Document:

ex_167459.htm

Exhibit 10.1

 

Execution Version

 

2019 REPLACEMENT TERM LOAN AMENDMENT

 

2019 REPLACEMENT TERM LOAN AMENDMENT, dated as of December 13, 2019 (this “Agreement”), to that certain Credit Agreement, dated as of February 9, 2012, as amended and restated as of May 30, 2012, as further amended and restated as of May 31, 2013, as amended by the First Amendment dated as of May 18, 2015, as amended by the Replacement Term Loan Amendment dated as of November 2, 2016, as amended by the 2017 Replacement Term Loan Amendment dated as of May 11, 2017, as amended by the 2017-2 Replacement Term Loan Amendment dated as of December 8, 2017 and as amended by the 2018 Replacement Term Loan Amendment dated as of June 8, 2018 (the “Credit Agreement”), among Generac Acquisition Corp., a Delaware corporation (“Holdings”), Generac Power Systems, Inc., a Wisconsin corporation (the “Borrower”), the several lenders from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and the other agents and parties party thereto.

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make, and have made, certain loans and other extensions of credit to the Borrower;

 

WHEREAS, the Borrower has requested (i) that the Lenders effect certain modifications to the Credit Agreement as described herein (the Credit Agreement, as so modified hereby, the “Amended Credit Agreement”), and (ii) that the outstanding Term Loans be replaced with a new term loan B facility (the “2019 Replacement Term Loan Facility”) by obtaining 2019 Replacement Term Loan Commitments (as defined in Section 3 of this Agreement) and having existing Term Loans be continued, pursuant to a cashless roll, in each case, as provided herein;

 

WHEREAS, the loans under the 2019 Replacement Term Loan Facility (the “2019 New Term Loans”) will replace and refinance the currently outstanding Term Loans and are collectively intended to be Replacement Term Loans, as contemplated in Section 9.08(d) of the Credit Agreement;

 

WHEREAS, the 2019 New Term Loans will have the terms set forth in the Amended Credit Agreement;

 

WHEREAS, JPMorgan Chase Bank, N.A. is the sole lead arranger and sole bookrunner for the 2019 Replacement Term Loan Facility;

 

WHEREAS, each existing Lender that executes and delivers a lender addendum signature page to this Agreement (substantially in the form attached hereto) in such capacity (a “Continuing Term Lender Addendum”) and in connection therewith agrees to continue all of its Existing Term Loans (as defined below) as 2019 New Term Loans (such continued Term Loans, the “Continued Term Loans”, and such Lenders, collectively, the “Continuing Term Lenders”) will thereby (i) agree to the terms of this Agreement and (ii) agree to continue, pursuant to a cashless roll, all of its existing Term Loans (all existing Term Loans outstanding under the Credit Agreement, the “Existing Term Loans”, and the Lenders of such Existing Term Loans, collectively, the “Existing Term Lenders”) outstanding on the Effective Date (as defined below) as 2019 New Term Loans in a principal amount not more than the aggregate principal amount of such Existing Term Loans so continued (it being understood that the principal amount of Existing Term Loans so continued shall be determined by the Administrative Agent and notified to such Existing Term Lender as set forth in Section 3.3);

 

WHEREAS, subject to the preceding recitals, each Person (other than a Continuing Term Lender in its capacity as such) that executes and delivers a lender addendum signature page to this Agreement (substantially in the form attached hereto) (a “Replacement Term Lender Addendum”) and agrees in connection therewith to provide its 2019 New Term Loan (collectively, the “Replacement Term Lenders”) will thereby (i) agree to the terms of this Agreement and (ii) commit to provide its 2019 New Term Loan on the Effective Date (the “Replacement Term Loans”) in such amount (not in excess of any such commitment) as is determined by the Administrative Agent and notified to such Replacement Term Lender;

 

WHEREAS, the proceeds of the Replacement Term Loans will be used to repay in full the outstanding principal amount of the Existing Term Loans that are not continued as 2019 New Term Loans by Continuing Term Lenders (the “Non-Continuing Term Loans”);

 

WHEREAS, the Continuing Term Lenders and the Replacement Term Lenders (collectively, the “2019 Term Lenders”) are severally willing to continue their Existing Term Loans as Continued Term Loans and/or to provide Replacement Term Loans, as the case may be, subject to the terms and conditions set forth in the Credit Agreement, this Agreement and the Amended Credit Agreement, as applicable; and

 

WHEREAS, the 2019 Term Lenders and the Administrative Agent are willing to agree to this Agreement on the terms set forth herein;

 

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NOW THEREFORE, in consideration of the premises and mutual covenants hereinafter set forth, the parties hereto agree as follows:

 

SECTION 1.     Definitions. Except as otherwise defined herein, all capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Amended Credit Agreement.

 

SECTION 2.     Amendments to the Credit Agreement. The Credit Agreement is hereby amended, effective immediately after the provision of, or the continuation of Existing Term Loans as, as applicable, 2019 New Term Loans on the Effective Date, as follows:

 

2.1.     Amendments to Section 1.01. Section 1.01 of the Credit Agreement is hereby amended as follows:

 

(a)     The definition of “ABR” is hereby amended by (x) deleting “,” before clause (c) therein and substituting in lieu thereof “and” and (y) deleting the text “and (d) 1.75%”.

 

(b)     The definition of “Commitment” is hereby amended and restated in its entirety as follows:

 

“Commitment” shall mean with respect to any Lender, the obligation of such Lender, if any, to:

 

(i) make an Existing Term Loan to the Borrower hereunder on the Second Restatement Date in accordance with the Restatement Agreement, expressed as an amount representing the maximum principal amount of the Term Loan to be made by such Lender, which aggregate amount of the Commitments on the Second Restatement Date was $1.2 billion,

 

(ii) provide, or to continue its Existing Term Loans as, as applicable, a 2016 New Term Loan to the Borrower on the 2016 Replacement Term Loan Amendment Effective Date in accordance with the 2016 Replacement Term Loan Amendment, expressed as an amount representing the maximum principal amount of the 2016 New Term Loan to be made by such Lender hereunder, which aggregate amount of the Commitments on the 2016 Replacement Term Loan Amendment Effective Date was $929 million,

 

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(iii) provide, or to continue its Existing Term Loans as, as applicable, a 2017 New Term Loan to the Borrower on the 2017 Replacement Term Loan Amendment Effective Date in accordance with the 2017 Replacement Term Loan Amendment, expressed as an amount representing the maximum principal amount of the 2017 New Term Loan to be made by such Lender hereunder, which aggregate amount of the Commitments on the 2017 Replacement Term Loan Amendment Effective Date was $929 million,

 

(iv) provide, or to continue its Existing Term Loans as, as applicable, a 2017-2 New Term Loan to the Borrower on the 2017-2 Replacement Term Loan Amendment Effective Date in accordance with the 2017-2 Replacement Term Loan Amendment, expressed as an amount representing the maximum principal amount of the 2017-2 New Term Loan to be made by such Lender hereunder, which aggregate amount of the Commitments on the 2017-2 Replacement Term Loan Amendment Effective Date was $929 million,

 

(v) provide, or to continue its Existing Term Loans as, as applicable, a 2018 New Term Loan to the Borrower on the 2018 Replacement Term Loan Amendment Effective Date in accordance with the 2018 Replacement Term Loan Amendment, expressed as an amount representing the maximum principal amount of the 2018 New Term Loan to be made by such Lender hereunder, which aggregate amount of the Commitments on the 2018 Replacement Term Loan Amendment Effective Date was $879 million, and

 

(vi) provide, or to continue its Existing Term Loans as, as applicable, a 2019 New Term Loan to the Borrower on the 2019 Replacement Term Loan Amendment Effective Date in accordance with the 2019 Replacement Term Loan Amendment, expressed as an amount representing the maximum principal amount of the 2019 New Term Loan to be made by such Lender hereunder, which aggregate amount of the Commitments on the 2019 Replacement Term Loan Amendment Effective Date is $830 million.

 

The amount of each Term Lender’s Commitment on the Second Restatement Date is its “New Term Loan Commitment” as defined in the Restatement Agreement. The amount of each Term Lender’s Commitment on the 2016 Replacement Term Loan Amendment Effective Date is its 2016 Replacement Term Loan Commitment. The amount of each Term Lender’s Commitment on the 2017 Replacement Term Loan Amendment Effective Date is its 2017 Replacement Term Loan Commitment. The amount of each Term Lender’s Commitment on the 2017-2 Replacement Term Loan Amendment Effective Date is its 2017-2 Replacement Term Loan Commitment. The amount of each Term Lender’s Commitment on the 2018 Replacement Term Loan Amendment Effective Date is its 2018 Replacement Term Loan Commitment. The amount of each Term Lender’s Commitment on the 2019 Replacement Term Loan Amendment Effective Date is its 2019 Replacement Term Loan Commitment. For all purposes hereunder, from and after the 2016 Replacement Term Loan Amendment Effective Date until the 2017 Replacement Term Loan Amendment Effective Date, each reference to a “Commitment” in this Agreement and in the Loan Documents shall be deemed to include the commitments to provide, or to continue Existing Term Loans as, the 2016 New Term Loans. For all purposes hereunder, from and after the 2017 Replacement Term Loan Amendment Effective Date until the 2017-2 Replacement Term Loan Amendment Effective Date, each reference to a “Commitment” in this Agreement and in the Loan Documents shall be deemed to include the commitments to provide, or to continue Existing Term Loans as, the 2017 New Term Loans. For all purposes hereunder, from and after the 2017-2 Replacement Term Loan Amendment Effective Date until the 2018 Replacement Term Loan Amendment Effective Date, each reference to a “Commitment” in this Agreement and in the Loan Documents shall be deemed to include the commitments to provide, or to continue Existing Term Loans as, the 2017-2 New Term Loans. For all purposes hereunder, from and after the 2018 Replacement Term Loan Amendment Effective Date until the 2019 Replacement Term Loan Amendment Effective Date, each reference to a “Commitment” in this Agreement and in the Loan Documents shall be deemed to include the commitments to provide, or to continue Existing Term Loans as, the 2018 New Term Loans. For all purposes hereunder, from and after the 2019 Replacement Term Loan Amendment Effective Date, each reference to a “Commitment” in this Agreement and in the Loan Documents shall be deemed to include the commitments to provide, or to continue Existing Term Loans as, the 2019 New Term Loans.

 

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(c)     The definition of “Eurodollar Rate” is hereby amended by deleting the text “the greater of (a) 0.75% and (b)”.

 

(d)     The definition of “Lender” is hereby amended and restated in its entirety as follows:

 

“Lender” shall mean (i) each New Term Lender (as defined in the Restatement Agreement) (other than any such person that has ceased to be a party hereto pursuant to an Assignment and Acceptance in accordance with Section 9.04), (ii) each financial institution or other entity that is listed on the signature pages of the 2016 Replacement Term Loan Amendment as a “Continuing Term Lender” and/or “Replacement Term Lender,” as applicable (other than any such Person that has ceased to be a party hereto pursuant to an Assignment and Acceptance in accordance with Section 9.04), (iii) each financial institution or other entity that is listed on the signature pages of the 2017 Replacement Term Loan Amendment as a “Continuing Term Lender” and/or “Replacement Term Lender,” as applicable (other than any such Person that has ceased to be a party hereto pursuant to an Assignment and Acceptance in accordance with Section 9.04), (iv) each financial institution or other entity that is listed on the signature pages of the 2017-2 Replacement Term Loan Amendment as a “Continuing Term Lender” and/or “Replacement Term Lender,” as applicable (other than any such Person that has ceased to be a party hereto pursuant to an Assignment and Acceptance in accordance with Section 9.04), (v) each financial institution or other entity that is listed on the signature pages of the 2018 Replacement Term Loan Amendment as a “Continuing Term Lender” and/or “Replacement Term Lender,” as applicable (other than any such Person that has ceased to be a party hereto pursuant to an Assignment and Acceptance in accordance with Section 9.04), (vi) each financial institution or other entity that is listed on the signature pages of the 2019 Replacement Term Loan Amendment as a “Continuing Term Lender” and/or “Replacement Term Lender,” as applicable (other than any such Person that has ceased to be a party hereto pursuant to an Assignment and Acceptance in accordance with Section 9.04) and (vii) any other person that becomes a “Lender” hereunder in accordance with Section 9.04.

 

(e)     The definition of “Maturity Date” is hereby amended by deleting the date “May 31, 2023” and substituting in lieu thereof the date “December 13, 2026”.

 

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(f)     The definition of “Term Loans” is hereby amended and restated in its entirety as follows:

 

“Term Loans” shall mean (i) the Existing Term Loans that were made by the Lenders to the Borrower on the Second Restatement Date pursuant to Section 2.01, (ii) the 2016 New Term Loans, (iii) the 2017 Term Loans, (iv) the 2017-2 Term Loans, (v) the 2018 Term Loans and (vi) the 2019 Term Loans, as context may require. On and after the 2016 Replacement Term Loan Amendment Effective Date until the 2017 Replacement Term Loan Amendment Effective Date, each reference to a “Term Loan” in this Agreement and in the other Loan Documents shall be deemed to include the 2016 New Term Loans, except as the context may otherwise require. On and after the 2017 Replacement Term Loan Amendment Effective Date until the 2017-2 Replacement Term Loan Amendment Effective Date, each reference to a “Term Loan” in this Agreement and in the other Loan Documents shall be deemed to include the 2017 New Term Loans, except as the context may otherwise require. On and after the 2017-2 Replacement Term Loan Amendment Effective Date until the 2018 Replacement Term Loan Effective Date, each reference to a “Term Loan” in this Agreement and in the other Loan Documents shall be deemed to include the 2017-2 New Term Loans, except as the context may otherwise require. On and after the 2018 Replacement Term Loan Effective Date until the 2019 Replacement Term Loan Effective Date, each reference to a “Term Loan” in this Agreement and in the other Loan Documents shall be deemed to include the 2018 New Term Loans, except as the context may otherwise require. On and after the 2019 Replacement Term Loan Effective Date, each reference to a “Term Loan” in this Agreement and in the other Loan Documents shall be deemed to include the 2019 New Term Loans, except as the context may otherwise require.

 

The following new definitions shall be inserted in their proper alphabetical order:

 

“2019 New Term Loans” shall have the meaning set forth in Section 2.01.

 

“2019 Replacement Term Loan Amendment” shall mean the 2019 Replacement Term Loan Amendment, dated as of the 2019 Replacement Term Loan Amendment Effective Date, among Holdings, the Borrower, the other Loan Parties party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent.

 

“2019 Replacement Term Loan Amendment Effective Date” shall mean December 13, 2019.

 

“2019 Replacement Term Loan Facility” shall have the meaning set forth in the 2019 Replacement Term Loan Amendment.

 

“2019 Replacement Term Loan Commitment” shall have the meaning set forth in the 2019 Replacement Term Loan Amendment.

 

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“Benchmark Replacement” shall mean the sum of: (a) the alternate benchmark rate (which may be a SOFR-Based Rate) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the Eurodollar Rate for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement; provided further that any such Benchmark Replacement shall be administratively feasible as determined by the Administrative Agent in its sole discretion (but in consultation with the Borrower).

 

“Benchmark Replacement Adjustment” shall mean the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the Eurodollar Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the Eurodollar Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time (for the avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the form of a reduction to the Applicable Rate).

 

“Benchmark Replacement Conforming Changes” shall mean, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “ABR,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent decides in its reasonable discretion (in consultation with the Borrower) may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides (in consultation with the Borrower) is reasonably necessary in connection with the administration of this Agreement).

 

“Benchmark Replacement Date” shall mean the earlier to occur of the following events with respect to the Eurodollar Rate:

 

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Eurodollar Base Rate permanently or indefinitely ceases to provide the Eurodollar Base Rate; or

 

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

 

“Benchmark Transition Event” shall mean the occurrence of one or more of the following events with respect to the Eurodollar Rate:

 

(1) a public statement or publication of information by or on behalf of the administrator of the Eurodollar Base Rate announcing that such administrator has ceased or will cease to provide the Eurodollar Base Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Eurodollar Base Rate;

 

(2) a public statement or publication of information by the regulatory supervisor for the administrator of the Eurodollar Base Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the Eurodollar Base Rate, a resolution authority with jurisdiction over the administrator for the Eurodollar Base Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the Eurodollar Base Rate, in each case which states that the administrator of the Eurodollar Base Rate has ceased or will cease to provide the Eurodollar Base Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Eurodollar Base Rate; and/or

 

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(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Eurodollar Base Rate announcing that the Eurodollar Base Rate is no longer representative.

 

“Benchmark Transition Start Date” shall mean (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent, the Borrower or the Required Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Borrower or the Required Lenders) and the Lenders.

 

“Benchmark Unavailability Period” shall mean, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the Eurodollar Rate and solely to the extent that the Eurodollar Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the Eurodollar Rate for all purposes hereunder in accordance with Section 2.14 and (y) ending at the time that a Benchmark Replacement has replaced the Eurodollar Rate for all purposes hereunder pursuant to Section 2.14.

 

“Beneficial Ownership Certification” shall mean a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership Regulation” shall mean 31 C.F.R. § 1010.230.

 

“BHC Act Affiliate” of a party shall mean an “affiliate’ (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

 

“Compounded SOFR” shall mean the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Interest Period) being established by the Administrative Agent in accordance with:

 

(1) the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; or

 

(2) if, and to the extent that, the Administrative Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that the Administrative Agent determines in its reasonable discretion (in consultation with the Borrower) are substantially consistent with any evolving or then-prevailing market convention for determining compounded SOFR for U.S. dollar-denominated syndicated credit facilities at such time;

 

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provided, that if the Administrative Agent in its sole discretion (but in consultation with the Borrower) decides that any such rate, methodology or convention determined in accordance with clause (1) or clause (2) is not administratively feasible for the Administrative Agent, then Compounded SOFR will be deemed unable to be determined for purposes of the definition of “Benchmark Replacement.”

 

“Corresponding Tenor” with respect to a Benchmark Replacement shall mean a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the applicable Interest Period with respect to the Eurodollar Rate.

 

“Covered Entity” shall mean any of the following:

 

(a)     a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(b)     a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(c)     a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Covered Party” shall have the meaning set forth in Section 9.26.

 

“Default Right” shall have the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“Early Opt-in Election” shall mean the occurrence of:

 

(1) (i) a determination by the Administrative Agent or the Borrower (as notified to the Administrative Agent) or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined, in either case, that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in Section 2.14 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the Eurodollar Rate, and

 

(2) (i) the election by the Administrative Agent or the Borrower or (ii) the election by the Required Lenders to declare, in either case, that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders, by the Borrower to the Administrative Agent or by the Required Lenders of written notice of such election to the Administrative Agent and the Borrower.

 

“Federal Reserve Bank of New York’s Website” shall mean the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

 

“IBA” shall have the meaning set forth in Section 1.09.

 

“QFC” shall have the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

“QFC Credit Support” shall have the meaning set forth in Section 9.26.

 

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“Relevant Governmental Body” shall mean the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

 

“SOFR” with respect to any day shall mean the secured overnight financing rate published for such day by the NYFRB, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website.

 

“SOFR-Based Rate” shall mean SOFR, Compounded SOFR or Term SOFR.

 

“Supported QFC” shall have the meaning set forth in Section 9.26.

 

“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Unadjusted Benchmark Replacement” shall mean the Benchmark Replacement excluding the Benchmark Replacement Adjustment; provided that, if the Unadjusted Benchmark Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.

 

“U.S. Special Resolution Regimes” shall have the meaning set forth in Section 9.26.

 

2.2.     Amendments to Article I. Article I of the Credit Agreement is hereby amended by adding the following as new Sections 1.09 and 1.10:

 

SECTION 1.09 Interest Rates; LIBOR Notification. The interest rate on Eurodollar Loans is determined by reference to the Eurodollar Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurodollar Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. Upon the occurrence of a Benchmark Transition Event or an Early Opt-In Election, Section 2.14(c) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify the Borrower, pursuant to Section 2.14(e), of any change to the reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter (in each case other than the determination or calculation of such reference rate) related to the London interbank offered rate or other rates in the definition of “Eurodollar Base Rate” or “Eurodollar Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 2.14(c), whether upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.14(d)), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the Eurodollar Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.

 

SECTION 1.10 Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.

 

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2.3.     Amendment to Section 2.01. Section 2.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

On the Second Restatement Date, each Lender made Term Loans to the Borrower (the “Existing Term Loans”) in the original aggregate principal amount of $1.2 billion. Subject to the terms and conditions set forth in the 2016 Replacement Term Loan Amendment, on the 2016 Replacement Term Loan Amendment Effective Date, each 2016 New Term Lender agreed to provide or continue its Existing Term Loans pursuant to a cashless roll, as applicable, its Term Loans (such provided or continued Term Loans, collectively, the “2016 New Term Loans”) in a principal amount equal to its 2016 Replacement Term Loan Commitment. Subject to the terms and conditions set forth in the 2017 Replacement Term Loan Amendment, on the 2017 Replacement Term Loan Amendment Effective Date, each 2017 New Term Lender agreed to provide or continue its Existing Term Loans pursuant to a cashless roll, as applicable, its Term Loans (such provided or continued Term Loans, collectively, the “2017 New Term Loans”) in a principal amount equal to its 2017 Replacement Term Loan Commitment. Subject to the terms and conditions set forth in the 2017-2 Replacement Term Loan Amendment, on the 2017-2 Replacement Term Loan Amendment Effective Date, each 2017-2 New Term Lender agrees to and shall provide or continue its Existing Term Loans pursuant to a cashless roll, as applicable, its Term Loans (such provided or continued Term Loans, collectively, the “2017-2 New Term Loans”) in a principal amount not to exceed its 2017-2 Replacement Term Loan Commitment. Subject to the terms and conditions set forth in the 2018 Replacement Term Loan Amendment, on the 2018 Replacement Term Loan Amendment Effective Date, each 2018 New Term Lender agreed to provide or continue its Existing Term Loans pursuant to a cashless roll, as applicable, its Term Loans (such provided or continued Term Loans, collectively, the “2018 New Term Loans”) in a principal amount equal to its 2018 Replacement Term Loan Commitment. Subject to the terms and conditions set forth in the 2019 Replacement Term Loan Amendment, on the 2019 Replacement Term Loan Amendment Effective Date, each 2019 New Term Lender agrees to and shall provide or continue its Existing Term Loans pursuant to a cashless roll, as applicable, its Term Loans (such provided or continued Term Loans, collectively, the “2019 New Term Loans”) in a principal amount not to exceed its 2019 Replacement Term Loan Commitment.

 

2.4.     Amendment to Section 2.02(a). Section 2.02(a) of the Credit Agreement is hereby amended by adding immediately before the final sentence thereof the sentence “On the 2019 Replacement Term Loan Amendment Effective Date, the 2019 New Term Loans shall constitute, on the terms provided in the 2019 Replacement Term Loan Amendment, Term Loans hereunder.”.

 

2.5.     Amendment to Section 2.10. Section 2.10(a) of the Credit Agreement is hereby amended by replacing the text “2018 Replacement Term Loan Amendment Effective Date” with “2019 Replacement Term Loan Amendment Effective Date”.

 

2.6.     Amendment to Section 2.11. Section 2.11 of the Credit Agreement is hereby amended by deleting the text “the date that is the six-month anniversary of the 2018 Replacement Term Loan Amendment Effective Date” in clause (a) thereof and substituting in lieu thereof the text “the date that is the six-month anniversary of the 2019 Replacement Term Loan Amendment Effective Date”.

 

2.7.     Amendments to Section 2.14.

 

(a)     Section 2.14(a) of the Credit Agreement is hereby amended by adding the following at the end thereof but immediately before the text “; or”:

 

“; provided that no Benchmark Transition Event shall have occurred at such time”

 

(b)     Section 2.14(c) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

(c) Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the Eurodollar Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event or any Early Opt-in Election will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower, so long as the Administrative Agent has not received, by such time, written notice of objection to such proposed amendment from Lenders comprising the Required Lenders; provided that, with respect to any proposed amendment containing any SOFR-Based Rate, the Lenders shall be entitled to object only to the Benchmark Replacement Adjustment contained therein (if any). No replacement of Eurodollar Rate with a Benchmark Replacement will occur prior to the applicable Benchmark Transition Start Date.

 

10

 

 

(c)     Section 2.14 of the Credit Agreement is hereby amended by adding the following clauses (d) through (f) as new clauses (d) through (f) therein:

 

(d) In connection with the implementation of a Benchmark Replacement, the Administrative Agent and the Borrower will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.

 

(e) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 2.14, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.14.

 

(f) Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective.

 

2.8.     Amendment to Section 2.19(c). Section 2.19(c) of the Credit Agreement is hereby amended by deleting the text “the date that is the six-month anniversary of the 2018 Replacement Term Loan Amendment Effective Date as a result of a Repricing Transaction” in clause (d) thereof and substituting in lieu thereof the text “the date that is the six-month anniversary of the 2019 Replacement Term Loan Amendment Effective Date as a result of a Repricing Transaction”.

 

2.9.     Amendment to Article III. Article III of the Credit Agreement is hereby amended by adding the following as a new Section 3.23 therein:

 

SECTION 3.23. Beneficial Ownership Certification. As of the 2019 Replacement Term Loan Amendment Effective Date, to the best knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the 2019 Replacement Term Loan Amendment Effective Date, if any, to any Lender in connection with this Agreement is true and correct in all material respects.

 

2.10.     Amendment to Section 9.01. Section 9.01(a)(ii) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

(ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 500 Stanton Christiana Rd., Newark, DE, 19713, Attention: James Linden, james.linden@chase.com, 302-634-3919;

 

2.11.     Amendment to Article IX. Article IX of the Credit Agreement is hereby amended by adding the following as a new Section 9.26 therein:

 

11

 

 

SECTION 9.26. Qualified Financial Contracts. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

 

In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regimes if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regimes if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

SECTION 3.     2019 New Term Loans; Allocations and Reallocations.

 

3.1.     Each (a) Replacement Term Lender, by executing a Replacement Term Lender Addendum, and (b) Continuing Term Lender, by executing a Continuing Term Lender Addendum, consents to the amendments to the Credit Agreement set forth in this Agreement.

 

3.2.     Subject to the terms and conditions set forth herein (i) each Continuing Term Lender agrees to continue, pursuant to a cashless roll, all of its Existing Term Loans as a Continued Term Loan on the date requested by the Borrower to be the Effective Date in a principal amount equal to such Continuing Term Lender’s Continuing Term Loan Commitment (as defined below) and (ii) each Replacement Term Lender agrees to provide its Replacement Term Loan on such date in a principal amount equal to such Replacement Term Lender’s Replacement Term Loan Commitment (as defined below). The Borrower shall give notice to the Administrative Agent of the proposed Effective Date not later than one Business Day prior thereto, and the Administrative Agent shall notify each Continuing Term Lender and each Replacement Term Lender thereof.

 

3.3.      Each Replacement Term Lender will provide its Replacement Term Loan on the Effective Date by making available to the Administrative Agent, in the manner contemplated by the Amended Credit Agreement or as otherwise arranged by the Administrative Agent and such Replacement Lenders, an amount equal to its Replacement Term Loan Commitment. The “Replacement Term Loan Commitment” of any Replacement Term Lender will be such amount (not exceeding any commitment offered by such Replacement Term Lender) allocated to it by the Administrative Agent and notified to it on or prior to the Effective Date. The “Continuing Term Loan Commitment” of any Continuing Term Lender will be the amount of its Existing Term Loans as set forth in the Register immediately prior to giving effect to the Effective Date (or such lesser amount as allocated to it by the Administrative Agent and notified to it on or prior to the Effective Date), which shall be continued as an equal amount of Continued Term Loans (it being understood that no cash will be advanced as part of any continuation of Continued Term Loans). Replacement Term Loan Commitments and Continuing Term Loan Commitments are collectively referred to herein as the “2019 Replacement Term Loan Commitment”. The commitments of the Replacement Term Lenders and the continuation undertakings of the Continuing Term Lenders are several and no such Lender will be responsible for any other such Lender’s failure to provide, or continue its Existing Term Loans as, as applicable, its 2019 New Term Loan. The 2019 New Term Loans may from time to time be ABR Loans or Eurodollar Loans, as determined by the Borrower and notified to the Administrative Agent as contemplated by Sections 2.02 and 2.07 of the Amended Credit Agreement. Upon the provision of, or the continuation of the Existing Term Loans as, as applicable, 2019 New Term Loans on the Effective Date, the 2019 New Term Loans shall be ABR Loans or Eurodollar Loans, as the case may be, of the same Type and with the Interest Period(s) that were applicable to the Existing Term Loans immediately prior to the Effective Date uninterrupted thereby with the initial Interest Period(s) applicable to the 2019 New Term Loans equal to the remaining length of such Existing Term Loans’ Interest Period(s). Accrued and unpaid interest in respect of Continued Term Loans shall be paid on the applicable Interest Payment Date in respect of such Loan (and not, for the avoidance of doubt, on the Effective Date).

 

3.4.     The obligation of each 2019 Term Lender to provide, or continue its Existing Term Loans as, as applicable, its 2019 New Term Loans on the Effective Date is subject to the satisfaction of the conditions set forth in Section 4 of this Agreement.

 

3.5.     On and after the Effective Date, each reference in the Amended Credit Agreement to “Term Loans” shall be deemed a reference to the 2019 New Term Loans contemplated hereby, except as the context may otherwise require.

 

3.6.     The Lenders hereby agree to waive the notice requirements of Sections 2.10(c) and 2.11 of the Amended Credit Agreement (which notice is otherwise hereby deemed to be effectively given to the Administrative Agent) in connection with the prepayment of Term Loans and the prepayment or replacement of Existing Term Loans contemplated hereby. The Continuing Term Lenders, constituting Required Lenders immediately prior to the Effective Date, hereby agree to waive the breakage costs provisions of Section 2.16 of the Credit Agreement in connection with the prepayment or replacement of Existing Term Loans contemplated hereby.

 

12

 

 

SECTION 4.     Effectiveness. This Agreement shall become effective, and the provision of, or the continuation of Existing Term Loans as, as applicable, the 2019 New Term Loans shall occur, as of the date (the “Effective Date”) on which the conditions set forth below have been satisfied:

 

4.1.     At the time of and immediately after giving effect to the Effective Date and the provision of, or the continuation of Existing Term Loans as, as applicable, 2019 New Term Loans on the Effective Date, no Default or Event of Default shall have occurred and be continuing.

 

4.2.     The Administrative Agent (or its counsel) shall have received from (i) the Borrower, Holdings, the other Loan Parties (the Borrower, Holdings and such other Loan Parties, collectively, the “Reaffirming Parties”) and (ii) the 2019 Term Lenders either (x) a counterpart of this Agreement signed on behalf of such party or (y) written evidence satisfactory to the Administrative Agent (which may include fax or other electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.

 

4.3.     The Administrative Agent shall have received, on behalf of itself and the Lenders on the Effective Date, a customary written opinion of (x) Sidley Austin LLP, special counsel for Holdings and the Borrower and (y) Reinhart Boerner Van Dueren S.C., Wisconsin counsel for the Borrower, (A) dated the Effective Date, (B) addressed to the Administrative Agent and the Lenders on the Effective Date and (C) in form and substance reasonably satisfactory to the Administrative Agent consistent with those delivered on the 2018 Replacement Term Loan Amendment Effective Date (other than changes to such legal opinion resulting from change in law, fact or change to counsel’s form of opinion), and each of Holdings and the Borrower hereby instructs its counsel to deliver such opinions.

 

4.4.     The Administrative Agent shall have received in the case of each Loan Party each of the items referred to in clauses (a), (b), (c) and (d) below:

 

(a)     a copy of the certificate or articles of incorporation, certificate of limited partnership or certificate of formation, including all amendments thereto, of each Loan Party, certified as of a recent date by the Secretary of State (or other similar official) of the jurisdiction of its organization, and a certificate as to the good standing (to the extent such concept or a similar concept exists under the laws of such jurisdiction) of each such Loan Party as of a recent date from such Secretary of State (or other similar official);

 

(b)     a certificate of the secretary or assistant secretary or similar officer of each Loan Party dated the Effective Date and certifying:

 

(i) that attached thereto is a true and complete copy of the bylaws (or limited partnership agreement, limited liability company agreement or other equivalent governing documents) of such Loan Party as in effect on the Effective Date,

 

(ii) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or equivalent governing body) of such Loan Party (or its managing general partner or managing member) authorizing the execution, delivery and performance of this Agreement and that such resolutions have not been modified, rescinded or amended and are in full force and effect on the Effective Date,

 

(iii) that the certificate or articles of incorporation, certificate of limited partnership or certificate of formation of such Loan Party has not been amended since the date of the last amendment thereto disclosed pursuant to clause (i) above,

 

(iv) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party, and

 

(v) as to the absence of any pending proceeding for the dissolution or liquidation of such Loan Party;

 

(c)     a certificate of another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary or similar officer executing the certificate pursuant to clause (b) above; and

 

(d)     a certificate of a Responsible Officer of Holdings or the Borrower certifying that as of the Effective Date (i) all the representations and warranties set forth in the Credit Agreement are true and correct to the extent set forth therein on and as of the Effective Date except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such earlier date and (ii) that as of the Effective Date, no Default or Event of Default has occurred and is continuing or would result from the provision of, or the continuation of Existing Term Loans as, as applicable, 2019 New Term Loans on the Effective Date.

 

13

 

 

4.5.      (i) The Collateral and Guarantee Requirement continues to be satisfied, (ii) the Administrative Agent shall have received the results of a search of the Uniform Commercial Code (or equivalent) filings made with respect to the Loan Parties and copies of the financing statements (or similar documents) disclosed by such search and (iii) the Administrative Agent shall have received evidence reasonably satisfactory to the Administrative Agent that the Liens indicated by such financing statements (or similar documents) are either permitted by Section 6.02 of the Amended Credit Agreement or have been released (or authorized for release in a manner reasonably satisfactory to the Administrative Agent).

 

4.6.     The Lenders shall have received, in each case in accordance with Section 5.04 of the Credit Agreement, the financial statements and other financial information referred to in Sections 5.04(a), (b), (c), (d) and (e) of the Credit Agreement.

 

4.7.     The Administrative Agent shall have received all fees payable thereto or to any Lender on or prior to the Effective Date and, to the extent invoiced, all other amounts due and payable pursuant to the Loan Documents on or prior to the Effective Date (including accrued interest in respect of the Non-Continuing Term Loans), including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses (including reasonable fees, charges and disbursements of Simpson Thacher & Bartlett LLP) required to be reimbursed or paid by the Loan Parties under the Credit Agreement or under any other Loan Document.

 

4.8.     To the extent requested by the Administrative Agent not less than two (2) days prior to the Effective Date, the Administrative Agent shall have received, at least one (1) day prior to the Effective Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the USA PATRIOT Act.

 

Each 2019 Term Lender, by delivering its signature page to this Agreement and providing, or continuing its Existing Term Loans as, as applicable, its 2019 New Term Loan on the Effective Date shall be deemed to have acknowledged receipt of and consented to and approved each Loan Document and each other document required to be approved by the Administrative Agent or any Lender, as applicable, on the Effective Date.

 

SECTION 5.     Representations and Warranties. To induce the other parties hereto to enter into this Agreement, each of the Reaffirming Parties represents and warrants to each of the 2019 Term Lenders and the Administrative Agent that:

 

5.1.     This Agreement has been duly authorized, executed and delivered by it and this Agreement and the Amended Credit Agreement constitute its valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; and

 

5.2.     (a) each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents is true and correct to the extent set forth therein on and as of the Effective Date as if made on such date except to the extent any such representation and warranty is expressly made only as of a prior date, in which case such representation and warranty shall have been true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such prior date and (b) no Default or Event of Default has occurred and is continuing or would result from the provision of, or the continuation of Existing Term Loans as, as applicable, 2019 New Term Loans on the Effective Date.

 

SECTION 6.     Effect of Amendment.

 

6.1.     Except as expressly set forth herein, this Agreement shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement, the Amended Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or of any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Amended Credit Agreement or any other Loan Document in similar or different circumstances.

 

6.2.     On and after the Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import, and each reference to the Credit Agreement in any other Loan Document shall be deemed a reference to the Amended Credit Agreement. This Agreement shall constitute a “Loan Document” for all purposes of the Amended Credit Agreement and the other Loan Documents.

 

SECTION 7.     Legal Opinions Regarding Mortgages. The Borrower shall, within 90 days of the Effective Date (or such later date as may be agreed to by the Administrative Agent), deliver to the Administrative Agent, executed legal opinions from counsel to the Borrower, which opine that, after giving effect to this Agreement, each Mortgage encumbering each Mortgaged Property owned or leased by the Borrower or a Subsidiary Guarantor as of the Effective Date continues in full force and effect and is effective to secure the 2019 Replacement Term Loan Facility, including the extension of the Maturity Date described above in Section 2.1(e), and that no filing or recording of any amendment or confirmation is required in connection therewith, in each case in form and substance reasonably satisfactory to the Administrative Agent; provided, however, that such legal opinions may include customary assumptions and exceptions in accordance with customary opinion practice.

 

14

 

 

SECTION 8.     General.

 

8.1.      GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

8.2.     Costs and Expenses. The Borrower agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with the preparation, negotiation and execution of this Agreement, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent in accordance with Section 9.05 of the Amended Credit Agreement.

 

8.3.     Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of any executed counterpart of a signature page of this Agreement by telecopy or email transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

 

8.4.     Headings. Article and Section headings are used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 

8.5.     Reaffirmation. The parties hereto confirm that this Agreement is not intended, nor shall it be deemed or construed, to effect a novation of any liens or indebtedness under the Credit Agreement or to terminate or release any liens, security interests or contractual or legal rights securing all or any part of such indebtedness. Furthermore, each of the Reaffirming Parties hereby:

 

(a)     consents to this Agreement and the transactions contemplated hereby and hereby confirms its guarantees, pledges, grants of security interests, acknowledgments, obligations and consents under the Collateral Agreement and the other Security Documents and the other Loan Documents to which it is a party and agrees that notwithstanding the effectiveness of this Agreement and the consummation of the transactions contemplated hereby, such guarantees, pledges, grants of security interests, acknowledgments, obligations and consents shall be, and continue to be, in full force and effect except as expressly set forth herein,

 

(b)     ratifies the Security Documents and the other Loan Documents to which it is a party,

 

(c)     confirms that all of the Liens and security interests created and arising under the Security Documents to which it is a party remain in full force and effect on a continuous basis, unimpaired, uninterrupted and undischarged, and having the same perfected status and priority as collateral security for the Obligations as existed prior to giving effect to this Agreement,

 

(d)     agrees that each of the representations and warranties made by each Reaffirming Party in the Security Documents to which it is a party is true and correct as to it in all material respects on and as of the date hereof (except to the extent any such representation or warranty expressly relates to a prior date, in which case such representation or warranty was true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such prior date), and

 

(e)     agrees that it shall take any action reasonably requested by the Administrative Agent in order to confirm or effect the intent of this Agreement.

 

[remainder of page intentionally left blank]

 

15

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective duly authorized officers as of the day and year first above written.

 

 

 

	
			 

				
			GENERAC ACQUISITION CORP.

			GENERAC POWER SYSTEMS, INC.

			MAC, INC.

			CHP HOLDINGS, INC.

			COUNTRY HOME PRODUCTS, INC.

			ROUTE 22A & 1 MAIN LLC

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	 	 	 	 
	 	 	 	 
	 	
			By: 

				
			/s/ York A. Ragen

				
			 

			
	
			 

				
			Name: York A. Ragen

				
			 

			
	
			 

				
			Title: Chief Financial Officer

				
			 

			
	
			 

				
			 

				
			 

				
			 

			

 

	
			 

				
			GENERAC MOBILE PRODUCTS, LLC

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	 	 	 	 
	 	
			By: 

				
			/s/ York A. Ragen

				
			 

			
	
			 

				
			Name: York A. Ragen

				
			 

			
	
			 

				
			Title: Secretary and Treasurer

				
			 

			
	
			 

				
			 

				
			 

				
			 

			

 

 

	
			 

				
			PIKA ENERGY, INC.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	 	 	 	 
	 	
			By: 

				
			/s/ York A. Ragen

				
			 

			
	
			 

				
			Name: York A. Ragen

				
			 

			
	
			 

				
			Title: Treasurer

				
			 

			

 

	
			 

				
			JPMORGAN CHASE BANK, N.A., as Administrative Agent

				
			 

			
	 	 	 
	
			 

				
			 

				
			 

				
			 

			
	 	
			By: 

				
			/s/ Richard Barritt

				
			 

			
	
			 

				
			Name: Richard Barritt

				
			 

			
	
			 

				
			Title: Executive Director 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			

 

Signature Page to 2019 Replacement Term Loan Amendment

 

 

 

 

CONTINUING TERM LENDER ADDENDUM TO THE

2019 REPLACEMENT TERM LOAN AMENDMENT IN RESPECT OF THE

CREDIT AGREEMENT DATED AS OF FEBRUARY 9, 2012,

AS LAST AMENDED AND RESTATED AS OF MAY 31, 2013

AS LAST AMENDED AS OF JUNE 8, 2018

 

This Lender Addendum (this “Continuing Term Lender Addendum”) is referred to in, and is a signature page to, the 2019 Replacement Term Loan Amendment (the “Agreement”) to that certain Credit Agreement dated as of February 9, 2012, as amended and restated as of May 30, 2012, as further amended and restated as of May 31, 2013, as further amended by the First Amendment dated as of May 18, 2015, as further amended by the Replacement Term Loan Amendment dated as of November 2, 2016, as further amended by the 2017 Replacement Term Loan Amendment dated as of May 11, 2017, as further amended by the 2017-2 Replacement Term Loan Amendment dated as of December 8, 2017 and as further amended by the 2018 Replacement Term Loan Amendment dated as of June 8, 2018 (the “Credit Agreement”), among Generac Acquisition Corp., a Delaware corporation (“Holdings”), Generac Power Systems, Inc., a Wisconsin corporation (the “Borrower”), the several lenders from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and the other agents and parties party thereto. Capitalized terms used but not defined in this Continuing Term Lender Addendum have the meanings assigned to such terms in the Agreement or the Credit Agreement, as applicable.

 

By executing this Continuing Term Lender Addendum, the undersigned institution agrees (A) to the terms of the Agreement and the Credit Agreement as amended thereby (the “Amended Credit Agreement”) and (B) on the terms and subject to the conditions set forth in the Agreement and the Amended Credit Agreement, to continue its Existing Term Loans as 2019 New Term Loans on the Effective Date in the amount of its 2019 New Term Loan Commitment (it being understood that such continuation shall be effected pursuant to a cashless roll).

 

	
			Name of Institution:

				 	 
	 	 	 

 

	
			Executing as a Continuing Term Lender1:

			 

			By:

			________________________________

			Name:

			Title:

			 

			For any institution requiring a second signature line:

			 

			By:

			________________________________

			Name:

			Title:

			 

				 	 

 

 

 

1 In no event shall any Lender be able to continue/roll more than their allocation, which allocation shall be at the discretion of the Administrative Agent

 

 

 

 

REPLACEMENT TERM LENDER ADDENDUM TO THE

2019 REPLACEMENT TERM LOAN AMENDMENT IN RESPECT OF THE

CREDIT AGREEMENT DATED AS OF FEBRUARY 9, 2012,

AS LAST AMENDED AND RESTATED AS OF MAY 31, 2013

AS LAST AMENDED AS OF JUNE 8, 2018

 

This Lender Addendum (this “Replacement Term Lender Addendum”) is referred to in, and is a signature page to, the 2019 Replacement Term Loan Amendment (the “Agreement”) to that certain Credit Agreement dated as of February 9, 2012, as amended and restated as of May 30, 2012, as further amended and restated as of May 31, 2013, as further amended by the First Amendment dated as of May 18, 2015, as further amended by the Replacement Term Loan Amendment dated as of November 2, 2016, as further amended by the 2017 Replacement Term Loan Amendment dated as of May 11, 2017, as further amended by the 2017-2 Replacement Term Loan Amendment dated as of December 8, 2017 and as further amended by the 2018 Replacement Term Loan Amendment dated as of June 8, 2018 (the “Credit Agreement”), among Generac Acquisition Corp., a Delaware corporation (“Holdings”), Generac Power Systems, Inc., a Wisconsin corporation (the “Borrower”), the several lenders from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and the other agents and parties party thereto. Capitalized terms used but not defined in this Replacement Term Lender Addendum have the meanings assigned to such terms in the Agreement or the Credit Agreement, as applicable.

 

By executing this Replacement Term Lender Addendum as a Replacement Term Lender, the undersigned institution agrees (A) to the terms of the Agreement and the Credit Agreement as amended thereby (the “Amended Credit Agreement”) and (B) on the terms and subject to the conditions set forth in the Agreement and the Amended Credit Agreement, to provide 2019 New Term Loans on the Effective Date in the amount of such Replacement Term Lender’s 2019 New Term Loan Commitment.

 

	
			Name of Institution:

				 	 
	 	 	 

 

	
			Executing as a Replacement Term Lender:

			 

			By:

			________________________________

			Name:

			Title:

			 

			For any institution requiring a second signature line:

			 

			By:

			________________________________

			Name:

			Title:Exhibit 4.1

 

Execution Version

 

 

NCL CORPORATION LTD.

 

as Issuer

 

3.625% Senior Notes due 2024

 

 

 

INDENTURE

 

Dated as of December 16, 2019

 

 

 

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	 	 	19	 
	SECTION 1.03   Incorporation by Reference of Trust Indenture Act	 	 	19	 
	SECTION 1.04   Rules of Construction	 	 	20	 
	 	 	 	 	 
	ARTICLE II THE NOTES	 	 	20	 
	 	 	 	 	 
	SECTION 2.01   Amount of Notes	 	 	20	 
	SECTION 2.02   Form and Dating	 	 	21	 
	SECTION 2.03   Execution and Authentication	 	 	22	 
	SECTION 2.04   Registrar and Paying Agent	 	 	22	 
	SECTION 2.05   Paying Agent to Hold Money in Trust	 	 	23	 
	SECTION 2.06   Holder Lists	 	 	23	 
	SECTION 2.07   Transfer and Exchange	 	 	24	 
	SECTION 2.08   Replacement Notes	 	 	24	 
	SECTION 2.09   Outstanding Notes	 	 	25	 
	SECTION 2.10   [Reserved]	 	 	25	 
	SECTION 2.11   Cancellation	 	 	25	 
	SECTION 2.12   Defaulted Interest	 	 	25	 
	SECTION 2.13   CUSIP Numbers, ISINs, Etc.	 	 	26	 
	SECTION 2.14   Calculation of Principal Amount of Notes	 	 	26	 
	SECTION 2.15   Depositary	 	 	26	 
	 	 	 	 	 
	ARTICLE III REDEMPTION	 	 	27	 
	 	 	 	 	 
	SECTION 3.01   Redemption	 	 	27	 
	SECTION 3.02   Applicability of Article	 	 	27	 
	SECTION 3.03   Notices to Trustee	 	 	27	 
	SECTION 3.04   Selection of Notes to Be Redeemed	 	 	27	 
	SECTION 3.05   Notice of Optional Redemption	 	 	28	 
	SECTION 3.06   Effect of Notice of Redemption	 	 	29	 
	SECTION 3.07   Deposit of Redemption Price	 	 	29	 
	SECTION 3.08   Notes Redeemed in Part	 	 	29	 
	SECTION 3.09   Redemption for Changes in Taxes	 	 	29	 
	 	 	 	 	 
	ARTICLE IV COVENANTS	 	 	30	 
	 	 	 	 	 
	SECTION 4.01   Payment of Notes	 	 	30	 
	SECTION 4.02   Reports and Other Information	 	 	33	 
	SECTION 4.03   [Reserved]	 	 	35	 
	SECTION 4.04   [Reserved	 	 	35	 
	SECTION 4.05   [Reserved]	 	 	35	 
	SECTION 4.06   [Reserved]	 	 	35	 
	SECTION 4.07   [Reserved]	 	 	35	 
	SECTION 4.08   Change of Control Triggering Event	 	 	35	 
	SECTION 4.09   Compliance Certificate	 	 	37	 
	SECTION 4.10   Further Instruments and Acts	 	 	37	 
	SECTION 4.11   [Reserved]	 	 	37	 
	SECTION 4.12   Liens	 	 	37	 
	SECTION 4.13   Re-flagging of Vessels	 	 	38	 
	SECTION 4.14   Maintenance of Office or Agency	 	 	38	 
	SECTION 4.15   Sale and Leaseback Transactions	 	 	39	 

 

     

     

    

 

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	 	 	 	Page
	ARTICLE V SUCCESSOR COMPANY	 	 	40	 
	 	 	 	 	 
	SECTION 5.01   When Issuer May Merge or Transfer Assets	 	 	40	 
	 	 	 	 	 
	ARTICLE VI DEFAULTS AND REMEDIES	 	 	41	 
	 	 	 	 	 
	SECTION 6.01   Events of Default	 	 	41	 
	SECTION 6.02   Acceleration	 	 	42	 
	SECTION 6.03   Other Remedies	 	 	43	 
	SECTION 6.04   Waiver of Past Defaults	 	 	43	 
	SECTION 6.05   Control by Majority	 	 	44	 
	SECTION 6.06   Limitation on Suits	 	 	44	 
	SECTION 6.07   Rights of the Holders to Receive Payment	 	 	44	 
	SECTION 6.08   Collection Suit by Trustee	 	 	45	 
	SECTION 6.09   Trustee May File Proofs of Claim	 	 	45	 
	SECTION 6.10   Priorities	 	 	45	 
	SECTION 6.11   Undertaking for Costs	 	 	45	 
	SECTION 6.12   Waiver of Stay or Extension Laws	 	 	45	 
	 	 	 	 	 
	ARTICLE VII TRUSTEE	 	 	46	 
	 	 	 	 	 
	SECTION 7.01   Duties of Trustee	 	 	46	 
	SECTION 7.02   Rights of Trustee	 	 	47	 
	SECTION 7.03   Individual Rights of Trustee	 	 	49	 
	SECTION 7.04   Trustee’s Disclaimer	 	 	49	 
	SECTION 7.05   Notice of Defaults	 	 	50	 
	SECTION 7.06   [Reserved]	 	 	50	 
	SECTION 7.07   Compensation and Indemnity	 	 	50	 
	SECTION 7.08   Replacement of Trustee	 	 	51	 
	SECTION 7.09   Successor Trustee by Merger	 	 	52	 
	SECTION 7.10   Eligibility; Disqualification	 	 	52	 
	SECTION 7.11   Preferential Collection of Claims Against the Issuer	 	 	52	 
	 	 	 	 	 
	ARTICLE VIII DISCHARGE OF INDENTURE; DEFEASANCE	 	 	53	 
	 	 	 	 	 
	SECTION 8.01   Discharge of Liability on Notes; Defeasance	 	 	53	 
	SECTION 8.02   Conditions to Defeasance	 	 	54	 
	SECTION 8.03   Application of Trust Money	 	 	56	 
	SECTION 8.04   Repayment to Issuer	 	 	56	 
	SECTION 8.05   Indemnity for U.S. Government Obligations	 	 	56	 
	SECTION 8.06   Reinstatement	 	 	56	 

 

    ii

     

    

 

TABLE OF CONTENTS 

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	 	 	 	Page
	ARTICLE IX AMENDMENTS AND WAIVERS	 	 	57	 
	 	 	 	 	 
	SECTION 9.01   Without Consent of the Holders	 	 	57	 
	SECTION 9.02   With Consent of the Holders	 	 	58	 
	Section 9.03   Compliance
with Trust Indenture Act

	 	 	59	 
	SECTION 9.04   Revocation and Effect of Consents and Waivers	 	 	59	 
	SECTION 9.05   Notation on or Exchange of Notes	 	 	59	 
	SECTION 9.06   Trustee to Sign Amendments	 	 	59	 
	SECTION 9.07   Additional Voting Terms; Calculation of Principal Amount	 	 	59	 
	 	 	 	 	 
	ARTICLE X MISCELLANEOUS	 	 	60	 
	 	 	 	 	 
	SECTION 10.01   [Reserved]	 	 	60	 
	SECTION 10.02   Notices	 	 	60	 
	SECTION 10.03   Communication by the Holders with Other Holders	 	 	61	 
	SECTION 10.04   Certificate and Opinion as to Conditions Precedent	 	 	61	 
	SECTION 10.05   Statements Required in Certificate or Opinion	 	 	61	 
	SECTION 10.06   When Notes Disregarded	 	 	62	 
	SECTION 10.07   Rules by Trustee, Paying Agent and Registrar	 	 	62	 
	SECTION 10.08   Legal Holidays	 	 	62	 
	SECTION 10.09   GOVERNING LAW	 	 	62	 
	SECTION 10.10   No Recourse Against Others	 	 	62	 
	SECTION 10.11   Successors	 	 	62	 
	SECTION 10.12   Multiple Originals	 	 	62	 
	SECTION 10.13   Table of Contents; Headings	 	 	62	 
	SECTION 10.14   Indenture Controls	 	 	63	 
	SECTION 10.15   Severability	 	 	63	 
	SECTION 10.16   [Reserved]	 	 	63	 
	SECTION 10.17   Agent for Service; Submission to Jurisdiction; Waiver of Immunity	 	 	63	 
	SECTION 10.18   WAIVER OF JURY TRIAL	 	 	64	 
	SECTION 10.19   Security Advice Waiver	 	 	64	 
	SECTION 10.20   U.S.A. Patriot Act	 	 	64	 

 

	Appendix A 	–	Provisions Relating to the Initial Notes and Additional Notes

 

    iii

     

    

 

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(cont’d)

 

EXHIBIT INDEX

 

	Exhibit A	–	Form of Note
	Exhibit B	–	Form of Transferee Letter of Representation

 

    iv

     

    

 

 

INDENTURE dated as of December 16, 2019, between
NCL CORPORATION LTD., an exempted company incorporated 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) $565,000,000 aggregate principal amount of the
Issuer’s 3.625% Senior Notes due 2024 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.

 

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

 

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

 

“Amended Senior Secured Credit Agreement”
means the Fourth Amended and Restated Credit Agreement, dated as of January 2, 2019, 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.

 

“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 December 15, 2021 (such redemption price
being set forth in Paragraph 6 of the Note) plus (ii) all remaining required interest payments due on the Note
through December 15, 2021 (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.

 

“Attributable Debt” in
respect of a Sale and Leaseback Transaction means, at the time of determination, the present value of the obligation of the lessee
for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction, including any period
for which such lease has been extended or may, at the option of the lessor, be extended. Such present value will be calculated
using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP.

 

“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 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, securitization or receivables financing (including through
the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters
of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments
or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each
case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured,
renewed, refinanced, restated, replaced or refunded in whole or in part from time to time.

 

    2 

     

    

 

“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 and the Breakaway Two Facility.

 

“Breakaway Four Facility”
means the €729.8 million credit agreement dated October 12, 2012, as amended and restated on July 26, 2016, and 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 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.

 

    3 

     

    

 

“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.

 

“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.

 

“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 solely
for the purpose of reorganizing the Issuer in another jurisdiction to realize tax or other benefits), in one or a series of related
transactions, of all or substantially all the assets of the Issuer and its Subsidiaries, taken as a whole, to a Person other than
NCL Holdings, the Issuer or any Subsidiary; or

 

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

 

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

 

    4 

     

    

 

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

 

“Consolidated Net Tangible Assets”
means the total consolidated assets of the Issuer and its Subsidiaries, as shown on the most recent balance sheet of the Issuer,
after deducting therefrom, without duplication, the sum of (i) all current liabilities except for (A) notes and loans payable,
(B) current maturities of long term debt, (C) current maturities of obligations under capital leases and (D) customer deposits
and advanced ticket sales (without duplication) and (ii) all goodwill, trade names, trademarks, patents, unamortized debt discount
and expense and other like intangibles, which in each case under generally accepted accounting principles would be included on
such consolidated balance sheet.

 

“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 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.

 

    5 

     

    

 

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

 

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

 

“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:

 

(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, and

 

(2)              
issuances to any Subsidiary of the Issuer.

 

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

 

“Explorer Newbuild Facility”
means the $373.6 million credit agreement, dated as of July 31, 2013, as amended and restated effective as of November 19, 2014,
and 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
(as determined in good faith by the Issuer).

 

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

 

“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.

 

    6 

     

    

 

“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.

 

“holder” 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 or evidenced
by bonds, notes, debentures or similar instruments; and

 

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

 

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

 

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

 

“Investment Grade”
 means (1) with respect to S&P, a rating equal to or higher than BBB- (or the equivalent), (2) with
respect to Moody's, a rating equal to or higher than Baa3 (or the equivalent) and (3) with respect to any additional Rating
Agency or Rating Agencies selected by the Issuer, the equivalent investment grade credit rating.

 

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

 

“Leonardo Facilities”
means (i) two $868.1 million term loan facilities, each dated as of November 21, 2017, (ii) two €665.3 million term loan
facilities, each dated as of November 21, 2017, (iii) the €663.9 million loan agreement, dated as of December 19, 2018, and
(iv) the $954.9 million loan agreement, dated as of December 19, 2018, 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.

 

    7 

     

    

 

“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.

 

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

 

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

 

“NCLC Group Credit Facilities”
means (i) the Amended Senior Secured Credit Agreement; (ii) the Breakaway Credit Facilities; (iii) the Breakaway Plus Newbuild
Facility; (iv) the Breakaway Four Facility; (v) the Seahawk Newbuild Facilities; (vi) the Oceania Newbuild Facilities; (vii) the
Explorer Newbuild Facility, (viii) the Second Explorer-Class Facility; (ix) the O Class Facilities, (x) the Leonardo Facilities,
(xi) the Third Explorer-Class Facility and (xii) the Other Facilities, 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.

 

    8 

     

    

 

“Net Proceeds” from
a Sale and Leaseback Transaction means cash payments received therefrom (including any cash payments received by way of
deferred payment of principal pursuant to a note or installment receivable or otherwise and proceeds from the sale or other
disposition of any securities received as consideration, all purchase price adjustments, earn-outs and contingency payment
obligations to which a seller may become entitled after the closing of such Sale and Leaseback Transaction and all holdbacks,
in each case, only as and when received in cash, but excluding any other consideration received in the form of assumption by
the acquiring Person of Indebtedness or other obligations relating to such properties or assets or received in any other
non-cash form), in each case net of (without duplication): (1) all legal, accounting, title and transfer or recording tax
expenses, broker’s fees or commissions and other fees and expenses (including, without duplication, any repatriation
costs associated with receipt by the applicable taxpayer of such proceeds) incurred, and all federal, state, provincial,
foreign and local taxes (whether on account of income, gains or otherwise) required to be accrued as a liability under GAAP,
as a consequence of such Sale and Leaseback Transaction (including Permitted Tax Distributions and after taking into account
any available tax credits or deductions and any tax sharing arrangements related thereto); (2) all payments made on any
Indebtedness which is secured by any assets subject to such Sale and Leaseback Transaction, in accordance with the terms of
any Lien upon or other security agreement of any kind with respect to such assets, or which must by its terms, or in order to
obtain a necessary consent to such Sale and Leaseback Transaction, or by applicable law, be repaid out of the proceeds from
such Sale and Leaseback Transaction; (3) the deduction of appropriate amounts provided by the seller as a reserve, in
accordance with GAAP, against any liabilities associated with the property or other assets disposed in such Sale and
Leaseback Transaction and retained by the Issuer or any Subsidiary after such Sale and Leaseback Transaction, 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; (4) any portion of the purchase price from a Sale
and Leaseback Transaction placed in escrow in connection with that Sale and Leaseback Transaction; provided that upon
the termination of that escrow, Net Proceeds will be increased by any portion of funds in the escrow that are released to the
Issuer or any Subsidiary; (5) the amount of any purchase price adjustment, contingent or deferred payment obligation that the
Issuer and/or any Subsidiary is obligated to pay to another Person in connection with a Sale and Leaseback Transaction; and
(6) all expenditures incurred to inspect, repair or modify a Principal Property and bring such Principal Property to the
condition and place of delivery in connection with the Sale and Leaseback Transaction as may be specified in the related
agreements or otherwise as the Issuer shall determine as advisable in connection with such Sale and Leaseback
Transaction.

 

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

 

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

 

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

 

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

 

    9 

     

    

 

“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.

 

“O Class Facilities”
means (i) the $690.7 million Secured Loan Agreement, dated as of December 19, 2018, and (ii) the €480.2 million Secured
Loan Agreement, dated as of December 19, 2018, 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.

 

“Oceania Newbuild Facilities”
means the (i) €349.5 million Marina Loan Agreement, dated as of July 18, 2008 and (ii) the €349.5 million Riviera Loan
Agreement, dated as of July 18, 2008, in each case, as amended and restated effective as of November 19, 2014, and 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 December 2, 2019, relating to the issuance of the Initial Notes.

 

“Officer” means the Chairman
of the Board, Chief Executive Officer, Chief Financial Officer, any President, 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.

 

“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.

 

    10 

     

    

 

“Other
Facilities” means (i) the $230.0 million credit agreement, dated as of January 10, 2019, (ii) the $260.0 million
credit agreement, dated as of May 15, 2019, and (iii) the $75.0 million uncommitted and revolving credit line agreement,
dated as of October 28, 2019, 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.

 

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

 

(2)              
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;

 

(3)              
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;

 

(4)              
Liens securing Indebtedness (including Capitalized Lease Obligations) Incurred by the Issuer or any of its Subsidiaries
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); 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;

 

(5)              
Liens existing on the Issue Date, including Liens arising out of, or with respect to, the NCLC Group Credit Facilities;

 

(6)               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;

 

    11 

     

    

 

(7)              
Liens on assets or property at the time the Issuer or a 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 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 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);

 

(8)              
Liens securing Indebtedness or other obligations of the Issuer or a Subsidiary owing to the Issuer or another Subsidiary
of the Issuer;

 

(9)              
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;

 

(10)          
Liens in favor of the Issuer or any Subsidiary;

 

(11)          
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;

 

(12)          
other Liens securing any Indebtedness which
would not exceed 10% of the Consolidated Net Tangible Assets of the Issuer and its Subsidiaries;

 

(13)          
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;

 

(14)          
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 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;

 

(15)           Liens
securing Bank Indebtedness the outstanding principal amount of which does not, taken together with the principal amount of
all other Bank Indebtedness secured by Liens incurred under this clause (15) that are at the time outstanding, exceed the New
Vessel Aggregate Secured Debt Cap (as calculated on the date of the relevant Incurrence under this clause (15)) at the time
of Incurrence;

 

    12 

     

    

 

(16)          
Liens incurred in the ordinary course of business of the Issuer or any 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; and

 

(17)          
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,
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 the foregoing clauses (4) or (8), (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 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.

 

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 3 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.

 

    13 

     

    

 

“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.

 

“Principal Property” means
any Vessel owned or leased by the Issuer or
any Subsidiary the net book value of which on the date as of which the determination is being made exceeds the greater of $100.0
million and 1% of the Issuer's Consolidated Net Tangible Assets.

 

“Principal Subsidiary”
means any direct or indirect Subsidiary of the Issuer that owns a Principal Property.

 

“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) 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.

 

“Rating Categories” means:

 

		(1)	with respect to S&P, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor
categories); and

 

		(2)	with respect to Moody’s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C and D (or equivalent successor
categories).

 

“Rating Event”means:

 

		(1)	if the Notes are not rated Investment Grade by each of the Rating Agencies on the first day of the Trigger Period, the Notes
are downgraded by at least one rating category (e.g., from BB+ to BB or Ba1 to Ba2) from the applicable rating of the Notes
on the first day of the Trigger Period by either of the Rating Agencies on any date during the Trigger Period;

 

		(2)	if the Notes are rated Investment Grade by each of the Rating Agencies on the first day of the Trigger Period, the Notes are
downgraded to below Investment Grade (i.e. below BBB- or Baa3) by either of the Rating Agencies on any date during the Trigger
Period; or

 

    14 

     

    

 

		(3)	if both (A) the Notes are rated Investment Grade by one of the Rating Agencies, and (B) the Notes are not rated Investment
Grade by the other Rating Agency, in each case, on the first day of the Trigger Period, then any of the following occur: (i) in
the case of the Rating Agency referred to in clause (A), the Notes are downgraded to below Investment Grade (i.e. below BBB- or
Baa3) by such Rating Agency on any date during the Trigger Period, and (ii) in the case of the Rating Agency referred to in
clause (B), the Notes are downgraded by at least one rating category (e.g., from BB+ to BB or Ba1 to Ba2) from the applicable
rating of the Notes on the first day of the Trigger Period by each such Rating Agency on any date during the Trigger Period;

 

provided that a Rating Event otherwise
arising by virtue of a particular downgrade in rating shall not be deemed to have occurred in respect of a particular Change of
Control (and thus shall not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event hereunder)
if the Rating Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly
confirm or inform the Issuer that the reduction was the result, in whole or in part, of any event or circumstance comprised of
or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control
shall have occurred at the time of the Rating Event). For the avoidance of doubt, no Change of Control Triggering Event will be
deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually
been consummated.

 

“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 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.

 

“Record Date” has the meaning
specified in Exhibit A hereto.

 

“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.

 

“Sale and Leaseback
Transaction” means an arrangement relating to Principal Property now owned or hereafter acquired by the Issuer or a
Subsidiary whereby the Issuer or a Subsidiary transfers such Principal Property to a Person and the Issuer or such Subsidiary
leases it from such Person, other (i) than transfers or leases between the Issuer and a Subsidiary of the Issuer or between
Subsidiaries of the Issuer or (ii) involving the temporary taking back of a lease for a period, including renewals, of less
than three years in the case where it is intended that at the end of the lease, the use of such property by the Issuer or
such Subsidiary will be discontinued.

 

    15 

     

    

 

“S&P” means S&P
Global Ratings, a division of S&P Global Inc., 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 with aggregate commitments for both facilities of up to €1.4 billion, with such subsidiary as the borrower,
and in each case, originally dated as of July 14, 2014, and as amended and restated on December 22, 2015, and 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.

 

“Second Explorer-Class Facility”
means the $498.2 million Secured Loan Agreement, dated as of March 30, 2016, 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.

 

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

 

“Significant Subsidiary”
means any 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).

 

“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).

 

    16 

     

    

 

“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.

 

“Third Explorer-Class Facility”
means the $565.2 million Secured Loan Agreement, dated as of December 19, 2018, 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.

 

“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.

 

“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 weekly average rounded to the nearest 1/100th of a percentage point (for the most recently
completed week for which such information is available as of the date that is two Business Days prior to (x) in the case of a redemption,
either, at the sole discretion of the Issuer, (a) such redemption date or (b) the date a notice of redemption is delivered, or
(y) in the case of a satisfaction and discharge or defeasance, the date on which funds are deposited with the Trustee) of the yield
to maturity of United States Treasury securities with a constant maturity (as compiled and published in Federal Reserve Statistical
Release H.15 with respect to each applicable day during such week (or, if such Statistical Release is no longer published, any
publicly available source of similar market data)) most nearly equal to the period from such redemption date to December 15, 2021;
provided, however, that if the period from such redemption date to December 15, 2021 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.

 

“Trigger
Period” means the period commencing on the first public announcement by the Issuer of an arrangement that could result
in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control;
provided, that if the rating of the Notes is under publicly announced consideration for possible downgrade by any of the
Rating Agencies, such 60-day period shall be extended until the first to occur of (x) the date that such Rating Agency announces
the results of its review and (y) the date that is 180 days after consummation of the Change of Control.

 

    17 

     

    

 

“Trustee” means the party
named as such in this Indenture until a successor replaces it and, thereafter, means the successor.

 

“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.

 

“Uniform Commercial Code”
or “UCC” means the New York Uniform Commercial Code as in effect from time to time.

 

“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.

 

    18 

     

    

 

“Vessel” means a passenger
cruise vessel.

 

“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
	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 Period	 	Appendix A
	Rule 144A	 	Appendix A
	Rule 144A Global Notes	 	Appendix A
	Rule 144A Notes	 	Appendix A
	Rule 501	 	Appendix A
	Successor Issuer	 	5.01(a)(i)
	Transfer Restricted Definitive Notes	 	Appendix A
	Transfer Restricted Global Notes	 	Appendix A
	Trustee	 	Preamble
	U.S.A. Patriot Act	 	10.20
	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.

 

    19 

     

    

 

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 Indebtedness secured by a Lien 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)              
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;

 

(i)                
“$” 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

 

(j)                
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 $565,000,000.

 

    20 

     

    

 

 

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 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, 4.08(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 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 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.

 

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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 $565,000,000 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.

 

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.

 

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(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, 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.

 

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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 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 indemnity or security 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.

 

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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 10.06,
a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.

 

If a Note is replaced pursuant to Section 2.08
(other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuer receive
proof satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note ceases to be outstanding upon
surrender of such Note and replacement thereof pursuant to Section 2.08.

 

If a Paying Agent segregates and holds in
trust, in accordance with this Indenture, on a 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.

 

    25 

     

    

 

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 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 10.06
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.

 

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Article III

 

REDEMPTION

 

Section 3.01         
Redemption. The Notes may be redeemed, in whole or from time to time in part, subject to the conditions and
at the redemption prices set forth in Paragraph 6 of the forms of Note set forth in Exhibit A hereto, which are hereby incorporated
by reference and made a part of this Indenture, together with accrued and unpaid interest to, but excluding, 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 10 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 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 10 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 or less may 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.

 

    27 

     

    

 

Section 3.05         
Notice of Optional Redemption.

 

(a)               At
least 10 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, but excluding, the redemption date;

 

(iii)             
the name and address of the Paying Agent;

 

(iv)             
that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price, plus accrued
interest;

 

(v)              
if fewer than all the outstanding Notes are to be redeemed, the certificate numbers and principal amounts of the particular
Notes to be redeemed, the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be
outstanding after such partial redemption;

 

(vi)             
that, unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited from making such payment
pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after
the redemption date;

 

(vii)            
the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Notes being redeemed;

 

(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 in the form of an Officer’s Certificate, 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, except as provided herein and as set forth in paragraph 6 of the Notes, such notice
may not be canceled once delivered to holders of Notes.

 

    28 

     

    

 

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 excluding, 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.

 

Section 3.09         
Redemption for Changes in Taxes.

 

The Issuer may redeem the Notes, in whole
but not in part, at its discretion at any time upon giving not less than 10 nor more than 60 days’ prior written notice to
the holders, at a redemption price equal to 100% of the aggregate principal amount thereof, together with accrued and unpaid interest,
if any, to, but excluding, 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).

 

    29 

     

    

 

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 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.

 

    30 

     

    

 

(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;

 

(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;

 

(vi)             any
Taxes that are imposed or levied pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the
“Code”) as of the date hereof (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any
agreements entered into pursuant to Section 1471(b)(1) of the Code as of the date of the Offering Memorandum (or any amended
or successor version as described above) and any intergovernment agreement (and any related laws, legislation, rules and
official administrative guidance) implementing any of the foregoing; or

 

    31 

     

    

 

(vii)           
any combination of the above clauses (i) through (vi).

 

(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, 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.

 

    32 

     

    

 

 

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 Form 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 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;

 

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.

 

    33 

     

    

 

(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
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).

 

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 Issuer’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely conclusively on an Officer’s Certificate).
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.

 

    34 

     

    

 

Section 4.03         
[Reserved] 

 

Section 4.04         
[Reserved.

 

Section 4.05         
[Reserved]

 

Section 4.06         
[Reserved]

 

Section 4.07         
[Reserved]

 

Section 4.08         
Change of Control Triggering Event

 

(a)              
Upon the occurrence of a Change of Control Triggering Event, 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 Triggering Event, 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.

 

(b)              
Within 30 days following any Change of Control Triggering Event, 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 Triggering Event has occurred and that such holder has the right to require the Issuer to repurchase
such holder’s Notes for the Change of 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 Triggering Event;

 

(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.

 

    35 

     

    

 

(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 Triggering Event, and conditioned upon such Change
of Control Triggering Event, 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 Triggering Event 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 this 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 Triggering Event, 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 Triggering Event, such Change of Control Triggering Event 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 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 10 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.

 

    36 

     

    

 

(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, 2019, 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 acts as may be reasonably necessary or proper to carry out more effectively the purpose of this
Indenture.

 

Section 4.11         
[Reserved].

 

Section 4.12         
Liens.

 

(a)              
The Issuer shall not, and shall not permit any Principal Subsidiary to, directly or indirectly, create or Incur any Lien
(except Permitted Liens) on any Principal Property, or upon any Capital Stock of any Principal Subsidiary, that secures any Indebtedness
of the Issuer or its Subsidiaries, 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.

 

    37 

     

    

 

(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 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, 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.

 

Section 4.13         
Re-flagging of Vessels. Notwithstanding anything to the contrary herein, a Subsidiary may reconstitute itself
in another jurisdiction, or merge with or into another Subsidiary, for the purpose of reflagging a vessel that it owns or bareboat
charters so long as at all times each Subsidiary remains organized under the laws of any country recognized by the United States
of America with an investment grade credit rating from either S&P or Moody’s or any Permitted Jurisdiction.

 

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 10.02.

 

    38 

     

    

 

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

 

(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         
Sale and Leaseback Transactions. The Issuer shall not, and shall not permit any Principal Subsidiary to, enter
into any Sale and Leaseback Transaction with respect to any Principal Property unless:

 

(a)              
the Issuer or such Principal Subsidiary, as applicable, could have Incurred Indebtedness in an amount at least equal to
the Attributable Debt relating to such Sale and Leaseback Transaction secured by a Lien on the Principal Property to be leased
(without equally and ratably securing the Notes) pursuant to Section 4.12; or

 

(b)              
the gross cash proceeds of that Sale and Leaseback Transaction are at least equal to the Fair Market Value of the Principal
Property that is the subject of that Sale and Leaseback Transaction and within 365 days of the effective date of any such Sale
and Leaseback Transaction, the Issuer applies the Net Proceeds of the sale of the Principal Property (i) to the prepayment or retirement
of Indebtedness of the Issuer and its Subsidiaries (which may include the Notes) and/or (ii) the acquisition, construction or improvement
of any property or assets.

 

For purposes of this Section 4.15:

 

(i)                
in determining compliance with any U.S. dollar-denominated restriction on the entering into of any Sale and Leaseback Transaction,
the U.S. dollar-equivalent principal amount of Attributable Debt denominated in a foreign currency shall be calculated based upon
the relevant currency exchange rate in effect on the date such Attributable Debt in respect of such Sale and Leaseback Transaction
was Incurred; and

 

(ii)               
the maximum amount of Attributable Debt that the Issuer or any Subsidiary may Incur in respect of any Sale and Leaseback
Transaction shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies.

 

    39 

     

    

 

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 limited liability company, corporation, partnership,
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 any state of the United States, the District of Columbia or any territory of the United
States;

 

(ii)              
the Successor Issuer (if other than the Issuer) expressly assumes all the obligations of the Issuer under this Indenture
and the Notes pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee;

 

(iii)              
immediately after giving effect to such transaction, no Default shall have occurred and be continuing; and

 

(iv)             
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 clause (iii) of this Section 5.01, (a) any Subsidiary may merge, consolidate or amalgamate with or transfer
all or part of its properties and assets to the Issuer or to another 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 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 Subsidiaries.

 

    40 

     

    

 

 

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 written notice with any of its obligations, covenants or agreements
contained in Section 4.02,

 

(d)              
the failure by the Issuer or any Principal Subsidiary to comply for 60 days after written 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 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 $100.0 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

 

    41 

     

    

 

(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;

 

(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 $100.0 million or its foreign currency equivalent (net of any amounts
which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not discharged, waived or
stayed for a period of 60 days.

 

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 written notice. Such written notice must specify the
Default, demand that it be remedied and state that such written 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 written 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 written notice to the Issuer, or the holders of at least 25% in
principal amount of outstanding Notes by written 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.

 

    42 

     

    

 

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
30 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.

 

    43 

     

    

 

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 Trust Officers shall determine that the action or proceeding so directed would involve the Trustee in
personal liability or expense for which it is not adequately indemnified, or subject to Section 7.01, that the Trustee
determines is unduly prejudicial to the rights of any other holder (it being understood the Trustee does not have an
affirmative duty to ascertain whether or not such directions are unduly prejudicial to any holder) or that would involve the
Trustee in personal liability. Prior to taking any action under this Indenture, the Trustee shall be entitled to
indemnification satisfactory to it 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 written 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.

 

    44 

     

    

 

Section 6.08          Collection
Suit by Trustee. If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee
may recover judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on the Notes
for the whole amount then due and owing (together with interest on overdue principal and (to the extent lawful) on any unpaid
interest at the rate provided for in the Notes) and the amounts provided for in Section 7.07.

 

Section 6.09         
Trustee May File Proofs of Claim. The Trustee may file such proofs of claim, statements of interest and other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable
compensation, expenses disbursements and advances of the Trustee (including counsel, accountants, experts or such other professionals
as the Trustee deems necessary, advisable or appropriate)) and the holders allowed in any judicial proceedings relative to the
Issuer, 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
shall suffer and permit the execution of every such power as though no such law had been enacted.

 

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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).

 

    46 

     

    

 

(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;

 

(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.

 

    47 

     

    

 

(d)               The
Trustee shall not be responsible or liable for any action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not
constitute willful misconduct or negligence.

 

(e)              
The Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect to legal matters
relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any
action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

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

 

(g)              
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the holders pursuant to this Indenture, unless such holders shall have offered to the Trustee 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.

 

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(k)               The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust 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, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of actions.

 

(n)              
The Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers under
this Indenture.

 

(o)              
The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this
Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without
limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots;
interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes;
and acts of civil or military authorities and governmental action.

 

Section 7.03         
Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or
pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee.
Any Paying Agent or Registrar may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11.

 

Section 7.04         
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture 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 10.02 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.

 

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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 the Trustee 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 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,
its officers, directors, employees and agents, and hold each of them harmless, 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.

 

    50 

     

    

 

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.

 

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. The retiring or removed Trustee shall have no responsibility or liability for the action or inaction
of any successor Trustee, unless such action or inaction of any successor Trustee was directly caused by or as a direct result
of the retiring or removed Trustee’s willful misconduct or negligence.

 

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(d)              
If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee or the holders of 10% in principal amount of the Notes may petition at the expense of the Issuer any court of competent
jurisdiction for the appointment of a successor Trustee.

 

(e)              
If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in
Section 310(b) of the TIA, any holder who has been a bona fide holder of a Note for at least six months may petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

(f)               
Notwithstanding the replacement of the Trustee pursuant to this Section, 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 $50.0 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.

 

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Article VIII

 

DISCHARGE OF INDENTURE; DEFEASANCE

 

Section 8.01         
Discharge of Liability on Notes; Defeasance.

 

(a)              
This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights of registration
of transfer or exchange of Notes, as expressly provided for in this Indenture) as to all outstanding Notes when:

 

(i)                
either (A) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been
replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the
Issuer and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation or
(B) all of the Notes (1) have become due and payable, (2) will become due and payable at their stated maturity within one year
or (3) if redeemable at the option of the Issuer, are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer
has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient, 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 this
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.

 

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(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, 4.08, 4.09, 4.12, 4.13 and 4.15 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), 6.01(f)  (with respect to
Significant Subsidiaries of the Issuer only), 6.01(g) (with respect to
Significant Subsidiaries of the Issuer only) or 6.01(h) (“covenant defeasance option”). The Issuer
may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option.

 

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), 6.01(f) (with respect to Significant Subsidiaries of the Issuer only), 6.01(g) (with respect to Significant Subsidiaries
of the Issuer only) or  6.01(h).

 

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;

 

    54 

     

    

 

(iv)            
the deposit does not constitute a default under any other agreement binding on the Issuer;

 

(v)              
in the case of the legal defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating
that (1) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the
date of this Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and
based thereon such Opinion of Counsel shall confirm that, the holders will not recognize income, gain or loss for Federal income
tax purposes as a result of such deposit and defeasance and will be subject to Federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such deposit and defeasance had not occurred; provided that
upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes
of this 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.

 

    55 

     

    

 

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 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.

 

    56 

     

    

 

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 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 (as evidenced by an Officer’s
Certificate of the Issuer) 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.

 

    57 

     

    

 

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; provided that any amendment to the minimum notice requirement may be made with the consent of the
holders of a majority in principal amount of the Notes then outstanding,

 

(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.

 

    58 

     

    

 

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
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 conclusively
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.

 

    59 

     

    

 

Article X

 

MISCELLANEOUS

 

Section 10.01     
[Reserved].

 

Section 10.02     
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

 

    60 

     

    

 

 

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

 

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

 

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

 

Section 10.03      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 10.04     
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 10.05     
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.

 

    61 

     

    

 

Section 10.06     
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 10.07     
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 10.08     
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 10.09     
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 10.10     
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 10.11     
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 10.12     
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 10.13     
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.

 

    62 

     

    

 

Section 10.14     
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 10.15     
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 10.16     
[Reserved].

 

Section 10.17     
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 Corporation Service Company or Corporate Creations International 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 Corporation Service Company or Corporate Creations International Inc., as the case may be, 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 Corporation Service Company or Corporate Creations
International Inc., as the case may be, and written notice of said service to the Issuer in accordance with Section 10.02
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.

    63 

     

    

 

Section 10.18     
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 RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Section 10.19     
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 10.20     
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.]

 

    64 

     

    

 

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/ Mark. A. Kempa
	 	 	Name: Mark. A. Kempa
	 	 	Title: Executive Vice President and Chief Financial Officer 

 

[Signature Page to Indenture]

 

     

     

    

 

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

 

[Signature Page to Indenture]

 

     

     

    

 

APPENDIX A

 

PROVISIONS RELATING TO THE 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., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, BNP Paribas Securities Corp., BofA Securities, Inc.,
Citigroup Global Markets Inc., Citizens Capital Markets, Inc., Credit Agricole Securities (USA) Inc., Fifth Third Securities, Inc.
and HSBC Securities (USA) Inc.

 

“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 Notes that are Transfer Restricted Notes, it means the comparable period of 40
consecutive days.

 

    Appendix A-1

     

    

 

“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.

 

“Rule 501” means Rule 501(a)(1),
(2), (3) or (7) under the Securities Act.

 

“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.

 

    Appendix A-3

     

    

 

(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 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:

 

    Appendix A-4

     

    

 

(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 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:

 

    Appendix A-5

     

    

 

(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

 

(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:

 

    Appendix A-6

     

    

 

(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:

 

(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:

 

    Appendix A-7

     

    

 

(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

 

(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.

 

    Appendix A-8

     

    

 

(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 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

 

    Appendix A-9

     

    

 

(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,

 

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 2.11 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 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 (ii), (iii) or (iv), 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”):

 

    Appendix A-10

     

    

 

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 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)(F) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

    Appendix A-11

     

    

 

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.

 

(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.

 

    Appendix A-12

     

    

 

(h)              
Obligations with Respect to Transfers and Exchanges of Notes.

 

(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, 4.08 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 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-13

     

    

 

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
ISSUER 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,

 

    Ex. A-1

     

    

 

(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)(F) 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. [  ]
	 	$[     ]

 

3.625% Senior Notes due 2024

 

NCL CORPORATION LTD., an exempted company
incorporated 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 December 15, 2024.

 

Interest Payment Dates: June 15 and December
15, commencing [ ]1

 

Record Dates: June 1 and December 1

 

Additional provisions of this Note are set
forth on the other side of this Note.

 

 

 

1 To
be June 15, 2020 for Notes issued on December 16, 2019.

 

    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]

 

3.625% Senior Notes due 2024

 

1.                 
Interest

 

NCL CORPORATION LTD, an exempted company
incorporated 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 June 15 and December 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 December 16, 2019, 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 June 1 and December 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 Registrar without notice. The Issuer or any of its domestically incorporated Subsidiaries may act as Paying
Agent or Registrar.

 

 

 

2 To
be June 15, 2020 for Notes issued on December 16, 2019. 

 

    Ex. A-6

     

    

 

4.                 
Indenture

 

The Issuer issued the Notes under an Indenture
dated as of December 16, 2019 (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.

 

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 Principal Subsidiaries to, among other things, create or Incur Liens and enter into Sale and Leaseback Transactions. 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.

 

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 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; (6) any Taxes that are imposed or levied pursuant to Sections 1471 through 1474 of the Internal Revenue
Code of 1986, as amended (the “Code”) as of the date hereof (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official
interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code as of the date hereof (or any
amended or successor version as described above) and any intergovernment agreement (and any related laws, legislation, rules
and official administrative guidance) implementing any of the foregoing; or (7) any combination of clauses (1) through
(6).

 

    Ex. A-7

     

    

 

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
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.

 

    Ex. A-8

     

    

 

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 December 15, 2021, 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 10 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 December 15 of the years set forth
below:

 

	Period	 	Redemption Price	 
	2021	 	 	101.813	%
	2022	 	 	100.906	%
	2023 and thereafter	 	 	100.000	%

 

In addition, prior to December 15, 2021, 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 10 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 (subject to the right of holders of record
on the relevant record date to receive interest due on the relevant Interest Payment Date).

 

    Ex. A-9

     

    

 

Notwithstanding the foregoing, at any
time and from time to time on or prior to December 15, 2021, 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 of the Issuer from it, at a redemption price (expressed as a percentage of principal amount
thereof) of 103.625%, 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 10 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 subject to
one or more conditions precedent. 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 10 days but not more than 60 days before the redemption date
to each holder of Notes to be redeemed at his, her or its registered address. Notes in denominations larger than $2,000 may be
redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued and unpaid
interest on all Notes (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent on or before
the redemption date and certain other conditions are satisfied, on and after such date, interest ceases to accrue on such Notes
(or such portions thereof) called for redemption.

 

    Ex. A-10

     

    

 

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 10 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, but excluding, 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 Triggering Event

 

Upon the occurrence of a Change of Control
Triggering Event, each holder shall have the right, subject to certain conditions specified in the Indenture, to cause the Issuer
to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof,
plus accrued and unpaid interest, if any, to, 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.

 

    Ex. A-11

     

    

 

11.             
Ranking

 

These Notes will be senior unsecured obligations
of the Issuer.

 

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 (as evidenced by an Officer’s Certificate
of the Issuer) 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 written notice to the Issuer, or the holders of at least 25% in principal amount of the outstanding Notes, in each case,
by written 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 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 written 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. However, the Trustee may refuse to follow any direction (i) that
conflicts with law or the Indenture, (ii) if the Trustee, being advised by counsel, determines that the action or proceeding
so directed may not lawfully be taken, (iii) if the Trustee in good faith by its board of directors or trustees, executive
committee, or a trust committee of directors or trustees and/or Trust Officers shall determine that the action or proceeding
so directed would involve the Trustee in personal liability or expense for which it is not adequately indemnified or (iv)
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.

 

    Ex. A-13

     

    

 

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).

 

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-14

     

    

 

 

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-15

     

    

 

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-16

     

    

 

Unless one of the boxes is checked, the Trustee
will refuse to register any of the Notes evidenced by this certificate in the name of any Person other than the registered holder
thereof; provided, however, that if box (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-17

     

    

 

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-18

     

    

 

[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-19

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

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

 

Change of Control Triggering Event  ̈

 

If you want to elect to have only part
of this Note purchased by the Issuer pursuant to Section 4.08 (Change of Control Triggering Event) 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-20

     

    

 

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 3.625% Senior Notes due 2024 (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:

 

1.                 
We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account
of such an institutional “accredited investor” at least $100,000 principal amount of the Notes, and we are acquiring
the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We
have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We,
and any accounts for which we are acting, are each able to bear the economic risk of our or its investment.

 

    Ex. B-1

     

    

 

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

 

	Dated:		

 

	 	TRANSFEREE:  	 
	 	 
	 	By:	 

 

    Ex. B-2

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