euros is exchanged, converted or refinanced into Indebtedness denominated in U.S. dollars, then
(in connection

 

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with such exchange, conversion or refinancing, and thereafter),
the euro amount limitations set forth in any of clauses (i) through (xxii) above with respect to such exchange,
conversion or refinancing shall be deemed to be the amount of U.S. dollars into which such Indebtedness has been exchanged, converted
or refinanced at the time of such exchange, conversion or refinancing.

 

Accrual of interest, the accretion of accreted
value, the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as applicable,
amortization of original issue discount, the accretion of liquidation preference and increases in the amount of Indebtedness outstanding
solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence of Indebtedness, Disqualified
Stock or Preferred Stock for purposes of this Section 4.03. Guarantees of, or obligations in respect of letters of credit
relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be
included in the determination of such amount of Indebtedness; provided that the Incurrence of the Indebtedness represented
by such guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03.

 

For purposes of determining compliance with any
U.S. dollar- or Euro-denominated restriction on the Incurrence of Indebtedness other than as provided in clauses (4) and (5) above,
the U.S. dollar- or Euro-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based
on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first
committed or first Incurred (whichever yields the lower U.S. dollar or euro equivalent, as applicable), in the case of revolving
credit debt.

 

(e)          Notwithstanding
any other provision of this Section 4.03, the maximum amount of Indebtedness that the Issuer and its Restricted Subsidiaries
may Incur pursuant to this Section 4.03 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness,
solely as a result of fluctuations in the exchange rate of currencies.

 

Section 4.04         Limitation
on Restricted Payments.

 

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

 

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

 

    	 	69	 

     

    

 

of such dividend or distribution in accordance with its
Equity Interests in such class or series of securities);

 

(ii)         purchase
or otherwise acquire or retire for value any Equity Interests of the Issuer or any direct or indirect parent of the Issuer;

 

(iii)        make
any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case prior to any scheduled
repayment or scheduled maturity, any Subordinated Indebtedness of the Issuer or any of its Subsidiary Guarantors (other than the
payment, redemption, repurchase, defeasance, acquisition or retirement of (A) Subordinated Indebtedness in anticipation of
satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of
such payment, redemption, repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under clauses (vi) and
(viii) of Section 4.03(b)); or

 

(iv)        make
any Restricted Investment

 

(all such payments and other actions set forth in clauses (i) through
(iv) above being collectively referred to as “Restricted Payments”), unless, at the time of such Restricted
Payment:

 

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

 

(2)         immediately
after giving effect to such transaction on a pro forma basis, the Issuer could Incur $1.00 of additional Indebtedness under
Section 4.03(a); and

 

(3)         such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries
after the June 30, 2009 (including Restricted Payments permitted by clauses (i), (ii) (with respect to the payment
of dividends on Refunding Capital Stock (as defined below) pursuant to clause (C) thereof), (vi)(C), (viii), (xiii)(B) and
(xvii) of Section 4.04(b), but excluding all other Restricted Payments permitted by Section 4.04(b)), is less than
the amount equal to the Cumulative Credit.

 

(b)         The
provisions of Section 4.04(a) shall not prohibit:

 

(i)          the
payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of declaration such
payment would have complied with the provisions of this Indenture;

 

(ii)         (A)         the
redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital Stock”) or
Subordinated Indebtedness of the Issuer, any direct or indirect parent of the Issuer in exchange for, or out of the proceeds of,
the substantially concurrent sale of, Equity Interests of the Issuer or any direct or indirect parent of the Issuer or contributions
to the equity capital of

 

    	 	70	 

     

    

 

the Issuer (other than any Disqualified Stock or any Equity
Interests sold to a Subsidiary of the Issuer) (collectively, including any such contributions, “Refunding Capital Stock”),

 

(B)         the
declaration and payment of dividends on the Retired Capital Stock out of the proceeds of the substantially concurrent sale (other
than to a Subsidiary of the Issuer) of Refunding Capital Stock, and

 

(C)         if
immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted under
clause (vi) of this Section 4.04(b) and not made pursuant to clause (ii)(B), the declaration and payment of
dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase,
retire or otherwise acquire any Equity Interests of any direct or indirect parent of the Issuer) in an aggregate amount per year
no greater than the aggregate amount of dividends per annum that were declarable and payable on such Retired Capital Stock immediately
prior to such retirement;

 

(iii)       the
redemption, repurchase, defeasance, or other acquisition or retirement of Subordinated Indebtedness of the Issuer made by exchange
for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Issuer which is Incurred in accordance
with Section 4.03 so long as:

 

(A)         the
principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount (or accreted
value, if applicable), plus any accrued and unpaid interest, of the Subordinated Indebtedness being so redeemed, repurchased, defeased,
acquired or retired for value (plus the amount of any premium required to be paid under the terms of the instrument governing the
Subordinated Indebtedness being so redeemed, repurchased, acquired or retired, any tender premiums, plus any defeasance costs,
fees and expenses incurred in connection therewith),

 

(B)         such
Indebtedness is subordinated to the Notes, at least to the same extent as such Subordinated Indebtedness so purchased, exchanged,
redeemed, repurchased, defeased, acquired or retired for value,

 

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

 

(D)         such
Indebtedness has a Weighted Average Life to Maturity at the time Incurred which is not less than the shorter of (x) the remaining
Weighted Average Life to Maturity of the Subordinated

 

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Indebtedness being so redeemed, repurchased, defeased, acquired
or retired and (y) the Weighted Average Life to Maturity that would result if all payments of principal on the Subordinated
Indebtedness being redeemed, repurchased, defeased, acquired or retired that were due on or after the date that is one year following
the last maturity date of any Notes then outstanding were instead due on such date;

 

(iv)        a
Restricted Payment to pay for the repurchase, retirement or other acquisition for value of Equity Interests of the Issuer or any
direct or indirect parent of the Issuer held by any future, present or former employee, director, officer, manager or consultant
of the Issuer or any direct or indirect parent of the Issuer or any Subsidiary of the Issuer pursuant to any management equity
plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement; provided,
however, that the aggregate Restricted Payments made under this clause (iv) do not exceed the greater of $100
million and 1.0% of Total Assets in any calendar year (with unused amounts in any calendar year being permitted to be carried over
to succeeding calendar years); provided, further, however, that such amount in any calendar year may be increased
by an amount not to exceed:

 

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

 

(B)         the
cash proceeds of key man life insurance policies received by the Issuer or any direct or indirect parent of the Issuer (to the
extent contributed to the Issuer) or the Issuer’s Restricted Subsidiaries after the Issue Date;

 

provided that the Issuer may elect to apply all or any portion
of the aggregate increase contemplated by clauses (A) and (B) above in any calendar year; and provided, further,
that cancellation of Indebtedness owing to the Issuer or any Restricted Subsidiary from any present or former employees, directors,
officers, managers or consultants of the Issuer, any of its Restricted Subsidiaries or its direct or indirect parents in connection
with a repurchase of Equity Interests of the Issuer or any of its direct or indirect parents will not be deemed to constitute a
Restricted Payment for purposes of this Section 4.04 or any other provision of this Indenture;

 

(v)         the
declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Issuer or
any of its

 

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Restricted Subsidiaries issued or incurred in accordance
with Section 4.03 to the extent such dividends are included in the definition of “Fixed Charges”;

 

(vi)       (A)         the
declaration and payment of dividends or distributions to holders of any class or series of Designated Preferred Stock (other than
Disqualified Stock) issued after the Issue Date;

 

(B)         a
Restricted Payment to any direct or indirect parent of the Issuer, the proceeds of which will be used to fund the payment of dividends
to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of any direct or indirect parent
of the Issuer issued after the Issue Date; provided that the aggregate amount of dividends declared and paid pursuant to
this clause (B) does not exceed the net cash proceeds actually received by the Issuer from any such sale of Designated Preferred
Stock (other than Disqualified Stock) issued after the Issue Date; and

 

(C)         the
declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the dividends declarable and
payable thereon pursuant to Section 4.04(b)(ii);

 

provided, however, in the case of each of (A) and
(C) above of this clause (vi), that for the most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date of issuance of such Designated Preferred Stock, after giving effect to
such issuance (and the payment of dividends or distributions) on a pro forma basis, the Issuer would have had a Fixed Charge
Coverage Ratio of at least 2.00 to 1.00;

 

(vii)      Investments
in Unrestricted Subsidiaries having an aggregate Fair Market Value (as determined in good faith by the Issuer), taken together
with all other Investments made pursuant to this clause (vii) that are at that time outstanding, not to exceed the greater
of $100 million and 1.0% of Total Assets at the time of such Investment, plus an amount equal to any returns (including
dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received
in respect of any such Investment made pursuant to this clause (vii) (with the Fair Market Value of each Investment being
measured at the time made and without giving effect to subsequent changes in value) that does
not otherwise increase the Cumulative Credit; provided, however, that if any Investment pursuant to this clause (vii) is
made in any Person that is not an Issuer or a Restricted Subsidiary at the date of the making of such Investment and such Person
becomes an Issuer or a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant
to clause (1) of the definition of Permitted Investments and shall cease to have been made pursuant to this clause (vii) for
so long as such Person continues to be an Issuer or a Restricted Subsidiary;

 

    	 	73	 

     

    

 

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

 

(ix)       Restricted
Payments in an aggregate amount not to exceed the aggregate amount of Excluded Contributions;

 

(x)        other
Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to this clause
(x) that are at that time outstanding, not to exceed the greater of $300 million and 5.0% of Total Assets at the time of such
Restricted Payment, plus, in the case of Restricted Payments constituting Investments, an amount equal to any returns (including
dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received
in respect of any such Restricted Payments made pursuant to this clause (x) constituting Investments; provided that
an amount equal to any such Restricted Payment made as a result of such increase of this clause (x) from any returns shall
decrease the Cumulative Credit only to the extent such return previously increased the Cumulative Credit;

 

(xi)       the
distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Issuer or a Restricted Subsidiary
of the Issuer by, Unrestricted Subsidiaries;

 

(xii)      Permitted
Tax Distributions;

 

(xiii)     the
payment of any Restricted Payment, if applicable:

 

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

 

(B)         in
amounts required for any direct or indirect parent of the Issuer, if applicable, to pay interest and/or principal on Indebtedness
the proceeds of which have been contributed to the Issuer or any of its Restricted Subsidiaries and that has been guaranteed by,
or is otherwise

 

    	 	74	 

     

    

 

considered Indebtedness of, the Issuer Incurred in accordance
with Section 4.03; and

 

(C)         in
amounts required for any direct or indirect parent of the Issuer to pay fees and expenses, other than to Affiliates of the Issuer,
related to any unsuccessful equity or debt offering of such parent;

 

(xiv)      repurchases
of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of
the exercise price of such options or warrants;

 

(xv)       purchases
of receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables Financing and the payment
or distribution of Receivables Fees;

 

(xvi)      Restricted
Payments by the Issuer or any Restricted Subsidiary to allow the payment of cash in lieu of the issuance of fractional shares upon
the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person;

 

(xvii)     the
repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to the provisions
similar to those described under Sections 4.06 and 4.08; provided that all Notes tendered by holders of the Notes in
connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired for value;
and

 

(xviii)    payments
or distributions to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a consolidation, amalgamation,
merger or transfer of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries, taken as a whole, that
complies with Section 5.01; provided that as a result of such consolidation, amalgamation, merger or transfer of assets,
the Issuer shall have made a Change of Control Offer (if required by this Indenture) and that all Notes tendered by holders in
connection with such Change of Control Offer have been repurchased, redeemed or acquired for value;

 

provided, however, that at the time of, and after
giving effect to, any Restricted Payment permitted under clauses (vi)(B), (vii), (x), (xi) and (xiii)(B) of this Section 4.04(b),
no Default shall have occurred and be continuing or would occur as a consequence thereof; provided further that any
Restricted Payments made with property other than cash shall be calculated using the Fair Market Value (as determined in good faith
by the Issuer) of such property.

 

(c)       The
Issuer will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted
Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments
by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be
Restricted Payments in an amount determined as set forth in the last sentence of the definition of “Investments.”

 

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Such designation will only be permitted if a Restricted Payment
or Permitted Investment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of
an Unrestricted Subsidiary.

 

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

 

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

 

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

 

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

 

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

 

(1)         contractual
encumbrances or restrictions in effect on the Issue Date, including pursuant to the NCLC Group Credit Facilities and the 5.25%
Notes, and any related documents, and any similar contractual encumbrances or restrictions effected by any amendments, modifications,
restatements, renewals, supplements, refundings, replacements or refinancings of such agreements or instruments;

 

(2)         this
Indenture or the Notes;

 

(3)         applicable
law or any applicable rule, regulation or order;

 

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

 

(5)         contracts
or agreements for the sale of assets, including any restriction with respect to a Restricted Subsidiary imposed pursuant to an
agreement entered into for the sale or disposition of the Capital Stock or assets of such Restricted Subsidiary;

 

    	 	76	 

     

    

 

(6)         Secured
Indebtedness otherwise permitted to be Incurred pursuant to Sections 4.03 and 4.12 that limit the right of the debtor to dispose
of the assets securing such Indebtedness;

 

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

 

(8)         customary
provisions in joint venture agreements and other similar agreements entered into in the ordinary course of business;

 

(9)         purchase
money obligations for property acquired and Capitalized Lease Obligations in the ordinary course of business;

 

(10)        customary
provisions contained in leases, licenses and other similar agreements entered into in the ordinary course of business;

 

(11)        any
encumbrance or restriction of a Receivables Subsidiary effected in connection with a Qualified Receivables Financing; provided,
however, that such restrictions apply only to such Receivables Subsidiary;

 

(12)        other
Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary so long as such encumbrances or restrictions contained
in any agreement or instrument will not materially affect the Issuer’s ability to make anticipated principal or interest
payments on the Notes (as determined in good faith by the Issuer), provided that such Indebtedness, Disqualified Stock or
Preferred Stock is permitted to be Incurred subsequent to the Issue Date pursuant to Section 4.03;

 

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

 

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

 

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

 

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Indebtedness Incurred by the Issuer or any such Restricted Subsidiary
shall not be deemed a restriction on the ability to make loans or advances.

 

Section 4.06         Asset
Sales.

 

(a)          The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, cause or make an Asset Sale, unless (x) the
Issuer or any of its Restricted Subsidiaries, as the case may be, receives consideration at the time of such Asset Sale at least
equal to the Fair Market Value (as determined in good faith by the Issuer) of the assets sold or otherwise disposed of, and (y) at
least 75% of the consideration therefor received by the Issuer or such Restricted Subsidiary, as the case may be, is in the form
of Cash Equivalents; provided that the amount of:

 

(i)          any
liabilities (as shown on the Issuer’s or such Restricted Subsidiary’s most recent balance sheet or in the Notes thereto)
of the Issuer or any Restricted Subsidiary of the Issuer (other than liabilities that are by their terms subordinated to the Notes)
that are assumed by the transferee of any such assets,

 

(ii)         any
notes or other obligations or other securities or assets received by the Issuer or such Restricted Subsidiary of the Issuer from
such transferee that are converted by the Issuer or such Restricted Subsidiary of the Issuer into cash within 180 days of the receipt
thereof (to the extent of the cash received),

 

(iii)        Indebtedness
of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that the Issuer
and each other Restricted Subsidiary are released from any guarantee of payment of such Indebtedness in connection with the Asset
Sale,

 

(iv)        consideration
consisting of Indebtedness of the Issuer or any Restricted Subsidiary (other than Subordinated Indebtedness) received after the
Issue Date from Persons who are not the Issuer or any Restricted Subsidiary in connection with the Asset Sale and that is cancelled
(without duplication of clause (i) hereto), and

 

(v)         any
Designated Non-cash Consideration received by the Issuer or any of its Restricted Subsidiaries in such Asset Sale having an aggregate
Fair Market Value (as determined in good faith by the Issuer), taken together with all other Designated Non-cash Consideration
received pursuant to this Section 4.06(a)(v) that is at that time outstanding, not to exceed the greater of 5.0% of Total
Assets and $300 million at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each
item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in
value),

 

shall be deemed to be Cash Equivalents for the purposes of this
Section 4.06(a).

 

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(b)         Within
12 months after the Issuer’s or any Restricted Subsidiary of the Issuer’s receipt of the Net Proceeds of any Asset
Sale, the Issuer or such Restricted Subsidiary of the Issuer may apply the Net Proceeds from such Asset Sale, at its option:

 

(i)          to
repay (A) Indebtedness constituting Secured Indebtedness (including Indebtedness under any Bank Indebtedness) and, if the
Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto, (B) Indebtedness
of a Restricted Subsidiary that is not a Subsidiary Guarantor and/or Indebtedness of the Issuer that is guaranteed by a Subsidiary
that is not a Subsidiary Guarantor, (C) Notes Obligations, or (D) other Pari Passu Indebtedness (provided that
if the Issuer shall so reduce Obligations under unsecured Pari Passu Indebtedness, the Issuer will equally and ratably reduce Notes
Obligations as provided under the Notes pursuant to Section 3.01, through open-market purchases (provided that such
purchases are at or above 100% of the principal amount thereof or, in the event that the Notes were issued with significant original
issue discount, 100% of the accreted value thereof) or by making an offer (in accordance with the procedures set forth below for
an Asset Sale Offer) to all holders to purchase, at a purchase price equal to 100% of the principal amount thereof or, in the event
that the Notes were issued with significant original issue discount, 100% of the accreted value thereof, plus accrued and unpaid
interest, the pro rata principal amount of Notes; or

 

(ii)         to
make an Investment in any one or more businesses (provided that if such Investment is in the form of the acquisition of
Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Issuer), assets, or
property or capital expenditures, in each case (A) used or useful in a Similar Business or (B) that replace the properties
and assets that are the subject of such Asset Sale or to reimburse the cost of any of the foregoing incurred on or after the date
on which the Asset Sale giving rise to such Net Proceeds was contractually committed.

 

In the case of Section 4.06(b)(ii), a binding
commitment shall be treated as a permitted application of the Net Proceeds from the date of such commitment; provided that
in the event such binding commitment is later canceled or terminated for any reason before such Net Proceeds are so applied, the
Issuer or such Restricted Subsidiary enters into another binding commitment (a “Second Commitment”) within six
months of such cancellation or termination of the prior binding commitment; provided, further that the Issuer or
such Restricted Subsidiary may only enter into a Second Commitment under the foregoing provision one time with respect to each
Asset Sale and to the extent such Second Commitment is later cancelled or terminated for any reason before such Net Proceeds are
applied, then such Net Proceeds shall constitute Excess Proceeds.

 

Pending the final application of any such Net
Proceeds, the Issuer or such Restricted Subsidiary of the Issuer may temporarily reduce Indebtedness under a revolving credit facility,
if any, or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture.  Any Net Proceeds from
any Asset Sale that are not invested or applied as provided and within the time period set forth in the first sentence of this

 

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Section 4.06(b) (it being understood that any portion of such
Net Proceeds used to make an offer to purchase Notes, as described in clause (i) of this Section 4.06(b), shall
be deemed to have been invested whether or not such offer is accepted) will be deemed to constitute “Excess Proceeds.”
When the aggregate amount of Excess Proceeds exceeds $50 million, the Issuer shall make an offer to all holders of Notes (and,
at the option of the Issuer, to holders of any Pari Passu Indebtedness) (an “Asset Sale Offer”) to purchase
the maximum principal amount of Notes (and such Pari Passu Indebtedness), that is at least $2,000 and an integral multiple of $1,000
in excess thereof that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the
principal amount thereof (or, in the event such Pari Passu Indebtedness was issued with significant original issue discount, 100%
of the accreted value thereof), plus accrued and unpaid interest, if any (or, in respect of such Pari Passu Indebtedness, such
lesser price, if any, as may be provided for by the terms of such Pari Passu Indebtedness), to the date fixed for the closing of
such offer, in accordance with the procedures set forth in this Section 4.06.  The Issuer will commence an Asset
Sale Offer with respect to Excess Proceeds within ten (10) Business Days after the date that Excess Proceeds exceed $50 million
by mailing, or delivering electronically if held by the Depository, the notice required pursuant to the terms of Section 4.06(g),
with a copy to the Trustee.  To the extent that the aggregate amount of Notes (and such Pari Passu Indebtedness) tendered
pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for any purpose
that is not prohibited by this Indenture. If the aggregate principal amount of Notes (and such Pari Passu Indebtedness) surrendered
by holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes to be purchased in the manner described
in Section 4.06(f).  Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds, as the case may
be, shall be reset at zero.

 

(c)          The
Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to
the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer.  To
the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer
shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described
in this Indenture by virtue thereof.  If more Notes (and Pari Passu Indebtedness) are tendered pursuant to an Asset Sale
Offer than the Issuer is required to purchase, selection of such Notes for purchase will be made by the Trustee; provided
that no Notes of $2,000 or less shall be purchased in part. Selection of such Pari Passu Indebtedness will be made pursuant to
the terms of such Pari Passu Indebtedness.

 

(d)          
Not later than the date upon which written notice of an Asset Sale Offer is delivered to the Trustee as provided above, the Issuer
shall deliver to the Trustee an Officer’s Certificate as to (i) the amount of the Excess Proceeds, (ii) the allocation
of the Net Proceeds from the Asset Sales pursuant to which such Asset Sale Offer is being made and (iii) the compliance of
such allocation with the provisions of Section 4.06(b).  On such date, the Issuer shall also irrevocably deposit
with the Trustee or with a paying agent (or, if the Issuer or a Wholly Owned Subsidiary is acting as the Paying Agent, segregate
and hold in trust) an amount equal to the Excess Proceeds to be invested in

 

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Cash Equivalents, as directed in writing by the Issuer, and to be
held for payment in accordance with the provisions of this Section 4.06.  Upon the expiration of the period for
which the Asset Sale Offer remains open (the “Offer Period”), the Issuer shall deliver to the Trustee for cancellation
the Notes or portions thereof that have been properly tendered to and are to be accepted by the Issuer.  The Trustee
(or the Paying Agent, if not the Trustee) shall, on the date of purchase, mail or deliver payment to each tendering holder in the
amount of the purchase price.  In the event that the Excess Proceeds delivered by the Issuer to the Trustee are greater
than the purchase price of the Notes tendered, the Trustee shall deliver the excess to the Issuer immediately after the expiration
of the Offer Period for application in accordance with this Section 4.06.

 

(e)          [Reserved];

 

(f)          Holders
electing to have a Note purchased shall be required to surrender such Note, with an appropriate form duly completed, to the Issuer
at the address specified in the notice at least three Business Days prior to the purchase date.  Holders shall be entitled
to withdraw their election if the Trustee or the Issuer receives not later than one Business Day prior to the purchase date, a
telegram, telex, facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which
was delivered by the holder for purchase and a statement that such holder is withdrawing his election to have such Note purchased.  If
at the end of the Offer Period more Notes (and Pari Passu Indebtedness) are tendered pursuant to an Asset Sale Offer than the Issuer
is required to purchase, selection of such Notes for purchase shall be made by the Trustee in compliance with the requirements
of the principal national securities exchange, if any, on which such Notes are listed, or if such Notes are not so listed, on a
pro rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate (and in such manner as complies with
applicable legal requirements); provided that no Notes of $2,000 or less shall be purchased in part.  Selection
of such Pari Passu Indebtedness shall be made pursuant to the terms of such Pari Passu Indebtedness.

 

(g)          Notices
of an Asset Sale Offer shall be mailed by first class mail, postage prepaid, or delivered electronically if held by the Depository,
at least 30 but not more than 60 days before the purchase date to each holder of Notes at such holder’s registered address.  If
any Note is to be purchased in part only, any notice of purchase that relates to such Note shall state the portion of the principal
amount thereof that has been or is to be purchased.

 

Section 4.07         Transactions
with Affiliates.

 

(a)          The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell,
lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into
or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee with,
or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”) involving
aggregate consideration in excess of $25 million, unless:

 

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(i)          such
Affiliate Transaction is on terms that are not materially less favorable to the Issuer or the relevant Restricted Subsidiary than
those that could have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person;
and

 

(ii)         with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$50 million, the Issuer delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of
the Issuer, approving such Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate
Transaction complies with clause (i) above.

 

(b)         The
provisions of Section 4.07(a) shall not apply to the following:

 

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

 

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

 

(iii)        (A) the
entering into of any agreement (and any amendment or modification of any such agreement so long as, in the good faith judgment
of the Board of Directors of the Issuer, any such amendment is not disadvantageous to the holders when taken as a whole, as compared
to such agreement as in effect on the Issue Date) to pay, and the payment of, management, consulting, monitoring and advisory fees
to the Sponsors (1) in an aggregate amount in any fiscal year not to exceed the greater of (x) $7.5 million and (y) 2.0%
of EBITDA of the Issuer and its Restricted Subsidiaries for the immediately preceding fiscal year, plus out-of-pocket expense
reimbursement; provided, however, that any payment not made in any fiscal year may be carried forward and paid in the following
two fiscal years and (2) 2.0% of the value of transactions with respect to which any Affiliate provides any transaction, advisory
or other services and (B) the payment of the present value of all amounts payable pursuant to any agreement described in clause (iii)(A)
of this Section 4.07(b) in connection with the termination of such agreement;

 

(iv)        the
payment of reasonable and customary fees and reimbursement of expenses paid to, and indemnity provided on behalf of, officers,
directors, managers, employees or consultants of the Issuer or any Restricted Subsidiary, any direct or indirect parent of the
Issuer;

 

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(v)         payments
by the Issuer or any of its Restricted Subsidiaries to the Sponsors made for any financial advisory, financing, underwriting or
placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions
or divestitures, which payments are (A) made pursuant to the agreements with the Sponsors described in the Offering Memorandum
(as in effect on the Issue Date, or any amendment thereto that is not materially adverse as a whole to the Issuer) or (B) approved
by a majority of the Board of Directors of the Issuer in good faith;

 

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

 

(vii)       payments
or loans (or cancellation of loans) to officers, directors, managers, employees or consultants which are approved by a majority
of the Board of Directors of the Issuer in good faith;

 

(viii)      any
agreement as in effect as of the Issue Date or any amendment thereto or replacement thereof (so long as any such agreement together
with all amendments thereto and replacements thereof, taken as a whole, is not more disadvantageous to the Issuer and its Restricted
Subsidiaries in any material respect than the original agreement as in effect on the Issue Date) or any transaction contemplated
thereby, in each case as determined in good faith by the Issuer;

 

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

 

(x)          [Reserved];

 

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(xi)         (A) transactions
with customers, clients, suppliers or purchasers or sellers of goods or services, or transactions otherwise relating to the purchase
or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this
Indenture, which are fair to the Issuer and its Restricted Subsidiaries in the reasonable determination of the Board of Directors
or the senior management of the Issuer, or are on terms at least as favorable as might reasonably have been obtained at such time
from an unaffiliated party or (B) transactions with joint ventures or Unrestricted Subsidiaries entered into in the ordinary
course of business and consistent with past practice or industry custom;

 

(xii)        any
transaction effected as part of a Qualified Receivables Financing;

 

(xiii)       the
issuance of Equity Interests (other than Disqualified Stock) of the Issuer to any Person;

 

(xiv)      the
issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment
arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the
Issuer or any direct or indirect parent of the Issuer or of a Restricted Subsidiary of the Issuer, as appropriate, in good faith;

 

(xv)       the
entering into of any tax sharing agreement or arrangement that complies with Section 4.04(b)(xii) and the performance under
any such agreement or arrangement;

 

(xvi)      any
contribution to the capital of the Issuer;

 

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

 

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

 

(xix)       pledges
of Equity Interests of Unrestricted Subsidiaries;

 

(xx)        the
formation and maintenance of any consolidated group or subgroup for tax, accounting or cash pooling or management purposes in the
ordinary course of business;

 

(xxi)       any
employment agreements entered into by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;

 

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(xxii)      transactions
undertaken in good faith (as certified by a responsible financial or accounting officer of the Issuer in an Officer’s Certificate)
for the purpose of improving the consolidated tax efficiency of the Issuer and its Subsidiaries and not for the purpose of circumventing
any covenant set forth in this Indenture;

 

(xxiii)     investments
by the Sponsors in securities of the Issuer or any Restricted Subsidiary (and payment of reasonable out-of-pocket expenses incurred
by the Sponsors in connection therewith) so long as (A) the investment is being generally offered to other investors on the
same or more favorable terms and (B) the investment constitutes less than 5% of the proposed or outstanding issue amount of
such class of securities; and

 

(xxiv)    the
execution of the Prestige Merger Transactions, and the payment of all fees, expenses, bonuses and awards related to the Prestige
Merger Transactions, including fees to the Sponsors.

 

Section 4.08         Change
of Control.

 

(a)          Upon
a Change of Control, each holder shall have the right to require the Issuer to repurchase all or any part of such holder’s
Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any,
to, but excluding, the date of repurchase (the “Change of Control Payment”) (subject to the right of the holders
of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), in accordance with the terms
contemplated in this Section 4.08; provided, however, that notwithstanding the occurrence of a Change of Control,
the Issuer shall not be obligated to purchase any Notes pursuant to this Section 4.08 in the event that it has exercised its
right to redeem such Notes in accordance with Article III of this Indenture.  In the event that at the time of such
Change of Control the terms of the Bank Indebtedness restrict or prohibit the repurchase of Notes pursuant to this Section 4.08,
then prior to the delivery of the notice to the holders provided for in Section 4.08(b) but in any event within 30 days following
any Change of Control, the Issuer shall (i) repay in full all Bank Indebtedness or, if doing so will allow the purchase of
Notes, offer to repay in full all Bank Indebtedness and repay the Bank Indebtedness of each lender and/or noteholder who has accepted
such offer, or (ii) obtain the requisite consent under the agreements governing the Bank Indebtedness to permit the repurchase
of the Notes as provided for in Section 4.08(b).

 

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

 

(i)          that
a Change of Control has occurred and that such holder has the right to require the Issuer to repurchase such holder’s Notes
for the Change of

 

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Control Payment (subject to the right of the holders of
record on the relevant Record Date to receive interest on the relevant Interest Payment Date);

 

(ii)          the
circumstances regarding such Change of Control;

 

(iii)         the
repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is sent); and

 

(iv)         the
instructions determined by the Issuer, consistent with this Section 4.08, that a holder must follow in order to have its Notes
purchased.

 

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

 

(d)          On
the purchase date, all Notes purchased by the Issuer under this Section 4.08 shall be delivered to the Trustee for cancellation,
and the Issuer shall pay the purchase price plus accrued and unpaid interest to the holders entitled thereto.

 

(e)          A
Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control, if a definitive
agreement is in place for the Change of Control at the time of making of the Change of Control Offer.

 

(f)          Notwithstanding
the foregoing provisions of this Section 4.08, the Issuer shall not be required to make a Change of Control Offer upon a Change
of Control if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance
with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all
Notes properly tendered and not withdrawn under such Change of Control Offer; (ii) a notice of redemption of all outstanding
Notes has been given pursuant to the Indenture as described in Paragraph 6 of the Notes unless and until there is a default in
payment of the applicable redemption price; or (iii) in connection with or in contemplation of any Change of Control, the
Issuer has made an offer to purchase (an “Alternate Offer”) any and all Notes validly tendered at a cash price
equal to or higher than the Change of Control Payment and has purchased all Notes properly tendered in accordance with the terms
of the Alternate Offer, and, in the case of an Alternate Offer made in contemplation of any Change of Control, such Change of Control
occurs.

 

(g)          If
holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes
in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu

 

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of the Issuer as described in Section 4.08(f) above, purchases
all of the Notes validly tendered and not withdrawn by such holders, the Issuer or such third party will have the right, upon not
less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change
of Control Offer described above, to redeem all Notes that remain outstanding following such purchase at a price in cash equal
to the Change of Control Payment.

 

(h)          Notes
repurchased by the Issuer pursuant to a Change of Control Offer will have the status of Notes issued but not outstanding or will
be retired and canceled at the option of the Issuer.  Notes purchased by a third party pursuant to the preceding clauses (f)
and (g) will have the status of Notes issued and outstanding.

 

(i)          At
the time the Issuer delivers Notes to the Trustee which are to be accepted for purchase, the Issuer shall also deliver an Officer’s
Certificate stating that such Notes are to be accepted by the Issuer pursuant to and in accordance with the terms of this Section 4.08.  A
Note shall be deemed to have been accepted for purchase at the time the Trustee, directly or through an agent, mails or delivers
payment therefor to the surrendering holder.

 

(j)          Prior
to any Change of Control Offer, the Issuer shall deliver to the Trustee an Officer’s Certificate stating that all conditions
precedent contained herein to the right of the Issuer to make such offer have been complied with.

 

(k)         The
Issuer shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities
laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.08.  To the extent that
the provisions of any securities laws or regulations conflict with provisions of this Section 4.08, the Issuer shall comply
with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08
by virtue thereof.

 

Section 4.09         Compliance
Certificate.  The Issuer shall deliver to the Trustee within 120 days after the end of each fiscal year of the Issuer,
beginning with the fiscal year ending on December 31, 2015, an Officer’s Certificate stating that in the course of
the performance by the signer of his or her duties as an Officer of the Issuer he or she would normally have knowledge of any
Default and whether or not the signer knows of any Default that occurred during such period.  If he or she does, the
certificate shall describe the Default, its status and what action the Issuer is taking or proposes to take with respect thereto.  Except
with respect to receipt of payments of principal and interest on the Notes and any Default or Event of Default information contained
in the Officer’s Certificate delivered to it pursuant to this Section 4.09, the Trustee shall have no duty to review,
ascertain or confirm the Issuer’s compliance with or the breach of any representation, warranty or covenant made in this
Indenture.

 

Section 4.10         Further
Instruments and Acts.  Upon request of the Trustee, the Issuer shall execute and deliver such further instruments
and do such further

 

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acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

 

Section 4.11         Future
Subsidiary Guarantors.

 

(a)          The
Issuer shall cause each of its Wholly Owned Restricted Subsidiaries that guarantees any Indebtedness of the Issuer to execute and
deliver to the Trustee a supplemental indenture pursuant to which such Restricted Subsidiary shall guarantee payment of the Notes
on the terms and conditions set forth in this Indenture, except (x) with respect to Indebtedness of the Issuer consisting
of Bank Indebtedness or guarantees of Bank Indebtedness and other Indebtedness of the Issuer consisting of guarantees of Indebtedness
of one or more of the Issuer’s Restricted Subsidiaries and (y) to the extent that providing such guarantee would violate
a debt agreement of such Restricted Subsidiary which was entered into not in contemplation of the subject transaction.  Each
future Subsidiary Guarantee will be limited to an amount not to exceed the maximum amount that can be guaranteed by that Restricted
Subsidiary without rendering the Subsidiary Guarantee, as it relates to such Restricted Subsidiary, voidable under applicable law
relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

 

(b)          Any
Subsidiary Guarantor of the Notes shall be released in accordance with the terms of this Indenture, including upon release of the
guarantee triggering issuance of such Subsidiary Guarantee of the Notes.

 

Section 4.12         Liens.

 

(a)          The
Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create or Incur any Lien (except Permitted
Liens) that secures any Indebtedness on any asset or property of the Issuer or any Restricted Subsidiary, unless the Notes are
equally and ratably secured with (or on a senior basis to, in the case of obligations subordinated in right of payment to the Notes)
the obligations so secured until such time as such obligations are no longer secured by a Lien.  Any Lien which is granted
to secure the Notes pursuant to this Section 4.12 shall be automatically released and discharged at the same time as the release
of the Lien that gave rise to the obligation to secure the Notes.

 

(b)          For
purposes of determining compliance with this covenant, (i) a Lien securing an item of Indebtedness need not be permitted solely
by reference to one category of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens”
or pursuant to Section 4.12(a) but may be permitted in part under any combination thereof and (ii) in the event that
a Lien securing an item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories of permitted
Liens (or any portion thereof) described in the definition of “Permitted Liens” or pursuant to Section 4.12(a),
the Issuer shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify (as if Incurred at such
later time), such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies with this covenant
and will be entitled to include the amount and type of such Lien or such item of

 

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Indebtedness secured by such Lien (or portion thereof) in one of
the categories of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” or pursuant
to Section 4.12(a) and, in such event, such Lien securing such item of Indebtedness (or any portion thereof) will be treated
as being Incurred or existing pursuant to only such clause or clauses (or any portion thereof) or pursuant to Section 4.12(a)
without giving pro forma effect to such item (or portion thereof) when calculating the amount of Liens or Indebtedness that
may be Incurred pursuant to any other clause or paragraph.

 

(c)          With
respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness.  The “Increased
Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual
of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form
of additional Indebtedness with the same terms or in the form of common stock of the Issuer, the payment of dividends on Preferred
Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue discount or liquidation
preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies
or increases in the value of property securing Indebtedness described in clause (3) of the definition of “Indebtedness.”

 

Section 4.13         Re-flagging
of Vessels.  Notwithstanding anything to the contrary herein, a Restricted Subsidiary may reconstitute itself in
another jurisdiction, or merge with or into another Restricted Subsidiary, for the purpose of reflagging a vessel that it owns
or bareboat charters so long as at all times each Restricted Subsidiary remains organized under the laws of any country recognized
by the United States of America with an investment grade credit rating from either Standard & Poor’s Ratings Services
or Moody’s Investors Service, Inc. or any Permitted Jurisdiction.

 

Section 4.14         Maintenance
of Office or Agency.

 

(a)          The
Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where
Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect
of the Notes and this Indenture may be served.  The Issuer shall give prompt written notice to the Trustee of the location,
and any change in the location, of such office or agency.  If at any time the Issuer shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the corporate trust office of the Trustee as set forth in Section 13.02.

 

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

 

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notice to the Trustee of any such designation or rescission and
of any change in the location of any such other office or agency.

 

(c)          The
Issuer hereby designates the corporate trust office of the Trustee or its agent as such office or agency of the Issuer in accordance
with Section 2.04.

 

Section 4.15         [Reserved].

 

Section 4.16         Covenant
Suspension.  If on any date following the Issue Date, (i) the Notes have Investment Grade Ratings from both
Rating Agencies, and (ii) no Default has occurred and is continuing under this Indenture, then, beginning on that day (the
occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant
Suspension Event”), and subject to the provisions of the following paragraph, the Issuer and the Restricted Subsidiaries
shall not be subject to Sections 4.03, 4.04, 4.05, 4.06, 4.07 and 5.01(a)(iv) (collectively the “Suspended Covenants”).

 

If and while the Issuer and its Restricted Subsidiaries
are not subject to the Suspended Covenants, the Notes will be entitled to substantially less covenant protection.  In
the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any
period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of
the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade
Rating, then the Issuer and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this
Indenture with respect to future events.

 

No Default, Event of Default or breach of any
kind shall be deemed to exist under the Indenture or the Notes with respect to the Suspended Covenants based on, and neither the
Issuer nor any of its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension Period,
or any actions taken at any time pursuant to any contractual obligation arising during the Suspension Period, regardless of whether
such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period.

 

On each Reversion Date, all Indebtedness Incurred,
or Disqualified Stock or Preferred Stock issued, during the Suspension Period will be classified as having been Incurred or issued
pursuant to Section 4.03(a) or 4.03(b) (to the extent such Indebtedness or Disqualified Stock or Preferred Stock would be
permitted to be Incurred or issued thereunder as of the Reversion Date and after giving effect to Indebtedness Incurred or issued
prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness or Disqualified Stock or
Preferred Stock would not be so permitted to be Incurred or issued pursuant to Section 4.03(a) or 4.03(b) such Indebtedness
or Disqualified Stock or Preferred Stock will be deemed to have been outstanding on the Issue Date, so that it is classified as
permitted under Section 4.03(b)(ii). Calculations made after the Reversion Date of the amount available to

 

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be made as Restricted Payments under Section 4.04 will be made
as though Section 4.04 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted
Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under Section 4.04(a).  As
described above, however, no Default or Event of Default will be deemed to have occurred on the Reversion Date as a result of any
actions taken by the Issuer or its Restricted Subsidiaries during the Suspension Period.

 

For purposes of Section 4.06, on the Reversion
Date, the unutilized Excess Proceeds amount will be reset to zero.

 

During a Suspension Period, the Issuer shall not
designate any of its Subsidiaries as an Unrestricted Subsidiary.

 

The Issuer shall deliver an Officer's Certificate
to the Trustee specifying if a Covenant Suspension Event has occurred, the date of any Covenant Suspension Date, if a Reversion
Date has occurred and when a Reversion Date has occurred.  The Issuer shall deliver any such Officer’s Certificate
within 5 Business Days of the occurrence of a Covenant Suspension Event or a Reversion Date, as the case may be.  The
Trustee shall not have any duty to monitor whether or not a Suspension Event or Reversion Date has occurred or to notify the holders
thereof.

 

Article V

 

SUCCESSOR COMPANY

 

Section 5.01         When
Issuer May Merge or Transfer Assets.

 

(a)          The
Issuer shall not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or
not the Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially
all of its properties or assets in one or more related transactions, to any Person unless:

 

(i)          the
Issuer is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation, merger, winding up or
conversion (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will
have been made is a company organized or existing under the laws of Bermuda or a corporation, partnership, limited liability company
or similar entity organized or existing under the laws of any Permitted Jurisdiction (the Issuer or such Person, as the case may
be, being herein called the “Successor Issuer”), provided that in the case where the surviving person
is not a company organized under the laws of Bermuda, a co-obligor of the Notes is a company organized under the laws of Bermuda
or a corporation organized under the laws of the U.S.;

 

(ii)         the
Successor Issuer (if other than the Issuer) expressly assumes all the obligations of the Issuer under this Indenture and the Notes
pursuant to

 

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supplemental indentures or other documents or instruments
in form reasonably satisfactory to the Trustee;

 

(iii)        immediately
after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Issuer or any
of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Issuer or such Restricted
Subsidiary at the time of such transaction) no Default shall have occurred and be continuing;

 

(iv)        immediately
after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning of the applicable
four-quarter period (and treating any Indebtedness which becomes an obligation of the Successor Issuer or any of its Restricted
Subsidiaries as a result of such transaction as having been Incurred by the Successor Issuer or such Restricted Subsidiary at the
time of such transaction), either

 

(1)         the
Successor Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio
test set forth in Section 4.03(a); or

 

(2)         the
Fixed Charge Coverage Ratio for the Successor Issuer and its Restricted Subsidiaries would be no less than such ratio for the Issuer
and its Restricted Subsidiaries immediately prior to such transaction; and

 

(v)         [Reserved];

 

(vi)        the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, amalgamation or transfer and such supplemental indentures (if any) comply with this Indenture.

 

The Successor Issuer (if other than the Issuer)
will succeed to, and be substituted for, the Issuer under this Indenture and the Notes, and in such event the Issuer will automatically
be released and discharged from its obligations under this Indenture and the Notes. Notwithstanding the foregoing clauses (iii) and
(iv) of this Section 5.01, (a) any Restricted Subsidiary may merge, consolidate or amalgamate with or transfer all
or part of its properties and assets to the Issuer or to another Restricted Subsidiary, and (b) the Issuer may merge, consolidate
or amalgamate with an Affiliate incorporated solely for the purpose of reincorporating the Issuer in a Permitted Jurisdiction or
may convert into a corporation, partnership, limited liability company or similar entity organized or existing under the laws of
any Permitted Jurisdiction so long as the amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased
thereby.  This Article V will not apply to a sale, assignment, transfer, conveyance or other disposition of assets
between or among the Issuer and its Restricted Subsidiaries.

 

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Article VI

 

DEFAULTS AND REMEDIES

 

Section 6.01         Events
of Default.  An “Event of Default” occurs with respect to Notes if:

 

(a)          there
is a default in any payment of interest on any Note when the same becomes due and payable, and such default continues for a period
of 30 days,

 

(b)          there
is a default in the payment of principal or premium, if any, of any Note when due at its Stated Maturity, upon optional redemption,
upon required repurchase, upon declaration or otherwise,

 

(c)          the
failure by the Issuer to comply for 90 days after notice with any of its obligations, covenants or agreements contained in Section 4.02,

 

(d)          the
failure by the Issuer or any Restricted Subsidiary to comply for 60 days after notice with its other agreements (other than a default
referred to in clauses (a), (b) and (c) above) contained in the Notes or this Indenture,

 

(e)          the
failure by the Issuer or any Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant
Subsidiary) to pay any Indebtedness (other than Indebtedness owing to the Issuer or a Restricted Subsidiary) within any applicable
grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof because of a default, in
each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $75 million or its foreign currency equivalent,

 

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

 

(i)          commences
a voluntary case;

 

(ii)         consents
to the entry of an order for relief against it in an involuntary case;

 

(iii)        consents
to the appointment of a Custodian of it or for any substantial part of its property; or

 

(iv)        makes
a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating to insolvency,

 

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

 

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

 

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

 

(iii)        orders
the winding up or liquidation of either the Issuer or any Significant Subsidiary of the Issuer;

 

or any similar relief is granted under any foreign laws and the
order or decree remains unstayed and in effect for 60 days, or

 

(h)         failure
by the Issuer or any Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant Subsidiary)
to pay final judgments aggregating in excess of $75 million or its foreign currency equivalent (net of any amounts which are covered
by enforceable insurance policies issued by solvent carriers), which judgments are not discharged, waived or stayed for a period
of 60 days.

 

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

 

However, a default under clauses (c) or (d) above
shall not constitute an Event of Default until the Trustee or the holders of 25% in principal amount of outstanding Notes notify
the Issuer, with a copy to the Trustee, of the default in writing and the Issuer does not cure such default within the time specified
in clause (c) or (d) hereof, as applicable, after receipt of such notice.  Such notice must specify the Default,
demand that it be remedied and state that such notice is a “Notice of Default.” The Issuer shall deliver to the Trustee,
within five (5) Business Days after the occurrence thereof, written notice in the form of an Officer’s Certificate of
any event which is, or with the giving of notice or the lapse of time or both would become, an Event of Default, its status and
what action the Issuer is taking or proposes to take with respect thereto.

 

Section 6.02         Acceleration.  If
an Event of Default (other than an Event of Default specified in Section 6.01(f) or 6.01(g) hereof with respect to the Issuer)
occurs and is continuing, the Trustee by notice to the Issuer, or the holders of at least 25% in principal amount of outstanding
Notes by notice to the Issuer, with a copy to the Trustee, may declare the principal of, premium, if any, and accrued but unpaid
interest on all the Notes to be due and payable; provided, however, that so long as any Credit Agreement Indebtedness
remains outstanding, no such acceleration shall be effective until the earlier of (1) five Business Days after the giving
of written notice to the Issuer and the Representatives under the Credit Agreements and (2) the day on which any Credit Agreement
Indebtedness is accelerated.  Upon such a declaration, such principal and interest shall be due and payable immediately.  If
an Event of Default specified in Section 6.01(f) or (g) with respect to the Issuer occurs, the principal of, premium, if any,
and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee
or any holders. Under certain circumstances, the holders of a majority in principal amount of outstanding Notes may rescind any
such acceleration with respect to the Notes and its consequences.

 

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In the event of any Event of Default specified
in Section 6.01(e) above, such Event of Default and all consequences thereof (excluding, however, any resulting payment default)
shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the holders of the Notes, if within
20 days after such Event of Default arose the Issuer delivers an Officer’s Certificate to the Trustee stating that (x) the
Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the holders thereof have
rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the
default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration
of the principal amount of the Notes as described above be annulled, waived or rescinded upon the happening of any such events.

 

Section 6.03         Other
Remedies.  If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy at law or
in equity to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the
Notes or this Indenture.

 

The Trustee may maintain a proceeding even if
it does not possess any of the Notes or does not produce any of them in the proceeding.  A delay or omission by the Trustee
or any holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute
a waiver of or acquiescence in the Event of Default.  No remedy is exclusive of any other remedy.  To the extent
required by law, all available remedies are cumulative.

 

Section 6.04         Waiver
of Past Defaults.  Provided the Notes are not then due and payable by reason of a declaration of acceleration, the
holders of a majority in principal amount of the Notes then outstanding by written notice to the Trustee may waive an existing
Default and its consequences except (a) a Default in the payment of the principal of or interest on a Note, (b) a Default
arising from the failure to redeem or purchase any Note when required pursuant to the terms of this Indenture or (c) a Default
in respect of a provision that under Section 9.02 cannot be amended without the consent of each holder affected.  When
a Default is waived, it is deemed cured and the Issuer, the Trustee and the holders will be restored to their former positions
and rights under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right.

 

Section 6.05         Control
by Majority.  The holders of a majority in principal amount of Notes outstanding may direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the
Trustee.  However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, if the
Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Trustee
in good faith by its board of directors or trustees, executive committee, or a trust committee of directors or trustees and/or
Responsible Officers shall determine that the action or proceeding so directed would involve the Trustee in personal liability
or expense for which it is not adequately indemnified, or subject to Section 7.01, that the Trustee determines is unduly prejudicial
to the rights of any other holder or that would

 

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involve the Trustee in personal liability.  Prior to taking
any action under this Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against
all losses and expenses caused by taking or not taking such action.

 

Section 6.06         Limitation
on Suits.

 

(a)          Except
to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with
respect to this Indenture or the Notes unless:

 

(i)          such
holder has previously given the Trustee notice that an Event of Default is continuing,

 

(ii)         holders
of at least 25% in principal amount of the outstanding Notes have requested the Trustee to pursue the remedy,

 

(iii)        such
holders have offered the Trustee reasonable security or indemnity satisfactory to the Trustee against any loss, liability or expense,

 

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

 

(v)         the
holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such
request within such 60-day period.

 

(b)          A
holder may not use this Indenture to prejudice the rights of another holder or to obtain a preference or priority over another
holder.

 

Section 6.07         Rights
of the Holders to Receive Payment.

Notwithstanding any other provision of this Indenture, the right
of any holder to receive payment of principal of and interest on the Notes held by such holder, on or after the respective due
dates expressed or provided for in the Notes, or to bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such holder.

 

Section 6.08         Collection
Suit by Trustee.  If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee
may recover judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on the Notes for
the whole amount then due and owing (together with interest on overdue principal and (to the extent lawful) on any unpaid interest
at the rate provided for in the Notes) and the amounts provided for in Section 7.07.

 

Section 6.09         Trustee
May File Proofs of Claim.  The Trustee may file such proofs of claim, statements of interest and other papers
or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation,
expenses disbursements and advances of the Trustee (including counsel, accountants, experts or such other professionals as the
Trustee deems necessary,

 

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advisable or appropriate)) and the holders allowed in any judicial
proceedings relative to the Issuer, its creditors or its property, shall be entitled to participate as a member, voting or otherwise,
of any official committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote
on behalf of the holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian
in any such judicial proceeding is hereby authorized by each holder to make payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee
under Section 7.07.

 

Section 6.10         Priorities.  Any
money or property collected by the Trustee pursuant to this Article VI and any other money or property distributable in respect
of the Issuer’s obligations under this Indenture after an Event of Default shall be applied in the following order:

 

FIRST:  to the Trustee for
amounts due under Section 7.07;

 

SECOND:  to the holders
for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of
any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and

 

THIRD:  to the Issuer.

 

The Trustee may fix a record date and payment
date for any payment to the holders pursuant to this Section 6.10.  At least 15 days before such record date, the
Trustee shall mail to each holder and the Issuer a notice that states the record date, the payment date and amount to be paid.

 

Section 6.11         Undertaking
for Costs.  In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the
Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant.  This Section does not apply to a suit by the Trustee,
a suit by a holder pursuant to Section 6.07 or a suit by holders of more than 10% in principal amount of the Notes.

 

Section 6.12         Waiver
of Stay or Extension Laws.  The Issuer shall not at any time insist upon, or plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture; and the Issuer hereby expressly waives all benefit or advantage of any
such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but

 

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shall suffer and permit the execution of every such power as though
no such law had been enacted.

 

Article VII

 

TRUSTEE

 

Section 7.01         Duties
of Trustee.

 

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

 

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

 

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

 

(ii)         in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture.  The Trustee shall be under no duty to make any investigation as to any statement contained in any such
instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such
opinions.  However, in the case of certificates or opinions required by any provision hereof to be provided to it, the
Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture
(but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 

(c)          The
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that:

 

(i)          this
paragraph does not limit the effect of paragraph (b) of this Section;

 

(ii)         the
Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts;

 

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(iii)        the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05; and

 

(iv)        no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise Incur financial liability in
the performance of any of its duties hereunder or in the exercise of any of its rights or powers.

 

(d)          Every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this
Section 7.01.

 

(e)          The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.

 

(f)          Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)          Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall
be subject to the provisions of this Section 7.01.

 

Section 7.02         Rights
of Trustee.

 

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

 

(b)          Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both.  The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate
or Opinion of Counsel.

 

(c)          The
Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

 

(d)          The
Trustee shall not be responsible or liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct
or negligence.

 

(e)          The
Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect to legal matters relating
to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action
taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(f)          The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion,

 

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

 

(g)          The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the holders pursuant to this Indenture, unless such holders shall have offered to the Trustee security or indemnity satisfactory
to the Trustee against the costs, expenses and liabilities which might be Incurred by it in compliance with such request or direction.

 

(h)          The
rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed
to act hereunder.

 

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

 

(j)          Any
action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or
consent of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall
be conclusive and binding upon future holders of Notes and upon Notes executed and delivered in exchange therefor or in place thereof.

 

(k)         The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate
Trust Office of the Trustee, and such notice references the Notes and this Indenture.

 

(l)          The
Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may
be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in any
such certificate previously delivered and not superseded.

 

(m)        The
Trustee shall not be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including,
but not limited to,

 

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loss of profit) irrespective of whether the Trustee has been advised
of the likelihood of such loss or damage and regardless of the form of actions.

 

(n)          The
Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers under this Indenture.

 

(o)          The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation,
acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions;
loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes; and acts
of civil or military authorities and governmental action.

 

Section 7.03         Individual
Rights of Trustee.  The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee.  Any
Paying Agent or Registrar may do the same with like rights.  However, the Trustee must comply with Sections 7.10
and 7.11.

 

Section 7.04         Trustee’s
Disclaimer.  The Trustee shall not be responsible for and makes no representation as to the validity or adequacy
of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall
not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the
Notes or in the Notes other than the Trustee’s certificate of authentication.  The Trustee shall not be charged
with knowledge of any Default or Event of Default under Sections 6.01(d), (e), (f), (g) or (h) or of the identity of any Significant
Subsidiary unless either (a) a Trust Officer shall have actual knowledge thereof or (b) the Trustee shall have received
written notice thereof in accordance with Section 13.02 hereof from the Issuer or any holder.  In accepting the
trust hereby created, the Trustee acts solely as Trustee for the holders of the Notes and not in its individual capacity and all
persons, including without limitation the holders of Notes and the Issuer having any claim against the Trustee arising from this
Indenture shall look only to the funds and accounts held by the Trustee hereunder for payment except as otherwise provided herein.

 

Section 7.05         Notice
of Defaults.  If a Default occurs and is continuing and if it is actually known to the Trustee, the Trustee shall
mail to each holder notice of the Default within the earlier of 90 days after it occurs or 30 days after it is actually known to
a Trust Officer or written notice of it is received by the Trustee.  Except in the case of a Default in the payment of
principal of, premium (if any) or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its
Trust Officers in good faith determines that withholding the notice is in the interests of the holders.  The Issuer is
required to deliver to the Trustee, annually, a certificate indicating whether the signers thereof know of any Default that occurred
during the previous year.  The Issuer also is required to deliver to the Trustee, within 30 days after the occurrence
thereof, written notice of any event which would constitute certain

 

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Defaults, their status and what action the Issuer is taking or proposes
to take in respect thereof.

 

Section 7.06         [Reserved].

 

Section 7.07         Compensation
and Indemnity.  The Issuer shall pay to the Trustee from time to time such compensation, as the Issuer and the Trustee
shall from time to time agree in writing, for the Trustee’s acceptance of this Indenture and its services hereunder.  The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Issuer
shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses Incurred or made by it, including costs of collection,
in addition to the compensation for its services.  Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Trustee’s agents, counsel, accountants and experts.  The Issuer shall indemnify
the Trustee against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees and expenses)
Incurred by or in connection with the acceptance or administration of this trust and the performance of its duties hereunder, including
the costs and expenses of enforcing this Indenture against the Issuer (including this Section 7.07) and defending itself against
or investigating any claim (whether asserted by the Issuer, any holder or any other Person).  The obligation to pay such
amounts shall survive the payment in full or defeasance of the Notes or the removal or resignation of the Trustee.  The
Trustee shall notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof;
provided, however, that any failure so to notify the Issuer shall not relieve the Issuer of its indemnity obligations
hereunder.  The Issuer shall defend the claim and the indemnified party shall provide reasonable cooperation at the Issuer’s
expense in the defense.  Such indemnified parties may have separate counsel and the Issuer shall pay the fees and expenses
of such counsel; provided, however, that the Issuer shall not be required to pay such fees and expenses if it assumes
such indemnified parties’ defense and, in such indemnified parties’ reasonable judgment, there is no conflict of interest
between the Issuer and such parties in connection with such defense.  The Issuer needs not reimburse any expense or indemnify
against any loss, liability or expense Incurred by an indemnified party through such party’s own willful misconduct, negligence
or bad faith.

 

To secure the Issuer’s payment obligations
in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee
other than money or property held in trust to pay principal of and interest on particular Notes.

 

The Issuer’s payment obligations pursuant
to this Section 7.07 shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture
under any bankruptcy law or the resignation or removal of the Trustee.  Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee Incurs expenses after the occurrence of a Default specified in Section 6.01(f)
or (g) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Law.

 

    	 	102	 

     

    

 

No provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise Incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers, if repayment of such funds or adequate indemnity against such risk or liability
is not assured to its satisfaction.

 

Section 7.08         Replacement
of Trustee.

 

(a)         The
Trustee may resign at any time by so notifying the Issuer.  The holders of a majority in principal amount of the Notes
may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee.  The Issuer shall remove the
Trustee if:

 

(i)          the
Trustee fails to comply with Section 7.10;

 

(ii)         the
Trustee is adjudged bankrupt or insolvent;

 

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

 

(iv)        the
Trustee otherwise becomes incapable of acting.

 

(b)        If
the Trustee resigns, is removed by the Issuer or by the holders of a majority in principal amount of the Notes and such holders
do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee
in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee.

 

(c)         A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer.  Thereupon
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture.  The successor Trustee shall mail a notice of its succession to
the holders.  The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee,
subject to the Lien provided for in Section 7.07.

 

(d)         If
a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee
or the holders of 10% in principal amount of the Notes may petition at the expense of the Issuer any court of competent jurisdiction
for the appointment of a successor Trustee.

 

(e)         If
the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in Section 310(b)
of the TIA, any holder who has been a bona fide holder of a Note for at least six months may petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor Trustee.

 

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(f)          Notwithstanding
the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.07 shall continue
for the benefit of the retiring Trustee.

 

Section 7.09         Successor
Trustee by Merger.  If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Trustee.

 

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

 

Section 7.10         Eligibility;
Disqualification.  The Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA.  The
Trustee shall have a combined capital and surplus of at least $100 million as set forth in its most recent published annual report
of condition.  The Trustee shall comply with Section 310(b) of the TIA, subject to its right to apply for a stay
of its duty to resign under the penultimate paragraph of Section 310(b) of the TIA; provided, however, that
there shall be excluded from the operation of Section 310(b)(1) of the TIA any series of securities issued under this Indenture
and any indenture or indentures under which other securities or certificates of interest or participation in other securities of
the Issuer are outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the TIA are met.

 

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

 

Article VIII

 

DISCHARGE OF INDENTURE; DEFEASANCE

 

Section 8.01         Discharge
of Liability on Notes; Defeasance.

 

(a)          This
Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights of registration of transfer
or exchange of Notes, as expressly provided for in this Indenture) as to all outstanding Notes when:

 

(i)          either
(A) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced
or paid and

 

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Notes for whose payment money has theretofore been deposited
in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have
been delivered to the Trustee for cancellation or (B) all of the Notes (1) have become due and payable, (2) will
become due and payable at their stated maturity within one year or (3) if redeemable at the option of the Issuer, are to be
called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by
the Trustee in the name, and at the expense, of the Issuer, and the Issuer has irrevocably deposited or caused to be deposited
with the Trustee funds in an amount sufficient, as determined by the Issuer, to pay and discharge the entire Indebtedness on the
Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to
the date of deposit together with irrevocable instructions from the Issuer directing the Trustee to apply such funds to the payment
thereof at maturity or redemption, as the case may be; provided that upon any
redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of the Indenture
to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice
of redemption, with any deficit as of the date of the redemption only required to be deposited with the Trustee on or prior to
the date of the redemption;

 

(ii)         the
Issuer has paid all other sums payable under this Indenture; and

 

(iii)        the
Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent
under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with.

 

(b)         Subject
to Sections 8.01(c) and 8.02, the Issuer at any time may terminate (i) all of its obligations under the Notes and this
Indenture (with respect to the holders of the Notes) (“legal defeasance option”) or (ii) its obligations
under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.11, 4.12 and 4.13 and the operation of clause (iv) of
Section 5.01(a) for the benefit of the holders of the Notes, and Sections 6.01(d), 6.01(e) and Section 6.01(f) (with
respect to Significant Subsidiaries of the Issuer only), 6.01(g) or 6.01(h) (“covenant defeasance option”).  The
Issuer may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option.  In
the event that the Issuer terminates all of its obligations under the Notes and this Indenture (with respect to such Notes) by
exercising its legal defeasance option or its covenant defeasance option, the obligations of each Subsidiary Guarantor with respect
to the Notes shall be terminated simultaneously with the termination of such obligations.

 

If the Issuer exercises its legal defeasance option,
payment of the Notes so defeased may not be accelerated because of an Event of Default.  If the Issuer exercises its
covenant defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default specified in
Sections 6.01(d), 6.01(e) and Sections 6.01(f)

 

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and (g) (with respect to Significant Subsidiaries of the Issuer
only) or Section 6.01(h), or because of the failure of the Issuer to comply with clause (iv) of Section 5.01(a).

 

Upon satisfaction of the conditions set forth
herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those obligations that the Issuer
terminates.

 

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

 

Section 8.02         Conditions
to Defeasance.

 

(a)         The
Issuer may exercise its legal defeasance option or its covenant defeasance option only if:

 

(i)          the
Issuer irrevocably deposits in trust with the Trustee cash in U.S. dollars, U.S. Government Obligations or a combination thereof
in an amount sufficient or U.S. Government Obligations, the principal of and the interest on which will be sufficient, or a combination
thereof sufficient, to pay the principal of and premium (if any) and interest on the Notes when due at maturity or redemption,
as the case may be, including interest thereon to maturity or such redemption date;

 

(ii)         the
Issuer delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion
that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus
any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay principal,
premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be;

 

(iii)        123
days pass after the deposit is made and during the 123-day period no Default specified in Section 6.01(f) or (g) with respect
to the Issuer occurs which is continuing at the end of the period;

 

(iv)        the
deposit does not constitute a default under any other agreement binding on the Issuer and is not prohibited by Article X;

 

(v)         in
the case of the legal defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that (1) the
Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the date of
this Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the holders will not recognize income, gain or loss for Federal income tax purposes
as a result of such deposit and defeasance and will be subject to Federal income tax on the same amounts, in

 

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the same manner and at the same times as would have been
the case if such deposit and defeasance had not occurred; provided that upon any redemption that requires the payment of
the Applicable Premium, the amount deposited shall be sufficient for purposes of the Indenture to the extent that an amount is
deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit
as of the date of the redemption only required to be deposited with the Trustee on or prior to the date of the redemption.  Notwithstanding
the foregoing, the Opinion of Counsel required by the immediately preceding sentence with respect to a legal defeasance need not
be delivered if all of the Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable
or (y) will become due and payable at their Stated Maturity within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer;

 

(vi)        impair
the right of any holder to receive payment of principal of, premium, if any, and interest on such holder’s Notes on or after
the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes;

 

(vii)       in
the case of the covenant defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect
that the holders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and defeasance
and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such deposit and defeasance had not occurred; and

 

(viii)      the
Issuer delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
to the defeasance and discharge of the Notes to be so defeased and discharged as contemplated by this Article VIII have been
complied with.

 

(b)        Before
or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of such Notes at a future date
in accordance with Article III.

 

Section 8.03         Application
of Trust Money.  The Trustee shall hold in trust money or U.S. Government Obligations (including proceeds thereof)
deposited with it pursuant to this Article VIII.  The Trustee shall apply the deposited money and the money from
U.S. Government Obligations through each Paying Agent and in accordance with this Indenture to the payment of principal of and
interest on the Notes so discharged or defeased.

 

Section 8.04         Repayment
to Issuer.  Each of the Trustee and each Paying Agent shall promptly turn over to the Issuer upon request any money
or U.S. Government Obligations held by it as provided in this Article VIII which, in the written opinion of nationally recognized
firm of independent public accountants delivered to the

 

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Trustee (which delivery shall only be required
if U.S. Government Obligations have been so deposited), are in excess of the amount thereof which would then be required to be
deposited to effect an equivalent discharge or defeasance in accordance with this Article VIII.

 

Subject to any applicable abandoned property
law, the Trustee and each Paying Agent shall pay to the Issuer upon written request any money held by them for the payment of principal
or interest that remains unclaimed for two years, and, thereafter, holders entitled to the money must look to the Issuer for payment
as general creditors, and the Trustee and each Paying Agent shall have no further liability with respect to such monies.

 

Section 8.05           Indemnity
for U.S. Government Obligations.   The Issuer shall pay and shall indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on
such U.S. Government Obligations.

 

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

 

Article IX

 

AMENDMENTS AND WAIVERS

 

Section 9.01           Without
Consent of the Holders.

 

(a)         The
Issuer and the Trustee may amend this Indenture or the Notes without notice to or consent of any holder:

 

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

 

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

 

(iii)        [Reserved];

 

(iv)        to
provide for uncertificated Notes in addition to or in place of certificated Notes; provided, however, that the uncertificated
Notes are issued in

 

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registered form for purposes of
Section 163(f) of the Code or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of
the Code;

 

(v)         to
conform the text of this Indenture or the Notes to any provision of the “Description of Notes” in the Offering Memorandum
to the extent that such provision in the “Description of Notes” was intended to be a verbatim recitation of a provision
of this Indenture or the Notes;

 

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

 

(vii)       [Reserved];

 

(viii)      [Reserved];

 

(ix)        to
add to the covenants of the Issuer for the benefit of the holders or to surrender any right or power herein conferred upon the
Issuer;

 

(x)         to
comply with any requirement of the SEC in connection with qualifying, or maintaining the qualification of, this Indenture under
the TIA;

 

(xi)        to
make any change that does not adversely affect the rights of any holder; or

 

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

 

Section 9.02           With
Consent of the Holders.

 

(a)         The
Issuer and the Trustee may amend this Indenture or the Notes, with the written consent of the holders of at least a majority in
principal amount of the Notes then outstanding voting as a single class (including consents obtained in connection with a tender
offer or exchange for the Notes). However, without the consent of each holder of an outstanding Note affected, an amendment may
not:

 

(1)         reduce
the amount of Notes whose holders must consent to an amendment,

 

(2)         reduce
the rate of or extend the time for payment of interest on any Note,

 

(3)         reduce
the principal of or change the Stated Maturity of any Note,

 

(4)         reduce
the premium payable upon the redemption of any Note or change the time at which any Note may be redeemed in accordance with Article III,

 

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

 

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

 

(7)         impair
the right of any holder to receive payment of principal of, premium, if any, and interest on such holder’s Notes on or after
the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes,
or

 

(8)         make
any change in the amendment provisions which require each holder’s consent or in the waiver provisions.

 

It shall not be necessary for the consent
of the holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient
if such consent approves the substance thereof.

 

After an amendment under this Section 9.02
becomes effective, the Issuer shall mail, or deliver electronically if held by the Depository, to the holders a notice briefly
describing such amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the
validity of an amendment under this Section 9.02.

 

Section 9.03           Compliance
with Trust Indenture Act.  From the date on which this Indenture is qualified under the TIA, if at all, every
amendment, waiver or supplement to this Indenture or the Notes shall comply with the TIA as then in effect, including,
without limitation, Section 316(b) of the TIA.

 

Section 9.04           Revocation
and Effect of Consents and Waivers.

 

(a)          A
consent to an amendment or a waiver by a holder of a Note shall bind the holder and every subsequent holder of that Note or portion
of the Note that evidences the same debt as the consenting holder’s Note, even if notation of the consent or waiver is not
made on the Note. However, any such holder or subsequent holder may revoke the consent or waiver as to such holder’s Note
or portion of the Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officer’s
Certificate from the Issuer certifying that the requisite principal amount of Notes have consented. After an amendment or waiver
becomes effective, it shall bind every holder. An amendment or waiver becomes effective upon the (i) receipt by the Issuer
or the Trustee of consents by the holders of the requisite principal amount of securities, (ii) satisfaction of conditions
to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) execution
of such amendment or waiver (or supplemental indenture) by the Issuer and the Trustee.

 

(b)          The
Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the holders entitled to give their
consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If

 

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a record date is fixed, then notwithstanding
the immediately preceding paragraph, those Persons who were holders at such record date (or their duly designated proxies), and
only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action,
whether or not such Persons continue to be holders after such record date. No such consent shall be valid or effective for more
than 120 days after such record date.

 

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

 

Section 9.06           Trustee
to Sign Amendments.  The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article IX
if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee
may but need not sign it. In signing such amendment, the Trustee shall be entitled to receive indemnity reasonably satisfactory
to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in relying upon, an Officer’s
Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture
and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer, enforceable against it
in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03).

 

Section 9.07           Additional
Voting Terms; Calculation of Principal Amount.  All Notes issued under this Indenture shall vote and consent together
on all matters (as to which any of such Notes may vote) as one class and no Notes will have the right to vote or consent as a separate
class on any matter. Determinations as to whether holders of the requisite aggregate principal amount of Notes have concurred in
any direction, waiver or consent shall be made in accordance with this Article IX and Section 2.14.

 

Article X

 

[RESERVED]

 

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Article XI

 

[RESERVED]

 

Article XII

 

[RESERVED]

 

Article XIII

 

MISCELLANEOUS

 

Section 13.01         [Reserved].

 

Section 13.02         Notices.

 

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

 

if to the Issuer:

 

NCL Corporation Ltd.

7665 Corporate Center Drive

Miami, Florida 33126-1201

Telephone: (305) 436-4000

Facsimile: (305) 436-4117

Attn: General Counsel

 

if to the Trustee:

 

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55107-1419

Telephone: (651) 466-6309

Facsimile: (651) 466-7430

Attn: Corporate Trust Services, Joshua Hahn

 

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

 

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

 

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

 

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

 

Section 13.04         Certificate
and Opinion as to Conditions Precedent.  Upon any request or application by the Issuer to the Trustee to take or
refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee at the request of the Trustee:

 

(a)          an
Officer’s Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(b)          an
Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions
precedent have been complied with.

 

Section 13.05         Statements
Required in Certificate or Opinion.  Each certificate or opinion with respect to compliance with a covenant or condition
provided for in this Indenture (other than pursuant to Section 4.09) shall include:

 

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

 

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

 

(c)          a
statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d)          a
statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with; provided,
however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates
of public officials.

 

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Section 13.06         When
Notes Disregarded.   In determining whether the holders of the required principal amount of Notes have concurred
in any direction, waiver or consent, Notes owned by the Issuer or by any Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Issuer shall be disregarded and deemed not to be outstanding, except that,
for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only
Notes which the Trustee knows are so owned shall be so disregarded. Subject to the foregoing, only Notes outstanding at the time
shall be considered in any such determination.

 

Section 13.07         Rules
by Trustee, Paying Agent and Registrar.  The Trustee may make reasonable rules for action by or a meeting of the
holders. The Registrar and a Paying Agent may make reasonable rules for their functions.

 

Section 13.08         Legal
Holidays.  If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business
Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business
Day for the intervening period. If a regular Record Date is not a Business Day, the Record Date shall not be affected.

 

Section 13.09         GOVERNING
LAW.  THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

Section 13.10         No
Recourse Against Others.  No director, officer, employee, manager, incorporator or holder of any Equity Interests
in the Issuer or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Issuer
under the Notes or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes.

 

Section 13.11         Successors.  All
agreements of the Issuer in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture
shall bind its successors.

 

Section 13.12         Multiple
Originals.  The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. One signed copy is enough to prove this Indenture.

 

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

 

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Section 13.14         Indenture
Controls.  If and to the extent that any provision of the Notes limits, qualifies or conflicts with a provision of
this Indenture, such provision of this Indenture shall control.

 

Section 13.15         Severability.  In
case any provision in this Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent
of such invalidity, illegality or unenforceability.

 

Section 13.16         [Reserved].

 

Section 13.17         Agent
for Service; Submission to Jurisdiction; Waiver of Immunity.

 

(a)          By
the execution and delivery of this Indenture, the Issuer (i) acknowledges that it will, by separate written instrument, designate
and appoint National Registered Agents, Inc. (and any successor entity) as its authorized agent upon which process may be served
in any suit or proceeding arising out of or relating to this Indenture that may be instituted in any Federal or state court in
the State of New York, New York County, or brought under Federal or state securities laws, and acknowledges that National
Registered Agents, Inc. will accept such designation, (ii) submits for itself and its property to the non-exclusive jurisdiction
of any such court in any such suit or proceeding, (iii) consents that any such proceeding may be brought in any such court
and waives trial by jury and any objection that it may now or hereafter have to the venue of any such proceeding in any such court
or that such proceeding was brought in any inconvenient court and agrees not to plead or claim the same, (iv) agrees that
service of process upon National Registered Agents, Inc. and written notice of said service to the Issuer in accordance with Section 13.02
shall be deemed in every respect effective service of process upon the Issuer in any such suit or proceeding and (v) agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction.

 

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

 

Section 13.18         WAIVER
OF JURY TRIAL.  EACH OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL 

 

    	 	115	 

    	 	 	 

    

 

RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Section 13.19         Security
Advice Waiver.  The Issuer acknowledges that regulations of the comptroller of the currency might grant the Issuer
the right to receive brokerage confirmations of the security transactions as they occur. The Issuer specifically waives such notification
to the extent permitted by law and will receive periodic cash transaction statements that will detail all investment transactions,
if any.

 

Section 13.20         U.S.A.
Patriot Act.  The parties hereto acknowledge that in accordance with Section 326 of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (U.S.A. PATRIOT Act) Act of 2001, as amended
(the “U.S.A. Patriot Act”), the Trustee, like all financial institutions and in order to help fight the funding
of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal
entity that establishes a relationship or opens an account with the Trustee. The parties hereto agree that they will provide the
Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

[Remainder of page intentionally left
blank.]

 

    	 	116	 

    	 	 	 

    

 

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

 

	 	NCL CORPORATION LTD.
	 	 	 
	 	By:	/s/ Wendy A. Beck
	 	 	Name:	Wendy A. Beck
	 	 	Title:	Executive Vice President and 

Chief Financial Officer

 

[Signature Page to Indenture]

 

    	 	 	 

    	 	 	 

    

 

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

 

[Signature Page to Indenture] 

 

    	 	 	 

    	 	 	 

    

 

APPENDIX A

 

PROVISIONS RELATING TO INITIAL NOTES AND
ADDITIONAL NOTES

 

1.           Definitions.

 

1.1         Definitions.

 

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

 

“Definitive Note” means
a certificated Note (bearing the Restricted Notes Legend if the transfer of such Note is restricted by applicable law) that does
not include the Global Notes Legend.

 

“Depository” means The
Depository Trust Company, its nominees and their respective successors.

 

“Global Notes Legend” means
the legend set forth under that caption in the applicable Exhibit to this Indenture.

 

“IAI” means an institutional
“accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

 

“Initial
Purchasers” means Barclays Capital Inc., Citigroup Global Market Inc., Deutsche Bank Securities Inc., Goldman,
Sachs & Co., J.P. Morgan Securities LLC, UBS Securities LLC and SG Americas Securities, LLC.

 

“Notes Custodian” means
the custodian with respect to a Global Note (as appointed by the Depository) or any successor person thereto, who shall initially
be the Trustee.

 

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A.

 

“Regulation S” means Regulation
S under the Securities Act.

 

“Regulation S Notes” means
all Initial Notes offered and sold outside the United States in reliance on Regulation S.

 

“Restricted Notes Legend”
means the legend set forth in Section 2.2(f)(i) herein.

 

“Restricted Period,” with
respect to any Notes, means the period of 40 consecutive days beginning on and including the later of (a) the day on which
such Notes are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance
on Regulation S, notice of which day shall be promptly given by the Issuer to the Trustee, and (b) the Issue Date, and with
respect to any Additional

 

    	 	Appendix A-1	 

    	 	 	 

    

  

Notes that are Transfer Restricted Notes,
it means the comparable period of 40 consecutive days.

 

“Rule 501” means Rule 501(a)(1),
(2), (3) or (7) under the Securities Act.

 

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

 

“Rule 144A Notes” means
all Initial Notes offered and sold to QIBs in reliance on Rule 144A.

 

“Transfer Restricted Definitive Notes”
means Definitive Notes that bear or are required to bear or are subject to the Restricted Notes Legend.

 

“Transfer Restricted Global Notes”
means Global Notes that bear or are required to bear or are subject to the Restricted Notes Legend.

 

“Unrestricted Definitive Notes”
means Definitive Notes that are not required to bear, or are not subject to, the Restricted Notes Legend.

 

“Unrestricted Global Notes”
means Global Notes that are not required to bear, or are not subject to, the Restricted Notes Legend.

 

1.2         Other
Definitions.

 

	Term:	Defined in Section:
	Agent Members	2.1(b)
	Global Notes	2.1(b)
	Regulation S Global Notes	2.1(b)
	Rule 144A Global Notes	2.1(b)

 

2.           The
Notes.

 

2.1         Form
and Dating; Global Notes.

 

(a)         The
Initial Notes issued on the date hereof will be (i) privately placed by the Issuer pursuant to the Offering Memorandum and
(ii) sold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined
in Regulation S) in reliance on Regulation S. Such Initial Notes may thereafter be transferred to, among others, QIBs, purchasers
in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501 or as otherwise permitted by the Issuer
in connection with a transfer exempt from registration under the Securities Act. Additional Notes offered after the date hereof
may be offered and sold by the Issuer from time to time pursuant to one or more agreements in accordance with applicable law.

 

(b)         Global
Notes.  (i)        Except as provided in clause (d) below, Rule 144A
Notes initially shall be represented by one or more Notes in definitive, fully registered, global form without interest coupons
(collectively, the “Rule 144A Global Notes”).

 

    	 	Appendix A-2	 

    	 	 	 

    

  

Regulation S Notes initially shall be represented
by one or more Notes in fully registered, global form without interest coupons (collectively, the “Regulation S Global
Notes”), which shall be registered in the name of the Depository or the nominee of the Depository for the accounts of
designated agents holding on behalf of Euroclear or Clearstream.

 

The term “Global Notes”
means the Rule 144A Global Notes and the Regulation S Global Notes. The Global Notes shall bear the Global Note Legend. The Global
Notes initially shall (i) be registered in the name of the Depository or the nominee of such Depository, in each case for
credit to an account of an Agent Member, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear
the Restricted Notes Legend.

 

Members of, or direct or indirect participants
in, the Depository (collectively, the “Agent Members”) shall have no rights under this Indenture with respect
to any Global Note held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Notes. The Depository
may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of the Global Notes
for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of
the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository,
or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the
rights of a holder of any Note.

 

(ii)          Transfers
of Global Notes shall be limited to transfer in whole, but not in part, to the Depository, its successors or their respective nominees.
Interests of beneficial owners in the Global Notes may be transferred or exchanged for Definitive Notes only in accordance with
the applicable rules and procedures of the Depository and the provisions of Section 2.2. In addition, a Global Note shall
be exchangeable for Definitive Notes if (x) the Depository (1) notifies the Issuer that it is unwilling or unable to
continue as depository for such Global Note and the Issuer thereupon fails to appoint a successor depository or (2) has ceased
to be a clearing agency registered under the Exchange Act or (y) there shall have occurred and be continuing an Event of Default
with respect to such Global Note; provided that in no event shall the Regulation S Global Note be exchanged by the Issuer
for Definitive Notes prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any
certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. In all cases, Definitive Notes delivered in exchange
for any Global Note or beneficial interests therein shall be registered in the names, and issued in any approved denominations,
requested by or on behalf of the Depository in accordance with its customary procedures.

 

(iii)         In
connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to subsection (i) of this Section 2.1(b),
such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall execute, and the Trustee
shall authenticate and make available for

 

    	 	Appendix A-3	 

    	 	 	 

    

  

delivery, to each beneficial owner
identified by the Depository in writing in exchange for its beneficial interest in such Global Note, an equal aggregate principal
amount of Definitive Notes of authorized denominations.

 

(iv)         Any
Transfer Restricted Note delivered in exchange for an interest in a Global Note pursuant to Section 2.2 shall, except as otherwise
provided in Section 2.2, bear the Restricted Notes Legend.

 

(v)          Notwithstanding
the foregoing, through the Restricted Period, a beneficial interest in a Regulation S Global Note may be held only through Euroclear
or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2.

 

(vi)         The
holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold
interests through Agent Members, to take any action which a holder is entitled to take under this Indenture or the Notes.

 

2.2         Transfer
and Exchange.

 

(a)         Transfer
and Exchange of Global Notes. A Global Note may not be transferred as a whole except as set forth in Section 2.1(b). Global
Notes will not be exchanged by the Issuer for Definitive Notes except under the circumstances described in Section 2.1(b)(ii).
Global Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.08 of this Indenture. Beneficial
interests in a Global Note may be transferred and exchanged as provided in Section 2.2(b).

 

(b)         Transfer
and Exchange of Beneficial Interests in Global Notes. The transfer and exchange of beneficial interests in the Global Notes
shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules and procedures
of the Depository. Beneficial interests in Transfer Restricted Global Notes shall be subject to restrictions on transfer comparable
to those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Notes shall be transferred
or exchanged only for beneficial interests in Global Notes. Transfers and exchanges of beneficial interests in the Global Notes
also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the
other following subparagraphs, as applicable:

 

(i)          Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Transfer Restricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Transfer Restricted Global Note in accordance
with the transfer restrictions set forth in the Restricted Notes Legend; provided, however, that prior to the expiration
of the Restricted Period, transfers of beneficial interests in a Regulation S Global Note may not be made to a U.S. Person or for
the account or benefit of a U.S. Person. A beneficial interest in an Unrestricted Global Note may be transferred to Persons who
take delivery thereof in the form of a beneficial

 

    	 	Appendix A-4	 

    	 	 	 

    

  

interest in an Unrestricted Global
Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in
this Section 2.2(b)(i).

 

(ii)         All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests in any Global Note that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest must deliver
to the Registrar (1) a written order from an Agent Member given to the Depository in accordance with the applicable rules
and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another Global
Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance
with the applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited
with such increase. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes
contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal
amount of the relevant Global Note pursuant to Section 2.2(i).

 

(iii)        Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial interest in a Transfer Restricted Global Note may be
transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Global Note
if the transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following:

 

(A)         if
the transferee will take delivery in the form of a beneficial interest in a Rule 144A Global Note, then the transferor must deliver
a certificate in the form attached to the applicable Note; and

 

(B)         if
the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the transferor must
deliver a certificate in the form attached to the applicable Note.

 

(iv)        Transfer
and Exchange of Beneficial Interests in a Transfer Restricted Global Note for Beneficial Interests in an Unrestricted Global Note.
A beneficial interest in a Transfer Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in
an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar
receives the following:

 

(A)         if
the holder of such beneficial interest in a Transfer Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note;
or

 

    	 	Appendix A-5	 

    	 	 	 

    

  

(B)         if
the holder of such beneficial interest in a Transfer Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from
such holder in the form attached to the applicable Note,

 

and, in each such case, if the Issuer or the Registrar
so requests or if the applicable rules and procedures of the Depository so require, an Opinion of Counsel in form reasonably acceptable
to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the
Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph (iv) at a time when an Unrestricted
Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an written order of the Issuer in the form of
an Officer’s Certificate in accordance with Section 2.01, the Trustee shall authenticate one or more Unrestricted Global
Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred or exchanged
pursuant to this subparagraph (iv).

 

(v)         Transfer
and Exchange of Beneficial Interests in an Unrestricted Global Note for Beneficial Interests in a Transfer Restricted Global Note.
Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof
in the form of, a beneficial interest in a Transfer Restricted Global Note.

 

(c)         Transfer
and Exchange of Beneficial Interests in Global Notes for Definitive Notes. A beneficial interest in a Global Note may not be
exchanged for a Definitive Note except under the circumstances described in Section 2.1(b)(ii). A beneficial interest in a
Global Note may not be transferred to a Person who takes delivery thereof in the form of a Definitive Note except under the circumstances
described in Section 2.1(b)(ii). In any case, beneficial interests in Global Notes shall be transferred or exchanged only
for Definitive Notes.

 

(d)         Transfer
and Exchange of Definitive Notes for Beneficial Interests in Global Notes. Transfers and exchanges of Definitive Notes for
beneficial interests in the Global Notes also shall require compliance with either subparagraph (i), (ii) or (iii) below,
as applicable:

 

(i)          Transfer
Restricted Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes. If any holder of a Transfer Restricted
Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial interest in a Transfer Restricted
Global Note or to transfer such Transfer Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial
interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation:

 

    	 	Appendix A-6	 

    	 	 	 

    

 

 

(A)         if
the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Note for a beneficial interest
in a Transfer Restricted Global Note, a certificate from such holder in the form attached to the applicable Note;

 

(B)         if
such Transfer Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a
certificate from such holder in the form attached to the applicable Note;

 

(C)         if
such Transfer Restricted Definitive Note is being transferred to a Non U.S. Person in an offshore transaction in accordance with
Rule 903 or Rule 904 under the Securities Act, a certificate from such holder in the form attached to the applicable Note;

 

(D)         if
such Transfer Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such holder in the form attached to the
applicable Note;

 

(E)         if
such Transfer Restricted Definitive Note is being transferred to an IAI in reliance on an exemption from the registration requirements
of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such holder
in the form attached to the applicable Note, including the certifications, certificates and Opinion of Counsel, if applicable;
or

 

(F)         if
such Transfer Restricted Definitive Note is being transferred to the Issuer or a Subsidiary thereof, a certificate from such holder
in the form attached to the applicable Note;

 

the Trustee shall cancel the Transfer Restricted Definitive
Note, and increase or cause to be increased the aggregate principal amount of the appropriate Transfer Restricted Global Note.

 

(ii)         Transfer
Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A holder of a Transfer Restricted Definitive
Note may exchange such Transfer Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer
such Transfer Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note only if the Registrar receives the following:

 

(A)         if
the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or

 

    	 	Appendix A-7	 

    	 	 	 

    

  

(B)         if
the holder of such Transfer Restricted Definitive Notes proposes to transfer such Transfer Restricted Definitive Note to a Person
who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder
in the form attached to the applicable Note,

 

and, in each such case, if the Issuer or the Registrar
so requests or if the applicable rules and procedures of the Depository so require, an Opinion of Counsel in form reasonably acceptable
to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the
Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel the Transfer Restricted
Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. If any such
transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Note has not yet
been issued, the Issuer shall issue and, upon receipt of an written order of the Issuer in the form of an Officer’s Certificate,
the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal
amount of Transfer Restricted Notes transferred or exchanged pursuant to this subparagraph (ii).

 

(iii)        Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A holder of an Unrestricted Definitive Note may exchange
such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive
Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon
receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and
increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. If any such transfer
or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global Note has not yet been issued,
the Issuer shall issue and, upon receipt of an written order of the Issuer in the form of an Officer’s Certificate, the Trustee
shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount
of Unrestricted Definitive Notes transferred or exchanged pursuant to this subparagraph (iii).

 

(iv)        Unrestricted
Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes. An Unrestricted Definitive Note cannot be exchanged
for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global
Note.

 

(e)          Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a holder of Definitive Notes and such holder’s
compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive
Notes. Prior to such registration of transfer or exchange, the requesting holder

 

    	 	Appendix A-8	 

    	 	 	 

    

  

shall present or surrender to the Registrar
the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly
executed by such holder or by its attorney, duly authorized in writing. In addition, the requesting holder shall provide any additional
certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.2(e).

 

(i)          Transfer
Restricted Definitive Notes to Transfer Restricted Definitive Notes. A Transfer Restricted Note may be transferred to and registered
in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Definitive Note if the Registrar receives
the following:

 

(A)         if
the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in the
form attached to the applicable Note;

 

(B)         if
the transfer will be made pursuant to Rule 903 or Rule 904 under the Securities Act, then the transferor must deliver a certificate
in the form attached to the applicable Note;

 

(C)         if
the transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with
Rule 144 under the Securities Act, a certificate in the form attached to the applicable Note;

 

(D)         if
the transfer will be made to an IAI in reliance on an exemption from the registration requirements of the Securities Act other
than those listed in subparagraphs (A) through (D) above, a certificate in the form attached to the applicable Note;
and

 

(E)         if
such transfer will be made to the Issuer or a Subsidiary thereof, a certificate in the form attached to the applicable Note.

 

(ii)         Transfer
Restricted Definitive Notes to Unrestricted Definitive Notes. Any Transfer Restricted Definitive Note may be exchanged by the
holder thereof for an Unrestricted Definitive Note or transferred to a Person who takes delivery thereof in the form of an Unrestricted
Definitive Note if the Registrar receives the following:

 

(A)         if
the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for an Unrestricted
Definitive Note, a certificate from such holder in the form attached to the applicable Note; or

 

(B)         if
the holder of such Transfer Restricted Definitive Note proposes to transfer such Notes to a Person who shall take delivery thereof
in the form of an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable Note,

 

    	 	Appendix A-9	 

    	 	 	 

    

  

and, in each such case, if the Issuer or the Registrar
so requests, an Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange
or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted
Notes Legend are no longer required in order to maintain compliance with the Securities Act.

 

(iii)        Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A holder of an Unrestricted Definitive Note may transfer such Unrestricted
Definitive Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note at any time. Upon receipt
of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions
from the holder thereof.

 

(iv)        Unrestricted
Definitive Notes to Transfer Restricted Definitive Notes. An Unrestricted Definitive Note cannot be exchanged for, or transferred
to a Person who takes delivery thereof in the form of, a Transfer Restricted Definitive Note.

 

At such time as all beneficial interests in
a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or
canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance
with Section 2.12. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or
transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive
Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made
on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial
interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest
in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note
by the Trustee or by the Depository at the direction of the Trustee to reflect such increase.

 

(f)          Legend.

 

(i)          Except
as permitted by the following paragraph (iii), (iv) or (v), each Note certificate evidencing the Global Notes and any Definitive
Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following
form (each defined term in the legend being defined as such for purposes of the legend only) (the “Restricted Notes Legend”):

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE FOLLOWING

 

    	 	Appendix A-10	 

    	 	 	 

    

  

SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE HOLDER:

 

(1)         REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE “SECURITIES ACT”) (A
“QIB”) OR (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS SECURITY FOR THE ACCOUNT OR FOR THE BENEFIT OF A U.S.
PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT,

 

(2)         AGREES
THAT IT WILL NOT WITHIN ONE YEAR AFTER THE LATER OF (X) ORIGINAL ISSUANCE OF THIS SECURITY AND (Y) THE LAST DATE ON WHICH THE ISSUER
OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) RESELL OR OTHERWISE TRANSFER
THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB
IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT
(IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (PROVIDED THAT PRIOR TO SUCH
TRANSFER, THE TRUSTEE IS FURNISHED WITH AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH
THE SECURITIES ACT) OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS, AND

 

(3)         AGREES
THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN IS TRANSFERRED (OTHER THAN A TRANSFER PURSUANT
TO CLAUSE (2)(D) OR (2)(E) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY OR
ANY INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE
HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. AS USED HEREIN THE TERMS “OFFSHORE

 

    	 	Appendix A-11	 

    	 	 	 

    

  

TRANSACTION,” “UNITED STATES” AND
“U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT.

 

Each Definitive Note shall bear the following additional legends:

 

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

 

(ii)         Upon
any sale or transfer of a Transfer Restricted Definitive Note, the Registrar shall permit the holder thereof to exchange such Transfer
Restricted Note for a Definitive Note that does not bear the legends set forth above and rescind any restriction on the transfer
of such Transfer Restricted Definitive Note if the holder certifies in writing to the Registrar that its request for such exchange
was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Note).

 

(iii)        Upon
a sale or transfer after the expiration of the Restricted Period of any Initial Note acquired pursuant to Regulation S, all requirements
that such Initial Note bear the Restricted Notes Legend shall cease to apply and the requirements requiring any such Initial Note
be issued in global form shall continue to apply.

 

(iv)        Any
Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend.

 

(g)         Cancellation
or Adjustment of Global Note. At such time as all beneficial interests in a particular Global Note have been exchanged for
Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global
Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11 of this Indenture. At any
time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will
take delivery thereof in the form of a beneficial interest in another Global Note, the principal amount of Notes represented by
such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository
at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note
shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the
direction of the Trustee to reflect such increase.

 

(h)         Obligations
with Respect to Transfers and Exchanges of Notes.

 

    	 	Appendix A-12	 

    	 	 	 

    

  

(i)          To
permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate, Definitive Notes
and Global Notes at the Registrar’s request.

 

(ii)         No
service charge shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient
to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer
taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 3.06, 4.06, 4.08 and 9.05 of
this Indenture).

 

(iii)        Prior
to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, a Paying Agent or the Registrar may
deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment
of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none
of the Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.

 

(iv)        All
Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled
to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange.

 

(i)          No
Obligation of the Trustee.

 

(i)          The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the
Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant
or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member,
beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or
the payment of any amount, under or with respect to such Notes. All notices and communications to be given to the holders and all
payments to be made to the holders under the Notes shall be given or made only to the registered holders (which shall be the Depository
or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through
the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected
in relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners.

 

(ii)         The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Depository participants, members or beneficial owners in any Global Note) other than to require delivery

 

    	 	Appendix A-13	 

    	 	 	 

    

  

of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof.

 

    	 	Appendix A-14	 

    	 	 	 

    

 

EXHIBIT A

[FORM OF FACE OF NOTE]

 

[Global Notes Legend]

 

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

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[Restricted Notes Legend]

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN
THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER:

 

(1)         REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE “SECURITIES ACT”)
(A “QIB”) OR (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS SECURITY FOR THE ACCOUNT OR FOR THE BENEFIT OF
A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT,

 

(2)         AGREES
THAT IT WILL NOT WITHIN ONE YEAR AFTER THE LATER OF (X) ORIGINAL ISSUANCE OF THIS SECURITY AND (Y) THE LAST DATE ON WHICH THE ISSUER
OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH

 

    	 	Ex. A-1	 

    	 	 	 

    

  

SECURITY) RESELL OR OTHERWISE TRANSFER THIS
SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A
QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE
WITH RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (PROVIDED THAT PRIOR
TO SUCH TRANSFER, THE TRUSTEE IS FURNISHED WITH AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE
WITH THE SECURITIES ACT) OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE,
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AND

 

(3)         AGREES
THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN IS TRANSFERRED (OTHER THAN A TRANSFER PURSUANT
TO CLAUSE (2)(D) OR (2)(E) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY
OR ANY INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE
HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. AS USED HEREIN THE TERMS “OFFSHORE
TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY RULE 902 OF REGULATION
S UNDER THE SECURITIES ACT.

 

Each Definitive Note shall bear the following additional legends:

 

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

 

    	 	Ex. A-2	 

    	 	 	 

    

  

[FORM OF NOTE]

 

	No. [     ]	144A CUSIP No. [                    ]
	 	144A ISIN No. [                    ]
	 	REG S CUSIP No. [                    ]
	 	REG S ISIN No. [                    ]
	 	$[     ]

 

4.625% Senior Notes due 2020

 

NCL CORPORATION LTD., a company organized
under the laws of Bermuda, promises to pay to Cede & Co., or registered assigns, the principal sum set forth on the Schedule of
Increases or Decreases in Global Note attached hereto on November 15, 2020.

 

Interest Payment Dates: May 15 and November 15,
commencing [           ]1

 

Record Dates: May 1 and November 1

 

Additional provisions of this Note are set
forth on the other side of this Note.

  

 

		1	To be May 15, 2016 for Notes issued on November 10, 2015.

 

    	 	Ex. A-3	 

    	 	 	 

    

  

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

 

	 	NCL CORPORATION LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:

 

    	 	Ex. A-4	 

    	 	 	 

    

  

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

 

U.S. BANK NATIONAL ASSOCIATION

as Trustee, certifies that this is

one of the Notes

referred to in the Indenture.

 

	By:	 	 
	 	Authorized Signatory	 

 

	Dated:		 

 

	 	 	 

 

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

 

    	 	Ex. A-5	 

    	 	 	 

    

  

[FORM OF REVERSE SIDE NOTE]

 

4.625% Senior Notes due 2020

 

1.           Interest

 

NCL CORPORATION LTD, a company organized under
the laws of Bermuda (and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuer”),
promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Issuer shall pay interest
semiannually on May 15 and November 15 of each year (each an “Interest Payment Date”), commencing
[           ]2.
Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest
has been paid or duly provided for, from November 10, 2015, until the principal hereof is due. Interest shall be computed
on the basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the rate borne by
the Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.

 

2.           Method
of Payment

 

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

 

3.           Paying
Agent and Registrar

 

Initially, U.S. Bank National Association
(the “Trustee”), will act as Paying Agent and Registrar. The Issuer may appoint and change any Paying Agent
or

 

 

		2	To be May 15, 2016 for Notes issued on November 10, 2015.

 

    	 	Ex. A-6	 

    	 	 	 

    

 

Registrar without notice. The Issuer or any
of its domestically incorporated Subsidiaries may act as Paying Agent or Registrar.

 

4.           Indenture

 

The Issuer issued the Notes under an Indenture
dated as of November 10, 2015 (the “Indenture”), between the Issuer and the Trustee. The terms of the Notes
include those stated in the Indenture. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto
in the Indenture. The Notes are subject to all terms and provisions of the Indenture, and the holders (as defined in the Indenture)
are referred to the Indenture for a statement of such terms and provisions.

 

The Notes are senior unsecured obligations
of the Issuer. This Note is one of the Initial Notes referred to in the Indenture. The Notes include the Initial Notes and any
Additional Notes. The Initial Notes and any Additional Notes are treated as a single class of securities under the Indenture. The
Indenture imposes certain limitations on the ability of the Issuer and its Restricted Subsidiaries to, among other things, make
certain Investments and other Restricted Payments, pay dividends and other distributions, Incur Indebtedness, enter into consensual
restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital
stock of the Issuer and such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or Incur
Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Issuer to consolidate or merge with or
into any other Person or convey, transfer or lease all or substantially all of its property.

 

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

 

5.           Additional
Amounts

 

All payments made by the Issuer under or with
respect to the Notes will be made free and clear of and without withholding or deduction for, or on account of, any present or
future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related
thereto) (collectively, “Taxes”) unless the withholding or deduction of such Taxes is then required by law.
If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of (1) any jurisdiction
in which the Issuer is then incorporated, or resident or doing business for tax purposes or any department or political subdivision
thereof or therein or (2) any jurisdiction from or through which payment is made or any department or political subdivision
thereof or therein (each, a “Tax Jurisdiction”), will at any time be required to be made from any payments made
by the Issuer under or with respect to the Notes including payments of principal, redemption price, purchase price, interest or

 

    	 	Ex. A-7	 

    	 	 	 

    

  

premium, the Issuer will pay such additional
amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of
such payments by each holder after such withholding or deduction (including any such deduction or withholding from such Additional
Amounts) will equal the respective amounts which would have been received in respect of such payments in the absence of such withholding
or deduction; provided, however, that no Additional Amounts will be payable with respect to: (1) any Taxes,
to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the holder
or the beneficial owner of the Notes and the relevant Tax Jurisdiction (other than solely from the mere acquisition, ownership,
holding or disposition of such Note, the enforcement of rights under such Note and/or the receipt of any payments in respect of
such Note); (2) any Taxes, to the extent such Taxes would not have been imposed but for the failure of the holder or the beneficial
owner of the Notes, following the Issuer’s written request to the holder, at least 30 days before any such withholding or
deduction would be payable, to comply with any certification, identification, information or other reporting requirements, whether
required by statute, treaty, regulation or administrative practice of a Tax Jurisdiction, as a precondition to exemption from,
or reduction in the rate of deduction or withholding of, Taxes imposed by the Tax Jurisdiction (including, without limitation,
a certification that the holder or beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent
the holder or the beneficial owner is legally entitled to provide such certification or documentation; (3) any Taxes, to the
extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more than
30 days after the relevant payment is first made available for payment to the holder (except to the extent that the holder would
have been entitled to Additional Amounts had the note been presented on the last day of such 30 day period); (4) any estate, inheritance,
gift, sales, transfer, personal property or similar tax or assessment; (5) any Taxes payable otherwise than by deduction or withholding
from payments made under or with respect to any Note; or (6) any combination of the above items.

 

In addition to the foregoing, the Issuer will
also pay and indemnify the holder for any present or future stamp, issue, registration, transfer, court or documentary taxes, or
any other excise or property taxes, charges or similar levies (including penalties, interest and other liabilities related thereto)
which are levied by any jurisdiction on the execution, delivery, issuance, or registration of any of the Notes, the Indenture,
or any other document or instrument referred to therein, or the receipt of any payments with respect to, or enforcement of, the
Notes (such sum being recoverable from the Issuer as a liquidated sum payable as a debt).

 

If the Issuer becomes aware that it will be
obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes, the Issuer will deliver to
the Trustee on a date which is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts
arises after the 30th day prior to that payment date, in which case the Issuer shall notify the Trustee promptly thereafter) notice
stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The notice must also set forth
any other information reasonably necessary to enable the Paying Agents to pay Additional Amounts to holders on the relevant payment

 

    	 	Ex. A-8	 

    	 	 	 

    

  

date. The Issuer will provide the Trustee
with documentation evidencing the payment of Additional Amounts.

 

The Issuer will make all withholdings and
deductions (within the time period and in the minimum amount) required by law and will remit the full amount deducted or withheld
to the relevant Tax authority in accordance with applicable law. The Issuer will use its reasonable efforts to obtain Tax receipts
from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Issuer will furnish to the Trustee (or
to a holder upon request), within a reasonable time after the date the payment of any Taxes so deducted or withheld is made, certified
copies of Tax receipts evidencing payment by the Issuer, or if, notwithstanding such entity’s efforts to obtain receipts,
receipts are not obtained, other evidence of payments (reasonably satisfactory to Trustee) by such entity.

 

Whenever in the Indenture there is mentioned,
in any context, the payment of amounts based upon the principal amount of the Notes or of principal, interest or of any other amount
payable under, or with respect to, any of the Notes, such mention shall be deemed to include the payment of Additional Amounts,
if applicable.

 

The above obligations will survive any termination,
defeasance or discharge of the Indenture and will apply, mutatis mutandis, to any jurisdiction in which any successor Person
to the Issuer is incorporated, or resident or doing business for tax purposes or any jurisdiction from or through which such Person
makes any payment on the Notes and any department or political subdivision thereof or therein.

 

6.           Optional
Redemption

 

On or after November 15, 2017, the Issuer
may redeem the Notes at its option, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’
prior notice mailed by first-class mail to each holder’s registered address, or delivered electronically if held by the Depository,
at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest to,
but excluding, the redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due
on the relevant Interest Payment Date), if redeemed during the 12-month period commencing on November 15 of the years set
forth below:

 

	Period	 	Redemption Price	 
	2017	 	 	102.313	%
	2018	 	 	101.156	%
	2019 and thereafter	 	 	100.000	%

 

In addition, prior to November 15, 2017,
the Issuer may redeem the Notes at its option, in whole at any time or in part from time to time, upon not less than 30 nor more
than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, or delivered electronically
if held by the Depository, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable
Premium as of, and accrued and unpaid interest to, but excluding, the applicable redemption date

 

    	 	Ex. A-9	 

    	 	 	 

    

  

(subject to the right of holders of record
on the relevant record date to receive interest due on the relevant Interest Payment Date).

 

Notwithstanding the foregoing, at any time
and from time to time on or prior to November 15, 2017, the Issuer may also redeem in the aggregate up to 40% of the aggregate
principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) in an aggregate amount equal
to the net cash proceeds of one or more Equity Offerings (1) by the Issuer or (2) by any direct or indirect parent of
the Issuer to the extent the net cash proceeds thereof are contributed to the common equity capital of the Issuer or used to purchase
Capital Stock (other than Disqualified Stock) of the Issuer from it, at a redemption price (expressed as a percentage of principal
amount thereof) of 104.625%, plus accrued and unpaid interest to, but excluding, the redemption date (subject to the right
of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date); provided,
however, that at least 60% of the aggregate principal amount of the Notes (calculated after giving effect to any issuance
of Additional Notes) must remain outstanding after each such redemption; provided, further, that such redemption
shall occur within 180 days after the date on which any such Equity Offering is consummated upon not less than 30 nor more than
60 days’ notice mailed, or delivered electronically if held by the Depository, to each holder of Notes being redeemed and
otherwise in accordance with the procedures set forth in the Indenture.

 

Notice of any redemption may be given prior
to the completion of any corporate transaction (including any Equity Offering, incurrence of Indebtedness, Change of Control or
other corporate transaction), and any such redemption or notice may, at the Issuer’s discretion, be subject to one or more
conditions precedent, including, but not limited to, completion of the related corporate transaction. If such redemption or purchase
is so subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition and, if applicable,
shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions
shall be satisfied, or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all
such conditions shall not have been satisfied by the redemption date, or by the redemption date as so delayed. In addition, the
Issuer may provide in such notice that payment of the redemption price and performance of the Issuer’s obligations with respect
to such redemption may be performed by another Person.

 

7.           Mandatory
Redemption

 

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

 

8.           Notice
of Redemption

 

Notice of redemption will be mailed by first-class
mail, or delivered electronically if held by the Depository, at least 30 days but not more than 60 days before the redemption date
to each holder of Notes to be redeemed at his, her or its registered

 

    	 	Ex. A-10	 

    	 	 	 

    

  

address. Notes in denominations larger than
$2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued
and unpaid interest on all Notes (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent on
or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases to accrue on
such Notes (or such portions thereof) called for redemption.

 

9.           Redemption
for Changes in Taxes

 

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

 

The Issuer will not give any such notice of
redemption earlier than 90 days prior to the earliest date on which the Issuer would be obligated to make such payment or withholding
if a payment in respect of the Notes were then due, and, at the time such notice is given, the obligation to pay Additional Amounts
must remain in effect.

 

Prior to the publication or, where relevant,
mailing of any notice of redemption of the Notes pursuant to the foregoing, the Issuer will deliver to the Trustee (i) an
opinion of independent tax counsel, the choice of such counsel to be subject to the prior written approval of the Trustee (such
approval not to be unreasonably withheld) to the effect that there has been such change or amendment which would entitle the Issuer
to redeem the Notes hereunder and (ii) a certificate signed by an officer of the Issuer stating that the Issuer cannot avoid
any obligation to pay Additional Amounts by taking reasonable measures available to it.

 

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

 

Upon the occurrence of a Change of Control,
each holder shall have the right, subject to certain conditions specified in the Indenture, to cause the Issuer to repurchase all
or any part of such holder’s Notes at a purchase price in cash equal to

 

    	 	Ex. A-11	 

    	 	 	 

    

  

101% of the principal amount thereof, plus
accrued and unpaid interest, if any, to, but excluding, the date of repurchase (subject to the right of the holders of record on
the relevant Record Date to receive interest due on the relevant Interest Payment Date), as provided in, and subject to the terms
of, the Indenture.

 

In accordance with Section 4.06 of the
Indenture, the Issuer will be required to offer to purchase Notes upon the occurrence of certain events.

 

11.         Ranking

 

These Notes and any Subsidiary Guarantee by
a Subsidiary Guarantor, if any, will be senior unsecured obligations of the Issuer or such Subsidiary Guarantors.

 

12.         Denominations;
Transfer; Exchange

 

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

 

13.         Persons
Deemed Owners

 

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

 

14.         Unclaimed
Money

 

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

 

15.         Discharge
and Defeasance

 

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

 

    	 	Ex. A-12	 

    	 	 	 

    

  

16.         Amendment;
Waiver

 

Subject to certain exceptions set forth in
the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the holders of at least a majority
in aggregate principal amount of the outstanding Notes and (ii) any past default or compliance with any provisions may be
waived with the written consent of the holders of at least a majority in principal amount of the outstanding Notes. Subject to
certain exceptions set forth in the Indenture, without the consent of any holder, the Issuer and the Trustee may amend the Indenture
or the Notes (i) to cure any ambiguity, omission, mistake, defect or inconsistency; (ii) to provide for the assumption
by a Successor Issuer of the obligations of the Issuer under the Indenture and the Notes; (iii) [Reserved]; (iv) to provide
for uncertificated Notes in addition to or in place of certificated Notes; provided, however, that the uncertificated
Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated
Notes are described in Section 163(f)(2)(B) of the Code; (v) to conform the text of the Indenture or the Notes to any
provision of the “Description of Notes” in the Offering Memorandum to the extent that such provision in the
“Description of Notes” was intended to be a verbatim recitation of a provision of the Indenture or the Notes;
(vi) to add a Subsidiary Guarantor with respect to the Notes or to add collateral to secure the Notes; (vii) [Reserved];
(viii) [Reserved]; (ix) to add to the covenants of the Issuer for the benefit of the holders or to surrender any right or
power conferred upon the Issuer by the Indenture; (x) to comply with any requirement of the SEC in connection with qualifying
or maintaining the qualification of, the Indenture under the TIA; (xi) to make any change that does not adversely affect the
rights of any holder; or (xii) to provide for the issuance of Additional Notes, which shall have terms substantially identical
in all material respects to the Initial Notes, and which shall be treated, together with any outstanding Initial Notes, as a single
issue of securities.

 

17.         Defaults
and Remedies

 

If an Event of Default (other than an Event
of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer) occurs and is continuing, the
Trustee by notice to the Issuer, or the holders of at least 25% in principal amount of the outstanding Notes, in each case, by
notice to the Issuer, with a copy to the Trustee, may declare the principal of, premium, if any, and accrued but unpaid interest
on all the Notes to be due and payable. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization
of the Issuer occurs, the principal of, premium, if any, and interest on all the Notes shall become immediately due and payable
without any declaration or other act on the part of the Trustee or any holders. Under certain circumstances, the holders of a majority
in principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences.

 

If an Event of Default occurs and is continuing,
the Trustee shall be under no obligation to exercise any of the rights or powers under the Indenture at the request or direction
of any of the holders unless such holders have offered to the Trustee reasonable indemnity or security satisfactory to the Trustee
against any loss, liability or expense and certain other conditions are complied with. Except to enforce the right to receive

 

    	 	Ex. A-13	 

    	 	 	 

    

  

payment of principal, premium (if any) or
interest when due, no holder may pursue any remedy with respect to the Indenture or the Notes unless (i) such holder has previously
given the Trustee notice that an Event of Default is continuing, (ii) the holders of at least 25% in principal amount of the
outstanding Notes have requested the Trustee in writing to pursue the remedy, (iii) such holders have offered the Trustee
reasonable security or indemnity satisfactory to the Trustee against any loss, liability or expense, (iv) the Trustee has
not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity and (v) the
holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such
request within such 60-day period. Subject to certain restrictions, the holders of a majority in principal amount of the outstanding
Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts
with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other holder or that would
involve the Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification
satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action.

 

18.         Trustee
Dealings with the Issuer

 

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

 

19.         No
Recourse Against Others

 

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

 

20.         Authentication

 

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

 

21.         Abbreviations

 

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

 

    	 	Ex. A-14	 

    	 	 	 

    

  

22.         Governing
Law

 

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

 

23.         CUSIP
Numbers; ISINs

 

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

 

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

 

    	 	Ex. A-15	 

    	 	 	 

    

  

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to:

 

	 	 
	 	(Print or type assignee’s name, address and zip code)
	 	 
	 	 
	 	(Insert assignee’s soc. sec. or tax I.D. No.)

 

and irrevocably appoint                     agent
to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

	Date:	 	 	Your Signature:	 

 

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

 

Signature Guarantee:

 

	Date:	 	 	 

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

 

    	 	Ex. A-16	 

    	 	 	 

    

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE
OR

 

REGISTRATION OF TRANSFER RESTRICTED SECURITIES

 

This certificate relates to $_________ principal amount of Notes
held in (check applicable space) ____ book-entry or _____ definitive form by the undersigned.

 

The undersigned (check one box below):

 

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

 

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

 

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

 

CHECK ONE BOX BELOW

 

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

 

    	 	Ex. A-17	 

    	 	 	 

    

  

Unless one of the boxes is checked, the Trustee
will refuse to register any of the Notes evidenced by this certificate in the name of any Person other than the registered holder
thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuer or the Trustee may require, prior
to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Issuer or the Trustee
have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act of 1933.

 

	Date:	 	 	Your Signature:	 

 

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

 

Signature Guarantee:

 

	Date:	 	 	 

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

 

    	 	Ex. A-18	 

    	 	 	 

    

  

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

 

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

 

	Date:	 	 	 
	 	 	 	NOTICE:  To be executed by an executive officer

 

    	 	Ex. A-19	 

    	 	 	 

    

  

[TO BE ATTACHED TO GLOBAL NOTES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE

 

The initial principal amount of this Global
Note is $______________. The following increases or decreases in this Global Note have been made:

 

 

	
        Date of Exchange
	
        Amount of decrease in

        Principal Amount of

        this Global Note
	
        Amount of increase in

        Principal Amount of

        this Global Note
	
        Principal amount of

        this Global Note

        following such

        decrease or increase
	
        Signature of

        authorized signatory

        of Trustee or Notes

        Custodian

	 	 	 	 	 
	
	
	
	
	

 

    	 	Ex. A-20	 

    	 	 	 

    

  

OPTION OF HOLDER TO ELECT PURCHASE

 

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

 

Asset Sale  ̈                  Change
of Control  ̈

 

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

 

$

 

	Date:	 	 	Your Signature:	 
	 	 	 	 	(Sign exactly as your name appears on the other side of this Note)

 

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

  

    	 	Ex. A-21	 

    	 	 	 

    

 

EXHIBIT B

[FORM OF TRANSFEREE LETTER OF REPRESENTATION]

 

TRANSFEREE LETTER OF REPRESENTATION

 

NCL Corporation Ltd.

c/o U.S. Bank National Association

Corporate Trust Services

EP-MN-W53C

60 Livingston Avenue

St. Paul, Minnesota 55107-1419

Attention: Vice President

 

Ladies and Gentlemen:

 

This certificate is delivered to request a
transfer of $[ ] principal amount of the 4.625% Senior Notes due 2020 (the “Notes”) of NCL Corporation Ltd.
(the “Issuer”).

 

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

 

	Name:	 	 

 

	Address:	 	 

 

	Taxpayer ID Number:	 	 

 

The undersigned represents and warrants to
you that:

 

24.         We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an
institutional “accredited investor” at least $100,000 principal amount of the Notes, and we are acquiring the
Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have
such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment
in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts
for which we are acting, are each able to bear the economic risk of our or its investment.

 

25.         We
understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as
permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing
Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date of original
issue and the last date on which either the Issuer or any affiliate of such Issuer was the owner of such Notes (or any

 

    	 	Ex. B-1	 

    	 	 	 

    

  

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

 

	Dated:	 	 

 

	 	TRANSFEREE:	 

 

	 	By:	 

  

    	 	Ex. B-2	 

    	 	 	 

    

 

EXHIBIT C

[FORM OF SUPPLEMENTAL INDENTURE]

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”) dated as of [     ], among [SUBSIDIARY GUARANTOR] (the “New Subsidiary
Guarantor”), a subsidiary of NCL CORPORATION LTD. (or its successor), a company organized under the laws of Bermuda (the
“Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee under the indenture
referred to below (the “Trustee”).

 

W I T N E S S E T H :

 

WHEREAS the Issuer has heretofore executed
and delivered to the Trustee an indenture (as amended, supplemented or otherwise modified, the “Indenture”)
dated as of November 10, 2015, providing for the issuance of the Issuer’s 4.625% Senior Notes due 2020 (the “Notes”),
initially in the aggregate principal amount of $600,000,000;

 

WHEREAS Section 4.11 of the Indenture
provides that under certain circumstances the Issuer is required to cause the New Subsidiary Guarantor to execute and deliver to
the Trustee a supplemental indenture pursuant to which the New Subsidiary Guarantor shall unconditionally guarantee all the Issuer’s
Obligations under the Notes and the Indenture pursuant to a Subsidiary Guarantee on the terms and conditions set forth herein;
and

 

WHEREAS pursuant to Section 9.01 of the
Indenture, the Trustee, the Issuer, the Subsidiary Guarantors [and other existing Subsidiary Guarantors, if any,] are authorized
to execute and deliver this Supplemental Indenture;

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Subsidiary Guarantor, [the
Subsidiary Guarantors,] the Issuer and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders
of the Notes as follows:

 

1.          Defined
Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used
herein as therein defined, except that the term “holders” in this Supplemental Indenture shall refer to the
term “holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such holders.
The words “herein,” “hereof” and “hereby” and other words of similar import
used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

    	 	Ex. C-1	 

    	 	 	 

    

  

2.          [Amendment
to Indenture;]3 Agreement to Guarantee.

 

(a)          [Article XII
of the Indenture is hereby amended in its entirety by adding a new Article XII in the form of Annex A to this Supplemental
Indenture.]

 

(b)          The
New Subsidiary Guarantor hereby agrees, jointly and severally with all existing guarantors (if any), to unconditionally guarantee
the Issuer’s Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article XII
of the Indenture[, as amended by this Supplemental Indenture,] and to be bound by all other applicable provisions of the Indenture
and the Notes and to perform all of the obligations and agreements of a guarantor under the Indenture.

 

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

 

4.          Ratification
of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated
and delivered shall be bound hereby.

 

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

 

6.          Trustee
Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.

 

7.          Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

 

8.          Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof.

 

[Remainder of page intentionally left
blank.]

 

 

		3	For inclusion the first time a Subsidiary Guarantor becomes party to the Indenture.

 

    	 	Ex. C-2	 

    	 	 	 

    

  

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

 

	 	NCL CORPORATION LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[NEW SUBSIDIARY GUARANTOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Ex. C-3	 

    	 	 	 

    

  

Annex A

 

ARTICLE XII

 

GUARANTEE

 

SECTION 12.01         Guarantee.

 

(a)          To
the extent applicable, each of the Subsidiary Guarantors hereby jointly and severally, irrevocably and unconditionally guarantees
on a senior unsecured basis as a primary obligor and not merely as a surety, to each holder and to the Trustee and its successors
and assigns (i) the full and punctual payment when due, whether at Stated Maturity, by acceleration, by redemption or otherwise,
of all obligations of the Issuer under this Indenture (including obligations to the Trustee) and the Notes, whether for payment
of principal of, premium, if any, or interest on in respect of the Notes and all other monetary obligations of the Issuer under
this Indenture and the Notes and (ii) the full and punctual performance within applicable grace periods of all other obligations
of the Issuer whether for fees, expenses, indemnification or otherwise under this Indenture and the Notes (all the foregoing being
hereinafter collectively called the “Guaranteed Obligations”). Each Subsidiary Guarantor further agrees that
the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from any Subsidiary
Guarantor, and that each Subsidiary Guarantor shall remain bound under this Article XII notwithstanding any extension or renewal
of any Guaranteed Obligation.

 

(b)          To
the extent applicable, each Subsidiary Guarantor waives presentation to, demand of payment from and protest to the Issuer of any
of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any
default under the Notes or the Guaranteed Obligations. The obligations of each Subsidiary Guarantor hereunder shall not be affected
by (i) the failure of any holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the
Issuer or any other Person under this Indenture, the Notes or any other agreement or otherwise; (ii) any extension or renewal
of this Indenture, the Notes or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the
terms or provisions of this Indenture, the Notes or any other agreement; (iv) the release of any security held by any holder
or the Trustee for the Guaranteed Obligations or each Subsidiary Guarantor; (v) the failure of any holder or Trustee to exercise
any right or remedy against any other guarantor of the Guaranteed Obligations; or (vi) any change in the ownership of each
Subsidiary Guarantor, except as provided in Section 12.02(b). Each Subsidiary Guarantor hereby waives any right to which it
may be entitled to have its obligations hereunder divided among the Subsidiary Guarantors, such that such Subsidiary Guarantor’s
obligations would be less than the full amount claimed.

 

(c)          Each
Subsidiary Guarantor hereby waives any right to which it may be entitled to have the assets of the Issuer first be used and depleted
as payment of the Issuer’s or such Subsidiary Guarantor’s obligations hereunder prior to any amounts

 

    	 	Ex. C-4	 

    	 	 	 

    

  

being claimed from or paid by such Subsidiary
Guarantor hereunder. Each Subsidiary Guarantor hereby waives any right to which it may be entitled to require that the Issuer be
sued prior to an action being initiated against such Subsidiary Guarantor.

 

(d)          Each
Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein constitutes a guarantee of payment, performance and compliance
when due (and not a guarantee of collection) and waives any right to require that any resort be had by any holder or the Trustee
to any security held for payment of the Guaranteed Obligations.

 

(e)          The
Subsidiary Guarantee of each Subsidiary Guarantor is, to the extent and in the manner set forth in Article XII, equal in right
of payment to all existing and future Indebtedness of such Subsidiary Guarantor which ranks pari passu in right of payment to such
Subsidiary Guarantor’s Subsidiary Guarantee, senior in right of payment to all existing and future Subordinated Indebtedness
of the Issuer and is made subject to such provisions of this Indenture.

 

(f)          Except
as expressly set forth in Sections 8.01(b), 12.02 and 12.06, the obligations of each Subsidiary Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting
the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not be discharged or impaired or otherwise
affected by the failure of any holder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture,
the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise,
in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may
or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would otherwise operate as a discharge of
any Subsidiary Guarantor as a matter of law or equity.

 

(g)          Each
Subsidiary Guarantor agrees that its Subsidiary Guarantee shall remain in full force and effect until payment in full of all the
Guaranteed Obligations. Each Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein shall continue to be effective
or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed
Obligation is rescinded or must otherwise be restored by any holder or the Trustee upon the bankruptcy or reorganization of the
Issuer or otherwise.

 

(h)          In
furtherance of the foregoing and not in limitation of any other right which any holder or the Trustee has at law or in equity against
any Subsidiary Guarantor by virtue hereof, upon the failure of the Issuer to pay the principal of or interest on any Guaranteed
Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform
or comply with any other Guaranteed Obligation, each Subsidiary Guarantor hereby promises to and

 

    	 	Ex. C-5	 

    	 	 	 

    

  

shall, upon receipt of written demand by the
Trustee, forthwith pay, or cause to be paid, in cash, to the holders or the Trustee an amount equal to the sum of (i) the
unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but
only to the extent not prohibited by applicable law) and (iii) all other monetary obligations of the Issuer to the holders
and the Trustee.

 

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

 

(j)          Each
Subsidiary Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees and expenses)
Incurred by the Trustee or any holder in enforcing any rights under this Section 12.01.

 

(k)          Upon
request of the Trustee, each Subsidiary Guarantor shall execute and deliver such further instruments and do such further acts as
may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

 

SECTION 12.02         Limitation
on Liability.

 

(a)          Any
term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations
guaranteed hereunder by each Subsidiary Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering
this Indenture, as it relates to such Subsidiary Guarantor, voidable under applicable law relating to fraudulent conveyance or
fraudulent transfer or similar laws affecting the rights of creditors generally.

 

(b)          Each
Subsidiary Guarantee shall terminate and be of no further force or effect and the Subsidiary Guarantor shall be deemed to be released
from all obligations under this Article XII upon:

 

(i)          the
sale, disposition or other transfer (including through merger or consolidation) of the Capital Stock (including any sale, disposition
or other transfer following which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary), or of all or substantially
all the assets, of the applicable

 

    	 	Ex. C-6	 

    	 	 	 

    

  

Subsidiary Guarantor if such sale,
disposition or other transfer is made in compliance with this Indenture;

 

(ii)         the
Issuer’s transfer of all or substantially all of its assets to, or merger with, an entity that is not a Subsidiary of the
Issuer in accordance with Section 5.01 and such transferee entity assumes the Issuer’s obligations under this Indenture;

 

(iii)        the
Issuer’s exercise of its legal defeasance option or covenant defeasance option under Article VIII or if the Issuer’s
obligations under this Indenture are discharged in accordance with the terms of this Indenture;

 

(iv)        the
Issuer designating such Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with the provisions of Section 4.04
and the definition of “Unrestricted Subsidiary;” and

 

(v)         in
the case of any Restricted Subsidiary that after the Issue Date is required to guarantee the Notes pursuant to Section 4.11,
the release or discharge of all Indebtedness, which if guaranteed by such Restricted Subsidiary, would require such Restricted
Subsidiary to guarantee the Notes pursuant to Section 4.11.

 

SECTION 12.03         Successors
and Assigns. This Article XII shall be binding upon each Subsidiary Guarantor and its successors and assigns and shall
inure to the benefit of the successors and assigns of the Trustee and the holders and, in the event of any transfer or assignment
of rights by any holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes
shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

 

SECTION 12.04         No
Waiver. Neither a failure nor a delay on the part of either the Trustee or the holders in exercising any right, power or privilege
under this Article XII shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other
or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the holders herein expressly
specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article XII
at law, in equity, by statute or otherwise.

 

SECTION 12.05         Modification.
No modification, amendment or waiver of any provision of this Article XII, nor the consent to any departure by any Subsidiary
Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such
waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand
on any Subsidiary Guarantor in any case shall entitle any Subsidiary Guarantor to any other or further notice or demand in the
same, similar or other circumstances.

 

SECTION 12.06         Execution
of Supplemental Indenture for Future Note Guarantors. Each Subsidiary and other Person which is required to become a Subsidiary

 

    	 	Ex. C-7	 

    	 	 	 

    

  

Guarantor of the Notes pursuant to Section 4.11
shall promptly execute and deliver to the Trustee a supplemental indenture in the form of Exhibit C hereto pursuant
to which such Subsidiary or other Person shall become a Subsidiary Guarantor under this Article XII and shall guarantee the
Notes. Concurrently with the execution and delivery of such supplemental indenture, the Issuer shall deliver to the Trustee an
Opinion of Counsel and an Officer’s Certificate to the effect that such supplemental indenture has been duly authorized,
executed and delivered by such Subsidiary or other Person and that, subject to the application of bankruptcy, insolvency, moratorium,
fraudulent conveyance or transfer and other similar laws relating to creditors’ rights generally and to the principles of
equity, whether considered in a proceeding at law or in equity, the Subsidiary Guarantee of such Subsidiary Guarantor is a valid
and binding obligation of such guarantor, enforceable against such Subsidiary Guarantor in accordance with its terms and/or to
such other matters as the Trustee may reasonably request.

 

SECTION 12.07         Non-Impairment.
The failure to endorse a Subsidiary Guarantee on any Note shall not affect or impair the validity thereof.

 

    	 	Ex. C-8

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