Exhibit
10.2


 


	 	Dated               26
    March             2021	 



 





	 	Silversea Cruise Holding Ltd.	(1)
	 	(the Borrower)	 
	 	 	 
	 	Royal Caribbean Cruises Ltd.	(2)
	 	(the Guarantor)	 
	 	 	 
	 	KfW IPEX-Bank GmbH	(3)
	 	(the Facility Agent)	 
	 	 	 
	 	KfW IPEX-Bank GmbH	(4)
	 	(the Hermes Agent)	 
	 	 	 
	 	The banks and financial institutions listed in Schedule 1	(5)
	 	(the Lenders)	 







 


	 	Amendment
    No. 2 in connection with

    the Credit Agreement in respect of

    Hull S-720	 


 


 




     


    


    


Contents


 




	Clause	Page
	 	 
	1   Interpretation
    and definitions	1
	 	 
	2   Amendment
    of the Existing Credit Agreement	2
	 	 
	3   Conditions
    of effectiveness of Amended Credit Agreement	3
	 	 
	4   Representations
    and Warranties	5
	 	 
	5   Incorporation
    of Terms	6
	 	 
	6   Fees,
    Costs and Expenses	6
	 	 
	7   Counterparts	7
	 	 
	8   Governing
    Law	7
	 	 
	Schedule 1
    Finance Parties	8
	 	 
	Schedule 2
    Form of Amendment Effective Date confirmation – Hull S-720	9
	 	 
	Schedule 3
    Amended and Restated Credit Agreement	10
	 	 
	Schedule 4
    Form of Security Enhancement Guarantor Confirmation Certificate	11
	 	 
	Exhibit
    A Framework	13
	 	 
	Exhibit
    B Debt Deferral Extension Regular Monitoring Requirements	19
	 	 
	Exhibit
    C Replacement covenants with effect from the Security Enhancement Guarantee Release Date	23





     


    


    


THIS
AMENDMENT NO. 2 (this Amendment) is dated 26 March 2021 and made BETWEEN:


 


		(1)	Silversea
                                         Cruise Holding Ltd. (a company incorporated and existing under the laws of the Bahamas)
                                         (the Borrower);



 


		(2)	Royal
                                         Caribbean Cruises Ltd. (a corporation organised and existing under the laws of The
                                         Republic of Liberia) (the Guarantor);



 


		(3)	KfW
                                         IPEX-Bank GmbH as facility agent (the Facility Agent);



 


		(4)	KfW
                                         IPEX-Bank GmbH as Hermes agent (the Hermes Agent); and



 


		(5)	The
                                         banks and financial institutions listed in Schedule 1 as lenders (the Lenders).



 


WHEREAS:


 


		(A)	The
                                         Borrower, the Guarantor, the Facility Agent, the Hermes Agent and the Lenders are parties
                                         to a credit agreement dated 19 September 2019, as amended by amendment letters dated
                                         20 May 2020 and 23 July 2020 respectively and as further amended and restated on
                                         21 December 2020 (together, the Existing Credit Agreement), in respect of the
                                         vessel bearing Builder’s hull number S-720 (the Vessel) whereby it was agreed
                                         that the Lenders would make available to the Borrower, upon the terms and conditions
                                         therein, a US dollar loan facility (the Facility) up to the US Dollar Equivalent
                                         of EUR358,950,000 and calculated on the amount equal to the sum of (a) up to eighty per
                                         cent (80%) of the Contract Price of the Vessel but which Contract Price will not exceed
                                         EUR438,050,000 and (b) up to 100% of the Hermes Fee (as each such term is defined in
                                         the Existing Credit Agreement).



 


		(B)	The
                                         Borrower, by a consent request letter dated 11 December 2020 relating to the Debt Deferral
                                         Extension Framework published by certain Export Credit Agencies (including Hermes) (the
                                         Framework), requested that the Existing Credit Agreement be amended and restated
                                         on the basis set out in this Amendment.



 


		(C)	Pursuant
                                         to the Framework, the Lenders have agreed to (i) certain amendments to the financial
                                         covenants set out in Section 7.2.4 of the Existing Credit Agreement and (ii) certain
                                         amendments to reflect a delay to the Delivery Date (as defined in the Existing Credit
                                         Agreement) of the Vessel, in each case on the basis set out in that letter.



 


		(D)	In
                                         connection with the arrangements referred to in Recitals (B) and (C) above, the Parties
                                         wish to amend and restate the Existing Credit Agreement to the extent set out in this
                                         Amendment.



 


NOW
IT IS AGREED as follows:


 


		1	Interpretation
                                         and definitions



 


		1.1	Definitions
                                         in the Existing Credit Agreement



 


		(a)	Unless
                                         the context otherwise requires or unless otherwise defined in this Amendment, words and
                                         expressions defined in the Existing Credit Agreement shall have the same meanings when
                                         used in this Amendment.





     1


    


    



		(b)	The
                                         principles of construction set out in the Existing Credit Agreement shall have effect
                                         as if set out in this Amendment.



 


		1.2	Definitions



 


In
this Amendment:


 


Amended
Credit Agreement means the Existing Credit Agreement as amended and restated in accordance with this Amendment.


 


Amendment
Effective Date has the meaning set forth in clause 3.


 


Fee
Letter means any letter between the Facility Agent and the Borrower setting out the fees payable in connection with this Amendment.


 


Finance
Parties means the Facility Agent, the Hermes Agent and the Lenders.


 


Framework
Information Package means the general test scheme/information package in connection with the “Debt Deferral Extension”
application submitted by the Borrower in order to obtain the benefit of the measures provided for in the Framework for the purpose
of this Amendment and certain of the Borrower’s obligations under the Existing Credit Agreement.


 


Loan
Documents has the meaning given to such term in the form of the Amended Credit Agreement set out in Schedule 3.


 


Party
means each of the parties to this Amendment.


 


		1.3	Third
                                         party rights



 


Other
than KfW in respect of the rights of KfW under the Loan Documents, unless expressly provided to the contrary in a Loan Document,
no term of this Amendment is enforceable under the Contracts (Rights of Third Parties) Act 1999 by any person who is not a Party.


 


		1.4	Designation



 


Each
of the Parties designates this Amendment as a Loan Document.


 


		2	Amendment
                                         of the Existing Credit Agreement



 


In
consideration of the mutual covenants in this Amendment, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree that, subject to the satisfaction of the conditions precedent set forth
in clause 3:


 


		(a)	the
                                         Existing Credit Agreement (but without all its Exhibits which, unless otherwise replaced
                                         pursuant to paragraph (b) below, shall remain in the same form and continue to form part
                                         of the Existing Credit Agreement) is hereby amended on the Amendment Effective Date so
                                         as to read in accordance with the form of the amended and restated credit agreement set
                                         out in Schedule 3, which will, together with the Exhibits to the Existing Credit Agreement,
                                         continue to be binding upon each of the Parties hereto in accordance with its terms as
                                         so amended and restated; and





     2


    


    


		(b)	Exhibits
                                         A to Exhibit C hereto shall be attached to the Amended Credit Agreement as new Exhibit
                                         N to Exhibit P thereto.



 


		3	Conditions
                                         of effectiveness of Amended Credit Agreement



 


		3.1	The
                                         Amended Credit Agreement shall become effective in accordance with the terms of this
                                         Amendment on the date (the Amendment Effective Date) upon which each of the following
                                         conditions has been satisfied to the reasonable satisfaction of the Facility Agent:



 


		(a)	the
                                         Facility Agent shall have received from the Borrower and the Guarantor:



 


		(i)	a
                                         certificate of its Secretary or Assistant Secretary as to the incumbency and signatures
                                         of those of its officers authorised to act with respect to this Amendment and as to the
                                         truth and completeness of the attached resolutions of its Board of Directors then in
                                         full force and effect authorising the execution, delivery and performance of this Amendment,
                                         and upon which certificate the Lenders may conclusively rely until the Facility Agent
                                         shall have received a further certificate of the Secretary or Assistant Secretary of
                                         the Borrower or the Guarantor (as applicable) cancelling or amending such prior certificate;
                                         and



 


		(ii)	a
                                         Certificate of Good Standing issued by the relevant authorities in respect of the Borrower
                                         and the Guarantor;



 


		(b)	the
                                         Facility Agent shall have received from each Security Enhancement Guarantor a certificate
                                         (substantially in the form set out in Schedule 4), signed by a duly authorised officer
                                         of that Security Enhancement Guarantor:



 


		(i)	confirming
                                         that:



 


		(A)	the
                                         relevant Security Enhancement Guarantor acknowledges the amendments to the Existing Credit
                                         Agreement contained in this Amendment;



 


		(B)	the
                                         relevant Security Enhancement Guarantee and each other Loan Document to which that Security
                                         Enhancement Guarantor is a party shall remain and continue in full force and effect notwithstanding
                                         the amendment and restatement of the Existing Credit Agreement;



 


		(C)	the
                                         relevant Security Enhancement Guarantee shall extend to any new obligations assumed by
                                         the Borrower under the Amended Credit Agreement; and



 


		(D)	continuing
                                         to guarantee the amended obligations of the Borrower does not cause any borrowing, guaranteeing
                                         or similar limit binding on the relevant Security Enhancement Guarantor to be exceeded;
                                         and



 


		(ii)	evidencing
                                         the authority of the relevant officer to execute that certificate and to provide the
                                         confirmations referred to in paragraph (i) above,



 


together
with such evidence from legal counsel to the Facility Agent as the Lenders may require as to the continued effectiveness of the
Security Enhancement Guarantees;




     3


    


    


		(c)	the
                                         Facility Agent shall have received a duly executed copy of each Fee Letter;



 


		(d)	the
                                         Facility Agent shall have received evidence that all invoiced expenses of the Facility
                                         Agent (including the agreed fees and expenses of counsel to the Facility Agent) required
                                         to be paid by the Borrower pursuant to clause 6 below, and all other documented fees
                                         and expenses that the Borrower has otherwise agreed in writing to pay to the Facility
                                         Agent, have been paid or will be paid promptly upon being demanded;



 


		(e)	the
                                         Facility Agent shall have received opinions, addressed to the Facility Agent (and capable
                                         of being relied upon by each Lender) from:



 


		(i)	Higgs
                                         & Johnson, counsel to the Borrower, as to matters of Bahamian law (and being issued
                                         in substantially the same form as the corresponding Bahamian legal opinion issued in
                                         connection with the previous amendment to the Credit Agreement);



 


		(ii)	Watson
                                         Farley & Williams LLP, counsel to the Guarantor, as to matters of Liberian law (and
                                         being issued in substantially the same form as the corresponding Liberian legal opinion
                                         issued in connection with the previous amendment to the Credit Agreement); and



 


		(iii)	Norton
                                         Rose Fulbright LLP, counsel to the Facility Agent as to matters of English law (and being
                                         issued in substantially the same form as the corresponding English legal opinion issued
                                         in connection with the previous amendment to the Credit Agreement),



 


or,
where applicable, a written approval in principle (which can be given by email) by either of the above counsel of the arrangements
contemplated by this Amendment and a confirmation that a formal opinion will follow promptly after the Amendment Effective Date;


 


		(f)	final
                                         approval of the Framework by Hermes;



 


		(g)	evidence
                                         that the Guarantor has submitted the Framework Information Package to Hermes (including
                                         information related to crisis-related liquidity measures) as a basis for Hermes to assess
                                         the adequacy of the Borrower’s crisis-related liquidity measures;



 


		(h)	the
                                         representations and warranties set out in clause 4 are true and correct in all material
                                         respects (except for such representations and warranties that are qualified by materiality
                                         or non-existence of a Material Adverse Effect (which shall be accurate in all respects))
                                         as of the Amendment Effective Date;



 


		(i)	no
                                         Event of Default or Prepayment Event shall have occurred and be continuing or would result
                                         from the amendment of the Existing Credit Agreement pursuant to this Amendment;



 


		(j)	the
                                         Borrower and the Guarantor shall, as required pursuant to clause 5, have provided a letter
                                         to the Facility Agent which confirms that RCL Cruises Ltd. has accepted its appointment
                                         as process agent in respect of this Amendment; and



 


		(k)	KfW
                                         has confirmed to the Facility Agent that all relevant Lenders have executed respective
                                         amendments to their Option A Refinancing Agreements required in connection with the arrangements
                                         contemplated by this Amendment; and





     4


    


    


		(l)	the
                                         Facility Agent shall have received a letter from the Guarantor, signed by its Chief Financial
                                         Officer, containing a commitment to publish on an annual basis during the Financial Covenant
                                         Waiver Period (as defined in the Amended Credit Agreement), a publicly available environmental
                                         plan that includes (i) an annual measure (in accordance with other public methodology,
                                         including IMO methodology) of the greenhouse gas emissions of the Guarantor and its Subsidiaries
                                         (including the emissions of their respective vessels) for the two years preceding the
                                         date of the relevant publication and (ii) the Guarantor’s strategy to reduce the
                                         group’s greenhouse emissions, including details of specific measures implemented
                                         (or to be implemented) in order to achieve such reduction,



 


it
being acknowledged by the Facility Agent that the conditions referred to in paragraphs (c), (f), (g), (j) and (l) have, as at
the date of this Agreement, been satisfied.


 


		3.2	The
                                         Facility Agent shall notify the Lenders, the Borrower and the Guarantor of the Amendment
                                         Effective Date by way of a confirmation in the form set out in Schedule 2 and such confirmation
                                         shall be conclusive and binding.



 


		4	Representations
                                         and Warranties



 


		(a)	Each
                                         of the Guarantor and the Borrower represents and warrants that each of the representations
                                         and warranties in:



 


		(i)	Article
                                         VI of the Amended Credit Agreement (excluding Section 6.10 of the Amended Credit Agreement);
                                         and



 


		(ii)	clause
                                         4(b) of the Amendment Agreement,



 


are
deemed to be made by the Guarantor and the Borrower on the date of this Amendment and the Amendment Effective Date, in each case
as if reference to the Loan Documents in each such representation and warranty was a reference to this Amendment, each officer
certificate referred in clause 3(b), and as if the Amended Credit Agreement was effective at the time of each such repetition.


 


		(b)	In
                                         addition to the representations and warranties referred to in paragraph (a) above, each
                                         of the Borrower and the Guarantor:



 


		(i)	represent
                                         and warrant to the Facility Agent and each Lender that it is the Borrower’s and
                                         the Guarantor’s intention for the terms of this Amendment and the amendments to
                                         be incorporated into the Existing Credit Agreement pursuant to this Amendment to be substantially
                                         the same terms and amendments as those set out or to be set out in an amendment agreement
                                         in respect of each other ECA Financing to which it is respectively a party and which
                                         is in existence as at the date of this Amendment; and



 


		(ii)	covenant
                                         and undertake with the Facility Agent that it shall, on or before the Amendment Effective
                                         Date, or as soon as reasonably practicable thereafter enter into an amendment agreement
                                         (with such amendments being on substantially the same terms as those set out in this
                                         Amendment and the Amended Credit Agreement (as applicable)) to the finance documents
                                         in respect of each other ECA Financing to which it is respectively a party and which
                                         is in existence as at the date of this Amendment in order to substantially






     5


    


    


reflect
the amendments set out in the Amended Credit Agreement, provided, however, that this clause(b)(ii) shall not apply in respect
of any other ECA Financing where the lenders under that ECA Financing do not provide their consent to such amendment agreement
where the arrangements contemplated by that amendment were proposed to be on substantially the same basis as set out in this Amendment
(subject to logical and factual changes),


 


save
that such other amendments shall in each case incorporate changes to reflect (A) any factual differences and (B) any particular
requirements of an ECA Guarantor, under that relevant ECA Financing.


 


		5	Incorporation
                                         of Terms



 


The
provisions of Section 11.2 (Notices), Section 11.6 (Severability) and Subsections 11.14.2 (Jurisdiction),
11.14.3 (Alternative Jurisdiction) and 11.14.4 (Service of Process) of the Existing Credit Agreement shall be incorporated
into this Amendment as if set out in full in this Amendment and as if references in those sections to “this Agreement”
were references to this Amendment and references to each Party are references to each Party to this Amendment.


 


		6	Fees,
                                         Costs and Expenses



 


		6.1	The
                                         Borrower shall pay to the Facility Agent (for its own account and for the account of
                                         the Lenders (as applicable)) the fees in the amounts and at the times agreed in the Fee
                                         Letters.



 


		6.2	The
                                         Borrower shall also pay to the Facility Agent (for the account of KfW) a non-refundable
                                         refinancing fee in an amount of €1,000 per Option A Refinancing Agreement to which
                                         KfW is a party.



 


		6.3	The
                                         payment of the above fees shall be made free and clear of any deduction, restriction
                                         or withholding and in immediately available freely transferable cleared funds to such
                                         account(s) as the Facility Agent shall notify the Borrower of in advance or, where applicable,
                                         in the relevant Fee Letter.



 


		6.4	The
                                         Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of:



 


		(a)	the
                                         Facility Agent in connection with the preparation, execution, delivery and administration,
                                         modification and amendment of this Amendment and the documents to be delivered hereunder
                                         or thereunder; and



 


		(b)	KfW
                                         and any Lender in connection with the preparation, execution, delivery and administration,
                                         modification and amendment of any Option A Refinancing Agreement and any security or
                                         other documents executed or to be executed and delivered as a consequence of the parties
                                         entering into this Amendment and any other documents to be delivered under this Amendment,



 


(including
the reasonable and documented fees and expenses of counsel for the Facility Agent and KfW with respect hereto and thereto as agreed
with the Facility Agent and KfW) in accordance with the terms of Section 11.3 (Payment of Costs and Expenses) of the Existing
Credit Agreement and as if references in that section to the Facility Agent are references to the Facility Agent and KfW.


 


		6.5	The
                                         Borrower agrees to pay on demand any additional imputed or calculative funding cost on
                                         the Loan incurred by a Lender or KfW as a consequence of the parties entering into this
                                         Amendment.  The Facility Agent shall furnish to the Borrower a determination of
                                         any such a funding cost reflecting the respective determinations which the Facility Agent
                                         has received from KfW and






     6


    


    


each
of the Lenders, which determination will then be applicable to all Lenders. None of the Facility Agent, a Lender nor KfW is required
to provide to the Facility Agent (if applicable) or the Borrower evidence of how the determination of the funding cost has been
made nor that it has been suffered.


 


		7	Counterparts



 


This
Amendment may be executed in any number of counterparts and by the different Parties on separate counterparts, each of which when
so executed and delivered shall be an original but all counterparts shall together constitute one and the same instrument. The
Parties acknowledge and agree that they may execute this Amendment and any variation or amendment to the same, by electronic instrument.
The Parties agree that the electronic signatures appearing on the document shall have the same effect as handwritten signatures
and the use of an electronic signature on this Amendment shall have the same validity and legal effect as the use of a signature
affixed by hand and is made with the intention of authenticating this Amendment, and evidencing the Parties’ intention to
be bound by the terms and conditions contained herein. For the purposes of using an electronic signature, the Parties authorise
each other to conduct the lawful processing of personal data of the signers for contract performance and their legitimate interests
including contract management.


 


		8	Governing
                                         Law



 


This
Amendment, and all non-contractual obligations arising in connection with it, shall be governed by and construed in accordance
with English law.


 


The
Parties have executed this Amendment the day and year first before written.





     7


    


    

Schedule 1

Finance Parties


 


Facility
Agent


 


KfW
IPEX-Bank GmbH


 


Hermes
Agent


 


KfW
IPEX-Bank GmbH


 


Lenders


 


KfW
IPEX-Bank GmbH

MUFG Bank, Ltd.

Société Générale

Helaba Landesbank Hessen-Thüringen Girozentrale

DZ BANK AG, New York Branch

Standard Chartered Bank

Bayerische Landesbank, New York Branch

Commerzbank AG, New York Branch





     8


    


    

Schedule 2

Form of Amendment Effective Date confirmation – Hull S-720


 


		To:	Silversea
                                         Cruise Holding Ltd.



 


Royal
Caribbean Cruises Ltd.


 


		To:	KfW



   


Builder’s
Hull No S-720


 


We,
KfW IPEX-Bank GmbH, refer to amendment no. 2 dated [•] 2021 (the Amendment) relating to a credit agreement
dated 19 September 2019 (as previously amended, supplemented and/or restated from time to time) (the Credit Agreement)
made between (among others) the above named Silversea Cruise Holding Ltd. as the Borrower and Royal Caribbean Cruises
Ltd. as the Guarantor, the financial institutions listed in it as the Lenders and ourselves as the Hermes Agent and the Facility
Agent in respect of a loan to the Borrower from the Lenders of up to the Maximum Loan Amount (as defined in the Credit Agreement).


 


We
hereby confirm that all conditions precedent referred to in clause 3.1 of the Amendment have been satisfied. In accordance with
clause 3 of the Amendment, the Amendment Effective Date is the date of this confirmation and the amendment and restatement of
the Credit Agreement in accordance with the Amendment is now effective.


 


Dated:                            2021  


 


Signed:
_______________________________

For and on behalf of

KfW IPEX-Bank GmbH

(as Facility Agent)




     9


    


    


Schedule 3

Amended and Restated Credit Agreement




     10


    


    


_________________________________________


 


AMENDED
AND RESTATED


 


HULL
NO. S-720 CREDIT AGREEMENT 


_________________________________________


 


Dated
September 19, 2019


 


as
amended on May 20, 2020



 


as
further amended on July 23, 2020  


 


as
further amended and restated on December 21, 2020


 


and
as further amended and restated on March 26, 2021  


 


BETWEEN


 


Silversea
Cruise Holding Ltd.


 as
the Borrower,


 


Royal
Caribbean Cruises Ltd.


 as
the Guarantor,


 


the
Lenders from time to time party hereto,


 


KfW
IPEX-Bank GmbH

as Hermes Agent and Facility Agent


 


and


 


KfW
IPEX-Bank GmbH

as Initial Mandated Lead Arranger and Sole Bookrunner  


 


Hermes
Backed Term Facility Agreement (Hull S-720)


 


Up
to the US Dollar Equivalent of EUR358,950,000 




      


     


    


TABLE
OF CONTENTS


 





	 	 	PAGE
	 	 	 
	ARTICLE
    I DEFINITIONS AND ACCOUNTING TERMS
	 	 	 
	SECTION 1.1. Defined Terms	 	2
	 	 	 
	SECTION 1.2. Use of Defined Terms; Other Definitional
    Provisions	 	33
	 	 	 
	SECTION 1.3. Cross-References	 	33
	 	 	 
	SECTION 1.4. Application of this Agreement to
    KfW IPEX as an Option A Lender	 	34
	 	 	 
	SECTION 1.5. Accounting and Financial Determinations	 	34
	 	 	 
	SECTION 1.6. Contractual Recognition of Bail-In	 	35
	 	 	 
	ARTICLE
    II COMMITMENTS AND BORROWING PROCEDURES
	 	 	 
	SECTION 2.1. Commitment	 	37
	 	 	 
	SECTION 2.2. Commitment of the Lenders	 	37
	 	 	 
	SECTION 2.3. Voluntary Reduction of Commitments	 	37
	 	 	 
	SECTION 2.4. Borrowing Procedure	 	38
	 	 	 
	SECTION 2.5. Funding	 	40
	 	 	 
	SECTION 2.6. Nomination of Royal Caribbean Cruises
    Ltd. as Borrower	 	40
	 	 	 
	ARTICLE
    III REPAYMENTS, PREPAYMENTS, INTEREST AND FEES
	 	 	 
	SECTION 3.1. Repayments	 	41
	 	 	 
	SECTION 3.2. Prepayment	 	41
	 	 	 
	SECTION 3.3. Right of cancellation in relation
    to a Defaulting Lender	 	43
	 	 	 
	SECTION 3.4. Interest Provisions	 	43
	 	 	 
	SECTION 3.4.1. Rates	 	43
	 	 	 
	SECTION 3.4.2. Election of Floating Rate	 	45
	 	 	 
	SECTION 3.4.3. Conversion to Floating Rate	 	46






      


     


    


	SECTION 3.4.4. Post-Maturity Rates	 	46
	 	 	 
	SECTION 3.4.5. Payment Dates	 	47
	 	 	 
	SECTION 3.4.6. Interest Rate Determination;
    Replacement Reference Banks	 	47
	 	 	 
	SECTION 3.5. Commitment Fee	 	48
	 	 	 
	SECTION 3.5.1. Payment of Commitment Fee	 	48
	 	 	 
	SECTION 3.6. CIRR Guarantee Charge	 	49
	 	 	 
	SECTION 3.6.1. Generally	 	49
	 	 	 
	SECTION 3.6.2. Payment	 	49
	 	 	 
	SECTION 3.7. Other Fees	 	49
	 	 	 
	SECTION 3.8. Temporary Repayment	 	49
	 	 	 
	SECTION 3.9. Limit on Interest Make-Up	 	50
	 	 	 
	SECTION 3.10. Cancellation of CIRR Agreements	 	50
	 	 	 
	ARTICLE
    IV CERTAIN LIBO RATE, EURO RATE AND OTHER PROVISIONS
	 	 	 
	SECTION 4.1. LIBO Rate or EURO Rate Lending
    Unlawful	 	50
	 	 	 
	SECTION 4.2. Deposits Unavailable	 	50
	 	 	 
	SECTION 4.3. Increased Loan Costs, etc.	 	51
	 	 	 
	SECTION 4.4. Funding Losses	 	53
	 	 	 
	SECTION 4.4.1. Indemnity	 	53
	 	 	 
	SECTION 4.5. Increased Capital Costs	 	56
	 	 	 
	SECTION 4.6. Taxes	 	57
	 	 	 
	SECTION 4.7. Reserve Costs	 	59
	 	 	 
	SECTION 4.8. Payments, Computations, etc.	 	59
	 	 	 
	SECTION 4.9. Replacement Lenders, etc.	 	61
	 	 	 
	SECTION 4.10. Sharing of Payments	 	61
	 	 	 
	SECTION 4.10.1. Payments to Lenders	 	61






      


     


    


	SECTION 4.10.2. Redistribution of payments	 	62
	 	 	 
	SECTION 4.10.3.  Recovering Lender’s
    rights	 	62
	 	 	 
	SECTION 4.10.4. Reversal of redistribution	 	62
	 	 	 
	SECTION 4.10.5. Exceptions	 	63
	 	 	 
	SECTION 4.11. Set-off	 	63
	 	 	 
	SECTION 4.12. Use of Proceeds	 	63
	 	 	 
	SECTION 4.13. FATCA Deduction	 	64
	 	 	 
	SECTION 4.14. FATCA Information	 	64
	 	 	 
	SECTION 4.15. Resignation of the Facility Agent	 	66
	 	 	 
	ARTICLE
    V CONDITIONS TO BORROWING
	 	 	 
	SECTION 5.1. Advance of the Loan	 	66
	 	 	 
	SECTION 5.1.1. Resolutions, etc.	 	66
	 	 	 
	SECTION 5.1.2. Opinions of Counsel	 	67
	 	 	 
	SECTION 5.1.3. Hermes Insurance Policy	 	68
	 	 	 
	SECTION 5.1.4. Closing Fees, Expenses, etc.	 	68
	 	 	 
	SECTION 5.1.5. Compliance with Warranties, No
    Default, etc.	 	68
	 	 	 
	SECTION 5.1.6. Loan Request	 	68
	 	 	 
	SECTION 5.1.7. Foreign Exchange Counterparty
    Confirmations.	 	69
	 	 	 
	SECTION 5.1.8. Pledge Agreement	 	69
	 	 	 
	ARTICLE
    VI REPRESENTATIONS AND WARRANTIES
	 	 	 
	SECTION 6.1. Organisation, etc.	 	69
	 	 	 
	SECTION 6.2. Due Authorisation, Non-Contravention,
    etc.	 	69
	 	 	 
	SECTION 6.3. Government Approval, Regulation,
    etc.	 	70
	 	 	 
	SECTION 6.4. Compliance with Laws	 	70
	 	 	 
	SECTION 6.5. Validity, etc.	 	71






      


     


    


	SECTION 6.6. No Default, Event of Default or
    Prepayment Event	 	71
	 	 	 
	SECTION 6.7. Litigation	 	71
	 	 	 
	SECTION 6.8. The Purchased Vessel	 	71
	 	 	 
	SECTION 6.9. Obligations rank pari passu	 	72
	 	 	 
	SECTION 6.10. Withholding, etc.	 	72
	 	 	 
	SECTION 6.11. No Filing, etc. Required	 	72
	 	 	 
	SECTION 6.12. No Immunity	 	72
	 	 	 
	SECTION 6.13. Investment Company Act	 	72
	 	 	 
	SECTION 6.14. Regulation U	 	72
	 	 	 
	SECTION 6.15. Accuracy of Information	 	72
	 	 	 
	ARTICLE
    VII COVENANTS
	 	 	 
	SECTION 7.1. Affirmative Covenants	 	73
	 	 	 
	SECTION 7.1.1. Financial Information, Reports,
    Notices, etc.	 	73
	 	 	 
	SECTION 7.1.2. Approvals and Other Consents	 	76
	 	 	 
	SECTION 7.1.3. Compliance with Laws, etc.	 	76
	 	 	 
	SECTION 7.1.4. The Purchased Vessel	 	77
	 	 	 
	SECTION 7.1.5. Insurance	 	78
	 	 	 
	SECTION 7.1.6. Books and Records	 	78
	 	 	 
	SECTION 7.1.7. Hermes Insurance Policy/Federal
    Republic of Germany Requirement	 	79
	 	 	 
	SECTION 7.1.8. Notice of written amendments
    to Construction Contract	 	79
	 	 	 
	SECTION 7.2. Negative Covenants	 	81
	 	 	 
	SECTION 7.2.1. Business Activities	 	81
	 	 	 
	SECTION 7.2.2. Indebtedness	 	81
	 	 	 
	SECTION 7.2.3. Liens	 	82
	 	 	 
	SECTION 7.2.4. Financial Condition	 	85






      


     


    


	SECTION 7.2.5. Consolidation, Merger, etc.	 	86
	 	 	 
	SECTION 7.2.6. Asset Dispositions, etc.	 	88
	 	 	 
	SECTION 7.2.7. Construction Contract	 	88
	 	 	 
	SECTION 7.2.8. Additional Undertakings	 	88
	 	 	 
	SECTION 7.3. Limitation of in respect of Certain Representations,
Warranties and Covenants	 	98
	 	 	 
	SECTION 7.4. Guarantor’s Procurement Undertaking	 	98
	 	 	 
	ARTICLE
    VIII EVENTS OF DEFAULT
	 	 	 
	SECTION 8.1. Listing of Events of Default	 	98
	 	 	 
	SECTION 8.1.1. Non-Payment of Obligations	 	98
	 	 	 
	SECTION 8.1.2. Breach of Warranty	 	98
	 	 	 
	SECTION 8.1.3. Non-Performance of Certain Covenants
    and Obligations	 	98
	 	 	 
	SECTION 8.1.4. Default on Other Indebtedness	 	99
	 	 	 
	SECTION 8.1.5. Bankruptcy, Insolvency, etc.	 	100
	 	 	 
	SECTION 8.2. Action if Bankruptcy	 	100
	 	 	 
	SECTION 8.3. Action if Other Event of Default	 	101
	 	 	 
	ARTICLE
    IX PREPAYMENT EVENTS
	 	 	 
	SECTION 9.1. Listing of Prepayment Events	 	101
	 	 	 
	SECTION 9.1.1. Change of Control	 	101
	 	 	 
	SECTION 9.1.2. Unenforceability	 	101
	 	 	 
	SECTION 9.1.3. Approvals	 	101
	 	 	 
	SECTION 9.1.4. Non-Performance of Certain Covenants
    and Obligations	 	101
	 	 	 
	SECTION 9.1.5. Judgments	 	102
	 	 	 
	SECTION 9.1.6. Condemnation, etc.	 	102
	 	 	 
	SECTION 9.1.7. Arrest	 	102
	 	 	 
	SECTION 9.1.8. Sale/Disposal of the Purchased
    Vessel	 	102






      


     


    


	SECTION 9.1.9. Delayed Delivery of the Purchased
    Vessel	 	102
	 	 	 
	SECTION 9.1.10. Termination of the Construction
    Contract	 	103
	 	 	 
	SECTION 9.1.11. Termination, etc. of the Hermes
    Insurance Policy	 	103
	 	 	 
	SECTION 9.1.12. Illegality	 	103
	 	 	 
	SECTION 9.1.13. Principles	 	103
	 	 	 
	SECTION 9.2. Mandatory Prepayment	 	104
	 	 	 
	ARTICLE
    X THE FACILITY AGENT AND THE HERMES AGENT
	 	 	 
	SECTION 10.1. Actions	 	105
	 	 	 
	SECTION 10.2. Indemnity	 	105
	 	 	 
	SECTION 10.3. Funding Reliance, etc	 	106
	 	 	 
	SECTION 10.4. Exculpation	 	106
	 	 	 
	SECTION 10.5. Successor	 	107
	 	 	 
	SECTION 10.6. Loans by the Facility Agent	 	108
	 	 	 
	SECTION 10.7. Credit Decisions	 	108
	 	 	 
	SECTION 10.8. Copies, etc	 	108
	 	 	 
	SECTION 10.9. The Agents’ Rights	 	108
	 	 	 
	SECTION 10.10. The Facility Agent’s Duties	 	109
	 	 	 
	SECTION 10.11. Employment of Agents	 	109
	 	 	 
	SECTION 10.12. Distribution of Payments	 	109
	 	 	 
	SECTION 10.13. Reimbursement	 	110
	 	 	 
	SECTION 10.14. Instructions	 	110
	 	 	 
	SECTION 10.15. Payments	 	110
	 	 	 
	SECTION 10.16. “Know your customer”
    Checks	 	110
	 	 	 
	SECTION 10.17. No Fiduciary Relationship	 	111






      


     


    


	ARTICLE
    XI MISCELLANEOUS PROVISIONS
	 	 	 
	SECTION 11.1. Waivers, Amendments, etc.	 	111
	 	 	 
	SECTION 11.2. Notices	 	112
	 	 	 
	SECTION 11.3. Payment of Costs and Expenses	 	113
	 	 	 
	SECTION 11.4. Indemnification	 	114
	 	 	 
	SECTION 11.5. Survival	 	115
	 	 	 
	SECTION 11.6. Severability; Independence of
    Obligations	 	115
	 	 	 
	SECTION 11.7. Headings	 	116
	 	 	 
	SECTION 11.8. Execution in Counterparts	 	116
	 	 	 
	SECTION 11.9. Third Party Rights	 	116
	 	 	 
	SECTION 11.10. Successors and Assigns	 	116
	 	 	 
	SECTION 11.11. Sale and Transfer of the Loan;
    Participations in the Loan	 	116
	 	 	 
	SECTION 11.11.1. Assignments	 	117
	 	 	 
	SECTION 11.11.2. Participations	 	119
	 	 	 
	SECTION 11.11.3. Register	 	120
	 	 	 
	SECTION 11.12. Other Transactions	 	120
	 	 	 
	SECTION 11.13. Hermes Insurance Policy.	 	120
	 	 	 
	SECTION 11.13.1. Terms of Hermes Insurance Policy	 	120
	 	 	 
	SECTION 11.13.2. Obligations of the Borrower.	 	122
	 	 	 
	SECTION 11.13.3. Obligations of the Hermes Agent
    and the Lenders	 	122
	 	 	 
	SECTION 11.14. Law and Jurisdiction	 	123
	 	 	 
	SECTION 11.14.1. Governing Law	 	123
	 	 	 
	SECTION 11.14.2. Jurisdiction	 	123
	 	 	 
	SECTION 11.14.3. Alternative Jurisdiction	 	123
	 	 	 
	SECTION 11.14.4. Service of Process	 	123






      


     


    


	SECTION 11.15. Confidentiality	 	123
	 	 	 
	SECTION 11.16. CIRR requirements	 	124
	 	 	 
	SECTION 11.17. Mitigation	 	125
	 	 	 
	SECTION 11.18. Modification and/or discontinuation
    of benchmarks	 	126
	 	 	 
	SECTION 11.19. Communications with the Borrower	 	128
	 	 	 
	ARTICLE
    XII GUARANTEE
	 	 	 
	SECTION 12.1. Guarantee and Indemnity	 	128
	 	 	 
	SECTION 12.2. Continuing guarantee	 	128
	 	 	 
	SECTION 12.3. Reinstatement	 	129
	 	 	 
	SECTION 12.4. Waiver of defences	 	129
	 	 	 
	SECTION 12.5. Immediate recourse	 	130
	 	 	 
	SECTION 12.6. Appropriations	 	130
	 	 	 
	SECTION 12.7. Deferral of Guarantors’
    rights	 	130
	 	 	 
	SECTION 12.8. Additional security	 	131







 


EXHIBITS 


 





	EXHIBIT A	Form of Loan Request
	 	 
	EXHIBIT B-1	Form of Opinion of Bahamas Counsel to the Facility
    Agent and Lenders
	 	 
	EXHIBIT B-2	Form of Opinion of Liberian Counsel to Borrower
	 	 
	EXHIBIT B-3	Form of Opinion of English Counsel to Facility
    Agent and Lenders
	 	 
	EXHIBIT B-4	Form of Opinion of German Counsel to Facility
    Agent and Lenders
	 	 
	EXHIBIT B-5	Form of Opinion of US Tax Counsel to Lenders
	 	 
	EXHIBIT C	Form of Lender Assignment Agreement
	 	 
	EXHIBIT D	Form of Option A Refinancing Agreement
	 	 
	EXHIBIT E	Form of Pledge Agreement
	 	 
	EXHIBIT F	Form of Currency Election Notice






      


     


    


	EXHIBIT G	Principles
	 	 
	EXHIBIT H	Form of Information Package
	 	 
	EXHIBIT I	Form of First Priority Guarantee
	 	 
	EXHIBIT J	Form of Second Priority Guarantee
	 	 
	EXHIBIT K	Form of Third Priority Guarantee
	 	 
	EXHIBIT L	Form of Senior Parties Subordination Agreement
    
	 	 
	EXHIBIT M	Form of Other Senior Parties Subordination
    Agreement
	 	 
	EXHIBIT N	Framework
	 	 
	EXHIBIT O	Debt
        Deferral Extension Regular Monitoring Requirements   

	 	 
	EXHIBIT P	Replacement covenants with effect from the Security
    Enhancement Guarantee Release Date







      


     


    


CREDIT
AGREEMENT


 


HULL
NO. S-720 CREDIT AGREEMENT, dated as of September 19, 2019 (the “Effective Date”) as amended on May 20, 2020,
as further amended on July 23, 2020, as further amended and restated on December 21, 2020 and as further amended and restated
on March 26, 2021 among Silversea Cruise Holding Ltd., a Bahamian company (the “Borrower”), Royal Caribbean
Cruises Ltd., a Liberian corporation (the “Guarantor”), KfW IPEX-Bank GmbH, in its capacity as agent for the
Lenders referred to below in respect of CIRR and Hermes-related matters (in such capacity, the “Hermes Agent”),
in its capacity as facility agent (in such capacity, the “Facility Agent”), in its capacity as sole bookrunner
(in such capacity, the “Bookrunner”) and in its capacity as a lender (in such capacity, together with each
other Person that shall become a “Lender” in accordance with Section 11.11.1 hereof, each, individually, a “Lender”
and, collectively, the “Lenders”).


 


W
I T N E S S E T H


 


WHEREAS:


 


		(A)	The
                                         Borrower, the Guarantor and Meyer Werft GmbH & Co. KG (the “Builder”)
                                         have on 16 April 2019, entered into a Contract for the Construction and Sale of Hull
                                         No. S-720 (as amended from time to time, the “Construction Contract”)
                                         pursuant to which the Builder has agreed to design, construct, equip, complete, sell
                                         and deliver the passenger cruise vessel bearing Builder’s hull number S-720 (the
                                         “Purchased Vessel”);



 


		(B)	The
                                         Lenders have agreed to make available to the Borrower, upon the terms and conditions
                                         contained herein, a US dollar loan facility calculated on the amount (the “Maximum
                                         Loan Amount”) equal to (x) eighty per cent (80%) of the Contract Price (as
                                         defined below) of the Purchased Vessel, as adjusted from time to time in accordance with
                                         the Construction Contract to reflect, among other adjustments, change orders, but which
                                         Contract Price shall not exceed for this purpose EUR438,050,000 (the “Contract
                                         Price Proceeds”), plus (y) 100% of the Hermes Fee (as defined below) (the
                                         “Hermes Fee Proceeds”) and being made available in the US Dollar Equivalent
                                         of that Maximum Loan Amount;



 


		(C)	The
                                         Lenders have also agreed, upon the terms and conditions contained herein, that the loan
                                         facility up to the Maximum Loan Amount may be made available in EUR to the Borrower instead
                                         of Dollars if an election is made by the Borrower for the Loan to be denominated in EUR
                                         pursuant to Section 2.4(e);



 


		(D)	The
                                         Contract Price Proceeds will be provided to the Borrower either two (2) Business Days
                                         prior to the anticipated Delivery Date (if the Loan is denominated in Dollars) or one
                                         (1) Business Day prior to the anticipated Delivery Date (if the Loan is denominated in
                                         EUR) for the purpose of paying a portion of the Contract Price in connection with the
                                         Borrower’s purchase of the Purchased Vessel. The Hermes Fee





     Page 1


    


    


	 	 	Proceeds
                                         will be provided on the Disbursement Date and paid as set forth in Section 2.4(c) and
                                         (d);



 


		(E)	The
                                         Parties hereto have previously amended this Agreement pursuant to that certain financial
                                         covenant waiver extension consent letter, dated as of July 23, 2020 (the “Waiver
                                         Letter”);



 


		(F)	The
                                         Parties hereto have previously amended and restated this Agreement pursuant to Amendment
                                         No. 1, dated as of December 21, 2020 (the “Amendment Number One”)
                                         pursuant to which the Borrower and the Guarantor agreed to procure the execution of the
                                         Security Enhancement Guarantees and to make certain amendments to this Agreement to reflect
                                         the existence of such Security Enhancement Guarantees.



 


		(G)	Pursuant
                                         to Amendment No. 2 dated as of March      26     , 2021 (the “Amendment Number Two”),
                                         and upon satisfaction of the conditions set forth therein, this Agreement is being amended
                                         and restated in the form of this Agreement.



 


NOW,
THEREFORE, the parties hereto agree as follows:


 


ARTICLE
I

DEFINITIONS AND ACCOUNTING TERMS


 


SECTION
1.1. Defined Terms.


 


The
following terms (whether or not underscored) when used in this Agreement, including its preamble and recitals, shall, when capitalised,
except where the context otherwise requires, have the following meanings (such meanings to be equally applicable to the singular
and plural forms thereof):


 


“Accumulated
Other Comprehensive Income (Loss)” means at any date the Guarantor’s accumulated other comprehensive income (loss)
on such date, determined in accordance with GAAP.


 


“Additional
Guarantee” means a guarantee of the Obligations provided by a New Subsidiary Guarantor in a form and substance substantially
the same as the other Security Enhancement Guarantees (reflecting any necessary logical and factual changes), with such changes,
or otherwise in form and substance, reasonably satisfactory to each of the Agents.


 


“Additional
Subordination Agreement” means any subordination agreement with respect to the Second Priority Guarantee or the Third
Priority Guarantee, as applicable, in a form and substance substantially the same as the other Subordination Agreements (reflecting
any necessary logical and factual changes), with such changes, or otherwise in form and substance, reasonably satisfactory to
each of the Agents and the beneficiaries of any Indebtedness incurred by the relevant Security Enhancement Guarantor, as applicable.




     Page 2


    


    


“Adjustable
Amount” means, as of any time of determination, $500,000,000; provided if the aggregate amount of New Capital
is equal to or greater than $500,000,000, then the Adjustable Amount shall be $350,000,000.


 


“Adjusted
Cash Balance” means, as of any date (the “Measurement Date”), the aggregate amount of unrestricted
cash and Cash Equivalents of the Guarantor and its Subsidiaries as determined in accordance with GAAP plus (a) any amounts available
to be drawn by the Guarantor and/or any of its Subsidiaries under committed but undrawn term loan or revolving credit facility
agreements (excluding any amounts available under agreements where the proceeds are only intended to be used to fund the purchase
of new Vessels) and less (b) the sum of (i) any scheduled payments of principal or interest (but for the purposes of anticipating
any interest liabilities, the interest rate of any floating rate debt shall be determined based on reference rates then in effect
at the Measurement Date) in respect of debt during the period commencing on the Measurement Date and ending on the date that is
six months thereafter, (ii) any customer deposits held by the Guarantor or its Subsidiaries for cruises that are scheduled to
commence within three months of the Measurement Date and (iii) any planned Non-Financed Capex during the period commencing on
the Measurement Date and ending on the date that is six months thereafter.


 


“Adjusted
EBITDA after Interest” means, for any Last Reported Fiscal Quarter, the Guarantor’s EBITDA for such period, excluding
those items, if any, that the Guarantor has excluded in determining “Adjusted Net Income” for such period as disclosed
in the Guarantor’s annual report on Form 10-K or quarterly report on Form 10-Q, as applicable, for such Last Reported Fiscal
Quarter, as evidenced pursuant to the relevant certificate to be submitted by the Guarantor pursuant to Section 7.1.1(l).


 


“Affiliate”
of any Person means any other Person which, directly or indirectly, controls, is controlled by or is under common control with
such Person. A Person shall be deemed to be “controlled by” any other Person if such other Person possesses, directly
or indirectly, power to direct or cause the direction of the management and policies of such Person whether by contract or otherwise.


 


“Agent”
means either the Hermes Agent or the Facility Agent and “Agents” means both of them.


 


“Agreement”
means, on any date, this credit agreement as originally in effect on the Effective Date and as thereafter from time to time amended,
supplemented, amended and restated, or otherwise modified and in effect on such date.


 


“Amendment
Two Effective Date” has the meaning ascribed to the term “Amendment Effective Date” in Amendment Number
Two.


 


“Amendment
Number One” is defined in the preamble.


 


“Amendment
Number Two” is defined in the preamble.




     Page 3


    


    


“Annex
VI” means Annex VI of the Protocol of 1997 (as subsequently amended from time to time) to amend the International Convention
for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto.


 


“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Affiliates
from time to time concerning or relating to bribery or corruption.


 


“Applicable
Commitment Rate” means (x) from and including the Effective Date through and including 16 March 2021 (being the date
falling 24 months before the anticipated Delivery Date as at the Effective Date), 0.15% per annum, (y) from and including 17 March
2021 through and including 16 March 2022 (being the date falling 12 months before the anticipated Delivery Date as at the Effective
Date), 0.25% per annum, and (z) from and including 17 March 2022 through but excluding the Commitment Fee Termination Date, 0.30%
per annum.


 


“Applicable
Jurisdiction” means the jurisdiction or jurisdictions under which an Obligor is organised, domiciled or resident or
from which any of its business activities are conducted or in which any of its properties are located and which has jurisdiction
over the subject matter being addressed.


 


“Assignee
Lender” is defined in Section 11.11.1.


 


“Authorised
Officer” means any of the officers of the Borrower or the Guarantor authorised to act with respect to the Loan Documents
and whose signatures and incumbency shall have been certified to the Facility Agent by the Secretary or an Assistant Secretary
of the Borrower or the Guarantor.


 


“Bank
Indebtedness” means the Borrower’s Indebtedness up to a maximum aggregate principal amount of $5,300,000,000 under
the following agreements (as amended, restated, supplemented, extended, refinanced, replaced or otherwise modified from time to
time): (a) the USD1,550,000,000 revolving credit facility maturing in 2022 with Nordea Bank AB (publ), New York Branch as agent,
(b) the USD1,925,000,000 revolving credit facility maturing in 2024 with The Bank of Nova Scotia as agent, (c) the USD1,000,000,000
term loan maturing on 5 April 2022 with Bank of America, N.A. as agent, (d) the USD300,000,000 term loan maturing on 7 June 2028
with Nordea Bank ABP, New York Branch as agent, (e) the USD55,827,065 term loan maturing on 5 December 2022 with Sumitomo Mitsui
Banking Corporation as agent, (f) the €80,000,000 term loan maturing in November 2024 with Skandinaviska Enskilda Banken
AB (publ) as agent, (g) the USD130,000,000 term loan maturing on 2 February 2023 with Industrial and Commercial Bank of China
Limited, New York Branch as agent, (h) that certain guarantee dated 18 July 2016 with SMBC Leasing and Finance, Inc. as agent
in connection with liabilities relating to the “Lease”, the “Construction Agency Agreement”, the “Participation
Agreement” and any other “Operative Document” (as each term is defined in such guarantee) and (i) any other
agreement (other than in connection with Credit Card Obligations) as to which the Second Priority Guarantors provide a first priority
guarantee package.




     Page 4


    


    


“Bank
of Nova Scotia Agreement” means the U.S. $1,925,000,000 amended and restated credit agreement dated as of December 4,
2017 among the Guarantor, as borrower, the various financial institutions as are or shall become parties thereto, as lenders,
and The Bank of Nova Scotia, as administrative agent, as amended, restated, supplemented or otherwise modified from time to time.


 


“Benchmark
Successor Rate” is defined in Section 11.18.


 


“Benchmark
Successor Rate Conforming Changes” means, with respect to any proposed Benchmark Successor Rate, any conforming changes
to the definition of Screen Rate, Interest Period, timing and frequency of determining rates, making payments of interest, yield
protection provisions relating to the cost element of any Floating Rate Loan (including but not limited to any break costs relating
to any early repayment or prepayment of any Floating Rate Loan), fallback (and market disruption) provisions for that Benchmark
Successor Rate and other administrative matters as may be appropriate, in the discretion of the Facility Agent in consultation
with the Borrower, to reflect the adoption of such Benchmark Successor Rate and to permit the administration thereof by the Facility
Agent in a manner substantially consistent with market practice (or, if the Facility Agent determines that adoption of any portion
of such market practice is not administratively feasible or that no market practice for the administration of such Benchmark Successor
Rate exists, in such other manner of administration as the Facility Agent determines is reasonably necessary in connection with
the administration of this Agreement).


 


“Borrower”
is defined in the preamble.


 


“Builder”
is defined in the preamble.


 


“Business
Day” means any day which is neither a Saturday or Sunday nor a legal holiday on which banks are authorised or required
to be closed in New York City, London or Frankfurt, and (in relation to any date for payment or purchase of EUR) any TARGET Day
or if the applicable Business Day relates to an advance of all or part of the Loan, an Interest Period, prepayment or conversion,
in each case with respect to the Loan bearing interest by reference to the LIBO Rate, a day on which dealings in deposits in Dollars
are carried on in the London interbank market or, if an election is made for the Loan to be denominated in EUR pursuant to Section
2.4(e) by reference to the EURO Rate, a day on which dealings in deposits in EUR are carried on in the interbank market within
the Participating Member States.


 


“Buyer’s
Allowance” has the meaning assigned to “NYC Allowance” in Article II.1.1 of the Construction Contract and,
when such expression is prefaced by the word “incurred”, shall mean such amount of the Buyer’s Allowance, not
exceeding EUR31,000,000, as shall at the relevant time have been paid, or become payable, to the Builder by the Borrower under
the Construction Contract as part of the Contract Price.


 


“Capital
Lease Obligations” means obligations of the Guarantor or any Subsidiary of the Guarantor under any leasing or similar
arrangement which, in accordance with GAAP, would be classified as capitalised leases.




     Page 5


    


    


“Capitalisation”
means, at any date, the sum of (a) Net Debt on such date, plus (b) Stockholders’ Equity on such date.


 


“Capitalised
Lease Liabilities” means the principal portion of all monetary obligations of the Guarantor or any of its Subsidiaries
under any leasing or similar arrangement which, in accordance with GAAP, would be classified as capitalised leases, and, for purposes
of this Agreement and each other Loan Document, the amount of such obligations shall be the capitalised amount thereof, determined
in accordance with GAAP.


 


“Cash
Equivalents” means all amounts other than cash that are included in the “cash and cash equivalents” shown
on the Guarantor’s balance sheet prepared in accordance with GAAP.


 


“Change
of Control” means:


 


(a)
in relation to the Guarantor, an event or series of events by which (A) any “person” or “group” (as such
terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of
such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator
of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange
Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such
person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such
right, an “option right”)), directly or indirectly, of 50% or more of the equity securities of the Guarantor
entitled to vote for members of the board of directors or equivalent governing body of the Guarantor on a fully-diluted basis
(and taking into account all such securities that such person or group has the right to acquire pursuant to any option right);
or (B) during any period of 24 consecutive months, a majority of the members of the board of directors or other equivalent governing
body of the Guarantor cease to be composed of individuals (i) who were members of that board or equivalent governing body on the
first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals
referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent
governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals
referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that
board or equivalent governing body; and


 


(b)
in relation to the Borrower and to the extent that Royal Caribbean Cruises Ltd. has not become the Borrower pursuant to Section
2.6, the Guarantor ceases to own more than fifty per cent. (50%) of the voting share capital (or equivalent rights of ownership)
of the Borrower.


 


“Change
in Law” means (a) the adoption after the date of this Agreement of any law, rule or regulation or (b) any change after
the date of this Agreement in any law, rule or regulation or in the interpretation or application thereof by any governmental
authority.




     Page 6


    


    

“CIRR”
means: 


 


		(a)	where
                                         the Loan is denominated in Dollars:



 


		(i)	the
                                         CIRR in respect of USD based on the OECD Arrangement for Officially Supported Export
                                         Credits and as set by KfW on behalf of the Federal Republic of Germany pursuant to section
                                         3.4.1(c) and includes the CIRR administrative margin of 0.20% per annum and which shall,
                                         in aggregate, be equal or greater than the USD CIRR Floor; or



 


		(ii)	where
                                         Section 3.4.1(c) applies and KfW has not set a CIRR for Dollars, the USD CIRR Cap; or



 


		(iii)	where
                                         Section 3.4.1(b) applies, the KfW Fixed Rate for Dollars; or



 


		(b)	where
                                         the Loan is denominated in EUR:



 


		(i)	the
                                         CIRR in respect of EUR based on the OECD Arrangement for Officially Supported Export
                                         Credits and as set by KfW pursuant to section 3.4.1(c) and includes the CIRR administrative
                                         margin of 0.20% per annum and which shall, in aggregate, be equal to or greater than
                                         the EUR CIRR Floor; or



 


		(ii)	where
                                         Section 3.4.1(c) applies and KfW has not set a CIRR for EUR, the EUR CIRR Cap; or



 


		(iii)	where
                                         Section 3.4.1(b) applies, the KfW Fixed Rate for EUR.



 


“CIRR
Agreement” means either an Option A Refinancing Agreement or an Option B Interest Make-Up Agreement


 


“CIRR
Guarantee” means the interest make-up guarantee provided by the Federal Republic of Germany to a Lender pursuant to
Section 1.1 of the Terms and Conditions.


 


“Code”
means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.


 


“Commitment”
is defined in Section 2.2 and means, relative to any Lender, such Lender’s obligation to make the Loan pursuant to Section
2.1.


 


“Commitment
Fees” is defined in Section 3.5.


 


“Commitment
Fee Termination Date” is defined in Section 3.5.


 


“Commitment
Letter” means the letter dated 11 February 2019 (as amended from time to time) issued by the Facility Agent to the Borrower
and the Guarantor and which sets out the principal terms and conditions of this Agreement.




     Page 7


    


    


“Commitment
Termination Date” means 10 February 2025.


 


“Construction
Contract” is defined in the preamble.


 


“Construction
Mortgage” means the first ranking shipbuilding mortgage (Hoechstbetragsschiffshypothek) in respect of the Purchased
Vessel executed or to be executed by the Builder in favour of banks and financial institutions designated by the Builder to secure
loans made or to be made to the Builder to finance the construction of the Purchased Vessel.


 


“Contract
Price” is as defined in the Construction Contract and includes the Buyer’s Allowance.


 


“Covenant
Modification Date” means the later to occur of (a) the expiry of the Financial Covenant Waiver Period and (b) the date
upon which the financial covenants set out in Section 7.2.4 have been modified in this Agreement in a form and substance satisfactory
to Hermes, the Guarantor and the Lenders.


 


“Covered
Taxes” is defined in Section 4.6.


 


“Credit
Card Obligations” means any obligations of the Guarantor under credit card processing arrangements or other similar
payment processing arrangements entered into in the ordinary course of business of the Guarantor.


 


“DDTL
Indebtedness” means the Guarantor’s Indebtedness (or, if such Indebtedness has not yet been incurred, the commitments
by lenders to provide Indebtedness to the Guarantor as of the effectiveness of the Amendment Number One) in connection with that
certain Commitment Letter, dated as of August 12, 2020, between the Guarantor and MORGAN STANLEY SENIOR FUNDING INC. (as amended,
restated, extended, supplemented, refinanced, replaced or otherwise modified from time to time).


 


“Debt
Deferral Extension Regular Monitoring Requirements” means the general test scheme/reporting package in the form set
out in Exhibit O to this Agreement submitted or to be submitted (as the case may be) by the Borrower in accordance with Section
7.1.1(i).  


 


“Debt
Incurrence” means any incurrence of indebtedness for borrowed money by any Group Member, whether pursuant to a public
offering or a Rule 144A or other private placement of debt securities (and including any secured debt securities (but excluding
any unsecured debt securities) which are convertible into equity securities of the Guarantor) or an incurrence of loans under
any loan or credit facility, or any issuance of bonds, other than:


 


		(a)	any
                                         indebtedness (but having regard, in respect of any secured and/or guaranteed indebtedness,
                                         to the restrictions set out in Section 7.2.10(b)) incurred by a Group Member between
                                         April 1, 2020 and December 31, 2022 (or such later date as may, with the prior consent
                                         of Hermes, be agreed between the Guarantor and the Lenders) for the purpose of providing
                                         crisis and/or recovery-related funding;





     Page 8


    


    


		(b)	indebtedness
                                         incurred by a Group Member pursuant to an intra-Group loan from another Group Member,
                                         provided that no Group Member shall be permitted to incur any such Indebtedness at any
                                         time where an Event of Default or a Prepayment Event has occurred and is continuing;



 


		(c)	indebtedness
                                         incurred to refinance (and for this purpose having regard to the applicable provisions
                                         of Section 7.2.10) a maturity payment under any existing loan or credit facility (including
                                         any crisis and/or recovery-related indebtedness incurred by a Group Member between April
                                         1, 2020 and December 31, 2022) or issued bonds of a Group Member, provided that:



 


(i)       in
the case of any such refinancing, the amount of such indebtedness being used in connection with that refinancing does not increase
the aggregate principal amount of such indebtedness or the commitments outstanding at the time of that refinancing and is otherwise
incurred on a basis permitted pursuant to this Agreement (including, without limitation, in relation to the provision of any Liens
or guarantees that may be provided to support the relevant refinancing arrangement); and


 


(ii)       in
the case of the refinancing of crisis and/or recovery-related indebtedness of the type referred to above, that refinancing shall
either (A) reduce the interest burden of the Guarantor (and for such purposes the interest rate of any floating rate debt shall
be determined based on reference rates then in effect at the time of the new debt incurrence) or (B) replace the existing secured
and/or guaranteed indebtedness with unsecured and unguaranteed debt;


 


		(d)	indebtedness
                                         provided by banks or other financial institutions under the Guarantor’s senior
                                         unsecured revolving credit facilities in an aggregate amount not greater than the commitments
                                         thereunder as in effect on 19 February 2021 plus the amount of any existing uncommitted
                                         incremental facilities (for example, any unused accordion) on such facilities;



 


		(e)	indebtedness
                                         provided by banks or other financial institutions which, as at 19 February 2021, is committed
                                         but yet to be incurred in respect of the DDTL Indebtedness (but, in respect of that DDTL
                                         Indebtedness, up to a maximum amount of $700,000,000 or, where the Borrower has exercised
                                         the pre-existing accordion option in respect of that DDTL Indebtedness, a maximum amount
                                         of $1,000,000,000 (but on the basis that, following the exercise of that accordion option,
                                         an amount equal to the additional $300,000,000 or, if the amount of indebtedness incurred
                                         under such accordion option is less, the relevant amount made available under the DDTL
                                         Indebtedness shall be included in the overall limit on secured and/or guaranteed indebtedness
                                         set out in Section 7.2.10(b)));



 


		(f)	any
                                         of the following types of indebtedness in each case incurred in the ordinary course of
                                         business of any Group Member:





     Page 9


    


    


(i)       the
issuances of commercial paper;


 


(ii)      Capitalized
Lease Liabilities;


 


(iii)     purchase
money indebtedness;


 


(iv)    indebtedness
under overdraft facilities; and


 


(v)     financial
obligations in connection with repurchase agreements and/or securities lending arrangements; and


 


		(g)	vessel
                                         financings (including the financing of pre-delivery contract installments, change orders,
                                         owner furnished equipment costs or other such similar arrangements) in respect of vessels
                                         for which shipbuilding contracts have been executed on or prior to 1 April 2020 (provided,
                                         however, that a refinancing of a vessel financing shall not be included in this carve-out
                                         (g).



 


There
shall be a presumption that any indebtedness incurred by the Guarantor between April 1, 2020 and December 31, 2022 shall be for
the purpose of providing crisis and/or recovery-related funding unless the intended use of proceeds from such indebtedness are
specifically identified to be used for an alternative purpose. In the event there is any question as to whether funding qualifies
as “crisis and/or recovery-related”, Hermes, the Facility Agent and the Guarantor shall negotiate a resolution in
good faith for a maximum period of fifteen (15) Business Days.


 


“Default”
means any Event of Default or any condition, occurrence or event which, after notice or lapse of time or both, would constitute
an Event of Default.


 


“Defaulting
Lender” means any Lender:


 


		(a)	which
                                         has failed to make its participation in the Loan available (or has notified the Facility
                                         Agent or the Borrower (which has notified the Facility Agent) that it will not make its
                                         participation in the Loan available) by the Disbursement Date;



 


		(b)	which
                                         has otherwise rescinded or repudiated a Loan Document; or



 


		(c)	with
                                         respect to which a Lender Insolvency Event has occurred and is continuing,



 


unless,
in the case of paragraph (a) above:


 


		(i)	its
                                         failure to pay is caused by:



 


		(A)	administrative
                                         or technical error; or



 


		(B)	a
                                         Disruption Event; and



 


payment
is made within three Business Days of its due date; or




     Page 10


    


    


		(ii)	the
                                         Lender is disputing in good faith whether it is contractually obliged to make the payment
                                         in question.



 


“Delivery
Date” means the date on which the Purchased Vessel is delivered by the Builder to, and accepted by, the Borrower under
the Construction Contract.


 


“Disbursement
Date” means the date on which the Loan is advanced; provided that if the Loan is re-borrowed pursuant to Section 3.8,
then, for all purposes of this Agreement concerning such re-borrowed Loan, the Disbursement Date shall be the date of such re-borrowing.
When such expression is prefaced by the word “expected”, it shall denote the date on which the Borrower then reasonably
expects the Loan to be disbursed based upon the then-scheduled Delivery Date of the Purchased Vessel.


 


“Dispose”
means to sell, transfer, license, lease, distribute or otherwise transfer, and “Disposition” shall have a correlative
meaning.


 


“Disruption
Event” means either or both of:


 


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



 


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



 


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



 


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



 


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


 


“Dollar”,
 “USD” and the sign “$” mean lawful money of the United States.


 


“Dollar
Pledged Account” means the Dollar account referred to in the Pledge Agreement.


 


“Early
Warning Monitoring Period” means the period beginning on the Amendment Two Effective Date and ending on the last day
of two consecutive Fiscal Quarters where the Guarantor’s Adjusted EBITDA after Interest for each such Fiscal Quarter is
a positive number, as evidenced pursuant to the certificate to be submitted by the Guarantor pursuant to Section 7.1.1.(l) (and
such day shall be notified to the Borrower by the Facility Agent).




     Page 11


    


    


“EBITDA”
means, for any Last Reported Fiscal Quarter, the Guarantor’s consolidated operating income for such period plus any depreciation
and amortization expenses that were deducted in calculating consolidated operating income for such period and minus consolidated
interest expense of the Guarantor for such period (net of any capitalized interest and interest income), in each case as determined
in accordance with GAAP.


 


“ECA
Financed Vessel” means any Vessel subject to any ECA Financing.


 


“ECA
Financing” means any financing arrangement pursuant to which one or more ECA Guarantor provides guarantees or other
credit support (including but not limited to a sale and leaseback transaction or bareboat charter or lease or an arrangement whereby
a Vessel under construction is pledged as collateral to secure the indebtedness of a shipbuilder, and, for the avoidance of doubt,
committed but undrawn export credit agency facilities), entered into by the Guarantor or a Subsidiary for the purpose of financing
or refinancing all or any part of the purchase price, cost of design or construction of a Vessel or Vessels or the acquisition
of Equity Interests of entities owning, or to own, Vessels.


 


“ECA
Guarantor” means BpiFrance Assurance Export, Finnvera plc or Euler Hermes Aktiengesellschaft (or, in each case, any
successor thereof).


 


“Effective
Date” is defined in the preamble.


 


“Election
Date” means the date falling 65 days prior to the actual Disbursement Date.


 


“Environmental
Laws” means all applicable federal, state, local or foreign statutes, laws, ordinances, codes, rules and regulations
(including consent decrees and administrative orders) relating to the protection of the environment.


 


“Equity
Interests” means, with respect to any Person, all of the shares, interests, rights, participations or other equivalents
(however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants,
options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through
convertible securities) but excluding any debt securities convertible into such Equity Interests.


 


“EUR”
and the sign “€” mean the currency of participating member states of the European Monetary Union pursuant
to Council Regulation (EC) 974/98 of 3 May 1998, as amended from time to time.


 


“EUR
CIRR Cap” means 2.70% per annum.


 


“EUR
CIRR Floor” means the CIRR in respect of EUR at the time of signing of the Construction Contract which is equal to 0.82%
per annum.


 


“EUR
Fixed Rate Margin” means 0.45% per annum.


 


“EUR
Floating Rate Margin” means 0.65% per annum.




     Page 12


    


    


“EUR
Pledged Account” means the EUR account referred to in the Pledge Agreement.


 


“EURO
Rate” means the Screen Rate offered for EUR at or about 10:00 a.m. (London time) two (2) TARGET Days before the commencement
of the relevant Interest Period; provided that:  


 


		(a)	subject
                                         to Section 3.4.6, if no such offered quotation appears on Thomson Reuters EURIBOR01 Page
                                         (or any successor page) at the relevant time the EURO Rate shall be the rate per annum
                                         certified by the Facility Agent to be the average of the rates quoted by the Reference
                                         Banks as the rate at which each of the Reference Banks was (or would have been) offered
                                         deposits of EUR by prime banks in the interbank market within the Participating Member
                                         States in an amount approximately equal to the amount of the Loan and for a period of
                                         six months;



 


		(b)	for
                                         the purposes of determining the post-maturity rate of interest under Section 3.4.4, the
                                         EURO Rate shall be determined by reference to deposits on an overnight or call basis
                                         or for such other period or periods as the Facility Agent may determine after consultation
                                         with the Lenders, which period shall be no longer than one month unless the Guarantor
                                         otherwise agrees; and



 


		(c)	if
                                         the EURO Rate determined in accordance with the foregoing provisions of this definition
                                         is less than zero, such rate shall be deemed to be zero for the purpose of this Agreement.



 


“Event
of Default” is defined in Section 8.1.


 


“Existing
Principal Subsidiaries” means each Subsidiary of the Guarantor that is a Principal Subsidiary on the Effective Date.


 


“Facility
Agent” is defined in the preamble and includes each other Person as shall have subsequently been appointed as the successor
Facility Agent, and as shall have accepted such appointment, pursuant to Section 10.5.


 


“FATCA”
means Sections 1471 through 1474 of the Code, as in effect at the date hereof (or any amended or successor version that is substantively
comparable), any current or future regulations promulgated thereunder or official interpretations thereof, any agreements entered
into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or official practices adopted
pursuant to any published intergovernmental agreement entered into in connection with the implementation of such sections of the
Code, any published intergovernmental agreement entered into in connection with the implementation of such Sections of the Code
and any fiscal or regulatory legislation, rules or practices adopted pursuant to such published intergovernmental agreements.


 


“FATCA
Deduction” means a deduction or withholding from a payment under a Loan Document required by FATCA.




     Page 13


    


    


“FATCA
Exempt Party” means a party to this Agreement that is entitled to receive payments free from any FATCA Deduction.


 


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


 


“Final
Maturity” means the date occurring 144 months (being 12 years) after the Disbursement Date.


 


“Financial
Covenant Waiver Period” means the period from and including April 1, 2020 to and including December 31, 2022.


 


“First
Fee” is defined in Section 11.13.


 


“First
Priority Assets” means the Vessels known on the date the Amendment Number One becomes effective as or that sailed under
the name (i) Celebrity Constellation, (ii) Celebrity Equinox, (iii) Celebrity Millennium, (iv) Celebrity Silhouette, (v) Celebrity
Summit, (vi) Celebrity Eclipse, (vii) Celebrity Infinity, (viii) Celebrity Reflection and (ix) Celebrity Solstice (it being understood
that such Vessels shall remain “First Priority Assets” regardless of any change in name or ownership after such date).


 


“First
Priority Guarantee” means the first priority guarantee granted by the First Priority Guarantor on or prior to the date
of effectiveness of Amendment Number One (and any other first priority guarantee granted by a First Priority Holdco Subsidiary
in connection with becoming a First Priority Guarantor) in favour of the Facility Agent for the benefit of the Agents and the
Lenders, in each case substantially in the form attached hereto as Exhibit H.


 


“First
Priority Guarantor” means Celebrity Cruise Lines Inc. (and any of its successors) and any other First Priority Holdco
Subsidiary that has granted or, prior to that entity becoming a First Priority Holdco Subsidiary pursuant to a Disposal of a First
Priority Asset in accordance with Section 7.2.8(a)(v)(A), will grant a First Priority Guarantee.


 


“First
Priority Holdco Subsidiaries” means one or more Subsidiaries of the Guarantor that directly own any of the Equity Interests
issued by any other Subsidiary of the Guarantor that owns any First Priority Assets. 


 


“First
Priority Release Event” means the occurrence of any event or other circumstance that results in either (x) 80% of the
aggregate principal amount of Bank Indebtedness outstanding as of the effectiveness of the Amendment Number One (being $5,300,000,000
(and 80% of which is $4,240,000,000)) or (y) 100% of the aggregate principal amount of Secured Note Indebtedness outstanding as
of the effectiveness of the Amendment Number One (being $3,320,000,000):




     Page 14


    


    


		(a)	no
                                         longer remaining outstanding (whether as a result of repayment, redemption or otherwise
                                         (but excluding in connection with any enforcement action taken by the relevant creditors
                                         in respect of that Indebtedness)); and



 


		(b)	not
                                         having been refinanced (whether initially or through subsequent refinancings) with Indebtedness
                                         that is (i) secured by a Lien or (ii) incurred or guaranteed by any one or more Subsidiaries
                                         of the Guarantor.



 


Notwithstanding
the foregoing, a First Priority Release Event shall in no case occur if the Borrower or the Guarantor has failed to pay any Indebtedness
that is outstanding under any ECA Financing (including this Agreement) when the same becomes due and payable (whether by scheduled
maturity, required prepayment, acceleration, demand or otherwise). For the avoidance of doubt, if a First Priority Release Event
would have occurred but for the continuance of the payment default described above, then a First Priority Release Event will occur
immediately upon that payment default being remedied.


 


“Fiscal
Quarter” means any quarter of a Fiscal Year.


 


“Fiscal
Year” means any annual fiscal reporting period of the Guarantor.


 


“Fixed
Charge Coverage Ratio” means, as of the end of any Fiscal Quarter, the ratio computed for the period of four consecutive
Fiscal Quarters ending on the close of such Fiscal Quarter of:


 


		(a)	net
                                         cash from operating activities (determined in accordance with GAAP) for such period,
                                         as shown in the Guarantor’s consolidated statement of cash flow for such period,
                                         to



 


		(b)	the
                                         sum of:



 


i)       dividends
actually paid by the Guarantor during such period (including, without limitation, dividends in respect of preferred stock of the
Guarantor); plus


 


ii)       scheduled
payments of principal of all debt less New Financings (determined in accordance with GAAP, but in any event including Capitalised
Lease Liabilities), in each case, of the Guarantor and its Subsidiaries for such period.


 


“Fixed
Rate” means:


 


		(a)	where
                                         the Loan is denominated in Dollars, a rate per annum equal to the sum of the applicable
                                         CIRR plus the USD Fixed Rate Margin;



 


		(b)	where
                                         the Loan is denominated in EUR, a rate per annum equal to the sum of the applicable CIRR
                                         plus the EUR Fixed Rate Margin; and



 


		(c)	where
                                         the Borrower has made an election under Section 3.4.1(b), the KfW Fixed Rate.





     Page 15


    


    


“Fixed
Rate Loan” means the Loan bearing interest at the Fixed Rate, or that portion of the Loan that continues to bear interest
at the Fixed Rate after the termination of any CIRR Agreement pursuant to Section 3.4.3.


 


“Fixed
Rate Margin” means the USD Fixed Rate Margin or, as the case may be, the EUR Fixed Rate Margin.


 


“Floating
Rate” means:


 


		(a)	where
                                         the Loan is denominated in Dollars, the percentage rate per annum equal to the sum of
                                         the LIBO Rate plus the USD Floating Rate Margin; and



 


		(b)	where
                                         the Loan is denominated in EUR, the percentage rate per annum equal to the sum of the
                                         EURO Rate plus the EUR Floating Rate Margin.



 


“Floating
Rate Indemnity Amount” is defined in Section 4.4.1(a).


 


“Floating
Rate Loan” means all or any portion of the Loan bearing interest at the Floating Rate.


 


“Floating
Rate Margin” means the USD Floating Rate Margin or, as the case may be, the EUR Floating Rate Margin.


 


“Framework”
means the document titled “Debt Deferral Extension Framework” in the form set out in Exhibit N to this Agreement,
and which sets out certain key principles and parameters and being applicable to Hermes-covered loan agreements such as this Agreement.


 


“F.R.S.
Board” means the Board of Governors of the Federal Reserve System or any successor thereto.


 


“Funding
Losses Event” is defined in Section 4.4.1.


 


“GAAP”
is defined in Section 1.5.


 


“Government-related
Obligations” means obligations of the Guarantor or any Subsidiary of the Guarantor under, or Indebtedness incurred by
the Guarantor or any Subsidiary of the Guarantor to satisfy obligations under, any governmental requirement imposed by any Applicable
Jurisdiction that must be complied with to enable the Guarantor and its Subsidiaries to continue its or their business in such
Applicable Jurisdiction, excluding, in any event, any taxes imposed on the Guarantor or any Subsidiary of the Guarantor.


 


“Guarantor”
is defined in the preamble.


 


“Group”
means the Guarantor and its Subsidiaries from time to time.


 


“Group
Member” means any entity that is a member of the Group.




     Page 16


    


    


“Group
Member Guarantee” means any guarantee or other similar or analogous credit support arrangement granted by a Group Member
(other than the Guarantor) in support of the Indebtedness of another Group Member or any other Person.


 


“Hedging
Instruments” means options, caps, floors, collars, swaps, forwards, futures and any other agreements, options or instruments
substantially similar thereto or any series or combination thereof used to hedge one or more interest, foreign currency or commodity
exposures.


 


“herein”,
 “hereof”, “hereto”, “hereunder” and similar terms contained in this Agreement
or any other Loan Document refer to this Agreement or such other Loan Document, as the case may be, as a whole and not to any
particular Section, paragraph or provision of this Agreement or such other Loan Document.


 


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


 


“Hermes
Agent” is defined in the preamble.


 


“Hermes
EUR Equivalent” means, where the Loan is to be denominated in EUR and for the calculation and reimbursement of the Hermes
Fee to the Borrower in EUR, the amount thereof paid in Dollars for the First Fee and the Second Fee converted to a corresponding
EUR amount as determined by Hermes on the basis of the latest rate for the purchase of Dollars with EUR to be published by the
German Federal Ministry of Finance prior to the time that Hermes issues its invoice for the Hermes Fee.


 


“Hermes
Fee” means the premium payable to Hermes under and in respect of the Hermes Insurance Policy.


 


“Hermes
Insurance Policy” means the export credit guarantee (Finanzkreditgarantie) issued by the Federal Republic of
Germany, represented by Hermes, in favour of the Lenders.


 


“Illegality
Notice” is defined in Section 3.2(b).


 


“Indebtedness”
means, for any Person: (a) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance
and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or
otherwise, to repurchase such property from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition
price of property or services, other than (i) trade accounts payable (other than for borrowed money) arising, and accrued expenses
incurred, in the ordinary course of business so long as such trade accounts payable are payable within 180 days of the date the
respective goods are delivered or the respective services are rendered and (ii) any purchase price adjustment, earnout or deferred
payment of a similar nature incurred in connection with an acquisition (but only to the extent that no payment has at the time
accrued pursuant to such purchase price adjustment, earnout or deferred payment obligation); (c) Indebtedness of others secured
by a Lien on the property of such Person, whether or not the respective Indebtedness so





     Page 17


    


    

 


secured
has been assumed by such Person; (d) obligations of such Person in respect of letters of credit or similar instruments issued
or accepted by banks and other financial institutions for the account of such Person; (e) Capital Lease Obligations of such Person;
(f) guarantees by such Person of Indebtedness of others, up to the amount of Indebtedness so guaranteed by such Person; (g) obligations
of such Person in respect of surety bonds and similar obligations; and (h) liabilities arising under Hedging Instruments.


 


“Indemnified
Liabilities” is defined in Section 11.4.


 


“Indemnified
Parties” is defined in Section 11.4.


 


“Information
Package” means the general test scheme/information package in connection with the application for a debt holiday in
the form of Exhibit G hereto submitted or to be submitted (as the case may be) by the Guarantor in order to obtain the benefit
of the measures provided for in the Principles for the purpose of this Agreement and certain of its or the Borrower’s obligations
under this Agreement.


 


“Interest
Period” means the period from and including the Disbursement Date up to and including the first Repayment Date, and
subsequently each succeeding period from and including the last day of the prior Interest Period up to and including the next
Repayment Date, except that:


 


		(a)	any
                                         Interest Period which would otherwise end on a day which is not a Business Day shall
                                         end on the next Business Day to occur, except if such Business Day does not fall in the
                                         same calendar month, the Interest Period will end on the last Business Day in that calendar
                                         month, the interest amount due in respect of the Interest Period in question and in respect
                                         of the next following Interest Period being adjusted accordingly;



 


		(b)	if
                                         any Interest Period is altered by the application of a) above, the subsequent Interest
                                         Period shall end on the day on which it would have ended if the preceding Interest Period
                                         had not been so altered; and



 


		(c)	where
                                         Section 3.4.2(c) applies, the Interest Period shall, but still having regard to the above
                                         provisions, be determined in accordance with Section 3.4.2(c).



 


“Investment
Grade” means, with respect to Moody’s, a Senior Debt Rating of Baa3 or better and, with respect to S&P, a
Senior Debt Rating of BBB- or better.


 


“KfW”
means KfW of Palmengartenstraße 5-9, 60325 Frankfurt am Main, Germany, in its capacities as (a) the mandated CIRR provider
on behalf of the government of the Federal Republic of Germany (represented by the Federal Ministry of Economic Affairs and Energy
and the Federal Ministry of Finance) or (b) as refinancing bank with respect to the Option A Refinancing Agreements, in each case
with KfW in turn being represented by KfW IPEX or (c) in relation to Section 11.11.1(i) in its capacity as an Affiliate of KfW
IPEX.




     Page 18


    


    


“KfW
Fixed Rate” is defined in Section 3.4.1(b).


 


“KfW
IPEX” means KfW IPEX-Bank GmbH.


 


“Last
Reported Fiscal Quarter(s)” means the most recently completed Fiscal Quarter(s) for which the Guarantor has filed financial
statements with the SEC as part of an annual report on Form 10-Q or a quarterly report on Form 10-Q.


 


“Latest
Date” has the meaning given to such term in Section 7.2 of the Terms and Conditions.


 


“Lender”
and “Lenders” are defined in the preamble.


 


“Lender
Assignment Agreement” means any Lender Assignment Agreement substantially in the form of Exhibit C.


 


“Lender
Insolvency Event” means, in relation to a Lender, the appointment of a liquidator, receiver, administrative receiver,
examiner, administrator, compulsory manager or other similar officer in respect of that Lender or all or substantially all of
that Lender’s assets or any analogous procedure or step being taken in any jurisdiction with respect to that Lender.


 


“Lending
Office” means, relative to any Lender, the office of such Lender designated as such below its signature hereto or designated
in a Lender Assignment Agreement or such other office of a Lender as designated from time to time by notice from such Lender to
the Borrower and the Facility Agent, whether or not outside the United States, which shall be making or maintaining the Loan of
such Lender hereunder.


 


“LIBO
Rate” means the Screen Rate for Dollars (having regard to Section 3.4.2(c)) at or about 11:00 a.m. (London time) two
(2) Business Days before the commencement of the relevant Interest Period; provided that:


 


		(a)	subject
                                         to Section 3.4.6, if no such rate appears on pages LIBOR01 or LIBOR02 of the Thomson
                                         Reuters screen (or any such replacement page) at the relevant time, the LIBO Rate shall
                                         be the rate per annum certified by the Facility Agent to be the average of the rates
                                         quoted by the Reference Banks as the rate at which each of the Reference Banks was (or
                                         would have been) offered deposits of Dollars by prime banks in the London interbank market
                                         in an amount approximately equal to the amount of the Loan and for a period of six months,
                                         as applicable;



 


		(b)	for
                                         the purposes of determining the post-maturity rate of interest under Section 3.4.4, the
                                         LIBO Rate shall be determined by reference to deposits on an overnight or call basis
                                         or for such other period or periods as the Facility Agent may determine after consultation
                                         with the Lenders, which period shall be no longer than one month unless the Guarantor
                                         otherwise agrees; and




     Page 19


    


    


		(c)	if
                                         the LIBO Rate determined in accordance with the foregoing provisions of this definition
                                         is less than zero, such rate shall be deemed to be zero for purposes of this Agreement.



 


“Lien”
means any security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
otherwise), charge against or interest in property to secure payment of a debt or performance of an obligation or other priority
or preferential arrangement of any kind or nature whatsoever.


 


“Loan”
means the principal sum in Dollars, not exceeding the US Dollar Maximum Loan Amount or, as the case may be, in EUR, not exceeding
the Maximum Loan Amount if an election is made for the Loan to be denominated in EUR pursuant to Section 2.4(e), advanced by the
Lenders to the Borrower upon the terms and conditions of this Agreement or (as the context may require) the amount thereof for
the time being advanced and outstanding under this Agreement.


 


“Loan
Documents” means this Agreement, the Waiver Letter, Amendment Number One, Amendment Number Two, the Pledge Agreement,
the Fee Letters, the First Priority Guarantee, the Second Priority Guarantee, the Third Priority Guarantee, any Additional Guarantee,
the Subordination Agreements, any Additional Subordination Agreement and any New Subsidiary Guarantor Subordination Agreement
and any other document jointly designated as a “Loan Document” by the Facility Agent, the Borrower and the Guarantor.


 


“Loan
Request” means the loan request and certificate duly executed by an Authorised Officer of the Borrower, substantially
in the form of Exhibit A hereto.


 


“Margin”
means the Fixed Rate Margin and/or (as the context requires hereunder) the Floating Rate Margin.


 


“Material
Adverse Effect” means a material adverse effect on (a) the business, operations or financial condition of the Guarantor
and its Subsidiaries taken as a whole, (b) the rights and remedies of the Facility Agent or any Lender under the Loan Documents
or (c) the ability of any Obligor to perform its payment Obligations under the Loan Documents to which it is a party.


 


“Material
Subsidiary Guarantor” means (i) each of Celebrity Cruise Lines Inc., RCI Holdings LLC, RCL Cruise Holdings LLC and RCL
Cruises Ltd (and each of their respective successors) and (ii) any other entity that becomes a First Priority Guarantor, a Second
Priority Guarantor or a Third Priority Guarantor after the effectiveness of the Amendment Number One.


 


“Material
Litigation” is defined in Section 6.7.


 


“Maximum
Loan Amount” is defined in the preamble.


 


“Mitigation
Period” is defined in Section 11.17(a).


 


“Monthly
Outflow” means, in respect of each monthly period, the quotient obtained by dividing:




     Page 20


    


    


		a)	the
                                         sum of (i) Total Cruise Operating Expenses (as determined in accordance with GAAP) for
                                         the Last Reported Fiscal Quarter, (ii) Marketing, Selling and Administrative Expenses
                                         (as determined in accordance with GAAP) for the Last Reported Fiscal Quarter and (iii)
                                         Interest Expense, net of Interest Capitalized (as determined in accordance with GAAP)
                                         for the Last Reported Fiscal Quarter minus (x) Interest Income (as determined
                                         in accordance with GAAP) for the Last Reported Fiscal Quarter, (y) any non-cash charges
                                         or impairments included in the calculation of Total Cruise Operating Expenses or Marketing,
                                         Selling and Administrative Expenses pursuant to sub-clause (i) or (ii) of this definition
                                         and (z) any loss on extinguishment of debt included in Interest Expenses, net of Interest
                                         Capitalized (as each such capitalized expression is defined or referenced in the financial
                                         statements of the Guarantor); by



 


		b)	three,



 


as
evidenced pursuant to the relevant certificate to be submitted by the Guarantor pursuant to Section 7.1.1(l).


 


“Moody’s”
means Moody’s Investors Service Inc.


 


“Net
Debt” means, at any time, the aggregate outstanding principal amount of all debt (including, without limitation, the
principal portion of all Capitalised Lease Obligations and excluding, for the avoidance of doubt, operating lease liabilities)
of the Guarantor and its Subsidiaries (determined on a consolidated basis in accordance with GAAP) less the sum of (without duplication);


 


		(a)	all
                                         cash on hand of the Guarantor and its Subsidiaries; plus



 


		(b)	all
                                         Cash Equivalents.



 


“Net
Debt to Capitalisation Ratio” means, as at any date, the ratio of (a) Net Debt on such date to (b) Capitalisation on
such date.


 


“New
Capital” means the aggregate gross amount of proceeds from any capital (whether in the form of debt, equity or otherwise)
raised by the Guarantor or any of its Subsidiaries in one or a series of financings after January 1, 2021 (including (a) amounts
borrowed (that were previously undrawn) under committed term loan facilities existing as of such date and (b) indebtedness borrowed
in lieu of the committed term loan facilities described in the foregoing clause (a) if the incurrence of such indebtedness results
in a reduction or termination of such commitments); provided that proceeds of any capital raise which are used substantially
concurrently for (i) the purchase price of a new Vessel or (ii) repayment of existing Indebtedness (other than Indebtedness (A)
maturing no later than the end of the first full calendar year following the date of such repayment or (B) under any revolving
credit agreement the repayment of which is not accompanied by a corresponding permanent reduction in the related revolving credit
commitments), in each case, shall not constitute New Capital.




     Page 21


    


    


“New
Financings” means proceeds from:


 


		(a)	borrowed
                                         money (whether by loan or issuance and sale of debt securities), including drawings under
                                         this Agreement and any revolving credit facilities, and



 


		(b)	the
                                         issuance and sale of equity securities.



 


“New
Subsidiary Guarantor” means, with respect to any Vessel delivered after the effectiveness of Amendment Number One, the
Subsidiary of the Guarantor that (a) directly owns the Equity Interests of the Principal Subsidiary that acquired such Vessel
and (b) delivers an Additional Guarantee.


 


“New
Subsidiary Guarantor Subordination Agreement” means a subordination agreement pursuant to which the Lenders’ rights
under the applicable Additional Guarantee will be fully subordinated in right of payment to the rights of the beneficiaries of
the applicable Senior Guarantee, which subordination agreement shall be in a form and substance substantially the same as the
other Subordination Agreements (reflecting any necessary logical and factual changes), with such changes, or otherwise in a form
and substance, reasonably acceptable to the Facility Agent and the agent, trustee or other representative for such Senior Guarantee.


 


“Non-Guarantor
Related Change in Law” means a Change in Law other than a Change in Law that (a) specifically relates to the Guarantor
or the Borrower or (b) relates to companies that are organized under the law of the jurisdiction of organization or place
of residence of the Guarantor or the Borrower (but not to borrowers generally).


 


“Non-Financed
Capex” means, with respect to any period, (a) the aggregate amount of purchases of property (including Vessels) and
equipment by the Guarantor and its Subsidiaries during such period as determined in good faith by the Guarantor minus (b)
the aggregate amount of committed financing available to be drawn during such period to fund any such purchases of property and
equipment.


 


“Nordea
Agreement” means the U.S.$1,150,000,000 amended and restated credit agreement dated as of October 12, 2017, among the
Guarantor, as the borrower, the various financial institutions as are or shall become parties thereto and Nordea Bank AB (publ),
New York Branch as administrative agent, as amended, restated, supplemented or otherwise modified from time to time.


 


“Obligations”
means all obligations (payment or otherwise) of the Obligors arising under or in connection with this Agreement.


 


“Obligors”
means the Guarantor, the Borrower and the Security Enhancement Guarantors (unless the Guarantor has become the Borrower pursuant
to Section 2.6 in which case Obligors shall mean the Borrower and the Security Enhancement Guarantors only).


 


“Option
A Refinancing Agreement” means a refinancing agreement entered into between KfW and any Lender pursuant to Section 1.2.1
of the Terms and Conditions, substantially in the form of Exhibit D hereto.




     Page 22


    


    


“Option
A Lender” means each Lender that has executed an Option A Refinancing Agreement.


 


“Option
B Interest Make-Up Agreement” means an interest make-up agreement entered into between KfW and any Lender pursuant to
Section 1.2.2 of the Terms and Conditions.


 


“Option
B Lender” means each Lender that has executed an Option B Interest Make-Up Agreement.


 


“Option
Period” is defined in Section 3.2(d).


 


“Organic
Document” means, relative to each Obligor, its articles of incorporation (inclusive of any articles of amendment to
its articles of incorporation) and its by-laws or other applicable constitutional documents.


 


“Other
ECA Parties” means the facility agents acting on behalf of the creditors under any ECA Financing, whether existing on
or after the effectiveness of Amendment Number One (excluding the Facility Agent acting in any representative capacity in connection
with this Agreement).


 


“Other
Guarantees” means the guarantees issued, or to be issued, by any of the First Priority Guarantor, the Second Priority
Guarantors, the Third Priority Guarantor or any New Subsidiary Guarantor in favour of any Other ECA Party; provided that any Other
Guarantee issued by (a) the First Priority Guarantor shall be pari passu in right of payment with the First Priority Guarantee,
(b) any Second Priority Guarantor shall be pari passu (or junior) in right of payment with the Second Priority Guarantee, (c)
the Third Priority Guarantor shall be pari passu (or junior) in right of payment with the Third Priority Guarantee and (d) any
New Subsidiary Guarantor shall be pari passu in right of payment with each Additional Guarantee issued by such New Subsidiary
Guarantor.


 


“Other
Senior Parties” means each agent, trustee or other representative in respect of Bank Indebtedness or Credit Card Obligations.


 


“Pari
Passu Creditor” means with respect to any Group Member, any creditor under or in respect of any Indebtedness incurred
by such Group Member (including in respect of any ECA Financing) which is not, as at December 31, 2020, secured by a Lien over
a Vessel or which, at any time (whether pursuant to the operation of Section 7.1.10(d) or otherwise), shares in the same security
and/or guarantee package as the Lenders.


 


“Participant”
is defined in Section 11.11.2.


 


“Participant
Register” is defined in Section 11.11.2.  


 


“Participating
Member State” means any member state of the European Union that has EUR as its lawful currency in accordance with
legislation of the European Union relating to Economic and Monetary Union.  




     Page 23


    


    


“Percentage”
means, relative to any Lender, the percentage set forth opposite its signature hereto or as set out in the applicable Lender Assignment
Agreement, as such percentage may be adjusted from time to time pursuant to Section 4.9 or pursuant to Lender Assignment Agreement(s)
executed by such Lender and its Assignee Lender(s) and delivered pursuant to Section 11.11.1.


 


“Permitted
Refinancing” means, in respect of any Indebtedness or commitments outstanding at the time of such Permitted Refinancing,
any amendment, restatement, extension, renewal, refinancing or replacement that does not increase the aggregate principal amount
of such Indebtedness or commitments outstanding at the time of such Permitted Refinancing other than by the amount of unpaid accrued
interest and premium thereon and underwriting discounts, fees, commissions and expenses associated with such amendment, restatement,
supplement, refinancing or other modification.


 


“Person”
means any natural person, corporation, limited liability company, partnership, firm, association, trust, government, governmental
agency or any other entity, whether acting in an individual, fiduciary or other capacity.


 


“Pledge
Agreement” means a pledge agreement substantially in the form of Exhibit E.


 


“Pledged
Accounts” means the EUR Pledged Account and the Dollar Pledged Account and “Pledged Account” means either
of them.


 


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


 


“Prepayment
Event” is defined in Section 9.1.


 


“Principal
Subsidiary” means any Subsidiary of the Borrower and the Guarantor that owns a Vessel.


 


“Principles”
means the document titled “Cruise Debt Holiday Principles” and dated March 26, 2020 in the form of Exhibit F hereto
which sets out certain key principles and parameters relating to, amongst other things, the temporary suspension of repayments
of principal in connection with certain qualifying Loan Agreements (as defined therein) and being applicable to Hermes-covered
loan agreements such as this Agreement.


 


“Purchase
Price” means, with respect to any Vessel, the book value of such Vessel at the time initially acquired by a Principal
Subsidiary.


 


“Purchased
Vessel” is defined in the preamble.


 


“Reference
Banks” means, if the LIBO Rate or, as the case may be, EURO Rate for any Interest Period cannot be determined pursuant
to paragraph (a) of the definition of “LIBO Rate”




     Page 24


    


    


or,
as the case may be, “EURO Rate”, those banks designated as Reference Banks by the Facility Agent from time to time
that are reasonably acceptable to the Guarantor and the Borrower, and each additional Reference Bank and/or each replacement Reference
Bank appointed by the Facility Agent pursuant to Section 3.4.6.


 


“Register”
is defined in Section 11.11.3.


 


“Repayment
Date” means each of the dates for payment of the repayment instalments of the Loan pursuant to Section 3.1.


 


“Required
Lenders” means, at any time, Lenders that in the aggregate, hold more than 50% of the aggregate unpaid principal amount
of the Loan or, if no such principal amount is then outstanding, Lenders that in the aggregate have more than 50% of the Commitments.


 


“Restricted
Credit Enhancement” means any Group Member Guarantee, Lien or other security or other similar or analogous credit support
arrangement granted by a Group Member in respect of any Indebtedness of a Group Member.


 


“Restricted
Loan Arrangement” means any loan or credit (including any seller’s credit granted in connection with the sale
of a Vessel or other assets (and providing that any such sale complies with the provisions of Section 9.1.13(c))) made available
by a Group Member to any Person but excluding any such loan or credit that is provided:


 


		(a)	to
                                         another Group Member:



 


		(b)	to
                                         a Person in respect of which the Guarantor or any Subsidiary holds Equity Interests;



 


		(c)	in
                                         circumstances where the relevant credit is a seller’s credit granted by that Group
                                         Member in the ordinary course of industry business and consistent with past practice;
                                         or



 


		(d)	in
                                         circumstances where the relevant credit is otherwise in the ordinary course of business
                                         and/or consistent with past practice (it being agreed that any loans provided by the
                                         Group to its travel agents, vendors or customers to assist the Group during the crisis
                                         and/or recovery will be considered in the ordinary course of business) and where the
                                         aggregate amount of such credit referred to in this paragraph (d) does not exceed $100,000,000
                                         (or its equivalent in any other currency) at any relevant time,



 


provided
that no Group Member shall be permitted to make or grant any new loan or other credit (or make any further advances in respect
of any existing loan or other credit) of any kind to any Person at any time where an Event of Default or a Prepayment Event has
occurred and is continuing. It is agreed that for the purpose of this definition “credit” shall not include any short
term trade and/or operational receivables owing to a Group Member by a Person who is not a Group Member and which are created
or arise in the ordinary course of business.




     Page 25


    


    


“Restricted
Payments” means any dividend or other distribution (whether in cash, securities or other property (other than Equity
Interests)), with respect to any Equity Interests in the Guarantor, or any payment (whether in cash, securities or other property
(other than Equity Interests)), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such Equity Interests in the Guarantor.


 


“Restricted
Voluntary Prepayment” means, in respect of any Indebtedness for borrowed money of any Group Member, the relevant Group
Member elects to prepay, repay or redeem that Indebtedness prior to its scheduled maturity date other than:


 


		(a)	any
                                         Indebtedness incurred (i) prior to March 1, 2020 or (ii) between March 1, 2020 and December
                                         31, 2022 (but for this purpose excluding Indebtedness incurred pursuant to an ECA Financing)
                                         and whether pursuant to an amendment and extension of the agreements evidencing such
                                         Indebtedness and/or using proceeds raised by any Group Member in connection with any
                                         issuance of capital (whether in the form of Indebtedness for borrowed money, equity or
                                         otherwise but, in the case of any Indebtedness, subject to that Indebtedness being incurred
                                         in compliance with the carve-out provision set out in paragraph (c) of the definition
                                         of Debt Incurrence) or pursuant to the exercise of the equity claw feature in the Secured
                                         Note Indenture;



 


		(b)	pursuant
                                         to a voluntary repayment under a revolving credit facility that does not result in the
                                         permanent reduction of the relevant revolving credit commitments under that revolving
                                         credit facility; and/or



 


		(c)	where
                                         such prepayment, repayment or redemption is made solely for the purpose of avoiding an
                                         event of default or acceleration under the terms of the facility agreement in respect
                                         of the relevant Indebtedness,



 


and
provided that in the case of each of paragraph (a) to (c) above, in no circumstances shall a Group Member apply excess cash in
prepayment, repayment or redemption of any such Indebtedness under any ‘cash sweep’ mechanism or similar prepayment
provision (and if excess cash is used in this manner in connection with any such prepayment, repayment or redemption the carve
out above shall not apply).


 


“S&P”
means Standard & Poor’s Financial Services LLC, a wholly-owned subsidiary of The McGraw Hill Financial Inc.


 


“Sanctioned
Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions.


 


“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by
the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations
Security Council, the European Union or any European Union member state, or any person owned or controlled by any such Person
or Persons, or (b) any Person operating or organised in a Sanctioned Country.




     Page 26


    


    


“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department
of State, or (b) the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s
Treasury of the United Kingdom.


 


“Scheduled
Unavailability Date” means where the administrator of the Screen Rate or a governmental authority having jurisdiction
over the Facility Agent has made a public statement identifying a specific date after which the Screen Rate shall no longer be
made available, or used for determining the interest rate of loans, that specific date.


 


“Screen
Rate” means:


 


		(a)	in
                                         relation to Dollars, the London interbank offered rate administered by ICE Benchmark
                                         Administration Limited (or any other person which takes over the administration of that
                                         rate) for US Dollars for the relevant period displayed on page LIBOR01 or LIBOR02 of
                                         the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that
                                         rate); and



 


		(b)	in
                                         relation to EUR, the euro interbank offered rate administered by the Banking Federation
                                         of the European Union (or any other person which takes over the administration of that
                                         rate) for the relevant period displayed on page EURIBOR01 of the Thomson Reuters screen
                                         (or any replacement Thomson Reuters page which displays that rate),



 


or
on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters.
If such page or service ceases to be available, the Facility Agent may specify another page or service displaying the relevant
rate after consultation with the Guarantor and the Borrower.


 


“Screen
Rate Replacement Event” means:


 


		(a)	if
                                         the Facility Agent determines (which determination shall be conclusive absent manifest
                                         error), or the Guarantor or the Borrower or Required Lenders notify the Facility Agent
                                         (with, in the case of the Required Lenders, a copy to the Guarantor and the Borrower)
                                         that the Guarantor or Borrower or Required Lenders (as applicable) have determined, that:



 


		(i)	adequate
                                         and reasonable means do not exist for ascertaining the LIBO Rate or, as the case may
                                         be, the EURO Rate for any requested Interest Period, including, without limitation, because
                                         the Screen Rate is not available or published on a current basis and such circumstances
                                         are unlikely to be temporary; or



 


		(ii)	a
                                         Scheduled Unavailability Date has occurred; or





     Page 27


    


    


		(iii)	syndicated
                                         loans currently being executed, or that include language similar to that contained in
                                         this definition, are being executed or amended (as applicable) to incorporate or adopt
                                         a new benchmark interest rate to replace the LIBO Rate or, as the case may be, the EURO
                                         Rate; or



 


		(b)	in
                                         the opinion of the Facility Agent and the Guarantor and/or the Borrower, that Screen
                                         Rate is no longer appropriate for the purposes of calculating interest under this Agreement,
                                         including, but not limited to, as a result of (A) a substantial change in the economic
                                         characteristics or method of calculation of the Screen Rate, (B) any withdrawal of the
                                         administrator’s right to publish the Screen Rate or (C) any prohibition for financial
                                         institutions to use the Screen Rate.



 


“SEC”
means the United States Securities and Exchange Commission and any successor thereto.


 


“Second
Fee” is defined in Section 11.13.


 


“Second
Priority Assets” means the Vessels known on the date Amendment Number One becomes effective as or that sailed under
the name (i) Azamara Quest, (ii) Azamara Pursuit, (iii) Azamara Journey, (iv) Celebrity Edge, (v) Celebrity Apex, (vi) Celebrity
Flora, (vii) Celebrity Xpedition, (viii) Celebrity Xperience, (ix) Celebrity Xploration, (x) Monarch, (xi) Horizon and (xii) Sovereign
(it being understood that such Vessels shall remain “Second Priority Assets” regardless of any change in name or ownership
after such date).


 


“Second
Priority Guarantee” means the second priority guarantee granted by the Second Priority Guarantors on or prior to the
effectiveness of Amendment Number One (and any other second priority guarantee granted by a Second Priority Holdco Subsidiary
in connection with becoming a Second Priority Guarantor) in favour of the Facility Agent for the benefit of the Agents and the
Lenders, in each case substantially in the form attached hereto as Exhibit I.


 


“Second
Priority Guarantors” means RCL Cruise Holdings LLC, Torcatt Enterprises Limitada, RCL Holdings Cooperatief UA, RCL Cruises
Ltd and RCL Investments Ltd (and any of their respective successors) and any other Second Priority Holdco Subsidiary that has
granted or, prior to that entity becoming a Second Priority Holdco Subsidiary pursuant to a Disposal of a Second Priority Asset
in accordance with Section 7.2.8(b)(iii)(A), will grant a Second Priority Guarantee.


 


“Second
Priority Holdco Subsidiaries” means (a) RCL Cruises Ltd. or any other Subsidiaries of the Guarantor that directly own
all of the Equity Interests in (i) RCL TUI Cruises German Verwaltungs GmbH and (ii) RCL TUI Cruises German Holding GmbH &
Co. KG and (b) one or more Subsidiaries of the Guarantor that directly own any of the Equity Interests issued by any other Subsidiary
of the Guarantor that owns any Second Priority Asset. For the avoidance of doubt, Second Priority Holdco Subsidiaries shall not
include any Principal Subsidiary.




     Page 28


    


    


“Second
Priority Release Event” means the occurrence of any event or other circumstance that results in either (x) 80% of the
aggregate principal amount of Bank Indebtedness outstanding as of the effectiveness of Amendment Number One (being $5,300,000,000
(and 80% of which is $4,240,000,000)) or (y) 100% of the aggregate principal amount of Secured Note Indebtedness outstanding as
of the effectiveness of Amendment Number One (being $3,320,000,000):


 


		(a)	no
                                         longer remaining outstanding (whether as a result of repayment, redemption or otherwise
                                         (but excluding in connection with any enforcement action taken by the relevant creditors
                                         in respect of that Indebtedness)); and



 


		(b)	not
                                         having been refinanced (whether initially or through subsequent refinancings) with Indebtedness
                                         that is (i) secured by a Lien or (ii) incurred or guaranteed by any one or more Subsidiaries
                                         of the Guarantor,



 


and
which, in the case of (y) above, has resulted in the release of (or will result in the substantially simultaneous release of)
each guarantee granted by the Second Priority Guarantors in respect of the Bank Indebtedness.


 


Notwithstanding
the foregoing, a Second Priority Release Event shall in no case occur if the Borrower or the Guarantor has failed to pay any Indebtedness
that is outstanding under any ECA Financing (including this Agreement) when the same becomes due and payable (whether by scheduled
maturity, required prepayment, acceleration, demand or otherwise). For the avoidance of doubt, if a Second Priority Release Event
would have occurred but for the continuance of the payment default described above, then a Second Priority Release Event will
occur immediately upon that payment default being remedied.


 


“Secured
Note Indebtedness” means the Guarantor’s Indebtedness under the Secured Note Indenture.


 


“Secured
Note Indenture” means that certain Indenture, dated as of May 19, 2020 (as amended, supplemented, extended, refinanced,
replaced and/or otherwise modified from time to time), in respect of the $1,000,000,000 10.875% senior secured notes due 2023
and $2,320,000,000 11.50% senior secured notes due 2025, by and among the Guarantor, as issuer, the guarantors party thereto from
time to time, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee and as security agent.


 


“Security
Enhancement Guarantee” means the First Priority Guarantee, the Second Priority Guarantee, the Third Priority Guarantee
and (if applicable) any Additional Guarantee and “Security Enhancement Guarantees” means any or all of them.


 


“Security
Enhancement Guarantee Release Date” means the date upon which the First Priority Release Event, the Second Priority
Release Event and the Third Priority Release Event have all occurred and accordingly, subject to Section 7.2.8(g) (and in particular
proviso (2) to such Section 7.2.8(g)), each of the Security Enhancement Guarantees has been released by the Facility Agent, and
also being the date upon which, in accordance with Section 7.3, certain provisions of this Agreement shall be replaced by the
provisions set out in Exhibit P.




     Page 29


    


    


“Security
Enhancement Guarantor” means the provider of any Security Enhancement Guarantee from time to time and “Security
Enhancement Guarantors” means any or all of them.


 


“Senior
Debt Rating” means, as of any date, (a) the implied senior debt rating of the Guarantor for debt pari passu in
right of payment and in right of collateral security with the Obligations as given by Moody’s and S&P or (b) in
the event the Guarantor receives an actual unsecured senior debt rating (apart from an implied rating) from Moody’s and/or
S&P, such actual rating or ratings, as the case may be (and in such case the Senior Debt Rating shall not be determined by
reference to any implied senior debt rating from either agency).


 


“Senior
Guarantee” means any guarantee by a New Subsidiary Guarantor of Indebtedness incurred by the Guarantor or any of its
Subsidiaries after the effectiveness of Amendment Number One; provided that the aggregate principal amount of Indebtedness guaranteed
under any Senior Guarantee shall in no case exceed 10.0% of the Purchase Price of the relevant Vessel owned by the Principal Subsidiary
of such New Subsidiary Guarantor that acquired such Vessel.


 


“Senior
Parties” means each agent, trustee or other representative in respect of Unsecured Note Indebtedness or DDTL Indebtedness.


 


“Statement
of Compliance” means a Statement of Compliance related to fuel oil consumption pursuant to regulations 6.6 and 6.7 of
Annex VI.


 


“Stockholders’
Equity” means, as at any date, the Guarantor’s stockholders’ equity on such date, excluding Accumulated
Other Comprehensive Income (Loss), determined in accordance with GAAP, provided that any non-cash charge to Stockholders’
Equity resulting (directly or indirectly) from a change after the Effective Date in GAAP or in the interpretation thereof shall
be disregarded in the computation of Stockholders’ Equity such that the amount of any reduction thereof resulting from such
change shall be added back to Stockholders’ Equity.


 


“Subordination
Agreement” means any subordination agreement with respect to the Second Priority Guarantee or the Third Priority Guarantee
executed by the Facility Agent and any of the Senior Parties or Other Senior Parties.


 


“Subsidiary”
means, with respect to any Person, any corporation of which more than 50% of the outstanding capital stock having ordinary voting
power to elect a majority of the board of directors of such corporation (irrespective of whether at the time capital stock of
any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency) is at
the time directly or indirectly owned by such Person, by such Person and one or more other Subsidiaries of such Person, or by
one or more other Subsidiaries of such Person.


 


“TARGET
Day” means any day on which TARGET2 (the Trans-European Automated Real-time Gross Settlement Express Transfer payment
system which utilises a single shared platform and which was launched on 19 November 2007) is open for the settlement of payments
in EUR.


 


“Terms
and Conditions” means the general terms and conditions for CIRR Interest Make-Up in Ship Financing Schemes issued by
the Federal Republic of Germany on February 7, 2018.




     Page 30


    


    


“Third
Priority Assets” means the Vessels known on the date Amendment Number One becomes effective as (i) Symphony of the Seas,
(ii) Oasis of the Seas, (iii) Harmony of the Seas, (iv) Spectrum of the Seas, (v) Quantum of the Seas, (vi) Ovation of the Seas
and (vii) Anthem of the Seas (it being understood that such Vessels shall remain “Third Priority Assets” regardless
of any change in name or ownership after the such date).


 


“Third
Priority Guarantee” means the third priority guarantee granted by RCI Holdings LLC on or prior to the effectiveness
of Amendment Number One and any other third priority guarantee granted by a Third Priority Holdco Subsidiary in connection with
becoming a Third Priority Guarantor) in favour of the Facility Agent for the benefit of the Agents and the Lenders, in each case
substantially in the form attached hereto as Exhibit J.


 


“Third
Priority Guarantor” means RCI Holdings LLC (and any of its successors) and any other Third Priority Holdco Subsidiary
that has granted or, prior to that entity becoming a Third Priority Holdco Subsidiary pursuant to a Disposal of a Third Priority
Asset in accordance with Section 7.2.8(c)(iii)(A), will grant a Third Priority Guarantee.


 


“Third
Priority Holdco Subsidiaries” means one or more Subsidiaries of the Guarantor that directly own any of the Equity Interests
issued by any other Subsidiary of the Guarantor that owns any Third Priority Asset.


 


“Third
Priority Release Event” means the occurrence of any event or other circumstance that results in either (x) 80% of the
aggregate principal amount of Bank Indebtedness outstanding as of the effectiveness of Amendment Number One (being $5,300,000,000
(and 80% of which is $4,240,000,000)) or (y) 100% of the aggregate principal amount of Unsecured Note Indebtedness and the DDTL
Indebtedness outstanding as of the effectiveness of Amendment Number One (being, in aggregate, $1,700,000,000):


 


		(a)	no
                                         longer remaining outstanding (whether as a result of repayment, redemption or otherwise
                                         (but excluding in connection with any enforcement action taken by the relevant creditors
                                         in respect of that Indebtedness)); and



 


		(b)	not
                                         having been refinanced (whether initially or through subsequent refinancings) with Indebtedness
                                         that is (i) secured by a Lien or (ii) incurred or guaranteed by any one or more Subsidiaries
                                         of the Guarantor,



 


and
which, in the case of (y) above, has resulted in the release of (or will result in the substantially simultaneous release of)
each guarantee granted by the Third Priority Guarantor in respect of the Unsecured Note Indebtedness, the DDTL Indebtedness and
the Bank Indebtedness.


 


Notwithstanding
the foregoing, a Third Priority Release Event shall in no case occur if the Borrower or the Guarantor has failed to pay any Indebtedness
that is outstanding under any ECA Financing (including this Agreement) when the same becomes due and payable (whether by scheduled
maturity, required prepayment, acceleration, demand or otherwise). For the avoidance of doubt, if a Third Priority Release Event
would have occurred but for the continuance of the payment default described above, then a Third Priority Release Event will occur
immediately upon that payment default being remedied.




     Page 31


    


    


“Unsecured
Note Indebtedness” means the Guarantor’s Indebtedness under the Unsecured Note Indenture.


 


“Unsecured
Note Indenture” means that certain Indenture, dated as of June 9, 2020 (as amended, supplemented, extended, refinanced,
replaced and/or otherwise modified from time to time) in respect of the $1,000,000,000 9.125% senior notes due 2023, by and among
the Guarantor, as issuer, the guarantor party thereto, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee.


 


“US
Dollar Equivalent” means:


 


		(a)	for
                                         the EUR amount payable in respect of the final (delivery) instalment of the Contract
                                         Price (excluding the portion thereof comprising the Buyer’s Allowance), the total
                                         of such EUR amount converted to a corresponding Dollar amount as determined using the
                                         weighted average rate of exchange that the Borrower or the Guarantor has agreed, either
                                         in the spot or forward currency markets, to pay its counterparties for the purchase of
                                         the relevant amount of EUR with Dollars for the payment of that final instalment of the
                                         Contract Price and including in such weighted average the spot rates for any EUR amounts
                                         due that have not been hedged by the Borrower or the Guarantor (as the case may be);
                                         and



 


		(b)	for
                                         all EUR amounts payable in respect of the Buyer’s Allowance, the total of such
                                         EUR amounts converted to a corresponding Dollar amount as determined using the USD-to-EUR
                                         rate used by the Borrower or the Guarantor to convert the relevant USD amount of the
                                         amount of the Buyer’s Allowance into EUR for the purpose of the Builder invoicing
                                         the same to the Borrower or the Guarantor in EUR in accordance with the Construction
                                         Contract.



 


Such
rate of exchange under (a) above (whether forward or spot) shall be evidenced by foreign exchange counterparty confirmations.
The US Dollar Equivalent of the portion of the Maximum Loan Amount under (a) above shall be calculated by the Borrower in consultation
with the Facility Agent no less than three (3) Business Days prior to the proposed Disbursement Date, except where the Borrower
elects the KfW Fixed Rate under Section 3.4.1(b), the US Dollar Equivalent shall be calculated at the same time as such KfW Fixed
Rate. Such rate of exchange under (b) above shall be evidenced by the production prior to the Disbursement Date of the invoice
from or on behalf of the Borrower to the Builder in respect of the Buyer’s Allowance, which invoice shall contain the USD/EUR
exchange rate used for determining the EUR amount of the Buyer’s Allowance. The US Dollar amount of the Hermes Fee shall
be calculated by Hermes and notified by the Facility Agent in writing to the Borrower as soon as practicable after Hermes issues
its invoice therefor.


 


“US
Dollar Maximum Loan Amount” means the US Dollar Equivalent of the Maximum Loan Amount.


 


“USD
CIRR Cap” means 3.55% per annum.




     Page 32


    


    


“USD
CIRR Floor” means the CIRR in respect of USD at the time of signing of the Construction Contract which is equal to 3.47%
per annum.


 


“USD
Fixed Rate Margin” means 0.63% per annum.


 


“USD
Floating Rate Margin” means 0.83% per annum.


 


“US
Tax Obligor” means the Borrower, to the extent that it is resident for tax purposes in the U.S.


 


“United
States” or “U.S.” means the United States of America, its fifty States and the District of Columbia.


 


“Vessel”
means a passenger cruise vessel owned by a Group Member.


 


SECTION
1.2. Use of Defined Terms; Other Definitional Provisions


 


		(a)	Unless
                                         otherwise defined or the context otherwise requires, terms for which meanings are provided
                                         in this Agreement shall, when capitalised, have such meanings when used in each Loan
                                         Request and each notice and other communication delivered from time to time in connection
                                         with this Agreement or any other Loan Document.



 


		(b)	“month”
                                         means a period starting on one day in a calendar month and ending on the numerically
                                         corresponding day in the next calendar month, except that:



 


		i.	if
                                         the numerically corresponding day is not a Business Day, that period shall end on the
                                         next Business Day in the calendar month in which that period is to end (if there is one)
                                         or on the immediately preceding Business Day (if there is not);



 


		ii.	if
                                         there is no numerically corresponding day in the calendar month in which that period
                                         is to end, that period shall end on the last Business Day in that calendar month; and



 


		iii.	if
                                         a period begins on the last Business Day of a calendar month, that period shall end on
                                         the last Business Day in the calendar month in which that period is to end.



 


SECTION
1.3. Cross-References


 


Unless
otherwise specified, references in this Agreement and in each other Loan Document to any Article or Section are references to
such Article or Section of this Agreement or such other Loan Document, as the case may be, and, unless otherwise specified, references
in any Article, Section or definition to any clause are references to such clause of such Article, Section or definition.




     Page 33


    


    


SECTION
1.4. Application of this Agreement to KfW IPEX as an Option A Lender


 


The
parties to this Agreement are aware that KfW IPEX will not enter into an Option A Refinancing Agreement with KfW. However, for
the purposes of this Agreement, KfW IPEX will be deemed to have entered into an Option A Refinancing Agreement with KfW in the
form of Exhibit D. Consequently, any reference to an Option A Lender shall include KfW IPEX and any reference to an Option A Refinancing
Agreement shall include the Option A Refinancing Agreement deemed to have been entered into by KfW IPEX.


 


SECTION
1.5. Accounting and Financial Determinations


 


Unless
otherwise specified, all accounting terms used herein or in any other Loan Document shall be interpreted, all accounting determinations
and computations hereunder or thereunder (including under Section 7.2.4) shall be made, and all financial statements required
to be delivered hereunder or thereunder shall be prepared, in accordance with United States generally accepted accounting principles
(“GAAP”) consistently applied (or, if not consistently applied, accompanied by details of the inconsistencies);
provided that if the Guarantor elects to apply or is required to apply International Financial Reporting Standards (“IFRS”)
accounting principles in lieu of GAAP, upon any such election and notice to the Facility Agent, references herein to GAAP shall
thereafter be construed to mean IFRS (except as otherwise provided in this Agreement); provided further that if, as a result of
(i) any change in GAAP or IFRS or in the interpretation thereof or (ii) the application by the Guarantor of IFRS in lieu of GAAP,
in each case, after the date of the financial statements referred to in Section 6.15, there is a change in the manner of determining
any of the items referred to herein or therein that are to be determined by reference to GAAP, and the effect of such change would
(in the reasonable opinion of the Guarantor or the Facility Agent) be such as to affect the basis or efficacy of the financial
covenants contained in Section 7.2.4 in ascertaining the consolidated financial condition of the Guarantor and its Subsidiaries
and the Guarantor notifies the Facility Agent that the Guarantor requests an amendment to any provision hereof to eliminate such
change occurring after the date hereof in GAAP or the application thereof on the operation of such provision (or if the Facility
Agent notifies the Guarantor that the Required Lenders request an amendment to any provision hereof for such purpose), then such
item shall for the purposes of such Sections of this Agreement continue to be determined in accordance with GAAP relating thereto
as if GAAP were applied immediately prior to such change in GAAP or in the interpretation thereof until such notice shall have
been withdrawn or such provision amended in accordance herewith. Notwithstanding the foregoing, all obligations of any person
that are or would be characterized as operating lease obligations in accordance with GAAP as in effect on 31 December 2018 (whether
or not such operating lease obligations were in effect on such date) shall continue to be accounted for as operating lease obligations
for the purposes of this Agreement regardless of any change in GAAP on or following 31 December 2018 that would otherwise require
such obligations to be recharacterized (on a prospective or retroactive basis or otherwise) as capitalized leases; provided that,
for clarification purposes, operating leases recorded as liabilities on the balance sheet due to a change in accounting treatment,
or otherwise, shall for all purposes not be counted as Indebtedness, Capital Lease Obligations or Capitalised Lease Liabilities.




     Page 34


    


    


SECTION
1.6. Contractual Recognition of Bail-In


 


Notwithstanding
any other term of any Loan Document or any other agreement, arrangement or understanding between the parties to this Agreement,
each such party acknowledges and accepts that any liability of any party to this Agreement to any other party to this Agreement
under or in connection with the Loan Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges
and accepts to be bound by the effect of:


 


		(a)	any
                                         Bail-In Action in relation to any such liability, including (without limitation):



 


		i.	a
                                         reduction, in full or in part, in the principal amount, or outstanding amount due (including
                                         any accrued but unpaid interest) in respect of any such liability;



 


		ii.	a
                                         conversion of all, or part of, any such liability into shares or other instruments of
                                         ownership that may be issued to, or conferred on, it; and



 


		iii.	a
                                         cancellation of any such liability; and



 


		(b)	a
                                         variation of any term of any Loan Document to the extent necessary to give effect to
                                         any Bail-In Action in relation to any such liability.



 


In
this Section 1.6:


 


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


 


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


 


“Bail-In
Legislation” means:


 


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



 


		(b)	in
                                         relation to any state other than such an EEA Member Country and the United Kingdom, any
                                         analogous law or regulation from time to time which requires contractual recognition
                                         of any Write-down and Conversion Powers contained in that law or regulation; and



 


		(c)	in
                                         relation to the United Kingdom, the UK Bail-In Legislation.



 


“EEA
Member Country” means any Member State of the European Union, Iceland, Liechtenstein and Norway.


 


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




     Page 35


    


    


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


 


“UK
Bail-In Legislation” means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable
in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions
or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).


 


“Write-down
and Conversion Powers” means:


 


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



 


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



 


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



 


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



 


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





     Page 36


    


    


ARTICLE
II

COMMITMENTS AND BORROWING PROCEDURES


 


SECTION
2.1. Commitment


 


On
the terms and subject to the conditions of this Agreement (including Article V), each Lender severally agrees to make its portion
of the Loan pursuant to its Commitment described in Section 2.2. No Lender’s obligation to make its portion of the Loan
shall be affected by any other Lender’s failure to make its portion of the Loan.


 


SECTION
2.2. Commitment of the Lenders


 


		(a)	Each
                                         Lender will make its portion of the Loan available to the Borrower in accordance with
                                         Section 2.4 either two (2) Business Days prior to the delivery of the Purchased Vessel
                                         to the Borrower under the Construction Contract (where the Loan is to be denominated
                                         in Dollars) or one (1) Business Day prior to the delivery of the Purchased Vessel to
                                         the Borrower under the Construction Contract (where the Loan is to be denominated in
                                         EUR). The commitment of each Lender described in this Section 2.2 (herein referred to
                                         as its “Commitment”) shall be the commitment of such Lender to make
                                         available to the Borrower its portion of the Loan hereunder expressed as the initial
                                         amount set forth opposite such Lender’s name on its signature page attached hereto
                                         or, in the case of any Lender that becomes a Lender pursuant to an assignment pursuant
                                         to Section 11.11.1, the amount set forth as such Lender’s Commitment in the related
                                         Lender Assignment Agreement, in each case as such amount may be reduced from time to
                                         time pursuant to Section 2.3 or reduced or increased from time to time pursuant to assignments
                                         by or to such Lender pursuant to Section 11.11.1.



 


		(b)	Each
                                         Lender’s Commitment shall terminate on the earlier of (i) the Commitment Termination
                                         Date if the Purchased Vessel is not delivered to the Borrower prior to such date and
                                         (ii) the delivery to the Borrower of the Purchased Vessel.



 


		(c)	If
                                         any Lender shall default in its obligations under Section 2.1, the Facility Agent shall,
                                         at the request of the Borrower or the Guarantor, use reasonable efforts to assist the
                                         Borrower and the Guarantor in finding a bank or financial institution acceptable to the
                                         Borrower and the Guarantor to replace such Lender.



 


SECTION
2.3. Voluntary Reduction of Commitments


 


		(a)	The
                                         Borrower may at any time terminate, or from time to time partially reduce, the Commitments
                                         upon written notice to the Facility Agent setting forth the amount of the reduction in
                                         the Commitments (the “Reduction Notice”). The requested reduction
                                         shall be effective two Business Days after the date of delivery of the Reduction Notice
                                         and shall be applied to the respective Commitments of the Lenders pro rata according
                                         to the amounts of their respective Commitments immediately prior to giving effect to
                                         such reduction.





     Page 37


    


    


		(b)	If
                                         the Reduction Notice is delivered by the Borrower on or prior to the Election Date, the
                                         Borrower shall not incur any liability to make any payments pursuant to Section 4.4 or
                                         to incur any other indemnity or compensation obligation. If the Reduction Notice is delivered
                                         by the Borrower after the Election Date, the Borrower shall either (i) pay such compensation
                                         to the relevant Lender as required by, and in accordance with, Section 4.4 to the extent
                                         such Lender incurs a loss as set out in Section 4.4 or (ii) extend the Disbursement Date
                                         to a date that falls at least 65 days after the Reduction Notice was first delivered
                                         by the Borrower. In the event that the Borrower elects the option under the foregoing
                                         clause (ii), the Borrower shall deliver a Loan Request to the Facility Agent in accordance
                                         with Section 2.4(a), and the proposed Disbursement Date set out in such Loan Request
                                         shall be a date that falls at least 65 days after the Reduction Notice was first delivered
                                         by the Borrower.



 


Where
the Commitments are terminated or reduced pursuant to this Section 2.3, the Borrower shall pay to the Facility Agent and the Lenders
any fees and commissions that have accrued to but excluding the date of termination or partial reduction (but, in the case of
a partial reduction of Commitments, only in respect of the amount of the partial reduction). Any such payment shall be made on
the second (2nd) Business Day following receipt by the Borrower of an invoice setting forth the accrued fees and commissions so
payable.


 


SECTION
2.4. Borrowing Procedure


 


		(a)	The
                                         Borrower shall deliver a Loan Request and the documents required to be delivered pursuant
                                         to Section 5.1.1(a) to the Facility Agent:



 


		i.	where
                                         the Loan is to be denominated in Dollars, on or before 11:00 a.m. London time not less
                                         than two (2) Business Days in advance of the date that is two (2) Business Days prior
                                         to the anticipated Delivery Date; or



 


		ii.	where
                                         the Loan is to be denominated in EUR, on or before 10.00 a.m. London time not less than
                                         two (2) Business Days in advance of the date that is one (1) Business Day prior to the
                                         anticipated Delivery Date.



 


The
aggregate amount of the Loan to be advanced shall not exceed the US Dollar Maximum Loan Amount if the Loan is denominated in USD
or, as the case may be, the Maximum Loan Amount where an election has been made for the Loan to be denominated in EUR pursuant
to Section 2.4(e). For the purposes of determining the Maximum Loan Amount, the Contract Price will be established at the time
of the issue of the Loan Request.


 


		(b)	The
                                         Facility Agent shall promptly notify each Lender of any Loan Request by forwarding a
                                         copy thereof to each Lender, together with its attachments. On the terms and subject
                                         to the conditions of this Agreement, the Loan shall be made on the Business Day specified
                                         in such Loan Request. On or before 2:00 p.m., London time, on the Business Day specified
                                         in such Loan Request, each Lender shall,






     Page 38


    


    

without
any set-off or counterclaim, deposit with the Facility Agent same day Dollar or, as the case may be, EUR funds in an amount equal
to such Lender’s Percentage of the requested Loan. Such deposit will be made to an account which the Facility Agent shall
specify from time to time by notice to the Lenders. To the extent funds are so received from the Lenders, the Facility Agent shall,
without any set-off or counterclaim, make such funds available to the Borrower on the Business Day specified in the Loan Request
by wire transfer of same day funds in accordance with Section 2.4(c) below.


 


		(c)	If
                                         the Loan is denominated in EUR, the Facility Agent shall advance the Loan proceeds to
                                         the EUR Pledged Account. If the Loan is to be denominated in USD, the Borrower shall,
                                         upon receipt of the Dollar funds into the account referred to in Section 2.4(b) above,
                                         (i) complete the purchase of EUR with its counterparties or otherwise as set out in the
                                         Loan Request (by authorising and instructing the Facility Agent to remit the necessary
                                         Dollar funds to the said counterparties) and shall procure the payment of all EUR proceeds
                                         of such transactions to the EUR Pledged Account no later than the Business Day immediately
                                         following the Business Day specified in the Loan Request and (ii) to the extent of any
                                         such Dollar funds as shall not be used to purchase EUR, shall procure (by authorising
                                         and instructing the Facility Agent accordingly) the payment of such Dollar funds to the
                                         Dollar Pledged Account on the Disbursement Date.



 


		(d)	Upon
                                         the date of delivery to the Borrower of the Purchased Vessel, the Facility Agent shall
                                         direct that moneys standing to the credit of the Pledged Accounts shall, in the manner
                                         set out in the Loan Request and in accordance with the requirements and provisions of
                                         the Pledge Agreement, be disbursed as follows:



 


		i.	in
                                         EUR, to the account of the Builder, as designated by the Builder and identified by the
                                         Borrower in the Loan Request, to the extent necessary to meet the final instalment of
                                         the Contract Price (including any portion thereof attributable to the Buyer’s Allowance);
                                         and



 


		ii.	



 


		A.	if
                                         the Loan is denominated in Dollars, in Dollars, (y) to Hermes in payment of the Second
                                         Fee; and (z) to the account of the Borrower, as designated by the Borrower and identified
                                         by the Borrower in the Loan Request, in reimbursement of the First Fee and in respect
                                         of any additional amounts standing to the Dollar Pledged Account as of the date of such
                                         disbursement; or



 


		B.	if
                                         the Loan is denominated in EUR, in EUR, to the account of the Borrower, as designated
                                         by the Borrower and identified by the Borrower in the Loan Request, in reimbursement
                                         of the Hermes EUR Equivalent of the First Fee and the Second Fee,





     Page 39


    


    


 and
such moneys shall be so disbursed on the said date of delivery.


 


		(e)	At
                                         any time after the Effective Date, but no later than the Election Date, the Borrower
                                         may elect, by written notice delivered to the Facility Agent substantially in the form
                                         of Exhibit F hereto, to denominate the Loan in EUR. Such election will be irrevocable.
                                         The Facility Agent will notify the Lenders of any election made under this Section 2.4(e).



 


SECTION
2.5. Funding


 


Each
Lender may, if it so elects, fulfil its obligation to make or continue its portion of the Loan hereunder by causing a branch or
Affiliate (or an international banking facility created by such Lender) other than that indicated next to its signature to this
Agreement or, as the case may be, in the relevant Lender Assignment Agreement, to make or maintain such portion of the Loan; provided
that such portion of the Loan shall nonetheless be deemed to have been made and to be held by such Lender, and the obligation
of the Borrower to repay such portion of the Loan shall nevertheless be to such Lender for the account of such foreign branch,
Affiliate or international banking facility; provided, further, that the Borrower shall not be required to pay any amount under
Sections 4.2(c), 4.3, 4.4, 4.5, 4.6 and 4.7 that is greater than the amount which it would have been required to pay had the Lender
not caused such branch or Affiliate (or international banking facility) to make or maintain such portion of the Loan.


 


SECTION
2.6. Nomination of Royal Caribbean Cruises Ltd. as Borrower


 


		(a)	Silversea
                                         Cruise Holding Ltd. and Royal Caribbean Cruises Ltd. may, by written notice to the Facility
                                         Agent delivered on or prior to the Election Date, nominate Royal Caribbean Cruises Ltd.
                                         to be the borrower under this Agreement.



 


		(b)	If
                                         Royal Caribbean Cruises Ltd. is nominated as borrower under Section 2.6, on and from
                                         the date of receipt of that notice by the Facility Agent:



 


		i.	Royal
                                         Caribbean Cruises Ltd. shall be released from its obligations set out in Article XII,
                                         Article XII shall cease to apply and all references to “Guarantor” set out
                                         in this Agreement shall be deemed to be reference to Royal Caribbean Cruises Ltd. in
                                         its capacity as Borrower;



 


		ii.	references
                                         to “the Borrower” shall be references to Royal Caribbean Cruises Ltd.;



 


		iii.	Silversea
                                         Cruise Holding Ltd. will cease to be a party to, or to have any rights or obligations
                                         under, this Agreement; and



 


		iv.	Sections
                                         7.2.2(f), 7.2.3(s) and 11.20 will be deemed to be deleted.





     Page 40


    


    

ARTICLE
III

REPAYMENTS, PREPAYMENTS, INTEREST AND FEES


 


SECTION
3.1. Repayments


 


		(a)	Subject
                                         to Section 3.1(b), the Borrower shall repay the Loan in 24 equal semi-annual instalments,
                                         with the first instalment to fall due on the date falling six (6) months after the Disbursement
                                         Date and which must be a date no later than 10 August 2025 (being the date falling six
                                         months after Commitment Termination Date) and the final instalment to fall due on the
                                         date of Final Maturity.



 


		(b)	If,
                                         on the date of delivery to the Borrower of the Purchased Vessel, the outstanding principal
                                         amount of the Loan exceeds the US Dollar Maximum Loan Amount or, as the case may be,
                                         the Maximum Loan Amount if an election is made for the Loan to be denominated in EUR
                                         pursuant to Section 2.4(e) (as a result of a reduction in the Contract Price after the
                                         Disbursement Date and before the delivery of the Purchased Vessel), the Borrower shall
                                         repay the Loan in an amount equal to such excess within two (2) Business Days after the
                                         date of delivery to the Borrower of the Purchased Vessel. Any such partial prepayment
                                         shall be applied pro rata in satisfaction of the remaining scheduled repayment instalments
                                         of the Loan.



 


		(c)	No
                                         amount repaid by the Borrower pursuant to this Section 3.1 may be re-borrowed under the
                                         terms of this Agreement.



 


SECTION
3.2. Prepayment


 


		(a)	The
                                         Borrower:



 


		i.	may,
                                         from time to time on any Business Day, make a voluntary prepayment, in whole or in part,
                                         of the outstanding principal amount of the Loan; provided that:



 


		a.	all
                                         such voluntary prepayments shall require (x) for prepayments on or after the Disbursement
                                         Date made prior to delivery to the Borrower of the Purchased Vessel in respect of the
                                         advance made on the Disbursement Date, at least two (2) Business Days’ prior written
                                         notice from the Borrower to the Facility Agent, and (y) for all other prepayments, at
                                         least 30 calendar days’ prior written notice, if all or any portion of the Loan
                                         is a Fixed Rate Loan, and at least five (5) Business Days’ (or, if such prepayment
                                         is to be made on the last day of an Interest Period for such Loan, four (4) Business
                                         Days’) prior written notice, if the Loan is a Floating Rate Loan, in each case
                                         from the Borrower to the Facility Agent; and



 


		b.	all
such voluntary partial prepayments shall be in an aggregate minimum amount of $10,000,000 and a multiple of $1,000,000 or, where
the Loan is denominated in EUR, €10,000,000 and a multiple




     Page 41


    


    


		 	of
 €1,000,000 (or in the remaining amount of the Loan) and shall be applied in inverse order of maturity or ratably among all
remaining instalments, as the Borrower shall designate to the Facility Agent, in satisfaction of the remaining repayment instalments
of the Loan; and



 


		ii.	shall,
                                         immediately upon any acceleration of the repayment of the instalments of the Loan pursuant
                                         to Section 8.2 or 8.3 or the mandatory prepayment of the Loan pursuant to Section 9.2,
                                         repay the Loan.



 


		(b)	If,
                                         by reason of a Change in Law, it becomes unlawful under any applicable law (i) for a
                                         Lender to be subject to a commitment to make available to the Borrower such Lender’s
                                         portion of the Loan hereunder as provided in Section 2.2, (ii) for a Lender to make or
                                         hold its portion of the Loan in its Lending Office, (iii) for a Lender to receive a payment
                                         under this Agreement or any other Loan Document or (iv) for a Lender to comply with any
                                         other material provision of, or to perform its obligations as contemplated by, this Agreement
                                         or any other Loan Document, the Lender affected by such Change in Law may give written
                                         notice (the “Illegality Notice”) to the Borrower, the Guarantor and
                                         the Facility Agent of such Change in Law, including reasonable details of the relevant
                                         Change of Law. Any Illegality Notice must be given by a Lender no later than 120 days
                                         after such Lender first obtains actual knowledge or written notice of the relevant Change
                                         in Law.



 


		(c)	If
                                         an affected Lender delivers an Illegality Notice prior to the Disbursement Date, then,
                                         subject to Section 11.17, (1) whilst the arrangements contemplated by the following clause
                                         (2) have not yet been completed and the Commitment of such Lender has not been formally
                                         cancelled, such Lender shall not be obliged to fund its Commitment and (2) the Borrower
                                         shall be entitled at any time within 50 days after receipt of such Illegality Notice
                                         to replace such Lender with one or more financial institutions (I) reasonably acceptable
                                         to the Facility Agent, (II) meeting the criteria set out in Section 2.2 of the Terms
                                         and Conditions, (III) acceptable to Hermes and (IV) in the case of a replacement
                                         of an Option A Lender, reasonably acceptable to KfW; provided that any such assignment
                                         shall be either (x) in the case of a single assignment, an assignment of all of the rights
                                         and obligations of the assigning Lender under this Agreement or (y) in the case of more
                                         than one assignment, an assignment of a portion of such rights and obligations made concurrently
                                         with another such assignment or other such assignments that collectively cover all of
                                         the rights and obligations of the assigning Lender under this Agreement. If, at the end
                                         of such 50-day period, the Borrower has not so replaced such affected Lender as aforesaid
                                         and no alternative arrangements have been implemented pursuant to Section 11.17, the
                                         Commitment held by such Lender shall be cancelled.



 


		(d)	If
                                         an affected Lender delivers an Illegality Notice on or following the Disbursement Date,
                                         then the Borrower shall have the right, but not the obligation, exercisable at any time
                                         within 50 days after receipt of such Illegality Notice (the “Option Period”),
                                         either (1) to prepay the portion of the Loan held by such Lender in full on or before
                                         the expiry of the Option Period, together with all unpaid interest and fees thereon






     Page 42


    


    


accrued
to but excluding the date of such prepayment, or (2) to replace such Lender on or before the expiry of the Option Period with
one or more financial institutions (I) reasonably acceptable to the Facility Agent, (II) meeting the criteria set out in Section
2.2 of the Terms and Conditions, (III) acceptable to Hermes and (IV) in the case of a replacement of an Option A Lender,
reasonably acceptable to KfW; provided that (x) in the case of a single assignment, any such assignment shall be either an assignment
of all of the rights and obligations of the assigning Lender under this Agreement or, in the case of more than one assignment,
an assignment of a portion of such rights and obligations made concurrently with another such assignment or other such assignments
that collectively cover all of the rights and obligations of the assigning Lender under this Agreement and (y) no Lender shall
be obligated to make any such assignment as a result of an election by the Borrower pursuant to this Section 3.2(d) unless and
until such Lender shall have received one or more payments from one or more Assignee Lenders and/or the Borrower in an aggregate
amount at least equal to the portion of the Loan held by such Lender, together with all unpaid interest and fees thereon accrued
to but excluding the date of such assignment (and all other amounts then owing to such Lender under this Agreement).


 


		(e)	Each
                                         prepayment of the Loan made pursuant to this Section 3 shall be without premium or penalty,
                                         except as may be required by Section 4.4. No amounts prepaid by the Borrower may be re-borrowed
                                         under the terms of this Agreement except as provided in Section 3.7 and the last paragraph
                                         of Section 9.1 (which follows Section 9.1.11).



 


SECTION
3.3. Right of cancellation in relation to a Defaulting Lender


 


		(a)	If
                                         any Lender becomes a Defaulting Lender, the Borrower may, at any time whilst the Lender
                                         continues to be a Defaulting Lender (but only with the prior consent of the Hermes) give
                                         the Facility Agent 10 Business Days’ notice of cancellation of each Commitment
                                         of that Lender.



 


		(b)	On
                                         the notice referred to in paragraph (a) above becoming effective, each Commitment of
                                         the Defaulting Lender shall immediately be reduced to zero.



 


		(c)	The
                                         Facility Agent shall as soon as practicable after receipt of a notice referred to in
                                         paragraph (a) above, notify all the Lenders.



 


SECTION
3.4. Interest Provisions.


 


Interest
on the outstanding principal amount of the Loan shall accrue and be payable in accordance with this Section 3.4.


 


SECTION
3.4.1. Rates.


 


		(a)	The
                                         Loan shall accrue interest from the Disbursement Date to the date of repayment or prepayment
                                         of the Loan in full to the Lenders at the Fixed Rate,






     Page 43


    


    

subject
to (i) any election made by the Borrower to elect the Floating Rate pursuant to Section 3.4.2 and (ii) any conversion of any portion
of the Loan held by a Lender to a Floating Rate Loan upon the termination of the CIRR Agreement to which such Lender is a party
in accordance with Section 3.4.3 (and, in which case, the Loan shall accrue interest at the Floating Rate). Interest calculated
at the Fixed Rate or the Floating Rate shall be payable semi-annually in arrears on the Repayment Dates. The Loan shall bear interest
for each Interest Period, from and including the first day of such Interest Period up to but excluding the last day of such Interest
Period, at the interest rate determined as applicable to the Loan for such Interest Period. All interest shall be calculated on
the basis of the actual number of days elapsed over a year comprised of 360 days.


 


		(b)	 



 


		(i)	By
                                         written notice to the Facility Agent delivered on or before the Election Date, the Borrower
                                         may, subject to the prior administrative approval of KfW acting on the instructions of
                                         the Federal Republic of Germany and where the Loan is to be denominated in EUR the election
                                         pursuant to Section 2.4(e) has been made before the date of such written notice, elect,
                                         without incurring any liability to make any payments pursuant to Section 4.4 or any other
                                         indemnity or compensation obligation, to pay interest on the Loan at the percentage rate
                                         per annum (the KfW Fixed Rate) equal to the aggregate of:



 


		A.	the
                                         weighted average rate of interest (and having regard to the Percentage of the Commitment
                                         of each Lender) at which KfW (on behalf of each Option A Lender) and each Option B Lender
                                         is able to hedge its respective cost and fund its Commitment having regard to the currency
                                         and funding and payment profile of the Loan (and on the basis that the hedging by KfW
                                         shall be required to be approved by the Federal Republic of Germany), but which rate
                                         of interest shall, for this purpose, be neither a rate which is either (1) lower than
                                         (if an election has been made for the Loan to be denominated in EUR pursuant to Section
                                         2.4(e)) the EUR CIRR Floor, otherwise, the USD CIRR Floor or, (2) higher than (if an
                                         election has been made for the Loan to be denominated in EUR pursuant to Section 2.4(e))
                                         the EUR CIRR Cap, otherwise, the USD CIRR Cap; and



 


		B.	the
                                         applicable Margin.



 


		(ii)	In
                                         connection with the option to elect the KfW Fixed Rate set out above, at any time on
                                         or before the Election Date, the Borrower shall be entitled to consult with the Facility
                                         Agent and request that the Facility Agent obtains indicative quotes of the KfW Fixed
                                         Rate at or around the time of any such request and such indicative quotes (based on the
                                         relevant information provided by KfW and each Option B Lender) shall be forwarded by
                                         the Facility Agent to the 






     Page 44


    


    


Borrower.
Each Option B Lender agrees to provide to the Facility Agent and KfW, promptly upon request, sufficient information and indicative
rates of interest in relation to its hedging arrangements contemplated by this Section 3.4.1(b) to enable the indicative KfW Fixed
Rate to be provided to the Borrower pursuant to this Section 3.4.1(b).


 


		(c)	If,
                                         on or before the Election Date, the Borrower has neither elected the KfW Fixed Rate nor
                                         the Floating Rate in accordance with Section 3.4.1(b) above or Section 3.4.2 below, then
                                         it is acknowledged and agreed that on the date falling 64 days prior to the actual Disbursement
                                         Date (or, if such date is not a Business Day, the next Business Day following that date),
                                         the CIRR will be set by KfW (acting on the instructions of the Federal Republic of Germany
                                         in its sole discretion), with the CIRR to be a rate which is (i) equal to or higher than
                                         the USD CIRR Floor or, if an election has been made for the Loan to be denominated in
                                         EUR pursuant to Section 2.4(e), the EUR CIRR Floor and (ii) equal to or lower than the
                                         USD CIRR Cap or, if an election has also been made for the Loan to be denominated in
                                         EUR pursuant to Section 2.4(e), the EUR CIRR Cap. The Facility Agent shall notify the
                                         Borrower in writing by no later than the next Business Day of the CIRR so set by KfW.
                                         If notwithstanding the above arrangements, KfW does not set a CIRR on the date referred
                                         to above, then the USD CIRR Cap or, if an election has also been made for the Loan to
                                         be denominated in EUR pursuant to Section 2.4(e), the EUR CIRR Cap shall be set as the
                                         CIRR for the purpose of the Fixed Rate.



 


SECTION
3.4.2. Election of Floating Rate.


 


		(a)	At
                                         any time prior to the Disbursement Date, and provided that the Borrower has not elected
                                         the KfW Fixed Rate pursuant to Section 3.4.1(b), the Borrower may elect to pay interest
                                         on the Loan at the Floating Rate by written notice (the “Floating Rate Election
                                         Notice”) to the Facility Agent. If the Floating Rate Election Notice is delivered
                                         by the Borrower on or prior to the Election Date, the Borrower shall not incur any liability
                                         to make any payments pursuant to Section 4.4 or to incur any other indemnity or compensation
                                         obligation. If the Floating Rate Election Notice is delivered by the Borrower after the
                                         Election Date, the Borrower shall either (i) pay such compensation to the relevant Lender
                                         as required by, and in accordance with, Section 4.4 to the extent such Lender incurs
                                         a loss as set out in Section 4.4 or (ii) extend the Disbursement Date to a date that
                                         falls at least 65 days after the Floating Rate Election Notice was first delivered by
                                         the Borrower. In the event that the Borrower elects the option under the foregoing clause
                                         (ii), the Borrower shall deliver a Loan Request to the Facility Agent in accordance with
                                         Section 2.4(a), and the proposed Disbursement Date set out in such Loan Request
                                         shall be a date that falls at least 65 days after the Floating Rate Election Notice was
                                         first delivered by the Borrower.



 


		(b)	If
                                         the Borrower has not elected the Floating Rate prior to the Disbursement Date as permitted
                                         by Section 3.4.2(a), the Borrower may elect, by written notice to the Facility Agent
                                         no later than 2:00 p.m. Frankfurt time 32 days prior to the end of an






     Page 45


    


    


Interest
Period and subject to Section 4.4, to pay interest on the Loan for the remainder of the term of the Loan at the Floating Rate,
with effect from the end of that Interest Period.


 


		(c)	 



 


		(i)	If
                                         the Loan is denominated in Dollars and the Borrower has elected the Floating Rate pursuant
                                         to Section 3.4.2(a), provided that the Borrower has not elected the KfW Fixed Rate pursuant
                                         to Section 3.4.1(b), Interest Periods shall be for a duration of 6 months. 



 


		(ii)	If
                                         the Loan is denominated in EUR and the Borrower has elected the Floating Rate pursuant
                                         to Section 3.4.2(a), provided that the Borrower has not elected the KfW Fixed Rate pursuant
                                         to Section 3.4.1(b), Interest Periods shall be for a duration of 6 months. 



 


		(d)	Any
                                         election made under any of Section 3.4.2(a) or Section 3.4.2(b) may only be made one
                                         time during the term of the Loan and shall be irrevocable.



 


SECTION
3.4.3. Conversion to Floating Rate.


 


If,
during any Interest Period, and where interest on the Loan is determined at the Fixed Rate, the CIRR Agreement in effect with
any Lender is terminated for any reason (other than as a result of the negligence or wilful misconduct of such Lender), then the
portion of the Loan held by such Lender shall convert to a Floating Rate Loan on the last day of such Interest Period, and the
Borrower shall pay interest on such portion of the Loan at the Floating Rate on such portion for the remainder of the term of
the Loan.


 


Notwithstanding
the foregoing paragraph, the Borrower shall not be obligated to make any indemnity or compensation payment to any Lender in connection
with any conversion to the Floating Rate unless (a) such conversion is a result of an election by the Borrower pursuant to Section
3.4.2 or (b) such conversion occurs as a result of any acceleration of the Loan due to the occurrence of an Event of Default.


 


SECTION
3.4.4. Post-Maturity Rates.


 


After
the date any principal amount of the Loan is due and payable (whether on any Repayment Date, upon acceleration or otherwise),
or after any other monetary Obligation of the Borrower shall have become due and payable, the Borrower shall pay, but only to
the extent permitted by law, interest (after as well as before judgment) on such amounts for each day during the period while
such payment is overdue at a rate per annum certified by the Facility Agent to the Borrower (which certification shall be conclusive
in the absence of manifest error) to be equal to (a) in the case of (i) principal of and interest on the Loan payable to each
Option A Lender or (ii) interest on the Loan payable to each Option B Lender, the sum of the Floating Rate plus 3% per annum and
(b) in the case of any other monetary Obligation (including, without limitation, principal on the Loan payable to each Option
B Lender), the sum of the Floating Rate plus 2% per annum.




     Page 46


    


    


SECTION
3.4.5. Payment Dates.


 


Interest
accrued on the Loan shall be payable, without duplication, on the earliest of:


 


		(a)	each
                                         Repayment Date;



 


		(b)	the
                                         date of any prepayment, in whole or in part, of principal outstanding on the Loan (but
                                         only on the principal so prepaid);



 


		(c)	on
                                         that portion of the Loan the repayment of which is accelerated pursuant to Section 8.2
                                         or Section 8.3, immediately upon such acceleration; and



 


		(d)	in
                                         the case of any interest on any principal, interest or other amount owing under this
                                         Agreement or any other Loan Document that is overdue, from time to time on demand of
                                         the Facility Agent until such overdue amount is paid in full.



 


SECTION
3.4.6. Interest Rate Determination; Replacement Reference Banks


 


The
Facility Agent shall obtain from each Reference Bank timely information for the purpose of determining the LIBO Rate in the event
that no relevant London interbank offered rate appears on Thomson Reuters LIBOR01 or LIBOR02 Page (or any successor page) and
the LIBO Rate is to be determined by reference to quotations supplied by the Reference Banks. If any one or more of the Reference
Banks shall fail to furnish in a timely manner such information to the Facility Agent for any such interest rate, the Facility
Agent shall determine such interest rate on the basis of the information furnished by the remaining Reference Banks. If the Borrower
or the Guarantor elects to add an additional Reference Bank hereunder or a Reference Bank ceases for any reason to be able and
willing to act as such, the Facility Agent shall, at the direction of the Required Lenders and after consultation with the Guarantor
and the Lenders, appoint a replacement for such Reference Bank reasonably acceptable to the Guarantor, and such replaced Reference
Bank shall cease to be a Reference Bank hereunder. The Facility Agent shall furnish to the Borrower, to the Guarantor and to the
Lenders each determination of the LIBO Rate made by reference to quotations of interest rates furnished by Reference Banks.


 


If
an election is made for the Loan to be denominated in EUR pursuant to Section 2.4(e), the Facility Agent shall obtain from each
Reference Bank timely information for the purpose of determining the EURO Rate in the event that no relevant London interbank
offered rate appears on Thomson Reuters EURIBOR01 Page (or any successor page) and the EURO Rate is to be determined by reference
to quotations supplied by the Reference Banks. If any one or more of the Reference Banks shall fail to furnish in a timely manner
such information to the Facility Agent for any such interest rate, the Facility Agent shall determine such interest rate on the
basis of the information furnished by the remaining Reference Banks. If the Borrower or the Guarantor elects to add an additional
Reference Bank hereunder or a Reference Bank ceases for any reason to be able and willing to act as such, the Facility Agent shall,
at the direction of the Required Lenders and after consultation with the Guarantor and the Lenders, appoint a replacement for
such Reference Bank reasonably acceptable to the Guarantor, and such replaced Reference Bank shall cease to be a Reference Bank
hereunder. The Facility Agent shall furnish 




     Page 47


    


    


to
the Borrower, to the Guarantor and to the Lenders each determination of the EURO Rate made by reference to quotations of interest
rates furnished by Reference Banks.


 


SECTION
3.5. Commitment Fee.


 


The
Borrower agrees to pay to the Facility Agent for the account of each Lender a commitment fee (the “Commitment Fee”)
on its daily unused portion of the Maximum Loan Amount (as such Maximum Loan Amount may be adjusted from time to time), for the
period commencing on the Effective Date and continuing through the earliest to occur (the “Commitment Fee Termination
Date”) of (i) the Disbursement Date, (ii) the date upon which the Facility Agent has provided the Borrower with written
notice that the Lenders will not advance the Loan because the Commitments have been terminated pursuant to Section 8.2 or 8.3,
(iii) the Commitment Termination Date and (iv) the date the Commitments shall have been terminated pursuant to Section 2.3. Should
the Facility Agent provide the Borrower notice that the Lenders will not advance the Loan because Hermes has cancelled the Hermes
Insurance Policy, the Commitment Fee paid by the Borrower for the account of each Lender shall be promptly refunded to the Borrower
by such Lender; provided however that (i) no Lender shall be obliged to refund any Commitment Fee to the Borrower in these circumstances
if the cancellation of the Hermes Insurance Policy is primarily attributable to the Borrower and (ii) (where a refund is applicable)
a Lender shall only be obliged to refund to the Borrower an amount equal to the sum of (x) the portion of the Commitment Fee that
such Lender has not paid to KfW in accordance with the applicable CIRR Agreement and (y) the portion of the Commitment Fee that
such Lender has so paid to KfW and that such Lender actually recovers from KfW in the event of the cancellation of the Hermes
Insurance Policy (and each Lender agrees to request from KfW the amount of Commitment Fee that it has paid to KfW).


 


SECTION
3.5.1. Payment of Commitment Fee.


 


		(a)	The
                                         Commitment Fee shall be payable by the Borrower to the Facility Agent for the account
                                         of each Lender quarterly in arrears, with the first such payment (the “First
                                         Commitment Fee Payment”) to be made on the day falling three months following
                                         the Effective Date and the final such payment to be made on the Commitment Fee Termination
                                         Date (each date on which a Commitment Fee payment is required to be made in accordance
                                         with this Section 3.4.1 referred to herein as a “Commitment Fee Payment Date”).
                                         The Commitment Fee shall be in the amount in EUR equal to the product of the Applicable
                                         Commitment Rate, multiplied by, for each day elapsed since the preceding Commitment Fee
                                         Payment Date (or, in the case of the First Commitment Fee Payment, the Effective Date),
                                         the Maximum Loan Amount in effect on such day, divided by 360 days; provided that the
                                         Borrower may elect to pay the Commitment Fee on any Commitment Fee Payment Date in Dollars
                                         by giving notice to the Facility Agent five (5) Business Days before such date. If the
                                         Borrower elects to pay the Commitment Fee in Dollars, the exchange rate used to convert
                                         the fee from EUR to Dollars shall be the 10 A.M. midpoint market fixing for the
                                         conversion of EUR to Dollars set by the Federal Reserve Bank of New York two (2) Business
                                         Days prior to the relevant Commitment Fee Payment Date.





     Page 48


    


    



		(b)	No
                                         commitment fee is payable to the Facility Agent (for the account of a Lender) on any
                                         Commitment of that Lender for any day on which that Lender is a Defaulting Lender.



 


SECTION
3.6. CIRR Guarantee Charge.


 


SECTION
3.6.1. Generally


 


The
Borrower agrees to pay to the Facility Agent for the account of KfW a fee of 0.01% per annum (the “CIRR Guarantee Charge”)
on the Maximum Loan Amount (having regard to the paragraph below) as at the Effective Date for the period commencing on 16 October
2019 (being the date that is six months after the date of the Construction Contract) and continuing until the earliest of (i)
the date falling 60 days prior to the Disbursement Date, (ii) the date falling 32 days after either the date on which the Borrower
elects the Floating Rate pursuant to Section 3.4.2 or, as to any portion of the Loan converted to a Floating Rate Loan pursuant
to Section 3.4.3, the date on which such portion so converts to a Floating Rate Loan, (iii) the date falling 32 days after the
date on which the Borrower elects to cancel all or part of the Commitments pursuant to Section 2.3, (iv) the date upon which the
Facility Agent has provided written notice to the Borrower that the Lenders will not advance the Loan because the Commitments
shall have been terminated pursuant to Sections 8.2 or 8.3 and (v) any other date on which the Commitments shall have been terminated.


 


SECTION
3.6.2. Payment.


 


The
CIRR Guarantee Charge shall be payable by the Borrower in EUR quarterly in arrears commencing with the date falling three months
after the commencement of the period described in Section 3.5.1 and thereafter on each subsequent three-month anniversary of such
period and finally on the date on which the CIRR Guarantee Charge ceases to accrue as described in Section 3.5.1.


 


SECTION
3.7. Other Fees.


 


The
Borrower agrees to pay to the Facility Agent the agreed-upon fees set forth in the Fee Letters on the dates and in the amounts
set forth therein.


 


SECTION
3.8. Temporary Repayment.


 


If
the proceeds of the Loan have not been utilised directly or indirectly to pay for delivery to the Borrower of the Purchased Vessel
within 15 days after the initial Disbursement Date and have been deposited in accordance with Section 4.12, the Borrower may,
by notice to the Facility Agent in accordance with Section 3.2(a) and specifying that such prepayment may be re-borrowed under
this Agreement, prepay the Loan, together with accrued interest on the Loan so prepaid, and shall be entitled to utilise funds
standing to the credit of the Pledged Accounts for the purpose of applying these in or towards satisfaction of such prepayment
obligation. If the Purchased Vessel is subsequently delivered to the Borrower, the Borrower shall be permitted to submit one additional
Loan Request in accordance with Section 2.4 to re-borrow the Loan previously prepaid under this Section; provided, however, that
the date of funding of any such





     Page 49


    


    


re-borrowed
Loan shall not be later than the Commitment Termination Date and provided, further, that such date of funding shall be the Disbursement
Date for all purposes hereunder with respect to such re-borrowed Loan. Prepayment of the Loan made pursuant to this Section shall
be without premium or penalty, except as may be required by Section 4.4.


 


SECTION
3.9. Limit on Interest Make-Up.


 


If,
in relation to any Interest Period during which any portion of the Loan held by a Lender carries interest at the Fixed Rate, the
amount of the interest make-up to be received by such Lender pursuant to the applicable CIRR Agreement entered into by such Lender
is limited to an annual rate of twelve per cent. (12%) per annum by virtue of the provisions of Section 1.1 of the Terms and Conditions,
then the Borrower shall pay to the Facility Agent for the account of such Lender an additional amount by way of interest equal
to the amount of the interest make-up forgone by the relevant Lender as a consequence of such limitation. Such additional amount
shall be payable by the Borrower within five (5) Business Days following receipt by the Borrower from the Facility Agent of the
relevant Lender’s invoice accompanied by reasonable calculation and explanation of the additional amount in question.


 


SECTION
3.10. Cancellation of CIRR Agreements.


 


No
Lender shall be entitled to cancel or terminate the CIRR Agreement to which it is a party without the prior written consent of
the Borrower.


 


ARTICLE
IV

CERTAIN LIBO RATE, EURO RATE AND OTHER PROVISIONS


 


SECTION
4.1. LIBO Rate or EURO Rate Lending Unlawful.


 


If
after the Effective Date the introduction of or any change in or in the interpretation of any law makes it unlawful, or any central
bank or other governmental authority having jurisdiction over such Lender asserts that it is unlawful, for such Lender to make,
continue or maintain its portion of the Loan bearing interest at a rate based on the LIBO Rate or, as the case may be, EURO Rate,
the obligation of such Lender to make, continue or maintain its portion of the Loan bearing interest at a rate based on the LIBO
Rate or, as the case may be, EURO Rate shall, upon notice thereof to the Borrower, the Facility Agent and each other Lender, forthwith
be suspended until the circumstances causing such suspension no longer exist, provided that such Lender’s obligation to
make, continue and maintain its portion of the Loan hereunder shall be automatically converted into an obligation to make, continue
and maintain its portion of the Loan bearing interest at a rate to be negotiated between such Lender and the Borrower that is
the equivalent of the sum of the LIBO Rate or, as the case may be, EURO Rate for the relevant Interest Period plus the applicable
Floating Rate Margin.


 


SECTION
4.2. Deposits Unavailable


 


If,
on or after the date the Borrower elects the Floating Rate pursuant to Section 3.4.2 or if any Lender shall have entered into
an Option B Interest Make-Up Agreement (an “Option B Lender”), the Facility Agent shall have determined that:




     Page 50


    


    


		(a)	Dollar
                                         or EUR (if an election is made for the Loan to be denominated in EUR pursuant to Section
                                         2.4(e)) deposits in the relevant amount and for the relevant Interest Period are not
                                         available to each Reference Bank in its relevant market, or



 


		(b)	by
                                         reason of circumstances affecting the Reference Banks’ relevant markets, adequate
                                         means do not exist for ascertaining the interest rate applicable hereunder to LIBO Rate
                                         or, as the case may be, EURO Rate loans for the relevant Interest Period, or



 


		(c)	the
                                         cost to Option B Lenders that in the aggregate hold more than 50% of the aggregate outstanding
                                         principal amount of the Loan then held by Option B Lenders, if any Lender shall have
                                         entered into an Option B Interest Make-Up Agreement, of obtaining matching deposits in
                                         the relevant interbank market for the relevant Interest Period would be in excess of
                                         the LIBO Rate, or as the case may be, EURO Rate (provided that no Option B Lender may
                                         exercise its rights under this Section 4.2(c) for amounts up to the difference between
                                         such Option B Lender’s cost of obtaining matching deposits on the date such Option
                                         B Lender becomes a Lender hereunder less the LIBO Rate or, as the case may be, EURO Rate
                                         on such date),



 


then
the Facility Agent shall give notice of such determination (hereinafter called a “Determination Notice”) to
the Borrower and each of the Lenders. The Borrower, the Lenders and the Facility Agent shall then negotiate in good faith in order
to agree upon a mutually satisfactory interest rate and interest period (or interest periods) to be substituted for those which
would otherwise have applied under this Agreement. If the Borrower, the Lenders and the Facility Agent are unable to agree upon
an interest rate (or rates) and interest period (or interest periods) prior to the date occurring fifteen (15) Business Days after
the giving of such Determination Notice, the Facility Agent shall (after consultation with the Lenders) set an interest rate and
an interest period (or interest periods), in each case to take effect at the end of the Interest Period current at the date of
the Determination Notice, which rate (or rates) shall be equal to the sum of the applicable Floating Rate Margin and the
weighted average of the corresponding interest rates at or about 11:00 a.m. (London time) two (2) Business Days before the commencement
of the relevant Interest Period on Thomson Reuters’ pages KLIEMMM, GARBIC01 and FINA01 (or such other pages as may replace
Thomson Reuters’ pages KLIEMMM, GARBIC01 or FINA01 on Thomson Reuters’ service) (or, in the case of clause (c) above,
the lesser of (x) the respective cost to the Option B Lenders of funding the respective portions of the Loan held by such
Option B Lenders and (y) such weighted average). The Facility Agent shall furnish a certificate to the Borrower as soon as
reasonably practicable after the Facility Agent has given such Determination Notice setting forth such rate(s). In the event that
the circumstances described in this Section 4.2 shall extend beyond the end of an interest period agreed or set pursuant hereto,
the foregoing procedure shall be repeated as often as may be necessary.


 


SECTION
4.3. Increased Loan Costs, etc. 


 


If
after the Effective Date a change in any applicable treaty, law, regulation or regulatory requirement or in the interpretation
thereof or in its application to the Borrower, or if compliance





     Page 51


    


    


by
any Lender with any applicable direction, request, requirement or guideline (whether or not having the force of law) of any governmental
or other authority including, without limitation, any agency of the European Union or similar monetary or multinational authority
insofar as it may be changed or imposed after the date hereof, shall:


 


		(a)	subject
                                         any Lender to any taxes, levies, duties, charges, fees, deductions or withholdings of
                                         any nature with respect to its portion of the Loan or any part thereof imposed, levied,
                                         collected, withheld or assessed by any jurisdiction or any political subdivision or taxing
                                         authority thereof (other than (i) taxes as to which such Lender is indemnified under
                                         Section 4.6 and (ii) taxes excluded from the indemnity set forth in Section 4.6);
                                         or



 


		(b)	change
                                         the basis of taxation to any Lender (other than a change in taxation on the overall net
                                         income of any Lender) of payments of principal or interest or any other payment due or
                                         to become due pursuant to this Agreement; or



 


		(c)	impose,
                                         modify or deem applicable any reserve or capital adequacy requirements (other than the
                                         increased capital costs described in Section 4.5 and the reserve costs described in Section
                                         4.7) or other banking or monetary controls or requirements which affect the manner in
                                         which a Lender shall allocate its capital resources to its obligations hereunder or require
                                         the making of any special deposits against or in respect of any assets or liabilities
                                         of, deposits with or for the account of, or loans by, any Lender (provided that
                                         such Lender shall, unless prohibited by law, allocate its capital resources to its obligations
                                         hereunder in a manner which is consistent with its present treatment of the allocation
                                         of its capital resources); or



 


		(d)	impose
                                         on any Lender any other condition affecting its portion of the Loan or any part thereof,



 


and
the result of any of the foregoing is either (i) to increase the cost to such Lender of making its portion of the Loan or maintaining
its portion of the Loan or any part thereof, (ii) to reduce the amount of any payment received by such Lender or its effective
return hereunder or on its capital or (iii) to cause such Lender to make any payment or to forego any return based on any amount
received or receivable by such Lender hereunder, then and in any such case if such increase or reduction in the opinion of such
Lender materially affects the interests of such Lender, (A) such Lender shall (through the Facility Agent) notify the Borrower
of the occurrence of such event and use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions)
to designate a different Lending Office if the making of such a designation would avoid the effects of such law, regulation or
regulatory requirement or any change therein or in the interpretation thereof and would not, in the reasonable judgment of such
Lender, be otherwise disadvantageous to such Lender and (B) the Borrower shall forthwith upon such demand pay to the Facility
Agent for the account of such Lender such amount as is necessary to compensate such Lender for such additional cost or such reduction
and ancillary expenses, including taxes, incurred as a result of such adjustment unless such additional costs are attributable
to a FATCA Deduction required to be made by a party to this Agreement or are otherwise excluded from the indemnity set forth in
Section 4.6 or Section 11.4. Such notice shall





     Page 52


    


    


(i)
describe in reasonable detail the event leading to such additional cost, together with the approximate date of the effectiveness
thereof, (ii) set forth the amount of such additional cost, (iii) describe the manner in which such amount has been calculated,
(iv) certify that the method used to calculate such amount is such Lender’s standard method of calculating such amount,
(v) certify that such request is consistent with its treatment of other borrowers that are subject to similar provisions, and
(vi) certify that, to the best of its knowledge, such change in circumstance is of general application to the commercial banking
industry in such Lender’s jurisdiction of organisation or in the relevant jurisdiction in which such Lender does business.
Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such
Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender
pursuant to this Section for any increased costs or reductions incurred more than three months prior to the date that such Lender
notifies the Borrower of the circumstance giving rise to such increased costs or reductions and of such Lender’s intention
to claim compensation therefor; provided further that, if the circumstance giving rise to such increased costs or reductions
is retroactive, then the three-month period referred to above shall be extended to include the period of retroactive effect thereof,
but not more than six months prior to the date that such Lender notifies the Borrower of the circumstance giving rise to such
cost or reductions and of such Lender’s intention to claim compensation therefor.


 


SECTION
4.4. Funding Losses.


 


SECTION
4.4.1. Indemnity.


 


In
the event any Lender: (i) is required to liquidate or to re-deploy (at not less than the market rate) deposits or other funds
acquired by such Lender to fund any portion of the principal amount of its portion of the Loan or (ii) exercises such Lender’s
right to irrevocably terminate (in whole or in part) the CIRR Guarantee after the Latest Date in accordance with Section 8.1 of
the Terms and Conditions or, as the case may be in the case of an Option A Lender, Section 8.2 of the Terms and Conditions, in
each case, as a result of:


 


		(a)	if
                                         at the time interest is calculated at the Floating Rate on such Lender’s portion
                                         of the Loan, any conversion or repayment or prepayment or acceleration of the principal
                                         amount of such Lender’s portion of the Loan on a date other than the scheduled
                                         last day of an Interest Period or otherwise scheduled date for repayment or payment (in
                                         each case, including payments made in accordance with Section 3.1(b), but excluding
                                         any prepayment made following an election by the Borrower to effect a prepayment pursuant
                                         to Section 3.2(d), or any repayment pursuant to Section 9.1.12, by reason of a Non-Guarantor
                                         Related Change in Law);



 


		(b)	if
                                         at the time interest is calculated at the Fixed Rate on such Lender’s portion of
                                         the Loan, any repayment or prepayment or acceleration of the principal amount of such
                                         Lender’s portion of the Loan, other than any repayment made on the date scheduled
                                         for such repayment (in each case, excluding any prepayment made following an election
                                         by the Borrower to effect a prepayment pursuant to Section 3.2(d), or any






     Page 53


    


    


repayment
pursuant to Section 9.1.12, by reason of a Non-Guarantor Related Change in Law);


 


		(c)	without
                                         prejudice to the rights of the Borrower to elect an option under Section 3.4.2(a),
                                         an election by the Borrower of the Floating Rate in accordance with Section 3.4.2(a)
                                         (where the Disbursement Date is a date that falls less than 65 days after the Floating
                                         Rate Election Notice was delivered by the Borrower) or Section 3.4.2(b);



 


		(d)	a
                                         reduction or termination of the Commitments by the Borrower pursuant to Section 2.3 and
                                         to the extent that the Borrower has a liability under this Section pursuant to Section
                                         2.3(b)(i);



 


		(e)	the
                                         Loan not being made in accordance with the Loan Request therefor due to the fault of
                                         an Obligor or as a result of any of the conditions precedent set forth in Article V not
                                         being satisfied;



 


		(f)	any
                                         prepayment of the Loan by the Borrower pursuant to Section 3.8;



 


		(g)	where
                                         interest on the Loan is to be calculated at the Fixed Rate or where the Borrower has
                                         elected the KfW Fixed Rate in accordance with Section 3.3.1(b), the Loan not being made
                                         on or before the Commitment Termination Date; or



 


		(h)	where
                                         Borrower has elected the KfW Fixed Rate in accordance with Section 3.3.1(b), the Disbursement
                                         Date of the Loan is not the same date as the anticipated Disbursement Date at the time
                                         the Borrower elected the KfW Fixed Rate (and which anticipated Disbursement Date was
                                         applied for the purpose of determining the KfW Fixed Rate),



 


(each,
a “Funding Losses Event”), then, upon the written notice of such Lender to the Borrower (with a copy to the
Facility Agent), the Borrower shall, within five (5) Business Days of its receipt of such notice and, where the KfW Fixed Rate
applies, save as provided below:


 


		a.	if
                                         at that time interest is calculated at the Floating Rate on such Lender’s portion
                                         of the Loan, pay directly to the Facility Agent for the account of such Lender an amount
                                         (the “Floating Rate Indemnity Amount”) equal to the amount, if any,
                                         by which:



 


		(i)	interest
                                         (not including the Floating Rate Margin) calculated at the Floating Rate which such Lender
                                         would have received on its share of the amount of the Loan subject to such Funding Losses
                                         Event for the period from the date of receipt of any part of its share in the Loan to
                                         the last day of the applicable Interest Period,



 


exceeds:


 


		(ii)	the
                                         amount which such Lender would be able to obtain by placing an amount equal to the amount
                                         received by it on deposit with a






     Page 54


    


    


leading
bank in the appropriate interbank market for a period starting on the Business Day following receipt and ending on the last day
of the applicable Interest Period; or


 


		b.	if
                                         at that time interest is calculated at the Fixed Rate on such Lender’s portion
                                         of the Loan, pay to the Facility Agent the sum of:



 


		(A)	an
                                         amount equal to the amount, if any, by which:



 


		(i)	interest
                                         calculated at the rate per annum equal to (a) the CIRR which such Lender would have received
                                         on its share of the amount of the Loan subject to such Funding Losses Event minus (b)
                                         the administrative margin of 0.20%, for the period from the date of receipt of any part
                                         of its share of the Loan to the final scheduled date for the repayment of Loan in full
                                         pursuant to Section 3.1,



 


exceeds:


 


		(ii)	the
                                         amount by which such Lender would be able to obtain by placing for such remaining period
                                         an equal amount to the amount received by it on deposit and receiving interest equal
                                         to the money market rate then applicable to Dollars on the Reuters page “ICAP1”
                                         or, as the case may be, EUR on the Reuters page “ICAPEURO” (the “Reinvestment
                                         Rate”),



 


such
amount to be discounted to present value at the Reinvestment Rate or, where the KfW Fixed Rate applies in the case of sections
4.4.1(g) and (h), the cost to KfW (on behalf of each Option A Lender) and each Option B Lender of adjusting, renewing, terminating
or otherwise altering the hedging arrangements entered into by KfW and each Option B Lender in connection with the settling and
provision of the KfW Fixed Rate; plus


 


		(B)	only
                                         if KfW (where such Lender is an Option A Lender) or the Lender (where such Lender is
                                         an Option B Lender) is funding itself at a floating rate, an amount equal to the Floating
                                         Rate Indemnity Amount (and assuming for the purpose of this calculation that the interest
                                         on the Loan is calculated at the Floating Rate and not the Fixed Rate).



 


Any
amounts received by the Facility Agent under b.(A) above shall, unless otherwise advised by KfW, be for the account of, and shall
be payable to, KfW on behalf of the Federal Republic of Germany; and any amounts received by the Facility Agent under b.(B) above
in respect of a Lender’s portion of the Loan shall be for the account of, and shall be payable to, KfW (where such Lender
is an Option A Lender) or to that Lender (where such Lender is an Option B Lender).




     Page 55


    


    


If
interest on the Loan is to be calculated at the Fixed Rate or the Borrower has elected the KfW Fixed Rate in accordance with Section
3.4.1(b), and the Borrower voluntarily cancels, terminates or partially reduces the Commitments in accordance with Section 2.3
or the amount of the Loan is less than the total Commitments as at the date of this Agreement, and such cancellation or reduction
is due to the non-delivery or late delivery of the Purchased Vessel by the Builder due to of the bankruptcy or insolvency of the
Builder then (1) no indemnity payments can be claimed by the Option A Lenders under b. above in these circumstances and (2) where
the cancellation arises as a result of the late delivery of the Purchased Vessel by the Builder, the amounts that can be claimed
by way of indemnity from the Borrower under this Section 4.4 in respect of the KfW Fixed Rate in these circumstances shall be
limited to the aggregate of the costs actually incurred by KfW (on behalf of the Option A Lenders) and each Option B Lender in
adjusting the hedging arrangements entered into by KfW and such Option B Lenders in connection with the KfW Fixed Rate to take
account of the delayed delivery date.


 


Such
written notice shall include calculations in reasonable detail setting forth the loss or expense to such Lender.


 


SECTION
4.5. Increased Capital Costs.


 


If
after the Effective Date any change in, or the introduction, adoption, effectiveness, interpretation, reinterpretation or phase-in
of, any law or regulation, directive, guideline, decision or request (whether or not having the force of law) of any court, central
bank, regulator or other governmental authority increases the amount of capital required to be maintained by any Lender or any
Person controlling such Lender, and the rate of return on its or such controlling Person’s capital as a consequence of its
Commitment or its portion of the Loan made by such Lender is reduced to a level below that which such Lender or such controlling
Person would have achieved but for the occurrence of any such change in circumstance, then, in any such case upon notice from
time to time by such Lender to the Borrower, the Borrower shall immediately pay directly to such Lender additional amounts sufficient
to compensate such Lender or such controlling Person for such reduction in rate of return. Any such notice shall (i) describe
in reasonable detail the capital adequacy requirements which have been imposed, together with the approximate date of the effectiveness
thereof, (ii) set forth the amount of such lowered return, (iii) describe the manner in which such amount has been calculated,
(iv) certify that the method used to calculate such amount is such Lender’s standard method of calculating such amount,
(v) certify that such request for such additional amounts is consistent with its treatment of other borrowers that are subject
to similar provisions and (vi) certify that, to the best of its knowledge, such change in circumstances is of general application
to the commercial banking industry in the jurisdictions in which such Lender does business. In determining such amount, such Lender
may use any method of averaging and attribution that it shall, subject to the foregoing sentence, deem applicable. Each Lender
agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different
Lending Office if the making of such a designation would avoid such reduction in such rate of return and would not, in the reasonable
judgment of such Lender, be otherwise disadvantageous to such Lender. Failure or delay on the part of any Lender to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided
that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions





     Page 56


    


    


incurred
more than three months prior to the date that such Lender notifies the Borrower of the circumstance giving rise to such reductions
and of such Lender’s intention to claim compensation therefor; provided further that, if the circumstance giving
rise to such reductions is retroactive, then the three-month period referred to above shall be extended to include the period
of retroactive effect thereof, but not more than six months prior to the date that such Lender notifies the Borrower of the circumstance
giving rise to such reductions and of such Lender’s intention to claim compensation therefor.


 


SECTION
4.6. Taxes.


 


All
payments by the Obligors of principal of, and interest on, the Loan and all other amounts payable under any Loan Document, including
for the avoidance of doubt under any Fee Letter, shall be made free and clear of and without deduction for any present or future
income, excise, stamp or franchise taxes and other taxes, fees, duties, withholdings or other charges of any nature whatsoever
imposed by any taxing authority, but excluding (i) franchise taxes and taxes imposed on or measured by any Lender’s net
income or receipts of such Lender and franchise taxes imposed in lieu of net income taxes or taxes on receipts, by the jurisdiction
under the laws of which such Lender is organised or any political subdivision thereof or the jurisdiction of such Lender’s
Lending Office or any political subdivision thereof or any other jurisdiction unless such net income taxes are imposed solely
as a result of the applicable Obligor’s activities in such other jurisdiction, and (ii) any taxes imposed under FATCA (such
non-excluded items being called “Covered Taxes”). In the event that any withholding or deduction from any payment
to be made by any Obligor under any Loan Document is required in respect of any Covered Taxes pursuant to any applicable law,
rule or regulation, then the relevant Obligor will:


 


		(a)	pay
                                         directly to the relevant authority the full amount required to be so withheld or deducted;



 


		(b)	promptly
                                         forward to the Facility Agent an official receipt or other documentation satisfactory
                                         to the Facility Agent evidencing such payment to such authority; and



 


		(c)	pay
                                         to the Facility Agent for the account of the Lenders such additional amount or amounts
                                         as is necessary to ensure that the net amount actually received by each Lender will equal
                                         the full amount such Lender would have received had no such withholding or deduction
                                         been required.



 


Moreover,
if any Covered Taxes are directly asserted against the Facility Agent or any Lender with respect to any payment received or paid
by the Facility Agent or such Lender hereunder, the Facility Agent or such Lender may pay such Covered Taxes and the Borrower
will promptly pay such additional amounts (including any penalties, interest or expenses) as is necessary in order that the net
amount received by such person after the payment of such Covered Taxes (including any Covered Taxes on such additional amount)
shall equal the amount such person would have received had no such Covered Taxes been asserted.


 


Any
Lender claiming any additional amounts payable pursuant to this Section agrees to use reasonable efforts (consistent with its
internal policy and legal and regulatory restrictions) to





     Page 57


    


    


change
the jurisdiction of its Lending Office if the making of such a change would avoid the need for, or reduce the amount of, any such
additional amounts that may thereafter accrue and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous
to such Lender.


 


If
the Borrower or a relevant Obligor fails to pay any Covered Taxes when due to the appropriate taxing authority or fails to remit
to the Facility Agent for the account of the respective Lenders the required receipts or other required documentary evidence,
the Borrower shall indemnify the Lenders for any incremental withholding Covered Taxes, interest or penalties that may become
payable by any Lender as a result of any such failure (so long as such amount did not become payable as a result of the failure
of such Lender to provide timely notice to the Borrower of the assertion of a liability related to the payment of Covered Taxes).
For purposes of this Section 4.6, a distribution hereunder by the Facility Agent or any Lender to or for the account of any Lender
shall be deemed a payment by the Borrower.


 


If
any Lender is entitled to any refund, credit, deduction or other reduction in tax by reason of any payment made by the Borrower
or a relevant Obligor in respect of any Covered Tax under this Section 4.6 or by reason of any payment made by the Borrower or
a relevant Obligor pursuant to Section 4.3, such Lender shall use reasonable efforts to obtain such refund, credit, deduction
or other reduction and, promptly after receipt thereof, will pay to the Borrower or a relevant Obligor such amount (plus any interest
received by such Lender in connection with such refund, credit, deduction or reduction) as is equal to the net after-tax value
to such Lender of such part of such refund, credit, deduction or reduction as such Lender reasonably determines is allocable to
such Covered Tax or such payment (less out-of-pocket expenses incurred by such Lender), provided that no Lender shall be
obligated to disclose to the Obligors any information regarding its tax affairs or tax computations.


 


Each
Lender (and each Participant) agrees with each Obligor and the Facility Agent that it will (i) (a) provide to the Facility
Agent and each Obligor an appropriately executed copy of Internal Revenue Service (“IRS”) Form W-9 (or any
successor form) certifying the status of such Lender or such Participant as a US person, IRS Form W-8ECI (or any successor form)
certifying that any payments made to or for the benefit of such Lender or such Participant are effectively connected with a trade
or business in the United States or IRS Form W-8BEN (or any successor form) claiming the benefits of a tax treaty (but only if
the applicable treaty described in such form provides for a complete exemption from U.S. federal income tax withholding), or any
successor form, on or prior to the date hereof (or, in the case of any assignee Lender or Participant, on or prior to the date
of the relevant assignment or participation), in each case attached to an IRS Form W-8IMY (or any successor form), if appropriate,
(b) notify the Facility Agent and each Obligor if the certifications made on any form provided pursuant to this paragraph are
no longer accurate and true in all material respects and (c) provide such other tax forms or other documents as shall be prescribed
by applicable law, if any, or as otherwise reasonably requested, to demonstrate, to the extent applicable, the status of such
Lender Party (or Participant) or that payments to such Lender Party (or Participant) hereunder are exempt from withholding under
FATCA, and (ii) in all cases, provide such forms, certificates or other documents, as and when reasonably requested by any Obligor,
necessary to claim any applicable exemption from, or reduction of, Covered Taxes, a FATCA Deduction or any payments made to





     Page 58


    


    


or
for benefit of such Lender Party or such Participant, provided that the Lender Party or Participant is legally able to
deliver such forms, certificates or other documents. For any period with respect to which a Lender (or assignee Lender or Participant)
has failed to provide the Obligors with the foregoing forms (other than if such failure is due to a change in law occurring after
the date on which a form originally was required to be provided (which, in the case of an Assignee Lender, would be the date on
which the original assignor was required to provide such form) or if such form otherwise is not required hereunder) such Lender
(or assignee Lender or Participant) shall not be entitled to the benefits of this Section 4.6 with respect to Covered Taxes imposed
by reason of such failure.


 


SECTION
4.7. Reserve Costs.


 


Without
in any way limiting the Borrower’s obligations under Section 4.3, the Borrower shall, on and after the date on which the
Borrower elects the Floating Rate pursuant to Section 3.4.2, pay to the Facility Agent for the account of each Lender on the last
day of each Interest Period, so long as the relevant Lending Office of such Lender is required to maintain reserves against “Eurocurrency
liabilities” under Regulation D of the F.R.S. Board, upon notice from such Lender, an additional amount equal to the product
of the following for the Loan for each day during such Interest Period:


 


		(a)	the
                                         principal amount of the Loan outstanding on such day; and



 


		(b)	the
                                         remainder of (x) a fraction the numerator of which is the rate (expressed as a decimal)
                                         at which interest accrues on the Loan for such Interest Period as provided in this Agreement
                                         (less, if applicable, the applicable Floating Rate Margin) and the denominator of which
                                         is one minus any increase after the Effective Date in the effective rate (expressed
                                         as a decimal) at which such reserve requirements are imposed on such Lender minus
                                         (y) such numerator; and



 


		(c)	1/360.



 


Such
notice shall (i) describe in reasonable detail the reserve requirement that has been imposed, together with the approximate
date of the effectiveness thereof, (ii) set forth the applicable reserve percentage, (iii) certify that such request
is consistent with such Lender’s treatment of other borrowers that are subject to similar provisions and (iv) certify
that, to the best of its knowledge, such requirements are of general application in the commercial banking industry in the United
States.


 


Each
Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to avoid the
requirement of maintaining such reserves (including by designating a different Lending Office) if such efforts would not, in the
reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.


 


SECTION
4.8. Payments, Computations, etc.


 


		(a)	Unless
                                         otherwise expressly provided in this Agreement or any other Loan Document, all payments
                                         by an Obligor in respect of amounts of principal, interest






     Page 59


    


    


and
fees or any other applicable amounts owing to the Lenders under any Loan Document shall be made by such Obligor to the Facility
Agent for the account of the Lenders entitled to receive such payments and ratably in accordance with the respective amounts then
due and payable to the Lenders. All such payments required to be made to the Facility Agent shall be made, without set-off, deduction
or counterclaim, not later than 11:00 a.m., New York time, on the date due, in same day or immediately available funds through
the New York Clearing House Interbank Payments System (or such other funds as may be customary for the settlement of international
banking transactions in Dollars, or as the case may be, EUR), to such account as the Facility Agent shall specify from time to
time by notice to the Obligors. Funds received after that time shall be deemed to have been received by the Lenders on the next
succeeding Business Day.


 


		(b)	 



 


		i.	Each
                                         Option A Lender hereby instructs the Facility Agent to remit all payments of interest
                                         made with respect to any portion of the Loan held by such Option A Lender to KfW (A)
                                         less (x) the applicable Fixed Rate Margin and (y) the CIRR administrative fee of 0.20%
                                         but plus (z) an agreed KfW margin, if interest on the portion of the Loan made by that
                                         Lender is then calculated at the Fixed Rate, or (B) less (x) the applicable Floating
                                         Rate Margin but plus (y) an agreed KfW margin, if interest on that portion of the Loan
                                         is then calculated at the Floating Rate.



 


		ii.	Each
                                         Option B Lender hereby instructs the Facility Agent, with respect to any portion of the
                                         Loan held by such Option B Lender, to pay directly to such Option B Lender interest thereon
                                         at the Fixed Rate or the Floating Rate (whichever is applicable), on the basis that,
                                         if interest on such portion of the Loan is then calculated at the Fixed Rate, such Option
                                         B Lender will, where amounts are payable to KfW by that Option B Lender under the CIRR
                                         Agreement, account directly to KfW on behalf of the Federal Republic of Germany for any
                                         such amounts payable by that Lender under the CIRR Agreement to which such Lender is
                                         a party.



 


		(c)	The
                                         Facility Agent shall promptly (but in any event on the same Business Day that the same
                                         are received or, as contemplated in clause (a) of this Section, deemed received) remit
                                         in same day funds to each Lender its share, if any, of such payments received by the
                                         Facility Agent for the account of such Lender without any set-off, deduction or counterclaim.
                                         All interest and fees shall be computed on the basis of the actual number of days (including
                                         the first day but excluding the last day) occurring during the period for which such
                                         interest or fee is payable over a year comprised of 360 days. Whenever any payment to
                                         be made shall otherwise be due on a day which is not a Business Day, such payment shall
                                         (except as otherwise required by clause (a) of the definition of the term “Interest
                                         Period”) be made on the






     Page 60


    


    


next
succeeding Business Day and such extension of time shall be included in computing interest and fees, if any, in connection with
such payment.


 


SECTION
4.9. Replacement Lenders, etc.


 


If
the Borrower or a relevant Obligor shall be required to make any payment to any Lender pursuant to Section 4.2(c), 4.3, 4.4, 4.5,
4.6 or 4.7, the Borrower shall be entitled at any time (so long as no Default and no Prepayment Event shall have occurred and
be continuing) within 180 days after receipt of notice from such Lender of such required payment to (a) terminate such Lender’s
Commitment (whereupon the Percentage of each other Lender shall automatically be adjusted to an amount equal to such Lender’s
ratable share of the remaining Commitments), (b) prepay the affected portion of such Lender’s Loan in full, together with
accrued interest thereon through the date of such prepayment (provided that the Borrower shall not terminate any Lender’s
Commitment pursuant to clause (a) or prepay any such Lender pursuant to this clause (b) without replacing such Lender pursuant
to the following clause (c) until a 30-day period shall have elapsed during which the Borrower and the Facility Agent shall have
attempted in good faith to replace such Lender), and/or (c) replace such Lender with one or more financial institutions (I) reasonably
acceptable to the Facility Agent, (II) meeting the criteria set out in Section 2.2 of the Terms and Conditions, (III) acceptable
to Hermes and (IV) in the case of a replacement of an Option A Lender, reasonably acceptable to KfW; provided that (x) in the
case of a single assignment, any such assignment shall be either an assignment of all of the rights and obligations of the assigning
Lender under this Agreement or, in the case of more than one assignment, an assignment of a portion of such rights and obligations
made concurrently with another such assignment or other such assignments that collectively cover all of the rights and obligations
of the assigning Lender under this Agreement and (y) no Lender shall be obligated to make any such assignment pursuant to this
Section 4.9 unless and until such Lender shall have received one or more payments from one or more Assignee Lenders and/or
the Borrower in an aggregate amount at least equal to the portion of the Loan held by such Lender, together with all unpaid interest
and fees thereon accrued to but excluding the date of such assignment (and all other amounts then owing to such Lender under this
Agreement). Each Lender represents and warrants to each Obligor that, as of the date of this Agreement (or, with respect to any
Lender not a party hereto on the date hereof, on the date that such Lender becomes a party hereto), there is no existing treaty,
law, regulation, regulatory requirement, interpretation, directive, guideline, decision or request pursuant to which such Lender
would be entitled to request any payments under any of Sections 4.3, 4.4, 4.5, 4.6 and 4.7 to or for account of such Lender.


 


SECTION
4.10. Sharing of Payments


 


SECTION
4.10.1. Payments to Lenders


 


If
a Lender (a “Recovering Lender”) receives or recovers any amount from the Borrower or an Obligor other than
in accordance with Section 4.8 (Payments, Computations, etc.) (a “Recovered Amount”) and applies that amount
to a payment due under the Loan Documents then:




     Page 61


    


    



		(a)	the
                                         Recovering Lender shall, within three (3) Business Days, notify details of the receipt
                                         or recovery to the Facility Agent;



 


		(b)	the
                                         Facility Agent shall determine whether the receipt or recovery is in excess of the amount
                                         the Recovering Lender would have been paid had the receipt or recovery been received
                                         or made by the Facility Agent and distributed in accordance with the said Section 4.8,
                                         without taking account of any taxes which would be imposed on the Facility Agent in relation
                                         to the receipt, recovery or distribution; and



 


		(c)	the
                                         Recovering Lender shall, within three (3) Business Days of demand by the Facility Agent,
                                         pay to the Facility Agent an amount (the “Sharing Payment”) equal
                                         to such receipt or recovery less any amount which the Facility Agent determines may be
                                         retained by the Recovering Lender as its share of any payment to be made, in accordance
                                         with any applicable provisions of this Agreement.



 


SECTION
4.10.2. Redistribution of payments


 


The
Facility Agent shall treat the Sharing Payment as if it had been paid by the Borrower and distribute it between the Lenders (other
than the Recovering Lender) (the “Sharing Lenders”) in accordance with Section 4.8 of this Agreement towards
the obligations of the Borrower to the Sharing Lenders.


 


SECTION
4.10.3. Recovering Lender’s rights


 


On
a distribution by the Facility Agent under Section 4.10.2 of a payment received by a Recovering Lender from the Borrower or relevant
Obligor, solely as between the Borrower or relevant Obligor and the Recovering Lender, an amount of the Recovered Amount equal
to the Sharing Payment will be treated as not having been paid by the Borrower or relevant Obligor.


 


SECTION
4.10.4. Reversal of redistribution


 


If
any part of the Sharing Payment received or recovered by a Recovering Lender becomes repayable to the Borrower or relevant Obligor
and is repaid by that Recovering Lender to the Borrower or relevant Obligor, then:


 


		(a)	each
                                         Sharing Lender shall, upon request of the Facility Agent, pay to the Facility Agent for
                                         the account of that Recovering Lender an amount equal to the appropriate part of its
                                         share of the Sharing Payment (together with an amount as is necessary to reimburse that
                                         Recovering Lender for its proportion of any interest on the Sharing Payment which that
                                         Recovering Lender is required to pay) (the “Redistributed Amount”);
                                         and



 


		(b)	solely
                                         as between the Borrower or relevant Obligor and each relevant Sharing Lender, an amount
                                         equal to the relevant Redistributed Amount will be treated as not having been paid by
                                         the Borrower or relevant Obligor.





     Page 62


    


    



SECTION
4.10.5. Exceptions


 


		(a)	This
                                         Section 4.10 shall not apply to the extent that the Recovering Lender would not, after
                                         making any payment pursuant to this Section 4.10, have a valid and enforceable claim
                                         against the Borrower or relevant Obligor.



 


		(b)	A
                                         Recovering Lender is not obliged to share with any other Lender any amount which the
                                         Recovering Lender has received or recovered as a result of taking legal or arbitration
                                         proceedings, if:



 


		i.	it
                                         notified the other Lender of the legal or arbitration proceedings; and



 


		ii.	the
                                         other Lender had an opportunity to participate in those legal or arbitration proceedings
                                         but did not do so as soon as reasonably practicable having received notice and did not
                                         take separate legal or arbitration proceedings.



 


SECTION
4.11. Set-off


 


Upon
the occurrence and during the continuance of an Event of Default or a Prepayment Event, each Lender shall have, to the extent
permitted by applicable law, the right to appropriate and apply to the payment of the Obligations then due and owing to it any
and all balances, credits, deposits, accounts or moneys of any Obligor then or thereafter maintained with such Lender; provided
that any such appropriation and application shall be subject to the provisions of Section 4.10. Each Lender agrees promptly to
notify the applicable Obligor and the Facility Agent after any such set-off and application made by such Lender; provided that
the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender under
this Section are in addition to other rights and remedies (including other rights of set-off under applicable law or otherwise)
which such Lender may have.


 


SECTION
4.12. Use of Proceeds


 


The
Borrower shall apply the proceeds of the Loan in accordance with Section 2.4(c) and (d) and, in relation to the Disbursement Date,
prior to such application, such proceeds shall be held in an account or accounts of the Facility Agent in accordance with the
provisions of Section 2.4(c); without limiting the foregoing, no proceeds of the Loan will be used to acquire any equity security
of a class which is registered pursuant to Section 12 of the Securities Exchange Act of 1934 or any “margin stock”,
as defined in F.R.S. Board Regulation U. If the proceeds of the Loan have not been paid either (A) to the Builder or its order
in accordance with Section 2.4(d)(i) and to Hermes and the Borrower in accordance with Section 2.4(d)(ii) or (B) to the Facility
Agent (directly or indirectly) in prepayment of the Loan under Sections 3.2(a) or 3.8 by 9:59 p.m. (London time) on the first
Business Day after the Disbursement Date (where the Loan is denominated in EUR) or the second Business Day after the Disbursement
Date (where the Loan is denominated in Dollars), such proceeds shall continue to be pledged by the Borrower upon receipt in accordance
with Section 2.4(c) as collateral pursuant to the Pledge Agreement. On or prior to the date that is 15 days after the Disbursement
Date, the Borrower shall notify the Facility Agent whether the proceeds of the Loan are to be returned to the Facility Agent as





     Page 63


    


    


prepayment
in accordance with Section 3.8 or to be held as cash collateral in the Pledged Account pursuant to the Pledge Agreement until
the earlier of (A) disbursement in accordance with Section 2.4(d) or (B) prepayment of the Loan pursuant to Sections 3.2(a) or
9.2.


 


SECTION
4.13. FATCA Deduction


 


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


 


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


 


SECTION
4.14. FATCA Information.


 


(a)       Subject
to paragraph (c) below, each party (other than the Borrower and the Guarantor) shall, within ten (10) Business Days of a reasonable
request by another party (other than the Borrower and the Guarantor):


 


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


 


(A)       a
FATCA Exempt Party; or


 


(B)       not
a FATCA Exempt Party;


 


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


 


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


 


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


 


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


 


(i)       any
law or regulation;




     Page 64


    


    


(ii)       any
fiduciary duty; or


 


(iii)       any
duty of confidentiality.


 


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


 


		(e)	If
                                         the Borrower becomes a US Tax Obligor or the Facility Agent reasonably believes that
                                         its obligations under FATCA or any other applicable law or regulation require it, each
                                         Lender shall, within ten Business Days of:



 


		(i)	where
                                         the Borrower is a US Tax Obligor and the relevant Lender is KfW IPEX, the date of this
                                         Agreement;



 


		(ii)	where
                                         the Borrower is a US Tax Obligor on a date an assignment or transfer is made pursuant
                                         to Section 11.11.1 and the relevant Lender is an Assignee Lender that becomes a Lender
                                         in accordance with Section 11.11.1, the date on which such Assignee Lender becomes a
                                         Lender;



 


		(iii)	where
                                         the Borrower is not a US Tax Obligor, the date of a request from the Facility Agent,



 


supply
to the Facility Agent:


 


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



 


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



 


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



 


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





     Page 65


    


    


withholding
certificate, withholding statement, document, authorisation or waiver to the Borrower.


 


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



 


SECTION
4.15. Resignation of the Facility Agent.


 


The
Facility Agent shall resign (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Facility Agent)
if, either:


 


(a)       the
Facility Agent fails to respond to a request under Section 4.14 and the Borrower or a Lender reasonably believes that the Facility
Agent will not be (or will have ceased to be) a FATCA Exempt Party;


 


(b)       the
information supplied by the Facility Agent pursuant to Section 4.14 indicates that the Facility Agent will not be (or will have
ceased to be) a FATCA Exempt Party; or


 


(c)       the
Facility Agent notifies the Borrower and the Lenders that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt
Party,


 


and
(in each case) the Guarantor, the Borrower or a Lender reasonably believes that a party to this Agreement will be required to
make a FATCA Deduction that would not be required if the Facility Agent were a FATCA Exempt Party, and the Borrower or that Lender,
by notice to the Facility Agent, requires it to resign.


 


ARTICLE
V

CONDITIONS TO BORROWING


 


SECTION
5.1. Advance of the Loan.


 


The
obligation of the Lenders to fund all or any portion of the Loan on the Disbursement Date shall be subject to the prior or concurrent
satisfaction of each of the conditions precedent set forth in this Section 5.1. The Facility Agent shall advise the Lenders of
the satisfaction of the conditions precedent set forth in this Section 5.1 prior to funding on the Disbursement Date.


 


SECTION
5.1.1. Resolutions, etc. 


 


The
Facility Agent shall have received from the Borrower and the Guarantor:


 


		(a)	a
                                         certificate of its Secretary or Assistant Secretary as to the incumbency and signatures
                                         of those of its officers authorised to act with respect to this Agreement and each other
                                         Loan Document to which it is respectively a party and as to the truth and completeness
                                         of the attached:





     Page 66


    


    


		i.	resolutions
                                         of its Board of Directors then in full force and effect authorising the execution, delivery
                                         and performance of this Agreement and each other Loan Document to which it is respectively
                                         a party, and



 


		ii.	its
                                         Organic Documents,



 


and
upon which certificate the Lenders may conclusively rely until the Facility Agent shall have received a further certificate of
the Secretary or Assistant Secretary of the Borrower and the Guarantor cancelling or amending such prior certificate; and


 


		(b)	a
                                         Certificate of Good Standing issued by the relevant Bahamas and Liberian authorities
                                         in respect of the Borrower and the Guarantor respectively.



 


SECTION
5.1.2. Opinions of Counsel.


 


The
Facility Agent shall have received opinions, addressed to the Facility Agent and each Lender from:


 


		(a)	Higgs
                                         & Johnson, counsel to the Borrower in respect of Bahamas law covering the matters
                                         set forth in Exhibit B-1 hereto;



 


		(b)	Watson,
                                         Farley & Williams LLP, counsel to the Guarantor, as to Liberian Law, covering the
                                         matters set forth in Exhibit B-2 hereto;



 


		(c)	Norton
                                         Rose Fulbright LLP, counsel to the Facility Agent and the Lenders, covering the matters
                                         set forth in Exhibit B-3 hereto;



 


		(d)	Norton
                                         Rose Fulbright LLP, counsel to the Facility Agent and the Lenders as to German law, an
                                         opinion addressed to the Facility Agent and the Lenders covering the matters set forth
                                         in Exhibit B-4 hereto;



 


		(e)	Clifford
                                         Chance US LLP, United States tax counsel to the Facility Agent for the benefit of Lenders,
                                         covering the matters set forth in Exhibit B-5 hereto; and



 


		(f)	if
                                         requested by a Lender at least 120 days prior to the expected Disbursement Date in order
                                         to comply with Article 194 of the Regulation (EU) No 575/2013 (CRR), a single legal opinion
                                         (for the benefit of all the Lenders notwithstanding that not all the Lenders have requested
                                         the same) on matters of German law related to the validity and enforceability of the
                                         Hermes Insurance Policy,



 


each
such opinion to be updated to take into account all relevant and applicable Loan Documents at the time of issue thereof.




     Page 67


    


    


SECTION
5.1.3. Hermes Insurance Policy.


 


		(a)	The
                                         Facility Agent or the Hermes Agent shall have received the Hermes Insurance Policy duly
                                         issued; and



 


		(b)	Hermes
                                         shall not have, prior to the advance of the Loan, delivered to the Facility Agent or
                                         the Hermes Agent any notice that the Federal Republic of Germany has determined that
                                         the Loan is excluded from cover under the Hermes Insurance Policy.



 


SECTION
5.1.4. Closing Fees, Expenses, etc. 


 


The
Facility Agent shall have received for its own account, or for the account of each Lender, as the case may be, all fees that the
Borrower shall have agreed in writing to pay to the Facility Agent (whether for its own account or for the account of any of the
Lenders) that are due and owing as of the date of such funding and all invoiced expenses of the Facility Agent (including the
agreed fees and expenses of counsel to the Facility Agent and the Hermes Fees) required to be paid by the Borrower pursuant to
Section 11.3 or that the Borrower has otherwise agreed in writing to pay to the Facility Agent, in each case on or prior to the
date of such funding.


 


SECTION
5.1.5. Compliance with Warranties, No Default, etc.


 


Both
before and after giving effect to the funding of the Loan the following statements shall be true and correct:


 


		(a)	the
                                         representations and warranties set forth in Article VI (excluding, however, those set
                                         forth in Section 6.10) shall be true and correct in all material respects except for
                                         those representations and warranties that are qualified by materiality or Material Adverse
                                         Effect, which shall be true and correct, with the same effect as if then made; and



 


		(b)	no
                                         Default and no Prepayment Event and no event which (with notice or lapse of time or both)
                                         would become a Prepayment Event shall have then occurred and be continuing.



 


SECTION
5.1.6. Loan Request.


 


The
Facility Agent shall have received a Loan Request duly executed by the Borrower together with:


 


		(a)	certified
                                         as true (by the Builder) copies of the reimbursement request and supporting documents
                                         received by the Builder from the Borrower pursuant to Article XVII.1(b) of the Construction
                                         Contract in relation to the incurred Buyer’s Allowance;





     Page 68


    


    


		(b)	a
                                         copy of the final invoice from the Builder showing the amount of the Contract Price (including
                                         the Buyer’s Allowance) and the portion thereof payable to the Builder on the Delivery
                                         Date under the Construction Contract; and



 


		(c)	appropriate
                                         evidence of all payments made by the Borrower to the Builder on or prior to the Disbursement
                                         Date under the Construction Contract in respect of the Contract Price (including, without
                                         limitation, the twenty per cent (20%) equity payment thereunder).



 


SECTION
5.1.7. Foreign Exchange Counterparty Confirmations. 


 


Where
the Loan is denominated in Dollars, the Facility Agent shall have received a copy of each foreign exchange counterparty confirmation
entered into by the Borrower or the Guarantor in respect of the payment of the instalments of the Contract Price (other than that
relating to the Buyer’s Allowance).


 


SECTION
5.1.8. Pledge Agreement. The Pledge Agreement shall be duly executed by the parties thereto and delivered to the
Facility Agent on or prior to the Disbursement Date.


 


ARTICLE
VI

REPRESENTATIONS AND WARRANTIES


 


To
induce the Lenders and the Facility Agent to enter into this Agreement and to make the Loan hereunder, each of the Guarantor and/or
the Borrower (as applicable) represents and warrants to the Facility Agent and each Lender with respect to itself as set forth
in this Article VI as of the Effective Date, Disbursement Date and on the Security Enhancement Guarantee Release Date (except
as otherwise stated).


 


SECTION
6.1. Organisation, etc. 


 


Each
Obligor is a corporation or company validly organised and existing and in good standing under the laws of its jurisdiction of
incorporation; each Obligor is duly qualified to do business and is in good standing as a foreign corporation or company in each
jurisdiction where the nature of its business requires such qualification, except where the failure to be so qualified would not
have a Material Adverse Effect; and each Obligor has full power and authority, has taken all corporate action and holds all governmental
and creditors’ licenses, permits, consents and other approvals necessary to enter into each Loan Document to which it is
a party and to perform the Obligations.


 


SECTION
6.2. Due Authorisation, Non-Contravention, etc. 


 


The
execution, delivery and performance by each Obligor of this Agreement and each other Loan Document to which it is a party are
within each Obligor’s corporate powers, have been duly authorised by all necessary corporate action, and do not:




     Page 69


    


    



		(a)	contravene
                                         that Obligor’s Organic Documents;



 


		(b)	contravene
                                         any law or governmental regulation of any Applicable Jurisdiction except as would not
                                         reasonably be expected to result in a Material Adverse Effect;



 


		(c)	contravene
                                         any court decree or order binding on an Obligor or any of its property except as would
                                         not reasonably be expected to result in a Material Adverse Effect;



 


		(d)	contravene
                                         any contractual restriction binding on an Obligor or any of its property except as would
                                         not reasonably be expected to result in a Material Adverse Effect; or



 


		(e)	result
                                         in, or require the creation or imposition of, any Lien on any of an Obligor’s properties
                                         except: (i) as would not reasonably be expected to result in a Material Adverse Effect
                                         or (ii) Liens created under the Loan Documents.



 


SECTION
6.3. Government Approval, Regulation, etc. 


 


No
authorisation or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or
other Person is required for the due execution, delivery or performance by any Obligor of this Agreement or any other Loan Document
to which it is a party (except for authorisations or approvals not required to be obtained on or prior to the Disbursement Date
or that have been obtained or actions not required to be taken on or prior to the Disbursement Date or that have been taken).
Each Obligor holds all governmental licenses, permits and other approvals required to conduct its business as conducted by it
on the Disbursement Date, except to the extent the failure to hold any such licenses, permits or other approvals would not have
a Material Adverse Effect.


 


SECTION
6.4. Compliance with Laws.


 


(a)       Each
Obligor is in compliance with all applicable laws, rules, regulations and orders, except to the extent that the failure to so
comply does not and would not reasonably be expected to have a Material Adverse Effect.


 


(b)       The
Guarantor has implemented and maintains in effect policies and procedures designed to procure compliance by the Guarantor, its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.
The Guarantor and its Subsidiaries and, to the knowledge of the Guarantor, its respective officers, employees, directors and agents,
are in compliance with Anti-Corruption Laws and applicable Sanctions, in all material respects and are not knowingly engaged in
any activity that would reasonably be expected to result in an Obligor being designated as a Sanctioned Person. None of (i) the
Guarantor, any Subsidiary or to the knowledge of the Guarantor or such Subsidiary any of their respective directors, officers
or employees, or (ii) to the knowledge of the Guarantor, any agent of the Guarantor or any Subsidiary that will act in any capacity
in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.




     Page 70


    


    


(c)       Each
Obligor is in compliance with all applicable Environmental Laws, except to the extent that the failure to so comply would not
have a Material Adverse Effect.


 


SECTION
6.5. Validity, etc. 


 


This
Agreement constitutes the legal, valid and binding obligation of the Obligors enforceable in accordance with its terms, except
as the enforceability hereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’
rights generally or by general equitable principles.


 


SECTION
6.6. No Default, Event of Default or Prepayment Event.


 


No
Default, Event of Default or Prepayment Event has occurred and is continuing.


 


SECTION
6.7. Litigation.


 


There
is no action, suit, litigation, investigation or proceeding pending or, to the knowledge of each Obligor, threatened against the
Obligors, that (i) except as set forth in filings made by the Guarantor with the SEC in the Guarantor’s reasonable opinion
might reasonably be expected to materially adversely affect the business, operations or financial condition of the Guarantor and
its Subsidiaries (taken as a whole) (collectively, “Material Litigation”) or (ii) purports to affect the legality,
validity or enforceability of the Loan Documents or the consummation of the transactions contemplated hereby.


 


SECTION
6.8. The Purchased Vessel.


 


Immediately
following the delivery of the Purchased Vessel to Silversea Cruise Holding Ltd. under the Construction Contract, the Purchased
Vessel will be:


 


		(a)	legally
                                         and beneficially owned by Silversea Cruise Holding Ltd. or one of Silversea Cruise Holding
                                         Ltd.’s or the Guarantor’s wholly owned Subsidiaries,



 


		(b)	registered
                                         in the name of Silversea Cruise Holding Ltd. or one of Silversea Cruise Holding Ltd.’s
                                         or the Guarantor’s wholly owned Subsidiaries under the Bahamian or Maltese flag
                                         or such other flag as the parties may mutually agree,



 


		(c)	classed
                                         as required by Section 7.1.4(b),



 


		(d)	free
                                         of all recorded Liens, other than Liens permitted by Section 7.2.3,



 


		(e)	insured
                                         against loss or damage in compliance with Section 7.1.5, and



 


		(f)	exclusively
                                         operated by or chartered to Silversea Cruise Holding Ltd. or one of Silversea Cruise
                                         Holding Ltd.’s or the Guarantor’s wholly owned Subsidiaries.





     Page 71


    


    


SECTION
6.9. Obligations rank pari passu.


 


The
Obligations rank at least pari passu in right of payment and in all other respects with all other unsecured unsubordinated
Indebtedness of each Obligor other than Indebtedness preferred as a matter of law.


 


SECTION
6.10. Withholding, etc..


 


As
of the Effective Date, no payment to be made by any Obligor under any Loan Document is subject to any withholding or like tax
imposed by any Applicable Jurisdiction.


 


SECTION
6.11. No Filing, etc. Required.


 


No
filing, recording or registration and no payment of any stamp, registration or similar tax is necessary under the laws of any
Applicable Jurisdiction to ensure the legality, validity, enforceability, priority or admissibility in evidence of this Agreement
or the other Loan Documents (except for filings, recordings, registrations or payments not required to be made on or prior to
the Disbursement Date or that have been made).


 


SECTION
6.12. No Immunity.


 


Each
Obligor is subject to civil and commercial law with respect to the Obligations. Neither Obligor nor any of its properties or revenues
is entitled to any right of immunity in any Applicable Jurisdiction from suit, court jurisdiction, judgment, attachment (whether
before or after judgment), set-off or execution of a judgment or from any other legal process or remedy relating to the Obligations
(to the extent such suit, court jurisdiction, judgment, attachment, set-off, execution, legal process or remedy would otherwise
be permitted or exist).


 


SECTION
6.13. Investment Company Act.


 


Neither
Obligor is required to register as an “investment company” within the meaning of the Investment Company Act of 1940,
as amended.


 


SECTION
6.14. Regulation U.


 


Neither
Obligor is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock, and no proceeds
of the Loan will be used for a purpose which violates, or would be inconsistent with, F.R.S. Board Regulation U. Terms for which
meanings are provided in F.R.S. Board Regulation U or any regulations substituted therefor, as from time to time in effect, are
used in this Section with such meanings.


 


SECTION
6.15. Accuracy of Information.


 


		(a)	The
                                         financial and other information (other than financial projections or other forward looking
                                         information) furnished to the Facility Agent and the Lenders in writing by or
                                         on behalf of the Borrower and the Guarantor by its chief financial officer, treasurer
                                         or corporate controller in connection with the negotiation of this






     Page 72


    


    

Agreement
is, when taken as a whole, to the best knowledge and belief of the Guarantor, true and correct and contains no misstatement of
a fact of a material nature. All financial projections, if any, that have been furnished to the Facility Agent and the Lenders
in writing by or on behalf of the Guarantor by its chief financial officer, treasurer or corporate controller in connection with
this Agreement have been or will be prepared in good faith based upon assumptions believed by the Guarantor to be reasonable at
the time made (it being understood that such projections are subject to significant uncertainties and contingencies, many of which
are beyond the Guarantor’s control, and that no assurance can be given that the projections will be realised). All financial
and other information furnished to the Facility Agent and the Lenders in writing by or on behalf of the Guarantor by its chief
financial officer, treasurer or corporate controller after the date of this Agreement shall have been prepared by the Guarantor
in good faith.


 


		(b)	The
                                         financial and other information furnished to the Facility Agent and the Lenders in writing
                                         by or on behalf of the Borrower by its chief financial officer, treasurer or corporate
                                         controller in connection with the negotiation of this Agreement is, when taken as a whole,
                                         to the best knowledge and belief of the Borrower, true and correct and contains no misstatement
                                         of a fact of a material nature. All financial and other information furnished to the
                                         Facility Agent and the Lenders in writing by or on behalf of the Borrower by its chief
                                         financial officer, treasurer or corporate controller after the date of this Agreement
                                         shall have been prepared by the Borrower in good faith.



 


ARTICLE
VII

COVENANTS


 


SECTION
7.1. Affirmative Covenants.


 


Each
Obligor agrees with the Facility Agent and each Lender that, from the Effective Date (or, where applicable, from such time as
may be stated in any applicable provision below) until all Commitments have terminated and all Obligations have been paid in full,
the Obligors will perform the obligations applicable to it set forth in this Section 7.1.


 


SECTION
7.1.1. Financial Information, Reports, Notices, Poseidon Principles etc. 


 


The
Guarantor will furnish, or will cause to be furnished, to the Facility Agent (with sufficient copies for distribution to each
Lender) the following financial statements, reports, notices and information:


 


		(a)	as
                                         soon as available and in any event within 60 days after the end of each of the first
                                         three Fiscal Quarters of each Fiscal Year of the Guarantor, a copy of the Guarantor’s
                                         report on Form 10-Q (or any successor form) as filed by the Guarantor with the SEC for
                                         such Fiscal Quarter, containing unaudited consolidated financial statements of the Guarantor
                                         for such Fiscal Quarter (including a balance sheet and






     Page 73


    


    


profit
and loss statement) prepared in accordance with GAAP, subject to normal year-end audit adjustments;


 


		(b)	as
                                         soon as available and in any event within 120 days after the end of each Fiscal Year
                                         of a copy of the Guarantor and the Borrower:



 


(i)       copy
of the Guarantor’s annual report on Form 10-K (or any successor form) as filed by the Guarantor with the SEC for such Fiscal
Year, containing audited consolidated financial statements of the Guarantor for such Fiscal Year prepared in accordance with GAAP
(including a balance sheet and profit and loss statement) and audited by PricewaterhouseCoopers LLP or another firm of independent
public accountants of similar standing; and


 


(ii)       a
copy of the Borrower’s audited financial statements for such Fiscal Year prepared in accordance with GAAP (including a balance
sheet and profit and loss statement) and audited by PricewaterhouseCoopers LLP or another firm of independent public accountants
of similar standing ;


 


		(c)	together
                                         with each of the statements delivered pursuant to the foregoing clause (a) or (b), a
                                         certificate, executed by the chief financial officer, the treasurer or the corporate
                                         controller of the Guarantor, showing, as of the last day of the relevant Fiscal Quarter
                                         or Fiscal Year compliance with the covenants set forth in Section 7.2.4 (in reasonable
                                         detail and with appropriate calculations and computations in all respects reasonably
                                         satisfactory to the Facility Agent);



 


		(d)	as
                                         soon as possible after the occurrence of a Default or Prepayment Event, a statement of
                                         the chief financial officer of the Borrower setting forth details of such Default or
                                         Prepayment Event (as the case may be) and the action which the Borrower has taken and
                                         proposes to take with respect thereto;



 


		(e)	as
                                         soon as the Guarantor becomes aware thereof, notice of any Material Litigation except
                                         to the extent that such Material Litigation is disclosed by the Guarantor in filings
                                         with the SEC;



 


		(f)	promptly
                                         after the sending or filing thereof, copies of all reports which the Guarantor sends
                                         to all holders of each security issued by the Guarantor, and all registration statements
                                         which the Guarantor or any of its Subsidiaries files with the SEC or any national securities
                                         exchange;



 


		(g)	such
                                         other information respecting the condition or operations, financial or otherwise, of
                                         the Guarantor or any of its respective Subsidiaries as any Lender through the Facility
                                         Agent may from time to time reasonably request;



 


		(h)	on
                                         or before the later of (i) 31 July and (ii) 30 days after its own receipt of a Statement
                                         of Compliance in each calendar year, supply, or procure the supply, to the Facility Agent
                                         (for distribution to Hermes and the Lenders) (in each case at the cost of the Guarantor)
                                         of all information necessary in order for any Lender to






     Page 74


    


    


comply
with its obligations under the Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel
oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI (as collated and reported
to the Purchased Vessel’s flag state using the verification report submitted to that flag state) and any Statement of Compliance,
in each case relating to the Purchased Vessel for the preceding calendar year, provided always that such information shall be
confidential information for the purposes of Section 11.15 and, accordingly, no Lender shall publicly disclose such information
with the identity of the Purchased Vessel, the Guarantor or the Borrower (or, if applicable, the Guarantor’s wholly owned
Subsidiary that then owns the Purchased Vessel) without the prior written consent of the Guarantor (it being expressly agreed
however that, in accordance with the Poseidon Principles, such information will form part of the information published regarding
the relevant Lender’s portfolio climate alignment);


 


		(i)	during
                                         the Financial Covenant Waiver Period, as soon as available and in any event within respectively
                                         five (5), ten (10) and forty (40) days (or such other period as Hermes or the Lenders
                                         may require from time to time) after the end of each monthly, bi-monthly and quarterly
                                         period (save that the period in respect of the final quarter of each Fiscal Year shall
                                         be sixty (60) days) from the Amendment Two Effective Date, the information required by
                                         the Debt Deferral Extension Regular Monitoring Requirements (as such information requirements
                                         may be amended on the basis set out in the Debt Deferral Extension Regular Monitoring
                                         Requirements) (in reasonable detail and with appropriate calculations and computations
                                         in all respects reasonably satisfactory to the Facility Agent);



 


		(j)	during
                                         the Financial Covenant Waiver Period, upon the request of the Hermes Agent (acting on
                                         the instructions of Hermes), the Guarantor and the Lenders shall provide information
                                         in form and substance satisfactory to Hermes regarding arrangements in respect of Indebtedness
                                         for borrowed money of the Group then existing or any such Indebtedness to be incurred
                                         by or made available to (as the case may be) the Group pursuant to binding commitments
                                         (such information to be provided to Hermes in accordance with terms of the Hermes Agent’s
                                         request);



 


		(k)	during
                                         the period from the Amendment Two Effective Date until the Covenant Modification Date,
                                         within five Business Days after the end of each month falling during such period, a certificate,
                                         executed by the chief financial officer, the treasurer or the corporate controller of
                                         the Guarantor, showing, as of the last day of the immediately preceding month, compliance
                                         with the covenant set forth in Section 7.2.4(C); provided that if,
                                         during such period, the Guarantor is not in compliance with the covenant set forth in Section 7.2.4(C) as
                                         of the last day of such month, the Guarantor shall show compliance with such covenant
                                         as of the date such certificate is delivered;



 


		(l)	within
                                         15 Business Days of the end of each month throughout the Early Warning Monitoring Period
                                         that falls within the Financial Covenant Waiver Period, a






     Page 75


    


    


certificate,
executed by the chief financial officer, the treasurer or the corporate controller of the Guarantor, showing, as of the last day
of the relevant month (i) the ratio of Adjusted Cash Balance as of the last day of the most recently completed month to the Monthly
Outflow for the month most recently ended (and showing whether the Adjusted Cash Balance covers the Monthly outflow for at least
the subsequent five-month period) and (ii) the Guarantor’s Adjusted EBITDA after Interest for the two consecutive Last Reported
Quarters (in each case in reasonable detail and with appropriate calculations and computations in all respects reasonably satisfactory
to the Facility Agent);


 


		(m)	if
                                         the Borrower intends to make a Restricted Voluntary Prepayment, not less than ten Business
                                         Days prior to the anticipated making of a Restricted Voluntary Prepayment, the Borrower
                                         shall provide written notice to the Facility Agent of that Restricted Voluntary Prepayment
                                         (which notice shall set out in reasonable detail the terms of that Restricted Voluntary
                                         Prepayment);



 


		(n)	during
                                         the Financial Covenant Waiver Period, as soon as the Borrower or the Guarantor becomes
                                         aware thereof, notice (with a copy to the Hermes Agent and Hermes) of any matter that
                                         has, or may, result in a breach of Section 7.1.11; and



 


		(o)	during
                                         the Financial Covenant Waiver Period, on one occasion during each calendar year, the
                                         environmental plan of the Guarantor (and including the Group’s carbon emissions
                                         for the past two years (calculated according to methodologies defined by the IMO or any
                                         other public methodology specified by the Guarantor)) as required to be published pursuant
                                         to the letter of the Guarantor issued pursuant to Amendment Number Two,



 


provided
that information required to be furnished to the Facility Agent under subsections (a), (b), (f) and (o) of this Section 7.1.1
shall be deemed furnished to the Facility Agent when available free of charge on the Guarantor’s website at http://www.rclinvestor.com
or the SEC’s website at http://www.sec.gov.


 


SECTION
7.1.2. Approvals and Other Consents.


 


Each
Obligor will obtain (or cause to be obtained) all such governmental licenses, authorisations, consents, permits and approvals
as may be required for that Obligor to perform its obligations under this Agreement and the other Loan Documents to which it is
a party and the Borrower will obtain (or cause to be obtained) all such governmental licenses, authorisations, consents, permits
and approvals as may be required for the operation of the Purchased Vessel in compliance with all applicable laws, except, in
each case, to the extent that failure to obtain (or cause to be obtained) such governmental licenses, authorisations, consents,
permits and approvals would not be expected to have a Material Adverse Effect.


 


SECTION
7.1.3. Compliance with Laws, etc.


 


Each
Obligor will, and will cause each of its Subsidiaries to, comply in all material respects with all applicable laws, rules, regulations
and orders, except (other than as described in





     Page 76


    


    


clause
(a) below) to the extent that the failure to so comply would not have a Material Adverse Effect, which compliance shall in any
case include (but not be limited to):


 


		(a)	in
                                         the case of each Obligor, the maintenance and preservation of its corporate existence
                                         (subject to the provisions of Section 7.2.5);



 


		(b)	in
                                         the case of the Guarantor, maintenance of its qualification as a foreign corporation
                                         in the State of Florida;



 


		(c)	the
                                         payment, before the same become delinquent, of all taxes, assessments and governmental
                                         charges imposed upon it or upon its property, except to the extent being diligently contested
                                         in good faith by appropriate proceedings;



 


		(d)	compliance
                                         with all applicable Environmental Laws;



 


		(e)	compliance
                                         with all anti-money laundering laws and Anti-Corruption Laws applicable to each Obligor,
                                         including by not making or causing to be made any offer, gift or payment, consideration
                                         or benefit of any kind to anyone, either directly or indirectly, as an inducement or
                                         reward for the performance of any of the transactions contemplated by this Agreement
                                         to the extent the same would be in contravention of such applicable laws; and



 


		(f)	the
                                         Guarantor will maintain in effect policies and procedures designed to procure compliance
                                         by the Guarantor, its Subsidiaries and their respective directors, officers and employees
                                         with Anti-Corruption Laws and applicable Sanctions.



 


SECTION
7.1.4. The Purchased Vessel.


 


The
Obligors will:


 


		(a)	from
                                         the Delivery Date, cause the Purchased Vessel to be exclusively operated by Silversea
                                         Cruise Holding Ltd. or chartered to the Guarantor or one of Silversea Cruise Holding
                                         Ltd.’s or the Guarantor’s wholly owned Subsidiaries, provided that
                                         Silversea Cruise Holding Ltd. or such Subsidiary may charter out the Purchased Vessel
                                         (i) to entities other than Silversea Cruise Holding Ltd. and it’s wholly owned
                                         Subsidiaries or the Guarantor or its wholly owned Subsidiaries and (ii) on a time charter
                                         with a stated duration not in excess of one year;



 


		(b)	(in
                                         relation to the Borrower only) from the Delivery Date, cause the Purchased Vessel to
                                         be kept in such condition as will entitle her to classification by a classification society
                                         of recognised standing;



 


		(c)	(in
                                         relation to the Borrower only) on the Delivery Date, provide the following to the Facility
                                         Agent with respect to the Purchased Vessel:





     Page 77


    


    


(i)       evidence
(in the form of a builder’s certificate or bill of sale) as to the ownership of the Purchased Vessel by the Borrower or
one of the Borrower’s or the Guarantor’s wholly owned Subsidiaries;


 


(ii)       evidence
of no recorded Liens on the Purchased Vessel, other than Liens permitted pursuant to Section 7.2.3;


 


(iii)       a
copy of the protocol of delivery and acceptance in respect of the Purchased Vessel signed by the Builder and the Borrower, certified
as a true and complete copy by an Authorised Officer of the Borrower or the Guarantor; and


 


(iv)       copies
of the wire transfers for all payments by the Borrower to the Builder in respect of the amount of any change orders arising under
the Construction Contract which the Borrower is required to pay to the Builder on the Delivery Date; and


 


		(d)	within
                                         seven days after the Delivery Date, provide the following to the Facility Agent with
                                         respect to the Purchased Vessel:



 


(v)       evidence
of the class of the Purchased Vessel; and


 


(vi)       evidence
as to all required insurance being in effect with respect to the Purchased Vessel.


 


SECTION
7.1.5. Insurance.


 


The
Borrower will, from the Delivery Date, maintain or cause to be maintained with responsible insurance companies insurance with
respect to the Purchased Vessel against such casualties, third-party liabilities and contingencies and in such amounts, in each
case, as is customary for other businesses of similar size in the passenger cruise line industry (provided that in no event
will the Borrower or any Subsidiary be required to obtain any business interruption, loss of hire or delay in delivery insurance)
and will, upon request of the Facility Agent, furnish to the Facility Agent (with sufficient copies for distribution to each Lender)
at reasonable intervals a certificate of a senior officer of the Borrower setting forth the nature and extent of all insurance
maintained by the Borrower and certifying as to compliance with this Section.


 


SECTION
7.1.6. Books and Records.


 


The
Guarantor will keep books and records that accurately reflect all of its business affairs and transactions and permit the Facility
Agent and each Lender or any of their respective representatives, at reasonable times and intervals and upon reasonable prior
notice, to visit each of its offices, to discuss its financial matters with its officers and to examine any of its books or other
corporate records.




     Page 78


    


    


SECTION
7.1.7. Hermes Insurance Policy/Federal Republic of Germany Requirement.


 


Each
Obligor shall, on the reasonable request of the Hermes Agent or the Facility Agent, provide such other information as required
under the Hermes Insurance Policy and/or the Terms and Conditions as necessary to enable the Hermes Agent or the Facility Agent
to obtain the full support of Hermes and/or the government of the Federal Republic of Germany (as the case may be) pursuant to
the Hermes Insurance Policy and/or the Terms and Conditions (as the case may be). The Borrower shall pay to the Hermes Agent or
the Facility Agent the amount of all reasonable costs and expenses reasonably incurred by the Hermes Agent or the Facility Agent
in connection with complying with a request by Hermes or the government of the Federal Republic of Germany (as the case may be)
for any additional information necessary or desirable in connection with the Hermes Insurance Policy or the Terms and Conditions
(as the case may be); provided that the Borrower is consulted before the Hermes Agent or KfW incurs any such cost or expense.


 


The
Lenders shall not take any action that: (a) would have an adverse effect on the Hermes Insurance Policy; (b) would adversely
impact the effectiveness of the Hermes Insurance Policy; or (c) would amend or otherwise modify the terms of the Hermes Insurance
Policy in a manner that would impact any of the rights and obligations of the Obligors under this Agreement, other than in accordance
with, or as contemplated by, the terms of this Agreement or as may be requested by the Guarantor or the Borrower.


 


SECTION
7.1.8. Notice of written amendments to Construction Contract.


 


The
Borrower shall furnish to the Facility Agent, as soon as practicable after such amendment or modification is entered into, notice
of any written amendment to or written modification of the Construction Contract (other than upward or downward adjustments resulting
from change orders effected as contemplated by the express terms of the Construction Contract) that (i) relates to the amount
of the Contract Price, (ii) relates to the date on which the Purchased Vessel is to be delivered or (iii) (either by itself or
when aggregated with earlier amendments or modifications, if any) results in a decrease in the dimensions or capacity of the Purchased
Vessel in terms of the number of passengers and/or staterooms by more than five per cent (5%), in each case to the extent that
any of the same do not require approval pursuant to Section 7.2.7.


 


SECTION
7.1.9. Further assurances in respect of the Framework.


 


During
the Financial Covenant Waiver Period, the Guarantor will from time to time at the request of the Facility Agent promptly enter
into good faith negotiations in respect of (a) amending this Agreement to remove the carve-out of Section 7.2.4 from the provisions
of Section 9.1.4 and/or (b) amending the financial covenants set forth in this Agreement, resetting the testing of such financial
covenants and/or supplementing those financial covenants with additional financial covenants. A failure to reach an agreement
under this paragraph following such good faith negotiations shall not constitute an Event of Default or a Prepayment Event.




     Page 79


    


    


SECTION
7.1.10. Equal treatment with Pari Passu Creditors.


 


The
Guarantor undertakes with the Facility Agent that it shall ensure (and shall procure that each other Group Member shall ensure)
that the Lenders are treated equally in all respects with all other Pari Passu Creditors, and accordingly:


 


		(a)	the
                                         Borrower and Guarantor shall enter into similar covenant amendment and replacement and
                                         mandatory prepayment arrangements to those contemplated by Amendment Number Two in respect
                                         of each ECA Financing (and for this purpose excluding any ECA Financings where the lenders
                                         under that ECA Financing do not provide their consent to such arrangements in circumstances
                                         where the arrangements contemplated in respect of that ECA Financing are on substantially
                                         the same basis as set out in this Agreement (as amended by Amendment Number Two) but
                                         including any financing which will, upon novation of the relevant facility agreement
                                         to the Borrower or the Guarantor, become an ECA Financing) as soon as reasonably practicable
                                         after the Amendment Two Effective Date (with such amendments being on terms which shall
                                         not prejudice the rights of Hermes under this Agreement and the Builder under the Construction
                                         Contract);



 


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



 


		(c)	to
                                         enable the Borrower and the Guarantor to comply with the requirements under paragraph
                                         (d) below, prior to any Group Member entering into any Restricted Credit Enhancement
                                         with a Pari Passu Creditor (other than a Restricted Credit Enhancement granted in accordance
                                         with Section 7.2.10(a)(ii)), the Guarantor shall promptly notify the Facility Agent (and
                                         such notification shall include details of the new Lien or Group Member Guarantee and
                                         shall otherwise be in form and substance reasonably satisfactory to the Facility Agent);
                                         and



 


		(d)	at
                                         the same time as any relevant Restricted Credit Enhancement is provided to the relevant
                                         Pari Passu Creditor (other than a Restricted Credit Enhancement granted in accordance
                                         with Section 7.2.10(a)(ii)), the Borrower, the Guarantor, any relevant Group Member and
                                         the Lenders shall enter into such documentation as may be necessary in the reasonable
                                         opinion of the Facility Agent to ensure that the Lenders benefit from that Restricted
                                         Credit Enhancement on the same terms as the relevant Pari Passu Creditor(s) and, where
                                         that Restricted Credit Enhancement is a Lien or a Group Member Guarantee, to share in
                                         that Lien or Group Member Guarantee on a pari passu basis (and the Lenders agree to enter
                                         into such intercreditor documentation to reflect such pari passu ranking (in a form and
                                         substance satisfactory to the Lenders (acting reasonably)) as may be required in connection
                                         with such arrangements).



 


SECTION
7.1.11. Performance of shipbuilding contract obligations.




     Page 80


    


    


During
the Financial Covenant Waiver Period, the Guarantor shall (and shall procure that each of its Subsidiaries shall) comply with
its contractual commitments under and in respect of (i) each shipbuilding contract in existence as at the Amendment Two Effective
Date (or which comes into existence at any time during the Financial Covenant Waiver Period) entered into with the Builder and
(ii) any option agreements or similar binding contractual commitments (whether in respect of a firm order of a vessel or otherwise)
in existence at the Amendment Two Effective Date (or which comes into existence at any time during the Financial Covenant Waiver
Period) entered into by the Guarantor (or any of its Subsidiaries) and the Builder in connection with the potential entry into
of a shipbuilding contract at a future point in time (it being agreed that such obligation shall not require the Guarantor or
the relevant Subsidiary (as applicable) to exercise any option or other contractual right thereunder), save that this Section
7.1.11 shall be subject to any amendment to any such shipbuilding contract, option agreement, contract or other related document
if such amendment has, in consultation with the Hermes Agent (acting on the instructions of Hermes), been agreed between the Guarantor
or, as the case may be, relevant Subsidiary and the Builder.


 


SECTION
7.2. Negative Covenants.


 


Each
Obligor agrees with the Facility Agent and each Lender that, from the Effective Date until all Commitments have terminated and
all Obligations have been paid and performed in full, each Obligor will perform the obligations applicable to it set forth in
this Section 7.2.


 


SECTION
7.2.1. Business Activities.


 


The
Guarantor will not, and will not permit any of its Subsidiaries to, engage in any principal business activity other than those
engaged in by the Guarantor and its Subsidiaries on the date hereof and other business activities reasonably related, ancillary
or complementary thereto or that are reasonable extensions thereof.


 


SECTION
7.2.2. Indebtedness.


 


Until
the occurrence of the Security Enhancement Guarantee Release Date (whereupon Section 7.2.2 of Exhibit P shall apply in accordance
with Section 7.3), the Guarantor will not permit any of the Existing Principal Subsidiaries to create, incur, assume or suffer
to exist or otherwise become or be liable in respect of any Indebtedness, other than, without duplication, the following:


 


		(a)	the
                                         obligations of the Borrower or its Subsidiaries in connection with those certain Bareboat
                                         Charterparties with respect to (i) the vessel SILVER EXPLORER dated July 22, 2011 between
                                         Silversea Cruises Ltd. and Hammonia Adventure and Cruise Shipping Company Ltd. and (ii)
                                         the vessel SILVER WHISPER dated March 15, 2012 between Whisper S.p.A. and various lessors,
                                         and the replacement, extension, renewal or amendment of each of the foregoing without
                                         increase in the amount or change in any direct or contingent obligor of such obligations;





     Page 81


    


    


		(b)	Indebtedness
                                         arising pursuant to that certain Bareboat Charterparty dated May 17, 2018 by and between
                                         Hai Xing 1702 Limited and Silversea New Build Eight Ltd., as such agreement may be amended
                                         from time to time;



 


		(c)	Indebtedness
                                         arising pursuant to a $300,000,000 facility agreement dated 7 June 2019 between, amongst
                                         others, the Borrower as borrower, the Guarantor as guarantor and Nordea Bank ABP, New
                                         York branch as administrative agent;



 


		(d)	Indebtedness
                                         secured by Liens of the type described in Section 7.2.3;



 


		(e)	Indebtedness
                                         owing to the Guarantor or a direct or indirect Subsidiary of the Guarantor;



 


		(f)	Indebtedness
                                         incurred to finance, refinance or refund the cost (including the cost of construction)
                                         of assets acquired after the Effective Date;



 


		(g)	Indebtedness
                                         in an aggregate principal amount, together with (but without duplication of) Indebtedness
                                         permitted to be secured under Section 7.2.3(f), at any one time outstanding not exceeding
                                         (determined at the time of creation of such Lien or the incurrence by any Existing Principal
                                         Subsidiary of such Indebtedness, as applicable) 10.0% of the total assets of the Guarantor
                                         and its Subsidiaries taken as a whole as determined in accordance with GAAP as at the
                                         last day of the most recent ended Fiscal Quarter; and



 


		(h)	obligations
                                         in respect of Hedging Instruments entered into for the purpose of managing interest rate,
                                         foreign currency exchange or commodity exposure risk and not for speculative purposes.



 


SECTION
7.2.3. Liens.


 


Until
the occurrence of the Security Enhancement Guarantee Release Date (whereupon Section 7.2.2 of Exhibit P shall apply in accordance
with Section 7.3), the Guarantor will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to
exist any Lien upon any of its property, revenues or assets, whether now owned or hereafter acquired, except:


 


		(a)	Liens
                                         securing the $620 million in principal amount of 7.25% senior secured notes due 2025
                                         issued by Silversea Cruise Finance Ltd. pursuant that that Indenture dated as of January
                                         30, 2017;



 


		(b)	Liens
                                         on the vessels SILVER WHISPER and SILVER EXPLORER existing as of the Effective Date and
                                         securing the Existing Silversea Leases (and any Lien on such vessels securing any refinancing
                                         of the Existing Silversea Leases, so long as such Vessel was subject to a Lien securing
                                         the Indebtedness being refinanced immediately prior to such refinancing);



 


		(c)	Liens
                                         on the Vessel with Hull 6280 currently being built at Fincantieri S.p.A. and arising
                                         pursuant to that certain Bareboat Charterparty dated May 17, 2018 by and






     Page 82


    


    


between
Hai Xing 1702 Limited and Silversea New Build Eight Ltd., as such agreement may be amended from time to time (and any Lien on
such vessel securing any refinancing of such bareboat charterparty);


 


		(d)	Liens
                                         on assets (including, without limitation, shares of capital stock of corporations and
                                         assets owned by any corporation that becomes a Subsidiary of the Guarantor after the
                                         Effective Date) acquired after the Effective Date (whether by purchase, construction
                                         or otherwise) by the Guarantor or any of its Subsidiaries (other than (x) an Existing
                                         Principal Subsidiary or (y) any other Principal Subsidiary which, at any time, after
                                         three months after the acquisition of a Vessel, owns a Vessel free of any mortgage Lien),
                                         which Liens were created solely for the purpose of securing Indebtedness representing,
                                         or incurred to finance, refinance or refund, the cost (including the cost of construction)
                                         of such assets, so long as (i) the acquisition of such assets is not otherwise prohibited
                                         by the terms of this Agreement and (ii) each such Lien is created within three months
                                         after the acquisition of the relevant assets;



 


		(e)	the
                                         Construction Mortgage but only to the extent that the same is discharged on the Delivery
                                         Date;



 


		(f)	in
                                         addition to other Liens permitted under this Section 7.2.3, Liens securing Indebtedness
                                         in an aggregate principal amount, together with (but without duplication of) Indebtedness
                                         permitted under Section 7.2.2(g), at any one time outstanding not exceeding (determined
                                         at the time of creation of such Lien or the incurrence by any Existing Principal Subsidiary
                                         of such indebtedness, as applicable) (i) 10.0% of the total assets of the Guarantor and
                                         its Subsidiaries (the “Lien Basket Amount”) taken as a whole as determined
                                         in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter; provided,
                                         however that, if, at any time, the Senior Debt Rating of the Guarantor is less than Investment
                                         Grade as given by both Moody’s and S&P, the Lien Basket Amount shall be the
                                         greater of (x) 5.0% of the total assets of the Guarantor and its Subsidiaries taken as
                                         a whole as determined in accordance with GAAP as at the last day of the most recent ended
                                         Fiscal Quarter and (y) $735,000,000;



 


		(g)	Liens
                                         on assets acquired after the Effective Date by the Guarantor or any of its Subsidiaries
                                         (other than by (x) any Subsidiary that is an Existing Principal Subsidiary or (y) any
                                         other Principal Subsidiary which, at any time, owns a Vessel free of any mortgage Lien)
                                         so long as (i) the acquisition of such assets is not otherwise prohibited by the terms
                                         of this Agreement and (ii) each of such Liens existed on such assets before the time
                                         of its acquisition and was not created by the Guarantor or any of its Subsidiaries in
                                         anticipation thereof;



 


		(h)	Liens
                                         on any asset of any corporation that becomes a Subsidiary of the Guarantor (other than
                                         a corporation that also becomes a Subsidiary of an Existing Principal Subsidiary) after
                                         the Effective Date so long as (i) the acquisition or creation of such corporation by
                                         the Guarantor is not otherwise prohibited by the terms of this






     Page 83


    


    


Agreement
and (ii) such Liens are in existence at the time such corporation becomes a Subsidiary of the Guarantor and were not created by
the Guarantor or any of its Subsidiaries in anticipation thereof;


 


		(i)	Liens
                                         securing Government-related Obligations;



 


		(j)	Liens
                                         for taxes, assessments or other governmental charges or levies not at the time delinquent
                                         or thereafter payable without penalty or being diligently contested in good faith by
                                         appropriate proceedings;



 


		(k)	Liens
                                         of carriers, warehousemen, mechanics, materialmen and landlords incurred in the ordinary
                                         course of business for sums not overdue by more than 60 days or being diligently contested
                                         in good faith by appropriate proceedings;



 


		(l)	Liens
                                         incurred in the ordinary course of business in connection with workers’ compensation,
                                         unemployment insurance or other forms of governmental insurance or benefits;



 


		(m)	Liens
                                         for current crew’s wages and salvage;



 


		(n)	Liens
                                         arising by operation of law as the result of the furnishing of necessaries for any Vessel
                                         so long as the same are discharged in the ordinary course of business or are being diligently
                                         contested in good faith by appropriate proceedings;



 


		(o)	Liens
                                         on Vessels that:



 


(i)       secure
obligations covered (or reasonably expected to be covered) by insurance;


 


(ii)      were
incurred in the course of or incidental to trading such Vessel in connection with repairs or other work to such Vessel; or


 


(iii)     were
incurred in connection with work to such Vessel that is required to be performed pursuant to applicable law, rule, regulation
or order;


 


provided
that, in each case described in this clause (l), such Liens are either (x) discharged in the ordinary course of business or
(y) being diligently contested in good faith by appropriate proceedings;


 


		(p)	normal
                                         and customary rights of set-off upon deposits of cash or other Liens originating solely
                                         by virtue of any statutory or common law provision relating to bankers’ liens,
                                         rights of set-off or similar rights in favour of banks or other depository institutions;



 


		(q)	Liens
                                         in respect of rights of set-off, recoupment and holdback in favour of credit card processors
                                         securing obligations in connection with credit card processing services incurred in the
                                         ordinary course of business;





     Page 84


    


    


		(r)	Liens
                                         on cash or Cash Equivalents or marketable securities securing:



 


(i)       obligations
in respect of Hedging Instruments entered into for the purpose of managing interest rate, foreign currency exchange or commodity
exposure risk and not for speculative purposes; or


 


(ii)       letters
of credit that support such obligations;


 


		(s)	deposits
                                         to secure the performance of bids, trade contracts, leases, statutory obligations, surety
                                         and appeal bonds, performance bonds and other obligations of a like nature, in each case
                                         in the ordinary course of business and deposits securing liabilities to insurance carriers
                                         under insurance or self-insurance arrangements;



 


		(t)	easements,
                                         zoning restrictions, rights-of-way and similar encumbrances on real property imposed
                                         by law or arising in the ordinary course of business that do not secure any monetary
                                         obligations and do not materially detract from the value of the affected property or
                                         interfere with the ordinary conduct of business of the Guarantor or any of its Subsidiaries;
                                         and



 


		(u)	licenses,
                                         sublicenses, leases or subleases granted to other Persons not materially interfering
                                         with the conduct of the business of the Guarantor or any of its Subsidiaries,



 


provided,
however, that from the Amendment Two Effective Date until the Security Enhancement Guarantee Release Date, no Group Member shall
be entitled to grant any Lien of the type referred to in paragraphs (d) to (g) over any ECA Financed Vessel.


 


SECTION
7.2.4. Financial Condition.


 


The
Guarantor will not permit:


 


		(a)	Net
                                         Debt to Capitalisation Ratio, as at the end of any Fiscal Quarter, to be greater than
                                         0.625 to 1.



 


		(b)	Fixed
                                         Charge Coverage Ratio to be less than 1.25 to 1 as at the last day of any Fiscal Quarter.



 


In
addition, if, at any time, the Senior Debt Rating of the Guarantor is less than Investment Grade as given by both Moody’s
and S&P, the Guarantor will not permit Stockholders’ Equity to be less than, as at the last day of any Fiscal Quarter,
the sum of (i) $4,150,000,000 plus (ii) 50% of the consolidated net income of the Guarantor and its Subsidiaries for the
period commencing on January 1, 2007 and ending on the last day of the Fiscal Quarter most recently ended (treated for these purposes
as a single accounting period, but in any event excluding any Fiscal Quarters for which the Guarantor and its Subsidiaries have
a consolidated net loss).


 


SECTION
7.2.4(A). Most favored lender with respect to Financial Covenants. During the Financial Covenant Waiver Period, if any
Group Member agrees, in





     Page 85


    


    


respect
of any of its Indebtedness for borrowed money, to any new, modified or substitute financial covenants of the type or similar to
the financial covenants set out in Section 7.2.4 above then (a) the Guarantor shall notify the Facility Agent in writing within
5 Business Days of such new, modified or substitute financial covenants being agreed with the relevant creditor(s) and (b) if
required by the Lenders, the Borrower, the Guarantor and the Lenders shall, as soon as practicable thereafter, enter into an amendment
to this Agreement to incorporate the new, modified or substitute financial covenants.


 


SECTION
7.2.4(B). Notification of change to financial covenants.  During the Financial Covenant Waiver Period, if other than
as notified in writing by the Guarantor to the Facility Agent prior to the date of Amendment Number Two, at any time during the
Financial Covenant Waiver Period the last day of a financial covenant waiver period under any of the agreements in respect of
any of the Borrower’s and/or the Guarantor’s other Indebtedness shall be amended such that it falls prior to December
31, 2022, the Guarantor shall notify the Facility Agent.


 


SECTION
7.2.4(C). Minimum liquidity.  The Guarantor will not allow the aggregate amount of unrestricted cash and Cash Equivalents of
the Guarantor and its Subsidiaries as determined in accordance with GAAP to be less than the Adjustable Amount as of (a) the last
day of any calendar month from the Amendment Two Effective Date until the Covenant Modification Date, or (b) if the Guarantor
is not in compliance with the requirements of this Section 7.2.4(C) as of the last day of any calendar month during the Financial
Covenant Waiver Period (or, if earlier, prior to the Covenant Modification Date), the date that the certificate required by Section
7.1.1(k) with respect to such month is delivered to the Facility Agent (it being understood that the Guarantor shall not be required
to comply with this Section 7.2.4(C) at any time on or after the Covenant Modification Date).


 


SECTION
7.2.5. Consolidation, Merger, etc. 


 


The
Guarantor will not permit, and will not permit any of its Subsidiaries to, liquidate or dissolve, consolidate with, or merge into
or with, any other corporation except:


 


		(a)	any
                                         such Subsidiary may (i) liquidate or dissolve voluntarily into, and may merge with and
                                         into, the Guarantor or any other Subsidiary, and the assets or stock of any Subsidiary
                                         may be purchased or otherwise acquired by the Guarantor or any other Subsidiary or (ii)
                                         merge with and into another Person in connection with a sale or other disposition permitted
                                         by Section 7.2.6; and



 


		(b)	so
                                         long as no Event of Default or Prepayment Event has occurred and is continuing or would
                                         occur after giving effect thereto, the Guarantor or any of its Subsidiaries may merge
                                         into any other Person, or any other Person may merge into the Guarantor or any such Subsidiary,
                                         or the Guarantor or any of its Subsidiaries may purchase or otherwise acquire all or
                                         substantially all of the assets of any Person, in each case so long as:





     Page 86


    


    


(i)      after
giving effect thereto, the Stockholders’ Equity of the Guarantor and its Subsidiaries is at least equal to 90% of such Stockholders’
Equity immediately prior thereto; and


 


(ii)       in
the case of a merger involving the Guarantor where the Guarantor is not the surviving corporation:


 


		(A)	the
                                         surviving corporation shall have assumed in a writing, delivered to the Facility Agent,
                                         all of the Guarantor’s obligations hereunder and under the other Loan Documents
                                         to which the Guarantor is a party;



 


		(B)	the
                                         surviving corporation shall, promptly upon the request of the Facility Agent or any Lender,
                                         supply such documentation and other evidence as is reasonably requested by the Facility
                                         Agent or any Lender in order for the Facility Agent or such Lender to carry out and be
                                         satisfied it has complied with the results of all necessary “know your customer”
                                         or other similar checks under all applicable laws and regulations; and



 


		(C)	as
                                         soon as practicable after receiving notice from the Guarantor of such merger, and in
                                         any event no later than five Business Days after the delivery of such notice, for a surviving
                                         corporation that is organized under the laws of a jurisdiction other than of the United
                                         States or a political subdivision thereof or Liberia, any Lender that may not legally
                                         lend to, establish credit for the account of and/or do any business whatsoever with such
                                         surviving corporation, either directly or through an Affiliate of such Lender (a “Protesting
                                         Lender”) shall so notify the Guarantor and the Facility Agent in writing. With
                                         respect to each Protesting Lender, the Guarantor shall, effective on or before the date
                                         that such surviving corporation shall have the right to borrow hereunder, notify the
                                         Facility Agent and such Protesting Lender that the Commitments of such Protesting Lender
                                         shall be terminated; provided that such Protesting Lender shall have received one or
                                         more payments from either the Borrower or one or more assignees in an aggregate amount
                                         at least equal to the aggregate outstanding principal amount of the Loan owing to such
                                         Protesting Lender, together with accrued interest thereon to the date of payment of such
                                         principal amount and all other amounts payable to such Protesting Lender under this Agreement.





     Page 87


    


    


SECTION
7.2.6. Asset Dispositions, etc. 


 


Subject
to Section 7.2.8, the Guarantor will not permit, and will not permit any of its Subsidiaries to, sell, transfer, contribute or
otherwise convey, or grant options, warrants or other rights with respect to all or substantially all of the assets of (a) the
Guarantor or (b) the Subsidiaries of the Guarantor, taken as a whole except sales of assets between or among the Guarantor and
Subsidiaries of the Guarantor.


 


SECTION
7.2.7. Construction Contract 


 


The
Borrower will not amend or modify any term or condition of the Construction Contract if such amendment or modification results
in (i) a change of type of the Purchased Vessel or (ii) (either by itself or when aggregated with earlier amendments or modifications,
if any) a decrease in the capacity of the Purchased Vessel in terms of the number of passengers and/or staterooms by more than
five per cent. (5%) or (iii) the Purchased Vessel being unable to comply with applicable laws (including Environmental Laws) if,
in the reasonable opinion of the Hermes Agent, such inability has or could reasonably be expected to have a Material Adverse Effect,
without, in any such case, the consent of the Hermes Agent.


 


SECTION
7.2.8. Additional Undertakings


 


From
the effectiveness of Amendment Number One, and notwithstanding anything to the contrary set out in this Agreement or any other
Loan Document:


 


		(a)	First
                                         Priority Guarantee Matters. Until the occurrence of a First Priority Release Event:



 


(i)          the
Guarantor will not form, create, acquire or otherwise establish any new Subsidiaries that own, directly or indirectly, the Equity
Interests of the First Priority Guarantor (and will not permit any such new Subsidiary to own, directly or indirectly, any such
Equity Interests);


 


(ii)         the
First Priority Guarantor will not form, create, acquire or otherwise establish any new Subsidiaries that own, directly or indirectly,
the Equity Interests of any Principal Subsidiary (and will not permit any such new Subsidiary to own, directly or indirectly,
any such Equity Interests);


 


(iii)       the
First Priority Guarantor will not incur any additional Indebtedness for borrowed money (including any guarantees in respect of
Indebtedness), except in connection with any Other Guarantees;


 


(iv)       neither
Celebrity Cruises Holdings Inc. nor Celebrity Cruises Inc will incur any additional Indebtedness for borrowed money (including
any guarantees in respect of Indebtedness), except in connection with the Secured Note Indebtedness or any Permitted Refinancing
thereof; and




     Page 88


    


    



(v)        the
Guarantor shall not, and shall procure that each other Subsidiary will not, Dispose of any First Priority Assets or any Equity
Interests in a Subsidiary that owns, directly or indirectly, any First Priority Assets, other than:


 


		(A)	to
                                         any other entity that is a First Priority Guarantor;



 


		(B)	if
                                         the fair market value thereof, together with the fair market value of all other Dispositions
                                         of First Priority Assets made after the effectiveness of Amendment Number One (but for
                                         this purpose excluding any Disposition of the type referred to in the foregoing clause
                                         (A) and any Disposition, the net proceeds of which are applied in accordance with the
                                         following clause (C)) is less than the sum of:



 


		(x)	$250,000,000
                                         plus



 


		(y)	the
                                         fair market value of any asset (other than (1) current assets, intercompany debt or equity
                                         instruments and (2) First Priority Assets or other assets owned by another First Priority
                                         Guarantor immediately prior to acquisition) acquired by any First Priority Guarantor
                                         after the effectiveness of Amendment Number One; or



 


		(C)	if
                                         the net proceeds therefrom are applied in accordance with Section 4.09(b)(i) or 4.09(b)(iii)
                                         of the Secured Note Indenture, to the extent applicable at such time; provided, however,
                                         that if, within 450 days of such Disposition, any net proceeds of such Disposition have
                                         not been utilized in accordance with such provisions and are retained by the Guarantor
                                         or any Subsidiary after such application (such retained net proceeds, “Excess
                                         Proceeds”), then:



 


		(1)	if
                                         not already held by a First Priority Guarantor, such Excess Proceeds shall be promptly
                                         transferred to a First Priority Guarantor to be (x) retained in an account and on the
                                         balance sheet of that First Priority Guarantor and (y) used solely (i) for capital expenditures
                                         for the benefit of the remaining First Priority Assets or for the purposes of any asset
                                         purchase by that First Priority Guarantor or (ii) to make an offer to each






     Page 89


    


    


ECA
Guarantor in accordance with the following sub-clause (2); or


 


		(2)	where
                                         the Guarantor has elected to utilize the Excess Proceeds in the manner referred to in
                                         (ii) above, the Guarantor shall make a written offer contemporaneously to each ECA Guarantor
                                         to apply such Excess Proceeds as a pro rata prepayment of the Loan and the Indebtedness
                                         under each other ECA Financing that is pari passu in right of payment to the Obligations.
                                         If any ECA Guarantor provides written notice to the Guarantor within 90 days of such
                                         offer accepting such offer, the Guarantor shall prepay the relevant Indebtedness notified
                                         to it within 10 Business Days (or such longer period as may be agreed with the lenders
                                         under each relevant ECA Financing being prepaid) of the date of receipt of such notice.
                                         If any ECA Guarantor fails to accept such offer within the said 90 days referred to above,
                                         then the pro rata portion of such Excess Proceeds that would have been applied to prepay
                                         the ECA Financings with respect to such ECA Guarantor if such offer was accepted shall
                                         be retained and applied in accordance with the foregoing sub-clause (1)(i).



 


		(b)	Second
                                         Priority Guarantee Matters. Until the occurrence of a Second Priority Release Event:



 


(i)       the
Guarantor will not, and will not permit any of its Subsidiaries to, form, create, acquire or otherwise establish any new Subsidiaries
that own, directly or indirectly, the Equity Interests of any Second Priority Guarantor (and will not permit any such new Subsidiary
to own, directly or indirectly, any such Equity Interests);


 


(ii)       no
Second Priority Guarantor will form, create, acquire or otherwise establish any new Subsidiaries that own, directly or indirectly,
the Equity Interests of any Principal Subsidiary (and will not permit any such new Subsidiary to own, directly or indirectly,
any such Equity Interests); and


 


(iii)       the
Guarantor shall not, and shall procure that each other Subsidiary shall not, Dispose of any Second Priority Assets or any Equity





     Page 90


    


    


Interests
in a Subsidiary that owns, directly or indirectly, any Second Priority Assets, other than:


 


		(A)	to
                                         any other entity that is a Second Priority Guarantor; or



 


		(B)	if
                                         the fair market value thereof, together with the fair market value of all other Dispositions
                                         of Second Priority Assets made after the effectiveness of Amendment Number One (but for
                                         this purpose excluding any Disposition of the type referred to in the foregoing clause
                                         (A)) is less than the sum of:



 


		(x)	$250,000,000
                                         plus



 


		(y)	the
                                         fair market value of any asset (other than (1) current assets, intercompany debt or equity
                                         instruments and (2) Second Priority Assets or other assets owned by another Second Priority
                                         Guarantor immediately prior to acquisition) acquired by any Second Priority Guarantor
                                         after the effectiveness of Amendment Number One.



 


		(c)	Third
                                         Priority Guarantee Matters. Until the occurrence of a Third Priority Release Event:



 


(i)       the
Guarantor will not form, create, acquire or otherwise establish any new Subsidiaries that own, directly or indirectly, the Equity
Interests of the Third Priority Guarantor (and will not permit any such new Subsidiary to own, directly or indirectly, any such
Equity Interests);


 


(ii)       the
Third Priority Guarantor will not form, create, acquire or otherwise establish any new Subsidiaries that own, directly or indirectly,
the Equity Interests of any Principal Subsidiary (and will not permit any such new Subsidiary to own, directly or indirectly,
any such Equity Interests); and


 


(iii)       the
Guarantor shall not, and shall procure that each other Subsidiary will not, Dispose of any Third Priority Assets or any Equity
Interests in a Subsidiary that owns, directly or indirectly, any Third Priority Assets, other than:


 


		(A)	to
                                         any other entity that is a Third Priority Guarantor;



 


		(B)	if
                                         the fair market value thereof, together with the fair market value of all other Dispositions
                                         of Third Priority Assets made after the effectiveness of Amendment Number One (but for
                                         this purpose excluding any Disposition of the type referred to in the foregoing clause
                                         (A) and any






     Page 91


    


    


Disposition,
the net proceeds of which are applied in accordance with the following clause (C)) is less than the sum of:


 


		(x)	$250,000,000
                                         plus



 


		(y)	the
                                         fair market value of any asset (other than (1) current assets, intercompany debt or equity
                                         instruments and (2) Third Priority Assets or other assets owned by another Third Priority
                                         Guarantor immediately prior to acquisition) acquired by any Third Priority Guarantor
                                         after the effectiveness of Amendment Number One; or



 


		(C)	if
                                         the net proceeds therefrom are applied in accordance with those provisions of the Unsecured
                                         Note Indenture and/or the definitive documentation governing the DDTL Indebtedness to
                                         the extent applicable at the time which allow the Guarantor to make an offer to prepay
                                         and/or repay the debt evidenced by the Unsecured Note Indenture and/or DDTL Indebtedness,
                                         as applicable; provided that, if any such net proceeds are retained by the Guarantor
                                         or any Subsidiary after such application, the Guarantor shall promptly repay or redeem
                                         all or any portion of any Indebtedness that is pari passu or senior in right of payment
                                         to the Obligations and for which a Third Priority Guarantor is a guarantor, in each case,
                                         subject to the terms of the documentation governing such Indebtedness (including the
                                         DDTL Indebtedness, the Unsecured Note Indebtedness, any Bank Indebtedness, any Credit
                                         Card Obligations, the Loan and any other Indebtedness under an ECA Financing); provided,
                                         further, that any repayment of Indebtedness under any revolving credit agreement pursuant
                                         to this paragraph shall be accompanied by a corresponding permanent reduction in the
                                         related revolving credit commitments.



 


		(d)	New
                                         Subsidiary Guarantor Matters. In the event the Guarantor or any of its Subsidiaries
                                         acquires an ECA Financed Vessel:



 


(i)       the
Guarantor will, within 15 Business Days of the purchase of the relevant ECA Financed Vessel, cause the applicable New Subsidiary
Guarantor to provide (A) an Additional Guarantee, together with each equivalent Other Guarantee required to be provided under
the terms of the other ECA Financings (as amended from time to time) and (B) all documents and information required by the Lenders
in order to satisfy any applicable “know





     Page 92


    


    


your
customer” checks and any other reasonable condition precedent requirements of the Lenders (excluding, for the avoidance
of doubt, legal opinions); provided that, in each case, if such New Subsidiary Guarantor is party to a Senior Guarantee at such
time, the Facility Agent shall have contemporaneously entered into a New Subsidiary Guarantor Subordination Agreement; and


 


(ii)       until
the occurrence of a Second Priority Release Event and a Third Priority Release Event:


 


		(A)	the
                                         Guarantor will not permit the applicable New Subsidiary Guarantor to incur any Indebtedness
                                         for borrowed money (including any guarantees in respect of Indebtedness) other than the
                                         applicable Additional Guarantee, any Other Guarantee and any Senior Guarantee;



 


		(B)	the
                                         Guarantor will not permit the Principal Subsidiary that acquires the relevant ECA Financed
                                         Vessel to incur any Indebtedness for borrowed money (including any guarantees in respect
                                         of Indebtedness);



 


		(C)	notwithstanding
                                         any other provision of this Agreement, the Guarantor will not, and shall procure that
                                         no other Subsidiary shall, Dispose of (whether to a Group Member or otherwise) the relevant
                                         ECA Financed Vessel (or any equity interests in a Subsidiary that owns, directly or indirectly,
                                         such ECA Financed Vessel); provided that (1) such ECA Financed Vessel may be exclusively
                                         operated by or chartered to the Guarantor or one of the Guarantor’s wholly owned
                                         Subsidiaries and (2) the Guarantor or such Subsidiary may charter out such ECA Financed
                                         Vessel (x) to entities other than the Guarantor and the Guarantor’s wholly owned
                                         Subsidiaries and (y) on a time charter with a stated duration not in excess of one year;
                                         and



 


		(D)	notwithstanding
                                         the provisions of Sections 7.2.2 and 7.2.3, the Guarantor will not, and will not permit
                                         any of its Subsidiaries to create, incur, assume or suffer to exist any Lien upon the
                                         relevant ECA Financed Vessel, other than Liens permitted under Section 7.2.3 that do
                                         not secure Indebtedness for borrowed money.



 


		(e)	Further
                                         Assurances. At the Guarantor’s reasonable request, the Facility Agent shall
                                         execute (i) any Additional Subordination Agreement or any Subordination Agreement, in
                                         substantially the form attached hereto as Exhibit L or Exhibit M with such changes, or
                                         otherwise in form and substance, reasonably satisfactory to the






     Page 93


    


    


Facility
Agent (acting upon the instructions of the Required Lenders) to ensure the required priority of the Second Priority Guarantee
and the Third Priority Guarantee and (ii) any New Subsidiary Guarantor Subordination Agreement contemporaneously with the execution
of any Senior Guarantee by a New Subsidiary Guarantor if such New Subsidiary Guarantor has granted an Additional Guarantee at
such time.


 


		(f)	Amount
                                         of Indebtedness. The Guarantor shall ensure that:



 


(i)          the
maximum aggregate principal amount of Bank Indebtedness (or any Permitted Refinancing thereof) guaranteed by the Second Priority
Guarantors shall not exceed, in the aggregate, $5,300,000,000 (or its equivalent in any other currency) until the occurrence of
a First Priority Release Event, a Second Priority Release Event, and a Third Priority Release Event;


 


(ii)         the
maximum aggregate principal amount of Unsecured Note Indebtedness and DDTL Indebtedness (or any Permitted Refinancing of either
of them), in each case, guaranteed by the Third Priority Guarantor shall not exceed, in the aggregate, $1,700,000,000 (or its
equivalent in any other currency) until the occurrence of a Third Priority Release Event;  


 


(iii)       until
the occurrence of a Second Priority Release Event, none of the Second Priority Guarantors will grant any guarantee that is pari
passu with or senior to its obligations under the Second Priority Guarantee, except in connection with (A) any Bank Indebtedness
or any Permitted Refinancing thereof, (B) any Credit Card Obligations or (C) any Other Guarantees, provided that each Other Guarantee
shall be on terms no more favourable in any material respect (including for this purpose the priority of that guarantee) than
that currently provided by that Second Priority Guarantor in connection with the relevant Indebtedness; and  


 


(iv)       until
the occurrence of a Third Priority Release Event, the Third Priority Guarantor will not grant any guarantee that is pari passu
with or senior to its obligations under the Third Priority Guarantee, except in connection with (A) any Bank Indebtedness, Unsecured
Note Indebtedness, DDTL Indebtedness or any Permitted Refinancing of any thereof, (B) any Credit Card Obligations or (C) any Other
Guarantees, provided that each Other Guarantee shall be on terms no more favourable in any material respect (including for this
purpose the priority of that guarantee) than that currently provided by the Third Priority Guarantor in connection with the relevant
Indebtedness.


 


		(g)	Release
                                         of Guarantees. The Guarantor agrees to give the Facility Agent written notice of
                                         the occurrence of any First Priority Release Event, Second Priority Release Event or
                                         Third Priority Release Event. The Facility Agent agrees, subject to the proviso (2) below,
                                         that:





     Page 94


    


    


(i)         the
First Priority Guarantee shall be automatically released upon the occurrence of a First Priority Release Event;


 


(ii)        the
Second Priority Guarantee shall be automatically released upon the occurrence of a Second Priority Release Event;


 


(iii)       the
Third Priority Guarantee shall be automatically released upon the occurrence of a Third Priority Release Event; and


 


(iv)       each
Additional Guarantee shall be automatically released upon the occurrence of both a Second Priority Release Event and a Third Priority
Release Event,


 


provided
(1) in each case, and subject to proviso (2) below, that upon the Guarantor’s request, the Facility Agent shall promptly
confirm in writing the release of the applicable Guarantee following the occurrence of the relevant release event and (2) where
the Borrower or the Guarantor is of the opinion that it would, if the Security Enhancement Guarantee Release Date was to occur,
be in breach of the provisions of Section 7.2.2 as set out in Exhibit P (and which would otherwise come into effect on that Security
Enhancement Guarantee Release Date) on the Security Enhancement Guarantee Release Date, the Borrower or the Guarantor shall be
entitled, by serving written notice on the Facility Agent and the Hermes Agent, to request that the Security Enhancement Security
Enhancement Guarantee Release Date be postponed until such time as the Borrower or the Guarantor is satisfied that it will be
able to comply with the provisions of the said Section 7.2.2. Where the Borrower or the Guarantor issues a notice pursuant to
this proviso (2) it agrees that it shall use all reasonable endeavors and take all appropriate action as may be practicable at
such time to enable it to comply with the said Section 7.2.2 as soon as practicable following the date that the Security Enhancement
Guarantee Release Date would have occurred but for this proviso (2) so that the Security Enhancement Guarantee Release Date can
then occur and, as soon as it is satisfied that it will be able to comply with the said Section 7.2.2, it will promptly serve
a further written notice on the  Facility Agent and the Hermes Agent. Upon receipt of this further notice, the provisions
of this paragraph (g) shall once again apply and the Facility Agent shall then take the action required of it to enable the Security
Enhancement Guarantee Release Date to occur.


 


SECTION
7.2.9. Guarantor’s Procurement Undertaking. Where any of the covenants set out in this Agreement require or purport
to require performance by a Security Enhancement Guarantor or any Subsidiary of the Guarantor, the Guarantor shall procure the
performance of that obligation by such Security Enhancement Guarantor or Subsidiary.


 


SECTION
7.2.10. Framework Lien and Guarantee Restriction


 


From
the Amendment Two Effective Date until the Security Enhancement Guarantee Release Date, and without prejudice to Section 7.2.3,
the Guarantor shall not (and shall procure 




     Page 95


    


    


that
each other Group Member shall not, save in respect of a Restricted Credit Enhancement of the type referred to in Section 7.1.10(d)
(and in respect of which the Lenders therefore receive the benefit)):


 


		a.	grant
                                         any Restricted Credit Enhancement in respect of any Indebtedness for borrowed money,
                                         provided that:



 


		(i)	subject
                                         to the limitations set out in paragraph (b) below, this paragraph (a) shall not prohibit
                                         any Group Member from providing any Lien or Group Member Guarantee in connection with
                                         Indebtedness incurred after the Amendment Two Effective Date (provided that such Lien
                                         and/or Group Member Guarantee is issued at the same time, and in connection with, the
                                         initial incurrence of that Indebtedness (and is therefore not by way of additional credit
                                         support));



 


		(ii)	in
                                         connection with a Permitted Refinancing of any Indebtedness, the relevant Group Member
                                         shall be entitled to provide the creditors under that Permitted Refinancing with Liens
                                         and/or Group Member Guarantees (as applicable) which:



 


		(A)	in
                                         the case where the existing Indebtedness being refinanced was previously supported by
                                         Liens, the Liens and/or the Group Member Guarantees securing or supporting the Permitted
                                         Refinancing (as applicable) are over some or all of the same assets and:



 


		(1)	with
                                         respect to any Liens, are with the same or lower priority as the Liens in respect of
                                         such assets that secured the Indebtedness being refinanced; and



 


		(2)	with
                                         respect to any Group Member Guarantees, are Group Member Guarantees provided by a Group
                                         Member that owns (directly or indirectly) only those Vessels (or some of those Vessels
                                         but not any other Vessel) that were previously secured pursuant to the Liens referred
                                         to in the first sentence of this paragraph (A); and



 


		(B)	in
                                         the case where the existing Indebtedness being refinanced was previously supported by
                                         any Group Member Guarantee, the Group Member Guarantee(s) supporting such Permitted Refinancing
                                         are:



 


		(1)	guarantees
                                         of obligations in an amount no greater than the guarantees granted in connection with
                                         the original Indebtedness being refinanced;



 


		(2)	in
                                         the case where the entity providing the relevant Group Member Guarantee(s) supporting
                                         such Permitted






     Page 96


    


    


Refinancing
is the same entity providing the Group Member Guarantees that are being replaced, provided by entities owning (directly or indirectly)
only those Vessels (or some of those Vessels but not any other Vessel) that it owned when the previous Group Member Guarantee
was provided;


 


		(3)	in
                                         the case where the entity providing the relevant Group Member Guarantee(s) supporting
                                         such Permitted Refinancing differs from the entity providing the Group Member Guarantees
                                         being replaced, provided by entities that directly or indirectly own Vessels with an
                                         aggregate book value no greater than the Vessels that were owned (directly or indirectly)
                                         by the previous provider of the relevant Group Member Guarantee(s) that supported the
                                         existing Indebtedness; and



 


		(4)	the
                                         same or lower priority as the original Group Member Guarantee(s) and are issued by either
                                         the same entities or from shareholders of those entities,



 


this
paragraph (a) shall not prohibit any Group Member from providing or maintaining any Lien in accordance with the provisions of
Section 7.2.3(h) through to (u) inclusive; provided, however, that the proviso at the end of Section 7.2.3(h) shall apply with
respect to Liens granted pursuant that provision; and


 


		b.	incur
                                         any new Indebtedness (including Indebtedness of the type referred to in paragraph 7.2.10(a)(i)
                                         above but excluding any Permitted Refinancing Indebtedness in connection with paragraph
                                         7.2.10(a)(ii) above) which is secured by a Lien or is supported by a Group Member Guarantee
                                         and which, when taken with all other Indebtedness incurred by the Group since the Amendment
                                         Two Effective Date and which is also secured by a Lien or supported by a Group Member
                                         Guarantee, is greater than $1,300,000,000 (but deducting from this amount for this purpose,
                                         (i) the amount of any additional Indebtedness incurred by the Borrower in connection
                                         with the drawing of the DDTL Indebtedness (whether pursuant to the accordion option or
                                         otherwise) or (ii) any Indebtedness borrowed in lieu of the drawing of the DDTL Indebtedness
                                         in the foregoing clause) or its equivalent in any other currency, and provided that no
                                         Group Member shall, as contemplated by the proviso to Section 7.2.3, from the Amendment
                                         Two Effective Date until the Security Enhancement Guarantee Release Date (whereupon the
                                         relevant provisions of Exhibit P shall apply) be permitted to grant any Lien over an
                                         ECA Financed Vessel as security for any Indebtedness permitted to be incurred under this
                                         Agreement after the Amendment Two Effective Date.





     Page 97


    


    


SECTION
7.3. Covenant Replacement


 


With
effect on and from the Security Enhancement Guarantee Release Date, it is agreed that Sections 7.2.2 and 7.2.3 shall be deleted
in their entirety and replaced with the covenants and other provisions set out in Exhibit P, which shall become part of this Agreement
and effective and binding on all parties.


 


SECTION
7.4. Limitation in respect of Certain Representations, Warranties and Covenants.


 


The
representations and warranties and covenants given in Section 6.4(b) and 7.1.3(f) respectively shall only be given, and be applicable
to, a Lender incorporated in the Federal Republic of Germany, or any other Lender who notifies the Facility Agent that this Section
7.3 applies to them, insofar as the giving of and compliance with such representations and warranties do not result in a violation
of or conflict with section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung) (in conjunction
with section 4 paragraph 1 no.3 foreign trade law (AWG) (Außenwirtschaftsgesetz)), any provision of Council Regulation
(EC) 2271/1996 in conjunction with (EU) 2018/1100 or any similar applicable anti-boycott law or regulation.


 


ARTICLE
VIII

EVENTS OF DEFAULT


 


SECTION
8.1. Listing of Events of Default. Each of the following events or occurrences described in this Section 8.1 shall constitute
an “Event of Default”.


 


SECTION
8.1.1. Non-Payment of Obligations.


 


The
Borrower shall default in the payment when due of any amount payable by it under the Loan Documents in the manner required under
the Loan Documents unless such failure is solely as a result of either (a) administrative or technical error or (b) a Disruption
Event, and, in either case, payment is made within 3 Business Days of its due date.


 


SECTION
8.1.2. Breach of Warranty.


 


Any
representation or warranty of an Obligor made or deemed to be made hereunder (including any certificates delivered pursuant to
Article V) or under any other Loan Document is or shall be incorrect in any material respect when made.


 


SECTION
8.1.3. Non-Performance of Certain Covenants and Obligations.


 


An
Obligor shall default in the due performance and observance of any other agreement contained herein (including, from the Security
Enhancement Guarantee Release Date, Exhibit P) or in any other Loan Document (other than the covenants set forth in Section 7.1.1(h),
Section 7.1.1(i), Section 7.1.1(l), Section 7.1.1(m), Section 7.1.1(n), Section 7.1.9, Section 7.1.10, Section 7.1.11, Section
7.2.4 (but excluding Sections 7.2.4(A) and 7.2.4(B) (a breach of which shall be regulated in accordance with Section 9.1.13(d))
and also excluding Section 7.2.4(C), a





     Page 98


    


    


breach
of which shall, subject to the cure periods set out in this Section 8.1.3, result in an Event of Default and the obligations referred
to in Section 8.1.1) and such default shall continue unremedied for a period of five days after notice thereof shall have been
given to the Borrower by the Facility Agent or any Lender (or, if (a) such default is capable of being remedied within 30 days
(commencing on the first day following such five-day period) and (b) the Borrower or relevant Obligor is actively seeking to remedy
the same during such period, such default shall continue unremedied for at least 35 days after such notice to the Borrower).


 


SECTION
8.1.4. Default on Other Indebtedness.


 


(a)
An Obligor or any of the Principal Subsidiaries shall fail to pay any Indebtedness that is outstanding in a principal amount of
at least $100,000,000 (or the equivalent in other currencies) in the aggregate (but excluding Indebtedness hereunder or with respect
to Hedging Instruments) when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or
instrument relating to such Indebtedness; (b) the occurrence under any Hedging Instrument of an Early Termination Date (as defined
in such Hedging Instrument) resulting from (A) any event of default under such Hedging Instrument as to which an Obligor is the
Defaulting Party (as defined in such Hedging Instrument) or (B) any Termination Event (as so defined) as to which an Obligor is
an Affected Party (as so defined) and, in either event, the termination value with respect to any such Hedging Instrument owed
by the relevant Obligor as a result thereof is greater than $100,000,000 and the relevant Obligor fails to pay such termination
value when due after applicable grace periods or (c) any other event shall occur or condition shall exist under any agreement
or instrument evidencing, securing or relating to any such Indebtedness and shall continue after the applicable grace period,
if any, specified in such agreement or instrument, if the effect of such event or condition is to cause or permit the holder or
holders of such Indebtedness to cause such Indebtedness to become due and payable prior to its scheduled maturity (other than
as a result of any sale or other disposition of any property or assets under the terms of such Indebtedness); or (d) any such
Indebtedness shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled
required prepayment or redemption or by voluntary agreement), purchased or defeased, or an offer to prepay, redeem, purchase or
defease such Indebtedness is required to be made, in each case prior to the scheduled maturity thereof (other than as a result
of any sale or other disposition of any property or assets under the terms of such Indebtedness); provided that any required prepayment
or right to require prepayment triggered by terms that are certified by the Borrower to be unique to, but customary in, ship financings
shall not constitute an Event of Default under this Section 8.1.4 so long as any required prepayment is made when due. For purposes
of determining Indebtedness for any Hedging Instrument, the principal amount of the obligations under any such instrument at any
time shall be the maximum aggregate amount (giving effect to any netting agreements) that the relevant Obligor or any Principal
Subsidiary would be required to pay if such instrument were terminated at such time.




     Page 99


    


    


SECTION
8.1.5. Bankruptcy, Insolvency, etc. 


 


The
Guarantor, any of the Material Subsidiary Guarantors or any of the Principal Subsidiaries (or any of its other Subsidiaries to
the extent that the relevant event described below would have a Material Adverse Effect) shall:


 


		(a)	generally
                                         fail to pay, or admit in writing its inability to pay, its debts as they become due;



 


		(b)	apply
                                         for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator
                                         or other custodian for it or any of its property, or make a general assignment for the
                                         benefit of creditors;



 


		(c)	in
                                         the absence of such application, consent or acquiescence, permit or suffer to exist the
                                         appointment of a trustee, receiver, sequestrator or other custodian for it or for a substantial
                                         part of its property, and such trustee, receiver, sequestrator or other custodian shall
                                         not be discharged within 60 days, provided that in the case of such an event in
                                         respect of an Obligor or any Material Subsidiary Guarantor, such Person hereby expressly
                                         authorises the Facility Agent and each Lender to appear in any court conducting any relevant
                                         proceeding during such 60-day period to preserve, protect and defend their respective
                                         rights under the Loan Documents;



 


		(d)	permit
                                         or suffer to exist the commencement of any bankruptcy, reorganisation, debt arrangement
                                         or other case or proceeding under any bankruptcy or insolvency law, or any dissolution,
                                         winding up or liquidation proceeding, in respect of each Obligor, any Material Subsidiary
                                         Guarantor or any of such Subsidiaries, and, if any such case or proceeding is not commenced
                                         by an Obligor, such Material Subsidiary Guarantor or such Subsidiary, such case or proceeding
                                         shall be consented to or acquiesced in by the relevant Obligor, such Material Subsidiary
                                         Guarantor or such Subsidiary or shall result in the entry of an order for relief or shall
                                         remain for 60 days undismissed, provided that each Obligor and each Material Subsidiary
                                         Guarantor hereby expressly authorises the Facility Agent and each Lender to appear in
                                         any court conducting any such case or proceeding during such 60-day period to preserve,
                                         protect and defend their respective rights under the Loan Documents; or



 


		(e)	take
                                         any corporate action authorising, or in furtherance of, any of the foregoing.



 


SECTION
8.2. Action if Bankruptcy.


 


If
any Event of Default described in clauses (b) through (d) of Section 8.1.5 shall occur with respect to any Group Member, the Commitments
(if not theretofore terminated) shall automatically terminate and the outstanding principal amount of the Loan and all other Obligations
shall automatically be and become immediately due and payable, without notice or demand.




     Page 100


    


    


SECTION
8.3. Action if Other Event of Default.


 


If
any Event of Default (other than any Event of Default described in clauses (b) through (d) of Section 8.1.5 with respect to an
Obligor) shall occur for any reason, whether voluntary or involuntary, and be continuing, the Facility Agent, upon the direction
of the Required Lenders, shall by notice to the Borrower declare all of the outstanding principal amount of the Loan and other
Obligations to be due and payable and/or the Commitments (if not theretofore terminated) to be terminated, whereupon the full
unpaid amount of the Loan and other Obligations shall be and become immediately due and payable, without further notice, demand
or presentment, and/or, as the case may be, the Commitments shall terminate.


 


ARTICLE
IX

PREPAYMENT EVENTS


 


SECTION
9.1. Listing of Prepayment Events.


 


Each
of the following events or occurrences described in this Section 9.1 shall constitute a “Prepayment Event”.


 


SECTION
9.1.1. Change of Control


 


There
occurs any Change of Control.


 


SECTION
9.1.2. Unenforceability


 


Any
Loan Document shall cease to be the legally valid, binding and enforceable obligation of an Obligor or, to the extent applicable,
any Material Subsidiary Guarantor (in each case, other than with respect to any provisions of any Loan Document (i) identified
as unenforceable in the form of any opinion set forth as Exhibits B-1 to B-3 or in any opinion delivered to the Facility Agent
after the Effective Date in connection with this Agreement or (ii) that a court of competent jurisdiction has determined are not
material) and such event shall continue unremedied for 15 days after notice thereof has been given to the Borrower by the Facility
Agent.


 


SECTION
9.1.3. Approvals


 


Any
material license, consent, authorisation, registration or approval at any time necessary to enable an Obligor, any Material Subsidiary
Guarantor or any Principal Subsidiary to conduct its business shall be revoked, withdrawn or otherwise cease to be in full force
and effect, unless the same would not have a Material Adverse Effect.


 


SECTION
9.1.4. Non-Performance of Certain Covenants and Obligations


 


An
Obligor shall default in the due performance and observance of any of the covenants set forth in Sections 4.12 or 7.2.4 (but excluding
Sections 7.2.4(A) and 7.2.4(B) (which shall be regulated in accordance with Section 9.1.13(d)) and also excluding Section 7.2.4(C),
a breach of





     Page 101


    


    


which
is regulated in accordance with Section 8.1.3); provided that any default in respect of the due performance or observance of any
of the covenants set forth in Section 7.2.4 (but excluding Sections 7.2.4(A) and 7.2.4(B) inclusive) that occurs during the Financial
Covenant Waiver Period (but without prejudice to the rights of the Lenders in respect of any further breach that may occur following
the expiry of the Financial Covenant Waiver Period) shall not (as long as no Event of Default under Section 8.1.5 has occurred
and is continuing, or no Prepayment Event under Section 9.1.13 or Section 9.1.14 has occurred, in each case during the Financial
Covenant Waiver Period) constitute a Prepayment Event.


 


SECTION
9.1.5. Judgments


 


Any
judgment or order for the payment of money in excess of $100,000,000 shall be rendered against an Obligor or any of the Principal
Subsidiaries by a court of competent jurisdiction and the relevant Obligor or such Principal Subsidiary shall have failed to satisfy
such judgment and either:


 


		(a)	enforcement
                                         proceedings in respect of any material assets of that Obligor or such Principal Subsidiary
                                         shall have been commenced by any creditor upon such judgment or order and shall not have
                                         been stayed or enjoined within five (5) Business Days after the commencement of such
                                         enforcement proceedings; or



 


		(b)	there
                                         shall be any period of 30 consecutive days during which a stay of enforcement of such
                                         judgment or order, by reason of a pending appeal or otherwise, shall not be in effect.



 


SECTION
9.1.6. Condemnation, etc.


 


The
Purchased Vessel shall be condemned or otherwise taken under colour of law or requisitioned and the same shall continue unremedied
for at least 20 days, unless such condemnation or other taking would not have a Material Adverse Effect.


 


SECTION
9.1.7. Arrest


 


The
Purchased Vessel shall be arrested and the same shall continue unremedied for at least 20 days, unless such arrest would not have
a Material Adverse Effect.


 


SECTION
9.1.8. Sale/Disposal of the Purchased Vessel


 


The
Purchased Vessel is sold to a company which is not either of the Obligors or any of their Subsidiaries, (other than for the purpose
of a lease back to the Borrower or any other Subsidiary of either of the Obligors).


 


SECTION
9.1.9. Delayed Delivery of the Purchased Vessel


 


If,
within 15 days after the Disbursement Date, the Loan has not been utilised to pay for delivery of the Purchased Vessel, unless
(i) the Loan has been returned to the Facility Agent as





     Page 102


    


    


prepayment
in accordance with Section 3.2(a) or 3.7 or (ii) the proceeds of the Loan have been deposited to the Pledged Accounts in accordance
with Section 4.12.


 


SECTION
9.1.10. Termination of the Construction Contract


 


If
the Construction Contract is terminated in accordance with its terms or by other lawful means prior to delivery of the Purchased
Vessel and the parties thereto do not reach an agreement to reinstate the Construction Contract within 30 days after such termination.


 


SECTION
9.1.11. Termination, etc. of the Hermes Insurance Policy


 


If
the Hermes Insurance Policy fails to be in full force and effect, is terminated or cancelled or is no longer valid, or it is suspended
for more than six (6) months, in each case, so long as (a) such failure, termination, cancellation, invalidity or suspension
is not due to the gross negligence or wilful misconduct of any Lender and (b) the relevant parties to the Hermes Insurance
Policy do not reach an agreement to reinstate the Hermes Insurance Policy within 60 days after such failure, termination, cancellation
or invalidity or the end of such six-month period, as the case may be. It being agreed that the Facility Agent shall promptly
notify the Borrower and the Guarantor upon receipt by Hermes of a written notice that the Hermes Insurance Policy is no longer
in full force and effect, has been terminated, cancelled, is no longer valid or suspended.


 


Notwithstanding
anything else contained in this Agreement, if, prior to delivery of the Purchased Vessel, the Borrower makes a Mandatory Prepayment
pursuant to Section 9.2 as a result of Section 9.1.9 or a voluntary prepayment pursuant to Section 3.2(a) and the Purchased Vessel
is delivered prior to the Commitment Termination Date, the Borrower shall be entitled to make an additional Loan Request prior
to the Commitment Termination Date as if the funds had not been previously advanced. Payment of the Loan made pursuant to this
Section shall be without premium or penalty, except as may be required by Section 4.4.


 


SECTION
9.1.12. Illegality


 


No
later than the close of business on the last day of the Option Period related to the giving of any Illegality Notice by an affected
Lender pursuant to Section 3.2(d), either: (x) the Borrower has not elected to take an action specified in clause (1) or
(2) of Section 3.2(d) or (y) if any such election shall have been made, the Borrower has failed to take the action required
in respect of such election.


 


SECTION
9.1.13. Framework Prohibited Events 


 


		a.	The
                                         Guarantor declares, pays or makes or agrees to pay or make, directly or indirectly, any
                                         Restricted Payment, except for (i) dividends or other distributions with respect to its
                                         Equity Interests payable solely in additional shares of its Equity Interests or options
                                         to purchase Equity Interests, (ii) Restricted Payments pursuant to and in accordance
                                         with stock option plans or other benefit plans (including with respect to performance
                                         shares issued in the ordinary course of business) for present or former officers, directors,
                                         consultants or employees of the Guarantor in the ordinary course





     Page 103


    


    


of
business consistent with past practice and (iii) the payment of cash in lieu of the issuance of fractional shares in connection
with the exercise of warrants, options or other securities convertible into or exercisable for Equity Interests of the Guarantor;  


 


		b.	a
                                         Group Member makes any payment of any kind under any shareholder loan;



 


		c.	a
                                         Group Member sells, transfers, leases or otherwise disposes of any its assets, whether
                                         by one or a series of related transactions and that disposal or action was not conducted
                                         on arms’ length terms between a willing seller and a willing buyer and for fair
                                         market value;



 


		d.	any
                                         Group Member breaches any of the requirements of Section 7.1.1.(h), Section 7.1.1.(i),
                                         Section 7.1.1.(l), Section 7.1.1.(m), Section 7.1.1.(n), Section 7.1.9, Section 7.1.10
                                         Section 7.1.11, Section 7.2.4(A) or Section 7.2.4(B);



 


		e.	a
                                         Group Member completes a Debt Incurrence;



 


		f.	a
                                         Group Member enters into a Restricted Loan Arrangement; and/or



 


		g.	a
                                         Group Member makes a Restricted Voluntary Prepayment.



 


SECTION
9.1.14. Principles and Framework


 


An
Obligor shall default in the due performance and observance of the Principles and/or the Framework (it being agreed that if there
is inconsistency between the terms of the Principles and the Framework, the Framework shall prevail) and, if capable of remedy
such default shall continue unremedied for a period of ten (10) days after notice thereof shall have been given to the Guarantor
by the Facility Agent; provided that, if the default does not otherwise constitute a Default or a Prepayment Event under another
Section of this Agreement, as amended to date, the Borrower, the Guarantor, the Facility Agent and Hermes shall negotiate a resolution
in good faith for a maximum period of fifteen (15) days after notice thereof shall have been given to the Guarantor by the Facility
Agent.


 


SECTION
9.2. Mandatory Prepayment


 


If
any Prepayment Event shall occur and be continuing (and subject, in the case of Section 9.1.11, to Section 11.17 and
subject also in the case of Sections 9.1.13 and 9.1.14, to sub-paragraph b below), the Facility Agent, upon the direction of the
Required Lenders, shall by notice to the Borrower either (i) if the Disbursement Date has occurred and the Loan disbursed (but
without prejudice to the last paragraph of Section 9.1), require the Borrower to prepay in full on the date of such notice all
principal of and interest on the Loan and all other Obligations (and, in such event, the Borrower agrees to so pay the full unpaid
amount of the Loan and all accrued and unpaid interest thereon and all other Obligations) or (ii) if the Disbursement Date has
not occurred, terminate the Commitments; provided that:


 


		a.	if
                                         such Prepayment Event arises under Section 9.1.12, the remedy available under this
                                         Section 9.2 shall be limited to that provided above in clause (i) and only with
                                         respect






     Page 104


    


    


to
the portion of the Loan held by the affected Lender that gave the relevant Illegality Notice


 


		b.	if
                                         such Prepayment Event arises under Section 9.1.13 or Section 9.1.14 such prepayment event
                                         shall not give rise to an entitlement on the part of the Lenders to terminate the Commitments
                                         or, where the Loan has been advanced, to require that the Loan is prepaid but instead,
                                         where a notice is given by the Facility Agent pursuant to this Section 9.2 following
                                         the occurrence of a Prepayment Event under either Section 9.1.13 or Section 9.1.14, the
                                         waiver of Section 7.2.4 contained in Section 9.1.4 shall immediately cease such that
                                         any breach of Section 7.2.4 in existence as at the date of the notice from the Facility
                                         Agent referred to in the first paragraph of this Section 9.2 or any breach occurring
                                         at any time after such notice shall constitute a Prepayment Event with all attendant
                                         consequences.



 


ARTICLE
X

THE FACILITY AGENT AND THE HERMES AGENT


 


SECTION
10.1. Actions.


 


Each
Lender hereby appoints KfW IPEX, as Facility Agent and as Hermes Agent, as its agent under and for purposes of this Agreement
and each other Loan Document (for purposes of this Article X, the Facility Agent and the Hermes Agent are referred to collectively
as the “Agents”). Each Lender authorises the Agents to act on behalf of such Lender under this Agreement and
each other Loan Document and, in the absence of other written instructions from the Required Lenders received from time to time
by the Agents (with respect to which each Agent agrees that it will comply, except as otherwise provided in this Section 10.1
or as otherwise advised by counsel), to exercise such powers hereunder and thereunder as are specifically delegated to or required
of the Agents by the terms hereof and thereof, together with such powers as may be reasonably incidental thereto. Neither Agent
shall be obliged to act on the instructions of any Lender or the Required Lenders if to do so would, in the opinion of such Agent,
be contrary to any provision of this Agreement or any other Loan Document or to any law, or would expose such Agent to any actual
or potential liability to any third party.


 


SECTION
10.2. Indemnity.


 


Each
Lender hereby indemnifies (which indemnity shall survive any termination of this Agreement) each Agent, pro rata according to
such Lender’s Percentage, from and against any and all claims, damages, losses, liabilities and expenses (including, without
limitation, reasonable fees and disbursements of counsel) that be incurred by or asserted or awarded against, such Agent in any
way relating to or arising out of this Agreement and any other Loan Document or any action taken or omitted by such Agent under
this Agreement or any other Loan Document; provided that no Lender shall be liable for the payment of any portion of such
claims, damages, losses, liabilities and expenses which have resulted from such Agent’s gross negligence or wilful misconduct.
Without limitation of the foregoing, each Lender agrees to reimburse each Agent promptly upon demand for its ratable share of
any out-of-pocket expenses (including reasonable counsel fees) incurred by such Agent in connection with the preparation, execution,





     Page 105


    


    


delivery,
administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal
advice in respect of rights or responsibilities under, this Agreement, to the extent that such Agent is not reimbursed for such
expenses by the Borrower. In the case of any investigation, litigation or proceeding giving rise to any such indemnified costs,
this Section applies whether any such investigation, litigation or proceeding is brought by any Agent, any Lender or a third party.
Neither Agent shall be required to take any action hereunder or under any other Loan Document, or to prosecute or defend any suit
in respect of this Agreement or any other Loan Document, unless it is expressly required to do so under this Agreement or is indemnified
hereunder to its satisfaction. If any indemnity in favour of an Agent shall be or become, in such Agent’s determination,
inadequate, such Agent may call for additional indemnification from the Lenders and cease to do the acts indemnified against hereunder
until such additional indemnity is given.


 


SECTION
10.3. Funding Reliance, etc.


 


Each
Lender shall notify the Facility Agent by 4:00 p.m., Frankfurt time, one day prior to the advance of the Loan if it is not able
to fund the following day. Unless the Facility Agent shall have been notified by telephone, confirmed in writing, by any Lender
by 4:00 p.m., Frankfurt time, on the day prior to the advance of the Loan that such Lender will not make available the amount
which would constitute its Percentage of the Loan on the date specified therefor, the Facility Agent may assume that such Lender
has made such amount available to the Facility Agent and, in reliance upon such assumption, may, but shall not be obliged to,
make available to the Borrower a corresponding amount. If and to the extent that such Lender shall not have made such amount available
to the Facility Agent, such Lender and the Borrower severally agree to repay the Facility Agent forthwith on demand such corresponding
amount together with interest thereon, for each day from the date the Facility Agent made such amount available to the Borrower
to the date such amount is repaid to the Facility Agent, at the interest rate applicable at the time to the Loan without premium
or penalty.


 


SECTION
10.4. Exculpation.


 


Neither
of the Agents nor any of their respective directors, officers, employees or agents shall be liable to any Lender for any action
taken or omitted to be taken by it under this Agreement or any other Loan Document, or in connection herewith or therewith, except
for its own wilful misconduct or gross negligence. Without limitation of the generality of the foregoing, each Agent (i) may consult
with legal counsel (including counsel for the Borrower or the Guarantor), independent public accountants and other experts selected
by it and shall not be liable for any action taken or omitted to be taken in good faith by it and in accordance with the advice
of such counsel, accountants or experts, (ii) makes no warranty or representation to any Lender and shall not be responsible to
any Lender for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement,
(iii) shall not have any duty to ascertain or to inquire as to the performance, observance or satisfaction of any of the terms,
covenants or conditions of this Agreement on the part of the Obligors or the existence at any time of any Default or Prepayment
Event or to inspect the property (including the books and records) of the Obligors, (iv) shall not be responsible to any Lender
for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement





     Page 106


    


    


or
any other instrument or document furnished pursuant hereto, (v) shall incur no liability under or in respect of this Agreement
by action upon any notice, consent, certificate or other instrument or writing (which may be by telecopier) believed by it to
be genuine and signed or sent by the proper party or parties, and (vi) shall have no responsibility to the Obligors or any Lender
on account of (A) the failure of a Lender or an Obligor to perform any of its obligations under this Agreement or any Loan Document;
(B) the financial condition of the Obligors; (C) the completeness or accuracy of any statements, representations or warranties
made in or pursuant to this Agreement or any Loan Document, or in or pursuant to any document delivered pursuant to or in connection
with this Agreement or any Loan Document; or (D) the negotiation, execution, effectiveness, genuineness, validity, enforceability,
admissibility in evidence or sufficiency of this Agreement or any Loan Document or of any document executed or delivered pursuant
to or in connection with any Loan Document.


 


SECTION
10.5. Successor.


 


The
Facility Agent may resign as such at any time upon at least 30 days’ prior notice to the Borrower and all Lenders, provided
that any such resignation shall not become effective until a successor Facility Agent has been appointed as provided in this
Section 10.5 and such successor Facility Agent has accepted such appointment. If the Facility Agent at any time shall resign,
the Required Lenders shall, subject to the immediately preceding proviso and subject to the consent of the Guarantor and the Borrower
(such consent not to be unreasonably withheld), appoint another Lender as a successor to the Facility Agent which shall thereupon
become such Facility Agent’s successor hereunder (provided that the Required Lenders shall, subject to the consent
of the Guarantor and the Borrower unless an Event or Default or a Prepayment Event shall have occurred and be continuing (such
consent not to be unreasonably withheld or delayed) offer to each of the other Lenders in turn, in the order of their respective
Percentages of the Loan, the right to become successor Facility Agent). If no successor Facility Agent shall have been so appointed
by the Required Lenders, and shall have accepted such appointment, within 30 days after the Facility Agent’s giving notice
of resignation, then the Facility Agent may, on behalf of the Lenders, appoint a successor Facility Agent, which shall be one
of the Lenders or a commercial banking institution having a combined capital and surplus of at least $1,000,000,000 (or the equivalent
in other currencies), subject, in each case, to the consent of the Guarantor and the Borrower (such consent not to be unreasonably
withheld). Upon the acceptance of any appointment as Facility Agent hereunder by a successor Facility Agent, such successor Facility
Agent shall be entitled to receive from the resigning Facility Agent such documents of transfer and assignment as such successor
Facility Agent may reasonably request, and shall thereupon succeed to and become vested with all rights, powers, privileges and
duties of the resigning Facility Agent, and the resigning Facility Agent shall be discharged from its duties and obligations under
this Agreement. After any resigning Facility Agent’s resignation hereunder as the Facility Agent, the provisions of:


 


		(a)	this
                                         Article X shall inure to its benefit as to any actions taken or omitted to be taken by
                                         it while it was the Facility Agent under this Agreement; and



 


		(b)	Section
                                         11.3 and Section 11.4 shall continue to inure to its benefit.





     Page 107


    


    


If
a Lender acting as the Facility Agent assigns its Loan to one of its Affiliates, such Facility Agent may, subject to the consent
of the Guarantor and the Borrower (such consent not to be unreasonably withheld or delayed) assign its rights and obligations
as Facility Agent to such Affiliate.


 


SECTION
10.6. Loans by the Facility Agent.


 


The
Facility Agent shall have the same rights and powers with respect to the Loan made by it or any of its Affiliates. The Facility
Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of business with the Obligors
or any Affiliate of the Obligors as if the Facility Agent were not the Facility Agent hereunder and without any duty to account
therefor to the Lenders. The Facility Agent shall have no duty to disclose information obtained or received by it or any of its
Affiliates relating to any Obligor or its Subsidiaries to the extent such information was obtained or received in any capacity
other than as the Facility Agent.


 


SECTION
10.7. Credit Decisions.


 


Each
Lender acknowledges that it has, independently of each Agent and each other Lender, and based on such Lender’s review of
the financial information of the Obligors, this Agreement, the other Loan Documents (the terms and provisions of which being satisfactory
to such Lender) and such other documents, information and investigations as such Lender has deemed appropriate, made its own credit
decision to extend its Commitment. Each Lender also acknowledges that it will, independently of each Agent and each other Lender,
and based on such other documents, information and investigations as it shall deem appropriate at any time, continue to make its
own credit decisions as to exercising or not exercising from time to time any rights and privileges available to it under this
Agreement or any other Loan Document.


 


SECTION
10.8. Copies, etc.


 


Each
Agent shall give prompt notice to each Lender of each notice or request required or permitted to be given to such Agent by an
Obligor pursuant to the terms of this Agreement (unless concurrently delivered to the Lenders by the relevant Obligor). Each Agent
will distribute to each Lender each document or instrument received for its account and copies of all other communications received
by such Agent from the Obligors for distribution to the Lenders by such Agent in accordance with the terms of this Agreement.


 


SECTION
10.9. The Agents’ Rights.


 


Each
Agent may (i) assume that all representations or warranties made or deemed repeated by the Obligors in or pursuant to this Agreement
or any Loan Document are true and complete, unless, in its capacity as the Facility Agent, it has acquired actual knowledge to
the contrary, (ii) assume that no Default has occurred unless, in its capacity as an Agent, it has acquired actual knowledge to
the contrary, (iii) rely on any document or notice believed by it to be genuine, (iv) rely as to legal or other professional matters
on opinions and statements of any legal or other professional advisers selected or approved by it, (v) rely as to any factual
matters which might reasonably be expected to be within the knowledge an Obligor on a certificate





     Page 108


    


    


signed
by or on behalf of that Obligor and (vi) refrain from exercising any right, power, discretion or remedy unless and until instructed
to exercise that right, power, discretion or remedy and as to the manner of its exercise by the Lenders (or, where applicable,
by the Required Lenders) and unless and until such Agent has received from the Lenders any payment which such Agent may require
on account of, or any security which such Agent may require for, any costs, claims, expenses (including legal and other professional
fees) and liabilities which it considers it may incur or sustain in complying with those instructions.


 


SECTION
10.10. The Facility Agent’s Duties.


 


The
Facility Agent shall (i) if requested in writing to do so by a Lender, make enquiry and advise the Lenders as to the performance
or observance of any of the provisions of this Agreement or any other Loan Document by any Obligor or as to the existence of an
Event of Default and (ii) inform the Lenders promptly of any Event of Default of which the Facility Agent has actual knowledge.


 


The
Facility Agent shall not be deemed to have actual knowledge of the falsehood or incompleteness of any representation or warranty
made or deemed repeated by the Obligors or actual knowledge of the occurrence of any Default unless a Lender or an Obligor shall
have given written notice thereof to the Facility Agent in its capacity as the Facility Agent. Any information acquired by the
Facility Agent other than specifically in its capacity as the Facility Agent shall not be deemed to be information acquired by
the Facility Agent in its capacity as the Facility Agent.


 


The
Facility Agent may, without any liability to account to the Lenders, generally engage in any kind of banking or trust business
with the Obligors or with any Obligor’s subsidiaries or associated companies or with a Lender as if it were not the Facility
Agent.


 


SECTION
10.11. Employment of Agents.


 


In
performing its duties and exercising its rights, powers, discretions and remedies under or pursuant to this Agreement or the Loan
Documents, each Agent shall be entitled to employ and pay agents to do anything which such Agent is empowered to do under or pursuant
to this Agreement or the Loan Documents (including the receipt of money and documents and the payment of money); provided
that, unless otherwise provided herein, including without limitation Section 11.3, the employment of such agents shall be for
such Agent’s account, and to act or refrain from taking action in reliance on the opinion of, or advice or information obtained
from, any lawyer, banker, broker, accountant, valuer or any other person believed by such Agent in good faith to be competent
to give such opinion, advice or information.


 


SECTION
10.12. Distribution of Payments.


 


The
Facility Agent shall pay promptly to the order of each Lender that Lender’s Percentage Share of every sum of money received
by the Facility Agent pursuant to this Agreement or the Loan Documents (with the exception of any amounts payable pursuant to
the Fee Letter and any amounts which, by the terms of this Agreement or the Loan Documents, are paid to the Facility Agent for
the account of the Facility Agent alone or specifically for the





     Page 109


    


    


account
of one or more Lenders) and until so paid such amount shall be held by the Facility Agent on trust absolutely for that Lender.


 


SECTION
10.13. Reimbursement.


 


The
Facility Agent shall have no liability to pay any sum to a Lender until it has itself received payment of that sum. If, however,
the Facility Agent does pay any sum to a Lender on account of any amount prospectively due to that Lender pursuant to Section
10.12 before it has itself received payment of that amount, and the Facility Agent does not in fact receive payment within two
(2) Business Days after the date on which that payment was required to be made by the terms of this Agreement or the Loan Documents,
that Lender will, on demand by the Facility Agent, refund to the Facility Agent an amount equal to the amount received by it,
together with an amount sufficient to reimburse the Facility Agent for any amount which the Facility Agent may certify that it
has been required to pay by way of interest on money borrowed to fund the amount in question during the period beginning on the
date on which that amount was required to be paid by the terms of this Agreement or the Loan Documents and ending on the date
on which the Facility Agent receives reimbursement.


 


SECTION
10.14. Instructions.


 


Where
an Agent is authorised or directed to act or refrain from acting in accordance with the instructions of the Lenders or of the
Required Lenders each of the Lenders shall provide such Agent with instructions within three (3) Business Days of such Agent’s
request (which request may be made orally or in writing). If a Lender does not provide such Agent with instructions within that
period, that Lender shall be bound by the decision of such Agent. Nothing in this Section 10.14 shall limit the right of such
Agent to take, or refrain from taking, any action without obtaining the instructions of the Lenders or the Required Lenders if
such Agent in its discretion considers it necessary or appropriate to take, or refrain from taking, such action in order to preserve
the rights of the Lenders under or in connection with this Agreement or the Loan Documents. In that event, such Agent will notify
the Lenders of the action taken by it as soon as reasonably practicable, and the Lenders agree to ratify any action taken by the
Facility Agent pursuant to this Section 10.14.


 


SECTION
10.15. Payments.


 


All
amounts payable to a Lender under this Section 10.15 shall be paid to such account at such bank as that Lender may from time
to time direct in writing to the Facility Agent.


 


SECTION
10.16. “Know your customer” Checks.


 


The
Obligors will promptly on any Lender’s request supply to it any documentation or other evidence that is reasonably required
by that Lender for itself to enable that Lender:


 


		(a)	to
                                         carry out and be satisfied it has complied with all necessary “know your customer”
                                         or other similar checks that that Lender or any such person is obliged to carry out under
                                         all applicable laws and regulations pursuant to the transactions contemplated in the
                                         Loan Documents; and





     Page 110


    


    


		(b)	to
                                         comply with its obligations under all applicable laws and regulations to prevent money
                                         laundering and corruption and to conduct ongoing monitoring of the business relationship
                                         with the Obligors.



 


SECTION
10.17. No Fiduciary Relationship.


 


Except
as provided in Section 10.12, no Agent shall have any fiduciary relationship with or be deemed to be a trustee of or for
any other person and nothing contained in this Agreement or any Loan Document shall constitute a partnership between any two or
more Lenders or between either Agent and any other person.


 


ARTICLE
XI

MISCELLANEOUS PROVISIONS


 


SECTION
11.1. Waivers, Amendments, etc. 


 


The
provisions of this Agreement and of each other Loan Document may from time to time be amended, modified or waived, if such amendment,
modification or waiver is in writing and consented to by the Borrower and the Required Lenders; provided that no such amendment,
modification or waiver which would:


 


		(a)	modify
                                         any requirement hereunder that any particular action be taken by all the Lenders or by
                                         the Required Lenders shall be effective unless consented to by each Lender;



 


		(b)	modify
                                         this Section 11.1 or change the definition of “Required Lenders” shall be
                                         made without the consent of each Lender;



 


		(c)	increase
                                         the Commitment of any Lender shall be made without the consent of such Lender;



 


		(d)	reduce
                                         any fees described in Article III payable to any Lender shall be made without the consent
                                         of such Lender;



 


		(e)	extend
                                         the Commitment Termination Date of any Lender shall be made without the consent of such
                                         Lender;



 


		(f)	extend
                                         the due date for, or reduce the amount of, any scheduled repayment or prepayment of principal
                                         of or interest on the Loan (or reduce the principal amount of or rate of interest on
                                         the Loan) owed to any Lender shall be made without the consent of such Lender; or



 


		(g)	affect
                                         adversely the interests, rights or obligations of the Facility Agent in its capacity
                                         as such shall be made without consent of the Facility Agent.



 


No
failure or delay on the part of the Facility Agent or any Lender in exercising any power or right under this Agreement or any
other Loan Document shall operate as a waiver thereof, nor





     Page 111


    


    


shall
any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any
other power or right. No notice to or demand on the Borrower or the Guarantor in any case shall entitle it to any notice or demand
in similar or other circumstances. No waiver or approval by the Facility Agent or any Lender under this Agreement or any other
Loan Document shall, except as may be otherwise stated in such waiver or approval, be applicable to subsequent transactions. No
waiver or approval hereunder shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. The
Lenders hereby agree, at any time and from time to time that the Nordea Agreement or the Bank of Nova Scotia Agreement is amended
or refinanced, to negotiate in good faith to amend this Agreement to conform any representations, warranties, covenants or events
of default in this Agreement to the amendments made to any substantively comparable provisions in the Nordea Agreement or the
Bank of Nova Scotia Agreement or any refinancing thereof.


 


SECTION
11.2. Notices.


 


		(a)	All
                                         notices and other communications provided to any party hereto under this Agreement or
                                         any other Loan Document shall be in writing, by facsimile or by electronic mail and addressed,
                                         delivered or transmitted to such party at its address, facsimile number or electronic
                                         mail address set forth below its signature hereto or set forth in the Lender Assignment
                                         Agreement or at such other address, or facsimile number as may be designated by such
                                         party in a notice to the other parties. Any notice, if mailed and properly addressed
                                         with postage prepaid or if properly addressed and sent by pre-paid courier service, shall
                                         be deemed given when received; any notice, if transmitted by facsimile, shall be deemed
                                         given when transmitted provided it is received in legible form; any notice, if transmitted
                                         by electronic mail, shall be deemed given upon acknowledgment of receipt by the recipient.



 


		(b)	So
                                         long as KfW IPEX is the Facility Agent, an Obligor may provide to the Facility Agent
                                         all information, documents and other materials that it furnishes to the Facility Agent
                                         hereunder or any other Loan Document (and any guaranties, security agreements and other
                                         agreements relating thereto), including, without limitation, all notices, requests, financial
                                         statements, financial and other reports, certificates and other materials, but excluding
                                         any such communication that (i) relates to a request for a new, or a conversion of an
                                         existing advance or other extension of credit (including any election of an interest
                                         rate or interest period relating thereto), (ii) relates to the payment of any principal
                                         or other amount due hereunder or any other Loan Document prior to the scheduled date
                                         therefor, (iii) provides notice of any Default or Event of Default or (iv) is required
                                         to be delivered to satisfy any condition precedent to the effectiveness of the Agreement
                                         and/or any advance or other extension of credit hereunder (all such non-excluded communications
                                         being referred to herein collectively as “Communications”), by transmitting
                                         the Communications in an electronic/soft medium in a format acceptable to the Facility
                                         Agent at Ole_Christian.Sande@kfw.de and maritime-industries-administration@kfw.de (or
                                         such other email address notified by the Facility Agent to the Borrower); provided






     Page 112


    


    


that
any Communication requested pursuant to Section 7.1.1(h) shall be in a format acceptable to the Borrower and the Facility Agent.


 


		(c)	Each
                                         Obligor agrees that the Facility Agent may make such items included in the Communications
                                         as the Borrower may specifically agree available to the Lenders by posting such notices,
                                         at the option of the Borrower, on Intralinks or any similar such platform (the “Platform”)
                                         acceptable to the Borrower. Although the primary web portal is secured with a dual firewall
                                         and a User ID/Password Authorisation System and the Platform is secured through a single
                                         user per deal authorisation method whereby each user may access the Platform only on
                                         a deal-by-deal basis, each Obligor acknowledges that (i) the distribution of material
                                         through an electronic medium is not necessarily secure and that there are confidentiality
                                         and other risks associated with such distribution, (ii) the Platform is provided “as
                                         is” and “as available” and (iii) neither the Facility Agent nor any
                                         of its Affiliates warrants the accuracy, adequacy or completeness of the Communications
                                         or the Platform and each expressly disclaims liability for errors or omissions in the
                                         Communications or the Platform. No warranty of any kind, express, implied or statutory,
                                         including, without limitation, any warranty of merchantability, fitness for a particular
                                         purpose, non-infringement of third party rights or freedom from viruses or other code
                                         defects, is made by the Facility Agent or any of its Affiliates in connection with the
                                         Platform.



 


		(d)	The
                                         Facility Agent agrees that the receipt of Communications by the Facility Agent at its
                                         e-mail address set forth above shall constitute effective delivery of such Communications
                                         to the Facility Agent for purposes hereunder and any other Loan Document (and any guaranties,
                                         security agreements and other agreements relating thereto).



 


SECTION
11.3. Payment of Costs and Expenses.


 


The
Borrower agrees to pay on demand all reasonable expenses of the Facility Agent and KfW (including the reasonable fees and out-of-pocket
expenses of counsel to the Facility Agent, and of local counsel, if any, who may be retained by counsel to the Facility Agent
and, in the case of KfW, counsel retained by KfW with the Borrower’s prior approval in connection with the initial syndication
of the Loan) in connection with the initial syndication of the Loan and any amendments, waivers, consents, supplements or other
modifications to, this Agreement or any other Loan Document as may from time to time hereafter be required, whether or not the
transactions contemplated hereby are consummated. In addition, the Borrower agrees to pay (i) reasonable fees and out of pocket
expenses of counsel to the Facility Agent and (if and to the extent that KfW uses the same counsel as that of the Facility Agent)
of counsel to KfW in connection with the funding under this Agreement. The Borrower further agrees to pay, and to save the Facility
Agent and the Lenders harmless from all liability for, any stamp, recording, documentary or other similar taxes arising from the
execution, delivery or enforcement of this Agreement or the borrowing hereunder or any other Loan Documents. The Borrower also
agrees to reimburse the Facility Agent and each Lender upon demand for all reasonable out-of-pocket expenses (including reasonable
attorneys’ fees and legal expenses) incurred by the Facility Agent





     Page 113


    


    


or
such Lender in connection with (x) the negotiation of any restructuring or “work-out”, whether or not consummated,
of any Obligations and (y) the enforcement of any Obligations. For the purposes of this Section 11.3, references to “KfW”
shall mean KfW only in its capacity as set out in sub-clauses (a) and (b) of the definition of “KfW”.


 


SECTION
11.4. Indemnification.


 


In
consideration of the execution and delivery of this Agreement by each Lender and the extension of the Commitments, the Borrower
hereby indemnifies and holds harmless the Facility Agent, each Lender and each of their respective Affiliates and their respective
officers, advisors, directors and employees (collectively, the “Indemnified Parties”) from and against any
and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and disbursements of
counsel), joint or several, that may be incurred by or asserted or awarded against any Indemnified Party (including, without limitation,
in connection with any investigation, litigation or proceeding or the preparation of a defence in connection therewith), in each
case arising out of or in connection with or by reason of this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby or any actual or proposed use of the proceeds of the Loans (collectively, the “Indemnified Liabilities”),
except to the extent such claim, damage, loss, liability or expense (i) is found in a final, non-appealable judgment by a court
of competent jurisdiction to have resulted primarily from such Indemnified Party’s gross negligence or wilful misconduct
or the material breach by such Indemnified Party of its obligations under this Agreement or any other Loan Document and which
breach is not attributable to the Borrower’s own breach of the terms of this Agreement or any other Loan Document or (ii)
relates to a FATCA Deduction required to be made by a party to this Agreement. In the case of an investigation, litigation or
other proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not such investigation,
litigation or proceeding is brought by the Borrower, any of its directors, security holders or creditors, an Indemnified Party
or any other person or an Indemnified Party is otherwise a party thereto. Each Indemnified Party shall (a) furnish the Borrower
with prompt notice of any action, suit or other claim covered by this Section 11.4, (b) not agree to any settlement or compromise
of any such action, suit or claim without the Borrower’s prior consent, (c) shall cooperate fully in the Borrower’s
defence of any such action, suit or other claim (provided that the Borrower shall reimburse such Indemnified Party for
its reasonable out-of-pocket expenses incurred pursuant hereto) and (d) at the Borrower’s request, permit the Borrower to
assume control of the defence of any such claim, other than regulatory, supervisory or similar investigations, provided
that (i) the Borrower acknowledges in writing its obligations to indemnify the Indemnified Party in accordance with the terms
herein in connection with such claims, (ii) the Borrower shall keep the Indemnified Party fully informed with respect to the conduct
of the defence of such claim, (iii) the Borrower shall consult in good faith with the Indemnified Party (from time to time and
before taking any material decision) about the conduct of the defence of such claim, (iv) the Borrower shall conduct the defence
of such claim properly and diligently taking into account its own interests and those of the Indemnified Party, (v) the Borrower
shall employ counsel reasonably acceptable to the Indemnified Party and at the Borrower’s expense, and (vi) the Borrower
shall not enter into a settlement with respect to such claim unless either (A) such settlement involves only the payment of a
monetary sum, does not include any performance by or an admission of liability or responsibility on the part of the Indemnified
Party, and contains a





     Page 114


    


    


provision
unconditionally releasing the Indemnified Party and each other indemnified party from, and holding all such persons harmless,
against, all liability in respect of claims by any releasing party or (B) the Indemnified Party provides written consent to such
settlement (such consent not to be unreasonably withheld or delayed). Notwithstanding the Borrower’s election to assume
the defence of such action, the Indemnified Party shall have the right to employ separate counsel and to participate in the defence
of such action and the Borrower shall bear the fees, costs and expenses of such separate counsel if (i) the use of counsel chosen
by the Borrower to represent the Indemnified Party would present such counsel with an actual or potential conflict of interest,
(ii) the actual or potential defendants in, or targets of, any such action include both the Borrower and the Indemnified Party
and the Indemnified Party shall have concluded that there may be legal defences available to it which are different from or additional
to those available to the Borrower and determined that it is necessary to employ separate counsel in order to pursue such defences
(in which case the Borrower shall not have the right to assume the defence of such action on the Indemnified Party’s behalf),
(iii) the Borrower shall not have employed counsel reasonably acceptable to the Indemnified Party to represent the Indemnified
Party within a reasonable time after notice of the institution of such action, or (iv) the Borrower authorises the Indemnified
Party to employ separate counsel at the Borrower’s expense. The Borrower acknowledges that none of the Indemnified Parties
shall have any liability (whether direct or indirect, in contract, tort or otherwise) to the Borrower or any of its security holders
or creditors for or in connection with the transactions contemplated hereby, except to the extent such liability is determined
in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Indemnified Party’s
gross negligence or wilful misconduct. In no event, however, shall any Indemnified Party be liable on any theory of liability
for any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or
anticipated savings). If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Borrower hereby
agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible
under applicable law.


 


SECTION
11.5. Survival.


 


The
obligations of the Borrower under Sections 4.3, 4.4, 4.5, 4.6, 4.7, 11.3 and 11.4 and the obligations of the Lenders under Section
10.1, shall in each case survive any termination of this Agreement and the payment in full of all Obligations. The representations
and warranties made by the Borrower in this Agreement and in each other Loan Document shall survive the execution and delivery
of this Agreement and each such other Loan Document.


 


SECTION
11.6. Severability; Independence of Obligations.


 


Any
provision of this Agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such
provision and such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions of this Agreement or such Loan Document or affecting the validity or enforceability of such provision in
any other jurisdiction.




     Page 115


    


    


The
Borrower agrees that the Borrower’s obligations under this Agreement (including its obligation to repay the Loan) (a) are
independent of the Construction Contract and (b) will not be invalidated, suspended or limited in any way by any termination,
rescission, cancellation, invalidation, non-performance or non-completion of the Construction Contract or any other contract,
agreement or arrangement relating thereto (other than the Loan Documents) or any dispute or claim between the Borrower and/or
the Builder and/or any suppliers and/or any other third parties under or in connection with the Construction Contract, or any
defence thereto, or any insolvency proceedings relating to the Builder or any other Person.


 


SECTION
11.7. Headings.


 


The
various headings of this Agreement and of each other Loan Document are inserted for convenience only and shall not affect the
meaning or interpretation of this Agreement or such other Loan Document or any provisions hereof or thereof.


 


SECTION
11.8. Execution in Counterparts. 


 


This
Agreement may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all
of which shall constitute together but one and the same agreement.


 


SECTION
11.9. Third Party Rights.


 


Notwithstanding
the provisions of the Contracts (Rights of Third Parties) Act 1999, no term of this Agreement is enforceable by a person who is
not a party to it.


 


SECTION
11.10. Successors and Assigns.


 


This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns;
provided that:


 


		(a)	except
                                         to the extent permitted under Section 7.2.5, neither the Borrower nor the Guarantor may
                                         assign or transfer its rights or obligations hereunder without the prior written consent
                                         of the Facility Agent and each Lender; and



 


		(b)	the
                                         rights of sale, assignment and transfer of the Lenders are subject to Section 11.11.



 


SECTION
11.11. Sale and Transfer of the Loan; Participations in the Loan.


 


Each
Lender may assign its Percentage or portion of the Loan to one or more other Persons (a “New Lender”), or sell
participations in its Percentage or portion of the Loan to one or more other Persons; provided that, in the case of assignments,
such New Lender enters into a CIRR Agreement; and provided further that, in the case of assignments, such Lender shall
use commercially reasonable efforts to assign only to a New Lender that has agreed to enter into an Option A Refinancing Agreement.




     Page 116


    


    

SECTION
11.11.1. Assignments 


 


(i)
KfW IPEX, as Lender, (A)(1) with the prior consultation and written consent of the Borrower (which consent shall not be unreasonably
delayed or withheld but which consent shall be deemed to have been given in the absence of a written notice delivered by the Borrower
to KfW IPEX, on or before the fifth Business Day after receipt by the Borrower of KfW IPEX’s request for consent, stating,
in reasonable detail, the reasons why the Borrower proposes to withhold such consent) may at any time (and from time to time)
assign or transfer (including by way of novation) to one or more commercial banks or other financial institutions, when taken
together with participations sold by KfW IPEX pursuant to Section 11.11.2, such part of its share of the aggregate principal amount
of the Loan or the total aggregate Commitments as does not reduce its share below 50% of the total Loan or total Commitments and
(2) after having assigned or transferred, when taken together with participations sold by KfW IPEX pursuant to Section 11.11.2,
such part of its share of the aggregate principal amount of the Loan or total aggregate Commitments so as to reduce its said share
to 50% of the total Loan or total Commitments (pursuant to the foregoing clause (1) and/or Section 11.11.2), with the written
consent of the Borrower (which consent may be withheld at the discretion of the Borrower) may at any time (and from time to time)
assign or transfer (including by way of novation) to one or more commercial banks or other financial institutions all or any fraction
of KfW IPEX’s remaining portion of the Loan or remaining Commitment, (B) with notice to the Borrower and, notwithstanding
the following clause (ii), without the consent of the Borrower, may assign or transfer at any time to KfW and (C) in connection
with the primary syndication of the Loan, at any time (and from time to time) assign or transfer to one or more commercial banks
or other financial institutions identified by the Guarantor in consultation with KfW IPEX that fraction of KfW IPEX ́s Loan
or Commitment that the Guarantor directs KfW IPEX to assign or transfer.


 


(ii)
Any Lender (other than KfW IPEX) with the prior consultation and written consent of the Borrower and the Facility Agent (which
consents shall not be unreasonably delayed or withheld and which consent, in the case of the Borrower, shall be deemed to have
been given in the absence of a written notice delivered by the Borrower to the Facility Agent, on or before the fifth Business
Day after receipt by the Borrower of such Lender’s request for consent, stating, in reasonable detail, the reasons why the
Borrower proposes to withhold such consent) may at any time (and from time to time) assign or transfer to one or more commercial
banks or other financial institutions all or any fraction of such Lender’s Loan; provided that (A) any Affiliate
of KfW IPEX shall be subject to the provisions of Section 11.11.1(i) and 11.11.2(f) as if such Affiliate were KfW IPEX and (B)
in the case of any other assignee or transferee, such other assignee or transferee shall (1) be reasonably acceptable to the Facility
Agent, (2) meet the criteria set out in Section 2.2 of the Terms and Conditions and (3) in the case of a replacement of an Option
A Lender, be reasonably acceptable to KfW.


 


(iii)
Any Lender, with notice to the Borrower and the Facility Agent, and, notwithstanding the foregoing clauses (i) and (ii), without
the consent of the Borrower, or the Facility Agent may assign or transfer (A) following the Disbursement Date, to any of its Affiliates
or (B) following the occurrence and during the continuance of an Event of Default under Sections 8.1.1, 8.1.4(a) or 8.1.5, to
any other Person, in either case, all or any fraction of such Lender’s portion of the Loan but on the basis that, in the
case of clause (A) and clause (B),





     Page 117


    


    


any
assignee or transferee shall (1) be reasonably acceptable to the Facility Agent, (2) meet the criteria set out in Section 2.2
of the Terms and Conditions and (3) in the case of a replacement of an Option A Lender, be reasonably acceptable to KfW.


 


(iv)
Any Lender may (notwithstanding the foregoing clauses, and without notice to, or consent from, the Borrower or the Facility Agent)
assign or charge all or any fraction of its portion of the Loan to (i) any Federal Reserve Bank as collateral security pursuant
to Regulation A of the F.R.S. Board and any Operating Circular issued by such Federal Reserve Bank all or any fraction of such
Lender’s portion of the Loan, (ii) any other federal reserve or central bank responsible for a Lender or (iii) to KfW as
collateral security pursuant to the terms of any Option A Refinancing Agreement entered into by such Lender.


 


(v)
No Lender may (notwithstanding the foregoing clauses) assign or transfer any of its rights under this Agreement unless it has
given prior written notification of the transfer to Hermes and (if it is then funded by KfW) KfW and has obtained a prior written
consent from Hermes and (if it is then funded by KfW) KfW.


 


(vi)
Nothing in this Section 11.11.1 shall prejudice the right of the Lender to assign its rights under this Agreement to Hermes, if
such assignment is required to be made by that Lender to Hermes in accordance with the Hermes Insurance Policy.


 


Each
Person described in the foregoing clauses as being the Person to whom such assignment or transfer is to be made, is hereinafter
referred to as an “Assignee Lender”. Assignments in a minimum aggregate amount of $25,000,000 (or, if less,
all of such Lender’s portion of the Loan and Commitment) (which assignment or transfer shall be of a constant, and not a
varying, percentage of such Lender’s portion of the Loan) are permitted; provided that the Borrower and the Facility
Agent shall be entitled to continue to deal solely and directly with such Lender in connection with the interests so assigned
or transferred to an Assignee Lender until:


 


		(a)	written
                                         notice of such assignment or transfer, together with payment instructions, addresses
                                         and related information with respect to such Assignee Lender, shall have been given to
                                         the Borrower and the Facility Agent by such Lender and such Assignee Lender;



 


		(b)	such
                                         Assignee Lender shall have executed and delivered to the Borrower and the Facility Agent
                                         a Lender Assignment Agreement, accepted by the Facility Agent and, if the applicable
                                         portion of the Loan is a Fixed Rate Loan, any other agreements required by the Facility
                                         Agent or KfW in connection therewith; and



 


		(c)	the
                                         processing fees described below shall have been paid.



 


From
and after the date that the Facility Agent accepts such Lender Assignment Agreement, (x) the Assignee Lender thereunder shall
be deemed automatically to have become a party hereto and to the extent that rights and obligations hereunder have been assigned
or transferred to such Assignee Lender in connection with such Lender Assignment Agreement, shall have the rights and obligations
of a Lender hereunder and under the other Loan Documents, and (y) the assignor Lender, to the extent that rights and obligations
hereunder have been assigned or transferred by





     Page 118


    


    


it,
shall be released from its obligations hereunder and under the other Loan Documents, other than any obligations arising prior
to the effective date of such assignment. Except to the extent resulting from a subsequent change in law, in no event shall the
Borrower be required to pay to any Assignee Lender any amount under Sections 4.2(c), 4.3, 4.4, 4.5, 4.6 and 4.7 that is greater
than the amount which it would have been required to pay had no such assignment been made. Such assignor Lender or such Assignee
Lender must also pay a processing fee to the Facility Agent upon delivery of any Lender Assignment Agreement in the amount of
$2,000 (and shall also reimburse the Facility Agent and KfW for any reasonable out-of-pocket costs, including reasonable attorneys’
fees and expenses, incurred in connection with the assignment).


 


SECTION
11.11.2. Participations.


 


Any
Lender may at any time sell to one or more commercial banks or other financial institutions (each of such commercial banks and
other financial institutions being herein called a “Participant”) participating interests in its Loan; provided
that:


 


		(a)	no
                                         participation contemplated in this Section 11.11.2 shall relieve such Lender from its
                                         obligations hereunder;



 


		(b)	such
                                         Lender shall remain solely responsible for the performance of its obligations hereunder;



 


		(c)	the
                                         Borrower and the Facility Agent shall continue to deal solely and directly with such
                                         Lender in connection with such Lender’s rights and obligations under this Agreement
                                         and each of the other Loan Documents;



 


		(d)	no
                                         Participant, unless such Participant is an Affiliate of such Lender, shall be entitled
                                         to require such Lender to take or refrain from taking any action hereunder or under any
                                         other Loan Document, except that such Lender may agree with any Participant that such
                                         Lender will not, without such Participant’s consent, take any actions of the type
                                         described in clauses (b) through (f) of Section 11.1;



 


		(e)	the
                                         Borrower shall not be required to pay any amount under Sections 4.2(c), 4.3, 4.4, 4.5,
                                         4.6 and 4.7 that is greater than the amount which it would have been required to pay
                                         had no participating interest been sold;



 


		(f)	each
                                         Lender that sells a participation under this Section 11.11.2 shall, acting solely for
                                         this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it
                                         enters the name and address of each Participant and the principal amounts of (and stated
                                         interest on) each of the Participant’s interest in that Lender’s portion
                                         of the Loan, Commitments or other interests hereunder (the “Participant Register”).
                                         The entries in the Participant Register shall be conclusive absent manifest error, and
                                         such Lender may treat each person whose name is recorded in the Participant Register
                                         as the owner of such participation for all purposes hereunder; and



 


		(g)	KfW
                                         IPEX may not sell participating interests pursuant to this Section 11.11.2 that, when
                                         taken together with Loans and/or Commitments sold by KfW IPEX pursuant






     Page 119


    


    


to
Section 11.11.1, result in KfW IPEX’s share of the aggregate principal amount of the Loan and/or the aggregate Commitments
being less than 50% of the total Loan or total Commitments, without the written consent of the Borrower (which consent shall not
be required following the occurrence and during the continuance of an Event of Default or a Prepayment Event).


 


Each
Obligor acknowledges and agrees that each Participant, for purposes of Sections 4.2(c), 4.3, 4.4, 4.5, 4.6 and clause (e) of 7.1.1,
shall be considered a Lender.


 


SECTION
11.11.3. Register.


 


The
Facility Agent, acting as agent for the Borrower, shall maintain at its address referred to in Section 11.2 a copy of each Lender
Assignment Agreement delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders
and the Commitment(s) of, and principal amount of the Loan owing to, each Lender from time to time (the “Register”).
The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Facility
Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this
Agreement. The Register shall be available for inspection by any Obligor or any Lender at any reasonable time and from time to
time upon reasonable prior notice.


 


SECTION
11.12. Other Transactions.


 


Nothing
contained herein shall preclude the Facility Agent or any Lender from engaging in any transaction, in addition to those contemplated
by this Agreement or any other Loan Document, with the Borrower or any of its Affiliates in which the Borrower or such Affiliate
is not restricted hereby from engaging with any other Person.


 


SECTION
11.13. Hermes Insurance Policy.


 


SECTION
11.13.1. Terms of Hermes Insurance Policy


 


		(a)	The
                                         Hermes Insurance Policy will cover 95% of the Loan.



 


		(b)	The
                                         Hermes Fee will equal 2.37% of the aggregate principal amount of the Loan as at the Delivery
                                         Date.



 


		(c)	The
                                         parties have entered into this Agreement on the basis that the Hermes Insurance Policy
                                         shall contain the following terms and should such terms not be included within the Hermes
                                         Insurance Policy, then the Borrower may cancel the Commitment(s):



 


		(i)	25%
                                         of the Hermes Fee as in effect on the date of issuance of the Hermes Insurance Policy
                                         (“First Fee”) will be payable to the Hermes Agent or Hermes in Dollars
                                         within two (2) Business Days of receipt by the Borrower of demand from the Hermes Agent
                                         following the later to






     Page 120


    


    


occur
of (i) the issue of the Hermes Insurance Policy and (ii) the Effective Date;


 


		(ii)	the
                                         balance of the Hermes Fee (being the amount thereof under paragraph (b) above less the
                                         First Fee) (“Second Fee”) will be payable in Dollars, to the Hermes
                                         Agent or Hermes on the Delivery Date;



 


		(iii)	if
                                         the Commitments are cancelled in full by the Borrower or the Lenders on or prior to the
                                         Delivery Date (including, for the avoidance of doubt, subsequent to disbursement of the
                                         Loan and prepayment thereof by the Borrower under Section 3.7), Hermes shall be required
                                         to reimburse the Hermes Agent the amount of the First Fee less an administration fee
                                         (such administration fee to be no greater than 5% of the amount refunded but in any event
                                         not exceeding EUR2,500);



 


		(iv)	if
                                         the Commitments are cancelled in part by the Borrower on or prior to the Delivery Date
                                         (including, for the avoidance of doubt, subsequent to disbursement of the Loan and prepayment
                                         thereof by the Borrower under Section 3.7), Hermes shall be required to reimburse the
                                         Hermes Agent an amount equal to a corresponding proportion of the First Fee, based on
                                         the proportion of the aggregate Commitments prior to such cancellation to the aggregate
                                         Commitments after giving effect to such cancellation, less an administration fee (such
                                         administration fee to be no greater than 5% of the amount refunded but in any event not
                                         exceeding EUR2,500); and



 


		(v)	if,
                                         after the Delivery Date, the Borrower prepays all or part of the Loan in accordance with
                                         this Agreement, Hermes shall be required to reimburse the Hermes Agent an amount equal
                                         to a corresponding proportion of the unexpired portion of the Hermes Fee, having regard
                                         to the amount of the prepayment and the remaining term of the Loan less the sum of (x)
                                         a break funding fee equal to 20% of the unexpired portion of the Hermes Fee and (y) an
                                         administration fee (such fee to be no greater than 5% of the amount refunded but in any
                                         event not exceeding EUR2,500).



 


Where
the Hermes Agent receives any reimbursement of any Hermes Fee, other than the First Fee prior to the date the Borrower is reimbursed
out of proceeds of the Loan for that First Fee, such reimbursed amount received from Hermes shall be used in prepayment of the
Loan without any further notice by the Hermes Agent to the Borrower or, where the Loan has already been prepaid in full, any such
amount shall be paid directly to the Borrower or as it may direct. The Hermes Agent shall inform the Borrower as soon as reasonably
possible after it becomes aware of any decrease in the Hermes Fee which may result in a reimbursement by Hermes of an excess amount
to the Hermes Agent and a consequential prepayment of the Loan under this Section.




     Page 121


    


    


SECTION
11.13.2. Obligations of the Borrower.


 


		(a)	Provided
                                         that the Hermes Insurance Policy complies with Section 11.13.1, the Borrower shall pay
                                         (a) the First Fee to the Hermes Agent in accordance with section 11.13.1(c)(i) and (b)
                                         the Second Fee to the Hermes Agent on the Delivery Date. In each case, if received by
                                         the Hermes Agent, the Hermes Agent shall pay such amount to Hermes.



 


		(b)	Provided
                                         that the Hermes Insurance Policy complies with Section 11.13.1, the Borrower shall pay
                                         to the Hermes Agent an issue fee of EUR12,500 for the issue of the Hermes Insurance Policy
                                         at the same time that the First Fee is payable.



 


SECTION
11.13.3. Obligations of the Hermes Agent and the Lenders.


 


		(a)	Promptly
                                         upon receipt of the Hermes Insurance Policy from Hermes, the Hermes Agent shall (subject
                                         to any confidentiality undertakings given to Hermes by the Hermes Agent pursuant to the
                                         terms of the Hermes Insurance Policy) send a copy thereof to the Borrower.



 


		(b)	The
                                         Hermes Agent shall perform such acts or provide such information which are, acting reasonably,
                                         within its power so to perform or so to provide, as required by Hermes under the Hermes
                                         Insurance Policy and as are necessary to ensure that the Lenders obtain the support of
                                         Hermes pursuant to the Hermes Insurance Policy.



 


		(c)	The
                                         Hermes Agent shall (in the circumstances described in Section 11.13.1(c)(iii), (iv) or
                                         (v)):



 


		(i)	make
                                         written requests to Hermes seeking a reimbursement of the Hermes Fee promptly after the
                                         relevant cancellation or prepayment and (subject to any confidentiality undertakings
                                         given to Hermes by the Hermes Agent pursuant to the terms of the Hermes Insurance Policy)
                                         provide a copy of the request to the Borrower;



 


		(ii)	use
                                         its reasonable endeavours to maximise the amount of any reimbursement of the Hermes Fee
                                         to which the Hermes Agent is entitled;



 


		(iii)	pay
                                         to the Borrower the full amount of any reimbursement of the Hermes Fee that the Hermes
                                         Agent receives from Hermes within two (2) Business Days of receipt with same day value;
                                         and



 


		(iv)	relay
                                         the good faith concerns of the Borrower to Hermes regarding the amount it is required
                                         to pay to Hermes or the amount of any reimbursement to which the Hermes Agent is entitled,
                                         it being agreed that the Hermes Agent’s obligation shall be no greater than simply
                                         to pass on to Hermes the Borrower’s concerns.





     Page 122


    


    


		(d)	Each
                                         Lender will co-operate with the Hermes Agent, the Facility Agent and each other Lender,
                                         and take such action and/or refrain from taking such action as may be reasonably necessary,
                                         to ensure that the Hermes Insurance Policy and each CIRR Agreement continue in full force
                                         and effect and shall indemnify and hold harmless each other Lender in the event that
                                         the Hermes Insurance Policy or such CIRR Agreement (as the case may be) does not continue
                                         in full force and effect due to its gross negligence or wilful default.



 


SECTION
11.14. Law and Jurisdiction


 


SECTION
11.14.1. Governing Law.


 


This
Agreement and any non-contractual obligations arising out of or in respect of this Agreement shall in all respects be governed
by and interpreted in accordance with English law.


 


SECTION
11.14.2. Jurisdiction.


 


For
the exclusive benefit of the Facility Agent and the Lenders, the parties to this Agreement irrevocably agree that the courts of
England are to have jurisdiction to settle any disputes which may arise out of or in connection with this Agreement and that any
proceedings may be brought in those courts. Each Obligor irrevocably waives any objection which it may now or in the future have
to the laying of the venue of any proceedings in any court referred to in this Section, and any claim that those proceedings have
been brought in an inconvenient or inappropriate forum.


 


SECTION
11.14.3. Alternative Jurisdiction.


 


Nothing
contained in this Section shall limit the right of the Facility Agent or the Lenders to commence any proceedings against any Obligor
in any other court of competent jurisdiction nor shall the commencement of any proceedings against an Obligor in one or more jurisdictions
preclude the commencement of any proceedings in any other jurisdiction, whether concurrently or not.


 


SECTION
11.14.4. Service of Process.


 


Without
prejudice to the right of the Facility Agent or the Lenders to use any other method of service permitted by law, each Obligor
irrevocably agrees that any writ, notice, judgment or other legal process shall be sufficiently served on it if addressed to it
and left at or sent by post to RCL Cruises Ltd., presently at Building 2, Aviator Park, Station Road, Addlestone, Surrey KT15
2PG, Attention: General Counsel, and in that event shall be conclusively deemed to have been served at the time of leaving or,
if posted, at 9:00 am on the third Business Day after posting by prepaid first class registered post.


 


SECTION
11.15. Confidentiality.


 


Each
of the Facility Agent and the Lenders agrees to maintain and to cause its Affiliates to maintain the confidentiality of all information
provided to it by the Obligors or any Subsidiary





     Page 123


    


    


of
the Obligors, or by the Facility Agent on an Obligor’s or such Subsidiary’s behalf, under this Agreement, and neither
it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement
or in connection with other business now or hereafter existing or contemplated with the Obligors or any Subsidiary, except to
the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by it or
its Affiliates or their respective directors, officers, employees and agents, or (ii) was or becomes available on a non-confidential
basis from a source other than the Obligors or any of their respective Subsidiaries so long as such source is not, to its knowledge,
prohibited from disclosing such information by a legal, contractual or fiduciary obligation to the Obligors or any of their respective
Affiliates; provided, however, that it may disclose such information (A) at the request or pursuant to any requirement
of any self-regulatory body, governmental body, agency or official to which the Facility Agent, any Lender or any of their respective
Affiliates is subject or in connection with an examination of the Facility Agent, such Lender or any of their respective Affiliates
by any such authority or body, including without limitation the Federal Republic of Germany; (B) pursuant to subpoena or other
court process; (C) when required to do so in accordance with the provisions of any applicable requirement of law; (D) to the extent
reasonably required in connection with any litigation or proceeding to which the Facility Agent, any Lender or their respective
Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder; (F) to
the Facility Agent or such Lender’s independent auditors, counsel, and any other professional advisors of the Facility Agent
or such Lender who are advised of the confidentiality of such information; (G) to any participant or assignee, provided
that such Person agrees to keep such information confidential to the same extent required of the Facility Agent and the Lenders
hereunder; (H) as to the Facility Agent, any Lender or their respective Affiliates, as expressly permitted under the terms of
any other document or agreement regarding confidentiality to which an Obligor or any Subsidiary is party with the Facility Agent,
such Lender or such Affiliate; (I) to its Affiliates and its Affiliates’ directors, officers, employees, professional advisors
and agents, provided that each such Affiliate, director, officer, employee, professional advisor or agent shall keep such
information confidential to the same extent required of the Facility Agent and the Lenders hereunder; and (J) to any other party
to the Agreement. Each of the Facility Agent and the Lenders shall be responsible for any breach of this Section 11.15 by any
of its Affiliates or any of its or its Affiliates’ directors, officers, employees, professional advisors and agents.


 


SECTION
11.16. CIRR requirements.


 


Each
Obligor acknowledges that:


 


		(a)	the
                                         government of the Federal Republic of Germany, the Federal Audit Court or any authorised
                                         representatives specified by these bodies shall be authorised at any time to inspect
                                         and make or demand copies of the records, accounts, documents and other deeds of any
                                         or all of the Lenders relating to this Agreement;



 


		(b)	in
                                         the course of its activity as the Facility Agent, the Facility Agent may:





     Page 124


    


    


		(i)	provide
                                         the government of the Federal Republic of Germany with information concerning the transactions
                                         to be handled by it under this Agreement; and



 


		(ii)	disclose
                                         information concerning the subsidised transaction contemplated by this Agreement in the
                                         context of internationally agreed consultation/notification proceedings and statutory
                                         specifications, including information received from the Lenders relating to this Agreement;
                                         and



 


		(c)	the
                                         Facility Agent and (to the extent the Lenders have entered into an Option A Refinancing
                                         Agreement with KfW) the Lenders are entitled to disclose to KfW:



 


		(i)	circumstances
                                         pertaining to the Loan, proper repayment and collateralisation;



 


		(ii)	extraordinary
                                         events which may jeopardise the proper servicing of the Loan;



 


		(iii)	any
                                         information required by KfW with respect to the proper use of any refinancing funds granted
                                         to the respective Lender in respect of the Loan; and



 


		(iv)	the
                                         Loan Documents;



 


provided
that KfW agrees to keep such information confidential to the same extent required of Lenders pursuant to Section 11.15.


 


SECTION
11.17. Mitigation.


 


		(a)	If
                                         the provisions of Section 3.2(c), 3.2(d) or 9.1.11 apply (and having regard to clause
                                         (b) below), the Facility Agent, the Borrower and the Lenders (or, in the case of Section
                                         3.2(c) or 3.2(d), any affected Lender) shall discuss in good faith (but without obligation)
                                         for a period (the “Mitigation Period”) of not less than 30 days (and
                                         which in the case of Section 3.2(d) shall commence on the first day of the 50-day period
                                         referred to in that Section and, in the case of Section 9.1.11, shall run concurrently
                                         with the 30 day period referred to in that Section) after (x) the date on which
                                         the Illegality Notice is given or (y) the date of Section 9.1.11 becomes applicable,
                                         as the case may be:



 


		(i)	in
                                         the case of Section 3.2(c) or 3.2(d), what steps may be open to the relevant Lender to
                                         mitigate or remove such circumstances (including, without limitation, the possibility
                                         of assigning the Lender’s Commitment to an Affiliate or another Lending Office);
                                         and



 


		(ii)	in
                                         the case of Section 9.1.11, the circumstances in which Section 9.1.11 has become applicable
                                         and whether there are any steps or actions which






     Page 125


    


    


can
be taken to remove the effect of Section 9.1.11 and/or reinstate the Hermes Insurance Policy.


 


If
the provisions of Section 3.2(d) apply, if requested by the Borrower, the affected Lender shall, without limiting such Lender’s
obligation to enter into discussions as set forth above in this Section 11.17(a), use commercially reasonable efforts to
transfer its portion of the Loan to one or more third parties at par during the Mitigation Period in the manner contemplated by
Section 3.2(d).


 


		(b)	To
                                         the extent required by or considered necessary by any Party, the Lenders (and, in the
                                         case of Section 3.2(c) or 3.2(d), any affected Lender) shall use commercially reasonable
                                         efforts to include Hermes in all foregoing discussions.



 


		(c)	If
                                         an Illegality Notice shall be given by any Lender during the period falling 20 days prior
                                         to the anticipated Delivery Date, the affected Lender will use all reasonable efforts
                                         to accelerate the mitigation steps of the type described or to be discussed pursuant
                                         to this Section to try and enable the Commitment of such Lender to still be available
                                         for drawing by the Borrower one (1) Business Day (where the Loan is to be denominated
                                         in EUR) or two (2) Business Days (where the Loan is to be denominated in Dollars) prior
                                         to the Delivery Date in the manner contemplated by this Agreement.



 


SECTION
11.18. Modification and/or discontinuation of benchmarks


 


		(a)	If
                                         a Screen Rate Replacement Event has occurred then, promptly thereafter, the Facility
                                         Agent and the Borrower will enter into negotiations with a view to amend this Agreement
                                         to replace the LIBO Rate or, as the case may be, the EURO Rate with an alternate benchmark
                                         rate (including any mathematical or other adjustments to the benchmark (if any) incorporated
                                         therein), giving due consideration to any evolving or then existing convention for similar
                                         U.S. dollar denominated syndicated credit facilities for such alternative benchmarks
                                         where such negotiations will take into account the then current market standards and
                                         will be conducted with a view to reducing or eliminating, to the extent reasonably practicable,
                                         any transfer of economic value from one party to another party (any such proposed rate,
                                         a “Benchmark Successor Rate”), together with any proposed Benchmark Successor
                                         Rate Conforming Changes and any such amendment shall become effective at 5:00 P.M. (New
                                         York City time) on the fifth Business Day after the Facility Agent shall have posted
                                         such proposed amendment to all Lenders and the Borrower unless, prior to such time, the
                                         Required Lenders have delivered to the Facility Agent written notice that such Lenders
                                         does not accept such amendment. Such Benchmark Successor Rate shall be applied in a manner
                                         consistent with market practice; provided that to the extent such market practice is
                                         not administratively feasible for the Facility Agent, such Benchmark Successor Rate shall
                                         be applied in a manner as otherwise reasonably determined by the Facility Agent.





     Page 126


    


    


		(b)	If
                                         no Benchmark Successor Rate has been determined and either (x) the circumstances set
                                         out in paragraph (a) of the definition of “Screen Rate Replacement Event”
                                         in Section 1.1 exist or (y) the Scheduled Unavailability Date has occurred, the Facility
                                         Agent will promptly so notify the Borrower and each Lender. Thereafter, (i) the obligation
                                         of the Lenders to make or maintain the Loan shall be suspended and (ii) Screen Rate shall
                                         no longer be utilized in determining the LIBO Rate or, as the case may be, the EURO Rate.
                                         Upon receipt of such notice, the Borrower may revoke any pending Loan Request.



 


		(c)	Until
                                         such time as a Benchmark Successor Rate and Benchmark Successor Rate Conforming Changes
                                         have been determined and agreed and without prejudice to the obligation of the parties
                                         to enter into negotiations with a view to determining or agreeing a Benchmark Successor
                                         Rate pursuant to paragraph (a) above, for any Interest Period starting after the Screen
                                         Rate Replacement Event, the LIBO Rate or, as the case may be, the EURO Rate shall be
                                         replaced by the weighted average of the rates notified to the Agent by each Lender five
                                         Business Days prior to the first day of that Interest Period, to be that which expresses
                                         as a percentage rate per annum the cost the relevant Lender would have of funding an
                                         amount equal to its participation in the Loan during the relevant Interest Period from
                                         whatever source it may reasonably select. If such amount is less than zero, it shall
                                         be deemed to be zero.



 


		(d)	The
                                         Facility Agent (acting on the instructions of the Required Lenders) and the Guarantor
                                         shall, during the period between 1 April 2021 and 30 June 2021, enter into negotiations
                                         in good faith with a view to agreeing a basis upon which a Benchmark Successor Rate can
                                         be used in replacement of the Screen Rate, together with any associated Benchmark Successor
                                         Rate Conforming Changes, and a timetable for the implementation of these changes so that
                                         the appropriate changes can be made prior to the Scheduled Unavailability Date.



 


		(e)	Notwithstanding
                                         anything else herein, any definition of Benchmark Successor Rate shall provide that in
                                         no event shall such Benchmark Successor Rate be less than zero for purposes of this Agreement.



 


		(f)	Section
                                         3.4.6 shall not apply following the Screen Rate Replacement Event.



 


		(g)	Where
                                         paragraph (a) above applies, the Obligors shall, within three Business Days of demand,
                                         reimburse the Facility Agent for the amount of all costs and expenses (including legal
                                         fees) reasonably incurred by the Facility Agent in responding to, evaluating, negotiating
                                         or complying with the requirements set out in that paragraph.




     Page 127


    


    


SECTION
11.19. Communications with the Borrower


 


Any
communication required to be made or document delivered by the Borrower in accordance with this Agreement will be deemed to have
been made or delivered to the recipient if sent by Royal Caribbean Cruises Ltd. to the recipient in accordance with Section 11.2.


 


Any
communication made or document delivered to the Borrower in accordance with this Agreement will be deemed to have been received
by the Borrower if sent to Royal Caribbean Cruises Ltd. in accordance with Section 11.2.


 


Royal
Caribbean Cruises Ltd. accepts the provisions of this Section 11.19 and agrees to act as agent of the Borrower in respect of such
communications.


 


The
Borrower accepts the provisions of this Section 11.19 and agrees to be bound by the acts of Royal Caribbean Cruises Ltd. in respect
of such communications.


 


ARTICLE
XII

GUARANTEE


 


SECTION
12.1. Guarantee and Indemnity


 


		(a)	The
                                         Guarantor irrevocably and unconditionally:



 


		(i)	guarantees
                                         to each Lender punctual performance by the Borrower of the Borrower’s obligations
                                         under the Loan Documents;



 


		(ii)	undertakes
                                         with each Lender that whenever the Borrower does not pay any amount when due under or
                                         in connection with any Loan Document, the Guarantor shall on demand pay that amount as
                                         if it was the principal obligor within 2 Business Days of such demand; and



 


		(iii)	agrees
                                         with each Lender that if any obligation guaranteed by it is or becomes unenforceable,
                                         invalid or illegal, it will, as an independent and primary obligation, indemnify that
                                         Lender immediately on demand against any cost, loss or liability it incurs as a result
                                         of the Borrower not paying any amount which would, but for such unenforceability, invalidity
                                         or illegality, have been payable by it under any Loan Document on the date when it would
                                         have been due. The amount payable by the Guarantor under this indemnity will not exceed
                                         the amount it would have had to pay under this ARTICLE XII if the amount claimed had
                                         been recoverable on the basis of a guarantee.



 


SECTION
12.2. Continuing guarantee


 


This
guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by the Borrower under the Loan Documents,
regardless of any intermediate payment or discharge in whole or in part.




     Page 128


    


    


SECTION
12.3. Reinstatement


 


If
any discharge, release or arrangement (whether in respect of the obligations of the Borrower or any security for those obligations
or otherwise) is made by a Lender in whole or in part on the basis of any payment, security or other disposition which is avoided
or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Guarantor
under this ARTICLE XII will continue or be reinstated as if the discharge release or arrangement had not occurred.


 


SECTION
12.4. Waiver of defences


 


The
obligations of the Guarantor under this clause ARTICLE XII will not be affected by an act, omission, matter or thing which, but
for this clause, would reduce, release or prejudice any of its obligations under this clause ARTICLE XII (without limitation and
whether or not known to it or any Lender) including:


 


		(b)	any
                                         time, waiver or consent granted to, or composition with, the Borrower or other person;



 


		(c)	the
                                         release of the Borrower or any other person under the terms of any composition or arrangement
                                         with any creditor of any Obligor or any of its Subsidiaries;



 


		(d)	the
                                         taking, variation, compromise, exchange, renewal or release of, or refusal or neglect
                                         to perfect, take up or enforce, any rights against, or security over assets of, the Borrower
                                         or other person or any non-presentation or non-observance of any formality or other requirement
                                         in respect of any instrument or any failure to realise the full value of any security;



 


		(e)	any
                                         incapacity or lack of power, authority or legal personality of or dissolution or change
                                         in the members or status of the Borrower or any other person;



 


		(f)	any
                                         amendment, novation, supplement, extension, restatement (however fundamental and whether
                                         or not more onerous) or replacement of any Loan Document or any other document or security
                                         including without limitation any change in the purpose of, any extension of or any increase
                                         in any facility or the addition of any new facility under any Loan Document or other
                                         document or security, provided that the Guarantor has consented to such amendment, novation,
                                         supplement, extension, restatement or replacement;



 


		(g)	any
                                         unenforceability, illegality or invalidity of any obligation of any person under any
                                         Loan Document or any other document or security; or



 


		(h)	any
                                         insolvency or similar proceedings.





     Page 129


    


    

SECTION
12.5. Immediate recourse


 


The
Guarantor waives any right it may have of first requiring any Lender (or any trustee or agent on its behalf) to proceed against
or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this clause
ARTICLE XII. This waiver applies irrespective of any law or any provision of a Loan Document to the contrary.


 


SECTION
12.6. Appropriations


 


Until
all amounts which may be or become payable by the Borrower under or in connection with the Loan Documents have been irrevocably
paid in full, each Lender (or any trustee or agent on its behalf) may:


 


		(i)	refrain
                                         from applying or enforcing any other moneys, security or rights held or received by that
                                         Lender (or any trustee or agent on its behalf) in respect of those amounts, or apply
                                         and enforce the same in such manner and order as it sees fit (whether against those amounts
                                         or otherwise) and the Guarantor shall be entitled to the benefit of the same; and



 


		(j)	hold
                                         in an interest-bearing suspense account any moneys received from the Guarantor or on
                                         account of the Guarantor’s liability under this ARTICLE XII.



 


SECTION
12.7. Deferral of Guarantors’ rights


 


Until
all amounts which may be or become payable by the Borrower under or in connection with the Loan Documents have been irrevocably
paid in full and unless the Facility Agent otherwise directs, the Guarantor will not exercise any rights which it may have by
reason of performance by it of its obligations under the Loan Documents or by reason of any amount being payable, or liability
arising, under this ARTICLE XII:


 


		(k)	to
                                         be indemnified by the Borrower;



 


		(l)	to
                                         claim any contribution from any other guarantor of the Borrower’s obligations under
                                         the Loan Documents;



 


		(m)	to
                                         take the benefit (in whole or in part and whether by way of subrogation or otherwise)
                                         of any rights of the Lender under the Loan Documents or of any other guarantee or security
                                         taken pursuant to, or in connection with, the Loan Documents by any Lender;



 


		(n)	to
                                         bring legal or other proceedings for an order requiring the Borrower to make any payment,
                                         or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking
                                         or indemnity under Section 12.1(a);



 


		(o)	to
                                         exercise any right of set-off against the Borrower; and/or





     Page 130


    


    


		(p)	to
                                         claim or prove as a creditor of the Borrower in competition with any Lender.



 


If
the Guarantor receives any benefit, payment or distribution in relation to such rights it will promptly pay an equal amount to
the Facility Agent for application in accordance with this Agreement. This only applies until all amounts which may be or become
payable by the Borrower under or in connection with the Loan Documents have been irrevocably paid in full.


 


SECTION
12.8. Additional security


 


This
guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any
Lender.





     Page 131


    


    


IN
WITNESS WHEREOF, the parties hereto have caused this Hull No. S-720 Credit Agreement to be executed by their respective officers
thereunto duly authorised as of the day and year first above written.


 





	 	SILVERSEA CRUISE HOLDING LTD. as
    Borrower
	 	 	 	 
	 	 	By	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	Address:	1050 Caribbean Way
	 	 	 	Miami, Florida 33132
	 	 	Attention:	Roberto Martinoli, CEO
	 	 	Facsimile No.:	(305) 539-0562
	 	 	Email:	agibson@rccl.com
	 	 	 	bstein@rccl.com
	 	 	Attention:	Treasurer
	 	 	Copy to:	General Counsel
	 	 	 	 
	 	ROYAL CARIBBEAN CRUISES LTD. as
    Guarantor
	 	 	 	 
	 	 	By	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	Address:	1050 Caribbean Way
	 	 	 	Miami, Florida 33132
	 	 	Facsimile No.:	(305) 539-0562
	 	 	Email:	agibson@rccl.com
	 	 	 	bstein@rccl.com
	 	 	Attention:	Vice President, Treasurer
	 	 	Copy to:	General Counsel







 


Signature
Page to Credit Agreement 




     Page 132


    


    


	 	KFW IPEX-BANK GMBH, as Hermes Agent,
	 	Facility Agent and Lender
	 	 	 
	Commitment	 	 
	 	 	 
	100% of the US Dollar	By	 
	Maximum Loan	Name:	 
	Amount	Title:	 
	 	 	 
	 	By	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	Palmengartenstrasse 5-9
	 	 	D-60325 Frankfurt am Main
	 	 	Germany
	 	Facsimile No.: 	+49 (69) 7431 3768
	 	Email:	maritime-industries-
	 	administration@kfw.de
	 	Attention:	Maritime Industries
	 	With a copy to: Credit Operations
	 	Facsimile No.:	+49 (69) 7431 2944






     Page 133


    


    


Schedule 4

Form of Security Enhancement Guarantor Confirmation Certificate


 


[Insert
name of relevant Guarantor here]


 


GUARANTOR’S
CERTIFICATE


 


[•],
2021


 


This
Certificate is delivered on behalf of [Insert name of relevant Guarantor entity here] (the Guarantor)], a
[company][corporation] incorporated in [•].


 


[I][We],
[insert name of the authorized officers/directors], the undersigned, in [my][our] capacity as [[a] duly authorized officer[s]]
[or][director] of the Guarantor and not in any individual capacity, do hereby confirm in relation to the Agreements (each as more
particularly defined in Schedule 1 of this Certificate) as follows:


 


		1.	Unless
                                         otherwise defined in this Certificate, words and expressions defined in the Agreements
                                         shall have the meanings when used in this Certificate.



 


		2.	The
                                         Guarantor is a guarantor under each Agreement.



 


		3.	[I][We]
                                         hereby acknowledge on behalf of the Guarantor that, in the context of the Debt Deferral
                                         Extension Framework published by each ECA backing the Agreements, each Agreement shall
                                         be amended or, as the case may be, amended and restated pursuant to an amendment agreement
                                         (each a Vessel Loan Amendment) in order to record the agreement of the respective
                                         parties to:



 


		a.	add
                                         a new debt deferral tranche (the Applicable Debt Deferral Tranche) in those Agreements
                                         where there are principal repayments scheduled to occur between approximately April 2021
                                         and March 2022 (or, in the case of the facility agreement for m.v. “Ovation of
                                         the Seas”, approximately between May 2021 and April 2022) (in each case, the Applicable
                                         Debt Deferral Period), in order to effectively defer principal repayments due under
                                         each Agreement falling due during such Applicable Debt Deferral Period, which Applicable
                                         Debt Deferral Tranche shall, in the case of each relevant Agreement:



 


		i.	be
                                         in an amount of approximately the aggregate principal amount of the repayment installments
                                         falling due under such relevant Agreement during the Applicable Debt Deferral Period
                                         applicable to it (including payments due during such period on any first debt deferral
                                         if and to the extent already agreed); and



 


		ii.	bear
                                         interest on the terms provided in that Vessel Loan Amendment;



 


		b.	extend
                                         the waiver of the applicable Borrower’s compliance with the financial covenants
                                         set forth in each Agreement:



 


		i.	in
                                         each case where the relevant Agreement is BpiFAE-backed, through the end of the third
                                         quarter of 2022; and



 


		ii.	in
                                         each case where the relevant Agreement is Hermes and/or Finnvera-backed, through to the
                                         end of the fourth quarter of 2022,



 


provided,
however, that if the relevant ECA and Lenders under any Agreement approve a longer waiver period, the applicable Vessel Loan Amendment
relating to such Agreement shall include the longer such waiver period; and




     11


    


    


		c.	any
                                         adjustments to the financial, indebtedness, negative pledge or other covenants as are
                                         required by the relevant Lenders and ECAs in order to give effect to the amendments contemplated
                                         in (a) and (b) above.



 


		4.	This
                                         Certificate is one of the “certificates” required to be provided pursuant
                                         to clause 3.1(b) of each Vessel Loan Amendment and in the context of the requirements
                                         of clause 3.1(b) of each Vessel Loan Amendment, [I][we] hereby further acknowledge and
                                         confirm on behalf of the Guarantor the following:



 


		a.	the
                                         amendments contemplated in the Vessel Loan Amendment for each Agreement and the contents
                                         thereof are approved;



 


		b.	the
                                         Guarantee given by the Guarantor in each Agreement and each other Loan Document or Finance
                                         Document, as the case may be (as defined in each such Agreement) to which the Guarantor
                                         is a party shall remain and continue in full force and effect notwithstanding the amendment
                                         and restatement of each such Agreement pursuant to the Vessel Loan Amendment applicable
                                         to it;



 


		c.	the
                                         Guarantee given by the Guarantor in each Agreement shall extend to any new obligations
                                         assumed by the Borrower under such Agreement as amended by the Vessel Loan Amendment
                                         applicable to it (including pursuant to the Applicable Debt Deferral Tranche) and the
                                         floating rate applicable to such Applicable Debt Deferral Tranche (as more particularly
                                         set out in sub-paragraphs (i) and (ii) of 3(a) above)); and



 


		d.	continuing
                                         to guarantee the amended obligations of the Borrower under the Agreements as amended
                                         by the Vessel Loan Amendment applicable to it does not cause any borrowing, guaranteeing
                                         or similar limit binding on the Guarantor to be exceeded.



 


		5.	[I][We]
                                         hereby confirm that:



 


		a.	the
                                         copy of the certificate or articles of incorporation, formation or organization or other
                                         comparable organizational document of the Guarantor (collectively, the Organizational
                                         Documents); and



 


		b.	the
                                         by-laws or operating, management or similar agreements of the Guarantor (collectively,
                                         the Operating Documents),



 


in
each case, appended to the Secretary’s Certificate dated 21 December 2020 (the Original Secretary’s Certificate)
remain true and correct on the date of this Certificate and have not been amended, modified or revoked and remain in full force
and effect.


 


		6.	[I][we]
                                         hereby represent and warrant on behalf of the Guarantor that [I][we] have the authority
                                         to sign this Certificate as evidenced by [•] of the Original Secretary’s Certificate
                                         (the Authorization). The Authorization has not been modified or rescinded and
                                         remains in full force and effect.



 


		7.	[The
                                         Guarantor does not have its management or control in Liberia nor does it undertake any
                                         business activity in Liberia.



 


		8.	Less
                                         than a majority of the shareholders of the Guarantor hereto by vote or value are resident
                                         in Liberia.][7 and 8 to be included in the Certificate for RCL Cruise Holdings
                                         LLC and RCI Holdings LLC only as Liberian entities]



 


		9.	This
                                         Certificate shall be governed by and construed in accordance with New York law.



 


[Signature
Pages Follow]





     12


    


    


Exhibit
A

Framework


 


Preamble



 


The
Corona-pandemic continues to heavily affect the global tourism industry, including all cruise ship operators (“Companies”,
a cruise operator the “Company” - including, if any, the guarantor and/or the holding company and/or the group).
Almost all cruise ship operations are still suspended with various “no-sail orders” still in place.


 


As
the cruise ship operations are still largely suspended, several cruise ship operators are expected to require an extension of
the existing debt deferral initiative. The European ECAs (“ECAs”) intend to provide a coordinated response to these
requests on a pan-European basis.


 


This
document sets out the key principles (the “Terms and Conditions”) of a framework for a debt deferral extension
of principal repayments and testing of financial covenants (the “Debt Deferral Extension” or “DDFE”)
for already executed ECAs covered loan agreements (“Loan Agreement”) in connection with the financing of cruise
vessels.


 


The
terms of the Debt Deferral Extension are preliminary and informative in nature and shall not be deemed to be binding nor shall
they represent any commitment by the ECAs in respect thereof. All Companies that are not already in formal debt restructuring
proceedings can apply for the Debt Deferral Extension. ECAs are available to evaluate granting of the Debt Deferral Extension
on a case by case basis subject to specific terms and conditions to be agreed upon with any of the Companies and nonetheless subject
to approval by the respective ECAs competent bodies.


 


The
European ECAs jointly are providing unilateral support to the cruise industry, for the benefit of the yards and the supply chain
associated, by providing an extension to the initial temporary relief already given to the Companies, by deferring principal payments
falling due from 1st April 2021 to 31st March 2022.


 


Such
support is based on the firm mutual understanding that the Companies, taking advantage of the Debt Deferral Extension, shall use
their best endeavours fulfilling their contractual obligations under their existing shipbuilding contracts with the yard, i.e.
do not unreasonably, unduly, and without consultation delay instalments and scheduled vessel deliveries and work in good faith
with the yards to resolve any crisis-related construction delays. In particular, the Companies should avoid to cancel existing
orders, either already effective and to become effective in the future.


 


Furthermore,
the ECAs believe this initiative to be an important step to safeguard and strengthen the financial position of the Companies.
Such support may enable the Companies in dealing with other existing creditors or bondholders in order to receive similar relief.
In addition, it is our firm expectation that the Companies engage intensively with their respective shareholders and potential
new shareholders to provide all possible support. It is the ECAs understanding that all relevant and involved stakeholders contribute
to the efforts of stabilising the liquidity situation of the Companies during the current difficult market conditions in order
to avoid formal debt restructuring proceedings. Such shareholders’ and debtholders support will be a major element in the
evaluation and decision-making process.


 


All
Companies have implemented liquidity initiatives by raising substantial liquidity throughout the crisis to face the halt of their
operations and they will continue to do so if so requested. The ECAs are providing their support on the assumption that the Companies
are still in an overall sound financial position and their business model is still well founded, so that as soon as the current
travel restrictions will be discharged, the Companies will be able to resume “business as usual” and meet their future
financial obligations.


 


Generic
Terms & Conditions of the Debt Deferral Extension 




     13


    


    


Deferred
Payments on ECA-covered debt 


 


1.1.1
Debt Deferral shall be extended to all principal payments under the original ECA loans and the Existing Deferral Tranche payable
between 1st April 2021 and 31st March 2022 (“New Deferred Payments”). The New Deferred
Payments shall be expected to be documented and administered as an additional Debt Deferral Tranche (“New Debt Deferral
Tranche”).


 


1.1.2
The repayment schedules of the previously agreed deferred payments until 31.03.2021 (“Existing Deferral Tranche”)
and the repayment schedule of the Original Loan will remain unchanged. The repayments under both repayment schedules which are
due between 1st April 2021 and 31st March 2022 shall be covered by drawings under the New Debt Deferral
Tranche.


 


1.1.3
The New Debt Deferral Tranche shall be repaid within 5 years starting from April 1st 2022, if commercially feasible
on the same due dates as the originally scheduled payments, until 31.03.2027, irrespective of remaining tenor of each individual
export financing and subject to 1.1.6 below.


 


1.1.4
Interest (floating or fixed; commitment fee on undisbursed amounts) and any scheduled ECA premium payments shall continue to be
payable.


 


1.1.5
ECA cover remains effective and extended also on New Deferred Payments. ECAs coverage on any potential additional interest margin
arising from the New Debt Deferral Tranche will be at discretion of each ECAs.


 


1.1.6
In the event that the payment of New Deferred Payments on the same due dates as the originally scheduled payments will result
not feasible or advisable for the ECAs, repayment schedule of New Deferred Payments may be determined individually on the basis
of a case-by- case examination by the ECA (for example the maturity date under the existing ECA financing (as amended by the Existing
Debt Deferral) is less than the theoretical final maturity of the New Debt Deferral Tranche.


 


Suspension
of Financial Covenant Testing 


 


1.2.1
Testing of all agreed Financial Covenants (in disbursed and undisbursed facilities) shall continue to be suspended until 31.03.2022
(“Testing Suspension” with non-compliance does not trigger an Event of Default).


 


1.2.2
Over the next 18 months, the financing banks and ECAs shall have the right / option to trigger on their own discretion the negotiation
to reset the individual financial covenants of a Company. The basic idea behind is that a corridor for the financial covenants
shall be set for the coming years as soon the operational performance is in a ramp-up phase and the financial visibility does
improve.


 


1.2.3
Although Testing Suspension remains in place, reasonable minimum liquidity requirement shall apply, if the Company has no liquidity
covenant in place, minimum liquidity covenants for Debt Deferral Extension shall be introduced (however, aligned with any relevant
liquidity covenants included in other financings)


 


1.3
ECA Premium, Interest and Fees: 


 


1.3.1
Additional upfront/one-off ECA premium on New Debt Deferral Tranche Payments (“Additional ECA Premium”) shall
apply.




     14


    


    


1.3.2
Additional ECA Premium shall be calculated by each ECAs based on its evaluation of the Debt Holiday request.


 


1.3.3
        Additional ECA Premium shall be due and payable at signing of the Debt Deferral Extension.
The Additional ECA Premium is not refundable.


 


1.3.4
The Company shall bear any incurred adjustment on funding cost (CIRR and/or bank funding) for New Debt Deferral Tranche (for New
Deferred Payments).


 


1.3.5
The Company shall agree on reasonable upfront and coordination fees, due and payable at signing of Debt Deferral Extension. A
fee of the same amount than the one payable to the lenders may also be payable to the ECA, if the ECA so requests.


 


1.3.6
The Company shall bear any incurred legal and administrative cost to implement New Deferred Payments including but not limited
to CIRR agreements.


 


1.3.7
In case there are several financings supported by different ECAs, the Company shall apply for the Debt Deferral Extension to all
the ECAs. However, if the consent of the ECA lenders for one or more of these ECA financings is not obtained (due to the refusal
of the ECA lenders of said financing), that should not prevent the Debt Deferral Extension to be implemented for the other ECA
financings


 


 Undertakings




 


2.1
All conditions and undertakings of the Existing Debt Deferral shall remain in place, especially:


 


		(i)	dividend
                                         restriction,



 


		(ii)	mandatory
                                         redemption events,



 


		(iii)	information
                                         covenant and monitoring



 


		(iv)	specific
                                         ECA’s requirements (including, but not limited to, environmental covenant).



 


2.2
In particular, additional covenants will be added in the Debt Deferral Extension including but not limited to:


 


		(i)	Any
                                         dividend payment, any share buy-back program or any other distribution or payment to
                                         share capital or shareholders (including repayment of shareholder loans), and/or



 


		(ii)	new
                                         financing granted by the Company [(including inter-company loans)], and/or



 


		(iii)	any
                                         non-arm length disposal of asset and/or



 


		(iv)	any
                                         additional security in favour of existing debts (unless the ECA lenders benefit from
                                         this new security on a pari passu basis), and/or



 


		(v)	any
                                         new regular debt or equity issue (such as bond or new equity emission) or other form
                                         of indebtedness by the Company



 


		(vi)	any
                                         debt deferral or covenant waivers of existing debts, or any new debt raising intended
                                         to reimburse existing debt that benefit from additional securities or more favourable
                                         terms on existing security packages (unless they are granted to ECA lender on a pari
                                         passu basis),





     15


    


    


shall
trigger mandatory prepayment, to be made through an hard prepayment in a lump sum of any outstanding amount under the New Debt
Deferral Tranche and immediate cessation of Testing Suspension, in any case subject to the provisions below.


 


		2.3	Utilisation
                                         of the New Tranche shall be subject to proof of evidence of sufficient crisis-related
                                         liquidity measures by the Company, including equity, which shall be documented in the
                                         application process based on the Information Package (see paragraph 3.4. below).



 


		2.4	During
                                         and until the end of the New Debt Deferral Tranche, the mandatory prepayment provision
                                         and the cessation of the Testing Suspension will not apply in relation to:



 


		(i)	debt
                                         issuances by the Company due to financing of any scheduled ship building contract instalments,
                                         including, but not limited to, final instalment at delivery;



 


		(ii)	(i)
                                         crisis and recovery related debt provided either (a) on unsecured basis and in accordance
                                         within the limitation provided under the documentation or (b) on secured basis if so
                                         requested by a State supported arrangement and in any case within the limitation provided
                                         under the documentation or



 


(ii)
equity issuances by the Company


 


in
both cases (i) and (ii) made until 31 December 2021;


 


		(iii)	after
                                         31 December 2021, crisis and recovery related debt or equity issuances by the Company
                                         made with the prior written consent of the ECA;



 


		(iv)	extension
                                         (or renewal of) revolving credit facilities, with the prior consent of the ECA if any
                                         additional security shall be granted on this occasion.



 


		2.5	Additional
                                         redemption mechanism



 


ECAs
shall have the right to request mandatory redemption of Existing and New Deferred Payments if the Company wishes to redeem other
commercial lenders and/or bondholders early (pari passu redemption). For the avoidance of doubt, the refinancing of debt or mandatory
prepayments necessary to avoid an event of default ECAs will not request a pari passu redemption. Voluntary prepayment and/or
cash sweep shall trigger a mandatory prepayment and drawstop of the Existing and New Debt Deferral Tranches, unless those are
applied across the ECAS facilities under the New Debt Deferral Tranches.


 


		2.6	Additional
                                         security



 


		1.	The
                                         Company shall grant additional security or credit enhancements to ECA lenders (and consequently
                                         to the ECA) to be negotiated in good faith, if so requested by the ECAS. Without prejudice
                                         to paragraph 3.6(b) below with respect to new ECA financings, it is the ECAs firm understanding
                                         that additional securities will have to be provided on a pari passu basis to all
                                         the involved ECAs for any of the existing loan agreements.



 


		2.	Additional
                                         Security may be requested by each and every ECA at their own sole discretion, in case
                                         such ECA is requested by the Company to support a new ECA financing in relation to any
                                         scheduled or new ship building contract, including the financing of new change orders
                                         and/or owner’s supplies.



 


		2.7	Early
                                         Termination of New and Existing Debt Deferrals





     16


    


    


If
the Company and/or the obligors enters all-creditor and/or formal debt restructuring proceedings including but not limited to
US Chapter 11 proceedings, all Deferred Payments of the Existing and the New Debt Deferral Tranche shall be void [or not effective]
and the Company shall reimburse the ECAs financings according to original repayment schedule. For the avoidance of doubt, all
sums deferred shall be immediately repaid and undrawn amounts under the Existing and New Debt Deferral Tranches shall be subject
of a draw stop.


 


Procedure
for Debt Deferral Extension application 


 


3.1
Each cruise operator (“Company” or the “Borrower” or the “Obligor”)
may apply through its ECAAgent bank, for the Debt Deferral Extension with each ECA for all its disbursed and undisbursed


 


ECA-backed
existing export financings. In one application, several financings can be bundled. Each Company shall apply Debt Deferral Extension
also with CIRR Mandatory for all its disbursed ECA-backed CIRR export financings in an application via the respective CIRR-Agent
bank.


 


3.2
The Facility Agent in coordination with ECA- and CIRR-Agent shall coordinate Lenders’ consent immediately after Company
launched application for Debt Deferral Extension. For the avoidance of doubt, ECA- and CIRR-approval shall be decided in a timely
fashion based on prior ECA coordination.


 


3.3
Similar to Debt Deferral Application in Q2 2020 Company shall provide an updated information package as may be required by
the relevant ECA based on its standardized template as described in the Annex.


 


3.4
The Borrower/Company/Obligor shall provide the following information:


 


		(i)	Treatment
                                         of other (new) creditors during Debt Holiday 1.0



 


		(ii)	Overview
                                         of already collected crisis liquidity



 


		(iii)	Overview
                                         of already concluded and further planned equity measures



 


		(iv)	Overview
                                         of any debt deferral already negotiated/agreed with other creditors as of the date of
                                         application for the Debt Deferral Extension and description of the steps which the Borrower/Company/Obligor
                                         intends to take in order to agree any additional debt deferral with other creditors,
                                         alongside the Debt Deferral Extension.



 


		(v)	[Detailed
                                         information in relation to any security or additional security granted in favour of



 


any
class of creditors (lenders/financiers, bondholders or other relevant creditors) which has been created or agreed as of the date
of application for the Debt Deferral Extension]


 


		(vi)	[Exhaustive
                                         and detailed description of any financial covenant which has been included within the
                                         terms and conditions of any debt issuance carried out within [1 February 2020] and the
                                         date of application for the Debt Deferral Extension and/or included in financing agreement
                                         in place as of the same date]



 


		(vii)	Detailed
                                         information of future repayment obligations over the repayment tenor of the Debt Deferral
                                         Extension.



 


		(viii)	Presentation
                                         of previous and future measures to secure the situation of shipyards and their order
                                         books





     17


    


    


		(ix)	Status
                                         of the Application with other ECAs



 


		(x)	Rough
                                         estimate of the Company’s economic co ntribution to the ECAs’ respective
                                         economic systems.



 


		(xi)	Detailed
                                         cash flow projections (Management Base Case and Management Stress Case)to illustrate
                                         the positive impact of the Debt Deferral Extension (at least 5 years projection) plus
                                         additional stress case scenarios, if requested by the respective ECAs, including cases
                                         with no substantial and cash generating operations prior to 01.06.2021 and 01.10.2021.
                                         Projections shall demonstrate the ability of the Applicant to meet its payment obligations
                                         towards its creditors until the end of the New Debt Deferral Tranche repayment period.



 


		(xii)	Agreed
                                         repayment schedule of New Debt Deferral Tranche for all affected financings.



 


		3.5	The
                                         Company and any of the Insured Banks shall also provide information regarding their commercial
                                         exposure and the arrangements taken (or under negotiation) towards this Applicant’s
                                         commercial exposure. 



 


		3.6	The
                                         Application should also cover:



 


(a)
a declaration of the Company to use its best efforts to:


 


1.       enter
into similar agreements or arrangements with other class of its creditors; and to


 


2.       finalize
agreement which won’t put in jeopardy the ECAS position or the shipyard and (b) a confirmation that the application is sent
to all the ECAs involved at once.


 


Please
refer to the Annex for the comprehensive list of information and monitoring process to be implemented. 





     18


    


    

Exhibit
B

Debt Deferral Extension Regular Monitoring Requirements


 


Monitoring
Period:


 


		-	Starting
point: approval



 


		-	End:
Until the Existing and the New Debt Deferral Tranches are repaid, whereby the list of documents and frequency shall be reviewed
and adjusted annually by the Facility Agent.



 


	 	Rhythm
    	Description
    
	1.
    	monthly
    	Reporting
                                         of the: 

         

        1. Total
        Free Liquidity Position – def.: free cash + free undrawn credit lines;

         

        2. Free
        Net Liquidity Position – Total Free Liquidity Position minus all planned debt repayments

         

        (bank
        loan, commercial papers, bonds) which are due within the following 6 months.;

         

        3. In
        case the Free Net Liquidity Position does decease to 6x the average of the monthly operational cash burn rate the
        ECA can decide on its own discretion whether a shorter reporting rhythm shall be implemented (e.g. weekly).;

         

        4. Description
        of additional measures implemented to increase the liquidity position (debt, mezzanine and equity measures) / Whereby
        details of the respective terms and conditions shall be included (e.g. securities, ranking), for easy reference an ongoing
        list would be preferred with (a) measures taken, (b) additional measures finalized in the respective month and (c) additional
        measures planned.;

         

        5. Description
        of of additional cost cutting measures implemented to reduce the outflow of liquidity (OPEX, CAPEX, Debt Deferrals etc.);

         

        6. Repayment
        or refinancing of existing debt

         






     19


    


    


	2.
    	monthly
    	Cash
                                         Flow Projection of the cruise line on a monthly basis

         

        The
        Projection means cash flow statements in excel format, complete with formulas, shall cover the following period:

         

        1.       Actual
        figures: The current financial year (whereby at least 1 quarter with actual historical figures have to be included);

         

        2.       Projection:
        At least the following 24 months starting from the respective current month (including shut down period and recovery phase)

         

        Cash
        Flow Projection showing:

         

        •     operating
        cash flow including and separately listed Cruise-Revenues (including but not limited to occupancy rate, ticket prices,
        capacity of the overall fleet, capacity of fleet in operation), Cruise-OPEX, other COGS, net customer deposits collection
        (providing details of deposit refund separately), working capital and SG&A;

         

        •     cash
        flow from investing activities (separately: detailing capex in vessels, general capex and disposals / In addition for information
        purposes the newbuilding capex which will be paid out of equity.),

         

        •     cash
        flow from financing activities (detailing proceeds from equity, proceeds from debt separated by type of funding and ECA facilities,
        debt repayments separately), etc.

         

        •     Interest
        expenses

         

        Such
        Cash Flow Projection shall be accompanied by a descriptive Note of Assumptions which does include comments on:

         

        1.
        Changes:

         

        (i)       The
        main changes to the underlying assumptions with respect to revenue / cash collections and disbursement of operational
        costs and SG&A,

         

        (ii)       The
        main changes to the underlying assumptions with respect to Debt Deferrals (with the ECA backed transactions or other class
        of creditors)

         

	 	 	(iii)
                                         The main changes with respect to Major Capex (and such Equity payments in relation to
                                         Major Capex)

         

        And
        in each case whether those changes are due to timing issues or more fundamental changes compared to the initial Test Scheme
        Template for the Debt Deferral Extension (if not previously disclosed), or the previous Liquidity Forecast.

         

        2.
        Mitigants or additional liquidity measure that are incorporated in the Liquidity Forecast, or planned but not yet incorporated
        in the Liquidity Forecast.

         






     20


    


    


	3.
    	monthly
    	Testing
    of the applicable Minimum Liquidity Covenant according to the amended loan documentation 
	4.
    	monthly
    	1.       Cash
                                         Burn Rate

         

        2.       Cash
        Burn Rate adjusted to net deposits collection

         

        3.       Net
        Liquidity position to Cash Burn rate

         

        Def.
        Cash Burn rate means operating costs plus debt service plus capital expenditure (net of financing)
        Def. Cash Burn rate adjusted means operating costs plus debt service plus capital expenditure (net
        of financing) plus net deposits collection.

         

        To
        be reported as long as the company achieves a positive (adj.) EBITDA after interest costs in two consecutive months

         

	5.
    	monthly
    	Booking
                                         Curve - Average ticket price and occupancy for the season 2021 and season 2022 including
                                         a comparison of both parameters at the same point in time for bookings in 2019 for the
                                         season 2020

         

        Format
        tbd with the ECA Agent / Figures to be provided in table / split by quarter mandatory

         

	6.
    	monthly
    	Status
                                         of the fleet on a per vessel basis: Active vessels (+ occupancy level) / Vessels
                                         in layup / Vessels classified for sale

         

        Fleet
        wide average of occupancy (incl. active and idle vessels)

         

	7.
    	monthly
    	Confirmation
    that no dividends have been declared / paid within the current month.
	8.
    	monthly
    	Development
                                         of the customer deposits: 

         

        1.       For
        cancelled cruises with starting dates in the past: Percentage of customers which requested a refund and percentage of
        those who re-booked or accepted a voucher.

         

        2.       Overview
        of the amount of deposits which have been collected in connection with cruises in the next 4 quarters (split by quarter).

         

        3.       Customer
        Deposits for cruises starting within the next 3 months

         

        4.       Amount
        of collected deposits which are at risk to be refunded, based on the company’s own assumption of how many passengers
        of future cancelled cruises might chose a refund instead of a re-booking or a voucher.

         






     21


    


    


	9.
    	monthly
    	Other
                                         Creditors and Debtors:

         

        1.       Please
        state clearly whenever terms and conditions (amount, interest, tenor, maturity schedule and securities) of existing credit
        facilities (incl. other debt holiday agreements) have been amended which fall into the same class as the ECAs or other
        classes.

         

        2.       How
        are generally unsecured and secured financings treated?

         

        3.       How
        do the debtors (like credit card companies) currently act? Do creditors withhold payments?

         

        4.       Other
        Creditors and Debtors: What is the company asking from the other creditors (e.g. Bondholder, LeaseCos, FactorCos etc.)
        and what is their response? Do the respective documentation include cross default clauses?

         

	10
    	bimonthly	Update
                                         about the changes of signed building contracts

         

        The
        ECA shall be updated about the company`s current plans to amendment any building contract or about any upcoming negotiations
        with the national yard.

         

	11
    	quarterly	Unaudited
    financial statements or management accounts (incl. P&L (incl. EBITDA), balance sheet and cash flow statement)
	12
    	quarterly	Company
    shall provide the calculation of the financial covenants which currently are waived.




     22


    


    


Exhibit
C

Replacement covenants with effect from the Security Enhancement Guarantee Release Date 




     23


    


    


Exhibit
P 


Replacement
covenants with effect from the Guarantee Release Date   


 


It
is acknowledged and agreed, with effect from the Guarantee Release Date, this Agreement shall be amended as follows:  


 


“incur”
means to create, incur, assume, guarantee or otherwise become directly or indirectly liable and “incurred”
or “incurrence” shall have a correlative meaning.  


 


“Inherited
Indebtedness” means any Indebtedness (other than any Indebtedness that would, following the acquisition or creation
of the relevant Subsidiary, become Permitted Principal Subsidiary Indebtedness or Permitted Non-Principal Subsidiary Indebtedness)
of any corporation that becomes a Subsidiary of the Borrower after the Guarantee Release Date so long as (i) the acquisition or
creation of such corporation by the Borrower is not otherwise prohibited by the terms of this Agreement and (ii) such Indebtedness
is in existence at the time such corporation becomes a Subsidiary of the Borrower and was not incurred by the Borrower or any
of its Subsidiaries in anticipation thereof.  


 


“Inherited
Lien” means any Lien (other than a Lien that would, following the acquisition or creation of the relevant Subsidiary,
become a Permitted Lien) in respect of any Inherited Indebtedness on any asset of any corporation that becomes a Subsidiary of
the Borrower after the Guarantee Release Date so long as (i) the acquisition or creation of such corporation by the Borrower is
not otherwise prohibited by the terms of this Agreement and (ii) such Liens are in existence at the time such corporation becomes
a Subsidiary of the Borrower and were not created by the Borrower or any of its Subsidiaries in anticipation thereof.  


 


“Non-Principal
Subsidiary” means a Subsidiary other than a Principal Subsidiary.  


 


“Permitted
Principal Subsidiary Indebtedness” means:  


 


		a.	Indebtedness
                                         owing to the Borrower or a direct or indirect Subsidiary of the Borrower; and



 


		b.	obligations
                                         in respect of Hedging Instruments entered into for the purpose of managing interest rate,
                                         foreign currency exchange or commodity exposure risk and not for speculative purposes.



 


“Permitted
Liens” means:  


 


		a.	Liens
                                         securing Government-related Obligations;



 


		b.	Liens
                                         for taxes, assessments or other governmental charges or levies not at the time delinquent
                                         or thereafter payable without penalty or being diligently contested in good faith by
                                         appropriate proceedings;





     1


    


    


		c.	Liens
                                         of carriers, warehousemen, mechanics, materialmen and landlords incurred in the ordinary
                                         course of business for sums not overdue by more than 60 days or being diligently contested
                                         in good faith by appropriate proceedings;



 


		d.	Liens
                                         incurred in the ordinary course of business in connection with workers’ compensation,
                                         unemployment insurance or other forms of governmental insurance or benefits;



 


		e.	Liens
                                         for current crew’s wages and salvage;



 


		f.	Liens
                                         arising by operation of law as the result of the furnishing of necessaries for any Vessel
                                         so long as the same are discharged in the ordinary course of business or are being diligently
                                         contested in good faith by appropriate proceedings;



 


		g.	Liens
                                         on Vessels that:



 


(i)       secure
obligations covered (or reasonably expected to be covered) by insurance;


 


(ii)       were
incurred in the course of or incidental to trading such Vessel in connection with repairs or other work to such Vessel; or


 


(iii)       were
incurred in connection with work to such Vessel that is required to be performed pursuant to applicable law, rule, regulation
or order;


 


provided that, in each case described in this clause (g), such Liens are either (x) discharged in the ordinary course of business
or (y) being diligently contested in good faith by appropriate proceedings;


 


		h.	normal
                                         and customary rights of set-off upon deposits of cash or other Liens originating solely
                                         by virtue of any statutory or common law provision relating to bankers’ liens,
                                         rights of set-off or similar rights in favour of banks or other depository institutions;



 


		i.	Liens
                                         in respect of rights of set-off, recoupment and holdback in favour of credit card processors
                                         securing obligations in connection with credit card processing services incurred in the
                                         ordinary course of business;



 


		j.	Liens
                                         on cash or Cash Equivalents or marketable securities securing:



 


(i)       obligations
in respect of Hedging Instruments entered into for the purpose of managing interest rate, foreign currency exchange or commodity
exposure risk and not for speculative purposes; or


 


(ii)       letters
of credit that support such obligations;


 


		k.	deposits
                                         to secure the performance of bids, trade contracts, leases, statutory obligations, surety
                                         and appeal bonds, performance bonds and other obligations of a like nature, in each





     2


    


    


	 	 	case
                                         in the ordinary course of business and deposits securing liabilities to insurance carriers
                                         under insurance or self-insurance arrangements;



 


		l.	easements,
                                         zoning restrictions, rights-of-way and similar encumbrances on real property imposed
                                         by law or arising in the ordinary course of business that do not secure any monetary
                                         obligations and do not materially detract from the value of the affected property or
                                         interfere with the ordinary conduct of business of the Borrower or any Subsidiary; and



 


		m.	licenses,
                                         sublicenses, leases or subleases granted to other Persons not materially interfering
                                         with the conduct of the business of the Borrower or any of its Subsidiaries.



   


“Permitted
Non-Principal Subsidiary Indebtedness” means:  


 


		a.	Indebtedness
                                         owing to the Borrower or a direct or indirect Subsidiary of the Borrower;



 


		b.	obligations
                                         in respect of Hedging Instruments entered into for the purpose of managing interest rate,
                                         foreign currency exchange or commodity exposure risk and not for speculative purposes;
                                         and



 


		c.	other
                                         Indebtedness other than Indebtedness for borrowed money (it being agreed for this purpose
                                         that any Group Member Guarantee granted in connection with Indebtedness for borrowed
                                         money shall be considered to be Indebtedness for borrowed money).





     3


    


    


		1.	Sections
                                         7.2.2 and 7.2.3 shall be deleted in their entirety and replaced with the following (and
                                         all other provisions and clause references shall be construed accordingly):



   


SECTION
7.2.2 Subsidiary Indebtedness and Liens.


 


		(a)	With
                                         effect from the Guarantee Release Date and except to the extent permitted by Section
                                         7.2.2(b) below:



 


		(i)	the
                                         Borrower will not permit:



 


		A.	any
                                         of its Principal Subsidiaries to incur any Indebtedness other than Permitted Principal
                                         Subsidiary Indebtedness; and



 


		B.	any
                                         of its Non-Principal Subsidiaries to incur any Indebtedness other than Permitted Non-Principal
                                         Subsidiary Indebtedness; and



 


		(ii)	the
                                         Borrower (having regard, in the case of any ECA Financed Vessel, to Section 7.2.11) will
                                         not, and will not permit any of its Subsidiaries to, permit to exist any Lien upon any
                                         of its property, revenues or assets, whether now owned or hereafter acquired other than
                                         Permitted Liens.



 


		(b)	Section 7.2.2(a) shall
                                         not, however, prohibit any Indebtedness or Lien provided that (but again having regard,
                                         in the case of any ECA Financed Vessel, to Section 7.2.11) immediately following the
                                         incurrence (including any Group Member Guarantees) of the Indebtedness or Lien (as applicable):



 


		(i)	the
                                         sum of the aggregate principal amount (without duplication) of (x) Indebtedness incurred
                                         by Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness), (y)
                                         Indebtedness incurred by Non-Principal Subsidiaries (excluding Permitted Non-Principal
                                         Subsidiary Indebtedness) and (z) the Indebtedness secured by Liens (other than Permitted
                                         Liens) granted by any Group Member does not exceed 20.0% of the total assets of the Borrower
                                         and its Subsidiaries taken as a whole as determined in accordance with GAAP as at the
                                         last day of the most recent ended Fiscal Quarter;



 


		(ii)	in
                                         the event the Senior Debt Rating of the Borrower is at Investment Grade as given by either
                                         Moody’s and S&P (determined at the time of the incurrence of the Indebtedness
                                         or Lien), the sum of the aggregate principal amount (without duplication) of (x) Indebtedness
                                         incurred by Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness)
                                         and (y) the Indebtedness secured by Liens (excluding Permitted Liens) granted by any
                                         Group Member does not exceed 10.0% of the total assets of the Borrower and its Subsidiaries
                                         taken as a whole as determined in accordance with GAAP as at the last day of the most
                                         recent ended Fiscal Quarter;





     4


    


    


		(iii)	in
                                         the event the Senior Debt Rating of the Borrower is below Investment Grade as given by
                                         both Moody’s and S&P (determined at the time of creation of the Lien or the
                                         granting of a Group Member Guarantee (as applicable)):



 


		A.	the
                                         aggregate principal amount of Indebtedness secured by first priority Liens (excluding
                                         Permitted Liens) granted by any Group Member does not exceed 5% of the total assets of
                                         the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP
                                         as at the last day of the most recent ended Fiscal Quarter;



 


		B.	the
                                         aggregate principal amount of Indebtedness secured by second (or lower) priority Liens
                                         (excluding Permitted Liens) granted by any Group Member does not exceed 5% of the total
                                         assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance
                                         with GAAP as at the last day of the most recent ended Fiscal Quarter; and



 


		C.	the
                                         sum of the aggregate principal amount (without duplication) of (x) Indebtedness (including
                                         any Group Member Guarantees) incurred by Principal Subsidiaries (excluding Permitted
                                         Principal Subsidiary Indebtedness) and (y) Indebtedness secured by Liens (excluding Permitted
                                         Liens) granted by any Group Member pursuant to (iii)(A) and (B) above does not exceed
                                         10.0% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined
                                         in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter,



 


provided
that if, following the Guarantee Release Date, the Borrower enters into a transaction which results in the existence of any Inherited
Lien or Inherited Indebtedness, and solely as a result of that Inherited Lien (and the related Inherited Indebtedness secured
by that Inherited Lien) or Inherited Indebtedness, the thresholds referred to in this paragraph (b) are exceeded, whilst no breach
of this clause shall be deemed to have occurred at the time of such transaction, no further Indebtedness or Liens of the type
referred to in this paragraph (b) shall be permitted to be incurred or, as the case may, permitted to exist until such time as
the Borrower is in compliance with the thresholds referred to above (and taking into account for such purpose any unsecured Inherited
Indebtedness or Inherited Indebtedness secured by any Inherited Lien).


 


		2.	Section
                                         7.2.3 shall be deleted in its entirety and replaced with “Intentionally Omitted”.



   


		3.	A
                                         new Section 7.2.11 shall be inserted as follows:



   


SECTION
7.2.11                Negative Pledge Over ECA Financed Vessels.


 


For
the purposes of this Section 7.2.11:




     5


    


    


“repaid”
means scheduled repayments or voluntary or mandatory prepayment and not repayments arising following the acceleration of the relevant
ECA Financing after the occurrence of an Event of Default; and


 


“credit
support” means a Lien over any ECA Financed Vessel granted by any Group Member or a Group Member Guarantee from a Group
Member (other than the Borrower) that owns (directly or indirectly) any ECA Financed Vessel.


 


In
connection with the granting of any Lien or Group Member Guarantee pursuant to Section 7.2.2(b) above, no Group Member shall use
any ECA Financed Vessel as credit support in respect of any Indebtedness except:


 


(i)       if
more than 75.0% of the aggregate principal amount of Indebtedness originally incurred under the ECA Financing in respect of that
ECA Financed Vessel has been repaid by the relevant Group Member, that Group Member shall be entitled to grant credit support
over or in respect of that ECA Financed Vessel on the basis, and in compliance with the terms of, Section 7.2.2(b); and


 


(ii)       if
an amount equal to or higher than 15.0% but less than or equal to 75% of the aggregate principal amount of Indebtedness originally
incurred under the ECA Financing in respect of that ECA Financed Vessel has been repaid by the relevant Group Member (determined
at the time the relevant credit support is provided), the relevant Group Member shall be entitled to provide such credit support
over that ECA Financed Vessel on the basis of, and subject to the compliance with, the terms of, Section 7.2.2(b), provided that
the amount of Indebtedness secured or supported (as applicable) by that credit support shall not exceed an amount equal to BV
x (A / B) where:


 


BV
= the book value of that ECA Financed Vessel at the time of the provision of that credit support (as evidenced by the information
to be provided pursuant to sub-paragraph (v) below);


 


A
= the aggregate principal amount of Indebtedness incurred under the ECA Financing in respect of that ECA Financed Vessel which
has been repaid by the relevant Group Member at the time the credit support is provided; and


 


B
= the amount of Indebtedness originally incurred by the relevant Group Member under the ECA Financing in respect of that ECA Financed
Vessel,


 


it
being acknowledged and agreed that:


 


(iii)       where
the relevant credit support being provided in accordance with this Section 7.2.11 is a Group Member Guarantee from a Group Member
that owns (directly or indirectly) one or more ECA Financed Vessels but does not own (directly or indirectly) any other Vessels,
the amount of Indebtedness that can be




     6


    


    


supported
by such Group Member Guarantee shall be equal to the aggregate amount of Indebtedness that would be permitted to be secured under
this Section 7.2.11 if, instead of a Group Member Guarantee, each relevant Principal Subsidiary owning each relevant ECA Financed
Vessel was to provide a Lien as credit support in respect of that Indebtedness;


 


(iv)       
where the relevant credit support being provided in accordance with this Section 7.2.11 is a Group Member Guarantee from a Group
Member that owns (directly or indirectly) one or more ECA Financed Vessels and other Vessels, the restrictions contained in this
Section 7.2.11 as to the amount of the Indebtedness that can be supported by such credit support must be preserved at all times
and, not later than five Business Days after the date upon which that Group Member grants the relevant Group Member Guarantee,
the Borrower shall notify the Facility Agent in writing of such event and shall provide any information as may be reasonably requested
by the Facility Agent to verify that the requirements of this Section 7.2.11 have been complied with following the provision of
such Group Member Guarantee; and


 


(v)       not
later than five Business Days after the date upon which a Group Member provides any credit support, the Borrower shall provide
the Facility Agent with evidence as to its compliance with this Section 7.2.11, which evidence shall include all required calculations
and other information required by the Facility Agent (acting reasonably) to determine such compliance,; and


 


(vi)       no
Group Member shall be entitled to use any ECA Financed Vessel as credit support in the manner contemplated by this Section 7.2.11:


 


		(A)	until
                                         such time as the relevant Group Member has repaid at least 15.0% of the aggregate principal
                                         amount of Indebtedness originally incurred under the ECA Financing in respect of that
                                         ECA Financed Vessel; and/or



 


		(B)	at
                                         any time in which a Default has occurred and is continuing.





     7


    


    





SIGNATORIES

Amendment No. 2 in respect of Hull S-720


 





	Borrower	 	 
	 	 	 
	Silversea Cruise
    Holding Ltd.	)	 
	Name: Lucy Shtenko	)	/s/ Lucy
    Shtenko
	Title: Attorney-in-Fact	)	 
	 	 	 
	Guarantor	 	 
	 	 	 
	Royal Caribbean Cruises
    Ltd.	)	 
	Name: Lucy Shtenko	)	/s/ Lucy
    Shtenko
	Title: Attorney-in-Fact	)	 







 


[Signature
Page to Amendment No. 2 - Hull S-720]




      


     


    


	Facility Agent	 	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	Name:	Simon Hartley	)	/s/ Simon
    Hartley
	Title:	Attorney-in-Fact	)	 
	 	 	 	 
	Hermes Agent	 	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	Name:	Simon Hartley	)	/s/ Simon
    Hartley
	Title:	Attorney-in-Fact	)	 
	 	 	 	 
	Lenders	 	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	Name:	Simon Hartley	)	/s/ Simon
    Hartley
	Title:	Attorney-in-Fact	)	 
	 	 	 	 
	MUFG Bank, Ltd.	)	/s/ Jean-Marie
    le Fouest
	Name:	 Jean-Marie le Fouest	)	 
	Title:	Managing Director , Head of Commodity &
    Structured Trade Finance	)	 
	 	 	 	 
	Société Générale	)	 
	Name:	Michelle Wing Yee Tsui	)	/s/ Michelle
    Wing Yee Tsui
	Title:	Attorney-in-Fact	)	 
	 	 	 	 
	Helaba Landesbank	)	 
	Hessen-Thüringen Girozentrale	)	 
	Name:	Helen Claire Davies	)	/s/ Helen
    Claire Davies
	Title:	Attorney-in-Fact	)	 
	 	 	 	 
	DZ BANK AG, New York Branch	)	 
	Name:	Matthew Thomas Afan Bambury	)	/s/ Matthew
    Thomas Afan Bambury
	Title:	Attorney-in-Fact	)	 
	 	 	 	 
	Standard Chartered Bank	)	 	 	 
	Name:	James Perkins / Grahame Smith	)	/s/ James Perkins	 	/s/
    Grahame Smith
	Title:	Manager / Director , OBL	)	 	 	 







 


[Signature
Page to Amendment No. 2 - Hull S-720]




      


     


    


	Bayerische Landesbank, New York Branch	)	 
	Name:	)	/s/ Andrew
    Kjoller	 	/s/ Gina
    Sandella
	Title:	 	Andrew Kjoller	 	Gina Sandella
	 	)	Executive Director 	 	Vice President
	 	 	 
	Commerzbank AG, New York Branch	)	 
	Name:	)	/s/ Christina Serrano
    	 	/s/ BIANCA
    NOTARI 
	Title:	)	 






 


[Signature
Page to Amendment No. 2 - Hull S-720]