Document:

exv10w24

Exhibit 10.24

PERFORMANCE AWARD AGREEMENT

[Full Name of Employee]

[Date]

Dear [First Name]:

     Pursuant to the 2011 Cash Incentive Plan (the “Plan”) of AMC Networks Inc. (the
“Company”), you will receive a contingent cash award (the “Award”) in replacement
of the contingent cash award granted to you by the Compensation Committee of the Board of Directors
of Cablevision Systems Corporation (“Cablevision”) effective as of March 8, 2011 (the
“Effective Date”), which contingent cash award has been canceled in all respects.

     Capitalized terms used, but not defined, in this agreement (this “Agreement”) have the
meanings given to them in the Plan. The Award is subject to the terms and conditions set forth
below:

1. Amount and Payment of Award. In accordance with the terms of this Performance Award Agreement,
the target amount of your contingent Award is $__________________ (the “Target Award”),
which may be increased or decreased to the extent the performance objectives set forth on Annex
1 hereto (the “Objectives”) have been attained in respect of the period from January 1,
2013 through December 31, 2013 (the “Performance Period”). The Award, calculated in
accordance with Annex 1 attached hereto, will become payable to you upon the date on which the
Committee (as defined in Section 10 below) determines the Company’s performance against the
Objectives (the “Award Date”) provided, that you have remained in the continuous
employ of the Company or one of its Affiliates from the Effective Date through the Award Date.

2. Termination of Employment. If, on the Award Date, you are no longer employed by the Company or
one of its Affiliates for any reason, other than as a result of your death, then you will
automatically forfeit all of your rights and interest in the Award regardless of whether the
Objectives are attained.

3. Death. If, prior to the end of the Performance Period, your employment with the Company or any
of its Affiliates is terminated as a result of your death then your estate will receive, promptly
(and in any event within 30 days) following the date of such termination, payment of the Target
Award prorated for the number of completed months of your employment during the Performance Period
prior to such termination. If after the end of the Performance Period but prior to the Award Date,
your employment with the Company or any of its Affiliates is terminated as a result of your death
then your estate will receive, on the date payment is made to active eligible employees of the
Company, the Award, if any, to which you would have been entitled on the Award Date had your
employment not been so terminated.

 

 

4. Going Private Transaction or Change in Control.

     a. Going Private Transaction. Notwithstanding anything to the contrary contained in this
Agreement, if at any time a Going Private Transaction (as defined below) occurs and immediately
prior to such transaction you are employed by the Company or one of its Affiliates, the Target
Award shall become payable to you whether or not the Objectives have been attained at the earlier
of (i) January 1, 2014, provided, that you remain in the continuous employ of the Company
or one of its Affiliates from the Effective Date through such date or (ii) the date subsequent to
the Going Private Transaction on which your employment with the Company or the surviving entity is
terminated (A) by the Company or the surviving entity other than for Cause (as defined below) or
(B) by you for Good Reason (as defined below). Notwithstanding the foregoing, if you become
entitled to payment of the Target Award by virtue of a termination in accordance with (ii)(A) or
(ii)(B) of this Section 4(a) and are determined by the Company to be a “specified employee” within
the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A of the
IRC”), the Target Award shall be paid to you on the earlier of: (i) January 1, 2014, (ii) the date
that is six months from your date of employment termination and (iii) any other date on which such
payment or any portion thereof would be a permissible distribution under Section 409A of the IRC.
In the event of such a determination, the Company shall promptly following the date of your
employment termination set aside such amount for your benefit in a “rabbi trust” that satisfies the
requirements of Revenue Procedure 92-64, and on a monthly basis shall deposit into such trust
interest in arrears (compounded quarterly at the rate provided below) until such time as such
amount, together with all accrued interest thereon, is paid to you in full pursuant to the previous
sentence); provided, that no payment will be made to such rabbi trust if it would be
contrary to law or cause you to incur additional tax under Section 409A of the IRC. The initial
interest rate shall be the average of the one-year LIBOR fixed rate equivalent for the ten business
days prior to the date of your employment termination.

     b. Change in Control. Notwithstanding anything to the contrary contained in this Agreement
but subject to the subsections of this Section 4(b), if at any time a Change of Control (as defined
below) of the Company occurs and immediately prior to such transaction you are employed by the
Company or one of its Affiliates, you will be entitled to the payment of the Target Award whether
or not the Objectives have been attained.

          i. If the actual Change of Control:

               (A) is a permissible distribution event under Section 409A of the IRC or payment of the Award
promptly upon such event is otherwise permissible under Section 409A of the IRC (including, for the
avoidance of doubt, by reason of the inapplicability of Section 409A of the IRC to the Award), then
the Target Award shall be paid to you by the Company promptly following the Change of Control; or

               (B) is not a permissible distribution event under Section 409A of the IRC and payment of the
Award promptly upon such event is not otherwise permissible under Section 409A of the IRC, then the
Target Award shall be paid to you by the Company (together with interest thereon pursuant to
Section 4(b)(ii) below) on the earliest to occur of:

-2-

 

                    (1) any subsequent date on which you are no longer employed by the Company or any of its
Affiliates for any reason other than termination of your employment by one of such entities for
Cause (provided that if you are determined by the Company to be a “specified employee” within the
meaning of Section 409A of the IRC, six months from such date);

                    (2) any other date on which such payment or any portion thereof would be a permissible
distribution under Section 409A of the IRC; or

                    (3) January 1, 2014.

          ii. Upon any Change of Control, to the extent any amounts are due to be paid to you at a later
date pursuant to Section 4(b)(i)(B) above, the Company shall promptly following the Change of
Control set aside such amount for your benefit in a “rabbi trust” that satisfies the requirements
of Revenue Procedure 92-64, and on a monthly basis shall deposit into such trust interest in
arrears (compounded quarterly at the rate provided below) until such time as such amount, together
with all accrued interest thereon, is paid to you in full pursuant to Section 4(b)(i)(B) above);
provided, that no payment will be made to such rabbi trust if it would be contrary to law
or cause you to incur additional tax under Section 409A of the IRC. The initial interest rate
shall be the average of the one-year LIBOR fixed rate equivalent for the ten business days prior to
the date of the Change of Control and shall adjust annually based on the average of such rate for
the ten business days prior to each anniversary of the Change of Control.

     If and to the extent that any payment under this Section 4 is determined by the Company to
constitute “non-qualified deferred compensation” subject to Section 409A of the IRC and is payable
to you by reason of your termination of employment, then such payment shall be made to you only
upon a “separation from service” as defined for purposes of Section 409A of the IRC under
applicable regulations.

     For purposes of this Agreement, “Cause” means, your (i) commission of an act of fraud,
embezzlement, misappropriation, willful misconduct, gross negligence or breach of fiduciary duty
against the Company or an Affiliate thereof, or (ii) commission of any act or omission that results
in a conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated
probation for any crime involving moral turpitude or any felony.

     For purposes of this Agreement, “Change of Control” means the acquisition, in a
transaction or a series of related transactions, by any person or group, other than Charles F.
Dolan or members of the immediate family of Charles F. Dolan or trusts for the benefit of Charles
F. Dolan or his immediate family (or an entity or entities controlled by any of them) or any
employee benefit plan sponsored or maintained by the Company, of the power to direct the management
of the Company or substantially all its assets (as constituted immediately prior to such
transaction or transactions).

     For purposes of this Agreement, “Going Private Transaction” means a transaction
involving the purchase of Company securities described in Rule 13e-3 to the Securities and Exchange
Act of 1934.

-3-

 

     For purposes of this Agreement, “Good Reason” means: (a) without your express written
consent any reduction in your base salary or bonus potential, or any material impairment or
material adverse change in your working conditions (as the same may from time to time have been
improved or, with your written consent, otherwise altered, in each case, after the Effective Date)
at any time after or within ninety (90) days prior to the Going Private Transaction including,
without limitation, any material reduction of your other compensation, executive perquisites or
other employee benefits (measured, where applicable, by level or participation or percentage of
award under any plans of the Company), or material impairment or material adverse change of your
level of responsibility, authority, autonomy or title, or to your scope of duties; (b) any failure
by the Company to comply with any of the provisions of this Agreement, other than an insubstantial
or inadvertent failure remedied by the Company promptly after receipt of notice thereof given by
you; (c) the Company’s requiring you to be based at any office or location more than thirty-five
(35) miles from your location immediately prior to the Going Private Transaction except for travel
reasonably required in the performance of your responsibilities; or (d) any failure by the Company
to obtain the assumption and agreement to perform this Agreement by a successor.

5. Termination. Except for a right which has accrued to receive a payment on account of the Award,
this Agreement shall automatically terminate and be of no further force and effect on the Award
Date.

6. Transfer Restrictions. You may not transfer, assign, pledge or otherwise encumber the Award
other than to the extent provided in the Plan.

7. Unfunded Obligation. The Plan will at all times be unfunded and, except as set forth in Section
4(b) of this Agreement, no provision will at any time be made with respect to segregating any
assets of the Company or any of its Affiliates for payment of any benefits under the Plan,
including, without limitation, those covered by this Agreement. Your right or that of your estate
to receive payments under this Agreement shall be an unsecured claim against the general assets of
the Company, including any rabbi trust established pursuant to Section 4(b). Neither you nor your
estate shall have any rights in or against any specific assets of the Company other than the assets
held by the rabbi trust established pursuant to Section 4(b).

8. Tax Representations and Tax Withholding. You hereby acknowledge that you have reviewed with
your own tax advisors the federal, state and local tax consequences of receiving the Award. You
hereby represent to the Company that you are relying solely on such advisors and not on any
statements or representations of the Company, its Affiliates or any of their respective agents.
If, in connection with the Award, the Company is required to withhold any amounts by reason of any
federal, state or local tax, such withholding shall be effected in accordance with Section 8 of the
Plan.

9. Right of Offset. You hereby agree that if the Company shall owe you any amount that does not
constitute “non-qualified deferred compensation” pursuant to Section 409A of the IRC (the
“Company-Owed Amount”) under this Agreement, then the Company shall have the right to
offset against the Company-Owed Amount, to the maximum extent permitted by law, any amounts that
you may owe to the Company or its Affiliates of whatever nature.

-4-

 

10. The Committee. For purposes of this Agreement, the term “Committee” means the
Compensation Committee of the Board of Directors of the Company or any replacement committee
established under, and as more fully defined in, the Plan.

11. Committee Discretion. The Committee has full discretion with respect to any actions to be
taken or determinations to be made in connection with this Agreement, and its determinations shall
be final, binding and conclusive.

12. Amendment. The Committee reserves the right at any time and from time to time to amend or
revise the terms and conditions set forth in this Agreement, except that the Committee may not make
any such amendment or revision in a manner unfavorable to you (other than if immaterial) without
your consent. Any amendment of this Agreement shall be in writing and signed by an authorized
member of the Committee or a person or persons designated by the Committee.

13. Award Subject to the Plan. The Award and all other amounts payable hereunder are subject to
the Plan.

14. Entire Agreement. Except for any employment agreement between you and the Company or any of
its Affiliates in effect as of the date of the grant hereof (as such employment agreement may be
modified, renewed or replaced), this Agreement and the Plan constitute the entire understanding and
agreement of you and the Company with respect to the Award covered hereby and supersede all prior
understandings and agreements. In the event of a conflict among the documents with respect to the
terms and conditions of the Award covered hereby, the documents will be accorded the following
order of authority: the terms and conditions of the Plan will have highest authority followed by
the terms and conditions of your employment agreement, if any, followed by the terms and conditions
of this Agreement.

15. Successors and Assigns. The terms and conditions of this Agreement shall be binding upon, and
shall inure to the benefit of, the Company and its successors and assigns.

16. Governing Law. This Agreement shall be deemed to be made under, and in all respects be
interpreted, construed and governed by and in accordance with, the laws of the State of New York.

17. Jurisdiction and Venue. You irrevocably submit to the jurisdiction of the courts of the State
of New York and the Federal courts of the United States located in the Southern District and
Eastern District of the State of New York in respect of the interpretation and enforcement of the
provisions of this Agreement and the Plan, and hereby waive, and agree not to assert, as a defense
that you are not subject thereto or that the venue thereof may not be appropriate. You agree that
the mailing of process or other papers in connection with any action or proceeding in any manner
permitted by law shall be valid and sufficient service.

18. Waiver. No waiver by the Company at any time of any breach by you of, or compliance with, any
term or condition of this Agreement or the Plan to be performed by you shall be deemed a waiver of
the same, any similar or any dissimilar term or condition at the same or at any prior or subsequent
time.

-5-

 

19. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any term or condition hereof shall not affect the validity or enforceability of
the other terms and conditions set forth herein.

20. Exclusion from Compensation Calculation. By acceptance of this Agreement, you shall be
considered in agreement that the Award shall be considered special incentive compensation and will
be exempt from inclusion as “wages” or “salary” in pension, retirement, life insurance and other
employee benefits arrangements of the Company and its Affiliates, except as determined otherwise by
the Company. In addition, each of your beneficiaries shall be deemed to be in agreement that the
Award shall be exempt from inclusion in “wages” or “salary” for purposes of calculating benefits of
any life insurance coverage sponsored by the Company or any of its Affiliates.

21. No Right to Continued Employment. Nothing contained in this Agreement or the Plan shall be
construed to confer on you any right to continue in the employ of the Company or any Affiliate, or
derogate from the right of the Company or any Affiliate, as applicable, to retire, request the
resignation of, or discharge you, at any time, with or without cause.

22. Affiliates of the Company. Notwithstanding Section 2(a) of the Plan, for purposes of Sections
2, 3, 4 (other than the definition of “Cause” set forth in such Section), 5, 9 and 14 of this
Agreement, “Affiliate” of the Company shall mean the direct and indirect subsidiaries of the
Company.

23. Section 409A. It is the Company’s intent that payments under this Agreement be exempt from, or
comply with, the requirements of Section 409A of the IRC, and that this Agreement be administered
and interpreted accordingly. If and to the extent that any payment or benefit under this
Agreement, or any plan or arrangement of the Company or its affiliates, is determined by the
Company to constitute “non-qualified deferred compensation” subject to Section 409A of the IRC and
is payable to you by reason of your termination of employment, then (a) such payment or benefit
shall be made or provided to you only upon a “separation from service” as defined for purposes of
Section 409A of the IRC under applicable regulations and (b) if you are a “specified employee”
(within the meaning of Section 409A of the IRC and as determined by the Company), such payment or
benefit shall not be made or provided before the date that is six months after the date of your
separation from service (or your earlier death). Any amount not paid in respect of the six month
period specified in the preceding sentence will be paid to you, together with interest on such
delayed amount at the rate equal to the average of the one-year LIBOR fixed rate equivalent for the
ten business days prior to the date of your separation from service (or your earlier death), in a
lump sum after the expiration of such six month period. The Committee will determine the Company’s
performance against the Objectives under Section 1 hereof during the calendar year immediately
following the Performance Period. This Section 23 will also apply to all previous awards granted
to you pursuant to the Plan.

24. Headings. The headings in this Agreement are for purposes of convenience only and are not
intended to define or limit the construction of the terms and conditions of this Agreement.

25. Effective Date. Upon execution by you, this Agreement shall be effective from and as of the
Effective Date.

-6-

 

26. Signatures. Execution of this Agreement by the Company may be in the form of an electronic or
similar signature, and such signature shall be treated as an original signature for all purposes.

	 	 	 	 	 
	 	AMC NETWORKS INC.

 	 
	 	By:  	
 	 
	 	 	Joshua Sapan

President and CEO 	 

     By your signature, you (i) acknowledge that a complete copy of the Plan and an executed
original of this Agreement have been made available to you and (ii) agree to all of the terms and
conditions set forth in the Plan and this Agreement.

	 	 	 	 	 
	 	 	  	
 	 
	 	 	 	Name:	 

-7-exv10w1

Exhibit 10.1

Execution Version

 

HULL NO. S-697 CREDIT AGREEMENT

 

dated as of June 8, 2011

BETWEEN

Royal Caribbean Cruises Ltd.

as the Borrower,

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

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	PAGE	 
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	 	 	 	 
	 
	 	 	 	 
	SECTION 1.1. Defined Terms
	 	 	2	 
	SECTION 1.2. Use of Defined Terms
	 	 	12	 
	SECTION 1.3. Cross-References
	 	 	12	 
	SECTION 1.4. Application of this Agreement to KfW IPEX as an Option A Lender
	 	 	13	 
	SECTION 1.5. Accounting and Financial Determinations
	 	 	13	 
	 
	 	 	 	 
	ARTICLE II COMMITMENTS AND BORROWING PROCEDURES
	 	 	 	 
	 
	 	 	 	 
	SECTION 2.1. Commitment
	 	 	13	 
	SECTION 2.2. Commitment of the Lenders; Termination and Reduction of Commitments
	 	 	13	 
	SECTION 2.3. Borrowing Procedure
	 	 	14	 
	SECTION 2.4. Funding
	 	 	16	 
	 
	 	 	 	 
	ARTICLE III REPAYMENTS, PREPAYMENTS, INTEREST AND FEES
	 	 	 	 
	 
	 	 	 	 
	SECTION 3.1. Repayments
	 	 	16	 
	SECTION 3.2. Prepayment
	 	 	16	 
	SECTION 3.3. Interest Provisions
	 	 	17	 
	SECTION 3.3.1. Rates
	 	 	17	 
	SECTION 3.3.2. Election of Floating Rate
	 	 	17	 
	SECTION 3.3.3. Conversion to Floating Rate
	 	 	18	 
	SECTION 3.3.4. Post-Maturity Rates
	 	 	18	 
	SECTION 3.3.5. Payment Dates
	 	 	18	 
	SECTION 3.3.6. Interest Rate Determination; Replacement Reference Banks
	 	 	19	 
	SECTION 3.4. Commitment Fees
	 	 	19	 

i

 

	 	 	 	 	 
	 	 	PAGE	 
	SECTION 3.4.1. Payment
	 	 	19	 
	SECTION 3.5. CIRR Fees
	 	 	20	 
	SECTION 3.5.1. Payment
	 	 	20	 
	SECTION 3.6. Other Fees
	 	 	20	 
	 
	 	 	 	 
	ARTICLE IV CERTAIN LIBO RATE AND OTHER PROVISIONS
	 	 	 	 
	 
	 	 	 	 
	SECTION 4.1. LIBO Rate Lending Unlawful
	 	 	20	 
	SECTION 4.2. Deposits Unavailable
	 	 	21	 
	SECTION 4.3. Increased LIBO Rate Loan Costs, etc.
	 	 	21	 
	SECTION 4.4. Funding Losses
	 	 	23	 
	SECTION 4.4.1. Indemnity
	 	 	23	 
	SECTION 4.5. Increased Capital Costs
	 	 	25	 
	SECTION 4.6. Taxes
	 	 	25	 
	SECTION 4.7. Reserve Costs
	 	 	27	 
	SECTION 4.8. Payments, Computations, etc.
	 	 	28	 
	SECTION 4.9. Replacement Lenders, etc.
	 	 	29	 
	SECTION 4.10. Sharing of Payments
	 	 	29	 
	SECTION 4.11. Set-off
	 	 	30	 
	SECTION 4.12. Use of Proceeds
	 	 	30	 
	 
	 	 	 	 
	ARTICLE V CONDITIONS TO BORROWING
	 	 	 	 
	 
	 	 	 	 
	SECTION 5.1. Initial Advance of the Loan
	 	 	30	 
	SECTION 5.1.1. Resolutions, etc.
	 	 	30	 
	SECTION 5.1.2. Opinions of Counsel
	 	 	31	 
	SECTION 5.1.3. Hermes Insurance Policy
	 	 	31	 
	SECTION 5.1.4. CIRR requirements
	 	 	31	 
	SECTION 5.2. Advance of the Loan
	 	 	32	 

ii

 

	 	 	 	 	 
	 	 	PAGE	 
	SECTION 5.2.1. Closing Fees, Expenses, etc.
	 	 	32	 
	SECTION
5.2.2. Compliance with Warranties, No Default, etc.
	 	 	32	 
	SECTION 5.2.3. Loan Request
	 	 	33	 
	SECTION 5.2.4. Hermes Insurance Policy
	 	 	33	 
	SECTION 5.2.5. Foreign Exchange Counterparty Confirmations.
	 	 	33	 
	SECTION 5.3. Advance of the Loan on the Final Disbursement Date
	 	 	33	 
	SECTION 5.4.
	 	 	33	 
	 
	 	 	 	 
	ARTICLE VI REPRESENTATIONS AND WARRANTIES
	 	 	 	 
	 
	 	 	 	 
	SECTION 6.1. Organization, etc.
	 	 	33	 
	SECTION 6.2. Due Authorization, Non-Contravention, etc.
	 	 	34	 
	SECTION 6.3. Government Approval, Regulation, etc.
	 	 	34	 
	SECTION 6.4. Compliance with Environmental Laws
	 	 	34	 
	SECTION 6.5. Validity, etc.
	 	 	34	 
	SECTION 6.6. No Default, Event of Default or Prepayment Event
	 	 	34	 
	SECTION 6.7. Litigation
	 	 	34	 
	SECTION 6.8. The Purchased Vessel
	 	 	35	 
	SECTION 6.9. Obligations rank pari passu
	 	 	35	 
	SECTION 6.10. Withholding, etc.
	 	 	35	 
	SECTION 6.11. No Filing, etc.
	 	 	35	 
	SECTION 6.12. No Immunity
	 	 	35	 
	SECTION 6.13. Investment Company Act
	 	 	36	 
	SECTION 6.14. Regulation U
	 	 	36	 
	SECTION 6.15. Accuracy of Information
	 	 	36	 
	 
	 	 	 	 
	ARTICLE VII COVENANTS
	 	 	 	 
	 
	 	 	 	 
	SECTION 7.1. Affirmative Covenants
	 	 	36	 

iii

 

	 	 	 	 	 
	 	 	PAGE	 
	SECTION 7.1.1. Financial Information, Reports, Notices, etc.
	 	 	36	 
	SECTION 7.1.2. Approvals and Other Consents
	 	 	37	 
	SECTION 7.1.3. Compliance with Laws, etc.
	 	 	38	 
	SECTION 7.1.4. The Purchased Vessel
	 	 	38	 
	SECTION 7.1.5. Insurance
	 	 	39	 
	SECTION 7.1.6. Books and Records
	 	 	39	 
	SECTION 7.1.7. Hermes Insurance Policy/Federal Republic of Germany Requirement
	 	 	39	 
	SECTION 7.2. Negative Covenants
	 	 	39	 
	SECTION 7.2.1. Business Activities
	 	 	39	 
	SECTION 7.2.2. Indebtedness
	 	 	40	 
	SECTION 7.2.3. Liens
	 	 	40	 
	SECTION 7.2.4. Financial Condition
	 	 	42	 
	SECTION 7.2.5. Investments
	 	 	43	 
	SECTION 7.2.6. Consolidation, Merger, etc.
	 	 	43	 
	SECTION 7.2.7. Asset Dispositions, etc.
	 	 	43	 
	SECTION 7.2.8. Transactions with Affiliates
	 	 	44	 
	 
	 	 	 	 
	ARTICLE VIII EVENTS OF DEFAULT
	 	 	 	 
	 
	 	 	 	 
	SECTION 8.1. Listing of Events of Default
	 	 	44	 
	SECTION 8.1.1. Non-Payment of Obligations
	 	 	44	 
	SECTION 8.1.2. Breach of Warranty
	 	 	45	 
	SECTION 8.1.3. Non-Performance of Certain Covenants and Obligations
	 	 	45	 
	SECTION 8.1.4. Default on Other Indebtedness
	 	 	45	 
	SECTION 8.1.5. Bankruptcy, Insolvency, etc.
	 	 	45	 
	SECTION 8.2. Action if Bankruptcy
	 	 	46	 
	SECTION 8.3. Action if Other Event of Default
	 	 	46	 

iv

 

	 	 	 	 	 
	 	 	PAGE	 
	 
	 	 	 	 
	ARTICLE IX PREPAYMENT EVENTS
	 	 	 	 
	 
	 	 	 	 
	SECTION 9.1. Listing of Prepayment Events
	 	 	46	 
	SECTION 9.1.1. Change in Ownership
	 	 	46	 
	SECTION 9.1.2. Change in Board
	 	 	47	 
	SECTION 9.1.3. Unenforceability
	 	 	47	 
	SECTION 9.1.4. Approvals
	 	 	47	 
	SECTION 9.1.5. Non-Performance of Certain Covenants and Obligations
	 	 	47	 
	SECTION 9.1.6. Judgments
	 	 	47	 
	SECTION 9.1.7. Condemnation, etc.
	 	 	48	 
	SECTION 9.1.8. Arrest
	 	 	48	 
	SECTION 9.1.9. Sale/Disposal of the Purchased Vessel
	 	 	48	 
	SECTION 9.1.10. Delayed Delivery of the Purchased Vessel
	 	 	48	 
	SECTION 9.1.11. Termination of the Construction Contract
	 	 	48	 
	SECTION 9.2. Mandatory Prepayment
	 	 	48	 
	 
	 	 	 	 
	ARTICLE X THE FACILITY AGENT AND THE HERMES AGENT
	 	 	 	 
	 
	 	 	 	 
	SECTION 10.1. Actions
	 	 	49	 
	SECTION 10.2. Indemnity
	 	 	49	 
	SECTION
10.3. Funding Reliance, etc.
	 	 	49	 
	SECTION 10.4. Exculpation
	 	 	50	 
	SECTION 10.5. Successor
	 	 	50	 
	SECTION 10.6. Loans by the Facility Agent
	 	 	51	 
	SECTION 10.7. Credit Decisions
	 	 	52	 
	SECTION
10.8. Copies, etc.
	 	 	52	 
	SECTION 10.9. The Agents’ Rights
	 	 	52	 
	SECTION 10.10. The Facility Agent’s Duties
	 	 	52	 

v

 

	 	 	 	 	 
	 	 	PAGE	 
	SECTION 10.11. Employment of Agents
	 	 	53	 
	SECTION 10.12. Distribution of Payments
	 	 	53	 
	SECTION 10.13. Reimbursement
	 	 	53	 
	SECTION 10.14. Instructions
	 	 	53	 
	SECTION 10.15. Payments
	 	 	54	 
	SECTION 10.16. “Know your customer” Checks
	 	 	54	 
	SECTION 10.17. No Fiduciary Relationship
	 	 	54	 
	 
	 	 	 	 
	ARTICLE XI MISCELLANEOUS PROVISIONS
	 	 	 	 
	 
	 	 	 	 
	SECTION 11.1. Waivers, Amendments, etc.
	 	 	54	 
	SECTION 11.2. Notices
	 	 	55	 
	SECTION 11.3. Payment of Costs and Expenses
	 	 	56	 
	SECTION 11.4. Indemnification
	 	 	56	 
	SECTION 11.5. Survival
	 	 	58	 
	SECTION 11.6. Severability
	 	 	58	 
	SECTION 11.7. Headings
	 	 	58	 
	SECTION 11.8. Execution in Counterparts, Effectiveness, etc.
	 	 	58	 
	SECTION 11.9. Third Party Rights
	 	 	58	 
	SECTION 11.10. Successors and Assigns
	 	 	59	 
	SECTION 11.11. Sale and Transfer of the Loan; Participations in the Loan
	 	 	59	 
	SECTION 11.11.1. Assignments
	 	 	59	 
	SECTION 11.11.2. Participations
	 	 	61	 
	SECTION 11.12. Other Transactions
	 	 	62	 
	SECTION 11.13. Hermes Insurance Policy
	 	 	62	 
	SECTION 11.13.1. Terms of Hermes Insurance Policy
	 	 	62	 
	SECTION 11.13.2. Obligations of the Borrower
	 	 	63	 

vi

 

	 	 	 	 	 
	 	 	PAGE	 
	SECTION 11.13.3. Obligations of the Hermes Agent and the Lenders
	 	 	64	 
	SECTION 11.14. Law and Jurisdiction
	 	 	65	 
	SECTION 11.14.1. Governing Law
	 	 	65	 
	SECTION 11.14.2. Jurisdiction
	 	 	65	 
	SECTION 11.14.3. Alternative Jurisdiction
	 	 	65	 
	SECTION 11.14.4. Service of Process
	 	 	65	 
	SECTION 11.15. Confidentiality
	 	 	65	 

vii

 

	 	 	 	 	 

	EXHIBITS
	 	 	 	 
	 
	Exhibit A

	 	-
	 	Repayment Schedule
	Exhibit B

	 	-
	 	Form of Loan Request
	Exhibit C

	 	-
	 	[Reserved]
	Exhibit D-1

	 	-
	 	Form of Opinion of Liberian Counsel to Borrower
	Exhibit D-2

	 	-
	 	Form of Opinion of Counsel to Lenders
	Exhibit D-3

	 	-
	 	Form of Opinion of US Tax Counsel to the Lenders
	Exhibit E

	 	-
	 	Form of Lender Assignment Agreement
	Exhibit F

	 	-
	 	Form of Option A Refinancing Agreement

viii

 

CREDIT AGREEMENT

          HULL NO. S-697 CREDIT AGREEMENT, dated as of June 8, 2011, is among Royal Caribbean Cruises
Ltd., a Liberian corporation (the “Borrower”), KfW IPEX-Bank GmbH, in its capacity as agent
for the Lenders referred to below in respect of Hermes-related matters (in such capacity, the
“Hermes Agent”), in its capacity as facility agent (in such capacity, the “Facility
Agent”) and in its capacity as a lender (in such capacity, together with each of the other
Persons that shall become a “Lender” in accordance with Section 11.11.1 hereof, each of
them individually a “Lender” and, collectively, the “Lenders”).

W I T N E S S E T H:

          WHEREAS,

	 	(A)	 	The Borrower and Meyer Werft GmbH, Papenburg (the “Builder”) have
entered on February 14, 2011 into a Contract for the Construction and Sale of Hull No.
S-697 (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-697 (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 the sum of (x) up to eighty per cent (80%) of
the Contract Price (as defined below) of the Purchased Vessel (as defined below), 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 EUR 725,000,000 (the “Contract Price Proceeds”) and (y) up to 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)	 	Except as otherwise provided below under the Alternative Disbursement Option
(as defined below), the Contract Price Proceeds will be provided to the Borrower two
(2) Business Days prior to the delivery of the Purchased Vessel 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 Proceeds will be provided on the First
Disbursement Date, with 75% of such Hermes Fee Proceeds to be disbursed directly to the
Hermes Agent for Hermes’ account for the payment of the Second Fee (as defined below)
and 25% to be disbursed to the Borrower for reimbursement of the First Fee (as defined
below).

          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 capitalized, 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 Borrower’s
accumulated other comprehensive income (loss) on such date, determined in accordance with GAAP.

          “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.

          “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.

          “Alternative Disbursement Option” means the option of the Borrower to request the
making of the Loan in multiple advances (in an aggregate principal amount not to exceed the US
Dollar Maximum Loan Amount) (i) prior to delivery of the Purchased Vessel, on each date on which
the Borrower is required to make a pre-delivery installment payment to the Builder (other than, for
the avoidance of doubt, the first such pre-delivery installment) and (ii) on the Final Disbursement
Date.

          “Applicable Commitment Rate” means (x) from the Effective Date through and including
October 28, 2012, 0.15% per annum, (y) from October 29, 2012 through and including October 28,
2013, 0.25% per annum, and (z) from October 29, 2013 until the Final Disbursement Date, 0.30% per
annum.

          “Applicable Jurisdiction” means the jurisdiction or jurisdictions under which the
Borrower is organized, 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.

          “Approved Appraiser” means any of the following: Barry Rogliano Salles, Paris, H
Clarkson & Co. Ltd., London, R.S. Platou Shipbrokers, Norway, or Fearnley AS, Norway.

          “Assignee Lender” is defined in Section 11.11.1.

          “Authorized Officer” means those officers of the Borrower authorized 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.

2

 

          “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 authorized or required to be closed in New York City, London or Frankfurt, and
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.

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

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

          “Capitalized Lease Liabilities” means the principal portion of all monetary
obligations of the Borrower or any of its Subsidiaries under any leasing or similar arrangement
which, in accordance with GAAP, would be classified as capitalized leases, and, for purposes of
this Agreement and each other Loan Document, the amount of such obligations shall be the
capitalized 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 Borrower’s balance sheet prepared in accordance with GAAP.

          “Celebrity Solstice Agreement” means that certain Hull No. S-675 Credit Agreement
dated as of August 7, 2008 among Celebrity Solstice Inc., KfW IPEX as administrative agent and KfW
IPEX and BNP Paribas S.A. as lenders.

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

          “Citibank Agreement” means the U.S. $1,225,000,000 credit agreement dated as of March
27, 2003, as amended and restated as of June 29, 2007 among the Borrower, as borrower, Citigroup
Global Markets Inc. and DnB Nor Bank ASA, as co-lead arrangers, and Citibank, N.A., as
administrative agent, as amended, restated, supplemented or otherwise modified from time to time.

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

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

          “Commitment Fees” is defined in Section 3.4.

3

 

          “Commitment Termination Date” means July 28, 2015.

          “Construction Contract” is defined in the preamble.

          “Contract Price” is as defined in the Construction Contract.

          “Contractual Delivery Date” means, at any time, the date which at such time is the
date specified for delivery of the Purchased Vessel under the Construction Contract, as such date
may be modified from time to time pursuant to the terms of the Construction Contract.

          “Covered Taxes” is defined in Section 4.6.

          “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.

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

          “Effective Date” means the date this Agreement becomes effective pursuant to
Section 11.8.

          “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.

          “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.

          “Event of Default” is defined in Section 8.1.

          “Existing Debt” means the obligations of the Borrower or its Subsidiaries in
connection with (i) the Bareboat Charterparty with respect to the vessel BRILLIANCE OF THE SEAS
dated July 5, 2002 between Halifax Leasing (September) Limited and RCL (UK) LTD, (ii) the Celebrity
Solstice Agreement, (iii) that certain Hull No. S-676 Credit Agreement dated as of April 15, 2009
among Celebrity Equinox Inc., the lenders from time to time party thereto and KfW IPEX-Bank GmbH
(“KfW”), as Hermes agent and administrative agent, (iv) that certain credit agreement dated
as of May 7, 2009 as amended and restated as of October 9, 2009 among Oasis of the Seas Inc., the
Borrower, as guarantor, the lenders from time to time party thereto and BNP Paribas, as
administrative agent, (v) that certain Hull No. S-677 Credit Agreement dated as of November 26,
2009 among Celebrity Eclipse Inc., the lenders from time to time party thereto and KfW, as Hermes
agent and administrative agent and (vi) that certain credit agreement dated as of March 15, 2010
among Allure of the Seas Inc., the Borrower, as guarantor, the lenders from time to time party
thereto and Skandinaviska Enskilda Banken AB (publ), as administrative agent, and the replacement,
extension, renewal or amendment of the foregoing without increase in the amount or change in any
direct or contingent obligor of such obligations.

4

 

          “Existing Group” means the following Persons: (a) A. Wilhelmsen AS., a Norwegian
corporation (“Wilhelmsen”); (b) Cruise Associates, a Bahamian general partnership
(“Cruise”); and (c) any Affiliate of either or both of Wilhelmsen and Cruise.

          “Existing Principal Subsidiaries” means each Subsidiary of the Borrower 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,
and any current or future regulations promulgated thereunder or official interpretations thereof.

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

          “Final Disbursement Date” means the date on which the Loan is advanced, or, if the
Borrower elects the Alternative Disbursement Option in accordance with Section 2.3(b), the
date on which the final balance of the Loan is advanced in connection with delivery of the
Purchased Vessel under the Construction Contract.

          “Final Maturity” means twelve (12) years after the Contractual Delivery Date.

          “First Disbursement Date” means the date on which the Loan is advanced, or, if the
Borrower elects the Alternative Disbursement Option in accordance with Section 2.3(b), the
date on which the first advance of the Loan is made.

          “First Fee” is defined in Section 11.13.

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

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

          “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 Borrower’s consolidated statement
of cash flow for such period, to
	 
	 	b)	 	the sum of:

5

 

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

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

          “Fixed Rate” means a rate per annum equal to the sum of 3.66% per annum plus the Fixed
Rate Margin.

          “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 Interest
Make-Up Agreement pursuant to Section 3.3.3.

          “Fixed Rate Margin” means 1.10% per annum.

          “Floating Rate” means a rate per annum equal to the sum of the LIBO Rate plus the
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, for each Interest Period, 1.30% per annum.

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

          “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 interest, foreign currency and 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

6

 

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 Kreditversicherungs AG, Friedensallee 254, 22763 Hamburg
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 Fee” means the fee payable to Hermes under and in respect of the Hermes
Insurance Policy.

          “Hermes Insurance Policy” means the guarantee (Deckungsdokument) issued by the Federal
Republic of Germany, represented by Hermes, in favor of the Lenders.

          “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 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; (c) Indebtedness of others
secured by a Lien on the property of such Person, whether or not the respective indebtedness so
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; (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.

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

          “Interest Payment Date” means, if the Borrower exercises the Alternative Disbursement
Option, (i) prior to the Final Disbursement Date, each day that falls at a six (6)-month interval
after the First Disbursement Date and (ii) the Final Disbursement Date.

          “Interest Period” means:

          (i) if the Borrower exercises the Alternative Disbursement Option, for the period from the
First Disbursement Date to the Final Disbursement Date, the period between the First Disbursement Date and the first Interest Payment Date, and subsequently, each succeeding
period between two consecutive Interest Payment Dates and (ii) from and after the Final

7

 

Disbursement Date, the period between the Final Disbursement Date and the first Repayment Date, and
subsequently each succeeding period between two consecutive Repayment Dates, 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; and
	 
	 	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.

          “Investment” means, relative to any Person,

	 	a)	 	any loan or advance made by such Person to any other Person
(excluding commission, travel, expense and similar advances to officers and
employees made in the ordinary course of business); and
	 
	 	b)	 	any ownership or similar interest held by such Person in any
other Person.

          “KfW” means KfW of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany acting in
its own name for the account of the government of the Federal Republic of Germany.

          “KfW IPEX” means KfW IPEX-Bank GmbH.

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

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

          “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 rate per annum of the offered quotation for deposits in Dollars
for six months (or for such other period as shall be agreed by the Borrower and the Facility Agent)
which appears on Reuters LIBOR01 Page (or any successor page) 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 3.3.6, if no such offered
quotation appears on Reuters LIBOR01 Page (or any successor page) at the
relevant time, the LIBO Rate shall be the rate per annum certified by the
Facility Agent to be the average

8

 

	 		 	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; and

	 	b)	 	for the purposes of determining the post-maturity rate of
interest under Section 3.3.4, 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 Borrower
otherwise agrees.

          “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 advances made by the Lenders under this Agreement from time to time
in an aggregate amount not to exceed the US Dollar Maximum Loan Amount or, as the case may be, the
aggregate outstanding amount of such advances from time to time.

          “Loan Documents” means this Agreement, the Syndication Side Letter and the Fee
Letters.

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

          “Margin” means the Fixed Rate Margin and/or the Floating Rate Margin.

          “Material Adverse Effect” means a material adverse effect on (a) the business,
operations or financial condition of the Borrower 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 the Borrower to perform its payment Obligations under the Loan Documents.

          “Material Litigation” is defined in Section 6.7.

          “Maximum Loan Amount” is defined in the preamble.

          “Net Debt” means, at any time, the aggregate outstanding principal amount of all debt
(including, without limitation, the principal portion of all capitalized leases) of the Borrower
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 Borrower and its Subsidiaries; plus
	 
	 	b)	 	all Cash Equivalents.

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

9

 

          “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 of the Borrower, and

     b) the issuance and sale of equity securities.

          “Nordea Agreement” means the U.S. $525,000,000 credit agreement dated as of November
19, 2010, as amended by Amendment No. 1 thereto dated as of November 19, 2010, among Royal
Caribbean Cruises Ltd., as the borrower, Nordea Bank Finland PLC, Citigroup Global Markets Limited
and DnB Nor Markets, Inc., as co-lead arrangers, Nordea Bank Finland PLC, as administrative agent,
and DNB Nor Bank ASA, as documentation agent, as amended, restated, supplemented or otherwise
modified from time to time.

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

          “Option A Refinancing Agreement” means a refinancing agreement entered into between
the Refinancing Bank and any Lender pursuant to Sections 1.2.1 and 1.2.2 of the
Terms and Conditions, substantially in the form of Exhibit F hereto.

          “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 the CIRR Representative and any Lender pursuant to Section 1.2.4 of the Terms and
Conditions.

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

          “Organic Document” means, relative to the Borrower, its articles of incorporation
(inclusive of any articles of amendment to its articles of incorporation) and its by-laws.

          “Participant” is defined in Section 11.11.2.

          “Participant Register” is defined in Section 11.11.2.

          “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.

          “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.

10

 

          “Prepayment Event” is defined in Section 9.1.

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

          “Purchased Vessel” is defined in the preamble.

          “Quarterly Payment Date” means the last day of each March, June, September and
December or, if any such day is not a Business Day, the next succeeding Business Day.

          “Reference Banks” means KfW IPEX and each additional Reference Bank and/or each
replacement Reference Bank appointed by the Facility Agent pursuant to Section 3.3.6.

          “Refinancing Bank” means KfW in its capacity as the provider of refinancing pursuant
to Section 1.2.2 of the Terms and Conditions.

          “Register” is defined in Section 11.11.3.

          “Repayment Date” means each of the dates for payment of the repayment installments of
the Loan specified in Exhibit A, as amended and/or replaced from time to time by the Facility Agent
and the Borrower.

          “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.

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

          “Second Fee” is defined in Section 11.13.

          “Stockholders’ Equity” means, as at any date, the Borrower’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.

          “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.

          “Syndication Side Letter” means the side letter dated as of the date of this
Agreement entered into between KfW IPEX, in its capacity as Lender, and the Borrower.

11

 

          “Terms and Conditions” means the general terms and conditions for CIRR Interest
Make-Up for Ship Financing issued by the Federal Republic of Germany on May 12, 2009.

          “US Dollar Equivalent” means the EUR amount converted to a corresponding Dollar amount
as determined using the weighted average rate of exchange that the Borrower 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 (x) with respect to any advance made under the Alternate Disbursement
Option to fund a pre-delivery installment of the Contract Price, for the payment of such
pre-delivery installment of the Contract Price and (y) otherwise, for the payment of the final
installment of the Contract Price; provided that the US Dollar Equivalent of any advances
made in respect of the Hermes Fee shall be determined in accordance with Section 2.3(d).
Such rate of exchange shall be evidenced by foreign exchange counterparty confirmations. The US
Dollar Equivalent of any advance shall be calculated by the Borrower in consultation with the
Facility Agent no less than two (2) Business Days prior to the making of such advance.

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

          “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 the Borrower or one of its
Subsidiaries.

          “Voting Stock” means shares of capital stock of the Borrower of any class or classes
(however designated) that have by the terms thereof normal voting power to elect the members of the
Board of Directors of the Borrower (other than voting power upon the occurrence of a stated
contingency, such as the failure to pay dividends).

               SECTION 1.2. Use of Defined Terms. Unless otherwise defined or the context otherwise
requires, terms for which meanings are provided in this Agreement shall, when capitalized, 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.

               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.

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               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
the CIRR Representative. However, for the purposes of this Agreement, KfW IPEX will be deemed to
have entered into an Option A Refinancing Agreement with the CIRR Representative in the form of
Exhibit F. 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 Borrower 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 Borrower of IFRS in lieu of GAAP, in each case, after the
date of the financial statements referred to in Section 6.6, there is a change in the
manner of determining any of the items referred to herein or thereunder that are to be determined
by reference to GAAP, and the effect of such change would (in the reasonable opinion of the
Borrower 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 Borrower and its Subsidiaries and the Borrower notifies the Facility Agent that the Borrower
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 Borrower that the Required Lenders request an amendment to any provision hereof
for such purpose), then such item shall for the purposes of Section 7.2.4 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.

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 the
Loan shall be affected by any other Lender’s failure to make the Loan.

               SECTION 2.2. Commitment of the Lenders; Termination and Reduction of Commitments.

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	 	a)	 	Each Lender will make its portion of the Loan available to the Borrower in accordance with
Section 2.3 either (i) two (2) Business Days prior to the delivery of the Purchased Vessel
to the Borrower under the Construction Contract pursuant to Section 2.3(a) or (ii) if the
Borrower elects the Alternative Disbursement Option in accordance with Section 2.3(b), as
set forth in Section 2.3(b). 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 2.2(b) or reduced
or increased from time to time pursuant to assignments by or to such Lender pursuant to Section
11.11.1. Notwithstanding the foregoing, each Lender’s Commitment shall terminate on the
earlier of (i) the Commitment Termination Date if the Purchased Vessel is not delivered prior to
such date and (ii) the delivery of the Purchased Vessel.
	 
	 	b)	 	The Borrower may, by notice to the Facility Agent, at any time (i) prior to the date
that is not less than 61 days prior to the First Disbursement Date, without premium or
penalty, terminate, or from time to time reduce, the Commitments and (ii) prior to the date
on which the Commitments have been terminated but less than 61 days prior to the First
Disbursement Date, and subject to Section 4.4, terminate, or from time to time
reduce, the Commitments. Any such termination or reduction of the Commitments shall be
applied to the respective Commitments of the Lenders, pro rata according to the amounts of
their respective Commitments.
	 
	 	c)	 	If any Lender shall default in its obligations under Section 2.1, the Facility
Agent shall, at the request of the Borrower, use reasonable efforts to assist the Borrower
in finding a bank or financial institution acceptable to the Borrower to replace such
Lender.

                         SECTION 2.3. Borrowing Procedure.

	 	a)	 	Unless the Borrower has elected the Alternative Disbursement Option in accordance with
Section 2.3(b), 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 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 of the Purchased
Vessel. The aggregate amount of the Loan to be advanced shall not exceed the US Dollar
Maximum Loan Amount.
	 
	 	b)	 	The Borrower may, at any time prior to the Contractual Delivery Date, elect the
Alternative Disbursement Option by written notice to the Facility Agent delivered ten (10)
Business Days prior to the requested date of the first such advance to be made following
such election. If so elected, the Borrower shall deliver a Loan Request and, in the case
of the First Disbursement Date, the documents required to be delivered pursuant to
Section 5.1.1(a) to the Facility Agent on or before 11:00 a.m. London time, not
less than two (2) Business Days in advance of the date on which the Borrower is required to

14

 

	 	 	 	make a pre-delivery installment to the Builder (other than, for the avoidance of doubt, the
first such pre-delivery installment due under the Construction Contract) or, in the case of
the advance on the Final Disbursement Date, not less than two (2) Business Days in advance
of the date that is two (2) Business Days prior to the anticipated delivery date of the
Purchased Vessel. Each such advance of a portion of the Loan shall not exceed the US Dollar
Equivalent of 80% of the installment payment owing to the Builder on such date;
provided, however, that (i) the advance to be made on the First Disbursement
Date may be increased by up to 100% of the total amount of the Hermes Fee, (ii) the advance
to be made on the Final Disbursement Date may be in an amount up to the excess of the US
Dollar Maximum Loan Amount over the aggregate amount of all advances made prior to the Final
Disbursement Date, and (iii) the aggregate amount of all such advances shall not exceed the
US Dollar Maximum Loan Amount.
	 
	 	c)	 	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 (or portion thereof, as specified by the
Borrower) shall be made on the Business Day specified in such Loan Request. On or before
11:00 a.m., New York time, on the Business Day specified in such Loan Request, the Lenders
shall, without any set-off or counterclaim, deposit with the Facility Agent same day funds
in an amount equal to such Lender’s Percentage of the requested Loan or portion thereof.
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 to the account or accounts the Borrower shall have specified in its Loan Request.
	 
	 	d)	 	If the Borrower elects to finance all or any part of the Hermes Fee with a portion of
the advance made on the First Disbursement Date, the Borrower shall indicate such election
in its Loan Request with respect to such advance. The amount of the advance in Dollars (the
“US Dollar Hermes Advance Amount”) that will fund the Hermes Fee shall be equal to
the Dollar amount that corresponds to the EUR amount of the Hermes Fee to be financed with
such advance, which amount shall be reasonably determined by the Facility Agent based on
the spot rate for EUR-Dollar exchanges on the date such Loan Request is delivered, which
spot rate shall be determined by reference to a publicly available market service like
Bloomberg that can be independently verified by the Borrower. The Facility Agent shall
notify the Borrower and the Lenders of the Dollar Hermes Advance Amount on the date such
Loan Request is delivered, and the Lenders shall deposit such Dollar Hermes Advance Amount
with the Facility Agent in accordance with Section 2.3.c). The Facility Agent shall
furnish a certificate to the Borrower on the date such Loan Request is delivered setting
forth such spot rate, its derivation and the calculation of the Dollar Hermes Advance
Amount. If the Borrower elects to so finance the Hermes Fee, the Borrower will be deemed to
have directed the Facility Agent to pay over directly to Hermes on behalf of the Borrower
that portion of the EUR amount of the Second Fee to be financed with the proceeds of the advance on the First Disbursement Date and to retain
for its own account deposits made by the Lenders in Dollars in an amount equal to

15

 

the portion of the US Dollar Hermes Advance Amount attributable to the Second Fee paid by
the Facility Agent to Hermes on behalf of the Borrower.

               SECTION 2.4. Funding. Each Lender may, if it so elects, fulfill its obligation to
make or continue its 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 Loan;
provided that such 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 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 Loan.

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 the installments and on the dates set out in Exhibit A.

	 	b)	 	If, on the date of delivery of the Purchased Vessel, the outstanding principal amount
of the Loan exceeds the US Dollar Maximum Loan Amount (as a result of a reduction in the
Contract Price after the Final 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 of the Purchased Vessel. Any such partial
prepayment shall be applied pro rata in satisfaction of the repayment installments of the
Loan set out in Exhibit A.
	 
	 	c)	 	No such amounts repaid by the Borrower pursuant to this Section 3.1 may be
reborrowed under the terms of this Agreement.

               SECTION 3.2. Prepayment. The Borrower

	 	a)	 	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:

	 	i)	 	all such voluntary prepayments shall require (x) for prepayments on or after
the Final Disbursement Date made prior to delivery of the Purchased Vessel in respect
of the advance made on such Final Disbursement Date, at least two (2) Business Days’
prior written notice 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 to the Facility
Agent; and

16

 

	 	ii)	 	all such voluntary partial prepayments shall be in an aggregate minimum amount
of $10,000,000 and a multiple 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
installments, as the Borrower shall designate to the Facility Agent, in satisfaction of
the repayment installments of the Loan set out in Exhibit A.

	 	b)	 	Shall, immediately upon any acceleration of the repayment of the installments 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.

Each prepayment of the Loan made pursuant to this Section shall be without premium or penalty,
except as may be required by Section 4.4. No amounts prepaid by the Borrower may be
reborrowed under the terms of this Agreement except as provided in the last paragraph of
Section 9.1 (which follows Section 9.1.10).

               SECTION 3.3. Interest Provisions. Interest on the outstanding principal amount of the
Loan shall accrue and be payable in accordance with this Section 3.3.

                         SECTION 3.3.1. Rates. The Loan shall accrue interest from the First Disbursement Date
to the date of repayment or prepayment of the Loan in full to the Lenders at the Fixed Rate,
subject to (i) any election made by the Borrower to elect the Floating Rate pursuant to Section
3.3.2 or (ii) any conversion of any portion of the Loan held by a Lender to a Floating Rate
Loan upon the termination of the Interest Make-Up Agreement to which such Lender is a party in
accordance with Section 3.3.3. Interest calculated at the Fixed Rate or the Floating Rate
shall be payable semi-annually in arrears on each Interest Payment Date and on the Repayment Dates
set out in Exhibit A (for purposes of clarification, it being understood that if the
Borrower exercises the Alternative Disbursement Option, the period of time between (x) the making
of any advance after the First Disbursement Date and the next following Interest Payment Date
and/or (y) the final Interest Payment Date and the immediately preceding Interest Payment Date may
be less than six months, and that the reference period for the LIBO Rate for such advances during
such periods shall be adjusted accordingly). The Loan shall bear interest from and including the
first day of the applicable Interest Period to (but not including) the last day of such Interest
Period at the interest rate determined as applicable to the Loan. All interest shall be calculated
on the basis of the actual number of days elapsed over a year comprised of 360 days.

                         SECTION 3.3.2. Election of Floating Rate.

	 	a)	 	By written notice to the Facility Agent delivered prior to
the date that is not less than 61 days prior to the First Disbursement Date,
the Borrower may elect, without incurring any liability to make any payments
pursuant to Section 4.4 or to pay any other indemnity or compensation
obligation, to pay interest on the Loan at the Floating Rate.
	 
	 	b)	 	By written notice to the Facility Agent delivered less than
61 days prior to the First Disbursement Date but not less than 30 days prior
to the First

17

 

	 	 	 	Disbursement Date, the Borrower may elect, subject to Section 4.4, to
pay interest on the Loan at the Floating Rate.
	 
	 	c)	 	By written notice to the Facility Agent no later than 2:00
p.m. Frankfurt time 30 days prior to the end of an Interest Period, the
Borrower may elect, 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.
	 
	 	d)	 	Any election made under any of Section 3.3.2.a),
Section 3.3.2.b) or Section 3.3.2.c) may only be made one time
during the term of the Loan.

                                   SECTION 3.3.3. Conversion to Floating Rate. If, during any Interest Period, the
Interest Make-Up Agreement in effect with any Lender is terminated for any reason (other than as a
result of the negligence or willful 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. The Borrower shall not incur any liability to make any
payments pursuant to Section 4.4 or to pay any other indemnity or compensation obligation
in connection with any such conversion. For the avoidance of doubt, Section 3.3.3 shall not
apply as a result of any action by the Borrower, including the termination of Commitment, any
voluntary or mandatory prepayment other than pursuant to Section 9.1.10 or Section
3.2(a)(i)(x), as the case may be, acceleration of the Loan due to the occurrence of an Event of
Default or an election by the Borrower pursuant to Section 3.3.2.

                                   SECTION 3.3.4. 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 of such default 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 and (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, the sum of
the Floating Rate plus 2% per annum.

                                   SECTION 3.3.5. Payment Dates. Interest accrued on the Loan shall be payable, without
duplication, on the earliest of:

	 	a)	 	each Interest Payment Date;
	 
	 	b)	 	each Repayment Date;
	 
	 	c)	 	the date of any prepayment, in whole or in part, of principal
outstanding on the Loan (but only on the principal so prepaid); and
	 
	 	d)	 	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.

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                         SECTION 3.3.6. 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 offered quotation appears on Reuters LIBOR01 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 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 Borrower and the Lenders, appoint a replacement
for such Reference Bank reasonably acceptable to the Borrower, and such replaced Reference Bank
shall cease to be a Reference Bank hereunder. The Facility Agent shall furnish to the Borrower and
to the Lenders each determination of the LIBO Rate made by reference to quotations of interest
rates furnished by Reference Banks.

          Interest accrued on the Loan or other monetary Obligations arising under this Agreement or any
other Loan Document after the date such amount is due and payable (whether upon acceleration or
otherwise) shall be payable upon demand.

               SECTION 3.4. Commitment Fees. 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 of (i) the
Final 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 shall 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 2.2(b).
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 Fees paid by the Borrower
for the account of each Lender shall be promptly refunded to the Borrower by such Lender.

                         SECTION 3.4.1. Payment. The Commitment Fee shall be payable by the Borrower to the
Facility Agent for the account of each Lender in arrears on each Quarterly Payment Date, commencing
with the first such date following the Effective Date and ending on the earliest to occur of (i)
the Final Disbursement Date, (ii) the date the Lenders are no longer obligated to advance the Loan,
(iii) the Commitment Termination Date and (iv) the date the Commitments shall have been terminated
pursuant to Section 2.2(b). 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 previous
Quarterly Payment Date, the difference between the Maximum Loan Amount and the aggregate amount of
all advances made on or prior to such day, divided by 360 days; provided that the Borrower
may elect to pay the Commitment Fee on any Quarterly Payment Date in the Dollars by giving notice
to the Facility Agent five (5) Business Days before such Quarterly Payment 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.

19

 

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 Quarterly Payment Date.

               SECTION 3.5. CIRR Fees. The Borrower agrees to pay to the Facility Agent for the
account of the CIRR Representative a fee of 0.01% per annum (the “CIRR Fee”) on the Maximum
Loan Amount (as such Maximum Loan Amount may be adjusted from time to time), for the period
commencing on August 14, 2011 and continuing until the earliest of (i) the date falling sixty (60)
days prior to the First Disbursement Date, (ii) the date falling 30 days after the date on which
the Borrower elects the Floating Rate pursuant to Section 3.3.2 or, as to any portion of
the Loan converted to a Floating Rate Loan pursuant to Section 3.3.3, the date on which
such portion so converts to a Floating Rate Loan, (iii) 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 Section 8.2 or 8.3 and (iv) any
other date on which the Commitments shall have been terminated.

                         SECTION 3.5.1. Payment. The CIRR Fee shall be payable by the Borrower in EUR
quarterly in arrears from the date of commencement of the period described in Section 3.5
and, if applicable, on the earliest of (i) the date falling sixty (60) days prior to the First
Disbursement Date, (ii) the date falling 30 days after the date on which the Borrower elects the
Floating Rate pursuant to Section 3.3.2 or, as to any portion of the Loan converted to a
Floating Rate Loan pursuant to Section 3.3.3, the date on which such portion so converts to
a Floating Rate Loan, (iii) 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 Section 8.2 or 8.3 and (iv) any other date on which the
Commitments shall have been terminated.

               SECTION 3.6. 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.

ARTICLE IV

CERTAIN LIBO RATE AND OTHER PROVISIONS

               SECTION 4.1. LIBO 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 the Loan bearing interest at a rate based on the LIBO
Rate, the obligation of such Lender to make, continue or maintain its Loan bearing interest at a
rate based on the LIBO 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 Loan
hereunder shall be automatically converted into an obligation to make, continue and maintain 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 for the relevant Interest Period plus the Floating Rate
Margin.

20

 

               SECTION 4.2. Deposits Unavailable. If, on or after the date the Borrower elects
the Floating Rate pursuant to Section 3.3.2 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:

	 	a)	 	Dollar 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
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 (provided, that no Option B Lender may exercise its rights pursuant to
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 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 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 Reuters’ pages KLIEMMM, GARBIC01 and FINA01 (or such other pages
as may replace Reuters’ pages KLIEMMM, GARBIC01 or FINA01 on Reuters’ service) (or, in the case of
clause (c) above, the lesser of (x) the cost to the Option B Lenders of funding the portion 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. 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 LIBO Rate 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 by any Lender with any applicable
direction, request, requirement or guideline (whether or not having the force of law) of any

21

 

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 taxation on overall net income and,
to the extent such taxes are described in Section 4.6, withholding taxes); 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
the Loan or maintaining 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. Such
notice shall (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

22

 

knowledge, such change in circumstance is of general application to the commercial banking industry
in such Lender’s jurisdiction of organization 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 shall incur any loss or expense
(for the avoidance of doubt excluding loss of profit in the event the Borrower has elected the
Floating Rate pursuant to Section 3.3.2), by reason of the liquidation or reemployment (at
not less than the market rate) of deposits or other funds acquired by such Lender, to make,
continue or maintain any portion of the principal amount of the Loan as a result of:

	i)	 	if at the time interest is calculated at the Floating Rate, any conversion or repayment or
prepayment or acceleration of the principal amount of the Loan on a date other than the
scheduled last day of an Interest Period or otherwise scheduled date for repayment or payment
(including payments made in accordance with Section 3.1(b);
	 
	ii)	 	if at the time interest is calculated at the Fixed Rate, any
repayment or prepayment or acceleration of the principal amount of
the Loan, other than any repayment made on the date scheduled for
such repayment;
	 
	iii)	 	an election by the Borrower of the Floating Rate in accordance with
Section 3.3.2.b) or Section 3.3.2.c);
	 
	iv)	 	a reduction or termination of the Commitments by the Borrower
pursuant to Section 2.2.b)(ii); or
	 
	v)	 	the Loan not being made in accordance with the Loan Request therefor due to the fault of the
Borrower or as a result of any of the conditions precedent set forth in Article V not being
satisfied,

(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 thereof:

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	 	a.	 	if at that time interest is calculated at the Floating Rate, pay directly to
the Facility Agent an amount (the “Floating Rate Indemnity Amount”) equal to
the amount by which:

	 	(i)	 	interest calculated at the Floating Rate which
a 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 a Lender would be able to
obtain by placing an amount equal to the amount received by it on
deposit with a 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.

	 	b.	 	if at that time interest is calculated at the Fixed Rate, pay to the Facility
Agent for the account of such Lender the sum of:

	 	(A)	 	an amount equal to the amount by which:

	 	(i)	 	interest calculated at the Fixed Rate which a
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 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 a Lender would be able to
obtain by placing 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 “ICAPUSD” (the
“Reinvestment Rate”),

	 	 	 	such amount to be discounted to present value at the Reinvestment Rate; and

	 	(B)	 	if such Lender has entered into an Option B
Interest Make-up Agreement, an amount equal to the Floating Rate
Indemnity Amount.

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

24

 

               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 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 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 Borrower of principal of, and interest on,
the Loan and all other amounts payable hereunder 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 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 organized 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 Borrower’s
activities in such other jurisdiction, and any taxes imposed under FATCA (such non-excluded items
being called “Covered Taxes”). In the event that any

25

 

withholding or deduction from any payment to be made by the Borrower hereunder is required in
respect of any Covered Taxes pursuant to any applicable law, rule or regulation, then the Borrower
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
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 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 in respect of any Covered Tax under this Section 4.6 or
by reason of any payment made by the Borrower 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 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

26

 

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 Borrower any information regarding its tax affairs or tax
computations.

          Each Lender (and each Participant) agrees with the Borrower and the Facility Agent that it
will (i) in the case of a Lender or a Participant organized under the laws of a jurisdiction other
than the United States (a) provide to the Facility Agent and the Borrower an appropriately executed
copy of Internal Revenue Service Form W-8ECI 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 alternatively, an Internal Revenue Service Form W-8BEN 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 Internal Revenue Service Form
W-8IMY, if appropriate, (b) notify the Facility Agent and the Borrower 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, 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 the Borrower, necessary to claim any applicable
exemption from, or reduction of, Covered Taxes or any payments made to 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 Borrower 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 the Borrower elects the
Floating Rate pursuant to Section 3.3.2, 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:

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

     (ii) 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 Floating Rate
Margin) and the denominator of which is one minus any increase after the

27

 

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

(iii) 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, all
payments by the Borrower pursuant to this Agreement or any other Loan Document shall be made by the
Borrower to the Facility Agent for the pro rata account of the Lenders entitled to receive such
payment. 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), to such account as the Facility Agent shall specify from time to time by
notice to the Borrower. 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 the Refinancing Bank less (x) the margin for Fixed Rate Loans of 1.10% and
(y) the CIRR administrative fee of 0.20% if interest on the Loan made by that Lender is
then calculated at the Fixed Rate and less the Floating Rate Margin if interest on that
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 to the CIRR
Representative interest thereon at the Fixed Rate, if interest on such portion of
the Loan is then calculated at the Fixed Rate, and to pay directly to such Lender
interest thereon at the Floating Rate, if interest on such portion of the Loan is
then calculated at the Floating Rate.

	 	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

28

 

	 	 	 	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 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 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 Lenders Commitment (where upon 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 Loans
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 another financial institution reasonably acceptable to the Facility Agent (which
replacement Lender shall meet the criteria set out in Section 2.1 of the Terms and Conditions),
provided that (i) each such assignment shall be either an assignment of all of the rights
and obligations of the assigning Lender under this Agreement or an assignment of a portion of such
rights and obligations made concurrently with another such assignment or other such assignments
that together cover all of the rights and obligations of the assigning Lender under this Agreement
and (ii) no Lender shall be obligated to make any such assignment as a result of a demand by the
Borrower pursuant to this Section unless and until such Lender shall have received one or more
payments from either the Borrower or one or more Assignee Lenders in an aggregate amount at least
equal to the aggregate outstanding principal amount of the Loans owing to such Lender, together
with accrued interest thereon to the date of payment of such principal amount and all other amounts
payable to such Lender under this Agreement. Each Lender represents and warrants to the Borrower
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 Paymentsa. If any Lender shall obtain any payment or other
recovery (whether voluntary, involuntary, by application of set-off or otherwise) on account of the
Loan (other than pursuant to the terms of Sections 4.2(c), 4.3, 4.4,
4.5, 4.6 and 4.7) in excess of its pro rata share of
payments then or therewith obtained by all Lenders, such Lender shall purchase from the other
Lenders such participations in the Loan made by them as shall be necessary to cause such purchasing
Lender to share the excess payment or other recovery ratably with each of them; provided
that if all or any portion of the excess payment or other recovery is thereafter recovered from
such purchasing Lender, the purchase shall be rescinded and each Lender which has sold a
participation to the purchasing Lender shall repay to

29

 

the purchasing Lender the purchase price to the ratable extent of such recovery
together with an amount equal to such selling Lender’s ratable share (according to the proportion
of (a) the amount of such selling Lender’s required repayment to the purchasing Lender to
(b) the total amount so recovered from the purchasing Lender) of any interest or other amount paid
or payable by the purchasing Lender in respect of the total amount so recovered. The Borrower
agrees that any Lender so purchasing a participation from another Lender pursuant to this Section
may, to the fullest extent permitted by law, exercise all its rights of payment (including pursuant
to Section 4.11) with respect to such participation as fully as if such Lender were the
direct creditor of the Borrower in the amount of such participation. If under any applicable
bankruptcy, insolvency or other similar law, any Lender receives a secured claim in lieu of a
set-off to which this Section applies, such Lender shall, to the extent practicable, exercise its
rights in respect of such secured claim in a manner consistent with the rights of the Lenders
entitled under this Section to share in the benefits of any recovery on such secured claim.

               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 the Borrower 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
Borrower 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 Recital (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.

ARTICLE V

CONDITIONS TO BORROWING

               SECTION 5.1. Initial Advance of the Loan. The obligation of the Lenders to fund all
or any portion of the Loan on the First Disbursement Date shall be subject to the prior or
concurrent satisfaction of each of the conditions precedent set forth in this Section 5.1
on or prior to the First Disbursement Date. 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 First Disbursement Date.

                         SECTION 5.1.1. Resolutions, etc. The Facility Agent shall have received from the
Borrower:

30

 

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

     (x) resolutions of its Board of Directors then in full force and effect
authorizing the execution, delivery and performance of this Agreement and each other
Loan Document, and

     (y) Organic Documents of the Borrower,

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

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

                         SECTION 5.1.2. Opinions of Counsel. The Facility Agent shall have received opinions,
addressed to the Facility Agent and each Lender from:

	 	a.	 	Watson, Farley & Williams (New York) LLP, counsel to the Borrower, as to
Liberian Law, covering the matters set forth in Exhibit D-1 hereto;
	 
	 	b.	 	Norton Rose LLP, counsel to the Facility Agent, covering the matters set forth
in Exhibit D-2 hereto; and
	 
	 	c.	 	Clifford Chance US LLP, United States tax counsel to the Lenders, covering the
matters set forth in Exhibit D-3 hereto.

                         SECTION 5.1.3. Hermes Insurance Policy. The Facility Agent or the Hermes Agent shall
have received the Hermes Insurance Policy duly issued.

                         SECTION 5.1.4. CIRR requirements.

	 	 	 	The Borrower acknowledges that:

	 	(i)	 	the government of the Federal Republic of
Germany, the Federal Audit Court or any authorized representatives
specified by these bodies shall be authorized at any time to inspect
and make or demand copies of the records, accounts, documents and other
deeds of the Lenders;
	 
	 	(ii)	 	in the course of its activity as the Facility
Agent, the Facility Agent may:

	 	(a)	 	provide the government of the
Federal Republic of Germany with information concerning the
transactions to be handled by it; and

31

 

	 	(b)	 	disclose information concerning
the subsidized transaction in the context of internationally
agreed consultation/notification proceedings and statutory
specifications,

	 	 	 	including information received from the Lenders; and
	 
	 	(iii)	 	the Facility Agent and (to the extent the
Lenders have entered into an Option A Refinancing Agreement with the
Refinancing Bank) the Lenders are entitled to disclose to the
Refinancing Bank:

	 	(a)	 	circumstances pertaining to the
Loan, proper repayment and collateralization;
	 
	 	(b)	 	extraordinary events which may
jeopardize the proper servicing of the Loan;
	 
	 	(c)	 	any information required by the
Refinancing Bank with respect to the proper use of any
refinancing funds granted to the respective Lender; and
	 
	 	(d)	 	the Loan Documents;

	 	 	 	provided that the Refinancing Bank agrees to keep such
information confidential to the same extent required of Lenders
pursuant to Section 11.15.

               SECTION 5.2. Advance of the Loan. The obligation of the Lenders to fund all or any
portion of the Loan on the occasion of any funding of the Loan (including the funding on the First
Disbursement Date) shall be subject to the satisfaction of each of the conditions precedent set
forth in this Section 5.2 on or prior to the date of such funding. The Facility Agent
shall advise the Lenders of the satisfaction of the conditions precedent set forth in this
Section 5.2 prior to any such funding.

                    SECTION 5.2.1. 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 5.2.2. Compliance with Warranties, No Default, etc. Both before and after
giving effect to the funding of all or any portion of the Loan the following statements shall be
true and correct:

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	 	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 5.2.3. Loan Request. The Facility Agent shall have received a Loan Request
duly executed by the Borrower.

                         SECTION 5.2.4. Hermes Insurance Policy. Hermes shall not have, prior to funding 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 5.2.5. Foreign Exchange Counterparty Confirmations. The Facility Agent shall
have received a copy of each foreign exchange counterparty confirmation entered into by the
Borrower in respect of a payment of any installment of the Contract Price.

               SECTION 5.3. Advance of the Loan on the Final Disbursement Date. If the
Borrower has used the Alternative Disbursement Option to finance any installment of the Contract
Price, the obligation of the Lenders to fund all or any portion of the Loan on the Final
Disbursement Date shall be subject to the receipt by the Facility Agent of a certificate of the
Borrower that its expected liquidity position on the Contractual Delivery Date will, in the
Borrower’s judgment, permit the Borrower to pay the portion of the final installment of the
Contract Price due on the Contractual Delivery Date that will not be funded with the proceeds of
the advance made on the Final Disbursement Date. The Facility Agent shall advise the Lenders of
the satisfaction of this condition precedent prior to any such funding.

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

          To induce the Lenders and the Facility Agent to enter into this Agreement and to make the Loan
hereunder, the Borrower represents and warrants to the Facility Agent and each Lender as set forth
in this Article VI as of the Effective Date, the First Disbursement Date and the date of
each additional advance of any portion of the Loan after the First Disbursement Date (except as
otherwise stated).

               SECTION 6.1. Organization, etc. The Borrower is a corporation validly organized and
existing and in good standing under the laws of its jurisdiction of incorporation; the Borrower is
duly qualified to do business and is in good standing as a foreign corporation 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 the Borrower has full power and authority,
has taken all corporate action and holds all governmental and creditors’ licenses,

33

 

permits, consents and other approvals necessary to enter into each Loan Document and to
perform the Obligations.

               SECTION 6.2. Due Authorization, Non-Contravention, etc. The execution, delivery and
performance by the Borrower of this Agreement and each other Loan Document, are within the
Borrower’s corporate powers, have been duly authorized by all necessary corporate action, and do
not:

	 	a.	 	contravene the Borrower’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 the Borrower 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 the Borrower 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 the
Borrower’s properties except as would not reasonably be expected to result in a
Material Adverse Effect.

               SECTION 6.3. Government Approval, Regulation, etc. No authorization 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 the Borrower of this
Agreement or any other Loan Document (except for authorizations or approvals not required to be
obtained on or prior to the First Disbursement Date or that have been obtained or actions not
required to be taken on or prior to the First Disbursement Date or that have been taken). The
Borrower holds all governmental licenses, permits and other approvals required to conduct its
business as conducted by it on the First 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 Environmental Laws. The Borrower 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 Borrower 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 the Borrower, threatened against the Borrower, that

34

 

(i) except as set forth in filings made by the Borrower with the SEC in the Borrower’s
reasonable opinion might reasonably be expected to materially adversely affect the business,
operations or financial condition of the Borrower 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 the Borrower under the Construction Contract, the Purchased Vessel will be:

	 	a.	 	legally and beneficially owned by the Borrower or one of the Borrower’s wholly
owned Subsidiaries,
	 
	 	b.	 	registered in the name of the Borrower or one of the Borrower’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 the Borrower or one of the Borrower’s
wholly owned Subsidiaries.

               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 the Borrower.

               SECTION 6.10. Withholding, etc.. As of the date hereof, no payment to be made by the
Borrower 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 First Disbursement Date or
that have been made).

               SECTION 6.12. No Immunity. The Borrower is subject to civil and commercial law with
respect to the Obligations. Neither the Borrower 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).

35

 

               SECTION 6.13. Investment Company Act. The Borrower is not an “investment
company”, or a company “controlled” by an “investment company”, within the meaning of the
Investment Company Act of 1940, as amended.

               SECTION 6.14. Regulation U. The Borrower is not 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. 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 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 projections, if any, that have been
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 this Agreement have
been or will be prepared in good faith based upon assumptions believed by the Borrower 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 Borrower’s control, and that no
assurance can be given that the projections will be realized). 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. The Borrower agrees with the Facility Agent and
each Lender that, from the Effective Date until all Commitments have terminated and all Obligations
have been paid in full, the Borrower will perform the obligations set forth in this Section
7.1.

                    SECTION 7.1.1. Financial Information, Reports, Notices, etc.The Borrower 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 Borrower, a copy of the
Borrower’s report on Form 10-Q (or any successor form) as filed by the Borrower with
the SEC for such Fiscal Quarter, containing unaudited consolidated financial statements
of the Borrower for such Fiscal Quarter (including a balance sheet and profit and loss

36

 

	 	 	 	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 the Borrower, a copy of the Borrower’s annual report on Form 10-K (or
any successor form) as filed by the Borrower with the SEC for such Fiscal Year,
containing audited consolidated financial statements of the Borrower 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 Borrower, 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 Borrower becomes aware thereof, notice of any Material
Litigation except to the extent that such Material Litigation is disclosed by the
Borrower in filings with the SEC;

	 	f.	 	as soon as the Borrower becomes aware thereof, notice of any event which,
in its reasonable opinion, would be expected to materially adversely affect the
business, operations or financial condition of the Borrower and its Subsidiaries taken
as a whole;

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

	 	h.	 	such other information respecting the condition or operations, financial or
otherwise, of the Borrower or any of its Subsidiaries as any Lender through the
Facility Agent may from time to time reasonably request;

             provided that information required to be furnished to the Facility Agent under
subsections (a), (b) and (g) of this Section 7.1.1 shall be deemed furnished to the
Facility Agent when available free of charge on the Borrower’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.
The Borrower will obtain (or cause to be obtained) all such governmental licenses,
authorizations, consents, permits

37

 

and approvals as may be required for (a) the Borrower to perform
its obligations under this Agreement and the other Loan Documents and (b) 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, authorizations, consents,
permits and approvals would not be expected to have a Material Adverse Effect.

                    SECTION 7.1.3. Compliance with Laws, etc.The Borrower 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 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 the Borrower, the maintenance and preservation of its
corporate existence (subject to the provisions of Section 7.2.6);

	 	b.	 	in the case of the Borrower, 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; and

	 	d.	 	compliance with all applicable Environmental Laws.

                         SECTION 7.1.4. The Purchased Vessel. The Borrower will:

	a.	 	cause the Purchased Vessel to be exclusively operated by or chartered to the Borrower or
one of the Borrower’s wholly owned Subsidiaries, provided that the Borrower or such
Subsidiary may charter out the Purchased Vessel (i) to entities other than the Borrower and
the Borrower’s wholly owned Subsidiaries and (ii) on a time charter with a stated duration not
in excess of one year;
	 
	b.	 	cause the Purchased Vessel to be kept in such condition as will entitle her to
classification by a classification society of recognized standing;
	 
	c.	 	upon delivery of the Purchased Vessel, provide the following to the Facility Agent with
respect to the Purchased Vessel:

     (i) evidence as to the ownership of the Purchased Vessel by the Borrower
or one of the Borrower’s wholly owned Subsidiaries;

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

     (iii) a copy of the final commercial invoice in respect of the Purchased
Vessel as provided by the Builder, certified as a true and complete copy by an
Authorized Officer of the Borrower; and

38

 

	d.	 	within seven days after delivery of the Purchased Vessel, provide the following to the
Facility Agent with respect to the Purchased Vessel:

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

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

                         SECTION 7.1.5. Insurance. The Borrower will 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 Borrower 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, 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.

                         SECTION 7.1.7. Hermes Insurance Policy/Federal Republic of Germany Requirement. The
Borrower 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 must
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 the CIRR Representative incurs any such cost or expense.

                         SECTION 7.2. Negative Covenants. The Borrower 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, the Borrower will perform the obligations set forth in this
Section 7.2.

                         SECTION 7.2.1. Business Activities. The Borrower will not, and will not permit any of
its Subsidiaries to, engage in any principal business activity other than those

39

 

engaged in by the
Borrower and its Subsidiaries on the date hereof and other business activities reasonably related
thereto.

                         SECTION 7.2.2. Indebtedness. The Borrower 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.	 	Indebtedness, secured by Liens of the type described in Section
7.2.3;

	 	b.	 	Indebtedness owing to the Borrower or a wholly owned direct or indirect
Subsidiary of the Borrower;

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

	 	d.	 	Indebtedness in an aggregate principal amount, together with (but without
duplication of) Indebtedness permitted under Section 7.2.2(a) and permitted to
be secured under Section 7.2.3(c), at any one time outstanding not exceeding
the greater of (determined at the time of creation of such Lien or the incurrence by
any Existing Principal Subsidiary of such Indebtedness, as applicable) (x) 3.5% 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 (y)
$450,000,000;

	 	e.	 	Existing Debt; and

	 	f.	 	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. The Borrower 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 on the vessel BRILLIANCE OF THE SEAS existing as of the Effective
Date and securing the Existing Debt (and any Lien on BRILLIANCE OF THE SEAS securing
any refinancing of the Existing Debt, so long as such vessel was subject to a Lien
securing the Indebtedness being refinanced immediately prior to such refinancing);

	 	b.	 	Liens on assets (including, without limitation, shares of capital stock of
corporations and assets owned by any corporation that becomes a Subsidiary of the
Borrower after the Effective Date) acquired after the Effective Date (whether by
purchase, construction or otherwise) by the Borrower 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 

40

 

	 	 	 	(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;

	 	c.	 	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(d), at any
one time outstanding not exceeding the greater of (determined at the time of creation
of such Lien or the incurrence by any Existing Principal Subsidiary of such
indebtedness, as applicable) (x) 3.5% 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 or (y) $450,000,000, provided that,
with respect to each such item of Indebtedness, the fair market value of the assets
subject to Liens securing such Indebtedness (determined at the time of the creation of
such Lien) shall not exceed two times the aggregate principal amount of such
Indebtedness (and for purposes of this clause (c), the fair market value of any assets
shall be determined by (i) in the case of any Vessel, by an Approved Appraiser selected
by the Borrower and (ii) in the case of any other assets, by an officer of the Borrower
or by the board of directors of the Borrower);

	 	d.	 	Liens on assets acquired after the Effective Date by the Borrower 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 Borrower or any of
its Subsidiaries in anticipation thereof;

	 	e.	 	Liens on any asset of any corporation that becomes a Subsidiary of the
Borrower (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 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;

	 	f.	 	Liens securing Government-related Obligations;

	 	g.	 	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;

	 	h.	 	Liens of carriers, warehousemen, mechanics, materialmen and landlords
incurred in the ordinary course of business for sums not overdue or being diligently
contested in good faith by appropriate proceedings;

41

 

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

	 	j.	 	Liens for current crew’s wages and salvage;

	 	k.	 	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;

	 	l.	 	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;

	 	m.	 	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 favor of banks or other
depository institutions;

	 	n.	 	Liens in respect of rights of set-off, recoupment and holdback in favor of
credit card processors securing obligations in connection with credit card processing
services incurred in the ordinary course of business; and

	 	o.	 	Liens on cash or Cash Equivalents securing obligations in respect of
Hedging Instruments permitted under Section 7.2.2(f) or securing letters of
credit that support such obligations.

                         SECTION 7.2.4. Financial Condition. The Borrower will not permit:

	 	a.	 	Net Debt to Capitalization 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.

	 	c.	 	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 Borrower

42

 

	 	 	 	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 Borrower
and its Subsidiaries have a consolidated net loss).

                         SECTION 7.2.5. Investments. The Borrower will not permit any of the Principal
Subsidiaries to make, incur, assume or suffer to exist any Investment in any other Person other
than

	 	a.	 	the Borrower or any direct or indirect wholly owned Subsidiary of the
Borrower; and

	 	b.	 	other Investments by the Principal Subsidiaries in an aggregate amount not
to exceed $50,000,000 at any time outstanding.

                         SECTION 7.2.6. Consolidation, Merger, etc.The Borrower will not, and will not permit
any of its Subsidiaries to, liquidate or dissolve, consolidate with, or merge into or with, any
other corporation, or purchase or otherwise acquire all or substantially all of the assets of any
Person except:

	 	a.	 	any such Subsidiary may (i) liquidate or dissolve voluntarily into, and may
merge with and into, the Borrower or any other Subsidiary, and the assets or stock of
any Subsidiary may be purchased or otherwise acquired by the Borrower or any other
Subsidiary or (ii) merge with and into another Person in connection with a sale or
other disposition permitted by Section 7.2.7; and

	 	b.	 	so long as no Event of Default has occurred and is continuing or would
occur after giving effect thereto, the Borrower or any of its Subsidiaries may merge
into any other Person, or any other Person may merge into the Borrower or any such
Subsidiary, or the Borrower 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:

     (i) after giving effect thereto, the Stockholders’ Equity of the Borrower
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 Borrower where the Borrower is
not the surviving corporation, the surviving corporation shall have assumed in a
writing, delivered to the Facility Agent, all of the Borrower’s obligations
hereunder and under the other Loan Documents.

                         SECTION 7.2.7. Asset Dispositions, etc.The Borrower will not, 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, any material asset (including accounts receivable and capital
stock of Principal Subsidiaries) to any Person, except:

	 	a.	 	sales of assets (including, without limitation, Vessels) so long as at the
time of any such sale:

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     (i) the aggregate net book value of all such assets sold during each
fiscal year does not exceed an amount equal to the greater of (x) 7.5% of
Stockholders’ Equity as at the end of the last Fiscal Quarter, and (y)
$400,000,000; and

     (ii) to the extent any asset has a fair market value in excess of
$25,000,000 the Borrower or Subsidiary selling such asset receives consideration
therefor at least equal to the fair market value thereof (as determined in good
faith by (x) in the case of any Vessel, the board of directors of the Borrower and
(y) in the case of any other asset, an officer of the Borrower or its board of
directors);

	 	b.	 	sales of capital stock of any Principal Subsidiary of the Borrower so long
as a sale of all of the assets of such Subsidiary would be permitted under the
foregoing clause (a);

	 	c.	 	sales of capital stock of any Subsidiary other than a Principal Subsidiary;

	 	d.	 	the sale of the vessel “Celebrity Mercury”;

	 	e.	 	sales of other assets in the ordinary course of business; and

	 	f.	 	sales of assets between or among the Borrower and Subsidiaries of the
Borrower.

                              SECTION 7.2.8. Transactions with Affiliates The Borrower will not, and will not permit
any of the Principal Subsidiaries to, enter into, or cause, suffer or permit to exist any
arrangement or contract with any of its Affiliates (other than arrangements or contracts among the
Borrower and its Subsidiaries and among the Borrower’s Subsidiaries) unless such arrangement or
contract is on an arms’-length basis, provided that, to the extent that the aggregate fair
value of the goods furnished or to be furnished or the services performed or to be performed under
all such contracts or arrangements in any one Fiscal Year does not exceed $50,000,000, such
contracts or arrangements shall not be subject to this Section 7.2.8.

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 principal of or interest on the Loan or any Commitment Fee, or the Borrower shall
default in the payment of any fee due and payable under the Fee Letter, provided that, in
the case of any default in the payment of any interest on the Loan or of any Commitment Fee, such
default shall continue unremedied for a period of at least two (2) Business Days after notice
thereof shall have been given to the Borrower by the Facility Agent; and provided
further that, in the case of any default in the payment of any fee due and payable under
the Fee Letter, such default shall continue unremedied for a period of at least ten days after
notice thereof shall have been given to the Borrower by the Facility Agent.

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                         SECTION 8.1.2. Breach of Warranty. Any representation or warranty of the Borrower
made or deemed to be made hereunder (including any certificates delivered pursuant to Article
V) is or shall be incorrect in any material respect when made.

                         SECTION 8.1.3. Non-Performance of Certain Covenants and Obligations. The Borrower
shall default in the due performance and observance of any other agreement contained herein or in
any other Loan Document (other than the covenants set forth in Section 7.2.4 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 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. The Borrower or any of its Principal
Subsidiaries shall fail to pay any Indebtedness that is outstanding in a principal amount of at
least $50,000,000 (or the equivalent in other currencies) in the aggregate (but excluding
Indebtedness hereunder) 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; or 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; or 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. 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 Borrower or any Principal Subsidiary would be required to pay if such
instrument were terminated at such time.

                              SECTION 8.1.5. Bankruptcy, Insolvency, etc.The Borrower 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

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	 	 	 	substantial part of its property, and such trustee, receiver, sequestrator or other
custodian shall not be discharged within 30 days, provided that in the case of
such an event in respect of the Borrower, the Borrower hereby expressly authorizes the
Facility Agent and each Lender to appear in any court conducting any relevant proceeding
during such 30-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,
reorganization, debt arrangement or other case or proceeding under any bankruptcy or
insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of
the Borrower or any of such Subsidiaries, and, if any such case or proceeding is not
commenced by the Borrower or such Subsidiary, such case or proceeding shall be
consented to or acquiesced in by the Borrower or such Subsidiary or shall result in the
entry of an order for relief or shall remain for 30 days undismissed, provided
that the Borrower hereby expressly authorizes the Facility Agent and each Lender to
appear in any court conducting any such case or proceeding during such 30-day period to
preserve, protect and defend their respective rights under the Loan Documents; or

	 	e.	 	take any corporate action authorizing, 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 the Borrower, 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.

                    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 the Borrower) 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 in Ownership. Any Person other than a member of the Existing
Group (a “New Shareholder”) shall acquire (whether through legal or beneficial ownership of
capital stock, by contract or otherwise), directly or indirectly, effective control over more than
33% of the Voting Stock and:

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	 	a.	 	the members of the Existing Group have (whether through legal or beneficial
ownership of capital stock, by contract or otherwise) in the aggregate, directly or
indirectly, effective control over fewer shares of Voting Stock than does such New
Shareholder; and

	 	b.	 	the members of the Existing Group do not collectively have (whether through
legal or beneficial ownership of capital stock, by contract or otherwise) the right to
elect, or to designate for election, at least a majority of the Board of Directors of
the Borrower.

                    SECTION 9.1.2. Change in Board. During any period of 24 consecutive months, a
majority of the Board of Directors of the Borrower shall no longer be composed of individuals:

	 	a.	 	who were members of said Board on the first day of such period;

	 	b.	 	whose election or nomination to said Board was approved by a vote of at
least two-thirds of the members of said Board who were members of said Board on the
first day of such period; or

	 	c.	 	whose election or nomination to said Board was approved by a vote of at
least two-thirds of the members of said Board referred to in the foregoing clauses (a)
and (b).

                    SECTION 9.1.3. Unenforceability. Any Loan Document shall cease to be the legally
valid, binding and enforceable obligation of the Borrower (in each case, other than with respect to
provisions of any Loan Document (i) identified as unenforceable in the form of the opinion of the
Borrower’s counsel set forth as Exhibit D-1 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 9.1.4. Approvals. Any material license, consent, authorization, registration
or approval at any time necessary to enable the Borrower 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 9.1.5. Non-Performance of Certain Covenants and Obligations. The Borrower
shall default in the due performance and observance of any of the covenants set forth in
Section 7.2.4.

                    SECTION 9.1.6. Judgments. Any judgment or order for the payment of money in excess of
$50,000,000 shall be rendered against the Borrower or any of the Principal Subsidiaries by a court
of competent jurisdiction and the Borrower or such Principal Subsidiary shall have failed to
satisfy such judgment and either:

	 	a.	 	enforcement proceedings in respect of any material assets of the Borrower
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

47

 

	 	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 9.1.7. Condemnation, etc.. The Purchased Vessel shall be condemned or
otherwise taken under color 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 9.1.8. 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 9.1.9. Sale/Disposal of the Purchased Vessel. The Purchased Vessel is sold to
a company which is not the Borrower or any other Subsidiary of the Borrower (other than for the
purpose of a lease back to the Borrower or any other Subsidiary of the Borrower).

                    SECTION 9.1.10. Delayed Delivery of the Purchased Vessel. If within 15 days after the
Final Disbursement Date the advance made on the Final Disbursement Date has not been utilized to
pay for the delivery of the Purchased Vessel, or if, within 10 days after any other advance, the
proceeds of such advance have not been utilized to pay the relevant installment payment.

                    SECTION 9.1.11. 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.

               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 9.1.10 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 9.2. Mandatory Prepayment. If any Prepayment Event shall occur and be
continuing, the Facility Agent, upon the direction of the Required Lenders, shall by notice to the
Borrower (a) 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 or, in the case of a Prepayment Event under
Section 9.1.10, all principal of and interest on the relevant advance (and, in such event,
the Borrower agrees to so pay the full unpaid amount of the Loan or the full unpaid amount of the
relevant advance, as the case may be, and all accrued and unpaid interest thereon and all other
Obligations) and (b) except in the case of a Prepayment Event under Section 9.1.10,
terminate the Commitments (if not theretofore terminated).

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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 authorizes 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 willful 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, 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 favor 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

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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 willful 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), 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 Borrower or the existence at any time of any Default or Prepayment Event or to inspect
the property (including the books and records) of the Borrower, (iv) shall not be responsible to
any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or
value of this Agreement 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 Borrower or any Lender on account of (A) the failure of a Lender or the Borrower to perform any
of its obligations under this Agreement or any Loan Document; (B) the financial condition of the
Borrower; (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 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 Borrower unless an Event or Default or a
Prepayment

50

 

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 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.

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 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 Borrower or any Affiliate of the Borrower 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 the Borrower or its Subsidiaries to the extent such information was obtained
or received in any capacity other than as the Facility Agent.

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               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 Borrower, 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 the Borrower pursuant to the
terms of this Agreement (unless concurrently delivered to the Lenders by the Borrower). 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 Borrower 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 Borrower 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 of the Borrower
on a certificate signed by or on behalf of the Borrower 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 Loan Document by the Borrower 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 Borrower or actual
knowledge of the occurrence of any Default unless a Lender or the Borrower 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

52

 

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 Borrower or with the Borrower’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 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 five (5) 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 authorized 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

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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. Each Lender shall promptly upon the
request of the Facility Agent supply, or procure the supply of, such documentation and other
evidence as is reasonably requested by the Facility Agent (for itself) in order for the Facility
Agent to carry out and be satisfied it has complied with all necessary “know your customer” or
other similar checks under all applicable laws and regulations pursuant to the transactions
contemplated in this Agreement or the Loan Documents.

               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

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	 	 	 	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 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 in any
case shall entitle it to any notice or demand in similar or other circumstances. No waiver or
approval by any 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 Citibank 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 Citibank 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, the Borrower 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

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Facility Agent at claudia.wenzel@kfw.de (or such other email address notified by the Facility Agent
to the Borrower); provided that any Communication requested pursuant to Section
7.1.1(h) shall be in a format acceptable to the Borrower and the Facility Agent.

                    (1) The Borrower agrees that the Facility Agent may make such items included in the
Communications as the Borrower may specifically agree available to the Lender Parties by posting
such notices, at the option of the Borrower, on Intralinks (the “Platform”). Although the
primary web portal is secured with a dual firewall and a User ID/Password Authorization System and
the Platform is secured through a single user per deal authorization method whereby each user may
access the Platform only on a deal-by-deal basis, the Borrower 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.

                    (2) 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 (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) in connection with 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 reasonable fees and out of pocket expenses of counsel to the Facility Agent
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 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.

               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

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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 defense 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 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 willful misconduct. 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 defense 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 defense 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 defense 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 defense of such claim, (iv) the Borrower
shall conduct the defense 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 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 defense of such action, the
Indemnified Party shall have the right to employ separate counsel and to participate in the defense
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 defenses 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 defenses (in which case the Borrower shall not
have the right to assume the defense 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

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Indemnified Party within a reasonable time after notice of the institution of such action, or
(iv) the Borrower authorizes 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 willful
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. 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.

               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, Effectiveness, etc. 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. This Agreement
shall become effective when counterparts hereof executed on behalf of the Borrower and each Lender
(or notice thereof satisfactory to the Facility Agent and the Borrower) shall have been received by
the Facility Agent and the Borrower (or, in the case of any Lender, receipt of signature pages
transmitted by facsimile) and notice thereof shall have been given by the Facility Agent to the
Borrower and each Lender.

               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.

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               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, the Borrower
may not 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 Loan to one or more other Persons (a “New Lender”), or sell participations
in its Loan to one or more other Persons; provided that, in the case of assignments, such
New Lender enters into an Interest Make-Up 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.

                         SECTION 11.11.1. Assignments (i) KfW IPEX, as Lender, (A)(1) with the 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, up to 50.0% of the aggregate
principal amount of the Loan or the total aggregate Commitments and (2) after having assigned or
transferred, when taken together with participations sold by KfW IPEX pursuant to Section
11.11.2, 50.0% of the aggregate principal amount of the Loan or total aggregate 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 Loan or
Commitment and (B) 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 Borrower in consultation with KfW IPEX that fraction of KfW IPEX’s Loan or
Commitment that it is directed by the Borrower to assign or transfer.

               (ii) Any Lender (other than KfW IPEX) with the written consents 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 any Affiliate of KfW IPEX

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shall be subject to the provisions of Section 11.11.1(i) and 11.11.2(f) as if
such Affiliate were KfW IPEX.

                    (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) to any of its Affiliates (including, in the case of KfW
IPEX, KfW) or (B) following the occurrence and during the continuance of an Event of Default or a
Prepayment Event, to any other Person, in either case, all or any fraction of such Lender’s Loan.

                    (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 portion of its 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
Loan or (ii) to the Refinancing Bank 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 has obtained a prior written consent from Hermes.

                    (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 Loan and Commitment)
(which assignment or transfer shall be of a constant, and not a varying, percentage of such
Lender’s 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 Loan is a Fixed Rate Loan, any other agreements required by the Facility Agent
or the CIRR Representative 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

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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 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 the CIRR Representative 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; and

	 	f.	 	each Lender Party 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 (and stated interest on) each of the
Participant’s interest in the Lender Party’s Advances, 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.

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	 	g.	 	KfW IPEX may not sell participating interests pursuant to this Section
11.11.2 aggregating, when taken together with Loans and/or Commitments sold by KfW
IPEX pursuant to Section 11.11.1, more than 50.0% the aggregate principal
amount of the Loan and/or the aggregate 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).

The Borrower 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 Party 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
the Borrower 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)	 	95% cover of the Loan.

	 	(b)	 	If the Borrower does not exercise the Alternative
Disbursement Option, the Hermes Fee will not exceed 2.37% of the aggregate
principal amount of the Loan as advanced on or prior to the Final Disbursement
Date. Before exercising the Alternative Disbursement Option, the Borrower may
request that the Hermes Agent obtain an indication of the new Hermes Fee (which
it is anticipated will apply if the Borrower exercises the Alternative
Disbursement Option) before it delivers notice of its option to exercise the
Alternative Disbursement Option, which request shall not be considered to be
notice of the Borrower’s intent to exercise the Alternative Disbursement
Option. Such new Hermes Fee shall become effective only if the Borrower
delivers notice of its option to exercise the Alternative Disbursement Option.
If the Hermes Fee is so increased, each Lender agrees that its Commitment shall
be increased by an amount equal to its pro rata share of the excess of the new
Hermes Fee over the old Hermes Fee.

62

 

	 	(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 on demand following the issue of the
Hermes Insurance Policy;
	 
	 	(ii)	 	2.37% (or such higher percentage as determined
under Section 11.13.1(b) if the Borrower exercises the Alternative
Disbursement Option) of the Maximum Loan Amount less the First Fee
(“Second Fee”) will be payable to the Hermes Agent or Hermes on the
First Disbursement Date;
	 
	 	(iii)	 	if the Commitments are cancelled in full by the
Borrower or the Lenders on or prior to the First Disbursement Date, 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 EUR 2,500);
	 
	 	(iv)	 	if the Commitments are cancelled in part by the
Borrower on or prior to the First Disbursement Date, Hermes shall be
required to reimburse the Hermes Agent an amount equal to a corresponding
proposition 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 EUR 2,500); and
	 
	 	(v)	 	if, after the First Disbursement Date, the Borrower
reduces the Commitments and/or 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 all or a corresponding proportion of the
unexpired portion of the Hermes Fee, having regard to the amount of the
reduction in Commitments and/or 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 EUR
2,500).

                         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 or Hermes on demand following the issue of the Hermes Insurance Policy
and (b) the

63

 

	 	 	 	Second Fee to the Hermes Agent or Hermes on the First Disbursement 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 or Hermes
an issue fee of EUR 12,500 for the issue of the Hermes Insurance Policy on
demand following issue of the Hermes Insurance Policy.

                         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 as
necessary to ensure that the Lenders obtain the support of Hermes pursuant to
the Hermes Insurance Policy.

	 	(c)	 	The Hermes Agent shall:

	 	(i)	 	make written requests to Hermes seeking a
reimbursement of the Hermes Fee in the circumstances described in
Section 11.13.1(c)(iii), (iv) or (v) 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 maximize 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.

	 	(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

64

 

	 	 	 	and each Interest Make-Up Agreement (as defined in and entered into in
accordance with the Terms and Conditions) 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 Interest Make-Up Agreement (as the case may be) does
not continue in full force and effect due to its gross negligence or willful
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. The Borrower 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 the
Borrower in any other court of competent jurisdiction nor shall the commencement of any proceedings
against the Borrower 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, the Borrower 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 Borrower or any Subsidiary of the Borrower, or by the Facility Agent on the Borrower’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 Borrower 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 Borrower or any of its Subsidiaries so long as such source is not, to its
knowledge, prohibited from disclosing such information by a legal,

65

 

contractual or fiduciary obligation to the Borrower or any of its 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 the Borrower 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.

66

 

     IN WITNESS WHEREOF, the parties hereto have caused this Hull No. S-697 Credit Agreement to be
executed by their respective officers thereunto duly authorized as of the day and year first above
written.

	 	 	 	 	 
	 	ROYAL CARIBBEAN CRUISES LTD.

 	 
	 	By  	/s/ Antje M. Gibson 	 
	 	 	Name:  	Antje M. Gibson 	 
	 	 	Title:  	Vice President, Treasurer 	 
	 
	 	Address: 1050 Caribbean Way

Miami, Florida 33132

Facsimile No.: (305) 539-6400

Email:        agibson@rccl.com

     bstein@rccl.com

Attention: Vice President of Treasury

With a copy to: General Counsel 	 

 

 

	 	 	 	 	 
	 	KFW IPEX-BANK GMBH, as Hermes Agent, Facility Agent
and Lender
 	 

Commitment

	 	 	 	 	 

	100% of the US Dollar

	By 	 /s/ Christian Murach
	 

	 	 	 
	Maximum Loan

	 	Name:  	Christian Murach	 
	Amount

	 	Title:	Managing Director	 

	 	 	 	 	 
	 	 	 
	 	By  	/s/ Aida Welker
 	 
	 	 	Name:  	Aida Welker 	 
	 	 	Title:  	Director 	 
	 
	 	Address: Palmengartenstrasse 5-9

D-60325 Frankfurt am Main

Germany

Facsimile No.: +49 (69) 7431 3768

Email:         claudia.wenzel@kfw.de

Attention: Shipfinancing Department

With a copy to: Credit Operations

Facsimile No.: +49 (69) 7431 2944 	 

 

 

EXHIBIT A

Preliminary Repayment Schedule

US Dollars ($)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	No.	 	 	Repayment Dates	 	 	Repayment	 	 	Loan Balance	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	1
	 	 	 	6	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	2
	 	 	 	12	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	3
	 	 	 	18	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	4
	 	 	 	24	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	5
	 	 	 	30	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	6
	 	 	 	36	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	7
	 	 	 	42	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	8
	 	 	 	48	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	9
	 	 	 	54	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	10
	 	 	 	60	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	11
	 	 	 	66	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	12
	 	 	 	72	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	13
	 	 	 	78	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	14
	 	 	 	84	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	15
	 	 	 	90	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	16
	 	 	 	96	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	17
	 	 	 	102	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	18
	 	 	 	108	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	19
	 	 	 	114	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	20
	 	 	 	120	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	21
	 	 	 	126	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	22
	 	 	 	132	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	23
	 	 	 	138	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	24
	 	 	 	144	 	 	months after Delivery	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

A-1

 

EXHIBIT B

FORM OF LOAN REQUEST

KfW IPEX-Bank GmbH, as Facility Agent

Palmengartenstrasse 5-9

D-60325 Frankfurt am Main

Federal Republic of Germany

	Attention: 	 	 [Name]

[Title]

HULL NO. S-697 — NOTICE OF DRAWDOWN

Gentlemen and Ladies:

     This Loan Request is delivered to you pursuant to Section 2.3 of the Hull No. S-697 Credit
Agreement, dated as of June 8, 2011 (together with all amendments, if any, from time to time made
thereto, the “Agreement”), among Royal Caribbean Cruises Ltd. (the “Borrower”), KfW IPEX-Bank GmbH
as Facility Agent (in such capacity, the “Facility Agent”), and as Hermes agent, and KfW IPEX-Bank
GmbH and the various other financial institutions from time to time party thereto as Lenders.
Unless otherwise defined herein or the context otherwise requires, terms used herein have the
meanings provided in the Agreement.

     The Borrower hereby requests that [an advance in respect of] the Loan be made in the
[aggregate] principal amount of US$     [plus the Dollar amount that corresponds to [ ]% of the EUR
amount of the Hermes Fee, as determined pursuant to Section 2.3(d) of the Agreement]1 on
___________, 20__, which amount does not exceed [the US Dollar Maximum Loan Amount]2[the
US Dollar Equivalent of 80% of the installment payment owing to the Builder under the Construction
Contract on such date [plus the Dollar amount that corresponds to [ ]% of the EUR amount of the
Hermes Fee]3]4[the excess of the US Dollar Maximum Loan Amount over the
aggregate amount of all advances made prior to the Final Disbursement Date]5 The Dollar
amount is based on the weighted average rate of exchange that the Borrower 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 the pre-delivery installment owing on such
date]6[for the payment of the final installment of the Contract Price]7. True
and

 

			
	1	 	For the First Disbursement Date only, if the Hermes Fee will be financed with proceeds of the Loan.
	 
	2	 	If the Alternative Disbursement Option is not elected.
	 
	3	 	For the First Disbursement Date only, if the Hermes Fee will be financed with proceeds of the Loan.
	 
	4	 	If the Alternative Disbursement Option is elected, other than for the advance on
the Final Disbursement Date.
	 
	5	 	If the Alternative Disbursement Option is elected, for the Final Disbursement Date.
	 
	6	 	For pre-delivery installment advances under the Alternative Disbursement Option.

B-1

 

complete copies of the counterparty confirmations evidencing the rates of exchange that the
Borrower has agreed to pay its counterparties for the purchase of the relevant amount of EUR with
Dollars are attached.

     Please wire transfer the proceeds of the Loan [(other than any proceeds to be retained by
the Facility Agent in accordance with Section 2.3(d) of the Agreement)]8 as follows:

[details to be provided]

     The Borrower hereby acknowledges that, pursuant to Section 5.2.2 of the Agreement, each of the
delivery of this Loan Request and the acceptance by the Borrower of the proceeds of the borrowing
requested hereby constitute a representation and warranty by the Borrower that, on the date of such
borrowing (before and after giving effect thereto and to the application of the proceeds
therefrom), all statements set forth in Article VI of the Agreement (excluding, however, those set
forth in Section 6.10) are true and correct in all material respects.

     The Borrower agrees that if prior to the time of the borrowing requested hereby any matter
certified to herein by it will not be true and correct at such time as if then made, it will
immediately so notify the Facility Agent. Except to the extent, if any, that prior to the time of
the borrowing requested hereby the Facility Agent shall receive written notice to the contrary
from the Borrower, each matter certified to herein shall be deemed once again to be certified as
true and correct at the date of such borrowing as if then made.

     The Borrower has caused this Loan Request to be executed and delivered, and the certification
and warranties contained herein to be made, by its duly Authorized Officer this ___ day of
___________, 20_.

	 	 	 	 	 
	 	Royal Caribbean Cruises Ltd.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

			
	7	 	For all other advances.
	 
	8	 	For the First Disbursement Date only, if the Hermes Fee will be financed with proceeds of the Loan.

B-2

 

EXHIBIT D-1

Opinion of Liberian Counsel to the Borrower

 

 

 

 

 

 

 

 

 

 

D-1

 

			
	 
	 	Watson, Farley & Williams (New York) LLP
	 
	 	1133 Avenue of the Americas
	 
	 	New York, New York 10036
	 
	 	Tel (212) 922 2200
	 
	 	Fax (212) 922 1512
	[•], 2011	 	 

To the Lenders party to the Credit

Agreement referred to below and to KfW

IPEX-Bank GmbH as Facility Agent

Royal Caribbean Cruises Ltd.

Dear Sirs:

We have acted as legal counsel on matters of Liberian law to Royal Caribbean Cruises Ltd., a
Liberian corporation (the “Borrower”), in connection with (a) a Hull No S-697 Credit Agreement
dated as of June 8, 2011 (the “Credit Agreement”) and made between (1) the Borrower, (2) the
Lenders (as defined therein) as several lenders, (3) KfW IPEX-Bank GmbH as Hermes Agent, and (4)
KfW IPEX-Bank GmbH as Facility Agent in respect of a loan facility in an amount not to exceed the
US Dollar Equivalent of €580,000,000 plus the US dollar amount corresponding to up to 100% of the
Hermes Fee (as defined in the Credit Agreement), and (b) a letter agreement dated June 8, 2011
between the Borrower and KfW IPEX-Bank GmbH in its several capacities as Hermes Agent, Facility
Agent, Lender and Initial Mandated Lead Arranger relating to certain syndication arrangements in
respect of the Credit Agreement (collectively, together with the Credit Agreement, the
“Documents”). Terms defined in the Credit Agreement shall have the same meaning when used herein.

With reference to the Documents you have asked for our opinion on the matters set forth below. In
rendering this opinion we have examined an executed copy of the Documents. We have also examined
originals or photostatic copies or certified copies of all such agreements and other instruments,
certificates by public officials and certificates of officers of the Borrower as are relevant and
necessary and relevant corporate authorities of the Borrower. We have assumed with your approval,
the genuineness of all signatures, the authenticity of all documents submitted to us as originals
and the conformity with the original documents of all documents submitted to us as copies, the
power, authority and legal right of the parties to the Documents other than the Borrower to enter
into and perform their respective obligations under each of the Documents, and the due
authorization of the execution of the Documents by all parties thereto other than the Borrower. We
have also assumed that (i) the Borrower does not have its management and control in Liberia, or
undertake any business activity in Liberia, and (ii) less than a majority of the shareholders of
the Borrower by vote or value are resident in Liberia. We have

D-1-1

 

further assumed the validity and enforceability of the Documents under all applicable laws other
than the law of the Republic of Liberia.

As to questions of fact material to this opinion, we have, when relevant facts were not
independently established, relied upon certificates of public officials and of officers or
representatives of the Borrower.

We are attorneys admitted to practice in the State of New York and do not purport to be experts in
the laws of any other jurisdiction. Insofar as our opinion relates to the law of the Republic of
Liberia, we have relied on opinions of counsel in Liberia rendered in transactions which we
consider to afford a satisfactory basis for such opinion, and upon our independent examinations of
the Liberian Corporation Act of 1948 (Chapter 1 of Title 4 of the Liberian Code of Laws of 1956,
effective March 1, 1958 as amended to July, 1973), the Liberian Business Corporation Act of 1976
(Title 5 of the Liberian Code of Laws Revised of 1976, effective January 3, 1977 as amended) (the
“Business Corporation Act”), the Liberian Maritime Law (Title 21 of the Liberian Code of Laws of
1956 as amended), the Revenue Code of Liberia (2000), the regulations thereunder and an opinion
dated December 23, 2004 addressed by the Minister of Justice and Attorney General of the Republic
of Liberia to the LISCR Trust Company, and the Liberian Commercial Code Act of 2010, made
available to us by Liberian Corporation Services, Inc. and the Liberian International Ship &
Corporate Registry, LLC, and our knowledge and interpretation of analogous laws in the United
States. In rendering our opinion as to the valid existence in good standing of the Borrower, we
have relied on a Certificate of Goodstanding issued by order of the Minister of Foreign Affairs of
the Republic of Liberia on
[•], 2011.

This opinion is limited to the law of the Republic of Liberia. We express no opinion as to the
laws of any other jurisdiction.

Based upon and subject to the foregoing and having regard to the legal considerations which we
deem relevant, we are of the opinion that:

	1.	 	The Borrower is a corporation duly incorporated, validly existing under the Business
Corporation Act and in good standing under the law of the Republic of Liberia;
	 
	2.	 	The Borrower has full right, power and authority to enter into, execute and deliver each of
the Documents and to perform each and all of its obligations under each of the Documents;
	 
	3.	 	Each of the Documents has been executed and delivered by a duly authorized signatory of
the Borrower;
	 
	4.	 	Each of the Documents constitutes the legal, valid and binding obligation of the Borrower,
enforceable against the Borrower in accordance with its terms;

D-1-2

 

	5.	 	Neither the execution nor delivery of the Documents, nor the transactions contemplated
therein, nor compliance with the terms and conditions thereof, will contravene any
provisions of Liberian law or violate any provisions of the Articles of Incorporation
(inclusive of any articles of amendment thereto) or the Bylaws of the Borrower;
	 
	6.	 	No consent or approval of, or exemption by, any Liberian governmental or public bodies and
authorities are required in connection with the execution and delivery by the Borrower of the
Documents;
	 
	7.	 	It is not necessary to file, record or register either of the Documents or any instrument
relating thereto or effect any other official action in any public office or elsewhere in
the Republic of Liberia to render any such document enforceable against the Borrower;
	 
	8.	 	Assuming neither of the Documents having been executed in the Republic of Liberia, no stamp
or registration or similar taxes or charges are payable in the Republic of Liberia in respect
of either of the Documents or the enforcement thereof in the courts of Liberia other than (i)
customary court fees payable in litigation in the courts of Liberia and (ii) nominal
documentary stamp taxes if the Documents are ever submitted to a Liberian court;
	 
	9.	 	Assuming that no more than 25% of the total combined voting power and no more than 25% of the
total value of the outstanding equity stock of the Borrower is beneficially owned, directly or
indirectly, by persons resident in the Republic of Liberia and that the Borrower does
not, either directly or through agents acting on its behalf, engage in the Republic
of Liberia in the pursuit of gain or profit with a degree of continuity or regularity, the
Borrower is not required or entitled under any existing applicable law or regulation of the
Republic of Liberia to make any withholding or deduction in respect of any tax or otherwise
from any payment which it is or may be required to make under either of the Documents; and
	 
	10.	 	Assuming that the shares of the Borrower are not owned, directly or indirectly, by the Republic
of Liberia or any other sovereign under Liberian law, neither the Borrower nor its property or
assets is immune from the institution of legal proceedings or the obtaining or execution of a
judgment in the Republic of Liberia.

We qualify our opinion to the extent that (i) the enforceability of the rights and remedies
provided for in the Documents (a) may be limited by bankruptcy, reorganization, insolvency,
moratorium and other similar laws affecting generally the enforcement of creditors’ rights and (b)
is subject to general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law), including application by a court of competent jurisdiction of
principles of good faith, fair dealing, commercial reasonableness, materiality, unconscionability
and conflict with public policy or similar principles, and (ii) while there is nothing in the law
of the Republic of Liberia

D-1-3

 

that prohibits a Liberian corporation from submitting to the jurisdiction of a forum other than
the Republic of Liberia, the enforceability of such submission to jurisdiction provisions is not
dependent upon Liberian law and such provisions may not be enforceable under the law of a
particular jurisdiction.

A copy of this opinion letter may be delivered by any of you to any Person that becomes a Lender in
accordance with the provisions of the Credit Agreement. Any such Lender may rely on the opinion
expressed above as if this opinion letter were addressed and delivered to such Lender on the date
hereof.

This opinion letter speaks only as of the date hereof. We expressly disclaim any responsibility to
advise you or any other Lender who is permitted to rely on the opinion expressed herein as
specified in the next preceding paragraph of any development or circumstance of any kind including
any change of law or fact that may occur after the date of this opinion letter even though such
development, circumstance or change may affect the legal analysis, a legal conclusion or any other
matter set forth in or relating to this opinion letter. Accordingly, any Lender relying on this
opinion letter at any time should seek advice of its counsel as to the proper application of this
opinion letter at such time.

Very truly yours,

Watson, Farley & Williams (New York) LLP

D-1-4

 

EXHIBIT D-2

Opinion of Counsel to the Facility Agent

(see attached)

 

 

 

 

 

 

 

 

 

 

D-2

 

	 	 	 	 	 
	 	 	 
	[•]
	 	 	 	 
	 

	 	 	 	Norton Rose LLP
	To the Lenders party to the Credit Agreement

	 	 	 	3 More London Riverside
	 referred to below and to KfW IPEX-Bank GmbH as Agent
	 	 	 	London SE1 2AQ
	KfW IPEX-Bank GmbH

	 	 	 	United Kingdom
	Palmengartenstrasse 5-9
	 	 	 	 
	60325 Frankfurt am Main

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	 	simon.hartley@nortonrose.com

Dear Sirs

Project Sunshine

In accordance with section 5.1.2b of the Credit Agreement (as hereinafter defined), please find
enclosed our opinion in relation to the English law documents involved in this transaction.

Yours faithfully

Norton Rose LLP

1

 

 

 

 

 

 

Norton Rose LLP is a limited liability partnership registered in England and Wales with
number OC328697, and is regulated by the Solicitors Regulation Authority. A list of its members and
of the other partners is available at its registered office, 3 More London Riverside, London SE1
2AQ, UK; reference to a partner is to a member or to an employee or consultant with equivalent
standing and qualification employed or engaged by Norton Rose LLP or any of its affiliates.

Norton Rose LLP together with Norton Rose Australia, Norton Rose OR LLP, Norton Rose South Africa
(incorporated as Deneys Reitz Inc) and their respective affiliates constitute Norton Rose Group, an
international legal practice with offices worldwide, details of which, with certain regulatory
information, are at nortonrose.com.

 

	1	 	Background
	 
	1.1	 	This opinion is given at the request of our client KfW IPEX-Bank GmbH (the Agent) in
relation to the English law aspects of a loan transaction (the Transaction) by which certain banks
party thereto as lenders (the Lenders) have made available a credit facility of up to
EUR€725,000,000 to Royal Caribbean Cruises Ltd. as borrower (the Company) pursuant to a Credit
Agreement (as defined in Schedule 1).
	 
	1.2	 	We have acted as English legal advisers to the Agent and the Lenders in relation to the
Transaction.
	 
	1.3	 	We have examined the original documents relating to the Transaction governed by English law
described in Schedule 1 (the English Documents).
	 
	1.4	 	For the purpose of giving this opinion, we have examined no other documents and have undertaken
no other enquiries.
	 
	1.5	 	Our opinions are given in part 2. Part 3 explains their scope, part 4 describes the assumptions
on which they are made and part 5 contains the qualifications to which they are subject.

2

 

	2	 	Opinions
	 
	 	 	Based on, and subject to, the other provisions of this opinion, we are of the
following opinions:
	 
	 	 	Effect of the English Documents
	 
	2.1	 	The obligations which the Company is expressed to assume in each English Document to which it
is a party constitute its legal, valid, binding and enforceable obligations.
	 
	2.2	 	The effectiveness or admissibility in evidence of the English Documents is not dependent on:

	 	(a)	 	any registrations, filings, notarisations or similar actions; or
	 
	 	(b)	 	any consents, authorisations, licences or approvals of general application from
governmental, judicial or public bodies.

	 	 	Stamp duty on the English Documents
	 
	2.3	 	No stamp, registration or similar duty or tax is payable in respect of the creation of any
English Document.
	 
	 	 	Choice of law and jurisdiction
	 
	2.4	 	The choice of English law to govern the English Documents and any non-contractual obligations
connected to the English Documents is effective.
	 
	2.5	 	The agreement by the Company in an English Document that the English courts have jurisdiction
in respect of that document or any non-contractual obligations connected to that document is
effective.

3

 

	3	 	Scope
	 
	3.1	 	This opinion and any non-contractual obligations connected with it are governed by English
law and are subject to the exclusive jurisdiction of the English courts.
	 
	3.2	 	This opinion is given only in relation to English law as it is understood at the date of this
opinion. We have no duty to keep you informed of subsequent developments which might affect this
opinion.
	 
	3.3	 	If a question arises in relation to a cross-border transaction, it may not be the English
courts which decide that question and English law may not be used to settle it.
	 
	3.4	 	We express no opinion on, and have taken no account of, the laws of any jurisdiction other than
England. In particular, we express no opinion on the effect of documents governed by laws other
than English law.
	 
	3.5	 	We express no opinion on matters of fact.
	 
	3.6	 	Our opinion is limited to the matters expressly stated in part 2, and it is not to be extended
by implication. In particular, we express no opinion on the accuracy of the assumptions contained
in part 4. Each statement which has the effect of limiting our opinion is independent of any other
such statement and is not to be impliedly restricted by it. Paragraph headings are to be ignored
when construing this opinion.
	 
	3.7	 	Our opinion is given solely for the benefit of the Agent and the Lenders from time to time (as
that expression is defined in the Credit Agreement) acting through the Agent. It may not be relied
on by any other person.
	 
	3.8	 	This opinion may not be disclosed to any person other than:

	 	(a)	 	those persons (such as auditors or regulatory authorities) who, in the ordinary course
of business of the Agent and the Lenders, have access to their papers and records or are
entitled by law to see them; and
	 
	 	(b)	 	those persons who are considering becoming Lenders,

	 	 	and on the basis that those persons will make no further disclosure.

4

 

	4	 	Assumptions
	 
	 	 	This opinion is based on the following assumptions:     
	 
	 	 	Effect of the English Documents
	 
	4.1	 	Each person which is expressed to be party to the English Documents:

	 	(a)	 	is duly incorporated and is validly existing;
	 
	 	(b)	 	is not the subject of any insolvency proceedings (which includes those relating to
bankruptcy, liquidation, administration, administrative receivership and reorganisation) in
any jurisdiction;
	 
	 	(c)	 	has the capacity to execute each English Document to which it is expressed to be a
party and to perform the obligations it is expressed to assume under it;
	 
	 	(d)	 	has taken all necessary corporate action to authorise it to execute each English
Document to which it is expressed to be a party and to perform the obligations it is
expressed to assume under it; and
	 
	 	(e)	 	has duly executed each English Document to which it is expressed to be a party.

	4.2	 	The English Documents have been or will be executed in the form provided to us. There has been
no variation, waiver or discharge of any of the provisions of the English Documents.
	 
	4.3	 	None of the English Documents is (wholly or in part) void, voidable, unenforceable, ineffective
or otherwise capable of being affected as a result of any vitiating matter (such as mistake,
misrepresentation, duress, undue influence, fraud, breach of directors’ duties, illegality or
public policy) that is not clear from the terms of the English Documents.
	 
	4.4	 	The Company is solvent both on a balance sheet and on a cash-flow basis, and will remain so
immediately after the Transaction has been completed.
	 
	 	 	Other facts
	 
	4.5	 	There are no other facts relevant to this opinion that do not appear from the documents
referred to in part 1.
	 
	 	 	Other laws
	 
	4.6	 	No law of any jurisdiction other than England has any bearing on the opinion contained in part
2

5

 

[•]

	5	 	Qualifications
	 
	 	 	This opinion is subject to the following qualifications:
	 
	 	 	Contractual matters
	 
	5.1	 	The enforcement of contractual obligations is subject to the general principles of contractual
liability, in particular the matters described in the following paragraphs.
	 
	5.2	 	Apart from claims for the payment of debts (including the repayment of loans), contractual
obligations are normally enforced by an award of damages for the loss suffered as a result of a
breach of contract; and recoverable loss is restricted by principles such as causation, remoteness
and mitigation. The specific performance of contractual obligations is a discretionary remedy and
is only available in limited circumstances.
	 
	5.3	 	Contractual obligations can be discharged by matters such as breach of contract or
frustration. Claims may become time-barred or may be subject to defences such as set-off or estoppel.
	 
	5.4	 	The interpretation of the meaning and legal effect of any particular provision of a contract
is a matter of judgment, which will ultimately be determined by the relevant tribunal. In
addition, a document may be capable of being rectified if it does not express the common intention
of the parties.
	 
	5.5	 	English law has traditionally been protective of guarantors and has developed a number of
defences for them. Although guarantees generally purport to exclude many of these defences, a
guarantee, and any third party security generally, will be construed in favour of the guarantor or
grantor of security where possible.
	 
	5.6	 	A clause in a contract which excludes or limits an obligation of one of the parties or the
liability for breach of that obligation will be construed restrictively, against the person who
wishes to rely on it. In addition, a contractual provision which excludes the liability of a
trustee (including a security trustee) may not be enforceable in all circumstances.
	 
	5.7	 	If a provision of a contract is particularly one-sided it is more likely to be construed
against the party who wishes to rely on it.
	 
	5.8	 	A provision of a contract may be ineffective if it is incomplete or uncertain or provides for
a matter to be determined by future agreement.
	 
	5.9	 	A provision of a contract which provides for the conclusive certification or determination of
a matter by one party may not prevent judicial inquiry into the merits of the claim.
	 
	5.10	 	A provision for the payment of a sum in the event of a breach of contract is unenforceable if
it is construed as a penalty rather than a genuine pre-estimate of the loss likely to be suffered
as a result of the breach and, if that sum has been paid, it may be repayable in whole or in part.
	 
	5.11	 	A contractual provision for the forfeiture of a proprietary or possessory interest, such as
the rights of a lessee under a chattel lease, may be overridden.
	 
	5.12	 	An undertaking to assume liability for stamp duty or similar taxes may be ineffective.
	 
	5.13	 	As a general principle, an authority or power of attorney can be revoked at any time, and will
be revoked if the donor enters into insolvency proceedings. This is so even if the authority or
power is expressed to be irrevocable and the revocation is therefore made in breach of contract.
The main exception to this principle is where the authority or power is granted as part of a
security arrangement.
	 
	5.14	 	A provision of a contract which purports to exclude the effect of prior or subsequent
agreements, representations or waivers may be ineffective.

6

 

   [•]

	5.15	 	A provision of a contract which provides what will happen in the event of an illegality
(including a provision for severance of part of the contract) may not be enforceable.
	 
	5.16	 	An indemnity in respect of criminal liability may not be enforceable.
	 
	5.17	 	An indemnity for the costs of litigation may not be enforceable.
	 
	 	 	Insolvency
	 
	5.18	 	The parties’ rights are subject to laws affecting creditors’ rights generally, such as those
relating to insolvency (which includes bankruptcy, liquidation, administration, administrative
receivership and reorganisation). These laws can apply to persons incorporated or resident outside
England, as well as to those incorporated or resident in England.
	 
	5.19	 	In particular, on an insolvency:

	 	(a)	 	contractual and other personal rights will reduce proportionately with all similar
rights, and contractual provisions which would conflict with this principle (such as a pro
rata sharing clause) are ineffective;
	 
	 	(b)	 	transactions entered into in the period before the insolvency starts (that period
generally being no longer than two years) may be set aside in certain circumstances; and
	 
	 	(c)	 	the ability of a secured creditor to enforce its security may be subject to
limitations, for instance in an administration.

	 	 	Choice of law and jurisdiction
	 
	5.20	 	The law which governs a contract and any connected non-contractual obligations is not
determinative of all issues which arise in connection with that contract. For instance:

	 	(a)	 	it may not be relevant to the determination of proprietary issues (such as those
relating to security);
	 
	 	(b)	 	rules which are mandatory (which includes public policy rules) in a jurisdiction which
is connected with the contract or in the jurisdiction where the issue is decided may be
applied regardless of the provisions of the contract; and
	 
	 	(c)	 	in insolvency proceedings, the law governing those proceedings may override the law
governing the contract.

	5.21	 	There are circumstances in which the English courts may, or must, decline jurisdiction or stay
proceedings. Additionally, it may not be possible to commence proceedings because of an inability
to comply with service of process requirements. These problems are less likely to occur where one
or more of the parties is domiciled in the European Union.
	 
	5.22	 	The English courts have a discretion to accept jurisdiction in an appropriate case even though
there is an agreement that other courts have (exclusive or non-exclusive) jurisdiction. This is
less likely to occur where the other courts are in the European Union.
	 
	5.23	 	The jurisdiction of the English courts in relation to insolvency matters is not dependent on
the submission of the parties to the jurisdiction. The precise scope of that jurisdiction depends
on the nature of the insolvency procedure in question.

7

 

[•]

Schedule

The English Documents

	1	 	A credit agreement dated 8 June 2011 (the Credit Agreement) made between (1) Royal Caribbean
Cruises Ltd. as borrower (the Borrower), (2) KfW IPEX-Bank GmbH (KfW IPEX) as initial mandated
lead arranger, facility agent, Hermes agent, original lender and (c) the financial
institutions party thereto as lenders from time to time, to provide a term loan to partly
finance the construction of Hull no. S-697 at Meyer Werft.
	 
	2	 	A syndication letter dated 8 June 2011 made between (1) KfW IPEX and (2) the Borrower.
	 
	3	 	Two fee letters both dated 8 June 2011 made between (1) KfW IPEX and (2) the Borrower in
relation to certain of the fees payable in respect of the Credit Agreement.

8

 

EXHIBIT D-3

Opinion of US Tax Counsel to the Lenders as at the Effective Date

[•, 2011]

KfW IPEX-Bank GmbH

Palmengartenstrasse 5-9

60325 Frankfurt am Main

Federal Republic of Germany (“KfW”)

			
	Re:	 	Application of U.S. Withholding Tax to Royal Caribbean Cruises Ltd. Payments

This opinion is not intended or written to be used, and cannot be used by any person, for the
purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code and was
written to support the promotion or marketing (as defined in IRS Circular 230) of the transactions
contemplated in the Credit Agreement (as defined below). Each person considering such transactions
should seek advice based on such person’s particular circumstances from an independent tax advisor.

Dear Sirs:

You have asked whether U.S. withholding tax will be imposed on payments made by the U.S. branch of
Royal Caribbean Cruises Ltd. (“RCCL”), a corporation organized under the laws of Liberia, to KfW, a
financial institution organized under the laws of the Federal Republic of Germany (the “Lender”),
under the Hull No. S-697 Credit Agreement dated •, 2011 (the “Credit Agreement”) between RCCL as
borrower and KfW as the Lender, Hermes Agent and Facilities Agent.

Under the Credit Agreement, the Lender would lend money to RCCL to help fund the purchase of Hull
No. S-697 at Meyer Werft GmbH.

The loan advanced under the Credit Agreement will accrue interest at either a fixed rate or a
floating rate in accordance with the provisions set forth in the Credit Agreement.

In connection with rendering this opinion we have reviewed the Credit Agreement, and such other
documents as we have deemed necessary or appropriate for purposes of rendering this opinion. We
have assumed, with your consent, that: (i) all documents reviewed by us are original documents, or
true and accurate copies of original documents, and have not been subsequently amended; (ii) the
signatures on each original document are genuine; (iii) all representations and statements as to
matters of fact set forth in such documents are true and correct; (iv) all obligations imposed by
any such documents on the parties thereto have been or will be performed or satisfied in accordance
with their terms; and (v) there are no documents relevant to this opinion to which we have not been
given access. We have also assumed, with your consent, that:

D-3-1

 

(i) the Lender (which term as used in this opinion letter does not include any successor or assign)
is and will continue to be eligible to claim benefits as a resident of the jurisdiction in which it
was formed under the income tax treaty between the United States and such jurisdiction currently in
force (the “Treaty”);

(ii) the Lender will not receive payments under the Credit Agreement that are
attributable, for purposes of the Treaty, to a permanent establishment of the Lender in the United
States;

(iii) the Lender has not made and will not make an election, or otherwise take steps, to be
treated as other than a corporation for United States federal income tax purposes;

(iv) the Lender will provide the RCCL or its agent with a properly completed Internal Revenue Service (“IRS”) Form
W-8BEN accurately representing that the Lender is eligible to claim benefits under the Treaty for
all payments under the Credit Agreement;

(v) if the Lender is receiving payments for a
participant, it will provide RCCL with a properly completed IRS Form W-8IMY to which it will attach
its own IRS Form W-8BEN and a properly completed IRS Form W-8BEN from each participant accurately
representing that the participant is entitled to receive all payments under the Credit Agreement
free and clear of U.S. withholding;

(vi) the Lender will be eligible to receive payments free of
withholding under the provisions of Sections 1471 through 1474 of the U.S. Internal Revenue Code
(“FATCA”) and will provide RCCL or its agent with such properly completed IRS forms, certifications
and other items as may be required to establish the Lender’s exemption from withholding under
FATCA; and

(vii) all of the foregoing will continue to be accurate and correct.

Conclusion

We are members of the Bar of the State of New York. This opinion is limited to the U.S. federal
withholding tax treatment of payments by RCCL under the Credit Agreement and does not address any
other tax or legal consequences of the transactions contemplated in the Credit Agreement. This
opinion is rendered solely to you and may not be relied upon by any other person, other than your
legal advisors. Our opinion is based on existing authorities as of the date hereof and may change
as a result of subsequent legislation, regulations, administrative pronouncements, court opinions
or other legal developments, possibly with retroactive effect. We do not undertake to update this
opinion based on any such developments unless specifically engaged by you to do so. Our opinion is
not binding on the IRS, and no assurance can be given that the conclusions expressed herein will
not be challenged by the IRS or will be sustained by a court.

Based on the assumptions and limitations set forth above, we are of the view that there will be no
U.S. federal withholding tax imposed on payments by RCCL under the Credit Agreement to the Lender.
Payments to non-U.S. persons that are not considered to be U.S. source income for U.S. federal
income tax purposes, generally are not subject to U.S. withholding tax. Payments by RCCL under the
Credit Agreement to the Lender, to the extent they are U.S. source income, will be exempt from U.S.
withholding tax either under the Interest or Other Income Articles of the Treaty.

Our conclusions are expressions of our professional judgment with respect to U.S. federal income
tax law and do not provide any guarantee as to the actual outcome of any U.S. federal income tax
controversy.

Sincerely,

D-3-2

 

EXHIBIT E

FORM OF LENDER ASSIGNMENT AGREEMENT

			
	To:	 	Royal Caribbean Cruises Ltd.

			
	To:	 	KfW IPEX-Bank GmbH, as Facility Agent (as defined below)

ROYAL CARIBBEAN CRUISES LTD.

Gentlemen and Ladies:

     We refer to clause b of Section 11.11.1 of the Hull No. S-697 Credit Agreement, dated as of
June 8, 2011 (together with all amendments and other modifications, if any, from time to time
thereafter made thereto, the “Agreement”) among Royal Caribbean Cruises Ltd. (the “Borrower”), KfW
IPEX-Bank GmbH as Facility Agent (in such capacity, the “Facility Agent”), and as Hermes agent,
and KfW IPEX-Bank GmbH and the various other financial institutions from time to time party
thereto as Lenders. Unless otherwise defined herein or the context otherwise requires, terms used
herein have the meanings provided in the Agreement.

This agreement is delivered to you pursuant to clause b of Section 11.11.1 of the Agreement and
also constitutes notice to each of you, pursuant to clause a of Section 11.11.1 of the Agreement,
of the assignment and transfer by way of novation to __________ (the “Assignee”) of __% of the
Loan/Commitment of __________ (the “Assignor”) outstanding under the Agreement on the date hereof.
After giving effect to the foregoing assignment and transfer, the Assignor’s and the Assignee’s
Percentages for the purposes of the Agreement are set forth opposite such Person’s name on the
signature pages hereof.

     The Assignee hereby acknowledges and confirms that it has received a copy of the Agreement and
the exhibits related thereto, together with copies of any documents which have been required to be
delivered under the Agreement as a condition to the making of the Loan thereunder. The Assignee
further confirms and agrees that in becoming a Lender and in making its contribution to the Loan
under the Agreement, such actions have and will be made without recourse to, or representation or
warranty by the Facility Agent.

     Except as otherwise provided in the Agreement, effective as of the date of acceptance
hereof by the Borrower and the Facility Agent:

          (a) the Assignee

     (i) shall be deemed automatically to have become a party to the Agreement,
have all the rights and obligations of a “Lender” under the

E-1

 

Agreement and the other Loan Documents as if it were an original signatory thereto
to the extent specified in the second paragraph hereof;

     (ii) agrees to be bound by the terms and conditions set forth in the
Agreement and the other Loan Documents as if it were an original signatory
thereto; and

     (b) the Assignor shall be released from its obligations under the Agreement and the
other Loan Documents to the extent of the relevant percentage of the Loan/Commitment
specified in the second paragraph hereof.

     The Assignor and the Assignee hereby agree that the [Assignor] [Assignee] will pay to the
Facility Agent the processing fee and expenses referred to in Section 11.11.1 of the Agreement
upon delivery hereof.

     The Assignee hereby advises each of you of the following administrative details with respect
to the assigned Loan/Commitment and requests the Borrower to acknowledge receipt of this
document:

          (A) Address for Notices:

Institution Name:

Attention:

Domestic Office:

Telephone:

Facsimile:

Telex (Answerback):

Lending Office:

Telephone:

Facsimile:

Telex (Answerback):

          (B) Payment Instructions:

     The Assignee agrees to furnish the tax form required by last paragraph of Section 4.6 (if so
required) of the Agreement no later than the date of acceptance hereof by the Borrower and the
Facility Agent.

E-2

 

     This Agreement may be executed by the Assignor and Assignee in separate counterparts,
each of which when so executed and delivered shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement.

     This Agreement and any non-contractual obligations arising out of or in connection
with it are governed by English law

	 	 	 	 	 
	Adjusted Percentage

          Loan/Commitment:      ___%	 [ASSIGNOR]

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 
	Percentage

          Loan/Commitment:      ___%	 [ASSIGNEE]

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

Accepted and Acknowledged this

___day of ___________, ____.

					
	 	

Royal Caribbean Cruises Ltd.

 	 
	 	By:  	 	 
	 	 	Title: 	 

					
	 	

KfW IPEX-Bank GmbH, as Facility Agent

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 

E-3

 

EXHIBIT F

OPTION A REFINANCING AGREEMENT

(see attached)

 

 

 

 

 

 

 

 

 

 

E-4

 

REFINANCING AGREEMENT

dated

between

KfW

Frankfurt am Main

represented by

KfW IPEX-Bank GmbH

Frankfurt am Main

(“KfW”)

and

[   ] Bank, [city]

(“Bank”)

on the

financing of

[description of delivery item]

for [buyer]

Registry no [ ]

dated 12 May 2009

 

			
	Model Refinancing Agreement CIRR for Ship Financing
	 	12 May 2009

Overview

	 	 	 	 	 

	1 Preamble
	 	 	3	 
	2 Shipbuilding contract and Loan Agreement data
	 	 	4	 
	3 General Terms and Conditions
	 	 	5	 
	4 Amount and purpose
	 	 	6	 
	5 Disbursement and conditions precedent to disbursement
	 	 	6	 
	6 Interest, charges and calculation
	 	 	7	 
	7 Repayment and prepayment; adjustment of the refinancing
interest rate
	 	 	7	 
	8 Collateral
	 	 	8	 
	9 Duty to inform and right to inspect
	 	 	9	 
	10 Termination
	 	 	9	 
	11 Representations
	 	 	9	 
	12 Other regulations
	 	 	10	 
	 
	 	 	 	 
	Annex 1: Disbursement Request Form
	 	 	11	 
	Annex 2: General Terms and Conditions
	 	 	12	 
	Annex 3: List of facts relevant to subsidies pertaining to the
provision of interest
make-up guarantees in connection with sales financing
for ships
	 	 	13	 

Page 2 of 13

 

			
	Model Refinancing Agreement CIRR for Ship Financing
	 	12 May 2009

	1	 	Preamble

The Federal Republic of Germany (“Federal Republic”) grants financial institutions an interest
make-up guarantee to cover a portion of the interest rate risk involved in refinancing CIRR loans
for the construction of ships by shipbuilders based in Germany (“CIRR for Ships Programme” or
“Programme”). This guarantee is provided in accordance with the “Guidelines for the assumption of
guarantees to hedge the interest rate risk associated with refinancing CIRR shipbuilding loans
(interest make-up guarantees)” and with the related general terms and conditions for interest rate
make-up in ship financing schemes at the CIRR (“General Terms and Conditions”). Pursuant to Section
1.1. Sentence 3 of the General Terms and Conditions the amount of the interest make-up is limited
and must not exceed 12% p.a.

The Federal Republic is represented by the Federal Ministry of Economics and Technology and by the
Federal Ministry of Finance, both of which are represented by KfW as agent, acting under a mandate
from the Federal Republic. KfW, in turn, has assigned KfW IPEX-Bank GmbH (“IPEX”) to handle the
Programme.

The Bank, as lender, entered into a loan agreement as at [           ] (hereinafter, including addenda, the
“Loan Agreement”) and granted the borrower the loan described in more detail in Section 2.2 for a
total of [           ] (“Loan”). The sole purpose of this Loan is to finance the shipbuilding project
described in more detail below (post-delivery financing).

In accordance with Section 1.2.1. of the General Terms and Conditions the Bank decided to refinance
with KfW (Option A) and applied to KfW for both accreditation and a limit.

On this basis the Bank and KfW hereby agree as follows:

Page 3 of 13

 

			
	Model Refinancing Agreement CIRR for Ship Financing
	 	12 May 2009

	2	 	Shipbuilding contract and Loan Agreement data

The Bank hereby confirms the following data pertaining to the shipbuilding contract and the
Loan:

	 	 	 

	2.1 Shipbuilding contract data
	 	 
	 
	 	 
	2.1.1 Seller/shipbuilder:
	 	 
	 
	 
	 
	 	 
	2.1.2 Date of the shipbuilding contract:
	 	 
	 
	 
	 
	 	 
	2.1.3 Contract value:
	 	 
	 
	 
	 
	 	 
	2.1.4 Payment terms:
	 	 
	 
	 
	 
	 	 
	2.1.5 Customer/buyer:
	 	 
	 
	 
	 
	 	 
	2.1.6 Object of the shipbuilding contract:
	 	 
	 
	 
	 
	 	 
	2.1.7 Scheduled date of delivery:
	 	 
	 
	 
	 
	 	 
	2.2 Loan Agreement data:
	 	 
	 
	 	 
	2.2.1 Financing structure:
	 	 
	 
	 
	 
	 	 
	2.2.2 Borrower:
	 	 
	 
	 
	 
	 	 
	2.2.3 Loan currency:
	 	 
	 
	 
	 
	 	 
	2.2.4 Loan amount:
	 	 
	 
	 

Page 4 of 13

 

			
	Model Refinancing Agreement CIRR for Ship Financing
	 	12 May 2009

	 	 	 

	 
	 	 
	 
	 
	 
	 	 
	2.2.5 Disbursement profile:
	 	 
	 
	 
	 
	 	 
	2.2.6 End of the disbursement period:
	 	 
	 
	 
	 
	 	 
	2.2.7 Loan term/repayment profile:
	 	 
	 
	 
	 
	 	 
	2.2.8 Prevailing CIRR rate:
	 	 
	 
	 
	 
	 	 
	2.2.9 Maturity and calculation basis of the
	 	 
	interest:
	 	 
	 
	 
	 
	 	 
	2.2.10 Fee for administrative expenses
	 	 
	incurred by the Bank (“Margin”):
	 	 
	 
	 
	 
	 	 
	2.2.11 Refinancing mark-up incurrred by KfW
	 	 
	(pursuant to Section 1.2.2. of the
	 	 
	General Terms and Conditions):
	 	 
	 
	 
	 
	 	 
	2.2.12 Refinancing interest rate (=prevailing
	 	 
	CIRR rate less the Margin):
	 	% p.a. plus the refinancing mark-up pursuant to Section 2.2.11
	 
	 
	 
	 	 
	2.2.13 Date of application by the Bank for an
	 	 
	interest make-up guarantee:
	 	 
	 
	 
	 
	 	 
	2.2.14 Latest date pursuant to the General
	 	 
	Terms and Conditions
	 	 
	 
	 
	 
	 	 

	3	 	General Terms and Conditions

Insofar as this Agreement does not contain any provisions stating otherwise, the General Terms
and Conditions (attached as Annex 2) will apply. By signing this Refinancing Agreement the Bank
expressly declares its consent to the validity of the General Terms and Conditions. The Bank has
also taken note of the fact that the amount of the interest make-up is limited to no more than 12%
p.a. (Section 1.1. Sentence 3 of the General Terms and Conditions) and that under no circumstances
is KfW liable for any differences in interest rates beyond this maximum limit.

Amendments of, or addenda to, this Agreement and any statements and notices delivered under this
Agreement must be in writing.

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	Model Refinancing Agreement CIRR for Ship Financing
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	 	4	 	Amount and purpose
	 
	 	4.1	 	KfW grants the Bank a refinancing loan (“Refinancing Loan”) in an amount equal to the loan
amount as stated in Section 2.2.4. The funds utilised under the Refinancing Loan serve to refinance
the Bank’s Loan Agreement as stated in Section 2.2, which the Bank concluded with the borrower and
for which a guarantee is issued under the CIRR for Ships Programme.
	 
	 	4.2	 	The Bank administers its Loan including all collateral at own expense and on its own behalf. In
granting and administering the Loan, including the collection of loan receivables, and in
administering and enforcing collateral, including the exercise of rights, obligations and
responsibilities in connection with the Federal Republic’s export credit insurance scheme, the Bank
acts with the care customary in banking practice.
	 
	 	5	 	Disbursement and conditions precedent to disbursement
	 
	 	5.1	 	The Bank verifies the fulfilment of the conditions precedent to disbursement under the
Loan Agreement and, upon disbursement of the Refinancing Loan, will provide KfW with written
confirmation that said conditions precedent have been fulfilled in accordance with the Loan
Agreement and that a request for disbursement under the Loan Agreement has been submitted in the
corresponding amount.
	 
	 	5.2	 	The request for disbursement as stated in Annex 1 must be submitted to KfW at least two banking
days in Frankfurt am Main prior to the disbursement date.
	 
	 	5.3	 	The Bank will transfer the disbursements made under the Refinancing Loan to the borrower
without delay.
	 
	 	5.4	 	Disbursements made under the Refinancing Loan will be rendered in the loan currency as stated
in Section 2.2.
	 
	 	5.5	 	Notwithstanding the stipulations of the General Terms and Conditions (Section 10.) KfW may
refuse disbursement if

	 	5.5.1	 	the amount of the Refinancing Loan would be exceeded as a result of the disbursement;
	 
	 	5.5.2	 	the corresponding disbursement request form has not been fully completed and submitted
at least two banking days in Frankfurt am Main prior to the desired disbursement date;
	 
	 	5.5.3	 	payments rendered by the Bank to KfW under this Agreement are outstanding and said
default cannot be identified as being of a technical nature;
	 
	 	5.5.4	 	there are extraordinary grounds for termination (as stated in Section 10).

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	Model Refinancing Agreement CIRR for Ship Financing
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	6	 	Interest, charges and calculation

In addition to the charges and fees provided for in the General Terms and Conditions (Section
7.) in connection with the granting of the interest make-up guarantee, the following costs will be
due and payable for the Refinancing Loan:

	6.1	 	Interest for loan amounts under this Refinancing Loan will be calculated from the disbursement
date until the date on which the repayment instalment is credited to the account stated in Section
7.2 of this Agreement.
	 
	6.2	 	The refinancing interest rate stated in Section 2.2.12 will be applied as the interest rate.
	 
	6.3	 	Utilised loan amounts will be based on a 360-day year and a month comprising the actual number
of days elapsed.
	 
	6.4	 	KfW is entitled to 50% of the commitment fee negotiated by the Bank under the Loan Agreement.
The Bank is obliged to pay KfW the commitment fee to which KfW is entitled on the due date,
regardless of whether payment has been received from the borrower.
	 
	6.5	 	If payments of amounts payable under the Refinancing Loan fall due on a day that is a banking
day neither in Frankfurt am Main nor — in the event of foreign currency — in the city in which the
foreign currency account is kept, payment must be rendered on the ensuing banking day in Frankfurt
am Main and — in the event of foreign currency — in the city in which the foreign currency account
is kept unless said day falls in the next calendar month. In the latter case the payment must be
rendered on the latest banking day prior to the due date.
	 
	7	 	Repayment and prepayment; adjustment of the refinancing interest rate
	 
	7.1	 	Notwithstanding any payments made under the Loan Agreement the Bank undertakes to repay
the Refinancing Loan in accordance with the following repayment schedule:

	 	 	 	 	 
	 	 	Date:	 	Amount:
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 

	7.2	 	The Bank is released from its payment obligations under this Agreement as soon and insofar as
the relevant amounts have been made freely available to KfW in the agreed currency without any
deductions in the corresponding stated account number [ ] with KfW IPEX-Bank GmbH, Frankfurt am
Main, bank sort code 500 204 00. The Bank must, upon KfW’s first request, reimburse KfW for any and
all costs it incurs owing to late payments.

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	Model Refinancing Agreement CIRR for Ship Financing
	 	12 May 2009

	7.3	 	If the payments payable by the Bank are not rendered as at the correct value date, KfW may
charge the Bank default interest amounting to 3% p.a above the prevailing 3-month EURIBOR starting
from the respective payment due date. The Bank undertakes to pay the default interest upon KfW’s
first request.
	 
	7.4	 	Pursuant to Section 8. of the General Terms and Conditions the Bank is entitled to render
prepayments. If the Bank limits the cancellation to the interest make-up in accordance with Section
8.2. of the General Terms and Conditions, the refinancing as agreed herein will in principle
continue.
	 
	7.5	 	Notwithstanding whether the Bank has or has not exercised rights pursuant to Sections 8.1. or
8.2. of the General Terms and Conditions, the following applies to the transfer of payments and
enforcement proceeds: the Bank will transfer all payments under the Loan Agreement or proceeds from
the enforcement of collateral to KfW immediately upon their receipt if and insofar as KfW can
assert claims under this Agreement. This transfer obligation will exist regardless of any payments
rendered or to be rendered by the Bank in accordance with the original repayment schedule as stated
in Section 7.1 of this Agreement. The obligation also exists regardless of the grounds for receipt
of such payment. Incoming payments that fall under this Section 7.5 will be taken into account in
inverse chronological order and the repayment schedule pursuant to Section 7.1 will be adjusted
accordingly to account for the regular payments by the Bank. Should the event stated in Section
8.3. of the General Terms and Conditions (non-acceptance compensation) arise, KfW will calculate
the compensation on a same-day basis.
	 
	7.6	 	If the Bank exercises its right pursuant to Section 8.2. of the General Terms and Conditions,
the refinancing interest rate as stated in Section 2.2.12 of this Agreement must be adjusted
accordingly as at the end of the expiring interest make-up period. The refinancing interest rate to
be applied in such an event will correspond to the 6-month LIBOR/EURIBOR plus the refinancing
mark-up incurred by KfW pursuant to Section 2.2.11 and a risk margin to be determined solely by KfW
taking into account the collateral provided pursuant to Section 8; this risk margin would currently
amount to ...% (indicative).
	 
	8	 	Collateral
	 
	8.1	 	In order to secure its claims under the Refinancing Loan, KfW is entitled to demand
additional collateral in accordance with its criteria for on-lending banks in domestic lending
business insofar as KfW deems this necessary. This may also take place retroactively.
	 
	8.2	 	The Bank holds this collateral, in particular pledges, liens, fiduciary transfers of
assets -insofar as they are not transferred to KfW by law — and such collateral for which claims
cannot be assigned, in trust for KfW at its own expense insofar as the collateral serves to secure
claims under the Loan Agreement. KfW is entitled to issue instructions regarding the assets being
held in trust at any time. Upon KfW’s request, the Bank will provide KfW with disclosures and
information of all kinds in relation to said collateral.

Page 8 of 13

 

			
	Model Refinancing Agreement CIRR for Ship Financing
	 	12 May 2009

9 Duty to inform and right to inspect

In addition to the Bank’s obligations as stated in Section 11. of the General Terms and
Conditions the following provisions will apply:

	9.1	 	The Bank will make disclosures of circumstances pertaining to the Loan, its proper repayment or
collateralisation available to KfW on a regular basis. The Bank must inform KfW immediately and of
its own accord about extraordinary events that may jeopardise the proper servicing of the Loan and
of which it becomes aware.
	 
	9.2	 	The Bank will notify KfW of all amendments and addenda to the Loan Agreement.
	 
	9.3	 	The Bank undertakes to inform the borrower about this Agreement concluded with KfW.
	 
	9.4	 	KfW is entitled to inspect the proper use of the refinancing funds at the Bank, to request
corresponding information from the Bank and to inspect the loan documents.
	 
	9.5	 	The Bank will send KfW its certified annual report including the annex, the management report
and the notes following its completion but no later than six months after the end of its financial
year.

10 Termination

Notwithstanding the provisions of the General Terms and Conditions KfW may terminate this
Agreement for good cause, particularly in the event of

	10.1	 	a significant deterioration in the Bank’s financial situation;
	 
	10.2	 	a breach of the Bank’s payment obligations (unless said breach is attributable to technical
problems in payment processing) or duties to inform;
	 
	10.3	 	a disruption in the basis of trust required for the continuation of the contractual
relationship that is significant for another reason.

11 Representations

By signing this Agreement, the Bank assures that

	a)	 	in the Loan Agreement the prevailing CIRR was agreed to be the minimum interest rate;
	 
	b)	 	it is aware that facts on which the approval, grant, reclamation, renewal or continuation of
the interest make-up amounts depend qualify as facts that are relevant to subsidies within the
meaning of Section 264 of the German Criminal Code (Strafgesetzbuch/StGB). These facts are listed
in Annex 3. Particular mention is made of the provisions set forth in Sections 3, 4 and 5 of the
German Subsidy Act (Subventionsgesetz/SubvG).

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	Model Refinancing Agreement CIRR for Ship Financing
	 	12 May 2009

12 Other regulations

	12.1	 	This Agreement enters into force and effect upon being signed and ends when the
Refinancing Loan has been repaid in full including any enforcement of security interests that may
be necessary.
	 
	12.2	 	This Agreement is governed by German law. It has been translated into English for information
purposes only and the German version and language will prevail. The place of performance and of
jurisdiction is Frankfurt am Main.
	 
	12.3	 	If any provision of this Agreement is invalid or inexecutable, this will not affect the
remaining provisions. Any gap in the provisions is to be filled with a legally valid provision
which comes as close as possible to the spirit and purpose of this Agreement.
	 
	12.4	 	Rights and obligations under this Agreement may not be assigned or pledged without the prior
written consent of the corresponding contracting party.
	 
	12.5	 	Representations or notices relating to this Agreement must be affixed with a legally binding
signature and dispatched by post or facsimile to the following addresses or, if so agreed, by
remote data transfer:

	 	For KfW:	 	 KfW IPEX-Bank GmbH 

Palmengartenstrasse 5-9

60325 Frankfurt am Main/Germany 

Tel: (++49-69) 74 31 — xxxx 

Fax: (++49-69) 74 31 — xxxx

For the Bank:

Done in two originals, one for each party.

	 	 	 	 	 	 	 

	Frankfurt am Main, this ........ day of

	 	 	 	[Place], this ......... day of ....... ,	 	 
	........, 200x

	 	 	 	200x	 	 
	 
	 	 	 	 	 	 
	 
	 

	 	 
	 	  

	 	 
	KfW IPEX-Bank GmbH

	 	 	 	[Bank]	 	 
	(duly authorised by KfW)
	 	 	 	 	 	 

 Page 10 of 13

 

			
	Model Refinancing Agreement CIRR for Ship Financing
	 	12 May 2009

Annex 1: Disbursement Request Form

Bank

To

KfW IPEX-Bank GmbH

representing KfW 
Att: X4b

Postfach 11 11 41

60046 Frankfurt am Main/Germany

or fax: (++49-69) 7431 — xxxx

Request for disbursement under the Refinancing Loan /

CIRR
for ship financing dated............

Registry number [ ]

Contact person at the Bank:

KfW loan account number:

Borrower:

(Name and KfW business partner number):

We hereby confirm that all of the conditions agreed for the Loan have been fulfilled. We
therefore request the transfer of

___ ____________ __________________________

currency and amount (at far right written out)

as at: [ ] value date (no earlier than two banking days following submission of this request)

to the following account: (bank name, sort code and account number)

          _________________________

          _________________________

          _________________________ 

Place, date, legally binding signature of the Bank _______________________

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	Model Refinancing Agreement CIRR for Ship Financing
	 	12 May 2009

Annex 2: General Terms and Conditions

 

 

 

 

 

 

 

 

 

 

 Page 12 of 13

 

			
	Model Refinancing Agreement CIRR for Ship Financing
	 	12 May 2009

			
	Annex 3:	 	List of facts relevant to subsidies pertaining to the provision of interest
make-up guarantees in connection with sales financing for ships

Facts relevant to subsidies within the meaning of Section 264 of the German Criminal Code
(StGB) in conjunction with Section 2 of the German Subsidy Act (SubvG) of 29 July 1976 are:

	(a)	 	the prices and terms of payment agreed with the buyer (Sections 2.1.3 and 2.1.4 of the
Refinancing Agreement);
	 
	(b)	 	the amount of the Loan granted and the terms and conditions agreed for the Loan (Section 2.2.3
of the Refinancing Agreement);
	 
	(c)	 	all cases in which deadlines and amounts that either determine or change one of the variables
listed in (a) or (b) are laid down or altered, in particular:

	 	•	 	all data on disbursements and disbursement amounts as well as all data on repayments and
repayment amounts;
	 
	 	•	 	the calculation of underlying exchange rates (if any);
	 
	 	•	 	the fixing of interest or changes in the agreed reference base for interest rates;
	 
	 	•	 	receipt of off-schedule repayments, insurance payments, enforcement proceeds and other
payments as a result of which the outstanding claim is reduced;
	 
	 	•	 	agreements on amendments to the Loan Agreement;

	(d)	 	the prohibition of the transfer of the fee for administrative expenses to the borrower in
accordance with Section 1.5. of the General Terms and Conditions.

 Page 13 of 13

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