Document:

Exhibit
10.4

 

Execution
Version

 

	 	Dated
    15 February 2021	 
	 	 	 
	 	Royal
    Caribbean Cruises Ltd.	(1)
	 	(the
    Borrower)	 
	 	 	 
	 	KfW
    IPEX-Bank GmbH	(2)
	 	(the
    Facility Agent)	 
	 	 	 
	 	KfW
    IPEX-Bank GmbH	(3)
	 	(the
    Hermes Agent)	 
	 	 	 
	 	BNP
    Paribas Fortis SA/NV	(4)
	 	(the
    Finnvera Agent)	 
	 	 	 
	 	The
    banks and financial institutions listed in Schedule 1	(5)
	 	(the
    Mandated Lead Arrangers)	 
	 	 	 
	 	The
    banks and financial institutions listed in Schedule 1	(6)
	 	(the
    Lenders)	 

 

	 	 

                                                                                                                 Amendment
                                         No. 2 in connection with

                                         the Credit Agreement in respect
                                         of

                                         ICON 1 – Hull 1400

         
	 

 

    

     

    

 

	 	Contents	 
	 	 	 
	Clause	Page
	 	 	 
	1	INTERPRETATION
    AND DEFINITIONS	1
	2	AMENDMENT
    OF THE EXISTING CREDIT AGREEMENT	3
	3	CONDITIONS
    OF EFFECTIVENESS OF AMENDED AGREEMENT	3
	4	REPRESENTATIONS
    AND WARRANTIES	5
	5	COVENANT
    TO PROVIDE OTHER ECA GUARANTEES	6
	6	INCORPORATION
    OF TERMS	6
	7	COSTS
    AND EXPENSES	7
	8	COUNTERPARTS	7
	9	GOVERNING
    LAW	7
	10	MISCELLANEOUS	7
	SCHEDULE
    1 FINANCE PARTIES	8
	SCHEDULE
    2 FORM OF AMENDMENT EFFECTIVE DATE CONFIRMATION – HULL 1400	9
	SCHEDULE
    3 AMENDED AND RESTATED CREDIT AGREEMENT	10
	EXHIBIT
    A PRINCIPLES	11
	EXHIBIT
    B FORM OF INFORMATION PACKAGE	12
	EXHIBIT
    C FORM OF FIRST PRIORITY GUARANTEE	13
	EXHIBIT
    D FORM OF SECOND PRIORITY GUARANTEE	14
	EXHIBIT
    E FORM OF THIRD PRIORITY GUARANTEE	15
	EXHIBIT
    F FORM OF SENIOR PARTIES SUBORDINATION AGREEMENT	16
	EXHIBIT
    G FORM OF OTHER SENIOR PARTIES SUBORDINATION AGREEMENT	17

  

    

     

    

 

THIS
AMENDMENT NO. 2 (this Amendment) is dated 15th
February
2021 and made BETWEEN:

 

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

 

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

 

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

 

	(4)	BNP
                                         Paribas Fortis SA/NV as Finnvera agent (the Finnvera Agent);

 

	(5)	The
                                         banks and financial institutions listed in Schedule 1 as initial mandated lead arranger,
                                         other mandated lead arrangers or lead arrangers (the Mandated Lead Arrangers);
                                         and

 

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

 

WHEREAS:

 

	(A)	The
                                         Borrower, the Facility Agent, the Hermes Agent, the Finnvera Agent, the Mandated Lead
                                         Arrangers and the Lenders are parties to a credit agreement, dated 11 October 2017, as
                                         amended and restated on 3 July 2018 and as further amended by a financial covenant waiver
                                         extension consent letter dated 31 July 2020 (together, the Existing Credit Agreement),
                                         in respect of the vessel bearing Builder’s ICON 1 hull number 1400 (the Vessel)
                                         whereby it was agreed that the Lenders would make available to the Borrower, upon the
                                         terms and conditions therein, a US dollar loan facility (the Facility) calculated
                                         on the amount equal to the sum of (a) up to eighty per cent (80%) of the Contract Price
                                         (as defined in the Existing Credit Agreement) of the Vessel but which Contract Price
                                         will not exceed EUR1,650,000,000 (b) 100% of the Finnvera Premium and, if applicable,
                                         the Finnvera Balancing Premium (in each case as defined therein) and (c) 100% of the
                                         Hermes Fee (as defined therein).

 

	(B)	The
                                         Parties wish to amend and restate the Existing Credit Agreement to the extent set out
                                         in this Amendment.

 

NOW
IT IS AGREED as follows:

 

	1	Interpretation
                                         and definitions

 

	1.1	Definitions
                                         in the Existing Credit Agreement

 

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

 

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

 

	1.2	Definitions

 

In
this Amendment:

 

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

 

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

 

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

 

    Page 1

     

    

 

Applicable
Jurisdiction means, with respect to a Guarantor, the jurisdiction or jurisdictions under which such Guarantor 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.

 

ECA
Financing has the meaning given to such term in the form of the Amended Agreement set out in Schedule 3.

 

Finance
Parties means the Facility Agent, the Hermes Agent, the Finnvera Agent, the Mandated Lead Arrangers and the Lenders.

 

First
Priority Guarantee has the meaning given to such term in the form of the Amended Agreement set out in Schedule 3.

 

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

 

Guarantor
means each guarantor under the First Priority Guarantee, the Second Priority Guarantee and the Third Priority Guarantee.

 

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

 

Loan
Documents has the meaning given to such term in the form of the Amended Agreement set out in Schedule 3 but, for the purposes
of this Amendment, shall also include the letter referred to in clause 3.1(a)(v).

 

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 to which it is a party.

 

Other
Senior Parties has the meaning given to such term in the form of the Amended Agreement set out in Schedule 3.

 

Party
means each of the parties to this Amendment.

 

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

 

Second
Priority Guarantee has the meaning given to such term in the form of the Amended Agreement set out in Schedule 3.

 

Senior
Parties has the meaning given to such term in the form of the Amended Agreement set out in Schedule 3.

 

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

 

Third
Priority Guarantee has the meaning given to such term in the form of the Amended Agreement set out in Schedule 3.

 

    Page 2

     

    

 

	1.3	Third
                                         party rights

 

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

 

	1.4	Designation

 

In
accordance with the Existing Credit Agreement, each of the Borrower and the Facility Agent designates this Amendment as a Loan
Document.

 

	2	Amendment
                                         of the Existing Credit Agreement

 

In
consideration of the mutual covenants in this Amendment, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree that, subject to the satisfaction of the conditions precedent set forth
in clause 3, (i) the Existing Credit Agreement (but without all its Exhibits which shall remain in the same form and continue
to form part of the Existing Credit Agreement) is hereby amended on the Amendment Effective Date so as to read in accordance with
the form of the amended and restated credit agreement set out in Schedule 3, which will, together with the Exhibits to the Existing
Credit Agreement, continue to be binding upon each of the Parties hereto in accordance with its terms as so amended and restated
and (ii) Exhibits A through G hereto shall be attached to the Amended Agreement as new Exhibits I through O thereto, respectively.

 

	3	Conditions
                                         of Effectiveness of Amended Agreement

 

	3.1	The
                                         Amended Agreement shall become effective in accordance with the terms of this Amendment
                                         on the date each of the following conditions has been satisfied to the reasonable satisfaction
                                         of the Facility Agent provided that the Guarantees and the Subordination Agreements to
                                         be executed and delivered pursuant to clauses 3.1(a)(iv) and 3.1(a)(vi) shall have been
                                         so executed and delivered and the relevant conditions satisfied as aforesaid on or before
                                         15 February 2021 and the other conditions shall have been satisfied as aforesaid on or
                                         before 26 February 2021 (or such later date as may, with the approval of Hermes and Finnvera,
                                         be agreed between the Parties) (the Amendment Effective Date):

 

		(a)	the
                                         Facility Agent shall have received from the Borrower or each Guarantor, as applicable:

 

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

 

		(ii)	a
                                         Certificate of Good Standing issued by the relevant authorities in respect of the Borrower
                                         and (if such a certificate can be obtained) each Guarantor; 

 

		(iii)	a
                                         certificate from the Borrower confirming that guaranteeing the obligations guaranteed
                                         pursuant to a particular Guarantee would not cause any borrowing, guaranteeing or similar
                                         limit binding on the relevant Guarantor to be exceeded;

 

		(iv)	evidence
                                         that the Guarantors have duly executed and delivered each of the Guarantees to which
                                         they are to be a party in accordance with the terms of this Amendment; 

 

		(v)	a
                                         letter duly executed by each Guarantor, the Borrower and the Facility Agent, pursuant
                                         to which each of the Guarantors agrees to be bound by certain provisions of the Amended
                                         Agreement, including Sections 4.6, 4.8, 8.1.5(c) and 8.1.5(d); and

 

    Page 3

     

    

 

		(vi)	evidence
                                         that each of the Agents, the Senior Parties, and the Other Senior Parties have executed
                                         and delivered the Subordination Agreements required to be executed by such Person as
                                         a condition to the execution of the Second Priority Guarantee and the Third Priority
                                         Guarantee, as applicable; 

 

		(b)	the
                                         Facility Agent shall have received all invoiced expenses of the Facility Agent (including
                                         the agreed fees and expenses of counsel to the Facility Agent) required to be paid by
                                         the Borrower pursuant to clause 7 below, and all other fees and expenses that the Borrower
                                         has otherwise agreed in writing to pay to the Facility Agent, in each case on or prior
                                         to the Amendment Effective Date; 

 

		(c)	the
                                         Facility Agent shall have received opinions, addressed to the Facility Agent and each
                                         Lender from: 

 

		(i)	Watson
                                         Farley & Williams LLP, counsel to the Borrower, as to matters of Liberian law; 

 

		(ii)	Stephenson
                                         Harwood LLP, counsel to the Facility Agent as to matters of English law; provided that
                                         such opinion shall not be required to address any matters with respect to RCL Investments
                                         Ltd.;

 

		(iii)	Skadden,
                                         Arps, Slate, Meagher & Flom LLP, counsel to the Borrower, as to matters of New York
                                         law; and

 

		(iv)	Campbells,
                                         counsel to the Borrower, as to matters of Cayman Islands law,

 

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

 

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

 

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

 

		(f)	the
                                         Facility Agent shall have received a notification by electronic mail from each of Hermes
                                         and Finnvera satisfactory to the Facility Agent confirming that (i) each of Hermes and
                                         Finnvera has been informed about the arrangements contemplated by the amendments to be
                                         made to the Existing Credit Agreement pursuant to this Amendment (ii) the cover under
                                         respectively the Hermes Insurance Policy, the Finnvera Guarantee and, if applicable,
                                         the Second Finnvera Guarantee remains and will remain in full force and effect notwithstanding
                                         (x) the arrangements contemplated by the amendments to be made to the Existing Credit
                                         Agreement pursuant to this Amendment and (y) the amendment agreements and guarantees
                                         entered or to be entered into in respect of the other ECA Financings as referred to in
                                         clause 5 and (iii) Hermes will issue an amendment to the Hermes Insurance Policy and
                                         Finnvera will issue an amendment to the Finnvera Guarantee and, if applicable, the Second
                                         Finnvera Guarantee accordingly in due course;

 

		(g)	evidence
                                         that any process agent appointed pursuant to clause 6 has accepted its appointment;

 

		(h)	evidence
                                         that any process agent appointed pursuant to a Guarantee has accepted its appointment;
                                         and

 

		(i)	such
                                         documentation and information as any Finance Party may reasonably request through the
                                         Facility Agent to comply with “know your customer” or similar identification
                                         procedures under all laws and regulations applicable to that Finance Party.

 

    Page 4

     

    

 

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

 

	4	Representations
                                         and Warranties

 

The
Borrower represents and warrants that:

 

		(a)	each
                                         of the representations and warranties in Article VI of the Amended Agreement (excluding
                                         Section 6.10 of the Amended Agreement) are deemed to be made by the Borrower on the date
                                         of this Amendment and the Amendment Effective Date, in each case as if reference to the
                                         Loan Documents in each such representation and warranty was a reference to this Amendment
                                         and as if the Amended Agreement was effective at the time of each such repetition; and

 

		(b)	at
                                         the date of this Amendment, at the Amendment Effective Date and both before and after
                                         giving effect to the funding of the Loan on the Disbursement Date, in each case, by reference
                                         to the facts and circumstances then pertaining:

 

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

 

		(ii)	The
                                         execution, delivery and performance by each Guarantor of each Loan Document to which
                                         it is party, are within such Guarantor’s organizational powers, have been duly
                                         authorized by all necessary organizational action, and do not:

 

		(A)	contravene
                                         such Guarantor’s articles of incorporation or by-laws (or any equivalent organizational
                                         or governing document of such Guarantor), inclusive of any amendments thereto;

 

		(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 such Guarantor 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 such Guarantor 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 such Guarantor’s
                                         properties except as would not reasonably be expected to result in a Material Adverse
                                         Effect.

 

		(iii)	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 any Guarantor of the Loan Documents to which it is a party (except
                                         for authorizations or approvals not required to be obtained on or prior to the date of
                                         this Amendment or the Amendment Effective Date, as applicable, or that have been obtained
                                         or actions not required to be taken on or prior to the date of this Amendment or the
                                         Amendment Effective Date, as applicable, or that have been taken).  Each Guarantor
                                         holds all governmental licenses, permits and other approvals required to conduct its
                                         business as conducted by it on the date of this Amendment or the Amendment Effective
                                         Date, as applicable, except to the extent the failure to hold any such licenses, permits
                                         or other approvals would not have a Material Adverse Effect.

 

    Page 5

     

    

 

		(iv)	Each
                                         Guarantee to which a Guarantor is a party constitutes the legal, valid and binding obligation
                                         of such Guarantor enforceable in accordance with its terms, except as the enforceability
                                         thereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement
                                         of creditors’ rights generally or by general equitable principles. 

 

		(v)	There
                                         is no action, suit, litigation, investigation or proceeding pending or, to the knowledge
                                         of the Borrower, threatened against any Guarantor, that purports to affect the legality,
                                         validity or enforceability of the Loan Documents or the consummation of the transactions
                                         contemplated thereby.

 

		(vi)	The
                                         obligations of the Guarantor under the First Priority Guarantee rank at least pari passu
                                         in right of payment and in all other respects with all other unsecured unsubordinated
                                         Indebtedness of such Guarantor other than Indebtedness preferred as a matter of law.

 

		(vii)	Each
                                         Guarantor is subject to civil and commercial law with respect to its obligations under
                                         the Loan Documents to which it is a party.  No Guarantor 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 its
                                         obligations under the Loan Documents to which it is a party (to the extent such suit,
                                         court jurisdiction, judgment, attachment, set-off, execution, legal process or remedy
                                         would otherwise be permitted or exist).

 

	5	Covenant
                                         to Provide other ECA Guarantees

 

The
Borrower represents and warrants to the Facility Agent and each Lender that the terms of this Amendment and the amendments to
be incorporated into the Existing Credit Agreement pursuant to this Amendment are substantially the same terms and amendments
as those set out or to be set out in an amendment agreement to each other ECA Financing in existence as at the date of this Amendment
and covenants and undertakes with the Facility Agent that it shall on or before the Amendment Effective Date or as soon as reasonably
practicable thereafter:

 

		(a)	enter
                                         into an amendment agreement (with such amendments being on substantially the same terms
                                         as those set out in this Amendment and the Amended Agreement (as applicable)) to each
                                         other ECA Financing in existence as at the date of this Amendment in order to substantially
                                         reflect the amendments set out in the Amended Agreement and, in particular, the existence
                                         of the guarantees referred to in (b) below; and

 

		(b)	procure
                                         that the Guarantors enter into each guarantee (on materially the same terms as the equivalent
                                         Guarantee provided by the relevant Guarantor) required to be entered into by it in connection
                                         with the amended ECA Financing agreements referred to above.

 

	6	Incorporation
                                         of Terms

 

The
provisions of Section 11.2 (Notices), Section 11.6 (Severability; Independence of Obligations) and Subsections 11.18.2
(Jurisdiction), 11.18.3 (Alternative Jurisdiction) and 11.18.4 (Service of Process) of the Existing Credit
Agreement shall be incorporated into this Amendment as if set out in full in this Amendment and as if references in those sections
to “this Agreement” were references to this Amendment and references to each Party are references to each Party to
this Amendment.

 

    Page 6

     

    

 

	7	Costs
                                         and Expenses

 

The
Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Facility Agent in connection with the
preparation, execution, delivery and administration, modification and amendment of this Amendment and the documents to be delivered
hereunder or thereunder (including the reasonable and documented fees and expenses of counsel for the Facility Agent with respect
hereto and thereto as agreed with the Facility Agent) in accordance with the terms of Section 11.3 of the Existing Credit Agreement.

 

	8	Counterparts

 

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

 

	9	Governing
                                         Law

 

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

 

	10	Miscellaneous

 

Each
Lender hereby authorises the Facility Agent to enter into each Subordination Agreement on behalf of the Lenders and agrees that
each such Subordination Agreement (including any Additional Subordination Agreement or New Guarantor Subordination Agreement to
be entered into in accordance with the terms of the Amended Agreement) shall be binding on, and enforceable against, that Lender
and accordingly each Lender agrees to take any action or inaction (as the case may be) as may be necessary to comply with the
provisions of each such Subordination Agreement.

 

IN
WITNESS WHEREOF, the Parties to this Amendment have caused this Amendment to be duly executed and delivered as a deed as of
the date first above written.

 

    Page 7

     

    

 

Schedule
1

Finance Parties

 

Facility
Agent

 

KfW
IPEX-Bank GmbH

 

Hermes
Agent

 

KfW
IPEX-Bank GmbH

 

Finnvera
Agent

 

BNP
Paribas Fortis SA/NV

 

Initial
Mandated Lead Arranger

 

KfW
IPEX-Bank GmbH

 

Other
Mandated Lead Arrangers

 

BNP
Paribas Fortis SA/NV

HSBC
Bank plc

HSBC
Bank USA, National Association

Commerzbank
AG, New York Branch

Banco
Santander, S.A.

 

Lead
Arrangers

 

Banco
Bilbao Vizcaya Argentaria, S.A., Niederlassung Deutschland

Bayerische
Landesbank, New York Branch

DZ
BANK AG, New York Branch

JPMorgan
Chase Bank, N.A., London Branch

SMBC
Bank International plc

 

Lenders

 

Finnish
Export Credit Ltd

KfW
IPEX-Bank GmbH

BNP
Paribas Fortis SA/NV

HSBC
Bank plc

HSBC
Bank USA, National Association

Commerzbank
AG, New York Branch

Banco
Santander, S.A.

Banco
Bilbao Vizcaya Argentaria, S.A., Niederlassung Deutschland

Bayerische
Landesbank, New York Branch

DZ
BANK AG, New York Branch

JPMorgan
Chase Bank, N.A., London Branch

SMBC
Bank International plc

 

     

     

    

 

Schedule
2

Form of Amendment Effective Date confirmation – Hull 1400

 

	To:	Royal
                                         Caribbean Cruises Ltd.

 

	To:	BNP
                                         Paribas Fortis SA/NV

 

ICON
1 (Hull 1400)

 

We,
KfW IPEX-Bank GmbH, refer to amendment No. 2 dated [•] 2021 (the Amendment) relating to a credit agreement
dated as of 11 October 2017 (as previously amended, supplemented and/or restated from time to time) (the Credit Agreement)
made between (among others) the above named Royal Caribbean Cruises Ltd. as the Borrower, the financial institutions listed
in it as the Lenders and ourselves as the Hermes Agent and the Facility Agent and BNP Paribas Fortis SA/NV as the Finnvera Agent
in respect of a loan to the Borrower from the Lenders of up to the US Dollar Maximum Loan Amount (as defined in the Credit Agreement).

 

We
hereby confirm that all conditions precedent referred to in Clause 3.1 of the Amendment have been satisfied. In accordance with
Clauses 1.2 and 3 of the Amendment the Amendment Effective Date is the date of this confirmation and the amendment and restatement
of the Credit Agreement in accordance with the Amendment are now effective.

 

	Dated	2021	 

 

	Signed:	 	 
	 
	For and on behalf of
	KfW IPEX-Bank GmbH
	(as Facility Agent)

 

     

     

    

 

Schedule
3 

Amended and Restated Credit Agreement

 

    

     

    

 

 

 

AMENDED
AND RESTATED

 

ICON
1 HULL NO. 1400 CREDIT AGREEMENT

 

 

 

Dated
as of October 11, 2017

as
amended and restated on July 3, 2018

as
further amended on July 31, 2020

and
as further amended and restated pursuant to an agreement dated 15 February, 2021

 

BETWEEN

 

Royal
Caribbean Cruises Ltd.

as Borrower

 

The
Lenders from time to time party hereto

 

KfW
IPEX-Bank GmbH

as Facility Agent and Documentation Agent

 

KfW
IPEX-Bank GmbH

as Hermes Agent

 

BNP
Paribas Fortis SA/NV

as Finnvera Agent

 

KfW
IPEX-Bank GmbH

as Initial Mandated Lead Arranger

 

BNP
Paribas Fortis SA/NV

HSBC Bank plc

HSBC Bank USA, National Association

Commerzbank AG, New York Branch

Banco Santander, S.A.

as Other Mandated Lead Arrangers

 

Banco
Bilbao Vizcaya Argentaria, S.A., Niederlassung Deutschland

Bayerische Landesbank, New York Branch

DZ BANK AG, New York Branch

JPMorgan Chase Bank, N.A., London Branch

SMBC Bank International plc

as Lead Arrangers

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	PAGE
	 	 
	Article I DEFINITIONS
    AND ACCOUNTING TERMS	  2
	 	 
	Section 1.1. Defined
    Terms	  2
	 	 
	Section 1.2. Use
    of Defined Terms	28
	 	 
	Section 1.3. Cross-References	28
	 	 
	Section 1.4. Accounting
    and Financial Determinations	28
	 	 
	Section 1.5. Contractual
    Recognition of Bail-In	29
	 	 
	Article II COMMITMENTS
    AND BORROWING PROCEDURES	30
	 	 
	Section 2.1. Commitment	30
	 	 
	Section 2.1.1.
    Commitment of FEC Lenders	30
	 	 
	Section 2.1.2.
    Commitment of Hermes Lenders	31
	 	 
	Section 2.1.3.
    Commitment of Finnvera Balancing Lenders	31
	 	 
	Section 2.1.4.
    Commitment Termination Date	31
	 	 
	Section 2.1.5.
    Defaulting Lender	31
	 	 
	Section 2.1.6.
    Reductions, increases and cancellations	31
	 	 
	Section 2.2. Voluntary
    Reduction of Commitments	32
	 	 
	Section 2.3. Notification
    of Hermes Documentary Requirements	32
	 	 
	Section 2.4. Adjustment
    of Hermes Commitment Amount and Finnvera Balancing Commitment Amount	33
	 	 
	Section 2.5. Borrowing
    Procedure	34
	 	 
	Section 2.6. Funding	36
	 	 
	Article III REPAYMENTS,
    PREPAYMENTS, INTEREST AND FEES	36
	 	 
	Section 3.1. Repayments
    and prepayment consequent upon reduction in Contract Price	36
	 	 
	Section 3.2. Prepayment	36
	 	 
	Section 3.2.1.
    Voluntary Prepayment	36
	 	 
	Section 3.2.2.
    Illegality	37
	 	 
	Section 3.2.3.
    Prepayment requirements	38
	 	 
	Section 3.3. Interest
    Provisions	38
	 	 
	Section 3.3.1.
    Rates	38
	 	 
	Section 3.3.2.
    Conversion to FEC Tranche A Floating Rate	39
	 	 
	Section 3.3.3.
    FEC Conversion	39
	 	 
	Section 3.3.4.
    Post-Maturity Rates	41
	 	 
	Section 3.3.5.
    Payment Dates	41

 

     

     

    

 

	Section 3.3.6.
    Interest Rate Determination; Replacement Reference Banks	42
	 	 
	Section 3.4. Commitment
    Fees	42
	 	 
	Section 3.5. Fees	42
	 	 
	Section 3.5.1.
    Syndication Fee	42
	 	 
	Section 3.5.2.
    [Intentionally left blank]	42
	 	 
	Section 3.5.3.
    Agency Fee	42
	 	 
	Section 3.5.4.
    Finnvera Premium	42
	 	 
	Section 3.5.5.
    Finnvera Balancing Premium	42
	 	 
	Section 3.5.6.
    Finnvera Handling Fee	42
	 	 
	Section 3.6. Other
    Fees	42
	 	 
	Article IV CERTAIN
    LIBO RATE AND OTHER PROVISIONS	43
	 	 
	Section 4.1. LIBO
    Rate Lending Unlawful	43
	 	 
	Section 4.2. Screen
    Rate or Deposits Unavailable	43
	 	 
	Section 4.3. Increased
    LIBO Rate Loan Costs, etc.	44
	 	 
	Section 4.4. Funding
    Losses Event and Defaulting Finance Party Break Costs	45
	 	 
	Section 4.4.1.
    Indemnity	45
	 	 
	Section 4.5. Increased
    Capital Costs	47
	 	 
	Section 4.6. Taxes	48
	 	 
	Section 4.7. [Intentionally
    left blank]	50
	 	 
	Section 4.8. Payments,
    Computations, etc.	50
	 	 
	Section 4.9. Replacement
    Lenders, etc.	50
	 	 
	Section 4.10.
    Sharing of Payments	51
	 	 
	Section 4.10.1.
    Payments to Lenders	51
	 	 
	Section 4.10.2.
    Redistribution of payments	51
	 	 
	Section 4.10.3.
    Recovering Lender’s rights	52
	 	 
	Section 4.10.4.
    Reversal of redistribution	52
	 	 
	Section 4.10.5.
    Exceptions	52
	 	 
	Section 4.11.
    Set-off	52
	 	 
	Section 4.12.
    Use of Proceeds	53
	 	 
	Section 4.13.
    FATCA Deduction	53
	 	 
	Section 4.14.
    FATCA Information	53
	 	 
	Section 4.15.
    Resignation of the Facility Agent	55
	 	 
	Article V CONDITIONS
    TO BORROWING	55
	 	 
	Section 5.1. Advance
    of the Loan	55
	 	 
	Section 5.1.1.
    Resolutions, etc.	56
	 	 
	Section 5.1.2.
    Opinions of Counsel	56
	 	 
	Section 5.1.3.
    Finnvera Guarantee and Hermes Insurance Policy	57

 

     

     

    

 

	Section 5.1.4.
    Closing Fees, Expenses, etc.	57
	 	 
	Section 5.1.5.
    Compliance with Warranties, No Default, etc.	57
	 	 
	Section 5.1.6.
    Loan Request	58
	 	 
	Section 5.1.7.
    Foreign Exchange Counterparty Confirmations	58
	 	 
	Section 5.1.8.
    Pledge Agreement	58
	 	 
	Section 5.1.9.
    FEC Financing Documents	58
	 	 
	Article VI REPRESENTATIONS
    AND WARRANTIES	58
	 	 
	Section 6.1. Organisation,
    etc.	59
	 	 
	Section 6.2. Due
    Authorisation, Non-Contravention, etc.	59
	 	 
	Section 6.3. Government
    Approval, Regulation, etc.	59
	 	 
	Section 6.4. Compliance
    with Laws	59
	 	 
	Section 6.5. Validity,
    etc.	60
	 	 
	Section 6.6. No
    Default, Event of Default or Prepayment Event	60
	 	 
	Section 6.7. Litigation	60
	 	 
	Section 6.8. The
    Purchased Vessel	60
	 	 
	Section 6.9. Obligations
    rank pari passu	61
	 	 
	Section 6.10.
    Withholding, etc.	61
	 	 
	Section 6.11.
    No Filing, etc. Required	61
	 	 
	Section 6.12.
    No Immunity	61
	 	 
	Section 6.13.
    Investment Company Act	61
	 	 
	Section 6.14.
    Regulation U	61
	 	 
	Section 6.15.
    Accuracy of Information	61
	 	 
	Article VII COVENANTS	62
	 	 
	Section 7.1. Affirmative
    Covenants	62
	 	 
	Section 7.1.1.
    Financial Information, Reports, Notices, etc.	62
	 	 
	Section 7.1.2.
    Approvals and Other Consents	63
	 	 
	Section 7.1.3.
    Compliance with Laws, etc.	63
	 	 
	Section 7.1.4.
    The Purchased Vessel	64
	 	 
	Section 7.1.5.
    Insurance	65
	 	 
	Section 7.1.6.
    Books and Records	65
	 	 
	Section 7.1.7.
    Finnish Authority and Hermes Requests	65
	 	 
	Section 7.1.8.
    Notice of written amendments to Construction Contract	66
	 	 
	Section 7.1.9.
    Hedging Activities	66
	 	 
	Section 7.2. Negative
    Covenants	67
	 	 
	Section 7.2.1.
    Business Activities	67
	 	 
	Section 7.2.2.
    Indebtedness	67
	 	 
	Section 7.2.3.
    Liens	67

 

     

     

    

 

	Section 7.2.4.
    Financial Condition	70
	 	 
	Section 7.2.5.
    Additional Undertakings	70
	 	 
	Section 7.2.6.
    Consolidation, Merger, etc.	76
	 	 
	Section 7.2.7.
    Asset Dispositions, etc.	77
	 	 
	Section 7.2.8.
    Construction Contract	77
	 	 
	Section 7.2.9.
    Shipbuilding Contracts with Builder	78
	 	 
	Section 7.2.10.
    Borrower’s Procurement Undertaking	78
	 	 
	Section 7.3. Limitation
    in respect of Certain Representations, Warranties and Covenants	78
	 	 
	Article VIII EVENTS
    OF DEFAULT	78
	 	 
	Section 8.1. Listing
    of Events of Default	78
	 	 
	Section 8.1.1.
    Non-Payment of Obligations	78
	 	 
	Section 8.1.2.
    Breach of Warranty	79
	 	 
	Section 8.1.3.
    Non-Performance of Certain Covenants and Obligations	79
	 	 
	Section 8.1.4.
    Default on Other Indebtedness	79
	 	 
	Section 8.1.5.
    Bankruptcy, Insolvency, etc.	80
	 	 
	Section 8.2. Action
    if Bankruptcy	80
	 	 
	Section 8.3. Action
    if Other Event of Default	81
	 	 
	Article IX PREPAYMENT
    EVENTS	81
	 	 
	Section 9.1. Listing
    of Prepayment Events	81
	 	 
	Section 9.1.1.
    Change of Control	81
	 	 
	Section 9.1.2.
    Unenforceability	82
	 	 
	Section 9.1.3.
    Approvals	82
	 	 
	Section 9.1.4.
    Non-Performance of Certain Covenants and Obligations	82
	 	 
	Section 9.1.5.
    Judgments	82
	 	 
	Section 9.1.6.
    Condemnation, etc.	82
	 	 
	Section 9.1.7.
    Arrest	83
	 	 
	Section 9.1.8.
    Sale/Disposal of the Purchased Vessel	83
	 	 
	Section 9.1.9.
    Termination of the Construction Contract	83
	 	 
	Section 9.1.10.
    FEC Reassignment and Termination, etc. of the Finnvera Guarantee, the Hermes Insurance Policy or the Second Finnvera Guarantee	84
	 	 
	Section 9.1.11.
    Illegality	85
	 	 
	Section 9.1.12.
    Dividend	85
	 	 
	Section 9.1.13.
    Principles	85
	 	 
	Section 9.2. Mandatory
    Prepayment	86
	 	 
	Section 9.3. Mitigation	86
	 	 
	Article X THE
    FACILITY AGENT, THE HERMES AGENT AND THE MANDATED LEAD ARRANGERS	87

 

     

     

    

 

	Section 10.1.
    Actions	87
	 	 
	Section 10.2.
    Indemnity	87
	 	 
	Section 10.3.
    Funding Reliance, etc.	88
	 	 
	Section 10.4.
    Exculpation	88
	 	 
	Section 10.5.
    Successor	89
	 	 
	Section 10.6.
    Loans by the Facility Agent	89
	 	 
	Section 10.7.
    Credit Decisions	90
	 	 
	Section 10.8.
    Copies, etc.	90
	 	 
	Section 10.9.
    The Agents’ Rights	90
	 	 
	Section 10.10.
    The Facility Agent’s Duties	90
	 	 
	Section 10.11.
    Employment of Agents	91
	 	 
	Section 10.12.
    Distribution of Payments	91
	 	 
	Section 10.13.
    Reimbursement	91
	 	 
	Section 10.14.
    Instructions	91
	 	 
	Section 10.15.
    Payments	92
	 	 
	Section 10.16.
    “Know your customer” Checks	92
	 	 
	Section 10.17.
    No Fiduciary Relationship	92
	 	 
	Section 10.18.
    Mandated Lead Arrangers	92
	 	 
	Article XI MISCELLANEOUS
    PROVISIONS	92
	 	 
	Section 11.1.
    Waivers, Amendments, etc.	92
	 	 
	Section 11.2.
    Notices	94
	 	 
	Section 11.3.
    Payment of Costs and Expenses	951
	 	 
	Section 11.4.
    Indemnification	96
	 	 
	Section 11.5.
    Survival	97
	 	 
	Section 11.6.
    Severability; Independence of Obligations	97
	 	 
	Section 11.7.
    Headings	97
	 	 
	Section 11.8.
    Execution in Counterparts	97
	 	 
	Section 11.9.
    Third Party Rights	97
	 	 
	Section 11.10.
    Successors and Assigns	98
	 	 
	Section 11.11.
    Sale and Transfer of the Loan; Participations in the Loan	98
	 	 
	Section 11.11.1.
    Assignments and transfers	98
	 	 
	Section 11.11.2.
    Participations	101
	 	 
	Section 11.11.3.
    Register	102
	 	 
	Section 11.12.
    Other Transactions	102
	 	 
	Section 11.13.
    Hermes Insurance Policy	102
	 	 
	Section 11.13.1.
    Terms of Hermes Insurance Policy	102
	 	 
	Section 11.13.2.
    Obligations of the Borrower	103

 

     

     

    

 

	Section 11.13.3.
    Obligations of the Hermes Agent and the Lenders	104
	 	 
	Section 11.14.
    Finnvera and FEC	104
	 	 
	Section 11.14.1.
    Finnvera Guarantee and Second Finnvera Guarantee	104
	 	 
	Section 11.14.2.
    Facility Agent and Finnvera dealings	106
	 	 
	Section 11.15.
    FEC Transfer Documents	106
	 	 
	Section 11.16.
    Application of proceeds under the Finnvera Guarantee, the Second Finnvera Guarantee and the Hermes Insurance Policy	107
	 	 
	Section 11.17.
    Waiver of immunity	108
	 	 
	Section 11.18.
    Law and Jurisdiction	108
	 	 
	Section 11.18.1.
    Governing Law	108
	 	 
	Section 11.18.2.
    Jurisdiction	108
	 	 
	Section 11.18.3.
    Alternative Jurisdiction	108
	 	 
	Section 11.18.4.
    Service of Process	108
	 	 
	Section 11.19.
    Confidentiality	109
	 	 
	Section 11.20.
    Mitigation	110

 

     

     

    

  

	EXHIBIT A-1	Commitments
    of Original Lenders
	EXHIBIT A-2	Form of Loan Request
	EXHIBIT B-1	Form of Opinion of
    Liberian Counsel to Borrower
	EXHIBIT B-2	Form of Opinion of
    English Counsel to Facility Agent
	EXHIBIT B-3	Form of Opinion of
    US Tax Counsel to Facility Agent for Lenders
	EXHIBIT B-4	Form of Opinion of
    Finnish Counsel to Facility Agent for Lenders
	EXHIBIT C	Form of Lender Assignment
    Agreement
	EXHIBIT D-1	Finnvera Premium Pricing
    Grid for FEC Loan
	EXHIBIT D-2	Finnvera Balancing
    Premium Pricing Grid for Finnvera Balancing Loan
	EXHIBIT E	Form of Pledge Agreement
	EXHIBIT F-1	Form of FEC Transfer
    Certificate
	EXHIBIT F-2	Form of Transfer Certificate
	EXHIBIT G-1	Form of FEC Supplemental
    Assignment Agreement
	EXHIBIT G-2	Form of Finnvera Guarantee
    Assignment Agreement
	EXHIBIT H-1	Form of Finnvera Guarantee
	EXHIBIT H-2	Form of Second Finnvera
    Guarantee
	EXHIBIT I	Principles
	EXHIBIT J	Form of Information
    Package
	EXHIBIT K	Form of First Priority
    Guarantee
	EXHIBIT L	Form of Second Priority
    Guarantee
	EXHIBIT M	Form of Third Priority
    Guarantee
	EXHIBIT N	Form of Senior Parties
    Subordination Agreement
	EXHIBIT O	Form of Other Senior
    Parties Subordination Agreement

 

     

     

    

 

AMENDED
AND RESTATED CREDIT AGREEMENT

 

ICON
1 HULL NO. 1400 CREDIT AGREEMENT, dated October 11, 2017 (the “Effective Date”) as amended and restated on July
3, 2018, as further amended on July 31, 2020 and as further amended and restated pursuant to an agreement dated 15 February,
2021 among:

 

		(1)	Royal
                                         Caribbean Cruises Ltd., a Liberian corporation (the “Borrower”);

 

		(2)	KfW
                                         IPEX-Bank GmbH, in its capacity as facility agent and documentation agent (in such capacities,
                                         the “Facility Agent”);

 

		(3)	KfW
                                         IPEX-Bank GmbH as Hermes agent (in that capacity the “Hermes Agent”);

 

		(4)	BNP
                                         Paribas Fortis SA/NV as Finnvera agent (in that capacity the “Finnvera Agent”);

 

		(5)	KfW
                                         IPEX-Bank GmbH as initial mandated lead arranger (in that capacity the “Initial
                                         Mandated Lead Arranger”);

 

		(6)	BNP
                                         Paribas Fortis SA/NV, HSBC Bank plc, HSBC Bank USA, National Association, Commerzbank
                                         AG, New York Branch and Banco Santander, S.A. as the other mandated lead arrangers (the
                                         “Other Mandated Lead Arrangers”  and together with the Initial Mandated
                                         Lead Arranger the “Mandated Lead Arrangers”);

 

		(7)	Banco
                                         Bilbao Vizcaya Argentaria, S.A., Niederlassung Deutschland, Bayerische Landesbank, New
                                         York Branch, DZ BANK AG, New York Branch, JPMorgan Chase Bank, N.A., London Branch and
                                         SMBC Bank International plc as lead arrangers; and

 

		(8)	KfW
                                         IPEX-Bank GmbH (“KfW IPEX”), BNP Paribas Fortis SA/NV, HSBC Bank plc,
                                         Commerzbank AG, New York Branch, Banco Santander, S.A., Banco Bilbao Vizcaya Argentaria,
                                         S.A., Niederlassung Deutschland, Bayerische Landesbank, New York Branch, DZ BANK AG,
                                         New York Branch, JPMorgan Chase Bank, N.A., London Branch and SMBC Bank International
                                         plc as original FEC lenders (in that capacity the “Original FEC Lenders”),
                                         KfW IPEX, BNP Paribas Fortis SA/NV, HSBC Bank USA, National Association, Commerzbank
                                         AG, New York Branch, Banco Santander, S.A., Banco Bilbao Vizcaya Argentaria, S.A., Niederlassung
                                         Deutschland, Bayerische Landesbank, New York Branch, DZ BANK AG, New York Branch, JPMorgan
                                         Chase Bank, N.A., London Branch and SMBC Bank International plc as original Hermes lenders
                                         (in that capacity the “Original Hermes Lenders”) and KfW IPEX, BNP Paribas
                                         Fortis SA/NV, HSBC Bank USA, National Association, Commerzbank AG, New York Branch, Banco
                                         Santander, S.A., Banco Bilbao Vizcaya Argentaria, S.A., Niederlassung Deutschland, Bayerische
                                         Landesbank, New York Branch, DZ BANK AG, New York Branch, JPMorgan Chase Bank, N.A.,
                                         London Branch and SMBC Bank International plc as original Finnvera balancing lenders
                                         (in that capacity the “Original Finnvera Balancing Lenders”  together
                                         with the Original FEC Lenders, the Original Hermes Lenders and each other Person that
                                         shall become a “Lender”  in accordance with Section 11.11.1 hereof, each,
                                         individually, a “Lender”  and, collectively, the “Lenders”).

 

W
I T N E S S E T H

 

WHEREAS:

 

		(A)	The
                                         Borrower and Meyer Turku Oy, Finland (the “Builder”) have on 12 April
                                         2017 entered into a Contract for the Construction and Sale of ICON 1 Hull No. 1400 (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 ICON 1 hull number 1400 (the “Purchased
                                         Vessel”); and

 

    1

     

    

 

		(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 “US
                                         Dollar Maximum Loan Amount”) equal to:

 

(a)
the US Dollar Equivalent of eighty per cent (80%) of the Contract Price (as defined below) of the Purchased Vessel, as adjusted
from time to time in accordance with the Construction Contract to reflect, among other adjustments, Change Orders agreed pursuant
to Article V of the Construction Contract (but which Contract Price shall not exceed for this purpose EUR1,650,000,000), plus

 

(b) 100%
of the Finnvera Premium and, if applicable, the Finnvera Balancing Premium, plus

 

(c)
the US Dollar Equivalent of 100% of the Hermes Fee;

 

		(C)	The
                                         parties hereto have previously amended and restated this Agreement pursuant to an amendment
                                         agreement dated as of July 3, 2018 (the “Amendment Agreement”);

 

		(D)	The
                                         parties hereto have previously amended this Agreement pursuant to that certain financial
                                         covenant waiver extension consent letter, dated July 31, 2020 (the “Waiver Letter”);

 

		(E)	In
                                         consideration of the Lenders agreeing to extend the Financial Covenant Waiver Period
                                         on the basis set forth herein, the Borrower has agreed to procure the execution of the
                                         Guarantees and to make certain amendments to this Agreement to reflect the existence
                                         of such Guarantees; and

 

		(F)	Pursuant
                                         to Amendment No. 2, dated as of 15 February, 2021 (the “Amendment Number Two”),
                                         and upon satisfaction of the conditions set forth therein, this Agreement is being amended
                                         and restated in the form of this Agreement to make the certain amendments referred to
                                         in recitals (D) and (E) above.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS AND ACCOUNTING TERMS

 

SECTION
1.1. Defined Terms

 

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

 

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

 

    2

     

    

 

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

 

“Actual
German Content Component”  means, at any time, the amount of the German Construction Contract Component which is confirmed
and notified by the Builder to the Facility Agent and the Borrower pursuant to Section 2.4(a) or Section 2.4(b).

 

“Additional
FEC Transfer Documents”  means in relation to any Assignee Lender or Transferee Lender (other than FEC) any documents
required by FEC or Finnvera (in form and substance satisfactory to FEC and Finnvera) to evidence that any such Assignee Lender
or Transferee Lender has acceded to the FEC Supplemental Assignment Agreement and/or has become bound by its terms as though it
were a party thereto in place of the transferor Lender assigning or transferring its share of the Loan or Commitment (as the case
may be).

 

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

 

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

 

“Affected
Commitments”  is defined in Section 3.2.2(a).

 

“Affected
Lender”  is defined in Section 9.2.

 

“Affected
Loan”  is defined in Section 3.2.2(a).

 

“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 through the ownership
of voting securities, by contract or otherwise.

 

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

 

“Agreed
Lien Basket Modification”  means an amendment to Sections 7.2.2 and 7.2.3 of this Agreement in a form and substance satisfactory
to the Borrower and the Agents.

 

“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
Screen Rate”  has the meaning given to such term in Section 4.2.

 

“Amendment
Agreement”  is defined in the preamble.

 

    3

     

    

 

“Amendment
Closing Date”  means the “Effective Date”, as that term is defined in the Amendment Agreement.

 

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

 

“Amendment
Number Two”  is defined in the preamble.

 

“Applicable
Finnvera Rate”  means:

 

(i)             
with respect to the FEC Loan, the percentage specified in the Pricing Grid set forth in Exhibit D-1 opposite the Senior
Debt Rating as of the Premium Measurement Date; and

 

(ii)            
with respect to the Finnvera Balancing Loan, the percentage specified in the Pricing Grid set forth in Exhibit D-2 opposite
the Senior Debt Rating as of the Premium Measurement Date.

 

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

 

“Application” means the application for the FEC Financing and the FEC Financing Offer.

 

“Assignee
Lender”  is defined in Section 11.11.1(A).

 

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

 

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

 

    4

     

    

 

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

 

“Borrower”
is defined in the preamble.

 

“Break
Costs”  means the amount (if any) as determined in accordance with Section 4.4.1 which (i) the Borrower may be required
to pay to the Lenders and/or the Fixed Rate Provider under this Agreement following a Funding Losses Event, (ii) a Defaulting
Finance Party is required to pay to FEC pursuant to Section 3.3.3(f) or (iii) a Transferring Lender is required to pay to FEC
pursuant to Section 9.1.10(A)(c).

 

“Builder”
is defined in the preamble.

 

“Business
Day”  means any day which is neither a Saturday or Sunday nor a legal holiday on which banks are authorised or required
to be closed in New York City, London, Helsinki, 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 capitalised leases.

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

“Change
Order”  has the meaning ascribed to it in Article V of the Construction Contract.

 

“CIRR”
means 2.76% per annum, being the Commercial Interest Reference Rate determined in accordance with the OECD Arrangement for Officially
Supported Export Credits to be applicable to the FEC Tranche A Loan.

 

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

 

“Commitment”
means, with respect to each Lender, such Lender’s aggregate FEC Tranche A Commitment, FEC Tranche B Commitment, Hermes Commitment
and Finnvera Balancing Commitment and means, relative to any Lender, such Lender’s obligation to make that Commitment available
pursuant to Section 2.1.

 

“Commitment
Fees”  shall have the meaning ascribed to it in the relevant Fee Letter.

 

“Commitment
Termination Date”  means 30 January 2023.

 

“Construction
Contract”  is defined in the preamble.

 

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

 

“Contract
Price”  is as defined in the Construction Contract and includes a lump sum amount in respect of the NYC Allowance.

 

“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.

 

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

 

“Credit
Support Documents”  means the FEC Transfer Documents, the Hermes Insurance Policy, the Finnvera Guarantee and, if applicable,
the Second Finnvera Guarantee.

 

    6

     

    

 

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

 

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

 

“Defaulting
Finance Party”  means the Facility Agent or any Transferring Lender who is liable to pay Break Costs pursuant to Section
3.3.3 (e) or Section 9.1.10(A)(c) as the case may be.

 

“Disbursement
Date”  means the date on which the Loan is advanced. When such expression is prefaced by the word “expected”,
it shall denote the date on which the Borrower then reasonably expects the Loan to be disbursed based upon the then-scheduled
Contractual Delivery Date of the Purchased Vessel.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Effective
Date”  is defined in the preamble.

 

“Eligible
German Content Amount”  means the amount of the Actual German Content Component from time to time which is notified by
the Builder to the Facility Agent pursuant to Section 2.4(a) and for which the Hermes Documentary Requirements have been satisfied.

 

    7

     

    

 

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

 

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

 

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

 

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

 

“Event
of Default”  is defined in Section 8.1.

 

“Existing
Lender”  has the meaning given to it in a Transfer Certificate.

 

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

 

“Expected
Delivery Date”  means the latest date on which the Purchased Vessel is expected to be delivered to the Borrower pursuant
to the Construction Contract being, as at the date of this Agreement, 5 May 2022, as such date may be adjusted pursuant to the
terms and conditions of the Construction Contract.

 

“Facility”
means the term loan facility made available under this Agreement.

 

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

 

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

 

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

 

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

 

“FEC”
means Finnish Export Credit Ltd. (Business Identity Code: 1642253-1) whose postal address is Porkkalankatu 1, PO Box 1010, FI
- 00101 Helsinki, Finland.

 

    8

     

    

 

“FEC
Commitment Amount”  means the sum of the FEC Tranche A Commitment Amount and the FEC Tranche B Commitment Amount.

 

“FEC
Conversion”  means the election by FEC pursuant to Section 3.3.3 that the FEC Tranche A Loan shall not bear interest at
the Fixed Rate but at the FEC Tranche A Floating Rate.

 

“FEC
Conversion Floating Rate Certificate”  is defined in Section 3.3.3(c).

 

“FEC
Conversion Notice”  is defined in Section 3.3.3(b).

 

“FEC
Financing”  means the funding provided by FEC as Lender under this Agreement following the execution of the FEC Transfer
Certificates.

 

“FEC
Financing Offer”  means the offer by FEC to the Borrower in relation to the FEC Loan and the Fixed Rate dated 12 April
2017 as renewed from time to time.

 

“FEC
Lender”  means an Original FEC Lender until the effective date of its FEC Transfer Certificate and, with effect from the
effective date of such FEC Transfer Certificate, FEC.

 

“FEC
Loan”  means collectively the FEC Tranche A Loan and the FEC Tranche B Loan.

 

“FEC
Margin Lender”  means any Original FEC Lender, any Assignee Lender and any Transferee Lender, in each case, excluding
FEC.

 

“FEC
Prepayment Event”  has the meaning given to such term in Section 9.1.10(A)(b).

 

“FEC
Reassignment”  has the meaning given to such term in Section 9.1.10(A)(a).

 

“FEC
Supplemental Assignment Agreement”  means the supplemental assignment agreement entered into between FEC, the Original
FEC Lenders and the Facility Agent in relation to the FEC Financing in the form set out in Exhibit G-1.

 

“FEC
Tranche A Commitment” means:

 

		(a)	for
                                         each of the Original FEC Lenders, the amount set opposite its name in Exhibit A-1 under
                                         the heading “FEC Tranche A Commitments” and the amount of any other Commitment
                                         in relation to the FEC Tranche A Commitment Amount transferred to it under this Agreement;
                                         and

 

		(b)	for
                                         any other Lender, the amount of any Commitment in relation to the FEC Tranche A Commitment
                                         Amount transferred to it under a Transfer Certificate or under Section 11.11.1 of this
                                         Agreement,

 

in
each case as such amount may be reduced, transferred or cancelled in accordance with the terms of this Agreement.

 

“FEC
Tranche A Commitment Amount”  means, as of any date, an amount equal to the aggregate of the FEC Tranche A Commitments
of all the Lenders on such date. As of the Effective Date, the FEC Tranche A Commitment Amount is equal to (a) the US Dollar equivalent
of EUR992,000,000 plus (b) the US Dollar equivalent of EUR26,794,290 being the amount of the Finnvera Premium payable with respect
to the FEC Tranche A Loan, in aggregate not exceeding the US Dollar equivalent of EUR1,018,794,290.

 

    9

     

    

 

“FEC
Tranche A Loan”  means that part of the Loan made or to be made (as the context may require) by the FEC Lenders to the
Borrower that is referred to in Section 2.1.1(i).

 

“FEC
Tranche A Floating Rate”  means a rate per annum equal to the sum of the LIBO Rate plus the FEC Tranche A Floating Rate
Margin.

 

“FEC
Tranche A Floating Rate Margin”  means the rate per cent per annum to be agreed between the Borrower and FEC in accordance
with Section 3.3.3(d) or as set out in the FEC Conversion Floating Rate Certificate issued pursuant to Section 3.3.3(e).

 

“FEC
Tranche B Commitment” means:

 

		(a)	for
                                         each of the Original FEC Lenders, the amount set opposite its name in Exhibit A-1 under
                                         the heading “FEC Tranche B Commitments” and the amount of any other Commitment
                                         in relation to the FEC Tranche B Commitment Amount transferred to it under this Agreement;
                                         and

 

		(b)	for
                                         any other Lender, the amount of any Commitment in relation to the FEC Tranche B Commitment
                                         Amount transferred to it under a Transfer Certificate or under Section 11.11.1 of this
                                         Agreement,

 

in
each case as such amount may be reduced, transferred or cancelled in accordance with the terms of this Agreement.

 

“FEC
Tranche B Commitment Amount”  means, as of any date, an amount equal to the aggregate of the FEC Tranche B Commitment
of all the Lenders as of such date. As of the Effective Date, the FEC Tranche B Commitment Amount is equal to (a) the US Dollar
equivalent of EUR168,000,000 plus (b) the US Dollar equivalent of EUR6,654,330 being the amount of the Finnvera Premium payable
with respect to the FEC Tranche B Loan plus (c) the part of the Finnvera Premium payable with respect to the FEC Tranche A Loan
not covered under the FEC Tranche A Loan, up to the US Dollar equivalent of EUR12,497,944, in aggregate not exceeding the US Dollar
equivalent of EUR187,152,274.

 

“FEC
Tranche B Loan”  means that part of the Loan made or to be made (as the context may require) by the FEC Lenders to the
Borrower referred to in Section 2.1.1(ii).

 

“FEC
Tranche Commitment”  means, with respect to each Lender, the sum of such Lender’s FEC Tranche A Commitment and FEC Tranche
B Commitment.

 

“FEC
Transfer Certificate”  means a Transfer Certificate, to be executed by each Original FEC Lender in favour of FEC and pursuant
to which all of the FEC Tranche Commitments and other rights and obligations of such Original FEC Lender under the Loan Documents
shall be transferred to FEC, substantially in the form set out in Exhibit F-1.

 

“FEC
Transfer Documents”  means each FEC Transfer Certificate, the FEC Supplemental Assignment Agreement and the Finnvera Guarantee
Assignment Agreement.

 

“Federal
Funds Rate”  means, for any period, a fluctuating interest rate per annum equal for each day during such period to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published
for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York,
or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions
received by the Facility Agent from three Federal funds brokers of recognized standing selected by it; provided that if
the Federal Funds Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

 

    10

     

    

 

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

 

“Final
German Content Notice”  is defined in Section 2.4(b).

 

“Final
German Content Notice Date”  means the date falling three (3) months prior to the Contractual Delivery Date.

 

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

 

“Finance
Parties”  means the Lenders, the Mandated Lead Arrangers, the Facility Agent, the Guarantee Holder, the Hermes Agent and
the Finnvera Agent.

 

“Financial
Covenant Waiver Period”  means the period between April 1, 2020 and December 31, 2021 (inclusive).

 

“Finnish
Authority”  means each of FEC and Finnvera.

 

“Finnish
Ministry”  means the Ministry of Economic Affairs and Employment of the State of Finland.

 

“Finnvera”
means Finnvera plc, a company owned by the State of Finland having its principal office at Porkkalankatu 1, PO Box 1010, FI-00101
Helsinki, Finland.

 

“Finnvera
Balancing Commitment”  means:

 

(a)       for
each of the Original Finnvera Balancing Lenders, the amount set opposite its name in Exhibit A-1 under the heading “Finnvera
Balancing Commitments” and the amount of any other Commitment in relation to the Finnvera Balancing Commitment transferred
to it under this Agreement; and

 

(b)       for
any other Lender, the amount of any Commitment in relation to the Finnvera Balancing Commitment transferred to it under Section
11.11.1 of this Agreement,

 

in
each case as such amount may be increased, reduced, transferred or cancelled in accordance with the terms of this Agreement.

 

“Finnvera
Balancing Commitment Amount”  means, as of any date, an amount equal to the aggregate of the Finnvera Balancing Commitment
of all the Lenders as of such date. As of the Effective Date, the Finnvera Balancing Commitment Amount is equal to zero plus any
Finnvera Balancing Premium that may become payable with respect to the Finnvera Balancing Loan.

 

“Finnvera
Balancing Lenders”  means the Original Finnvera Balancing Lenders and any New Lender(s) to whom all or any part of the
Finnvera Balancing Commitment is transferred.

 

    11

     

    

 

“Finnvera
Balancing Loan”  means that part of the Loan made or to be made (as the context may require) by the Finnvera Balancing
Lenders to the Borrower referred to in Section 2.1.3.

 

“Finnvera
Balancing Premium”  means the premium payable to Finnvera (if any) under and in respect of the Second Finnvera Guarantee
calculated as provided in Section 3.5.5.

 

“Finnvera
General Terms”  means the terms and conditions of Finnvera dated 1 March 2004 applicable to the Finnvera Guarantee and,
if applicable, the Second Finnvera Guarantee.

 

“Finnvera
Guarantee”  means the guarantee in relation to 100% of the FEC Loan issued or to be issued by Finnvera in favour of the
Guarantee Holder in the form set out in Exhibit H-1.

 

“Finnvera
Guarantee Assignment Agreement”  means the assignment agreement to be entered into by FEC as assignee and the Guarantee
Holder as assignor and pursuant to which the Guarantee Holder will assign to FEC all rights to and benefits of any payments of
indemnity to be made by Finnvera under the Finnvera Guarantee in the form set out in Exhibit G-2.

 

“Finnvera
Premium”  means the premium payable to Finnvera under and in respect of the Finnvera Guarantee calculated as provided
in Section 3.5.4.

 

“Finnvera
Premium Refund Formula”  means an amount determined in accordance with the following formula:

 

0.8*d*b*c

 

where:

 

b
= the remaining average maturity of the Loan at the time of the prepayment

 

c
= the principal amount of the prepayment

 

d
= the up-front flat guarantee premium converted into a per annum based premium.

 

Clarification
of the formula:

 

		(a)	‘0.8’
                                         in the formula above refers to the fact that 20% of the flat guarantee premium will be
                                         retained and will not be refundable; and

 

		(b)	‘d’
                                         in the formula above is derived as follows: the guarantee premium/6.25=d, where the guarantee
                                         premium is the up-front flat guarantee premium and 6.25 is the average maturity of a
                                         loan with a 12 year OECD repayment profile.

 

“First
Fee”  is defined in Section 11.13.1.

 

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

 

    12

     

    

 

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

 

“First
Priority Guarantor”  means Celebrity Cruise Lines Inc. (and any of its successors) and any other First Priority Holdco
Subsidiary that has granted or, prior to that entity becoming a First Priority Holdco Subsidiary pursuant to a Disposal of a First
Priority Asset in accordance with Section 7.2.5(a)(v)(A), will grant a First Priority Guarantee.

 

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

 

“First
Priority Release Event”  means the occurrence of both (1) the effectiveness of the Agreed Lien Basket Modification and
(2) any event or other circumstance that results in either (x) 80% of the aggregate principal amount of Bank Indebtedness outstanding
as of the effectiveness of Amendment Number Two (being $5,300,000,000 (and 80% of which is $4,240,000,000)) or (y) 100% of the
aggregate principal amount of Secured Note Indebtedness outstanding as of the effectiveness of Amendment Number Two (being $3,320,000,000):

 

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

 

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

 

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

 

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

 

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

 

    13

     

    

 

		(b)	the
                                         sum of:

 

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 Capitalised
Lease Liabilities), in each case, of the Borrower and its Subsidiaries for such period.

 

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

 

“Fixed
Rate Loan”  means the FEC Tranche A Loan bearing interest at the Fixed Rate.

 

“Fixed
Rate Margin”  means the aggregate of (i) 0.75% per annum (payable to FEC) and (ii) 0.05% per annum (payable to the FEC
Margin Lenders).

 

“Fixed
Rate Provider”  means FEC in its capacity as the provider of the Fixed Rate.

 

“Floating
Rate”  means a rate per annum equal to the sum of the LIBO Rate plus the applicable Floating Rate Margin save in the case
of the Floating Rate applicable to the FEC Loan following an FEC Reassignment under Section 9.1.10(A)(c) where the applicable
Floating Rate shall be that determined in accordance with paragraphs (f) to (h) inclusive of Section 9.1.10(A).

 

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

 

“Floating
Rate Loan”  means all or any portion of the Loan (other than the FEC Tranche A Loan) bearing interest at the Floating
Rate and, in the case of the FEC Tranche A Loan, the FEC Tranche A Floating Rate.

 

“Floating
Rate Margin”  means (a) in respect of the FEC Tranche B Loan the aggregate of: (i) 1.05% per annum (payable to FEC) and
(ii) 0.05% per annum (payable to the FEC Margin Lenders) and (b) in respect of each of (x) the Hermes Loan and (y) if applicable,
the Finnvera Balancing Loan: 1.15% 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 1.4.

 

“German
Construction Contract Component”  means that portion of the Contract Price which relates to monies to be paid to German
exporters, suppliers and sub-suppliers in relation to the Construction Contract.

 

“German
Content Review Date”  means each date falling at consecutive 12 monthly intervals from the Effective Date until the Final
German Content Notice Date save that if such date is not a Business Day, then the German Content Review Date shall fall on the
next succeeding Business Day following such date.

 

“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 its or their business in such
Applicable Jurisdiction, excluding, in any event, any taxes imposed on the Borrower or any Subsidiary of the Borrower.

 

    14

     

    

 

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

 

“Guarantee
Holder”  means KfW IPEX (for the benefit of the Original FEC Lenders or FEC and, if applicable the Original Finnvera Balancing
Lenders from time to time) being the person in whose favour (i) the Finnvera Guarantee shall be issued for the benefit of the
Original FEC Lenders and, following the execution of each FEC Transfer Certificate, FEC and (ii) the Second Finnvera Guarantee,
if applicable, shall be issued for the benefit of the Original Finnvera Balancing Lenders and, subject to approval from Finnvera
following any assignment or transfer of the Finnvera Balancing Commitment, the Finnvera Balancing Lenders.

 

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

 

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

 

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

 

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

 

“Hermes
Agent”  is defined in the preamble.

 

“Hermes
Commitment”  means:

 

		(a)	for
                                         each of the Original Hermes Lenders, the amount set opposite its name in Exhibit A-1
                                         under the heading “Hermes Commitments” and the amount of any other Commitment
                                         in relation to the Hermes Commitment Amount transferred to it under this Agreement; and

 

		(b)	for
                                         any other Lender, the amount of any Commitment in relation to the Hermes Commitment Amount
                                         transferred to it under Section 11.11.1 of this Agreement,

 

in
each case as such amount may be reduced, transferred or cancelled in accordance with the terms of this Agreement.

 

“Hermes
Commitment Amount”  means, as of any date, an amount equal to the aggregate of the Hermes Commitment of all the Lenders
as of such date. As of the Effective Date, the Hermes Commitment Amount equals the US Dollar equivalent of EUR160,000,000 plus
the Hermes Fee.

 

    15

     

    

 

“Hermes
Conditions”  means (i) The General Terms and Conditions for Buyer Credit Guarantees issued by Hermes with the heading
Legal Basis and dated July 2017 (the “Conditions”) and (ii) The Minimum Standards for the Specific Pre-conditions
for disbursements under Buyer Credit Cover issued by Hermes with the heading Practical Information (the “Standards”)
and dated July 2017 unless such Conditions and Standards are no longer applicable.

 

“Hermes
Documentary Requirements”  has the meaning given to such term in Section 2.3(a).

 

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

 

“Hermes
Insurance Policy”  means the export credit guarantee (Finanzkreditgarantie) in relation to 95% of the Hermes Loan
issued by the Federal Republic of Germany, represented by Hermes, in favour of the Lenders.

 

“Hermes
Lenders”  means the Original Hermes Lenders and any New Lender(s) to whom all or any part of the Hermes Commitment is
transferred.

 

“Hermes
Loan”  means that part of the Loan made or to be made (as the context may require) by the Hermes Lenders to the Borrower
referred to in Section 2.1.2.

 

“Illegality
Notice”  is defined in Section 3.2.2(a).

 

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

 

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

 

    16

     

    

 

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

 

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

 

“Interest
Subsidy Amount Repayable”  means the amount of any interest subsidy paid in connection with the FEC Tranche A Loan under
the Facility, to the extent such amount exceeds the respective amount of any interest compensation paid under the respective interest
swaps made by FEC to obtain the CIRR for the FEC Tranche A Loan under the Facility, as well as annual interest on all amounts
of such interest subsidy paid from the date of payment until the date of such repayment, at the interest rate referred to in paragraph
1 of Section 4 of the Finnish Interest Rate Act (633/1982), as amended.

 

“Interpolated
Screen Rate”  means, in relation to the LIBO Rate, the rate which results from interpolating on a linear basis between:

 

		(a)	the
                                         applicable Screen Rate for the longest period (for which that Screen Rate is available)
                                         which is less than the relevant Interest Period; and

 

		(b)	the
                                         applicable Screen Rate for the shortest period (for which that Screen Rate is available)
                                         which exceeds the relevant Interest Period.

 

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

 

“KfW
IPEX”  means KfW IPEX-Bank GmbH.

 

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

 

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

 

“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:

 

		(a)	the
                                         Screen Rate; or

 

    17

     

    

 

		(b)	(if
                                         no Screen Rate is available for the relevant Interest Period) the Interpolated Screen
                                         Rate; or

 

		(c)	(if
                                         (i) no Screen Rate is available for the Floating Rate Loan or (ii) no Screen Rate is
                                         available for the relevant Interest Period and it is not possible to calculate the Interpolated
                                         Screen Rate), subject to Section 3.3.6, the Reference Bank Rate,

 

at
or about 11:00 a.m. (London time) two (2) Business Days before the commencement of the relevant Interest Period; provided that:

 

		(d)	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; and

 

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

 

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

 

“Loan”
means, as the context requires:

 

		(a)	each
                                         of the FEC Tranche A Loan, FEC Tranche B Loan, Hermes Loan and the Finnvera Balancing
                                         Loan; or

 

		(b)	the
                                         principal sum in Dollars advanced by the Lenders to the Borrower upon the terms and conditions
                                         of this Agreement; or

 

		(c)	the
                                         amount thereof for the time being advanced and outstanding under this Agreement.

 

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

 

“Loan
Request”  means the loan request and certificate duly executed by an Authorised Officer of the Borrower, substantially
in the form of Exhibit A-2 hereto.

 

“Majority
Lenders”  means:

 

		(a)	at
                                         any time while FEC is not a Lender:

 

		(i)	if
                                         the Loan is not then outstanding, a Lender or Lenders whose Commitments then aggregate
                                         more than 662/3% of the total Commitments (or, if the Commitments have been
                                         reduced to zero, aggregate more than 662/3% of the total Commitments immediately
                                         prior to the reduction); or

 

    18

     

    

 

		(ii)	at
                                         any other time, a Lender or Lenders whose participations in the Loan then outstanding
                                         aggregate more than 662/3% of the Loan then outstanding; or

 

		(b)	at
                                         any time while FEC is a Lender:

 

		(i)	FEC;
                                         and

 

		(ii)	either:

 

		(A)	if
                                         the Loan is not then outstanding, a Lender or Lenders (excluding FEC) whose Commitments
                                         then aggregate more than 662/3% of the total Commitments (excluding for this
                                         purpose any Commitment held by FEC) (or, if such total Commitments have been reduced
                                         to zero, aggregate more than 662/3% of such Commitments immediately prior
                                         to the reduction); or

 

		(B)	at
                                         any other time, a Lender or Lenders (excluding FEC) whose participations in the Loan
                                         then outstanding aggregate more than 662/3% of the Loan then outstanding (excluding
                                         for this purpose such portion of the Loan owed to FEC).

 

“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 to which it is a party.

 

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

 

“Material
Litigation”  is defined in Section 6.7.

 

“Maximum
Balancing Amount”  means, at any time, the lesser of (a) the US Dollar equivalent of EUR160,000,000 less 80% of the Eligible
German Content Amount (if any) confirmed by the Facility Agent to the Borrower in accordance with Section 2.4(a) and (b) the US
Dollar equivalent of EUR160,000,000 less 5% of the aggregate Commitments of the Lenders under this Agreement.

 

“Mitigation
Period”  is defined in Section 11.20(a).

 

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

 

“Net
Debt”  means, at any time, the aggregate outstanding principal amount of all debt (including, without limitation, the
principal portion of all Capitalised Lease Obligations) 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 Capitalisation Ratio”  means, as at any date, the ratio of (a) Net Debt on such date to (b) Capitalisation on
such date.

 

    19

     

    

 

“New
Financings”  means proceeds from:

 

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

 

		(b)	the
                                         issuance and sale of equity securities.

 

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

 

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

 

“New
Lender”  has the meaning given in Section 11.11.

 

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

 

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

 

“NYC
Allowance”  has the meaning assigned thereto in Article II.1 of the Construction Contract and, when such expression is
prefaced by the word “incurred”, shall mean such amount of the NYC Allowance, not exceeding EUR300,000,000 including
the value of any Change Orders, as shall at the relevant time have been paid, or become payable, to the Builder by the Borrower
under the Construction Contract as part of the Contract Price.

 

“NYC
Applicable Rate”  means the USD-to-EUR rate referred to in paragraph (b) of the definition of “US Dollar Equivalent”.

 

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

 

“Obligors”
means the Borrower and the Guarantors.

 

“Option
Period”  is defined in Section 3.2.2(c).

 

“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. 

 

    20

     

    

 

“Original
Lender”  means each of the financial institutions listed in Exhibit A-1 as an Original FEC Lender, Original Hermes Lender
or Original Finnvera Balancing Lender.

 

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

 

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

 

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

 

“Participant”
is defined in Section 11.11.2.

 

“Percentage”
means, relative to any Lender, the percentage set forth in Exhibit A-1 or as set out in an FEC Transfer Certificate or in the
applicable Lender Assignment Agreement, as such percentage may be adjusted from time to time pursuant to Section 4.9 or pursuant
to Lender Assignment Agreement(s) executed by such Lender and its Assignee Lender(s) and delivered pursuant to Section 11.11.1.

 

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

 

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

 

“Pledge
Agreement”  means the pledge agreement in respect of the Pledged Accounts substantially in the form set out in Exhibit
E as amended to take into account only the changes necessary to reflect the applicable governing law (as determined by the location
of the Pledged Accounts) and any other specific and reasonable requirements of the account bank with whom the Pledged Accounts
are held and approved by the Facility Agent (acting on the instructions of the Majority Lenders).

 

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

 

“Premium
Measurement Date”  means the date falling thirty (30) days prior to the Disbursement Date.

 

“Prepayment
Event”  is defined in Section 9.1.

 

    21

     

    

 

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

 

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

 

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

 

“Purchased
Vessel”  is defined in the preamble.

 

“Recovered
Amount”  is defined in Section 4.10.1.

 

“Recovering
Lender”  is defined Section 4.10.1.

 

“Redistributed
Amount”  is defined Section 4.10.4.

 

“Reference
Banks”  means those minimum of three banks designated as Reference Banks by the Facility Agent from time to time that
are reasonably acceptable to the Borrower, and each additional Reference Bank and/or each replacement Reference Bank appointed
by the Facility Agent pursuant to Section 3.3.6.

 

“Reference
Bank Rate”  means the rate per annum certified by the Facility Agent to be the average of the rates quoted by the Reference
Banks as the rate at which each of the Reference Banks was (or would have been) offered deposits of Dollars by prime banks in
the London interbank market in an amount approximately equal to the amount of the Floating Rate Loan and for a period the length
of the relevant Interest Period (or for such other period as shall be agreed by the Borrower and the Facility Agent with the consent
of the Majority Lenders).

 

“Register”
is defined in Section 11.11.3.

 

“Reinvestment
Rate”  means a rate equal to the estimated yield in dollars on debt certificates issued by the Republic of Finland for
the period referred to in Section 4.4.1(A)b as determined by FEC.

 

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

 

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

 

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

 

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

 

    22

     

    

 

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

 

“Screen
Rate”  means the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person
that takes over the administration of such rate) for Dollars for a period equal in length to six months (or for such other period
as shall be agreed by the Borrower and the Facility Agent with the consent of the Majority Lenders) which appears on pages LIBOR01
or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate).

 

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

 

“Second
Fee”  is defined in Section 11.13.

 

“Second
Finnvera Guarantee”  means, if applicable, the guarantee in relation to 95% of the Finnvera Balancing Loan issued or to
be issued by Finnvera in favour of the Guarantee Holder in the form set out in Exhibit H-2.

 

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

 

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

 

“Second
Priority Guarantors”  means RCL Cruise Holdings LLC, Torcatt Enterprises Limitada, RCL Holdings Cooperatief UA, RCL Cruises
Ltd and RCL Investments Ltd (and any of their respective successors) and any other Second Priority Holdco Subsidiary that has
granted or, prior to that entity becoming a Second Priority Holdco Subsidiary pursuant to a Disposal of a Second Priority Asset
in accordance with Section 7.2.5(b)(iii)(A), will grant a Second Priority Guarantee.

 

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

 

    23

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Senior
Debt Rating”  means, as of any date, (a) the implied senior debt rating of the Borrower for debt pari passu in right of
payment and in right of collateral security with the Obligations as given by Moody’s and S&P or (b) in the event the Borrower
receives an actual unsecured senior debt rating (apart from an implied rating) from Moody’s and/or S&P, such actual rating
or ratings, as the case may be (and in such case the Senior Debt Rating shall not be determined by reference to any implied senior
debt rating from either agency). For purposes of the foregoing, (i) if only one of S&P and Moody’s shall have in effect a
Senior Debt Rating, the Finnvera Premium or Finnvera Balancing Premium, as applicable, shall be determined by reference to the
available rating; (ii) if neither S&P nor Moody’s shall have in effect a Senior Debt Rating, the Finnvera Premium or Finnvera
Balancing Premium, as applicable, will be set in accordance with Level 4 of the relevant Pricing Grid, unless (A) the Borrower
has obtained from at least one of such agencies a private implied rating for its senior debt as of the Premium Measurement Date
or (B) having failed to obtain such private rating as of the Premium Measurement Date, the Borrower and Finnvera shall have agreed
within 10-days of the Premium Measurement Date on an alternative rating method, which agreed alternative shall apply for the purposes
of this Agreement; (iii) if the ratings established by S&P and Moody’s shall fall within different levels, the Applicable
Premium Rate shall be based upon the higher rating unless such ratings differ by two or more levels, in which case the applicable
level will be deemed to be one level below the higher of such levels; and (iv) if S&P or Moody’s shall change the basis on
which ratings are established, each reference to the Senior Debt Rating announced by S&P or Moody’s, as the case may be, shall
refer to the then equivalent rating by S&P or Moody’s, as the case may be.

 

    24

     

    

 

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

 

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

 

“Sharing
Lenders”  is defined in Section 4.10.2.

 

“Sharing
Payment”  is defined in Section 4.10.1.

 

“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.

 

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

 

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

 

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

 

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

 

    25

     

    

 

“Third
Priority Guarantor”  means RCI Holdings LLC (and any of its successors) and any other Third Priority Holdco Subsidiary
that has granted or, prior to that entity becoming a Third Priority Holdco Subsidiary pursuant to a Disposal of a Third Priority
Asset in accordance with Section 7.2.5(c)(iii)(A), will grant a Third Priority Guarantee.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Transfer
Certificate”  means a certificate substantially in the form of Exhibit F-2 or any other form agreed between the Facility
Agent and the Borrower.

 

“Transferee
Lender”  has the meaning given to it in Section 11.11.1 (A).

 

“Transferring
Lender”  has the meaning given to it in the FEC Supplemental Assignment Agreement.

 

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

 

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

 

    26

     

    

 

“USA
Patriot Act”  means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act 2001, as amended.

 

“US
Dollar Equivalent”  means:

 

		(a)	for
                                         all EUR amounts payable in respect of the Contract Price (excluding the portion thereof
                                         comprising the NYC Allowance), the total of such EUR amounts 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 amounts of EUR with Dollars for the payment of the instalments
                                         of the Contract Price (including the final instalment payable on the Actual Delivery
                                         Date) and including in such weighted average the spot rates for any EUR amounts due that
                                         have not been hedged by the Borrower (the “Weighted Average Rate”);

 

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

 

		(c)	for
                                         the calculation and payment of the Hermes Fee in Dollars, the amount thereof in EUR converted
                                         to a corresponding Dollar amount as determined by Hermes on the basis of the latest rate
                                         for the purchase of EUR with Dollars to be published by the German Federal Ministry of
                                         Finance prior to the time that Hermes issues its invoice for the Hermes Fee.

 

Such
rate of exchange under (a) above (whether forward or spot) shall be evidenced by foreign exchange counterparty confirmations.
The US Dollar Maximum Loan Amount under (a) above shall be calculated by the Borrower in consultation with the Facility Agent
no less than ten (10) Business Days prior to the service of the Loan Request. Such rate of exchange under (b) above shall be evidenced
by the production prior to the Disbursement Date of the invoice from the Borrower to the Builder in respect of the NYC Allowance,
which invoice shall contain the USD/EUR exchange rate used for determining the EUR amount of the NYC Allowance. The US Dollar
Equivalent amount of the Hermes Fee shall be calculated by Hermes and notified by the Facility Agent in writing to the Borrower
as soon as practicable after Hermes issues its invoice therefor.

 

“US
Dollar Maximum Loan Amount”  is defined in the preamble.

 

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

 

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

 

“Vessel”
means a passenger cruise vessel owned by the Borrower or one of its Subsidiaries.

 

“Weighted
Average Rate”  has the meaning given to it in paragraph (a) of the definition of the term “US Dollar Equivalent”.

 

    27

     

    

 

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 capitalised,
have such meanings when used in the 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.

 

SECTION
1.4. 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 first set of financial statements provided to the Facility Agent hereunder, there is a change
in the manner of determining any of the items referred to herein or therein that are to be determined by reference to GAAP, and
the effect of such change would (in the reasonable opinion of the 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 Majority 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. Notwithstanding the foregoing, all obligations of any person
that are or would be characterized as operating lease obligations in accordance with GAAP on the Amendment Closing Date (whether
or not such operating lease obligations were in effect on such date) shall continue to be accounted for as operating lease obligations
for the purposes of this Agreement regardless of any change in GAAP following the Amendment Closing Date that would otherwise
require such obligations to be recharacterized (on a prospective or retroactive basis or otherwise) as capital leases.

 

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SECTION
1.5. Contractual Recognition of Bail-In

 

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

 

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

 

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

 

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

 

		(iii)	a
                                         cancellation of any such liability; and

 

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

 

In
this Section 1.5:

 

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

 

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

 

“Bail-In
Legislation”  means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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“Write-down
and Conversion Powers” means:

 

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

 

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

 

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

 

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

 

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

 

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 this Section 2.1. No Lender’s obligation to make its portion of the Loan shall be affected by any
other Lender’s failure to make its portion of the Loan.

 

SECTION 2.1.1.
Commitment of FEC Lenders.

 

On the Disbursement
Date, each FEC Lender will make available to the Borrower (i) a loan in a maximum amount up to but not exceeding such FEC Lender’s
FEC Tranche A Commitment and (ii) a loan in a maximum amount up to but not exceeding such FEC Lender’s FEC Tranche B Commitment.

 

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SECTION 2.1.2.
Commitment of Hermes Lenders.

 

On the Disbursement
Date, each Hermes Lender will make available to the Borrower a loan in a maximum amount up to but not exceeding such Hermes Lender’s
Hermes Commitment.

 

SECTION 2.1.3.
Commitment of Finnvera Balancing Lenders.

 

On the Disbursement
Date, if applicable, each Finnvera Balancing Lender will make available to the Borrower a loan in a maximum amount up to but not
exceeding such Finnvera Balancing Lender’s Finnvera Balancing Commitment.

 

SECTION 2.1.4.
Commitment Termination Date.

 

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

 

SECTION 2.1.5.
Defaulting Lender.

 

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 2.1.6.
Reductions, increases and cancellations.

 

Unless expressly provided
to the contrary:

 

		(a)	any reduction, or cancellation of the FEC Tranche A Commitment shall adjust, reduce or cancel (as
applicable) each FEC Lender’s respective FEC Tranche A Commitment pro rata according to the amount of its respective FEC
Tranche A Commitment immediately prior to such adjustment, reduction or cancellation;

 

		(b)	any reduction or cancellation of the FEC Tranche B Commitment shall adjust, reduce, increase or
cancel (as applicable) each FEC Lender’s respective FEC Tranche B Commitment pro rata according to the amount of its respective
FEC Tranche B Commitment immediately prior to such adjustment, reduction or cancellation;

 

		(c)	any reduction or cancellation of the Hermes Commitment shall reduce or cancel (as applicable) each
Hermes Lender’s Hermes Commitment pro rata according to the amount of its respective Hermes Commitment immediately prior
to such reduction or cancellation; and

 

		(d)	any increase, reduction or cancellation of Finnvera Balancing Commitment shall adjust, reduce or
cancel (as applicable) each Finnvera Balancing Lender’s Finnvera Balancing Commitment pro rata according to the amount of
its respective Finnvera Balancing Commitment immediately prior to such adjustment, reduction or cancellation.

 

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SECTION 2.2. Voluntary Reduction of Commitments

 

		(a)	The Borrower may at any time prior to the date of a Loan Request terminate, or from time to time
partially reduce, the Commitments upon written notice to the Facility Agent setting forth the total amount of the reduction in
Commitments (the “Reduction Notice”); provided that any such reduction shall be applied (i) pro rata among the
FEC Commitment Amount, the Hermes Commitment Amount and the Finnvera Balancing Commitment Amount determined immediately prior to
giving effect to such reduction and provided that any such reduction shall not result in the Hermes Commitment at any time being
less than 5% of the amount of the total Commitments, (ii) as between the FEC Tranche A Commitment Amount and the FEC Tranche B
Commitment Amount, as directed by the Borrower in the Reduction Notice and (iii) as among each FEC Lender holding an FEC Tranche
A Commitment, pro rata according to the amount of its respective FEC Tranche A Commitment immediately prior to giving effect to
such reduction, (iv) as among each FEC Lender holding an FEC Tranche B Commitment, pro rata according to the amount of its respective
FEC Tranche B Commitment immediately prior to giving effect to such reduction, (v) as among each Hermes Lender holding a Hermes
Commitment, pro rata according to the amount of its respective Hermes Commitment immediately prior to giving effect to such reduction
and (vi) as among each Finnvera Balancing Lender holding a Finnvera Balancing Commitment, pro rata according to the amount of its
respective Finnvera Balancing Commitment immediately prior to giving effect to such reduction. The requested reduction shall be
effective two Business Days after the date of delivery of the Reduction Notice to the Facility Agent.

 

		(b)	Except as provided in Sections 2.2(c) and 2.2(d) below, each voluntary reduction in Commitments
pursuant to this Section 2.2 shall be without premium or penalty.

 

		(c)	If, during the period commencing on the Effective Date and ending on the Disbursement Date, the
Borrower howsoever reduces the FEC Tranche A Commitment Amount to less than the US Dollar equivalent of EUR1,018,794,290, the Borrower
shall pay such Break Costs as required by, and in accordance with, Section 4.4.

 

		(d)	Where the Commitments are terminated or reduced pursuant to this Section 2.2, the Borrower shall
pay to the Facility Agent and the Lenders any fees and commissions that have accrued to but excluding the date of termination or
partial reduction (but, in the case of a partial reduction of Commitments, only in respect of the amount of the partial reduction).
Any such payment shall be made on the second (2nd) Business Day following receipt by the Borrower of an invoice setting forth the
accrued fees and commissions so payable.

 

SECTION 2.3. Notification of Hermes Documentary
Requirements

 

		(a)	Promptly following its receipt of the Hermes Insurance Policy, the Facility Agent shall notify
the Borrower in writing (with a copy to the Builder) of the documentary requirements specified by Hermes in the letter from Hermes
and the letter from Hermes to the Hermes Agent detailing the Hermes Documentary Requirements (as defined below) in order for the
Hermes Insurance Policy to become effective in relation to any specified German Construction Contract Component from time to time
(the “Hermes Documentary Requirements”).

 

		(b)	The Hermes Documentary Requirements as notified by the Facility Agent to the Borrower pursuant
to Section 2.3(a) shall constitute the definitive list of documents which are to be delivered to the Facility Agent pursuant to
Section 5.1.6(d).

 

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SECTION 2.4. Adjustment of Hermes Commitment
Amount and Finnvera Balancing Commitment Amount.

 

		(a)	The Finnvera Balancing Commitment Amount may be increased from zero to an amount up to but not
exceeding the aggregate of the Maximum Balancing Amount and the Finnvera Balancing Premium subject to and in accordance with this
Section 2.4 only. In order to determine the Maximum Balancing Amount, from time to time, the Facility Agent shall request the Builder
(up to 4 weeks before each German Content Review Date) to (a) confirm to the Facility Agent and the Borrower in writing the amount
of the Actual German Content Component which is known or confirmed at that time and that part of such Actual German Content Component
(if any) for which the Hermes Documentary Requirements can be satisfied and (b) provide copies of all the Hermes Documentary Requirements
which are then available for any or all of the confirmed Actual German Content Component. On each German Content Review Date the
Maximum Balancing Amount shall reduce by the Eligible German Content Amount which is confirmed at that time provided that the Facility
Agent has received from the Builder (in satisfactory form) the relevant Hermes Documentary Requirements for such Eligible German
Content Amount. Following each German Content Review Date the Facility Agent shall calculate and confirm to the Borrower in writing
the Maximum Balancing Amount then available in accordance with this Agreement which amount cannot be increased following each such
confirmation.

 

		(b)	At any time up to the Final German Content Notice Date, the Borrower may, by written notice to
the Facility Agent (the “Final German Content Notice”), elect without premium or penalty to re-allocate a portion
of the Hermes Commitment Amount to the Finnvera Balancing Commitment Amount in the event the German Construction Contract Component
at such time is expected to be less than EUR200,000,000 and/or there are any elements of the German Construction Contract Component
for which the Hermes Documentary Requirements have not been satisfied (and are unlikely to be satisfied by the Final German Content
Notice Date (or such later date in advance of the Contractual Delivery Date as the Borrower may agree with the Builder and the
Facility Agent)). Any such written notice shall be accompanied by a letter from the Builder regarding the then Actual German Content
Component and the then current status of the Hermes Documentary Requirements. The amount that may be re-allocated pursuant to this
Section 2.4(b) shall not exceed (a) 80% of the difference between EUR200,000,000 and the Eligible German Content Amount or (b)
the Maximum Balancing Amount then available plus the Finnvera Balancing Premium provided that in each case, the Hermes Commitment
Amount shall at all times be equal to or greater than 5% of the aggregate Commitments of the Lenders under this Agreement.

 

		(c)	It is agreed that any partial deficiency in the fulfilment of the Hermes Documentary Requirements
relating to a part of the German Construction Contract Component shall not affect the validity of the Hermes Insurance Policy in
relation to the remaining German Construction Contract Component and shall not affect the Borrower’s right to draw such portion
of the Hermes Commitment Amount upon the terms of this Agreement in relation to all those elements of the German Construction Contract
Component for which the Hermes Documentary Requirements have been met.

 

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		(d)	In the circumstances set forth in this Section 2.4 only, the Finnvera Balancing Commitment Amount
(including any amount specified in Section 2.4(b)) shall be available to the Borrower under the terms of this Agreement.

 

		(e)	Section 2.1.6 shall apply to any adjustment of the Hermes Commitment Amount and/or the Finnvera
Balancing Commitment Amount under this Section 2.4.

 

		(f)	In the event the Facility Agent has not received the Final German Content Notice by the Final German
Content Notice Date or, if as of such Final German Content Notice Date, the Facility Agent has received written notice from the
Borrower (accompanied by a letter from the Builder) indicating that the German Construction Contract Component is equal to or greater
than EUR200,000,000 and that all Hermes Documentary Requirements can be met in relation to the German Construction Component, then
the Finnvera Balancing Commitment will be automatically cancelled without premium or penalty and will not be available for drawing.

 

SECTION 2.5. Borrowing Procedure

 

		(a)	The Borrower shall deliver a Loan Request and the documents required to be delivered pursuant to
Section 5.1.1(a) to the Facility Agent on or before 10:00 a.m., London time, not more than fifteen (15) or less than eight (8)
Business Days in advance of the Disbursement Date, the Disbursement Date being two (2) Business Days prior to the Expected Delivery
Date (the “Loan Request Date”). The Loan Request shall indicate the amount of each of the FEC Tranche A Loan,
FEC Tranche B Loan, Hermes Loan and Finnvera Balancing Loan that the Borrower, in its discretion, elects to draw hereunder provided
that:

 

		i.	the aggregate amount of FEC Tranche A Loan shall not exceed the FEC Tranche A Commitment Amount
as of the Loan Request Date;

 

		ii.	the aggregate amount of FEC Tranche B Loan shall not exceed the FEC Tranche B Commitment Amount
as of the Loan Request Date;

 

		iii.	the aggregate amount of Hermes Loan shall not exceed the Hermes Commitment Amount as of the Loan
Request Date and shall not be less than 5% of the aggregate amount of the Loan;

 

		iv.	the aggregate amount of Finnvera Balancing Loan shall not exceed the Finnvera Balancing Commitment
Amount as of the Loan Request Date; and

 

		v.	the aggregate amount of the Loan shall not exceed the US Dollar Maximum Loan Amount.

 

		(b)	The Facility Agent shall, no later than 11:00 a.m., London time, eight (8) Business Days prior
to the Disbursement Date, notify each Lender of any Loan Request by forwarding a copy thereof to each Lender, together with its
attachments. On the terms and subject to the conditions of this Agreement, the Loan shall be made on the date specified in such
Loan Request provided that it is a Business Day. On or before 2:00 p.m., London time, on the Business Day specified in such
Loan Request, each Lender shall, without any set-off or counterclaim, deposit with the Facility Agent same day Dollar funds in
an amount equal to such Lender’s Percentage of each of the FEC Loan, Hermes Loan and, if applicable, Finnvera Balancing Loan requested
by such Loan Request. 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.

 

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		(c)	The Borrower shall be entitled, upon receipt of the Dollar funds into the account referred to in
Section 2.5(b) above, (i) to complete the purchase of EUR with its counterparties or otherwise as set out in the Loan Request (by
authorising and instructing the Facility Agent to remit the necessary Dollar funds to the said counterparties) and shall procure
the payment of all EUR proceeds of such transactions to the EUR Pledged Account no later than the Business Day immediately following
the Business Day specified in the Loan Request and (ii) to the extent of any such Dollar funds as shall not be used to purchase
EUR, shall procure (by authorising and instructing the Facility Agent accordingly) the payment of such Dollar funds to the Dollar
Pledged Account on the Disbursement Date.

 

		(d)	The Facility Agent shall direct that moneys standing to the credit of the Pledged Accounts shall,
in the manner set out in the Loan Request and in accordance with the requirements and provisions of the Pledge Agreement, be disbursed
as follows on the dates specified below:

 

		(i)	on the Actual Delivery Date, in EUR, to the account of the Builder, as designated by the Builder
and identified by the Borrower in the Loan Request, to the extent necessary to meet the final instalment of the Contract Price
(including any portion thereof attributable to the NYC Allowance) provided that the Hermes Loan shall only finance up to the lesser
of EUR160,000,000 and 80% of the German Construction Contract Component, with the FEC Tranche A Loan, FEC Tranche B Loan and, if
applicable, Finnvera Balancing Loan financing the balance of the final instalment.

 

		(ii)	on the Disbursement Date, in Dollars to Finnvera in payment of (a) the Finnvera Premium; and (b)
if applicable, the Finnvera Balancing Premium provided that the relevant portion of the FEC Tranche A Loan and/or the FEC Tranche
B Loan shall only finance the Finnvera Premium and, if applicable, the relevant portion of the Finnvera Balancing Loan shall only
finance the Finnvera Balancing Premium; and

 

		(iii)	on the Actual Delivery Date, in Dollars (based on the spot rate of exchange specified in the invoice
issued by Hermes prior to the Actual Delivery Date) (a) to Hermes in payment of the Second Fee; and (b) to the account of the Borrower,
as designated by the Borrower and identified by the Borrower in the Loan Request, in reimbursement of the First Fee and in respect
of any additional amounts standing to the Dollar Pledged Account as of the date of such disbursement provided that the relevant
portion of the Hermes Loan shall only finance payment of such First Fee and Second Fee.

 

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SECTION 2.6. Funding

 

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

 

ARTICLE III

REPAYMENTS, PREPAYMENTS, INTEREST AND FEES

 

SECTION 3.1. Repayments and prepayment
consequent upon reduction in Contract Price

 

		(a)	Subject to Section 3.1(b), the Borrower shall repay the Loan in 24 equal semi-annual instalments,
with the first instalment to fall due on the date falling six (6) months after the Disbursement Date and the final instalment to
fall due on the date of Final Maturity.

 

		(b)	If, on the Actual Delivery Date, 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 Disbursement Date and before the delivery of the
Purchased Vessel), the Borrower shall prepay the Loan in an amount equal to such excess within two (2) Business Days after the
Actual Delivery Date. Any such partial prepayment shall be applied on a pro rata basis across each of the FEC Loan, the Hermes
Loan and, if applicable, the Finnvera Balancing Loan provided that the Borrower may direct how such pro rata prepayment
shall be applied between the FEC Tranche A Loan and the FEC Tranche B Loan and provided that such pro rata application across
the Loan shall not result in the Hermes Loan being less than 5% of the amount of the Loan.

 

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

 

SECTION 3.2. Prepayment

 

SECTION 3.2.1. Voluntary 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 Disbursement Date
made prior to the Actual Delivery Date in respect of the advance made on the Disbursement Date, at least two (2) Business Days’
prior written notice to the Facility Agent, and (y) for all other prepayments, at least thirty (30) calendar days’ prior written
notice (or such shorter period as the Majority Lenders may agree), if all or any portion of the prepayment is to be applied in
prepayment of the Fixed Rate Loan, or otherwise at least five (5) Business Days’ (or, if such prepayment is to be made on the last
day of an Interest Period for the Loan, four (4) Business Days’) prior written notice, in each case to the Facility Agent; and

 

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		(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 forward order of maturity, inverse order
of maturity or ratably at the Borrower’s option against the remaining instalments; provided, however, that any such partial prepayment
shall be applied on a pro rata basis across each of the FEC Loan, the Hermes Loan and, if applicable, the Finnvera Balancing Loan
and provided further that the Borrower may direct how such pro rata prepayment shall be applied between the FEC Tranche
A Loan and the FEC Tranche B Loan; and

 

		(iii)	any voluntary prepayment shall not result in the Hermes Loan being less than 5% of the amount of
the Loan at any time.

 

SECTION 3.2.2. Illegality

 

		(a)	If, by reason of a Change in Law, it becomes unlawful under any applicable law (i) for a Lender
to be subject to a commitment to make available to the Borrower such Lender’s portion of the FEC Loan, Hermes Loan and/or Finnvera
Balancing Loan, (ii) for a Lender to make or hold its portion of the FEC Loan, Hermes Loan and/or Finnvera Balancing Loan in its
Lending Office, (iii) for a Lender to receive a payment under this Agreement or any other Loan Document or (iv) for a Lender to
comply with any other material provision of, or to perform its obligations as contemplated by, this Agreement or any other Loan
Document, the Lender affected by such Change in Law may give written notice (the “Illegality Notice”) to the Borrower
and the Facility Agent of such Change in Law, including reasonable details of the relevant Change of Law and specifying which,
if not all, of its Commitment (the “Affected Commitment”) and portion of the Loan (the “Affected Loan”)
is affected by such Change in Law. Any Illegality Notice must be given by a Lender no later than 120 days after such Lender first
obtains actual knowledge or written notice of the relevant Change in Law.

 

		(b)	If an affected Lender delivers an Illegality Notice prior to the Disbursement Date, then, subject
to Section 11.20, (1) while the arrangements contemplated by the following clause (2) have not yet been completed and the Affected
Commitment of such Lender has not been formally cancelled, such Lender shall not be obliged to fund its Affected Commitment and
(2) the Borrower shall be entitled at any time within 50 days after receipt of such Illegality Notice to replace such Lender with
another Lender hereunder or one or more other financial institutions (I) reasonably acceptable to the Facility Agent and (II) acceptable
to each of Finnvera (in respect of the FEC Loan and, if applicable the Finnvera Balancing Loan) and/or Hermes (in respect of the
Hermes Loan) (as applicable); provided that any such assignment or transfer shall be either (x) in the case of a single assignment
or transfer, an assignment or transfer of all of the rights and obligations of the assigning or transferring Lender under this
Agreement with respect to the Affected Commitment or (y) in the case of more than one assignment or transfer, an assignment or
transfer of a portion of such rights and obligations made concurrently with another such assignment or transfer or other such assignments
or transfers that collectively cover all of the rights and obligations of the assigning or transferring Lender under this Agreement
with respect to the Affected Commitment. If, at the end of such 50-day period, the Borrower has not so replaced such affected Lender
as aforesaid and no alternative arrangements have been implemented pursuant to Section 11.20, the Affected Commitment held by such
Lender shall be cancelled.

 

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		(c)	Subject to Proviso (a) in Section 9.2, if an affected Lender delivers an Illegality Notice on or
following the Disbursement Date, then the Borrower shall have the right, but not the obligation, exercisable at any time within
50 days after receipt of such Illegality Notice (the “Option Period”), either (1) to prepay the portion of the
Affected Loan held by such Lender in full on or before the expiry of the Option Period, together with all unpaid interest and fees
thereon accrued to but excluding the date of such prepayment, or (2) to replace such Lender on or before the expiry of the Option
Period with another Lender hereunder or one or more other financial institutions (I) reasonably acceptable to the Facility Agent
and (II) acceptable to Finnvera (in respect of the FEC Loan and, if applicable, the Finnvera Balancing Loan) and/or Hermes (in
respect of the Hermes Loan) (as applicable); provided that (x) in the case of a single assignment or transfer, any such assignment
or transfer shall be either an assignment or transfer of all of the rights and obligations of the assigning or transferring Lender
under this Agreement with respect to the Affected Loan or, in the case of more than one assignment or transfer, an assignment or
transfer of a portion of such rights and obligations made concurrently with another such assignment or transfer or other such assignments
or transfers that collectively cover all of the rights and obligations of the assigning or transferring Lender under this Agreement
with respect to the Affected Loan and (y) no Lender shall be obliged to make any such assignment or transfer as a result of an
election by the Borrower pursuant to this Section 3.2.2(c) unless and until such Lender shall have received one or more payments
from one or more Assignee Lenders, Transferee Lenders and/or the Borrower in an aggregate amount at least equal to the portion
of the Affected Loan held by such Lender, together with all unpaid interest and fees thereon accrued to but excluding the date
of such assignment or transfer (and all other amounts then owing to such Lender under this Agreement with respect to the Affected
Loan).

 

SECTION 3.2.3. Prepayment requirements

 

Each prepayment of
the Loan made pursuant to this Section 3.2 shall be without premium or penalty, except as may be required by Section 4.4. No amounts
prepaid by the Borrower may be re-borrowed under the terms of this Agreement.

 

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

 

		(a)	The Loan shall accrue interest from the Disbursement Date to the date of repayment or prepayment
of the Loan in full to the Lenders as follows:

  

		(i)	on the FEC Tranche A Loan at the Fixed Rate;

 

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		(ii)	on the FEC Tranche B Loan, Hermes Loan and the Finnvera Balancing Loan, at the applicable Floating
Rate,

 

subject
to any conversion of the FEC Tranche A Loan to a Floating Rate Loan in accordance with Section 3.3.3 in which case interest shall
accrue on the FEC Tranche A Loan at the FEC Tranche A Floating Rate with effect from the date set forth in Section 3.3.3(b) or
Section 3.3.3(c), as applicable. Interest calculated at the Fixed Rate, the relevant Floating Rate or the FEC Tranche A Floating
Rate shall be payable semi-annually in arrears on each Repayment Date. The Floating Rate Loan shall bear interest for each Interest
Period, from and including the first day of such Interest Period up to but excluding the last day of such Interest Period, at the
interest rate determined as applicable to the Floating Rate Loan for such Interest Period. All interest shall be calculated on
the basis of the actual number of days elapsed over a year comprised of 360 days.

 

		(b)	In relation to interest accruing on the FEC Loan it is agreed that interest shall accrue at the
rates specified in Section 3.3.1(a) above and that a portion of the interest which has accrued at a rate equal to 0.05% per annum
shall be paid to the Facility Agent for the account of each of the FEC Margin Lenders and the remainder of such interest shall
be paid to the Facility Agent for the account of FEC.

 

SECTION 3.3.2. Conversion to
FEC Tranche A Floating Rate

 

The Borrower shall
only be obliged to make any indemnity or compensation payment to any Lender in connection with any conversion of the FEC Tranche
A Loan from the Fixed Rate to the FEC Tranche A Floating Rate following an FEC Conversion pursuant to Section 3.3.3 and in the
circumstances set out in Section 3.3.3(b) and (c) below.

 

SECTION 3.3.3. FEC Conversion

 

		(a)	The parties to this Agreement acknowledge and agree that, at any time when the FEC Tranche A Loan
is payable at the Fixed Rate, FEC will have the right to effect an FEC Conversion with respect to the FEC Tranche A Loan (if it
has been advanced) or the FEC Commitment relating to the FEC Tranche A Loan (if the FEC Tranche A Loan has not been advanced) if:

 

		(i)	the funds made available under the Loan have been used for a purpose other than pursuant to Section
2.5(d);

 

		(ii)	the Borrower has provided incorrect information in relation to an essential issue or failed to
disclose matters that have an essential impact on the terms and conditions set out in schedule 3 of the FEC Supplemental Assignment
Agreement or the approval of the FEC Financing;

 

		(iii)	a Transferring Lender or the Facility Agent has provided incorrect information in an essential
matter in connection with the Application or failed to disclose matters that have an essential impact on the approval of the FEC
Financing; or

 

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		(iv)	a Transferring Lender or the Facility Agent is, in connection with the export transaction pursuant
to the Construction Contract or the Loan, found by a court of competent jurisdiction to have been engaged prior to the Disbursement
Date in any act that constitutes corrupt activity within the meaning described in clause 12 of the FEC Supplemental Assignment
Agreement, or if otherwise the same is proven without controversy.

 

		(b)	In the event that FEC is entitled under the terms of clause 13.1.1 of the FEC Supplemental Assignment
Agreement to effect an FEC Conversion, it shall notify the Borrower through the Facility Agent and advise of the date on which
the Fixed Rate will terminate and the FEC Tranche A Floating Rate will apply (the “FEC Conversion Notice”) and
the Borrower and FEC shall agree the FEC Tranche A Floating Rate Margin which is to apply for purposes of determining the FEC Tranche
A Floating Rate in accordance with the procedure set out in a separate side letter between the Borrower and FEC. Any margin agreed
shall constitute the FEC Tranche A Floating Rate Margin to apply to the FEC Tranche A Loan effective on and from the date specified
in the Conversion Notice.

 

		(c)	If the Borrower and FEC are unable to agree upon the alternative margin to apply for purposes of
determining the FEC Tranche A Floating Rate as provided in Section 3.3.3(b), FEC shall set the FEC Tranche A Floating Rate Margin
and FEC shall furnish a certificate to the Borrower and the Facility Agent (the “FEC Conversion Floating Rate Certificate”)
setting forth such rate (including margin) as soon as reasonably practicable, which FEC Tranche A Floating Rate Margin shall be
effective on and from the date specified in the Conversion Notice.

 

		(d)	If an FEC Conversion occurs due to occurrence of the events or circumstances specified in Section
3.3.3(a)(ii), the Borrower shall indemnify FEC in its capacity as Fixed Rate Provider for (x) any Break Costs incurred because
of the change of the interest rate and regardless of whether any FEC Commitment is cancelled or any portion of the FEC Tranche
A Loan is prepaid in connection with such change of interest and (y) the Interest Subsidy Amount Repayable.

 

		(e)	If an FEC Conversion occurs due to the occurrence of the events or circumstances specified in Section
3.3.3(a)(i), (iii) or (iv), then, unless such events or circumstances are directly attributable to a breach by the Borrower of
its obligations under the Loan Documents, the Facility Agent or Transferring Lender or Transferring Lenders who provided such incorrect
information or engaged in such corrupt activity shall (A) indemnify FEC in its capacity as Fixed Rate Provider for (x) any Break
Costs incurred because of the change of the interest rate and regardless of whether any FEC Commitment is cancelled or any portion
of the FEC Tranche A Loan is prepaid in connection with such change of interest and, except when Section 3.3.3(a)(iv) is applicable,
(y) the Interest Subsidy Amount Repayable and (B) indemnify the Borrower no later than three (3) Business Days following the end
of each Interest Period for any increase in the amount of interest which the Borrower has paid to the Facility Agent for such Interest
Period in respect of the FEC Tranche A Loan as a result of the conversion from the Fixed Rate to the FEC Tranche A Floating Rate.

 

		(f)	If an FEC Conversion occurs due to the occurrence of the events or circumstances specified in Section
3.3.3(a)(i), (iii) or (iv) which are directly attributable to a breach by the Borrower of its obligations under the Loan Documents,
the Borrower shall indemnify FEC in its capacity as Fixed Rate Provider for (x) any Break Costs incurred because of the change
of the interest rate and regardless of whether any FEC Commitment is cancelled or any portion of the FEC Tranche A Loan is prepaid
in connection with such change of interest and (y) the Interest Subsidy Amount Repayable.

 

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		(g)	In the case of the indemnity under paragraph (d) or (f), the Facility Agent shall provide the Borrower
with a certificate prepared by FEC to show, in sufficient detail, the method and basis of the computation of such Break Costs and
Interest Subsidy Amount Repayable. In any case referred to in this Section 3.3.3(g), the Facility Agent shall collect from the
Borrower the payments payable by the Borrower hereunder and pay such collected payments to FEC without delay upon receipt of such
payments from the Borrower.

 

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 while such payment is overdue
at a rate per annum certified by the Facility Agent to the Borrower (which certification shall be conclusive in the absence of
manifest error) to be equal to (a) in the case of any principal amount of a Fixed Rate Loan, the sum of the Fixed Rate plus 2%
per annum, (b) in the case of any principal amount bearing interest at the FEC Tranche A Floating Rate, the sum of the FEC Tranche
A Floating Rate plus 2% per annum or (c) in the case of any principal amount of the FEC Tranche B Loan, the sum of the Floating
Rate applicable to such FEC Tranche B Loan plus 2% per annum or (d) in the case of any principal amount of the Hermes Loan or the
Finnvera Balancing Loan or any other amount representing a monetary Obligation, the sum of the Floating Rate applicable to such
Hermes Loan and Finnvera Balancing Loan 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 Repayment Date;

 

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

 

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

 

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

 

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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 relevant
rate as described in paragraphs (a) and (b) of the definition of “LIBO Rate” is available and the LIBO Rate is to be
the Reference Bank Rate. If any one or more of the Reference Banks shall fail to furnish in a timely manner such information to
the Facility Agent for the Reference Bank Rate, the Facility Agent shall determine the Reference Bank 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
Majority 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 the Reference Bank Rate.

 

SECTION 3.4. Commitment Fees

 

The Borrower agrees
to pay to the Facility Agent for the account of each Lender the commitment fees on the dates and in the amounts set out in a Fee
Letter.

 

SECTION 3.5. Fees

 

SECTION 3.5.1. Syndication
Fee

 

The Borrower agrees
to pay to the Facility Agent for the account of the Original Lenders and the Lenders (other than FEC) a syndication fee on the
dates and in the amounts set out in a Fee Letter.

 

SECTION 3.5.2. [Intentionally
left blank]

 

SECTION 3.5.3.
Agency Fee

 

The Borrower agrees
to pay the Facility Agent (for its own account) an agency fee on the dates and in the amounts set out in a Fee Letter.

 

SECTION 3.5.4. Finnvera Premium

 

On
the Disbursement Date, the Borrower shall pay to the Facility Agent, for the account of and as agent for Finnvera, an amount equal
to the product of the Applicable Finnvera Rate and the principal amount of the FEC Loan in Dollars.

 

SECTION 3.5.5. Finnvera Balancing
Premium

 

On
the Disbursement Date, the Borrower shall pay to the Facility Agent, for the account of and as agent for Finnvera, an amount equal
to the product of the Applicable Finnvera Rate and the principal amount of the Finnvera Balancing Loan in Dollars.

 

SECTION 3.5.6. Finnvera Handling
Fee

 

The Borrower agrees
to pay to the Facility Agent for and on behalf of Finnvera, the amount of the handling fee which has been invoiced by Finnvera
pursuant to the Finnvera Guarantee in an amount equal to EUR20,000. Such handling fee shall be due and payable within 14 days of
the Effective Date.

 

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.

 

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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 its portion
of (i) the FEC Tranche A Loan in the event it is accruing interest at the FEC Tranche A Floating Rate (ii) the FEC Tranche B Loan
(iii) the Hermes Loan and/or (iv) if applicable, the Finnvera Balancing Loan based on the LIBO Rate, the obligation of such Lender
to make, continue or maintain its portion of such (i) FEC Tranche A Loan (ii) FEC Tranche B Loan (iii) Hermes Loan and/or (iv)
the Finnvera Balancing 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 portion of such FEC Tranche A Loan, FEC Tranche B Loan, Hermes Loan
and/or Finnvera Balancing Loan hereunder shall be automatically converted into an obligation to make, continue and maintain its
portion of such (i) FEC Tranche A Loan (ii) FEC Tranche B Loan (iii) Hermes Loan and/or (iv) Finnvera Balancing 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 applicable Floating Rate Margin (in relation to the FEC Tranche B Loan, the Hermes Loan and, if applicable,
the Finnvera Balancing Loan or the FEC Tranche A Floating Rate Margin (in relation to the FEC Tranche A Loan where following an
FEC Conversion this is subject to the FEC Tranche A Floating Rate).

 

SECTION 4.2. Screen Rate or Deposits
Unavailable

 

If, in relation to
the Floating Rate Loan, the Facility Agent shall have determined that:

 

		(a)	the Screen Rate shall cease to be available as a publicly available benchmark rate; or

 

		(b)	Dollar deposits in the relevant amount and for the relevant Interest Period are not available to
each Reference Bank in its relevant market; or

 

		(c)	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,

 

then the Facility Agent shall give notice
of such determination (hereinafter called a “Determination Notice”) to the Borrower and each of the Lenders holding
a portion of the Floating Rate Loan. The Borrower, those Lenders and the Facility Agent shall then negotiate in good faith in order
to agree upon, in the case of Section 4.2(a), the alternative benchmark rate to be substituted for the Screen Rate (hereinafter
called the “Alternative Screen Rate”) which would otherwise have applied under this Agreement and, in the case
of Section 4.2(b) and 4.2(c), 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, those Lenders and the Facility Agent are unable
to agree upon the Alternative Screen Rate or an interest rate (or rates) and interest period (or interest periods) (as the case
may be) prior to the date occurring fifteen (15) Business Days after the giving of such Determination Notice, the Facility Agent
shall (after consultation with those Lenders) (as the case may be) set an Alternative Screen Rate or 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 Alternative Screen Rate or rate (or rates), as applicable, shall be equal to the sum of the applicable Floating Rate
Margin or, if applicable, the FEC Tranche A Floating Rate Margin and the Federal Funds Rate.

 

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In the event that the
circumstances described in Section 4.2(b) and Section 4.2(c) 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 (including by introduction or adoption of any
new 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 governmental or other authority including, without limitation, any agency of the European Union or similar monetary
or multinational authority insofar as it may be changed or imposed after the date hereof, shall:

 

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

 

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

 

		(c)	impose, modify or deem applicable any reserve or capital adequacy requirements (other than the
increased capital costs described in Section 4.5) 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,

 

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and the result of any of the foregoing
is either (i) to increase the cost to such Lender of making its portion of the Loan or maintaining its portion of the Loan or any
part thereof, (ii) to reduce the amount of any payment received by such Lender or its effective return hereunder or on its capital
or (iii) to cause such Lender to make any payment or to forego any return based on any amount received or receivable by such Lender
hereunder, then and in any such case if such increase or reduction in the opinion of such Lender materially affects the interests
of such Lender, (A) such Lender shall (through the Facility Agent) notify the Borrower of the occurrence of such event and use
reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different Lending
Office if the making of such a designation would avoid the effects of such law, regulation or regulatory requirement or any change
therein or in the interpretation thereof and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous
to such Lender and (B) the Borrower shall forthwith upon such demand pay to the Facility Agent for the account of such Lender such
amount as is necessary to compensate such Lender for such additional cost or such reduction and ancillary expenses, including taxes,
incurred as a result of such adjustment unless such additional costs are attributable to a FATCA Deduction required to be made
by a party to this Agreement or are otherwise excluded from the indemnity set forth in Section 4.6 or Section 11.4. Such notice
shall (i) describe in reasonable detail the event leading to such additional cost, together with the approximate date of the effectiveness
thereof, (ii) set forth the amount of such additional cost, (iii) describe the manner in which such amount has been calculated,
(iv) certify that the method used to calculate such amount is such Lender’s standard method of calculating such amount, (v) certify
that such request is consistent with its treatment of other borrowers that are subject to similar provisions, and (vi) certify
that, to the best of its knowledge, such change in circumstance is of general application to the commercial banking industry in
such Lender’s jurisdiction of organisation or in the relevant jurisdiction in which such Lender does business. Failure or delay
on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right
to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section
for any increased costs or reductions incurred more than three months prior to the date that such Lender notifies the Borrower
of the circumstance giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor;
provided further that, if the circumstance giving rise to such increased costs or reductions is retroactive, then the three-month
period referred to above shall be extended to include the period of retroactive effect thereof, but not more than six months prior
to the date that such Lender notifies the Borrower of the circumstance giving rise to such cost or reductions and of such Lender’s
intention to claim compensation therefor.

 

SECTION 4.4. Funding Losses Event and
Defaulting Finance Party Break Costs 

 

SECTION 4.4.1. Indemnity 

 

(A)          In
the event: (i) any Lender is required to liquidate or to re-deploy (at not less than the market rate) deposits or other funds acquired
by such Lender to fund any portion of the principal amount of its portion of the Loan (ii) FEC exercises its right to effect an
FEC Conversion or (iii) FEC exercises its right to effect an FEC Reassignment, in each case, as a result of:

 

		(a)	if at the time interest is calculated at the Floating Rate or, if applicable, the FEC Tranche A
Floating Rate on such Lender’s portion of the Loan, any conversion or repayment or prepayment or acceleration of the principal
amount of such Lender’s portion of the Loan on a date other than the scheduled last day of an Interest Period or otherwise scheduled
date for repayment or payment (in each case, including any payments as a result of an FEC Reassignment made in accordance with
Section 9.1.10(A) where the Borrower is liable to pay Break Costs under Section 9.1.10(A)(b)), but excluding any prepayment made
following an election by the Borrower to effect a prepayment pursuant to Section 3.2.2(c), or any repayment pursuant to Section
9.1.11, by reason of a Non-Borrower Related Change in Law);

 

		(b)	if at the time interest is calculated at the Fixed Rate on such Lender’s portion of the Loan, any
repayment or prepayment or acceleration of the principal amount of such Lender’s portion of the Loan, other than any repayment
made on the date scheduled for such repayment (in each case, including any payments whatsoever as a result of an FEC Conversion
or an FEC Reassignment where the Borrower is liable to pay Break Costs under Section 3.3.3(d) or Section 3.3.3(f) in the case of
an FEC Conversion and Section 9.1.10(A)(b) in the case of an FEC Reassignment) excluding any repayment pursuant to Section 9.1.11,
by reason of a Non-Borrower Related Change in Law);

 

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		(c)	a voluntary reduction of the FEC Tranche A Commitment below EUR1,018,794,290;

 

		(d)	the Loan not being advanced 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;

 

		(e)	any prepayment of the Loan by the Borrower pursuant to Section 4.12 or Section 9.2; or

 

		(f)	the FEC Tranche A Loan not being advanced on or before the Commitment Termination Date,

 

(each, a “Funding
Losses Event”), then, upon the written notice of such Lender to the Borrower (with a copy to the Facility Agent), the
Borrower shall, within five (5) Business Days of its receipt of such notice:

 

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

 

		(i)	interest calculated at the Floating Rate or, if applicable, the FEC Tranche A Floating Rate which
such Lender would have received on its share of the amount of the Loan subject to such Funding Losses Event for the period from
the date of receipt of any part of its share in the Loan to the last day of the applicable Interest Period,

 

exceeds:

 

		(ii)	the amount which such Lender would be able to obtain by placing an amount equal to the amount received
by it on deposit with a leading bank in the appropriate interbank market for a period starting on the Business Day following receipt
and ending on the last day of the applicable Interest Period; or

 

		b.	if at that time the Fixed Rate is applied to the FEC Tranche A Commitment or the FEC Tranche A
Loan (as applicable), pay to the Facility Agent acting on the instructions of FEC, in its capacity as the Fixed Rate Provider)
for the account of FEC, in its capacity as the Fixed Rate Provider, the amount (if any) in Dollars determined by FEC, as Fixed
Rate Provider, by which:

 

		(i)	the sum of the present value, discounted at the Reinvestment Rate, of each principal payment and
interest payment which the FEC Lender would have received on its share of any amount of the FEC Tranche A Commitment that is cancelled
or any outstanding amount of the FEC Tranche A Loan that is prepaid for the period from the date of cancellation or from the
date of receipt of the prepayment of the principal amount of the FEC Tranche A Loan by the FEC Lender, until the date of Final
Maturity (assuming for these purposes that interest would have accrued during the relevant period on a loan (“Deemed Loan”)
made on the date of cancellation or receipt of the principal amount prepaid in an amount equal to the FEC Tranche A Commitment
so cancelled or the principal amount of the FEC Tranche A Loan so prepaid and where such Deemed Loan is repaid in proportional
repayment instalments on each of the subsequent Repayment Dates),

 

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exceeds:

 

		(ii)	the cancelled amount of the FEC Tranche A Commitment or the principal amount of the FEC Tranche
A Loan prepaid plus accrued interest paid thereon since the previous interest payment date.

 

(B)       Where
a Defaulting Finance Party is liable to pay Break Costs to the Facility Agent for the account of FEC acting in its capacity as
Fixed Rate Provider pursuant to Section 3.3.3(e) or Section 9.1.10(A)(c) such Break Costs shall be determined in accordance with
Section 4.4.1(A)b.

 

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 (a) results in an increase of the amount of capital required to be maintained by any Lender or any Person
controlling such Lender, and the rate of return on its or such controlling Person’s capital as a consequence of its Commitment
or its portion of the Loan made by such Lender is reduced to a level below that which such Lender or such controlling Person would
have achieved but for the occurrence of any such change in circumstance or (b) a Finance Party suffers a reduction of any amount
payable under a Loan Document then, in each such case upon notice from time to time by such Lender or Finance Party to the Borrower,
the Borrower shall immediately pay directly to such Lender or Finance Party additional amounts sufficient to compensate such Lender
or such controlling Person or Finance Party 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 or Finance Party’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 or Finance Party does business.
In determining such amount, such Lender or Finance Party may use any method of averaging and attribution that it shall, subject
to the foregoing sentence, deem applicable. Each Lender or Finance Party 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 or Finance Party, be
otherwise disadvantageous to such Lender or Finance Party. Failure or delay on the part of any Lender or Finance Party to demand
compensation pursuant to this Section shall not constitute a waiver of such Lender’s or Finance Party’s right to demand such compensation;
provided that the Borrower shall not be required to compensate a Lender or Finance Party pursuant to this Section for any
increased costs or reductions incurred more than three months prior to the date that such Lender or Finance Party notifies the
Borrower of the circumstance giving rise to such reductions and of such Lender’s or Finance Party’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 or Finance Party notifies the Borrower of the circumstance giving rise to such reductions and of such
Lender’s or Finance Party’s intention to claim compensation therefor. Notwithstanding the foregoing, no amounts shall be payable
pursuant to Section 4.5 in respect of (i) taxes to which a Finance Party is indemnified under Section 4.6 or (ii) taxes excluded
from the indemnity set forth in Section 4.6.

 

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SECTION 4.6. Taxes 

 

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

 

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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 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 agrees
with the Borrower and the Facility Agent that it will (i) (a) provide to the Facility Agent and the Borrower an appropriately
executed copy of Internal Revenue Service (“IRS”) Form W-9 (or any successor form) certifying the status of such
Lender as a US person, IRS Form W-8ECI (or any successor form) certifying that any payments made to or for the benefit of such
Lender are effectively connected with a trade or business in the United States or IRS Form W-8BEN-E (or any successor form) claiming
the benefits of a tax treaty (but only if the applicable treaty described in such form provides for a complete exemption from U.S.
federal income tax withholding), or any successor form, on or prior to the date hereof (or, in the case of any assignee or transferee
Lender, Lender that changes its Lending Office, on or prior to the date of the relevant assignment, transfer or change), in each
case attached to an IRS Form W-8IMY (or any successor form), 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, the status of such Lender or that payments to such Lender 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, a FATCA Deduction
or any payments made to or for benefit of such Lender, provided that the Lender is legally able to deliver such forms, certificates
or other documents. For any period with respect to which a Lender (or assignee or transferee Lender) 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 or Transferee Lender, would be the date on which
the original assignor or transferor was required to provide such form) or if such form otherwise is not required hereunder) such
Lender (or assignee or transferee Lender) shall not be entitled to the benefits of this Section 4.6 or Section 11.4 with respect
to Covered Taxes imposed by reason of such failure.

 

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SECTION 4.7. [Intentionally left blank] 

 

SECTION 4.8. Payments, Computations,
etc.

 

		(a)	Unless otherwise expressly provided in this Agreement or any other Loan Document, all payments
by an Obligor in respect of amounts of principal, interest and fees or any other applicable amounts owing to the Lenders under
any Loan Document shall be made by such Obligor to the Facility Agent for the account of the Lenders entitled to receive such payments
and ratably in accordance with the respective amounts then due and payable to the Lenders. All such payments required to be made
to the Facility Agent shall be made by the Borrower, 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)	The Facility Agent shall promptly (but in any event on the same Business Day that the same are
received or, as contemplated in clause (a) of this Section, deemed received) remit in same day funds to each Lender its share,
if any, of such payments received by the Facility Agent for the account of such Lender without any set-off, deduction or counterclaim.
All interest and fees shall be computed on the basis of the actual number of days (including the first day but excluding the last
day) occurring during the period for which such interest or fee is payable over a year comprised of 360 days. Whenever any payment
to be made shall otherwise be due on a day which is not a Business Day, such payment shall (except as otherwise required by paragraph
(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 4.3, 4.5 or 4.6, the Borrower shall be entitled at any time (so
long as no Default and no Prepayment Event shall have occurred and be continuing) within 180 days after receipt of notice from
such Lender of such required payment to (a) terminate such Lender’s Commitment (whereupon the Percentage of each other Lender shall
automatically be adjusted to an amount equal to such Lender’s ratable share of the remaining Commitments), (b) prepay the affected
portion of such Lender’s share of the Loan in full, together with accrued interest thereon through the date of such prepayment
(provided that the Borrower shall not terminate any Lender’s Commitment pursuant to clause (a) or prepay any such Lender pursuant
to this clause (b) unless the Borrower and the Facility Agent shall have attempted in good faith over a period of 30 days to replace
such Lender pursuant to the following clause (c)), and/or (c) except in the case of FEC in relation to the FEC Loan, replace such
Lender with one or more financial institutions (I) reasonably acceptable to the Facility Agent in its capacity as Hermes Agent,
(II) acceptable to Hermes in the case of a Hermes Lender and (III) acceptable to Finnvera in the case of an FEC Lender or
a Finnvera Balancing Lender; provided that (x) in the case of a single assignment or transfer, any such assignment or transfer
shall be either an assignment or transfer of all of the rights and obligations of the assigning or transferring Lender under this
Agreement or, in the case of more than one assignment or transfer, an assignment or transfer of a portion of such rights and obligations
made concurrently with another such assignment or transfer or other such assignments or transfers that collectively cover all of
the rights and obligations of the assigning or transferring Lender under this Agreement and (y) no Lender shall be obliged to make
any such assignment or transfer pursuant to this Section 4.9 unless and until such Lender shall have received one or more payments
from one or more Assignee Lenders, Transferee Lenders and/or the Borrower in an aggregate amount at least equal to the portion
of the Loan held by such Lender, together with all unpaid interest and fees thereon accrued to but excluding the date of such assignment
or transfer (and all other amounts then owing 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
Section 4.3, 4.5 and 4.6 to or for account of such Lender.

 

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SECTION 4.10. Sharing of Payments

 

SECTION 4.10.1. Payments to
Lenders

 

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

 

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

 

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

 

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

 

SECTION 4.10.2. Redistribution
of payments

 

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

 

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SECTION 4.10.3. Recovering
Lender’s rights

 

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

 

SECTION 4.10.4. Reversal of
redistribution

 

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

 

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

 

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

 

SECTION 4.10.5. Exceptions

 

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

 

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

 

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

 

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

 

SECTION 4.11. Set-off

 

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

 

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SECTION 4.12. Use of Proceeds

 

The Borrower shall
apply the proceeds of the Loan in accordance with Section 2.5(c) and (d) and, in relation to the Disbursement Date, prior to such
application, such proceeds shall be held in an account or accounts of the Facility Agent in accordance with the provisions of Section
2.5(b) and (c) or in an account or accounts that the Borrower shall have specified in its Loan Request in accordance with the provisions
of Section 2.5(b); without limiting the foregoing, no proceeds of the Loan will directly or indirectly be used to lend, contribute
or otherwise make available such proceeds to any Subsidiary, joint venture partner or any other Person, (i) to fund any activities
or business of or with any Person, or in any country or territory, that, at the time of such finding is a Sanctioned Person or
Sanctioned Country, or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person
participating in the Loan, whether as advisor, lender, facility or other agent or otherwise) or (iii) to acquire any equity security
of a class which is registered pursuant to Section 12 of the Securities Exchange Act of 1934 or any “margin stock”, as
defined in F.R.S. Board Regulation U. If the proceeds of the Loan have not been paid either (A) to the Builder or its order in
accordance with Section 2.5(d)(i) and to, Finnvera, Hermes and the Borrower in accordance with Section 2.5(d)(ii) or 2.5(d)(iii)
or (B) to the Facility Agent (directly or indirectly) in prepayment of the Loan under Section 3.2.1(a) or by 9:59 p.m. (London
time) on the second Business Day after the Disbursement Date, such proceeds shall continue to be pledged by the Borrower upon receipt
in accordance with Section 2.5(c) as collateral pursuant to the Pledge Agreement pending the Actual Delivery Date. If, within 30
days of the Disbursement Date, the Borrower notifies the Facility Agent that the Actual Delivery Date is expected to be materially
delayed, the Facility Agent, the Borrower and the Lenders shall discuss in good faith (but without obligation) for a period of
30 days to agree whether the Loan can be repaid and reborrowed and the terms that would apply to any such re-borrowing. In the
event that no agreement is reached and the delivery of the Vessel does not occur on or before 30 January 2023, the proceeds in
the Pledged Accounts shall be applied as a prepayment against the Loan in accordance with Section 9.2.

 

SECTION 4.13. FATCA Deduction

 

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

 

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

 

SECTION 4.14. FATCA Information

 

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

 

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

 

(A)      a
FATCA Exempt Party; or

 

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(B)          not
a FATCA Exempt Party;

 

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

 

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

 

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

 

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

 

(i)            any
law or regulation;

 

(ii)           any
fiduciary duty; or

 

(iii)          any
duty of confidentiality.

 

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

 

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

 

		(i)	where the Borrower is a US Tax Obligor, the date of this Agreement;

 

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

 

		(iii)	the date of a request from the Facility Agent,

 

supply to
the Facility Agent:

 

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

 

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

 

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

 

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

 

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

 

SECTION 4.15. Resignation of the Facility
Agent

 

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

 

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

 

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

 

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

 

and (in each case) the
Borrower or a Lender reasonably believes that a party to this Agreement will be required to make a FATCA Deduction that would not
be required if the Facility Agent were a FATCA Exempt Party, and the Borrower or that Lender, by notice to the Facility Agent,
requires it to resign, provided that any such resignation (i) shall be subject to the restrictions in the FEC Supplemental
Assignment Agreement and (ii) shall not become effective until a successor Facility Agent has been appointed as provided in Section
10.5, such successor Facility Agent has accepted such appointment and the consent of each of Hermes and the Finnish Authority has
been obtained for the resignation.

 

ARTICLE V

CONDITIONS TO BORROWING

 

SECTION 5.1. Advance of the Loan 

 

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

 

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SECTION 5.1.1. Resolutions,
etc. 

 

The Facility Agent
shall have received from the Borrower:

 

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

 

		i.	resolutions of its Board of Directors then in full force and effect authorising the execution,
delivery and performance of this Agreement and each other Loan Document, and

 

		ii.	Organic Documents of the Borrower,

 

and upon which certificate the
Lenders may conclusively rely until the Facility Agent shall have received a further certificate of the Secretary or Assistant
Secretary of the Borrower cancelling 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 LLP, counsel to the Borrower, as to Liberian law, covering the matters
set forth in Exhibit B-1 hereto;

 

		(b)	Stephenson Harwood LLP, counsel to the Facility Agent, as to English law, covering the matters
set forth in Exhibit B-2 hereto;

 

		(c)	Norton Rose Fulbright (Germany) LLP, counsel to the Facility Agent and the Lenders as to German
law;

 

		(d)	Clifford Chance US LLP, United States tax counsel to the Facility Agent for the benefit of the
Lenders, covering the matters set forth in Exhibit B-3 hereto;

 

		(e)	DLA Piper Finland Oy, counsel to the Facility Agent for the benefit of the Lenders, as to Finnish
law, covering the matters set forth in Exhibit B-4 hereto including, among others, the validity and enforceability of the Second
Finnvera Guarantee;

 

		(f)	counsel to the Facility Agent and the Lenders as to the law governing the Pledge Agreement, covering
the validity and enforceability of the Pledge Agreement; and

 

		(g)	if requested by a Lender at least 90 days prior to the expected Disbursement Date in order to comply
with Article 194 of the Regulation (EU) No 575/2013 (CRR), a single legal opinion (for the benefit of all the Lenders notwithstanding
that not all the Lenders have requested the same) on matters of German law related to the validity and enforceability of the Hermes
Insurance Policy,

 

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

 

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SECTION 5.1.3. Finnvera Guarantee
and Hermes Insurance Policy 

 

		(a)	The Finnvera Guarantee shall have been duly executed and delivered to the Facility Agent and shall
be in full force and effect subject only to payment of the Finnvera Premium to Finnvera out of the proceeds of the FEC Loan and,
as at the Disbursement Date, there are no written instructions from Finnvera in effect under clause 6.1 of the Finnvera General
Terms requiring the FEC Lenders to cease disbursement of the FEC Loan.

 

		(b)	If applicable, the Second Finnvera Guarantee shall have been duly executed and delivered to the
Facility Agent and shall be in full force and effect subject only to payment of the Finnvera Balancing Premium to Finnvera out
of the proceeds of the FEC Balancing Loan and, as at the Disbursement Date, there are no written instructions from Finnvera in
effect under clause 6.1 of the Finnvera General Terms requiring the Finnvera Balancing Lenders to cease disbursement of the Finnvera
Balancing Loan.

 

		(c)	The Facility Agent shall have received the Hermes Insurance Policy duly issued and shall be in
full force and effect subject only to payment of the Hermes Fee out of the proceeds of the Hermes Loan.

 

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

 

SECTION 5.1.4. Closing Fees,
Expenses, etc. 

 

The Facility Agent
shall have received for its own account, or for the account of each Finance Party, 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 Finance Party)
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 counsels to the Facility Agent) required to be paid by the Borrower pursuant to Section 11.3 or that the Borrower
has otherwise agreed in writing to pay to the Facility Agent, in each case on or prior to the date of such funding.

 

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

 

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

 

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

 

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

 

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SECTION 5.1.6. Loan Request 

 

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

 

		(a)	certified as true (by the Builder) copies of the “Buyer’s Invoice” received by the Builder
from the Borrower pursuant to sub-paragraph (b) of paragraph 2 of Appendix B of the Construction Contract in relation to the incurred
NYC Allowance;

 

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

 

		(c)	copies of the wire transfers for all payments by the Borrower
to the Builder under the Construction Contract in respect of the Contract Price prior to the Borrower’s service of the Loan Request;

 

		(d)	the Hermes Documentary Requirements as notified by the Facility Agent to the Borrower pursuant
to Section 2.3(a); and

 

		(e)	a certified true copy of the Construction Contract together with each addendum thereto which is
in effect on the date of the Loan Request.

 

SECTION 5.1.7. Foreign Exchange
Counterparty Confirmations 

 

		(a)	The Facility Agent shall have received a copy of each foreign exchange counterparty confirmation
entered into by the Borrower in respect of the payment of the instalments of the Contract Price (other than that relating to the
NYC Allowance) at least ten (10) Business Days prior to the proposed Disbursement Date.

 

		(b)	Following consultation with the Facility Agent the Borrower shall supply to the Facility Agent
at least three (3) Business Days prior to the date of the Loan Request its calculation of the US Dollar Maximum Loan Amount under
paragraph (a) of the definition of the term “US Dollar Equivalent”.

 

SECTION 5.1.8.
Pledge Agreement 

 

The Pledge Agreement
shall be duly executed by the parties thereto and delivered to the Facility Agent not less than thirty (30) days prior to the Disbursement
Date.

 

SECTION 5.1.9. FEC Financing
Documents

 

		(a)	A copy of the duly executed FEC Transfer Documents.

 

		(b)	The FEC Transfer Documents being in full force and effect and where applicable, from and after
the Disbursement Date.

 

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

 

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

 

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SECTION 6.1. Organisation, etc. 

 

The Borrower is a corporation
validly organised 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, permits, consents
and other approvals necessary to enter into each Loan Document to which it is a party and to perform the Obligations.

 

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

 

The execution, delivery
and performance by the Borrower of this Agreement and each other Loan Document are within the Borrower’s corporate powers, have
been duly authorised 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: (i) as would not reasonably be expected to result in a Material Adverse Effect or (ii) Liens created under the Loan Documents.

 

SECTION 6.3. Government Approval, Regulation,
etc.

 

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

 

SECTION 6.4. Compliance with Laws 

 

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

 

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

 

(c)       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 and
each of the other Loan Documents 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
(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

 

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		(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 other than Indebtedness preferred as a matter of law.

 

SECTION 6.10. Withholding, etc. 

 

As of the Effective
Date, no payment to be made by 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 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).

 

SECTION 6.13. Investment Company Act 

 

The Borrower is not
required to register as 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 realised). 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.

 

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ARTICLE VII

COVENANTS

 

SECTION 7.1. Affirmative Covenants 

 

The Borrower agrees
with the Facility Agent and each Lender that, from the Effective Date (or, where applicable, from such time as may be stated in
any applicable provision below) until all Commitments have terminated and all Obligations have been paid in full, the 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 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;

 

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		(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)	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;

 

		(g)	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;

 

		(h)	information that identifies the Borrower and any Affiliate of the Borrower party to a Loan Document,
which may include the name and address of the Borrower and that Affiliate, the organisational documents of the Borrower and any
such Affiliate and such other information that will allow the Facility Agent or a Lender and/or its Affiliates to comply with its
obligations under the USA Patriot Act; and

 

		(i)	as soon as available and in any event within respectively five (5), ten (10) and forty (40) days
after the end of each monthly, bi-monthly and quarterly period starting on April 1, 2020 during the Financial Covenant Waiver Period,
the information set out in section (F) of the Information Package (in reasonable detail and with appropriate calculations and computations
in all respects reasonably satisfactory to the Facility Agent),

 

provided that
information required to be furnished to the Facility Agent under subsections (a), (b) and (f) 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, authorisations, consents, permits and approvals as may be required for
(a) each Obligor to perform its obligations under the Loan Documents to which it is a party 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, authorisations, 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;

 

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

 

		(d)	compliance with all applicable Environmental Laws;

 

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

 

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

 

SECTION 7.1.4. The Purchased
Vessel 

 

The Borrower will:

 

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

 

		(c)	on the Actual Delivery Date, provide the following to the Facility Agent with respect to the Purchased
Vessel:

 

(i)          
evidence (in the form of a builder’s certificate or bill of sale) as to the ownership of the Purchased Vessel by the Borrower
or one of the Borrower’s 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 protocol of delivery and acceptance in respect of the Purchased Vessel signed by the Builder and the Borrower, certified
as a true and complete copy by an Authorised Officer of the Borrower.

 

		(d)	within seven days after the Actual Delivery Date, 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.

 

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SECTION 7.1.5. Insurance 

 

The Borrower will,
from the Actual Delivery Date, maintain or cause to be maintained with responsible insurance companies insurance with respect to
the Purchased Vessel against such casualties, third-party liabilities and contingencies and in such amounts, in each case, as is
customary for other businesses of similar size in the passenger cruise line industry (provided that in no event will the
Borrower or any Subsidiary be required to obtain any business interruption, loss of hire or delay in delivery insurance) and will,
upon request of the Facility Agent, furnish to the Facility Agent (with sufficient copies for distribution to each Lender) at reasonable
intervals a certificate of a senior officer of the Borrower or its relevant Subsidiary with respect to the Purchased Vessel 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 and upon reasonable prior notice, to visit each of
its offices, to discuss its financial matters with its officers and to examine any of its books or other corporate records.

 

SECTION 7.1.7. Finnish Authority
and Hermes Requests 

 

		(a)	The Borrower shall, on the reasonable request of the Facility Agent, provide such information or
documents as required under the Credit Support Documents as necessary in each case to enable the Lenders to obtain the full support
of FEC and Finnvera as provided for in the Credit Support Documents. In particular but without limitation the Borrower shall provide
to the Finnish Ministry such information as required for monitoring and supervision purposes and is relevant to the FEC Financing
and the Borrower, the Facility Agent and each of the Original Lenders shall allow representatives of the Finnish Ministry to visit
their offices for this purpose.

 

Where the Guarantee
Holder as holder of the Finnvera Guarantee or, if applicable, the Second Finnvera Guarantee receives a request for any material
amendment, consent or waiver under this Agreement, the Guarantee Holder shall ask for Finnvera’s consent in respect of any such
material amendment, consent or waiver (which consent shall not be unreasonably withheld or delayed). The Borrower and the Lenders
acknowledge that Finnvera is entitled to instruct the Guarantee Holder, the FEC Lenders and, if applicable, the Finnvera Balancing
Lenders how to exercise their rights regarding the FEC Loan or, if applicable, the Finnvera Balancing Loan under this Agreement.
The Facility Agent shall procure that the Guarantee Holder shall comply, and the FEC Lenders and, if applicable, the Finnvera Balancing
Lenders shall comply, with the written instructions and notices given by Finnvera and shall not exercise any rights under this
Agreement in a manner inconsistent with such written instructions and notices of Finnvera, provided that any such instructions
do not oblige the Guarantee Holder or any FEC Lender or, if applicable, any Finnvera Balancing Lender to act outside of or contrary
to or in beach of its obligations under or the powers and authority conferred on each of them (acting in any capacity) under this
Agreement. For the avoidance of doubt, nothing in this Section 7.1.7 shall affect the obligations of the Guarantee Holder under
clause 4.2 of the Finnvera General Terms.

 

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		(b)	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 Hermes Conditions as necessary in each case to
enable the Hermes Agent, the Facility Agent or the Hermes Lenders 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 Hermes Conditions (as the
case may be). The Borrower shall pay to the Hermes Agent, the Facility Agent or the Hermes Lenders the amount of all reasonable
costs and expenses reasonably incurred by the Hermes Agent, the Facility Agent or the Hermes Lenders in connection with complying
with a request by Hermes or the government of the Federal Republic of Germany for any additional information necessary or desirable
in connection with the Hermes Insurance Policy or the Hermes Conditions; provided that the Borrower is consulted before
the Hermes Agent, the Facility Agent or Hermes Lenders incurs any such cost or expense.

 

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

 

SECTION 7.1.8. Notice of written
amendments to Construction Contract 

 

The
Borrower shall furnish to the Facility Agent, as soon as practicable after such amendment or modification is entered into, (a)
each formal addendum to the Construction Contract (which on its face is identified as an addendum) and (b) notice of any other
written amendment to or written modification of the Construction Contract (other than upward or downward adjustments resulting
from change orders effected as contemplated by the express terms of the Construction Contract) that (i) relates to the amount of
the Contract Price, (ii) relates to the date on which the Purchased Vessel is to be delivered or (iii) (either by itself or when
aggregated with earlier amendments or modifications, if any) results in a decrease in the dimensions or capacity of the Purchased
Vessel in terms of the number of passengers and/or staterooms by more than five per cent (5%), in each case to the extent that
any of the same do not require approval pursuant to Section 7.2.8. 

 

SECTION 7.1.9. Hedging Activities

 

The Borrower shall
deliver to the Facility Agent on a quarterly basis following the Effective Date, a schedule of the Weighted Average Rate, accompanied
by copies of confirmations or screen shots evidencing the entry into, termination or modification of any trades or fixings effected
during such quarter under any agreements entered into by the Borrower from time to time in spot or forward currency markets for
the purchase of EUR with Dollars in order to pay the Contract Price or fix the NYC Applicable Rate.

 

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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 engaged in by the Borrower and its Subsidiaries
on the date hereof and other business activities reasonably related, ancillary or complementary thereto or that are reasonable
extensions thereof.

 

SECTION 7.2.2. Indebtedness 

 

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 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 to be secured under Section 7.2.3(c), at any one time outstanding not exceeding (determined at the time of creation of
such Lien or the incurrence by any Existing Principal Subsidiary of such Indebtedness, as applicable) 10.0% of the total assets
of the 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

 

		(e)	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 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 (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;

 

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

 

		(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 (determined at the time of creation of such Lien or the incurrence by any Existing Principal Subsidiary
of such Indebtedness, as applicable) (i) 10.0% of the total assets of the Borrower and its Subsidiaries (the “Lien Basket
Amount”) taken as a whole as determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter;
provided, however that, if, at any time, the Senior Debt Rating of the Borrower is less than Investment Grade as given by both
Moody’s and S&P, the Lien Basket Amount shall be the greater of (x) 5.0% of the total assets of the 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) $735,000,000;

 

		(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 by more than 60 days or being diligently contested in good faith by appropriate proceedings;

 

		(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;

 

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		(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 favour of
banks or other depository institutions;

 

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

 

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

 

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

 

(ii)
            letters of credit that support such obligations;

 

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

 

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

 

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

 

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SECTION 7.2.4. Financial Condition 

 

The Borrower will not
permit:

 

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

 

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

 

In addition, if, at any time, the Senior Debt Rating of the
Borrower is less than Investment Grade as given by both Moody’s and S&P, the Borrower will not permit Stockholders’ Equity
to be less than, as at the last day of any Fiscal Quarter, the sum of (i) $4,150,000,000 plus (ii) 50% of the consolidated
net income of the Borrower 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. Additional Undertakings

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(x)	$250,000,000 plus

 

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

 

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

 

		(1)	if not already held by a First Priority Guarantor, such
Excess Proceeds shall be promptly transferred to a First Priority Guarantor to be (x) retained in an account and on the balance
sheet of that First Priority Guarantor and (y) used solely (i) for capital expenditures for the benefit of the remaining First
Priority Assets or for the purposes of any asset purchase by that First Priority Guarantor or (ii) to make an offer to each ECA
Guarantor in accordance with the following sub-clause (2); or

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(x)	$250,000,000 plus

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(x)	$250,000,000 plus

 

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

 

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

 

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

 

(i)           the Borrower will, within 15 Business Days of the purchase of the relevant ECA Financed Vessel, cause the applicable New
Guarantor to provide (A) an Additional Guarantee, together with each equivalent Other Guarantee required to be provided under the
terms of the other ECA Financings (as amended from time to time) and (B) all documents and information required by the Lenders
in order to satisfy any applicable “know your customer” checks and any other reasonable condition precedent requirements
of the Lenders (excluding, for the avoidance of doubt, legal opinions); provided that, in each case, if such New Guarantor is party
to a Senior Guarantee at such time, the Facility Agent shall have contemporaneously entered into a New Guarantor Subordination
Agreement; and

 

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

 

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

 

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

 

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

 

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

 

		(e)	Further Assurances. At the Borrower’s reasonable request, the Facility Agent shall execute
(i) any Additional Subordination Agreement or any Subordination Agreement, in substantially the form attached hereto as Exhibit
N or Exhibit O with such changes, or otherwise in form and substance, reasonably satisfactory to the Facility Agent (acting upon
the instructions of the Required Lenders) to ensure the required priority of the Second Priority Guarantee and the Third Priority
Guarantee and (ii) any New Guarantor Subordination Agreement contemporaneously with the execution of any Senior Guarantee by a
New Guarantor if such New Guarantor has granted an Additional Guarantee at such time.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iv)
          each Additional Guarantee shall be automatically released upon the occurrence of both a Second Priority Release Event and a Third
Priority Release Event,

 

provided in
each case that upon the Borrower’s request, the Facility Agent shall promptly confirm in writing the release of the applicable
Guarantee following the occurrence of the relevant release event.

 

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
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 or Prepayment Event 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:

 

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

 

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

 

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

 

SECTION 7.2.7. Asset Dispositions,
etc. 

 

Subject to Section
7.2.5, 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, all or substantially all of the assets of (a) the Borrower or (b) the
Subsidiaries of the Borrower, taken as a whole, except sales of assets between or among the Borrower and Subsidiaries of the Borrower.

 

SECTION 7.2.8. Construction
Contract 

 

The Borrower will not
amend or modify any term or condition of the Construction Contract if such amendment or modification results in (i) a change of
type of the Purchased Vessel or (ii) (either by itself or when aggregated with earlier amendments or modifications, if any) a decrease
in the capacity of the Purchased Vessel in terms of the number of passengers and/or staterooms by more than five per cent (5%)
or (iii) the Purchased Vessel being unable to comply with applicable laws (including Environmental Laws) if, in the reasonable
opinion of each of Finnvera and the Hermes Agent, such inability has or could reasonably be expected to have a Material Adverse
Effect.

 

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SECTION 7.2.9. Shipbuilding
Contracts with Builder

 

During the Financial
Covenant Waiver Period the Borrower shall (i) use its best endeavours to fulfil its obligations under its existing shipbuilding
contracts with the Builder, in particular but without limitation not unreasonably, unduly, and without consultation delaying the
payment of instalments payable under such shipbuilding contracts and/or the delivery dates for vessels under construction at the
Builder’s yard, (ii) work together reasonably with the Builder to resolve any crisis-related construction delays and (iii) negotiate
with the Builder possible changes to any such shipbuilding contracts in good faith and on a best efforts basis.

 

SECTION 7.2.10. Borrower’s
Procurement Undertaking

 

Where any of the covenants
set out in this Agreement require or purport to require performance by a Guarantor or any Subsidiary of the Borrower, the Borrower
shall procure the performance of that obligation by such Guarantor or Subsidiary.

 

SECTION 7.3. Limitation in respect of
Certain Representations, Warranties and Covenants

 

The representations
and warranties and covenants given in Section 6.4(b) and Section 7.1.3(f) respectively shall only be given, and be applicable to,
a Lender resident in the Federal Republic of Germany insofar as the giving of and compliance with such representations and warranties
do not result in a violation of or conflict with section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung)
(in conjunction with section 4 paragraph 1 a no.3 foreign trade law (AWG) (Außenwirtschaftsgesetz)), any provision
of Council Regulation (EC) 2271/1996 in conjunction with (EU) 2018/1100 or any similar applicable anti-boycott law or regulation.

 

ARTICLE VIII

EVENTS OF DEFAULT

 

SECTION 8.1. Listing of Events of Default.
Each of the following events or occurrences described in this Section 8.1 shall constitute an “Event of Default”.

 

SECTION 8.1.1. Non-Payment
of Obligations 

 

The Borrower shall
default in the payment when due of any principal of or interest on the Loan or any Commitment Fees or Break Costs, or the Borrower
shall default in the payment of any other fee due and payable under any Fee Letter, provided that, in the case only of any
default in the payment of any interest on the Loan or of any Commitment Fees, such default shall continue unremedied for a period
of at least five (5) 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 Break Costs or of any other fee due and payable under any 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) or
under any other Loan Document is or shall be incorrect in any material respect when made.

 

SECTION 8.1.3. Non-Performance
of Certain Covenants and Obligations 

 

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 

 

(a) The Borrower or
any of the Principal Subsidiaries shall fail to pay any Indebtedness that is outstanding in a principal amount of at least $100,000,000
(or the equivalent in other currencies) in the aggregate (but excluding Indebtedness hereunder or with respect to Hedging Instruments)
when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise),
and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to
such Indebtedness; (b) the occurrence under any Hedging Instrument of an Early Termination Date (as defined in such Hedging Instrument)
resulting from (A) any event of default under such Hedging Instrument as to which the Borrower is the Defaulting Party (as defined
in such Hedging Instrument) or (B) any Termination Event (as so defined) as to which the Borrower is an Affected Party (as so defined)
and, in either event, the termination value with respect to any such Hedging Instrument owed by the Borrower as a result thereof
is greater than $100,000,000 and the Borrower fails to pay such termination value when due after applicable grace periods; (c)
any other event shall occur or condition shall exist under any agreement or instrument evidencing, securing or relating to any
such Indebtedness and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the
effect of such event or condition is to cause or permit the holder or holders of such Indebtedness to cause such Indebtedness to
become due and payable prior to its scheduled maturity (other than as a result of any sale or other disposition of any property
or assets under the terms of such Indebtedness); or (d) any such Indebtedness shall be declared to be due and payable or required
to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption or by voluntary agreement), purchased
or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness is required to be made, in each case prior to
the scheduled maturity thereof (other than as a result of any sale or other disposition of any property or assets under the terms
of such Indebtedness); provided that any required prepayment or right to require prepayment triggered by terms that are certified
by the Borrower to be unique to, but customary in, ship financings shall not constitute an Event of Default under this Section
8.1.4 so long as any required prepayment is made when due. For purposes of determining Indebtedness for any Hedging Instrument,
the principal amount of the obligations under any such instrument at any time shall be the maximum aggregate amount (giving effect
to any netting agreements) that the Borrower or any Principal Subsidiary would be required to pay if such instrument were terminated
at such time. This Section 8.1.4 is subject to the further proviso that any breach of financial covenants equivalent to those in
Section 7.2.4 under or in relation to any other Hermes-backed or Finnvera-backed facility agreement to which the Borrower or Silversea
Cruise Holding Ltd. is a party as borrower or guarantor shall not, to the extent that such breach occurs during the Financial Covenant
Waiver Period (but without prejudice to the rights of the Lenders in respect of any further breach that may occur following the
expiry of the Financial Covenant Waiver Period), constitute an Event of Default under this Agreement provided that no Prepayment
Event has occurred under Section 9.1.12.

 

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SECTION 8.1.5. Bankruptcy,
Insolvency, etc. 

 

The Borrower, any of
the Material Guarantors or any of the Principal Subsidiaries (or any of its other Subsidiaries to the extent that the relevant
event described below would have a Material Adverse Effect) shall:

 

		(a)	generally fail to pay, or admit in writing its inability to pay, its debts as they become due;

 

		(b)	apply for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or
other custodian for it or any of its property, or make a general assignment for the benefit of creditors;

 

		(c)	in the absence of such application, consent or acquiescence, permit or suffer to exist the appointment
of a trustee, receiver, sequestrator or other custodian for it or for a substantial part of its property, and such trustee, receiver,
sequestrator or other custodian shall not be discharged within 60 days, provided that in the case of such an event in respect
of the Borrower or any Material Guarantor, such Person hereby expressly authorises the Facility Agent and each Lender to appear
in any court conducting any relevant proceeding during such 60-day period to preserve, protect and defend their respective rights
under the Loan Documents;

 

		(d)	permit or suffer to exist the commencement of any bankruptcy, reorganisation, debt arrangement
or other case or proceeding under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in
respect of the Borrower, any Material Guarantor or any of such Subsidiaries, and, if any such case or proceeding is not commenced
by the Borrower, such Material Guarantor or such Subsidiary, such case or proceeding shall be consented to or acquiesced in by
the Borrower, such Material Guarantor or such Subsidiary or shall result in the entry of an order for relief or shall remain for
60 days undismissed, provided that the Borrower and each Material Guarantor hereby expressly authorises the Facility Agent
and each Lender to appear in any court conducting any such case or proceeding during such 60-day period to preserve, protect and
defend their respective rights under the Loan Documents; or

 

		(e)	take any corporate action authorising, or in furtherance of, any of the foregoing.

 

SECTION 8.2. Action if Bankruptcy 

 

If any Event of Default
described in clauses (b) through (d) of Section 8.1.5 shall occur with respect to 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.

 

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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 Majority 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 or payable on demand and/or the Commitments (if not previously terminated) to be terminated, whereupon the full unpaid
amount of the Loan and other Obligations shall be and become immediately due and payable or payable on demand (as the case may
be), without further notice, demand or presentment, and/or, as the case may be, the Commitments shall terminate provided that
the Facility Agent shall if so instructed by (i) FEC (where it is the only Lender of the FEC Loan (acting on the instructions of
Finnvera)) in relation the FEC Loan, or (ii) the Majority Lenders (other than FEC) (with the approval of Hermes) in relation to
the Hermes Loan and/or (with the approval of Finnvera) in relation to the Finnvera Balancing Loan, by notice to the Borrower:

 

		(a)	cancel all or any part of the (i) FEC Tranche A Commitment and/or the FEC Tranche B Commitment
in the case of FEC and/or (ii) the Finnvera Balancing Commitment and/or the Hermes Commitment (as the case may be) in the case
of the Majority Lenders (other than FEC); and/or

 

		(b)	declare that all or part of any amounts outstanding under the Loan Documents in respect of the
Loan or any part thereof are:

 

		(i)	immediately due and payable; and/or

 

		(ii)	payable on demand by the Facility Agent acting on the instructions of FEC in relation to the FEC
Loan and the Majority Lenders (other than FEC) in relation to the Hermes Loan, and/or, if applicable, the Finnvera Balancing Loan.

 

Any notice given under
this sub-clause will take effect in accordance with its terms, provided that unless Finnvera has instructed otherwise FEC agrees
to consult with the Transferring Lenders (acting in any capacity in relation the FEC Loan), the Hermes Lenders or the Finnvera
Balancing Lenders as applicable for a period not exceeding ten (10) Business Days before giving instructions to the Facility Agent
as to the measures to be taken in relation to the acceleration or repayment of the FEC Loan pursuant to this Section 8.3.

 

ARTICLE IX

PREPAYMENT EVENTS

 

SECTION 9.1. Listing of Prepayment Events 

 

Each of the following
events or occurrences described in this Section 9.1 shall constitute a “Prepayment Event”.

 

SECTION 9.1.1. Change of Control

 

There occurs any Change
of Control.

 

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SECTION 9.1.2. Unenforceability

 

Any Loan Document shall
cease to be the legally valid, binding and enforceable obligation of the Borrower or, to the extent applicable, any Material Guarantor
(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 B-1 or in any opinion delivered to the Facility Agent after the Effective
Date in connection with this Agreement or (ii) that a court of competent jurisdiction has determined are not material) and such
event shall continue unremedied for 15 days after notice thereof has been given to the Borrower by the Facility Agent.

 

SECTION 9.1.3. Approvals

 

Any material license,
consent, authorisation, registration or approval at any time necessary to enable the Borrower, any Material Guarantor or any Principal
Subsidiary to conduct its business shall be revoked, withdrawn or otherwise cease to be in full force and effect, unless the same
would not have a Material Adverse Effect.

 

SECTION 9.1.4. Non-Performance
of Certain Covenants and Obligations

 

The Borrower shall
default in the due performance and observance of any of the covenants set forth in Section 4.12 or Section 7.2.4; provided that
any default in respect of the due performance or observance of any of the covenants set forth in Section 7.2.4 that occurs during
the Financial Covenant Waiver Period (as long as no Event of Default under Section 8.1.5 has occurred and is continuing, or no
Prepayment Event under Section 9.1.12 or Section 9.1.13 has occurred, in each case during the Financial Covenant Waiver Period)
shall not constitute a Prepayment Event.

 

SECTION 9.1.5. Judgments

 

Any judgment or order
for the payment of money in excess of $100,000,000 shall be rendered against 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

 

		(b)	there shall be any period of 30 consecutive days during which a stay of enforcement of such judgment
or order, by reason of a pending appeal or otherwise, shall not be in effect.

 

SECTION 9.1.6. Condemnation,
etc.

 

The Purchased Vessel
shall be condemned or otherwise taken under colour of law or requisitioned and the same shall continue unremedied for at least
20 days, unless such condemnation or other taking would not have a Material Adverse Effect.

 

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SECTION 9.1.7. Arrest

 

The Purchased Vessel
shall be arrested and the same shall continue unremedied for at least 20 days, unless such arrest would not have a Material Adverse
Effect.

 

SECTION 9.1.8. Sale/Disposal
of the Purchased Vessel

 

The Purchased Vessel
is sold to a company which is not 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 9.1.9. Termination
of the Construction Contract

 

If the Construction
Contract is terminated in accordance with its terms or by other lawful means prior to delivery of the Purchased Vessel and the
parties thereto do not reach an agreement to reinstate the Construction Contract within 30 days after such termination.

 

SECTION 9.1.10. FEC Reassignment
and Termination, etc. of the Finnvera Guarantee, the Hermes Insurance Policy or the Second Finnvera Guarantee

 

(A)       FEC
Reassignment

 

		(a)	The parties to this Agreement acknowledge that FEC has the right, pursuant to and in accordance
with clause 11.3 of the FEC Supplemental Assignment Agreement, to effect a reassignment and/or re-transfer by way of Transfer Certificate
of any part of the FEC Loan to the relevant Transferring Lender if and only if the circumstances set out in clause 11.3 of the
FEC Supplemental Assignment Agreement occur, namely if the Finnvera Guarantee is, due to a reason not attributable to FEC, repudiated,
withdrawn, suspended, terminated or cancelled or otherwise ceases to be in full force and effect or binding or enforceable against
Finnvera (the “FEC Reassignment”).

 

		(b)	If an FEC Reassignment is at any time effected by FEC other than as a result of any gross negligence
or wilful misconduct of the Facility Agent, the Guarantee Holder or any of the Transferring Lenders, (any such FEC Reassignment
hereinafter referred to as the “FEC Prepayment Event”), the mandatory prepayments and cancellation provisions
contained in Section 9.2 shall apply and the Borrower shall be liable to pay any Break Costs determined in accordance with Section
4.4.1.

 

		(c)	In the event of an FEC Reassignment as a result of any gross negligence or wilful misconduct of
the Facility Agent, the Guarantee Holder or any of the Transferring Lenders, no such mandatory prepayment shall be required and
the parties to this Agreement acknowledge and agree that:

 

(i)       each
such Transferring Lender, the Facility Agent or the Guarantee Holder shall be liable to pay FEC in its capacity as Fixed Rate Provider,
any Break Costs determined in accordance with Section 4.4.1(A)b and any other fees, costs or expenses required to be paid and the
Facility Agent shall procure that the Guarantee Holder shall make any such payment for which it is liable;

 

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(ii)       from
the date of the FEC Reassignment the Borrower shall pay interest on the relevant part of the FEC Loan at the Floating Rate; and

 

(iii)       the
Borrower shall not be liable to pay any Break Costs or any other fees costs or expenses required to be paid as a result of the
FEC Reassignment.

 

		(d)	References to the provisions of the FEC Supplemental Assignment Agreement referred to in this Section
9.1.10(A) shall be to such provisions in the form of the FEC Supplemental Assignment Agreement as originally executed provided
no amendments or supplements thereto shall be agreed without the Borrower’s prior written consent in which case such references
shall be to such provisions of the FEC Supplemental Assignment Agreement as amended or supplemented.

 

		(e)	The parties to this Agreement acknowledge and agree that if the Transferring Lenders exercise their
right to request a re-assignment and/or re-transfer of the FEC Loan pursuant to clause 13.2 of the FEC Supplemental Assignment
Agreement, the Borrower shall not be liable to pay any costs and expenses, including but not limited to Break Costs, that are incurred
by any party as a result of such re-assignment and/or re-transfer.

 

		(f)	If Section 9.1.10(A)(c)(ii) applies, the Facility Agent and the Borrower shall enter in good faith
negotiations (for a period of not more than thirty (30) days commencing from the date of the FEC Reassignment) with a view to agreeing
a substitute basis for determining the rate of interest taking into account the creditworthiness and borrowing credentials of the
Borrower and the cost to the Transferring Lenders of funding their respective participations in the FEC Loan.

 

		(g)	From the date of the FEC Reassignment and unless and until an alternative rate is agreed in accordance
with paragraph (f) above, the rate of interest on the relevant part of the FEC Loan for the relevant Interest Period shall be the
percentage rate per annum which is the weighted average of the rates notified in good faith to the Facility Agent by each Transferring
Lender as soon as practicable and in any event within seven (7) Business Days of the date of the FEC Reassignment (or, if earlier,
on the date falling three (3) Business Days before the date on which interest is due to be paid in respect of that Interest Period),
to be that which expresses as a percentage rate per annum and in the relevant Transferring Lender’s good faith the cost to
the relevant Transferring Lender of funding its participation in that FEC Loan from whatever source it may reasonably select.

 

		(h)	Any alternative basis agreed pursuant to paragraph (f) above shall, with the prior consent of all
the Transferring Lenders and the Borrower, be binding on those parties.

 

	(B)	Termination etc. of Finnvera Guarantee or Second Finnvera
Guarantee

 

If, prior
to the date of Final Maturity the Finnvera Guarantee and/or, if applicable, the Second Finnvera Guarantee is suspended, terminated
or withdrawn by Finnvera or otherwise ceases to be of full force and effect other than as a result of:

 

(i)       a
reason attributable to the gross negligence or wilful misconduct of FEC, the Facility Agent, the Guarantee Holder or any of the
Lenders; or

 

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(ii)      an
FEC Prepayment Event,

 

then in such
event, the Facility Agent shall, as soon as reasonably practicable upon becoming aware of the same, notify the Borrower, giving
details available of the reasons or grounds for such suspension, termination or withdrawal and shall provide to the Borrower copies
of documents, or extracts thereof, as it may have in its possession in relation thereto (and the Lenders shall provide and the
Facility Agent shall procure that the Guarantee Holder shall provide such information to the Facility Agent as it may reasonably
request in order for it to comply with this requirement), to the extent not prohibited by applicable law and without requiring
it to breach any obligation binding upon it.

 

(C)         Termination
etc. of Hermes Insurance Policy

 

If the
Hermes Insurance Policy fails to be in full force and effect, is terminated or cancelled or is no longer valid, or it is suspended
for more than three (3) months, in each case, so long as (a) such failure, termination, cancellation, invalidity or suspension
is not due to any gross negligence or wilful misconduct on the part of any Lender and (b) the relevant parties to the Hermes Insurance
Policy do not reach an agreement to reinstate the Hermes Insurance Policy within 30 days after such failure, termination, cancellation
or invalidity or the end of such three (3) month suspension period, as the case may be.

 

SECTION 9.1.11. Illegality

 

No later than the close
of business on the last day of the Option Period related to the giving of any Illegality Notice by an affected Lender pursuant
to Section 3.2.2(c), either: (x) the Borrower has not elected to take an action specified in clause (I) or (II) of Section 3.2.2(c)
or (y) if any such election shall have been made, the Borrower has failed to take the action required in respect of such election.

 

SECTION 9.1.12. Dividend

 

The Borrower declares,
pays or makes or agrees to pay or make, directly or indirectly, any Dividend, except for (i) dividends or other distributions with
respect to its Equity Interests payable solely in additional shares of its Equity Interests or options to purchase Equity Interests,
(ii) Dividends pursuant to and in accordance with stock option plans or other benefit plans (including with respect to performance
shares issued in the ordinary course of business) for present or former officers, directors, consultants or employees of the Borrower
in the ordinary course of business consistent with past practice and (iii) the payment of cash in lieu of the issuance of fractional
shares in connection with the exercise of warrants, options or other securities convertible into or exercisable for Equity Interests
of the Borrower.

 

SECTION 9.1.13. Principles.

 

The Borrower shall
default in the due performance and observance of the Principles and if capable of remedy such default shall continue unremedied
for a period of ten (10) days after notice thereof shall have been given to the Borrower by the Facility Agent; provided that,
if the default does not otherwise constitute a Default or a Prepayment Event under another Section of this Agreement, as amended
to date, the Borrower, the Facility Agent, Hermes and/or Finnvera shall negotiate a resolution in good faith for a maximum period
of fifteen (15) days after notice thereof shall have been given to the Borrower by the Facility Agent.

 

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SECTION 9.2. Mandatory Prepayment

 

If any Prepayment Event
shall occur and be continuing (and subject, in the case of Section 9.1.10 (C), to Section 11.20), the Facility Agent, upon the
direction of the Majority Lenders, shall by notice to the Borrower either (i) if the Disbursement Date has occurred and the Loan
disbursed require the Borrower to prepay in full on the date stipulated in such notice or, in the case of a notice served on the
Borrower in respect of a Prepayment Event under Section 9.1.11, within 15 Business Days, all principal of and interest on the Loan
and all other Obligations (and, in such event, the Borrower agrees to so pay the full unpaid amount of the Loan and all accrued
and unpaid interest thereon and all other Obligations) or (ii) if the Disbursement Date has not occurred, terminate the Commitments;
provided that:

 

		(a)	if such Prepayment Event arises under Section 9.1.11, the remedy available under this Section 9.2
shall be limited to that provided in clause (i) above and only with respect to the portion of the Loan held by the affected Lender
that gave the relevant Illegality Notice (the “Affected Lender”) unless the Affected Lender is a Hermes Lender
and any such prepayment of that Hermes Lender’s portion of the Loan would result in the Hermes Loan being less than 5% of
the Loan outstanding at any time in which event the Borrower shall prepay that portion of the Loan required in order to ensure
the Hermes Loan is not less than 5% of the aggregate Loans together with interest and all other Obligations as provided by clause
(i) above;

 

		(b)	if the Prepayment Event arises under Section 9.1.10(A) or (B), the Borrower shall (i) prepay the
FEC Loan together with interest and all other Obligations or the FEC Commitment shall be cancelled (as the case may be) in respect
of any termination of the Finnvera Guarantee or any FEC Reassignment resulting therefrom and/or (ii) in the case of Section 9.1.10(B)
only and if applicable, prepay the Finnvera Balancing Loan together with interest and all other Obligations or the Finnvera Balancing
Commitment shall be cancelled (as the case may be) in respect of any termination of the Second Finnvera Guarantee; and

 

		(c)	if the Prepayment Event arises under Section 9.1.10(C) and no alternative arrangements have been
agreed during the Mitigation Period under and in accordance with Section 11.20, the Borrower shall prepay the Loan together with
interest and all other Obligations or the total Commitments shall be cancelled (as the case may be) as provided above in clause
(i) above.

 

SECTION 9.3. Mitigation.

 

If the Facility Agent
or any of the Lenders has actual notice and/or knowledge of any potential suspension, termination or withdrawal of the Finnvera
Guarantee and/or if applicable, the Second Finnvera Guarantee or becomes aware that an event or circumstance has arisen which will
cause the Finnvera Guarantee and/or, if applicable, the Second Finnvera Guarantee to be suspended, terminated or withdrawn for
any reason or no longer remain in full force and effect it shall notify the Borrower and, in the case of such Lender, the Facility
Agent. Following such notification the Lenders, the Borrower and the Facility Agent shall (at the cost and expense of the Borrower)
negotiate in good faith for a period of up to 30 days or, if less, the date by which the Finnvera Guarantee and/or, if applicable,
the Second Finnvera Guarantee shall be suspended, terminated or withdrawn or cease to be in full force and effect to determine
whether the Facility can be restructured and/or the Loan refinanced in a manner acceptable to each of the Lenders in their absolute
discretion. The Facility Agent (acting on behalf of the Lenders) will request that Finnvera take part in such negotiations but
shall have no obligation other than to send such request to Finnvera. Nothing in this Section shall oblige any Finance Party to
(i) monitor or make enquiries of or any investigation into whether any such suspension, termination or withdrawal etc. of the Finnvera
Guarantee and/or, if applicable, the Second Finnvera Guarantee has occurred or will occur or (ii) agree to any restructuring or
refinancing of the Loan during any such good faith discussions.

 

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ARTICLE X

THE FACILITY AGENT, THE HERMES AGENT AND THE MANDATED LEAD ARRANGERS

 

SECTION 10.1. Actions

 

Each Lender hereby
appoints KfW IPEX, as Facility Agent and as Hermes Agent, as its agent under and for purposes of this Agreement and each other
Loan Document (for purposes of this Article X, the Facility Agent and the Hermes Agent are referred to collectively as the “Agents”).
Each Lender authorises the Agents to act on behalf of such Lender under this Agreement and each other Loan Document and, in the
absence of other written instructions from the Majority 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 Article X 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 Majority 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 or
would in the reasonable opinion of such Agent be contrary to any provision of the Finnvera Guarantee, the Hermes Insurance Policy
or the Second Finnvera Guarantee (as the case may be) or in any way jeopardise the cover provided by such guarantee or policy.

 

SECTION 10.2. Indemnity

 

Each Lender (other
than FEC) shall indemnify (which indemnity shall survive any termination of this Agreement) each Agent, pro rata according to such
Lender’s Percentage, from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation,
reasonable fees and disbursements of counsel) that be incurred by or asserted or awarded against, such Agent in any way relating
to or arising out of this Agreement and any other Loan Document or any action taken or omitted by such Agent under this Agreement
or any other Loan Document; provided that no Lender shall be liable for the payment of any portion of such claims, damages,
losses, liabilities and expenses which have resulted from such Agent’s gross negligence or wilful misconduct. Without limitation
of the foregoing, each Lender agrees to reimburse each Agent promptly upon demand for its ratable share of any out-of-pocket expenses
(including reasonable counsel fees) incurred by such Agent in connection with the preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect
of rights or responsibilities under, this Agreement, to the extent that such Agent is not reimbursed for such expenses by the Borrower.
In the case of any investigation, litigation or proceeding giving rise to any such indemnified costs, this Section applies whether
any such investigation, litigation or proceeding is brought by any Agent, any Lender or a third party. Neither Agent shall be required
to take any action hereunder or under any other Loan Document, or to prosecute or defend any suit in respect of this Agreement
or any other Loan Document, unless it is expressly required to do so under this Agreement or is indemnified hereunder to its satisfaction.
If any indemnity in favour of an Agent shall be or become, in such Agent’s determination, inadequate, such Agent may call
for additional indemnification from the Lenders and cease to do the acts indemnified against hereunder until such additional indemnity
is given.

 

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SECTION 10.3. Funding Reliance, etc..

 

Each Lender shall notify
the Facility Agent by 4:00 p.m., Frankfurt time, one day prior to the advance of the Loan if it is not able to fund the following
day. Unless the Facility Agent shall have been notified by telephone, confirmed in writing, by any Lender by 4:00 p.m., Frankfurt
time, on the day prior to the advance of the Loan that such Lender will not make available the amount which would constitute its
Percentage of the Loan on the date specified therefor, the Facility Agent may assume that such Lender has made such amount available
to the Facility Agent and, in reliance upon such assumption, may, but shall not be obliged to, make available to the Borrower a
corresponding amount. If and to the extent that such Lender shall not have made such amount available to the Facility Agent, such
Lender and the Borrower severally agree to repay the Facility Agent forthwith on demand such corresponding amount together with
interest thereon, for each day from the date the Facility Agent made such amount available to the Borrower to the date such amount
is repaid to the Facility Agent, at the interest rate applicable at the time to the Loan without premium or penalty.

 

SECTION 10.4. Exculpation

 

Neither of the Agents
nor any of their respective directors, officers, employees or agents shall be liable to any Lender for any action taken or omitted
to be taken by it under this Agreement or any other Loan Document, or in connection herewith or therewith, except for its own wilful
misconduct or gross negligence. Without limitation of the generality of the foregoing, each Agent (i) may consult with legal counsel
(including counsel for the Borrower), independent public accountants and other experts selected by it and shall not be liable for
any action taken or omitted to be taken in good faith by it and in accordance with the advice of such counsel, accountants or experts,
(ii) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties
or representations (whether written or oral) made in or in connection with this Agreement, (iii) shall not have any duty to ascertain
or to inquire as to the performance, observance or satisfaction of any of the terms, covenants or conditions of this Agreement
on the part of the Obligors or the existence at any time of any Default or Prepayment Event or to inspect the property (including
the books and records) of the Obligors, (iv) shall not be responsible to any Lender for the due execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement 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 Obligors to perform
any of its obligations under this Agreement or any other Loan Document; (B) the financial condition of the Obligors; (C) the completeness
or accuracy of any statements, representations or warranties made in or pursuant to this Agreement or any other Loan Document,
or in or pursuant to any document delivered pursuant to or in connection with this Agreement or any other Loan Document; or (D)
the negotiation, execution, effectiveness, genuineness, validity, enforceability, admissibility in evidence or sufficiency of this
Agreement or any other Loan Document or of any document executed or delivered pursuant to or in connection with any Loan Document.

 

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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 (i) shall be subject to the restrictions in the FEC Supplemental Assignment Agreement and (ii) 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 Majority 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 Majority Lenders shall, subject to the consent of the Borrower unless an Event or Default or a Prepayment Event shall
have occurred and be continuing (such consent not to be unreasonably withheld or delayed) offer to each of the other Lenders in
turn, in the order of their respective Percentages of the Loan, the right to become successor Facility Agent). If no successor
Facility Agent shall have been so appointed by the Majority 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 Obligors, this Agreement, the other Loan Documents (the terms and provisions of which being satisfactory to such Lender)
and such other documents, information and investigations as such Lender has deemed appropriate, made its own credit decision to
extend its Commitment. Each Lender also acknowledges that it will, independently of each Agent and each other Lender, and based
on such other documents, information and investigations as it shall deem appropriate at any time, continue to make its own credit
decisions as to exercising or not exercising from time to time any rights and privileges available to it under this Agreement or
any other Loan Document.

 

SECTION 10.8. Copies, etc.

 

Each Agent shall give
prompt notice to each Lender of each notice or request required or permitted to be given to such Agent by 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 Obligors in or pursuant to this Agreement or any other
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 Majority Lenders) and unless
and until such Agent has received from the Lenders any payment which such Agent may require on account of, or any security which
such Agent may require for, any costs, claims, expenses (including legal and other professional fees) and liabilities which it
considers it may incur or sustain in complying with those instructions.

 

SECTION 10.10. The Facility Agent’s
Duties

 

The Facility Agent
shall (i) if requested in writing to do so by a Lender, make enquiry and advise the Lenders as to the performance or observance
of any of the provisions of this Agreement or any other Loan Document by any Obligor or as to the existence of an Event of Default
and (ii) inform the Lenders promptly of any Event of Default of which the Facility Agent has actual knowledge.

 

The Facility Agent
shall not be deemed to have actual knowledge of the falsehood or incompleteness of any representation or warranty made or deemed
repeated by the Obligors or actual knowledge of the occurrence of any Default unless a Lender or 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 Agent shall not be deemed to be information acquired by the Facility Agent
in its capacity as the Facility Agent.

 

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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 other 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 other 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 of every sum of money received by the Facility Agent
pursuant to this Agreement or the other Loan Documents (with the exception of any amounts payable pursuant to any Fee Letter and
any amounts which, by the terms of this Agreement or the other 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 two (2) Business Days
after the date on which that payment was required to be made by the terms of this Agreement or any of the other 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 other Loan Documents and ending on the date on
which the Facility Agent receives reimbursement.

 

SECTION 10.14. Instructions

 

Where an Agent is authorised
or directed to act or refrain from acting in accordance with the instructions of the Lenders or of the Majority Lenders (as the
case may be) each of the Lenders shall provide such Agent with instructions within five (5) Business Days (or such longer period
as is required in the opinion of Hermes or Finnvera (as the case may be) in order for the Lenders to receive instructions from
Hermes and/or Finnvera (as the case may be)) 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 Majority Lenders if such Agent in its discretion considers it necessary or appropriate to
take, or refrain from taking, such action in order to preserve the rights of the Lenders under or in connection with this Agreement
or any of the other 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.

 

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SECTION 10.15. Payments

 

All amounts payable
to a Lender under this Section 10 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 or on behalf of another Lender) in order for the Facility Agent (or that Lender) 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, the other Loan Documents, the FEC
Transfer Certificates, any Transfer Certificates or any Lender Assignment Agreements (as the case may be).

 

SECTION 10.17. No Fiduciary Relationship

 

Except as provided
in Section 10.12, neither 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 other Loan Document shall constitute a partnership between any two or more Lenders
or between either Agent and any other person.

 

SECTION 10.18. Mandated Lead Arrangers

 

(A)       No
Mandated Lead Arranger has any obligations of any kind to the Borrower or any other Finance Party under or in connection with this
Agreement or the other Loan Documents.

 

(B)       Nothing
in any Loan Document constitutes a Mandated Lead Arranger as a trustee or fiduciary of any other person.

 

(C)       No
Mandated Lead Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for
its own account.

 

ARTICLE XI

MISCELLANEOUS PROVISIONS

 

SECTION 11.1. Waivers, Amendments, etc.

 

		(A)	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 Majority Lenders
(acting with the consent of Finnvera and Hermes in respect of any material amendment, modification or waiver); 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, Hermes
or Finnvera shall be effective unless consented to by each Lender;

 

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		(b)	modify this Section 11.1 or change the definition of “Majority Lenders” shall be made
without the consent of each Lender;

 

		(c)	increase the Commitment of any Lender shall be made without the consent of such Lender;

 

		(d)	reduce any fees described in Article III payable to any Lender shall be made without the consent
of such Lender;

 

		(e)	extend the Commitment Termination Date of any Lender shall be made without the consent of such
Lender;

 

		(f)	extend the due date for, or reduce the amount of, any scheduled repayment or prepayment of principal
of or interest on the Loan (or reduce the principal amount of or rate of interest on the Loan) owed to any Lender shall be made
without the consent of such Lender; or

 

		(g)	affect adversely the interests, rights or obligations of the Facility Agent in its capacity as
such shall be made without consent of the Facility Agent.

 

		(B)	The Facility Agent shall be entitled to request instructions, or clarification of any instruction,
from the Majority Lenders in relation to the Loan (or, if the relevant Loan Document stipulates the matter is a decision for any
other Lender, Hermes, Finnvera or group of Lenders from that Lender, Hermes, Finnvera or group of Lenders) as to whether, and in
what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Facility Agent may
refrain from acting unless and until it receives any such instructions or clarification that it has requested.

 

		(C)	The Facility Agent is fully protected if it acts on the instructions of the Majority Lenders in
relation to the Loan in the exercise of any right, authority, power or discretion or any matter not expressly provided for in the
Loan Documents or the Credit Support Documents. Any such instructions given by the Majority Lenders will be binding on the relevant
Lenders or all the Lenders (as the case may be). In the absence of instructions, the Facility Agent may act as it considers to
be in the best interests of all the Lenders.

 

		(D)	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 the Facility Agent or any Lender under this Agreement or any other Loan Document shall, except as may be otherwise
stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval hereunder shall require any
similar or dissimilar waiver or approval thereafter to be granted hereunder. The Lenders hereby agree, at any time and from time
to time that the Nordea Agreement or the Bank of Nova Scotia Agreement is amended or refinanced to negotiate in good faith to amend
this Agreement (but expressly without obligation to agree on any amendment and only on a basis which is strictly a without prejudice
to the rights and benefits of the Finance Parties currently existing under this Agreement) to conform any representations, warranties,
covenants or events of default in this Agreement to the amendments made to any substantially comparable provisions in the Nordea
Agreement or the Bank of Nova Scotia Agreement or any refinancing thereof.

 

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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 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 a Lender Assignment Agreement or Transfer
Certificate (as the case may be) or at such other address 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 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/pdf medium in a format acceptable to the Facility Agent at celine.brochard@kfw.de and maritime-industries-administration@kfw.de
(or such other email address notified by the Facility Agent to the Borrower).

 

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

 

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		(d)	The Facility Agent agrees that the receipt of Communications by the Facility Agent at its e-mail
address set forth above shall constitute effective delivery of such Communications to the Facility Agent for purposes hereunder
and any other Loan Document (and any guaranties, security agreements and other agreements relating thereto).

 

SECTION 11.3. Payment of Costs and Expenses

 

The Borrower agrees
to pay on demand all reasonable expenses of the Finance Parties, FEC, Finnvera and Hermes (including the reasonable fees and out-of-pocket
expenses of primary counsel to the Facility Agent and Lenders (except FEC), and of local counsel, if any, who may be retained by
counsel to the Facility Agent and, in the case of FEC, primary counsel retained by FEC with the Borrower’s prior approval
in connection with the initial syndication of the Loan) in connection with the initial syndication of the Loan and any amendments,
waivers, consents, supplements or other modifications to, this Agreement, any other Loan Document or any Credit Support 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 and of counsel to FEC in
connection with the funding under this Agreement. The Borrower further agrees to pay, and to save the Finance Parties harmless
from all liability for, any stamp, recording, documentary or other similar taxes payable in connection with the execution, delivery
or enforcement of this Agreement or the borrowing hereunder, any other Loan Documents or any Credit Support Document. 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 a Finance Party or Finnvera 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.

 

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SECTION 11.4. Indemnification

 

In consideration of
the execution and delivery of this Agreement by each Lender and the extension of the Commitments, the Borrower hereby indemnifies
and holds harmless the Facility Agent, each Lender and each of their respective Affiliates and their respective officers, advisors,
directors and employees (collectively, the “Indemnified Parties”) from and against any and all claims, damages,
losses, liabilities and expenses (including, without limitation, reasonable fees and disbursements of counsel), joint or several,
that may be incurred by or asserted or awarded against any Indemnified Party (including, without limitation, in connection with
any investigation, litigation or proceeding or the preparation of a defence in connection therewith), in each case arising out
of or in connection with or by reason of this Agreement or the other Loan Documents or the transactions contemplated hereby or
thereby or any actual or proposed use of the proceeds of the Loan (collectively, the “Indemnified Liabilities”),
except to the extent such claim, damage, loss, liability or expense (i) is found in a final, non-appealable judgment by a court
of competent jurisdiction to have resulted primarily from such Indemnified Party’s gross negligence or wilful misconduct
or the material breach by such Indemnified Party of its obligations under this Agreement, any other Loan Document or the Credit
Support Documents and which breach is not attributable to the Borrower’s own breach of the terms of this Agreement, any other
Loan Document or the Credit Support Documents or (ii) relates to taxes other than Covered Taxes. In the case of an investigation,
litigation or other proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not
such investigation, litigation or proceeding is brought by the Borrower, any of its directors, security holders or creditors, an
Indemnified Party or any other person or an Indemnified Party is otherwise a party thereto. Each Indemnified Party shall (a) furnish
the Borrower with prompt notice of any action, suit or other claim covered by this Section 11.4, (b) not agree to any settlement
or compromise of any such action, suit or claim without the Borrower’s prior consent, (c) shall cooperate fully in the Borrower’s
defence of any such action, suit or other claim (provided that the Borrower shall reimburse such Indemnified Party for its
reasonable out-of-pocket expenses incurred pursuant hereto) and (d) at the Borrower’s request, permit the Borrower to assume
control of the defence of any such claim, other than regulatory, supervisory or similar investigations, provided that (i)
the Borrower acknowledges in writing its obligations to indemnify the Indemnified Party in accordance with the terms herein in
connection with such claims, (ii) the Borrower shall keep the Indemnified Party fully informed with respect to the conduct of the
defence of such claim, (iii) the Borrower shall consult in good faith with the Indemnified Party (from time to time and before
taking any material decision) about the conduct of the defence of such claim, (iv) the Borrower shall conduct the defence of such
claim properly and diligently taking into account its own interests and those of the Indemnified Party, (v) the Borrower shall
employ counsel reasonably acceptable to the Indemnified Party and at the Borrower’s expense, and (vi) the Borrower shall
not enter into a settlement with respect to such claim unless either (A) such settlement involves only the payment of a monetary
sum, does not include any performance by or an admission of liability or responsibility on the part of the Indemnified Party, and
contains a provision unconditionally releasing the Indemnified Party and each other indemnified party from, and holding all such
persons harmless, against, all liability in respect of claims by any releasing party or (B) the Indemnified Party provides written
consent to such settlement (such consent not to be unreasonably withheld or delayed). Notwithstanding the Borrower’s election
to assume the defence of such action, the Indemnified Party shall have the right to employ separate counsel and to participate
in the defence of such action and the Borrower shall bear the fees, costs and expenses of such separate counsel if (i) the use
of counsel chosen by the Borrower to represent the Indemnified Party would present such counsel with an actual or potential conflict
of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the Borrower and the Indemnified
Party and the Indemnified Party shall have concluded that there may be legal defences available to it which are different from
or additional to those available to the Borrower and determined that it is necessary to employ separate counsel in order to pursue
such defences (in which case the Borrower shall not have the right to assume the defence of such action on the Indemnified Party’s
behalf), (iii) the Borrower shall not have employed counsel reasonably acceptable to the Indemnified Party to represent the Indemnified
Party within a reasonable time after notice of the institution of such action, or (iv) the Borrower authorises the Indemnified
Party to employ separate counsel at the Borrower’s expense. The Borrower acknowledges that none of the Indemnified Parties
shall have any liability (whether direct or indirect, in contract, tort or otherwise) to the Borrower or any of its security holders
or creditors for or in connection with the transactions contemplated hereby, except to the extent such liability is determined
in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Indemnified Party’s
gross negligence or wilful misconduct. In no event, however, shall any Indemnified Party be liable on any theory of liability for
any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated
savings). If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Borrower hereby agrees to
make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under
applicable law.

 

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SECTION 11.5. Survival

 

The obligations of
the Borrower under Section 4.3, 4.4, 4.5, 4.6, 11.3 and 11.4 and the obligations of the Lenders under Section 10.1, shall in each
case survive any termination of this Agreement and the payment in full of all Obligations. The representations and warranties made
by the Borrower in this Agreement and in each other Loan Document shall survive the execution and delivery of this Agreement and
each such other Loan Document.

 

SECTION 11.6. Severability; Independence
of Obligations

 

Any provision of this
Agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such provision and such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
of this Agreement or such Loan Document or affecting the validity or enforceability of such provision in any other jurisdiction.

 

The Borrower agrees
that the Borrower’s obligations under this Agreement (including its obligation to repay the Loan) (a) are independent of
the Construction Contract and (b) will not be invalidated, suspended or limited in any way by any termination, rescission, cancellation,
invalidation, non-performance or non-completion of the Construction Contract or any other contract, agreement or arrangement relating
thereto (other than the Loan Documents) or any dispute or claim between the Borrower and/or the Builder and/or any suppliers and/or
any other third parties under or in connection with the Construction Contract, or any defence thereto, or any insolvency proceedings
relating to the Builder or any other Person.

 

SECTION 11.7. Headings

 

The various headings
of this Agreement and of each other Loan Document are inserted for convenience only and shall not affect the meaning or interpretation
of this Agreement or such other Loan Document or any provisions hereof or thereof.

 

SECTION 11.8. Execution in Counterparts

 

This Agreement may
be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall
constitute together but one and the same agreement.

 

SECTION 11.9. Third Party Rights

 

		(a)	A person who is not a party to this Agreement has no right under the Contracts (Rights of Third
Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement except that each of Finnvera and Hermes may
enforce and enjoy any rights specifically conferred upon Finnvera or Hermes pursuant to this Agreement.

 

		(b)	Notwithstanding any term of any Loan Document, the consent of any person who is not a party to
a Loan Document (other than Finnvera, FEC (until such time as it becomes a party thereto pursuant to the FEC Transfer Certificates)
or Hermes) is not required to rescind or vary this Agreement at any time.

 

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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 7.2.6, 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
or transfer its Percentage or portion of the Loan to one or more other Persons (a “New Lender”), or sell participations
in its Percentage or portion of the Loan to one or more other Persons subject to this Section 11.11.

 

SECTION 11.11.1. Assignments
and transfers

 

(A) (i) Any Lender
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 share of the Loan; provided that in the case of any assignee or transferee, such assignee or transferee
(other than in the case of FEC) shall be reasonably acceptable to (1) Hermes (in relation to the Hermes Loan) and (2) Finnvera
(in relation to the FEC Loan and, if applicable, the Finnvera Balancing Loan).

 

(ii) Any Lender, with
notice to the Borrower and the Facility Agent in all cases except in the case of an assignment or transfer to FEC or Finnvera,
and, notwithstanding the foregoing clause (i), without the consent of the Borrower, or the Facility Agent may assign or transfer
(a) to FEC or Finnvera (including, but not limited to, an assignment and/or transfer by such Lender as an Original FEC Lender to
FEC under an FEC Transfer Certificate or by FEC to such Lender as an Original FEC Lender) or following the Disbursement Date, to
any of its Affiliates or (b) following the occurrence and during the continuance of an Event of Default under Section 8.1.1, 8.1.4(a)
or 8.1.5, to any other Person, in either case, all or any fraction of such Lender’s portion of the Loan but on the basis
that, in the case of clause (a) and clause (b), any assignee or transferee (other than in the case of FEC or Finnvera) shall be
reasonably acceptable to (1) the Facility Agent and (2) Finnvera (in relation to the FEC Loan and, if applicable, the Finnvera
Balancing Loan and (3) Hermes (in relation to the Hermes Loan).

 

(iii) Any Lender may
(notwithstanding the foregoing clauses, and without notice to, or consent from, the Borrower or the Facility Agent) assign or charge
all or any fraction of its portion of the Loan to any federal reserve bank or central bank as collateral security in connection
with the extension of credit or support by such federal reserve bank or central bank to such Lender.

 

(iv) No Lender may (notwithstanding
the foregoing clauses) assign or transfer any of its rights under this Agreement if the proposed assignment or transfer would result
in a breach of any terms of the Finnvera Guarantee, if applicable, the Second Finnvera Guarantee or the Hermes Insurance Policy.

 

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(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 each of the Finnish Authorities, Hermes and the Facility Agent and the Facility Agent has obtained a prior written
consent from the Finnish Authorities and Hermes.

 

(vi) Nothing in this
Section 11.11.1 shall prejudice the right of a Lender to assign or transfer its rights under this Agreement to the Finnish Authorities
or Hermes, if such assignment or transfer is required to be made by that Lender to the Finnish Authorities and Hermes in accordance
with the Finnvera Guarantee, if applicable, the Second Finnvera Guarantee or the Hermes Insurance Policy.

 

Save in the case of a transfer to FEC pursuant
to the FEC Transfer Documents, 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” or “Transferee Lender”.
Assignments or transfers in a minimum aggregate amount of $25,000,000 (or, if less, all of such Lender’s portion of the Loan
and Commitment) (which assignment or transfer shall be of a constant, and not a varying, percentage of such Lender’s portion
of the Loan) are permitted; provided that the Borrower and the Facility Agent shall be entitled to continue to deal solely
and directly with such Lender in connection with the interests so assigned or transferred to an Assignee Lender or a Transferee
Lender (as the case may be) until:

 

		(a)	written notice of such assignment or transfer, together with payment instructions, addresses and
related information with respect to such Assignee Lender or Transferee Lender, shall have been given to the Borrower and the Facility
Agent by such Lender and such Assignee Lender or Transferee Lender;

 

		(b)	such Assignee Lender or Transferee Lender shall have executed and delivered to the Borrower and
the Facility Agent a Lender Assignment Agreement or a Transfer Certificate as set out in (B) below, accepted by the Facility Agent;

 

		(c)	the Facility Agent on behalf of FEC shall have received the Additional FEC Transfer Documents where
required; and

 

		(d)	the processing fees described below shall have been paid.

 

From and after the date that the Facility
Agent accepts such Lender Assignment Agreement or Transfer Certificate and receives the Additional FEC Transfer Documents where
required, (x) the Assignee Lender or Transferee Lender thereunder shall be deemed automatically to have become a party hereto and
to the extent that rights and obligations hereunder have been assigned or transferred to such Assignee Lender or Transferee Lender
in connection with such Lender Assignment Agreement or Transfer Certificate, shall have the rights and obligations of a Lender
hereunder and under the other Loan Documents, and (y) the assignor or transferor 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 or transfer. 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 or Transferee Lender any amount
under Section 4.3, 4.4, 4.5 and 4.6 that is greater than the amount which it would have been required to pay had no such assignment
or transfer been made. Such assignor Lender, transferor Lender or such Assignee Lender or Transferee Lender (unless a party to
an FEC Transfer Certificate under which FEC is the transferee) must also pay a processing fee to the Facility Agent upon delivery
of any Lender Assignment Agreement or Transfer Certificate in the amount of $2,000 (and shall also reimburse the Facility Agent
for any reasonable out-of-pocket costs, including reasonable attorneys’ fees and expenses, incurred in connection with the
assignment or transfer).

 

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		(B)	Procedure for transfer to (i) FEC under an FEC Transfer
Certificate or (ii) a Transferee Lender under a Transfer Certificate

 

		(a)	A novation is effected if:

 

		(i)	the Existing Lender and FEC or Transferee Lender (as the case may be) deliver to the Facility Agent
a duly completed FEC Transfer Certificate or Transfer Certificate (as the case may be); and

 

		(ii)	the Facility Agent executes it.

 

The Facility
Agent must execute as soon as reasonably practicable any FEC Transfer Certificate or Transfer Certificate (as the case may be)
delivered to it and which appears on its face to be in order.

 

		(b)	The Facility Agent shall only be obliged to execute an FEC Transfer Certificate or Transfer Certificate
delivered to it by (i) the Existing Lender and FEC or (ii) the Existing Lender and the Transferee Lender upon its completion of
all “know your customer” checks that it is required to carry out in relation to the transfer to FEC or such Transferee
Lender and upon receipt of the Additional FEC Transfer Documents where required.

 

		(c)	Each party to this Agreement (other than the Existing Lender and FEC or Transferee Lender (as the
case may be)) irrevocably authorises the Facility Agent to execute any duly completed FEC Transfer Certificate or Transfer Certificate,
as applicable on its behalf.

 

		(d)	On the Effective Date (as defined in the relevant Transfer Certificate):

 

		(i)	FEC or the Transferring Lender (as applicable) will assume the rights and obligations of the Existing
Lender in connection with (i) the FEC Loan in the relevant FEC Transfer Certificate or (ii) any portion of the Loan in the relevant
Transfer Certificate by way of novation in substitution for the Existing Lender; and

 

		(ii)	the Existing Lender will be released from those obligations and cease to have those rights.

 

(C)       Limitation
of responsibility of Existing Lenders

 

		(a)	Unless expressly agreed to the contrary and save in the case of a transfer by the Original Lenders
to FEC on the Effective Date, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender
for:

 

		(i)	the legality, validity, effectiveness, adequacy or enforceability of the Loan Documents or the Credit Support Documents;

 

		(ii)	the financial condition of the Borrower;

 

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		(iii)	the performance and observance by the Borrower of its obligations under the Loan Documents; or

 

		(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Loan Document or the Credit
Support Documents,

 

and any representations
or warranties implied by law are excluded.

 

		(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

 

		(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of the Borrower and its related entities in connection with its participation in this Agreement and has not
relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Loan
Document or Credit Support Document; and

 

		(ii)	will continue to make its own independent appraisal of the creditworthiness of the Borrower and
its related entities whilst any amount is or may be outstanding under the Loan Documents or any Commitment is in force.

 

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

 

		(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Section 11.11.1 except in the case of an FEC Reassignment; or

 

		(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by the Borrower of its obligations under the Loan Documents or otherwise, save where Lenders are obliged to reimburse FEC for any
Break Costs.

 

SECTION 11.11.2. Participations

 

Any Lender may at any
time sell to one or more commercial banks or other financial institutions (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(A);

 

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		(e)	the Borrower shall not be required to pay any amount under Section 4.3, 4.4, 4.5 and 4.6 that is
greater than the amount which it would have been required to pay had no participating interest been sold; and

 

		(f)	each Lender that sells a participation under this Section 11.11.2 that constitutes a sale of its
share in the Loan or an interest therein for U.S. federal income tax purposes shall, acting solely for this purpose as a non-fiduciary
agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts
of (and stated interest on) each of the Participant’s interest in that Lender’s portion of the Loan, Commitments or
other interests hereunder (the “Participant Register”). The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender may treat each person whose name is recorded in the Participant Register as the owner of
such participation for all purposes hereunder.

 

The Borrower acknowledges and agrees that
each Participant, for purposes of Section 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
and each Transfer Certificate delivered to and accepted by it and a register for the recordation of the names and addresses of
the Lenders and the Commitment(s) of, and principal amount of the Loan owing to, each Lender from time to time (the “Register”).
The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Facility
Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this
Agreement. The Register shall be available for inspection by 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)	The Hermes Insurance Policy will cover 95% of the Hermes Loan.

 

		(b)	The Hermes Fee will equal 2.79% of the aggregate principal amount of the Hermes Loan as at the
Actual Delivery Date.

 

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		(c)	The parties have entered into this Agreement on the basis that the Hermes Insurance Policy shall
contain the following terms and should such terms not be included within the Hermes Insurance Policy, then the Borrower may cancel
the Commitment(s):

 

		(i)	25% of the Hermes Fee as in effect on the date of issuance of the Hermes Insurance Policy (“First
Fee”) will be payable to the Hermes Agent or Hermes in Dollars within two (2) Business Days of receipt by the Borrower
of demand from the Hermes Agent following the later to occur of (i) the issue of the Hermes Insurance Policy and (ii) the Effective
Date;

 

		(ii)	the balance of the Hermes Fee (being the amount thereof under paragraph (b) above less the First
Fee) (“Second Fee”) will be payable in Dollars to the Hermes Agent or Hermes on the Actual Delivery Date;

 

		(iii)	if the Hermes Commitment is cancelled in full by the Borrower or the Lenders on or prior to the
Actual Delivery 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 EUR2,500);

 

		(iv)	if the Hermes Commitment is cancelled in part by the Borrower on or prior to the Actual Delivery
Date, Hermes shall be required to reimburse the Hermes Agent an amount equal to a corresponding proportion of the First Fee, based
on the proportion of the aggregate Hermes Commitment prior to such cancellation to the aggregate Hermes Commitment after giving
effect to such cancellation, less an administration fee (such administration fee to be no greater than 5% of the amount refunded
but in any event not exceeding EUR2,500); and

 

		(v)	if, after the Actual Delivery Date, the Borrower prepays all or part of the Hermes Loan in accordance
with this Agreement, Hermes shall be required to reimburse the Hermes Agent an amount equal to a corresponding proportion of the
unexpired portion of the Hermes Fee, having regard to the amount of the prepayment and the remaining term of the Hermes Loan less
the sum of (x) a break funding fee equal to 20% of the unexpired portion of the Hermes Fee and (y) an administration fee (such
fee to be no greater than 5% of the amount refunded but in any event not exceeding EUR2,500).

 

SECTION 11.13.2. Obligations
of the Borrower

 

		(a)	Provided that the Hermes Insurance Policy complies with Section 11.13.1, the Borrower shall pay
(a) the First Fee to the Hermes Agent in accordance with Section 11.13.1(c)(i) and (b) the Second Fee to the Hermes Agent on the
Actual Delivery Date. In each case, if received by the Hermes Agent, the Hermes Agent shall pay such amount to Hermes.

 

		(b)	Provided that the Hermes Insurance Policy complies with Section 11.13.1, the Borrower shall pay
to the Hermes Agent an issue fee of EUR12,500 for the issue of the Hermes Insurance Policy at the same time that the First Fee
is payable.

 

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SECTION 11.13.3. Obligations
of the Hermes Agent and the Lenders

 

		(a)	Promptly upon receipt of the Hermes Insurance Policy from Hermes, the Hermes Agent shall (subject
to any confidentiality undertakings given to Hermes by the Hermes Agent pursuant to the terms of the Hermes Insurance Policy) send
a copy thereof to the Borrower.

 

		(b)	The Hermes Agent shall perform such acts or provide such information which are, acting reasonably,
within its power so to perform or so to provide, as required by Hermes under the Hermes Insurance Policy and as are necessary to
ensure that the Lenders obtain the support of Hermes pursuant to the Hermes Insurance Policy.

 

		(c)	The Hermes Agent shall (in the circumstances described in Section 11.13.1(c)(iii), (iv) or (v)):

 

		(i)	make written requests to Hermes seeking a reimbursement of the Hermes Fee promptly after the relevant
cancellation or prepayment and (subject to any confidentiality undertakings given to Hermes by the Hermes Agent pursuant to the
terms of the Hermes Insurance Policy) provide a copy of the request to the Borrower;

 

		(ii)	use its reasonable endeavours to maximise the amount of any reimbursement of the Hermes Fee to
which the Hermes Agent is entitled;

 

		(iii)	pay to the Facility Agent 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 for application as a prepayment towards
the Hermes Loan in such order as the Hermes Lenders (in consultation with the Borrower) shall require; 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 Hermes Lender will co-operate with the Hermes Agent, the Facility Agent and each other Hermes
Lender, and take such action and/or refrain from taking such action as may be reasonably necessary, to ensure that the Hermes Insurance
Policy continues in full force and effect and shall indemnify and hold harmless each other Lender in the event that the Hermes
Insurance Policy does not continue in full force and effect due to its gross negligence or wilful default.

 

SECTION 11.14. Finnvera and FEC

 

SECTION 11.14.1. Finnvera Guarantee
and Second Finnvera Guarantee

 

		(a)	Promptly upon receipt of the Finnvera Guarantee and, if applicable, the Second Finnvera Guarantee
from Finnvera and provided that the Borrower provides a confidentiality undertaking to Finnvera in respect of the Finnvera Guarantee
and, if applicable, the Second Finnvera Guarantee, the Facility Agent shall (subject to any confidentiality undertakings given
to Finnvera by the Facility Agent pursuant to the terms of the Finnvera Guarantee and, if applicable, the Second Finnvera Guarantee)
send a copy thereof to the Borrower.

 

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		(b)	The Facility Agent shall procure that if, after the Disbursement Date, the Borrower prepays the
FEC Loan and/or the Finnvera Balancing Loan in part or in full in accordance with Section 3.2.1, the Finnvera Guarantee and, if
applicable, the Second Finnvera Guarantee will require Finnvera to reimburse the Guarantee Holder for the account of the Borrower
all or a corresponding portion of any Finnvera Premium or the Finnvera Balancing Premium (as the case may be) paid prior to the
date of such prepayment in an amount calculated in accordance with the Finnvera Premium Refund Formula.

 

		(c)	Any refund of the Finnvera Premium and/or the Finnvera Balancing Premium (as the case may be) pursuant
to Section 11.14.1(b) above shall be subject to:

 

		(i)	there not having been any claims for indemnification under the Finnvera Guarantee and/or the Second
Finnvera Guarantee (as the case may be) up to the date of such refund payment by Finnvera; and

 

		(ii)	the irrevocable release of Finnvera from any liability under (i) the Finnvera Guarantee in respect
of the portion of the FEC Loan prepaid and/or (ii) the Second Finnvera Guarantee in respect of the portion of the Finnvera Balancing
Loan prepaid.

 

		(d)	The Facility Agent shall procure that the Guarantee Holder shall:

 

		(i)	make a written request to Finnvera seeking a reimbursement of the Finnvera Premium and/or the Finnvera
Balancing Premium (as the case may be) in the circumstances described in Section 11.14.1(b) and (c) above promptly after the relevant
prepayment and (subject to any confidentiality undertakings given to Finnvera by the Facility Agent pursuant to the terms of the
Finnvera Guarantee and/or the Second Finnvera Guarantee (as the case may be)) provide a copy of the request to the Borrower;

 

		(ii)	use its reasonable endeavours to maximize the amount of any reimbursement of the Finnvera Premium
and/or the Finnvera Balancing Premium (as the case may be) from Finnvera to which the Guarantee Holder is entitled;

 

		(iii)	agree to the irrevocable release of Finnvera from any liability under the (i) Finnvera Guarantee
in respect of the portion of the FEC Loan prepaid and/or (ii) the Second Finnvera Guarantee in respect of the portion of the Finnvera
Balancing Loan prepaid; and

 

		(iv)	pay to the Borrower the full amount of any reimbursement of the Finnvera Premium and/or Finnvera
Balancing Premium (as the case may be) that the Guarantee Holder receives from Finnvera pursuant to the terms of the Finnvera Guarantee
and/or the Second Finnvera Guarantee (as the case may be) within five (5) Business Days of receipt with same day value and such
amount of any such reimbursement shall be applied as a prepayment against the FEC Loan and the Finnvera Balancing Loan on a pro
rata basis provided that the Borrower may direct how such pro rata prepayment shall be applied between the FEC Tranche A Loan and
the FEC Tranche B Loan.

 

    105

     

    

 

		(e)	The Borrower acknowledges that the Finnvera Premium and, if applicable, the Finnvera Balancing
Premium shall be calculated as provided in Section 3.5.4 and Section 3.5.5 respectively and shall be paid to Finnvera from the
proceeds of the FEC Loan and, if applicable, the Finnvera Balancing Loan respectively on the Disbursement Date and duly authorises
(i) FEC to pay the Finnvera Premium to Finnvera on the Disbursement Date by utilising the proceeds of the FEC Loan and (ii) if
applicable, the Original Finnvera Balancing Lenders to pay the Finnvera Balancing Premium to Finnvera on the Disbursement Date
by utilising the proceeds of the Finnvera Balancing Loan.

 

SECTION 11.14.2. Facility Agent
and Finnvera dealings

 

		(a)	The parties to this Agreement agree that the Facility Agent may act on the instructions of Finnvera
in relation to this Agreement, provided that nothing in this Clause shall permit the Facility Agent to do anything which would
alter the rights and/or obligations of any Finance Party or the Borrower as set out in this Agreement.

 

		(b)	Subject to any provision of the FEC Transfer Documents to the contrary, the Facility Agent as the
Guarantee Holder under the Finnvera Guarantee, and, if applicable, the Second Finnvera Guarantee agrees with the Lenders to act
in compliance with the Finnvera Guarantee, and, if applicable, the Second Finnvera Guarantee.

 

		(c)	The Facility Agent as the Guarantee Holder under the Finnvera Guarantee, and, if applicable, the
Second Finnvera Guarantee may inform Finnvera of any increase or material change in any risk covered by the Finnvera Guarantee
to the extent it is required to do so under the terms of the Finnvera Guarantee, and, if applicable, the Second Finnvera Guarantee
and/or related Finnvera General Terms or for the purposes of ensuring the continuing validity of the Finnvera Guarantee, and, if
applicable, the Second Finnvera Guarantee and shall notify the Borrower in case it so informs Finnvera.

 

SECTION 11.15. FEC Transfer Documents

 

		(a)	The Borrower acknowledges that:

 

		(i)	the Original FEC Lenders have entered into or will enter into (as applicable) the FEC Transfer
Documents pursuant to which the Original FEC Lenders will, amongst other things, assign and transfer their respective rights and
obligations under this Agreement to FEC; and

 

		(ii)	following the assignment and transfer referred to above, the Facility Agent shall act as agent
for FEC under the Loan Documents and the Guarantee Holder shall continue to act as holder of the Finnvera Guarantee for and on
behalf of the FEC Lender(s).

 

    106

     

    

 

		(b)	The Borrower and each Finance Party shall co-operate and actively assist each other with respect
to any obligations such Finance Party may have under or in connection with any Credit Support Document provided however, the Borrower
shall not be required to act in a manner that it considers to be contrary or adverse to its own interests or may, directly or indirectly,
result in any increased or additional cost or liability to the Borrower whether under the Loan Documents or otherwise (except for
costs and expenses which the Borrower has agreed, pursuant to any Loan Document or otherwise, to pay).

 

		(c)	The Finance Parties have obligations under the FEC Transfer Documents (to which they are a party)
and the Facility Agent has obligations as holder of the Finnvera Guarantee, and, if applicable, the Second Finnvera Guarantee which
they would not have incurred (or in relation to which it would not have had any liability) if they had not entered into the FEC
Transfer Documents or become holder of the Finnvera Guarantee, and, if applicable, the Second Finnvera Guarantee. Accordingly,
the Borrower agrees to indemnify each Finance Party against any cost, loss or liability incurred by such Finance Party in connection
with the FEC Transfer Documents (to which such Finance Party is a party and acting in whatever capacity) or as holder of the Finnvera
Guarantee, and, if applicable, the Second Finnvera Guarantee and for any cost, loss or liability for which such Finance Party may
be liable to FEC or Finnvera or otherwise under any FEC Transfer Document to which it is a party (acting in whatever capacity)
or in respect of the Finnvera Guarantee, and, if applicable, the Second Finnvera Guarantee unless caused by the gross negligence
or wilful misconduct of that Finance Party or the failure to perform or any default by that Finance Party under the relevant FEC
Transfer Document, this Agreement, any other Loan Document, the Finnvera Guarantee, or, if applicable, the Second Finnvera Guarantee.

 

		(d)	The FEC Transfer Documents shall be executed concurrently with signing this Agreement.

 

		(e)	The Facility Agent shall or (as the case may be) shall procure that the Guarantee Holder shall,
provide a copy of each FEC Transfer Document to the Borrower promptly following execution of the same.

 

SECTION 11.16. Application of proceeds
under the Finnvera Guarantee, the Second Finnvera Guarantee and the Hermes Insurance Policy

 

		(a)	If any Finance Party receives any proceeds under the Finnvera Guarantee, the Second Finnvera Guarantee
or the Hermes Insurance Policy, it shall transfer such moneys to the Facility Agent.

 

		(b)	Any proceeds referred to in (a) above shall be applied by the Facility Agent in favour of (i) an
FEC Lender only in relation to monies received under the Finnvera Guarantee (ii) if applicable, the Finnvera Balancing Lenders
only in relation to monies received under the Second Finnvera Guarantee and (iii) the Hermes Lenders only in relation to monies
received under the Hermes Insurance Policy and, for the avoidance of doubt, no such proceeds shall be made available to the Borrower.

 

		(c)	Such proceeds shall be ignored when calculating the amount owing to the Lenders in respect of the
FEC Loan, the Finnvera Balancing Loan (if applicable) or the Hermes Loan (as the case may be) and, for the avoidance of doubt,
the obligations of the Borrower under the Loan Documents to which it is a party shall remain in full force and effect, notwithstanding
the receipt of any such proceeds under the Finnvera Guarantee, the Second Finnvera Guarantee (if applicable) or the Hermes Insurance
Policy (as the case may be).

 

    107

     

    

 

SECTION 11.17. Waiver of immunity

 

To the extent that
the Borrower or any Finance Party has or hereafter may acquire any immunity from jurisdiction of any court of from any legal process
(whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) with respect to
itself or its property, the Borrower and such Finance Party hereby irrevocably waives, to the fullest extent permitted by law,
such immunity in respect of its obligations under this Agreement and the other Loan Documents.

 

SECTION 11.18. Law and Jurisdiction

 

SECTION 11.18.1. 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 11.18.2. Jurisdiction

 

For the exclusive benefit
of the Facility Agent and the other Finance Parties, 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 11.18.3. Alternative
Jurisdiction

 

Nothing contained in
this Section shall limit the right of the Facility Agent or the other Finance Parties 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 11.18.4. Service of
Process

 

Without prejudice to
the right of the Facility Agent or the other Finance Parties 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 by
international courier, at 9:00 am on the third Business Day after posting by international courier.

 

    108

     

    

 

SECTION 11.19. 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, 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
or Finland; (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 but without limitation including the rules of any relevant stock exchange on which any Lender’s
or its Affiliate’s shares are listed; (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 direct participant, assignee or transferee and their representatives and professional advisers, in relation to any Loan
Document or the Borrower, 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;
(J) to each of Finnvera and Hermes provided that Finnvera or Hermes may only discuss such information subject to receiving a confidentiality
undertaking from any recipient to whom such information is disclosed (other than in the case of other Export Credit Agencies);
(K) to any other party to the Agreement; and (L) to any rating agency (including its professional advisers) such confidential information
as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Loan
Documents and/or the Borrower. Each of the Facility Agent and the Lenders shall be responsible for any breach of this Section 11.19
by any of its Affiliates or any of its Affiliates’ directors, officers, employees, professional advisors and agents.

 

    109

     

    

 

SECTION 11.20. Mitigation

 

		(a)	If the provisions of Section 3.2.2(b), 3.2.2(c) or 9.1.10(C) apply (and having regard to clause
(b) below), the Facility Agent, the Borrower and the Lenders (or, in the case of Section 3.2.2(b) or 3.2.2(c), any affected Lender)
shall discuss in good faith (but without obligation) for a period (the “Mitigation Period”) of not less than,
in the case of Sections 3.2.2(b) and 3.2.2(c), 50 days and, in the case of Section 9.1.10(C), 30 days (and which in the case of
Section 3.2.2(b) and 3.2.2(b) shall commence on the first day of the 50-day period referred to in those respective Sections and,
in the case of Section 9.1.10(C), shall run concurrently with the 30 day period referred to in that Section or, concurrently with
the three (3) month grace period applicable in the case of a suspension of the Hermes Insurance Policy ) after (x) in the case
of Section 3.2.2(b) and 3.2.2(c), the date on which the Illegality Notice is given or (y) in the case of Section 9.1.10(C), the
date such Section becomes applicable, as the case may be:

 

		(i)	in the case of Section 3.2.2(b) or 3.2.2(c), what steps may be open to the relevant Lender to mitigate
or remove such circumstances (including, without limitation, the possibility of assigning the Lender’s Commitment to an Affiliate
or another Lending Office); and

 

		(ii)	in the case of Section 9.1.10(C), the circumstances in which Section 9.1.10(C) has become applicable
and whether there are any steps or actions which can be taken to remove the effect of the circumstances as described in such Section
and/or reinstate or replace the Hermes Insurance Policy.

 

If the provisions
of Section 3.2.2(b) or 3.2.2(c) apply, if requested by the Borrower, the affected Lender shall, without limiting such Lender’s
obligation to enter into discussions as set forth above in this Section 11.20(a), use commercially reasonable efforts to transfer
its Affected Commitment or its portion of the Loan, as the case may be, to one or more third parties at par during the Mitigation
Period in the manner contemplated by Section 3.2.2(b) or (c) as relevant.

 

		(b)	To the extent required by or considered necessary by any party to this Agreement, the Lenders (and,
in the case of Section 3.2.2(b) or 3.2.2(c), any affected Lender) shall use commercially reasonable efforts to include the Finnish
Authorities and Hermes in all foregoing discussions.

 

		(c)	If an Illegality Notice shall be given by any Lender during the period falling 20 days prior to
the Actual Delivery Date, the affected Lender will use all reasonable efforts to accelerate the mitigation steps of the type described
or to be discussed pursuant to this Section to try and enable the Commitment of such Lender to still be available for drawing by
the Borrower two (2) Business Days prior to the Actual Delivery Date in the manner contemplated by this Agreement.

 

    110

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this ICON 1 Hull No. 1400 Credit Agreement to be executed by their respective officers thereunto
duly authorised as of the day and year first above written.

	 	 	 	 	 
	 	ROYAL CARIBBEAN CRUISES LTD.
	 	 
	 	By	/s/ Bradley H. Stein	 
	 	Name:	Bradley H. Stein	 
	 	Title:	Senior Vice President, General Counsel & Secretary	 
	 	 	 
	 	Address: 1050 Caribbean Way
	 	Miami, Florida 33132, United States of America
	 	Facsimile No.: +1 (305) 539-6400	 
	 	Email:	agibson@rccl.com	 
	 	 	 	bstein@rccl.com	 
	 	Attention: Vice President, Treasurer
	 	With a copy to: General Counsel	 

 

     

     

    

 

	 	 	 	 	 
	 	KFW IPEX-BANK GMBH, as Facility Agent, Documentation Agent, Hermes Agent, Initial Mandated Lead Arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: Palmengartenstrasse 5-9
	 	D-60325 Frankfurt am Main
	 	Germany
	 	Facsimile No.: +49 (69) 7431 3768
	 	Email:	andre.mutter@kfw.de	 
	 	Attention: Maritime Industries
	 	With a copy to: Credit Operations
	 	Facsimile No.: +49 (69) 7431 2944
	 	 
	 	BNP PARIBAS FORTIS SA/NV, as Finnvera Agent, Other Mandated Lead Arranger and Original Lender
	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: 3, Montagne du Parc / 1KA1D 
	 	1000 Brussels, Belgium 
	 	Facsimile No.: +32 2 565 3403 
	 	Email:	geert.sterck@bnpparibasfortis.com 	 
	 	Davina.staessen@bnpparibasfortis.com 	 
	 	Attention: Geert Sterck / Davina Staessen 	 
	 	With a copy to: bruxelles_bo_export_project_finance.cib@bnpparibasfortis.com 

 

     

     

    

 

	 	HSBC BANK PLC, as Other Mandated Lead Arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: Export and Asset Finance, Level 2, 8 Canada Square, 

London E14 5HQ, United Kingdom
	 	Email:	gaurav.anand.kanade@hsbc.co.in
	 	Attention: Gaurav Anand Kanade
	 	 	 
	 	With a copy to:
	 	Email:	graham.d.meek@hsbc.com
	 	Attention: Graham Meek
	 	 	 	 	 
	 	HSBC BANK USA, National Association, as Other Mandated Lead Arranger and Original Lender
	 	 	 	 	 
	 	By 	 	                      	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: 452 Fifth Avenue, 5th Floor
	 	New York, NY 10018
	 	 	 	 	 
	 	Facsimile No.: N/A 
	 	Email:	CTLANY.LoanAdmin@us.hsbc.com
	 	Attention: CTLA Loan Admin
	 	 
	 	With a copy to:
	 	Email:	karun.chopra@us.hsbc.com
	 	 	 	sam.lippitt@us.hsbc.com
	 	 	 	renato.santos@us.hsbc.com

 

     

     

    

 

 

	 	COMMERZBANK AG, New York Branch, as Other Mandated Lead Arranger and Original Lender
	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	By 	                 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: 225 Liberty Street, 32nd Floor
	 	New York, NY 10281-1050, USA
	 	Email:	Pedro.Bell@commerzbank.com 
	 	 	 	Christina.Serrano@commerzbank.com
	 	Attention: Pedro Bell / Christina Serrano
	 	With a copy to: Export & Agency Finance
	 	Attention: Klaus-Dieter Schmedding / Dana Novotny
	 	Facsimile No.: +49 69 1362 3742 
	 	Email: 	Klaus-Dieter.Schmedding@commerzbank.com
	 	 	 	Dana.Novotny@commerzbank.com
	 	 	 	 	 
	 	BANCO SANTANDER, S.A., as Other Mandated Lead Arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	By 	 	
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: Paseo de Pereda 9-12
	 	39004, Santander (Cantabria), Spain
	 	Facsimile No.: +34 91 289 179 / 
	 	+34 91 289 10 280
	 	Email:	vaberrio@gruposantander.com 
	 	 	 	anasanz@gruposantander.com  
	 	Attention: Vanessa Berrio / Ana Sanz Gomez
	 	 
	 	Banco Santander, S.A. (Global Corporate Banking)
	 	Global Trade & Continental Europe Middle Office
	 	Ciudad Grupo Santander
	 	Edificio Encinar ground floor
	 	28660 Boadilla del Monte
	 	(Madrid) Spain

 

     

     

    

 

	 	BANCO BILBAO VIZCAYA ARGENTARIA, S.A., Niederlassung Deutschland, as lead arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	Address: Neue Mainzer Strasse 28
	 	60311 Frankfurt am Main, Germany
	 	Email:	Richard.heiler@bbva.com 
	 	 	 	maria.zotes@bbva.com 
	 	Attention: Richard Heiler / María Zotes
	 	 	 	 	 
	 	BAYERISCHE LANDESBANK, New York Branch, as lead arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	       	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	Address: 560 Lexington Avenue
	 	New York, NY 10022, USA
	 	Facsimile No.: +1-212-310-9841
	 	Email:	akjoller@bayernlbny.com 
	 	Attention: Andrew Kjoller
	 	With a copy to: 

creditcompliance@bayernlbny.com
	 	loanoperations@bayernlbny.com 
	 	Facsimile No.: +1-212 310 9930 
	 	 	 	 	 
	 	DZ BANK AG, New York Branch, as lead arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: c/o DZ BANK AG, 100 Park Avenue, 

Floor 13 New York, NY 10017, USA
	 	Facsimile No.: +49 69 7447 99346
	 	Email:	andreas.estelmann@dzbank.de 
	 	Attention: Andreas Estelmann

 

     

     

    

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., London Branch, as lead arranger and Original Lender
	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: 25 Bank Street, Canary Wharf, London E14 5JP, United Kingdom
	 	Email:	jonathan.p.boudreau@jpmchase.com 
	 	Attention: Jon Boudreau
	 	With a copy to:
	 	 	 	tsd.export.finance.emea@jpmchase.com
	 	 	 	karen.c.yik@jpmorgan.com 
	 	 	 	chiara.w.carter@jpmorgan.com
	 	 	 	 
	 	SMBC BANK INTERNATIONAL PLC, as lead arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: 99 Queen Victoria Street,
	 	London EC4V 4EH, United Kingdom
	 	Facsimile No.: +33 1 44 90 48 01
	 	Email:	cedric_leduigou@fr.smbcgroup.com 
	 	 	 	helene_ly@fr.smbcgroup.com 	 
	 	 	 	corvin_boehme@de.smbcgroup.com
	 	 	 	paul_hodgson-jones@gb.smbcgroup.com	 
	 	 	 	 	 
	 	Attention: Cedric Le Duigou / Helene Ly / Corvin Bohme / Paul Hodgson-Jones
	 	 	 	 	 

 

     

     

    

 

Exhibit A

Principles

 

     

     

    

 

Final: 26 March 2020

 

CRUISE DEBT HOLIDAY PRINCIPLES

 

This document sets out the key principles
for a temporary suspension of repayments and testing of financial covenants (the “Debt Holiday”) for Hermes-covered
loan agreements (“Loan Agreement” in connection with the financing of cruise vessels.

 

		1	Preamble

 

The current Corona-pandemic impacts the
global tourism industry including all cruise operators (“Companies” or if related to a individual operator “Company”).
All cruise ship operation will be ceased or is already ceased globally mainly due to government order directly or indirectly by
port or border closures. The shutdown of cruise operations may have substantial negative impact on European cruise related jobs
as well as on the cruise yards with its vast supplier and subcontractor network.

 

Since all Companies are effected in the
same manner governmental support shall apply to all Companies in a coordinated process with equal treatment of all cruise operators.
The intention of the Debt Holiday Initiative is to provide an interim relief to the Companies in its debt service obligations under
existing financings. Apart form supporting the Companies, it is the firm understanding of the Lenders together with the respective
ECAs that Companies taking advantage of the relief shall use its best endeavors fulfilling their contractual obligations under
their existing shipbuilding contracts with the yard, i.e. do not unreasonably, unduly, and without consultation delay instalments
and scheduled vessel deliveries and work reasonably together with the yards to resolve any crisis-related construction delays.
For the avoidance of doubt, all measures to maintain a sufficient liquidity position of the Company during the crisis and later
recovery phase will be considered reasonably by ECA in regards to the below Terms and Conditions.

 

A support package which is based on the
Terms and Conditions below has been coordinated with Hermes applicable to all disbursed and undisbursed Hermes-covered CIRR export
financings (“Export Financing”) for the cruise sector.

 

Individual amendments of loan agreements
shall be based on the Terms and Conditions outlined below.

 

		2	Effective Date and Term

 

Debt Holiday Terms and Conditions shall
be effective from Wednesday, 01 April 2020. Debt Holiday may be applied to all amortization / principal payments of disbursed Export
Financings from 01 April 2020 until 31 March 2021 (“Deferred Payments”).

 

    1

     

    

 

Final: 26 March 2020

 

		3	Terms and Condition

 

		3.1	Deferred Payments

 

		3.1.1.	Any Deferred Payments must be redeemed within 5 years
(latest until 31. March 2025) irrespective of remaining tenor of each individual Export Financing.

 

		3.1.2.	Repayment schedule of Deferred Payments may be determined
individually and if remaining tenor of Export Financing is less than 5 years, prolongation of original final maturity of Export
Financing is possible.

 

		3.1.3.	Deferred Payments shall be accounted for as a new
loan tranche (“Debt Holiday Tranche”) priced on a floating basis according to the underlying Loan Agreement and with
a separate repayment schedule. For Export Financing with a remaining tenor of more than 5 years, the Debt Holiday Tranche should
be repaid in 8 equal instalments beginning on the first regular repayment date after 1 April 2021 (other arrangements possible)
if no other repayment scheduled has been agreed and approved by the ECA. Voluntary prepayments of the Debt Holiday Tranche are
permitted at any time, if during interest period breakage cost may apply.

 

		3.1.4.	Additional imputed/calculative funding cost incurred
by funding provider (CIRR Provider or Lender) due to Deferred Payments shall be borne by the borrower (or Company). Each funding
provider shall quote and charge its individual imputed/calculative funding cost.

 

		3.2	Suspension of Financial Covenant Testing

 

Testing of all agreed Financial Covenants
on all existing Export Financings (disbursed and undisbursed) may be suspended from 01 April 2020 until 31 March 2021 (“Testing
Suspension”), Financial Covenants undertakings according to the Loan Documentation remain in place but noncompliance shall
not trigger an Event of Default as defined under the corresponding Loan Agreement unless the Company has entered into all-lender
restructuring or moratorium, customary bankruptcy or insolvency proceedings.

 

		3.3	Interest

 

		3.3.1.	Interest (floating or fixed), (or commitment fee on
undisbursed amounts) and any scheduled ECA premium payments shall continue to be payable.

 

		3.3.2.	Agreed interest margin and fixed interest rate on
amounts outstanding including Deferred Payments shall not be increased due to Debt Holiday, however any agreed margin grid terms
according to the Loan Agreement shall remain effective and will apply.

 

		3.4	Hermes Insurance Policy

 

Hermes cover remains effective also in
respect of the Debt Holiday Tranche, no additional premium payable.

 

    2

     

    

 

Final: 26 March 2020

 

		3.5	Conditions / Liquidity measures

 

		3.5.1.	Any dividend payment, any other distribution or payment
to share capital or shareholders (including repayment of shareholder loans) and/or any regular debt or equity issue (such as bond
or new equity emission) shall trigger mandatory and immediate prepayment of any outstanding Debt Holiday Tranche and immediate
cessation of Testing Suspension.

 

		3.5.2.	Utilisation of Debt Holiday Tranche shall be subject
to proof of evidence of sufficient crisis-related liquidity measures by the Companies which shall be documented in the application
process based on the Information Package (see 4.2.).

 

		3.5.3.	Debt issue due to financing of any scheduled ship
building contract instalments including but not limited to final instalment at delivery shall not trigger mandatory and immediate
prepayment of any outstanding Debt Holiday Tranche and cessation of Testing Suspension.

 

		3.5.4.	Crisis and recovery related debt or equity issue during
Debt Holiday (until 31th December 2021), thereafter upon request and ECA-consent required, and/or prolongation of existing RCFs
shall also not trigger mandatory and immediate prepayment of any outstanding Debt Holiday Tranche and cessation of Testing Suspension.

 

		3.6	Costs and Fees

 

		3.6.1.	Any incurred legal and administrative cost (including legal fees incurred
at the CIRR Provider) shall be borne by the borrower (or Company).

 

		3.6.2.	For the implementation of the Debt Holiday Tranche Lenders will charge a
reasonable handling fee payable latest at the first utilisation of an advance under the Debt Holiday Tranche.

 

		3.6.3.	Additional imputed/calculative funding cost incurred by funding provider
(CIRR or Lender) due to Deferred Payments shall be borne by the borrower (or Company). For the avoidance of doubt funding provider
shall only charge the difference between interest paid according to Loan Agreement on outstanding Debt Holiday Tranche (which borrower
continues to pay, see 3.3) and actual applied cost on Debt Holiday Tranche.

 

    3

     

    

 

Final: 26 March 2020

 

		4	Procedure Debt Holiday Application

 

		4.1	Company Level Approach

 

Each Company may apply for Debt Holiday with Hermes
for all its disbursed and undisbursed Export Financings in one application via ECA-Agent Lender.

 

		4.2	Information Package

 

The Company shall provide
a comprehensive information package of the current situation of the Company and its crisis-related countermeasures, including but
not limited to (i) description of the current situation of the cruise line company, (ii) overview of core financial figures, (iii)
preliminary liquidity estimation of the cruise line (including shut down period and recovery phase). For details please note the
attachment 1 “Debt Holiday Test Scheme – Section A-E”.

 

		4.3	Reporting Requirements

 

		4.3.1.	During Debt Holiday the Company shall report regularly on parameters defined
in the Debt Holiday Test Scheme – Section F (see attachment 1).

 

		4.3.2.	Although testing of Financial Covenants is suspended during Debt Holiday
reporting on Financial Covenants shall be reported according to Loan Agreement.

 

		4.4	CIRR Requirements

 

		4.4.1.	Each Company shall apply Debt Holiday also with CIRR Mandatary for all of
its disbursed Export Financings in one application via CIRR Agent.

 

		4.4.2.	Company shall provide to CIRR Agent agreed repayment schedule of Debt Holiday
Tranches for all affected Export Financings.

 

		4.5	Lenders’ Consent

 

Facility Agent in coordination with ECA- and CIRR-Agent
shall coordinate Lenders’ consent immediately after Company launched Debt Holiday application.

 

		4.6	Timing Hermes and CIRR

 

		4.6.1.	Hermes and CIRR-approval shall be decided quickly based on prior approval
in principle from Hermes on Debt Holiday Initiative.

 

		4.6.2.	CIRR-approval and preliminary Hermes approval will be given for the respective
cruise operator (Company) prior to finalization of repayment schedule of Deferred Payment if Company accepts above Terms and Conditions
of Debt Holiday. For the avoidance of doubt, at this point in time the instalment can be deferred.

 

		4.6.3.	The Final Hermes approval for each individual loan agreement will be provided
after receipt of the respective repayment schedule of Deferred Payment.

 

    4

     

    

 

Final: 26 March 2020

 

Attachment 1

 

Requirements of Debt Holiday Test Scheme incl. Debt Holiday
Regular Reporting Requirements

 

     

     

    

 

Exhibit B

Form of Information Package

 

     

     

    

 

Exhibit C

Form of First Priority Guarantee

 

     

     

    

 

	 

[FORM
OF] FIRST PRIORITY GUARANTEE

 

dated as of

 

[•], 2020

 

between

 

CELEBRITY
CRUISE LINES INC., as the Guarantor,

 

and

 

[INSERT],
as the Agent

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	 
	ARTICLE I
	 
	DEFINITIONS
	 
	Section 1.01. Agreement Definitions	1
	Section 1.02. Other Defined Terms	1
	Section 1.03. Terms Generally	2
	ARTICLE II
	 
	GUARANTEE
	 
	Section 2.01. Guarantee	2
	Section 2.02. Guarantee of Payment	2
	Section 2.03. No Limitations	3
	Section 2.04. Reinstatement	4
	Section 2.05. Agreement To Pay; Subrogation	4
	Section 2.06. Information	4
	Section 2.07. Limitation on Obligations Guaranteed	4
	ARTICLE III
	 
	INDEMNITY, SUBROGATION AND SUBORDINATION
	 
	Section 3.01. Indemnity, Subrogation and Subordination	5
	ARTICLE IV
	 
	MISCELLANEOUS
	 
	Section 4.01. Notices	5
	Section 4.02. Waivers; Amendment	6
	Section 4.03. Agent’s Fees and Expenses; Indemnification	6
	Section 4.04. Successors and Assigns	6
	Section 4.05. Representations and Warranties	6
	Section 4.06. Counterparts; Effectiveness; Several Agreement	7
	Section 4.07. Severability	7
	Section 4.08. Governing Law; Jurisdiction; Consent to Service of Process	7
	Section 4.09. Obligations Absolute	8
	Section 4.10. Termination or Release	9
	Section 4.11. Recourse; Limited Obligations	9
	Section 4.12. Judgment	9

 

     

     

    

 

This
FIRST PRIORITY GUARANTEE (this “Guarantee”), dated as of [•], 2020, is made by CELEBRITY CRUISE
LINES INC., a company organized under the laws of the Cayman Islands, in favor of [INSERT], in its capacity as facility agent
under the Agreement (as defined below) (the “Agent”), for the benefit of the Lenders (as defined in the Agreement).

 

WHEREAS,
reference is made to the [ECA AGREEMENT], dated as of [DATE] (as amended, restated, amended and restated, supplemented and/or
otherwise modified from time to time, the “Agreement”), among Royal Caribbean Cruises Ltd., a Liberian corporation
(the “Borrower”), the Agent and the other parties thereto.

 

WHEREAS,
the Guarantor is a wholly-owned subsidiary of the Borrower and derives substantial direct and indirect benefits from the Agreement
and is willing to execute and deliver this Guarantee.

 

NOW,
THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section
1.01. Agreement Definitions.

 

Capitalized
terms used in this Guarantee, including the preamble and introductory paragraphs hereto, and not otherwise defined herein have
the meanings specified in the Agreement.

 

Section
1.02. Other Defined Terms.

 

As
used in this Guarantee, in addition to the terms defined in the preliminary statements above, the following terms have the meanings
specified below:

 

“Article”
means a numbered article of this Guarantee, unless another document is specifically referenced.

 

“Date
of Full Satisfaction” means the date of payment and performance in full of the Guaranteed Obligations and the termination
of the Agreement.

 

“Guaranteed
Obligations” means the Obligations of the Borrower, including without limitation, interest and other amounts that would
accrue but for the commencement of bankruptcy, reorganization or insolvency proceedings (or other similar proceedings), whether
or not allowed in such proceedings.

 

“Other
Guarantor” means any guarantor of the Guaranteed Obligations (other than the Guarantor).

 

“Section”
means a numbered section of this Guarantee, unless another document is specifically referenced.

 

    1

     

    

 

“UFCA”
has the meaning assigned to such term in Section 2.07.

 

“UFTA” has the meaning assigned to such term
in Section 2.07.

 

Section 1.03. Terms Generally.

 

The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein), (b) the words “herein,” “hereof” and
 “hereunder,” and words of similar import, shall be construed to refer to this Guarantee in its entirety and not to
any particular provision hereof, (c) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to
refer to Articles and Sections of, and Exhibits and Schedules to, this Guarantee, (d) any reference to any law or regulation herein
shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and
(e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

ARTICLE
II

 

GUARANTEE

 

Section
2.01. Guarantee.

 

The
Guarantor irrevocably, absolutely and unconditionally guarantees, as a primary obligor and not merely as a surety, the due and
punctual payment and performance of the Guaranteed Obligations, whether such Guaranteed Obligations are now existing or hereafter
incurred, and whether at maturity, by acceleration, after notice of prepayment, early termination or otherwise. The Guarantor
further agrees that the Guaranteed Obligations may be extended, increased or renewed, amended or modified, in whole or in part,
without notice to, or further assent from, the Guarantor and that the Guarantor will remain bound upon its guarantee hereunder
notwithstanding any such extension, increase, renewal, amendment or modification of any Guaranteed Obligation. To the fullest
extent permitted by applicable law, the Guarantor (a) waives promptness, diligence, presentment to, demand of payment from, and
protest to, the Guarantor or the Borrower of any of the Guaranteed Obligations, and (b) also waives notice of acceptance of its
guarantee and notice of protest for nonpayment.

 

Section
2.02. Guarantee of Payment.

 

The
Guarantor further agrees, to the fullest extent permitted by applicable law, that its guarantee hereunder constitutes a
guarantee of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual of
collection of any of the Guaranteed Obligations or operated as a discharge thereof) and not of collection, and waives any
right to require that any resort be had by the Agent or any other Person to any balance of any deposit account or credit on
the books of the Agent or any other Person in favor of any Other Guarantor or any other Person or any collateral security or
other credit support. The obligations of the Guarantor hereunder are independent of the obligations of any Other Guarantor or
the Borrower, and a separate action or actions may be brought and prosecuted against the Guarantor whether or not action is
brought against any Other Guarantor or the Borrower and whether or not any Other Guarantor or the Borrower is joined in any
such action or actions. Any payment required to be made by the Guarantor hereunder may be required by the Agent on any number
of occasions.

 

    2

     

    

 

Section
2.03. No Limitations.

 

(a)           Except
for termination or release of the Guarantor’s obligations hereunder as expressly provided in Section 4.10 (but without
prejudice to Section 2.04), to the fullest extent permitted by applicable law, the obligations of the Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination
whatsoever by reason of the invalidity, illegality or unenforceability of any of the Guaranteed Obligations, any impossibility
in the performance of any of the Guaranteed Obligations, or otherwise. Without limiting the generality of the foregoing, to the
fullest extent permitted by applicable law and except for termination or release of the Guarantor’s obligations hereunder
in accordance with the terms of Section 4.10 (but without prejudice to Section 2.04), the obligations of the Guarantor
hereunder shall not be discharged impaired or otherwise affected by (i) the failure of the Agent or any other Person to assert
any claim or demand or to enforce any right or remedy under the provisions of any [Loan] Document or otherwise; (ii) any rescission,
waiver, amendment or modification of, or any release from any of the terms or provisions of, any Guaranteed Obligation, any [Loan]
Document or any other agreement or non-perfection or release of collateral; (iii) any default, failure or delay, willful or otherwise,
in the performance of the Guaranteed Obligations; (iv) any change in the corporate existence, structure or ownership of the Borrower
or any Other Guarantor, the lack of legal existence of the Borrower or any Other Guarantor or legal obligation to discharge any
of the Guaranteed Obligations by the Borrower or any Other Guarantor for any reason whatsoever, including, without limitation,
in any insolvency, bankruptcy or reorganization of the Borrower or any Other Guarantor; (v) the existence of any claim, set-off
or other rights that the Guarantor may have at any time against the Borrower, the Agent or any other Person, whether in connection
with the Agreement, the other [Loan] Documents or any unrelated transaction; (vi) this Guarantee having been determined (on whatsoever
grounds) to be invalid, non-binding or unenforceable against any Other Guarantor ab initio or at any time after the date
hereof; or (vii) any other circumstance (including statute of limitations), any act or omission that may or might in any manner
or to any extent vary the risk of the Guarantor or otherwise operate as a defense to, or discharge of, the Borrower, the Guarantor
or any Other Guarantor or any other surety as a matter of law or equity (in each case, other than the occurrence of the Date of
Full Satisfaction). Anything contained in this Guarantee to the contrary notwithstanding, the obligations of the Guarantor under
this Guarantee shall be limited to an aggregate amount equal to the largest amount that would not render its obligations under
this Guarantee subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code of the United
States or any comparable provisions of any similar federal, state or foreign law.

 

    3

     

    

 

(b)           To the fullest extent permitted by applicable law and except for termination or release of the Guarantor’s obligations hereunder
in accordance with the terms of Section 4.10 (but without prejudice to Section 2.04), the Guarantor waives any defense
based on or arising out of any defense of the Borrower or any Other Guarantor or the unenforceability of the Guaranteed Obligations
or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower or any Other Guarantor, other
than the occurrence of the Date of Full Satisfaction. To the fullest extent permitted by applicable law, the Guarantor waives
any and all suretyship defenses.

 

(c)           The Guarantor acknowledges that it will receive indirect benefits from the arrangements contemplated by the [Loan] Documents and
that the waivers set forth in this Guarantee are knowingly made in contemplation of such benefits.

 

Section
2.04. Reinstatement.

 

Notwithstanding
anything to contrary contained in this Guarantee, the Guarantor agrees that (a) its guarantee hereunder shall continue to be effective
or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation is rescinded or
must otherwise be restored by the Agent or any other Person upon the bankruptcy, insolvency or reorganization (or any analogous
proceeding in any jurisdiction) of the Borrower or otherwise and (b) the provisions of this Section 2.04 shall survive
the termination of this Guarantee.

 

Section
2.05. Agreement To Pay; Subrogation.

 

In
furtherance of the foregoing and not in limitation of any other right that the Agent or any other Person has at law or in equity
against the Guarantor by virtue hereof, upon the failure of the Borrower to pay any Guaranteed Obligation when and as the same
shall become due (after giving effect to any applicable grace periods), whether at maturity, by acceleration, after notice of
prepayment or otherwise, the Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Agent for distribution
to the applicable beneficiaries in cash the amount of such unpaid Guaranteed Obligation. Upon payment by the Guarantor of any
sums to the Agent as provided above, all rights of the Guarantor against the Borrower arising as a result thereof by way of right
of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Section 3.01.

 

Section
2.06. Information.

 

The
Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition and assets,
and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent
of the risks that the Guarantor assumes and incurs hereunder, and agrees that none of the Agent or any other Person will have
any duty to advise the Guarantor of information known to it or any of them regarding such circumstances or risks.

 

Section
2.07. Limitation on Obligations Guaranteed.

 

(a)           Notwithstanding
any other provision hereof, the right of recovery against the Guarantor under Article II hereof shall be limited to the maximum
amount that can be guaranteed by the Guarantor without rendering the Guarantor’s obligations under Article II hereof void
or voidable under applicable law, including, without limitation, the Uniform Fraudulent Conveyance Act (“UFCA”),
Uniform Fraudulent Transfer Act (“UFTA”) or any similar foreign, federal or state law, in each case after giving
full effect to the liability under such guarantee set forth in Article II hereof and its related contribution rights but before
taking into account any liabilities under any other guarantee by the Guarantor. For purposes of the foregoing, all guarantees
of the Guarantor other than the guarantee under Article II hereof will be deemed to be enforceable and payable after the guaranty
under Article II hereof. To the fullest extent permitted by applicable law, this Section 2.07 shall be for the benefit
solely of creditors and representatives of creditors of the Guarantor and not for the benefit of the Guarantor or the holders
of any Equity Interest in the Guarantor.

 

    4

     

    

 

(b)           The
Guarantor agrees that Obligations may at any time and from time to time be incurred or permitted in an amount exceeding the maximum
liability of the Guarantor under Section 2.07(a) without impairing the guarantee contained in this Article II or affecting
the rights and remedies of the Agent or any other Person hereunder.

 

ARTICLE
III

 

INDEMNITY,
SUBROGATION AND SUBORDINATION

 

Section 3.01. Indemnity, Subrogation and Subordination.

 

Upon
payment by the Guarantor of any Guaranteed Obligations, all rights of the Guarantor against the Borrower arising as a result thereof
by way of right of subrogation, contribution, reimbursement, indemnity or otherwise (whether at law or in equity) shall in all
respects be subordinate and junior in right of payment to the prior payment in full of the Obligations until the Date of Full
Satisfaction. If any amount shall erroneously be paid to the Borrower on account of (a) such subrogation, contribution, reimbursement,
indemnity or similar right or (b) any such indebtedness of the Borrower, such amount shall be held in trust for the benefit of
the Agent and shall promptly be paid to the Agent to be credited against the payment of the Guaranteed Obligations, whether matured
or unmatured, in accordance with the terms of the Agreement and the other [Loan] Documents. No failure on the part of the Borrower
to make the payments required by this Section 3.01 (or any other payments required under applicable law or otherwise) shall
in any respect limit the obligations and liabilities of the Guarantor with respect to its obligations under this Guarantee, and
the Guarantor shall remain liable for the full amount of the obligations of the Guarantor hereunder.

 

ARTICLE
IV

 

MISCELLANEOUS

 

Section
4.01. Notices.

 

All
communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided
in Section 11.2 of the Agreement. All communications and notice hereunder to the Guarantor shall be given in care of the Borrower.

 

    5

     

    

 

Section
4.02. Waivers; Amendment.

 

(a)           No failure by the Agent or any other Person to exercise, and no delay by any such Person in exercising, any right, remedy, power
or privilege hereunder or under any other [Loan] Document shall operate as a waiver hereof or thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under
each other [Loan] Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. No
waiver of any provision of this Guarantee or consent to any departure by the Guarantor therefrom shall in any event be effective
unless the same shall be permitted by Section 4.02(b), and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given.

 

(b)           Neither this Guarantee nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements
in writing entered into by the Agent and the Guarantor, subject to any consent required in accordance with Section 11.1 of the
Agreement.

 

Section
4.03. Agent’s Fees and Expenses; Indemnification.

 

(a)           The Guarantor agrees to reimburse the Agent for its reasonable and documented out-of-pocket fees and expenses incurred hereunder
in accordance with Section 11.3 of the Agreement; provided that each reference therein to “the Borrower” shall
be deemed to be a reference to “the Guarantor.”

 

(b)           The Guarantor shall indemnify the Indemnified Parties as set forth in Section 11.4 of the Agreement.

 

Section
4.04. Successors and Assigns.

 

Whenever
in this Guarantee any of the parties hereto is referred to, such reference shall be deemed to include the successors and permitted
assigns of such party; and all covenants, promises and agreements by or on behalf of the Guarantor, the Agent or any other Person
that are contained in this Guarantee shall bind and inure to the benefit of their respective successors and permitted assigns.
Except as provided in Section 11.10 of the Agreement, no party hereto may assign any of its rights or obligations hereunder.

 

Section
4.05. Representations and Warranties.

 

All
representations and warranties made hereunder shall survive the execution and delivery hereof. Such representations and warranties
have been or will be relied upon by the Agent, regardless of any investigation made by the Agent or on its behalf, and shall continue
in full force and effect until this Guarantee is terminated as provided in Section 4.10 hereof, or with respect to the
Guarantor, until the Guarantor is otherwise released from its obligations under this Guarantee in accordance with the terms hereof.

 

    6

     

    

 

Section
4.06. Counterparts; Effectiveness; Several Agreement.

 

This
Guarantee may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Guarantee shall become effective when
it shall have been executed by the Guarantor and the Agent and thereafter shall be binding upon and inure to the benefit of the
Guarantor, the Agent and their respective successors and permitted assigns, subject to Section 4.04. Delivery of an executed
counterpart of a signature page of this Guarantee by email or other electronic (including in “.pdf” or “.tif”
format) means shall be effective as delivery of a manually executed counterpart of this Guarantee. The words “execute,”
 “execution,” “signed,” “signature,” and words of like import in or related to any document
to be signed in connection with this Guarantee and the transactions contemplated hereby shall be deemed to include electronic
signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agent,
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Agent is under no obligation to agree to accept electronic
signatures in any form or in any format unless expressly agreed to by the Agent pursuant to procedures approved by it.

 

Section
4.07. Severability.

 

If
any provision of this Guarantee is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Guarantee shall not be affected or impaired thereby and (b) the parties shall endeavor in
good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision
in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section
4.08. Governing Law; Jurisdiction; Consent to Service of Process.

 

(a)           Governing
Law. This Guarantee shall be construed in accordance with and governed by the law of the State of New York without regard
to conflicts of laws principles thereof that would result in the application of the law of any other jurisdiction.

 

(b)           Jurisdiction.
Each of the Guarantor and the Agent hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive
jurisdiction of any federal or state court located in the borough of Manhattan in the City of New York, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this Guarantee, or for recognition or enforcement
of any judgment, and each of such parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal
court. Each of such parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

    7

     

    

 

(c)           Venue.
Each of the Guarantor and the Agent hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Guarantee in any court referred to in Section 4.08(b). Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

(d)           Service
of Process. Each of the Guarantor and the Agent irrevocably consents to service of process in the manner provided for notices
in Section 11.14.4 of the Agreement to the extent permitted by applicable law. Nothing in this Guarantee or any other [Loan] Document
will affect the right of any party to this Guarantee to serve process in any other manner permitted by law. As an alternative
method of service, the Guarantor also irrevocably appoints the Borrower (the “Process Agent”) with an office
on the date hereof at 1050 Caribbean Way, Miami, Florida 33132, United States of America, as its agent to receive on behalf of
the Guarantor and its property service of copies of any process, summons, notice or document in any such action or proceeding.
Such service may be made by mailing or delivering a copy of such process to the Guarantor in care of the Process Agent, and the
Guarantor hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. Nothing herein will
affect the right of Agent to serve legal process in any other manner permitted by law or affect Agent’s right to bring any
action or proceeding against the Guarantor or its property in the courts of other jurisdictions.

 

(e)           WAIVER
OF JURY TRIAL. EACH OF THE GUARANTOR AND THE AGENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTEE OR
THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH OF THE GUARANTOR AND THE AGENT
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTEE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION 4.08(e).

 

Section
4.09. Obligations Absolute.

 

To
the fullest extent permitted by applicable law, all rights of the Agent hereunder and all obligations of the Guarantor hereunder
shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Agreement, any other [Loan]
Document, any agreement with respect to any of the Guaranteed Obligations or any other agreement or instrument relating to any
of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed
Obligations, or any other amendment or waiver of or any consent to any departure from the Agreement, any other [Loan] Document
or any other agreement or instrument, (c) any release or amendment or waiver of or consent under or departure from any guarantee
guaranteeing all or any of the Guaranteed Obligations or (d) subject only to termination or release of the Guarantor’s obligations
hereunder in accordance with the terms of Section 4.10, but without prejudice to reinstatement rights under Section
2.04, any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Guarantor in respect
of the Guaranteed Obligations or this Guarantee.

 

    8

     

    

 

Section
4.10. Termination or Release.

 

(a)           This Guarantee and the guarantees made herein shall remain in full force and effect until the earlier of (i) the Date of Full
Satisfaction and (ii) the occurrence of a First Priority Release Event, at which time they shall automatically terminate with
respect to all Guaranteed Obligations.

 

(b)           In connection with any termination or release pursuant to clause (a) above, the Agent shall promptly execute and deliver
to the Guarantor, at the Guarantor’s expense, all documents or other instruments that the Guarantor shall reasonably request
to evidence such termination or release and shall perform such other actions reasonably requested by the Guarantor to effect such
release, including return of certificates, securities and instruments. Any execution and delivery of documents pursuant to this
Section 4.10 shall be without recourse to or warranty by the Agent.

 

Section
4.11. Recourse; Limited Obligations.

 

This
Guarantee is made with full recourse to the Guarantor and pursuant to and upon all the warranties, representations, covenants
and agreements on the part of the Guarantor contained herein, in the Agreement and the other [Loan] Documents and otherwise in
writing in connection herewith or therewith. It is the desire and intent of the Guarantor and the Agent that this Guarantee shall
be enforced against the Guarantor to the fullest extent permissible under applicable law applied in each jurisdiction in which
enforcement is sought.

 

Section
4.12. Judgment. If for the purposes of obtaining judgment in any court it is necessary to convert a sum payable hereunder
(the “Guaranty Currency”) into another currency (the “Other Currency”), the Guarantor agrees
that the rate of exchange used will be that at which, in accordance with normal banking procedures, the Agent could purchase the
Guaranty Currency with the Other Currency on the business day preceding that on which final judgment is given. The obligation
of the Guarantor in respect of any sum due hereunder will, notwithstanding any judgment in the Other Currency, be discharged only
to the extent that, on the date the Guarantor makes payment to the Agent of any sum adjudged to be so due in the Other Currency,
the Agent may, in accordance with normal banking procedures, purchase the Guaranty Currency with the Other Currency; if the amount
of the Guaranty Currency so purchased is less than the sum originally due to the Agent in the Guaranty Currency, the Guarantor
agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Agent against such loss, and if the amount
of the Guaranty Currency so purchased exceeds the amount originally due to the Agent in the Guaranty Currency, the Agent agrees
to remit to the Guarantor such excess.

 

[The
Remainder of This Page Is Intentionally Left Blank]

 

    9

     

    

 

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

 

	 	CELEBRITY CRUISE LINES INC., 

as the Guarantor
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	[INSERT],

as the Agent
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

  

     

     

    

 

Exhibit
D

Form of Second Priority Guarantee

 

     

     

    

  

Notwithstanding
anything contained herein to the contrary, the obligations of the Guarantors (as defined herein) under this Guarantee shall not
become due or be paid or payable by any Guarantor pursuant hereto, except to the extent permitted under each Subordination Agreement
that has been or may be executed, among [AGENT], [AGENT], RCL Cruise Holdings LLC, Torcatt Enterprises Limitada, RCL Holdings
Cooperatief UA, RCL Cruises Ltd., and RCL Investments Ltd., RCI Holdings LLC, and the applicable agent or other representative
in respect of obligations of Royal Caribbean Cruises Ltd., and each such Subordination Agreement is incorporated herein with the
same effect as if fully set forth herein. For the avoidance of doubt, restrictions imposed by the aforementioned Subordination
Agreement on the rights of the beneficiary hereof to enforce the obligations of the Guarantors under this Guarantee shall not
affect the rights of the beneficiary to enforce the obligations of the Guarantors under this Guarantee on and following such time
as the aforementioned Subordination Agreement permits and those rights shall be fully preserved.

 

	 

[FORM
OF] SECOND PRIORITY GUARANTEE

 

dated as of

 

[•], 2020

 

between

 

THE
GUARANTORS LISTED ON SCHEDULE I HERETO,

 

and

 

[INSERT],
as Agent

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page 
	 	 
	ARTICLE I	 
	 	 
	DEFINITIONS	 
	 	 
	Section 1.01. Agreement Definitions	1
	Section 1.02. Other Defined Terms	1
	Section 1.03. Terms Generally	2
	 	 
	ARTICLE II	 
	 	 
	GUARANTEE	 
	 	 
	Section 2.01. Guarantee	2
	Section 2.02. Guarantee of Payment	3
	Section 2.03. No Limitations	3
	Section 2.04. Reinstatement	4
	Section 2.05. Agreement To Pay; Subrogation	4
	Section 2.06. Information	5
	Section 2.07. Limitation on Obligations Guaranteed	5
	 	 
	ARTICLE III	 
	 	 
	INDEMNITY, SUBROGATION AND SUBORDINATION	 
	 	 
	Section 3.01. Indemnity, Subrogation and Subordination	6
	 	 
	ARTICLE IV	 
	 	 
	MISCELLANEOUS	 
	 	 
	Section 4.01. Notices	6
	Section 4.02. Waivers; Amendment	6
	Section 4.03. Agent’s Fees and Expenses; Indemnification	7
	Section 4.04. Successors and Assigns	7
	Section 4.05. Representations and Warranties	7
	Section 4.06. Counterparts; Effectiveness; Several Agreement	8
	Section 4.07. Severability	8
	Section 4.08. Governing Law; Jurisdiction; Consent to Service of Process	8
	Section 4.09. Obligations Absolute	9
	Section 4.10. Termination or Release	10
	Section 4.11. Recourse; Limited Obligations	10
	Section 4.12. Judgment	10

 

     

     

    

 

This
SECOND PRIORITY GUARANTEE (this “Guarantee”), dated as of [•], 2020, is made by the Guarantors
set forth on Schedule I hereto (the “Guarantors”) in favor of [INSERT], in its capacity as facility
agent under the Agreement (as defined below) (the “Agent”), for the benefit of the Lenders (as defined in the
Agreement).

 

WHEREAS,
reference is made to the [ECA AGREEMENT], dated as of [DATE] (as amended, restated, amended and restated, supplemented and/or
otherwise modified from time to time, the “Agreement”), among Royal Caribbean Cruises Ltd., a Liberian corporation
(the “Borrower”), the Agent and the other parties thereto.

 

WHEREAS,
each Guarantor is a wholly-owned subsidiary of the Borrower and derives substantial direct and indirect benefits from the Agreement
and is willing to execute and deliver this Guarantee.

 

NOW,
THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section
1.01. Agreement Definitions.

 

Capitalized
terms used in this Guarantee, including the preamble and introductory paragraphs hereto, and not otherwise defined herein have
the meanings specified in the Agreement.

 

Section
1.02. Other Defined Terms.

 

As
used in this Guarantee, in addition to the terms defined in the preliminary statements above, the following terms have the meanings
specified below:

 

“Accommodation
Payment” has the meaning assigned to such term in Section 3.01.

 

“Allocable Amount” has the
meaning assigned to such term in Section 3.01.

 

“Article”
means a numbered article of this Guarantee, unless another document is specifically referenced.

 

“Date
of Full Satisfaction” means the date of payment and performance in full of the Guaranteed Obligations and the termination
of the Agreement.

 

“Guaranteed
Obligations” means the Obligations of the Borrower and the other Guarantors, including without limitation, interest
and other amounts that would accrue but for the commencement of bankruptcy, reorganization or insolvency proceedings (or other
similar proceedings), whether or not allowed in such proceedings.

 

    1

     

    

 

“Other
Guarantor” means any guarantor of the Guaranteed Obligations (other than the Guarantors).

 

“Section”
means a numbered section of this Guarantee, unless another document is specifically referenced.

 

“UFCA”
has the meaning assigned to such term in Section 2.07.

 

“UFTA” has the meaning assigned to such term
in Section 2.07.

 

Section 1.03. Terms Generally.

 

The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein), (b) the words “herein,” “hereof” and
 “hereunder,” and words of similar import, shall be construed to refer to this Guarantee in its entirety and not to
any particular provision hereof, (c) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to
refer to Articles and Sections of, and Exhibits and Schedules to, this Guarantee, (d) any reference to any law or regulation herein
shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and
(e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

ARTICLE
II

 

GUARANTEE

 

Section
2.01. Guarantee.

 

Each
Guarantor irrevocably, absolutely and unconditionally guarantees, jointly with the other Guarantors party hereto and severally,
as a primary obligor and not merely as a surety, the due and punctual payment and performance of the Guaranteed Obligations, whether
such Guaranteed Obligations are now existing or hereafter incurred, and whether at maturity, by acceleration, after notice of
prepayment, early termination or otherwise. Each of the Guarantors further agrees that the Guaranteed Obligations may be extended,
increased or renewed, amended or modified, in whole or in part, without notice to, or further assent from, such Guarantor and
that such Guarantor will remain bound upon its guarantee hereunder notwithstanding any such extension, increase, renewal, amendment
or modification of any Guaranteed Obligation. To the fullest extent permitted by applicable law, each of the Guarantors (a) waives
promptness, diligence, presentment to, demand of payment from, and protest to, such Guarantor, any other Guarantor or the Borrower
of any of the Guaranteed Obligations, and (b) also waives notice of acceptance of its guarantee and notice of protest for nonpayment.

 

    2

     

    

 

Section
2.02. Guarantee of Payment.

 

Each
of the Guarantors further agrees, to the fullest extent permitted by applicable law, that its guarantee hereunder constitutes
a guarantee of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual of collection
of any of the Guaranteed Obligations or operated as a discharge thereof) and not of collection, and waives any right to require
that any resort be had by the Agent or any other Person to any balance of any deposit account or credit on the books of the Agent
or any other Person in favor of any other Guarantor party hereto, any Other Guarantor or any other Person or any collateral security
or other credit support. The obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor
party hereto, any Other Guarantor or the Borrower, and a separate action or actions may be brought and prosecuted against each
Guarantor whether or not action is brought against any other Guarantor party hereto, any Other Guarantor or the Borrower and whether
or not any other Guarantor party hereto, any Other Guarantor or the Borrower is joined in any such action or actions. Any payment
required to be made by a Guarantor hereunder may be required by the Agent on any number of occasions.

 

Section
2.03. No Limitations.

 

(a)           Except
for termination or release of a Guarantor’s obligations hereunder as expressly provided in Section 4.10 (but without
prejudice to Section 2.04), to the fullest extent permitted by applicable law, the obligations of each Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination
whatsoever by reason of the invalidity, illegality or unenforceability of any of the Guaranteed Obligations, any impossibility
in the performance of any of the Guaranteed Obligations, or otherwise. Without limiting the generality of the foregoing, to the
fullest extent permitted by applicable law and except for termination or release of a Guarantor’s obligations hereunder
in accordance with the terms of Section 4.10 (but without prejudice to Section 2.04), the obligations of each Guarantor
hereunder shall not be discharged impaired or otherwise affected by (i) the failure of the Agent or any other Person to assert
any claim or demand or to enforce any right or remedy under the provisions of any [Loan] Document or otherwise; (ii) any rescission,
waiver, amendment or modification of, or any release from any of the terms or provisions of, any Guaranteed Obligation, any [Loan]
Document or any other agreement, including with respect to any other Guarantor under this Guarantee or non-perfection or release
of collateral; (iii) any default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations; (iv)
any change in the corporate existence, structure or ownership of the Borrower, any other Guarantor party hereto or any Other Guarantor,
the lack of legal existence of the Borrower, any other Guarantor party hereto or any Other Guarantor or legal obligation to discharge
any of the Guaranteed Obligations by the Borrower, any other Guarantor party hereto or any Other Guarantor for any reason whatsoever,
including, without limitation, in any insolvency, bankruptcy or reorganization of the Borrower, any other Guarantor party hereto
or any Other Guarantor; (v) the existence of any claim, set-off or other rights that any Guarantor may have at any time against
the Borrower, the Agent or any other Person, whether in connection with the Agreement, the other [Loan] Documents or any unrelated
transaction; (vi) this Guarantee having been determined (on whatsoever grounds) to be invalid, non-binding or unenforceable against
any other Guarantor party hereto or any Other Guarantor ab initio or at any time after the date hereof; or (vii) any other
circumstance (including statute of limitations), any act or omission that may or might in any manner or to any extent vary the
risk of any Guarantor or otherwise operate as a defense to, or discharge of, the Borrower, such Guarantor, any other Guarantor
party hereto or any Other Guarantor or other surety as a matter of law or equity (in each case, other than the occurrence of the
Date of Full Satisfaction). Anything contained in this Guarantee to the contrary notwithstanding, the obligations of each Guarantor
under this Guarantee shall be limited to an aggregate amount equal to the largest amount that would not render its obligations
under this Guarantee subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code of the
United States or any comparable provisions of any similar federal, state or foreign law.

 

    3

     

    

 

(b)           To the fullest extent permitted by applicable law and except for termination or release of a Guarantor’s obligations hereunder
in accordance with the terms of Section 4.10 (but without prejudice to Section 2.04), each Guarantor waives any
defense based on or arising out of any defense of the Borrower, any other Guarantor party hereto or any Other Guarantor or the
unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability
of the Borrower, any other Guarantor party hereto or any Other Guarantor, other than the occurrence of the Date of Full Satisfaction.
To the fullest extent permitted by applicable law, each Guarantor waives any and all suretyship defenses.

 

(c)           Each Guarantor acknowledges that it will receive indirect benefits from the arrangements contemplated by the [Loan] Documents
and that the waivers set forth in this Guarantee are knowingly made in contemplation of such benefits.

 

Section
2.04. Reinstatement.

 

Notwithstanding
anything to contrary contained in this Guarantee, each of the Guarantors agrees that (a) its guarantee hereunder shall continue
to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation
is rescinded or must otherwise be restored by the Agent or any other Person upon the bankruptcy, insolvency or reorganization
(or any analogous proceeding in any jurisdiction) of the Borrower or any other Guarantor or otherwise and (b) the provisions of
this Section 2.04 shall survive the termination of this Guarantee.

 

Section
2.05. Agreement To Pay; Subrogation.

 

In
furtherance of the foregoing and not in limitation of any other right that the Agent or any other Person has at law or in equity
against any Guarantor by virtue hereof, upon the failure of the Borrower or any other Guarantor to pay any Guaranteed Obligation
when and as the same shall become due (after giving effect to any applicable grace periods), whether at maturity, by acceleration,
after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the
Agent for distribution to the applicable beneficiaries in cash the amount of such unpaid Guaranteed Obligation. Upon payment by
any Guarantor of any sums to the Agent as provided above, all rights of such Guarantor against the Borrower or any other Guarantor
arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects
be subject to Section 3.01.

 

    4

     

    

 

Section
2.06. Information.

 

Each
Guarantor assumes all responsibility for being and keeping itself informed of each Borrower’s and each other Guarantor’s
financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations
and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of the Agent
or any other Person will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances
or risks.

 

Section
2.07. Limitation on Obligations Guaranteed.

 

(a)           
Notwithstanding any other provision hereof, the right of recovery against each Guarantor under Article II hereof shall be limited
to the maximum amount that can be guaranteed by such Guarantor without rendering such Guarantor’s obligations under Article
II hereof void or voidable under applicable law, including, without limitation, the Uniform Fraudulent Conveyance Act (“UFCA”),
Uniform Fraudulent Transfer Act (“UFTA”) or any similar foreign, federal or state law, in each case after giving
full effect to the liability under such guarantee set forth in Article II hereof and its related contribution rights but before
taking into account any liabilities under any other guarantee by such Guarantor. For purposes of the foregoing, all guarantees
of such Guarantor other than the guarantee under Article II hereof will be deemed to be enforceable and payable after the guaranty
under Article II hereof. If any payment shall be required to be made to the Agent under this Guarantee, each Guarantor hereby
unconditionally and irrevocably agrees it will contribute, to the maximum extent permitted by law, such amounts to each other
Guarantor and the Borrower so as to maximize the aggregate amount paid to the Agent under or in connection with this Guarantee
and the Agreement. To the fullest extent permitted by applicable law, this Section 2.07 shall be for the benefit solely
of creditors and representatives of creditors of each Guarantor and not for the benefit of such Guarantor or the holders of any
Equity Interest in such Guarantor.

 

(b)           
Each Guarantor agrees that Obligations may at any time and from time to time be incurred or permitted in an amount exceeding the
maximum liability of such Guarantor under Section 2.07(a) without impairing the guarantee contained in this Article II
or affecting the rights and remedies of the Agent or any other Person hereunder.

 

    5

     

    

 

ARTICLE
III

 

INDEMNITY,
SUBROGATION AND SUBORDINATION

 

Section
3.01. Indemnity, Subrogation and Subordination.

 

Upon
payment by any Guarantor of any Guaranteed Obligations, all rights of such Guarantor against the Borrower or any other Guarantor
arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise (whether at law
or in equity) shall in all respects be subordinate and junior in right of payment to the prior payment in full of the Obligations
until the Date of Full Satisfaction. If any amount shall erroneously be paid to the Borrower or any other Guarantor on account
of (a) such subrogation, contribution, reimbursement, indemnity or similar right or (b) any such indebtedness of the Borrower
or any other Guarantor, such amount shall be held in trust for the benefit of the Agent and shall promptly be paid to the Agent
to be credited against the payment of the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms of
the Agreement and the other [Loan] Documents. Subject to the foregoing, to the extent that any Guarantor shall, under this Guarantee
or the Agreement as a joint and several obligor, repay any of the Obligations (an “Accommodation Payment”),
then the Guarantor making such Accommodation Payment shall be entitled to contribution and indemnification from, and be reimbursed
by, each of the other Guarantors in an amount equal to a fraction of such Accommodation Payment, the numerator of which fraction
is such other Guarantor’s Allocable Amount (as defined below) and the denominator of which is the sum of the Allocable Amounts
of all of the Guarantors (including the other Guarantors); provided that such rights of contribution, subrogation, reimbursement
and indemnification shall be subordinated to the prior payment of the Obligations until the Date of Full Satisfaction. As of any
date of determination, the “Allocable Amount” of each Guarantor or any other Guarantor shall be equal to the
maximum amount of liability for Accommodation Payments which could be asserted against such Guarantor hereunder and under the
Agreement or any other guarantee to which such other Guarantor is a party in connection therewith without (i) rendering such Guarantor
or other Guarantor “insolvent” within the meaning of Section 101 (31) of the Bankruptcy Code of the United
States, Section 2 of the UFTA or Section 2 of the UFCA, (ii) leaving such Guarantor or other Guarantor with unreasonably small
capital or assets, within the meaning of Section 548 of the Bankruptcy Code of the United States, Section 4 of the UFTA, or Section
5 of the UFCA, or (iii) leaving such Guarantor or other Guarantor unable to pay its debts as they become due within the meaning
of Section 548 of the Bankruptcy Code of the United States or Section 4 of the UFTA, or Section 5 of the UFCA. No failure on the
part of the Borrower, any Guarantor or any other Guarantor to make the payments required by this Section 3.01 (or any other
payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of any Guarantor
with respect to its obligations under this Guarantee, and each Guarantor shall remain liable for the full amount of the obligations
of such Guarantor hereunder.

 

ARTICLE
IV

 

MISCELLANEOUS

 

Section
4.01. Notices.

 

All
communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided
in Section 11.2 of the Agreement. All communications and notice hereunder to a Guarantor shall be given in care of the Borrower.

 

Section
4.02. Waivers; Amendment.

 

(a)           No
failure by the Agent or any other Person to exercise, and no delay by any such Person in exercising, any right, remedy,
power or privilege hereunder or under any other [Loan] Document shall operate as a waiver hereof or thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided,
and provided under each other [Loan] Document, are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by law. No waiver of any provision of this Guarantee or consent to any departure by any Guarantor
therefrom shall in any event be effective unless the same shall be permitted by Section 4.02(b), and then such waiver
or consent shall be effective only in the specific instance and for the purpose for which given.

 

    6

     

    

 

(b)           Neither
this Guarantee nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing
entered into by the Agent and the Guarantor or Guarantors with respect to which such waiver, amendment or modification is to apply,
subject to any consent required in accordance with Section 11.1 of the Agreement.

 

Section
4.03. Agent’s Fees and Expenses; Indemnification.

 

(a)           
Each Guarantor, jointly with the other Guarantors and severally, agrees to reimburse the Agent for its reasonable and documented
out-of-pocket fees and expenses incurred hereunder in accordance with Section 11.3 of the Agreement; provided that each
reference therein to “the Borrower” shall be deemed to be a reference to “each Guarantor.”

 

(b)           
Each Guarantor shall indemnify the Indemnified Parties as set forth in Section 11.4 of the Agreement.

 

Section
4.04. Successors and Assigns.

 

Whenever
in this Guarantee any of the parties hereto is referred to, such reference shall be deemed to include the successors and permitted
assigns of such party; and all covenants, promises and agreements by or on behalf of any Guarantor, the Agent or any other Person
that are contained in this Guarantee shall bind and inure to the benefit of their respective successors and permitted assigns.
Except as provided in Section 11.10 of the Agreement, no party hereto may assign any of its rights or obligations hereunder.

 

Section
4.05. Representations and Warranties.

 

All
representations and warranties made hereunder shall survive the execution and delivery hereof. Such representations and warranties
have been or will be relied upon by the Agent, regardless of any investigation made by the Agent or on its behalf, and shall continue
in full force and effect until this Guarantee is terminated as provided in Section 4.10 hereof, or with respect to any
individual Guarantor, until such Guarantor is otherwise released from its obligations under this Guarantee in accordance with
the terms hereof.

 

    7

     

    

 

Section
4.06. Counterparts; Effectiveness; Several Agreement.

 

This
Guarantee may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Guarantee shall become effective when
it shall have been executed by the Guarantors and the Agent and thereafter shall be binding upon and inure to the benefit of each
Guarantor, the Agent and their respective successors and permitted assigns, subject to Section 4.04. Delivery of an executed
counterpart of a signature page of this Guarantee by email or other electronic (including in “.pdf” or “.tif”
format) means shall be effective as delivery of a manually executed counterpart of this Guarantee. The words “execute,”
 “execution,” “signed,” “signature,” and words of like import in or related to any document
to be signed in connection with this Guarantee and the transactions contemplated hereby shall be deemed to include electronic
signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agent,
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Agent is under no obligation to agree to accept electronic
signatures in any form or in any format unless expressly agreed to by the Agent pursuant to procedures approved by it. This Guarantee
shall be construed as a separate agreement with respect to each Guarantor and may be amended, restated, modified, supplemented,
waived or released with respect to any Guarantor without the approval of any other Guarantor and without affecting the obligations
of any other Guarantor hereunder.

 

Section
4.07. Severability.

 

If
any provision of this Guarantee is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Guarantee shall not be affected or impaired thereby and (b) the parties shall endeavor in
good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision
in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section
4.08. Governing Law; Jurisdiction; Consent to Service of Process.

 

(a)           
Governing Law. This Guarantee shall be construed in accordance with and governed by the law of the State of New York without
regard to conflicts of laws principles thereof that would result in the application of the law of any other jurisdiction.

 

(b)           
Jurisdiction. Each Guarantor and the Agent hereby irrevocably and

unconditionally submits, for itself and its property,
to the non-exclusive jurisdiction of any federal or state court located in the borough of Manhattan in the City of New York, and
any appellate court from any thereof, in any action or proceeding arising out of or relating to this Guarantee, or for recognition
or enforcement of any judgment, and each of such parties hereto hereby irrevocably and unconditionally agrees that all claims
in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by
law, in such federal court. Each of such parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

(c)           
Venue. Each Guarantor and the Agent hereby irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Guarantee in any court referred to in Section 4.08(b). Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court.

 

    8

     

    

 

(d)           Service
of Process. Each Guarantor and the Agent irrevocably consents to service of process in the manner provided for notices in
Section 11.14.4 of the Agreement to the extent permitted by applicable law. Nothing in this Guarantee or any other [Loan] Document
will affect the right of any party to this Guarantee to serve process in any other manner permitted by law. As an alternative
method of service, each Guarantor also irrevocably appoints the Borrower (the “Process Agent”) with an office
on the date hereof at 1050 Caribbean Way, Miami, Florida 33132, United States of America, as its agent to receive on behalf of
such Guarantor and its property service of copies of any process, summons, notice or document in any such action or proceeding.
Such service may be made by mailing or delivering a copy of such process to such Guarantor in care of the Process Agent, and each
Guarantor hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. Nothing herein will
affect the right of Agent to serve legal process in any other manner permitted by law or affect Agent’s right to bring any
action or proceeding against each Guarantor or its property in the courts of other jurisdictions.

 

(e)           WAIVER
OF JURY TRIAL. EACH GUARANTOR AND THE AGENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTEE OR THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH GUARANTOR AND THE AGENT (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTEE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
4.08(E).

 

Section
4.09. Obligations Absolute.

 

To
the fullest extent permitted by applicable law, all rights of the Agent hereunder and all obligations of each Guarantor hereunder
shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Agreement, any other [Loan]
Document, any agreement with respect to any of the Guaranteed Obligations or any other agreement or instrument relating to any
of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed
Obligations, or any other amendment or waiver of or any consent to any departure from the Agreement, any other [Loan] Document
or any other agreement or instrument, (c) any release or amendment or waiver of or consent under or departure from any guarantee
guaranteeing all or any of the Guaranteed Obligations or (d) subject only to termination or release of a Guarantor’s obligations
hereunder in accordance with the terms of Section 4.10, but without prejudice to reinstatement rights under Section
2.04, any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Guarantor in respect
of the Guaranteed Obligations or this Guarantee.

 

    9

     

    

 

Section
4.10. Termination or Release.

 

(a)           
This Guarantee and the guarantees made herein shall remain in full force and effect until the earlier of (i) the Date of Full
Satisfaction and (ii) the occurrence of a Second Priority Release Event, at which time they shall automatically terminate with
respect to all Guaranteed Obligations.

 

(b)           
In connection with any termination or release pursuant to clause (a) above, the Agent shall promptly execute and deliver
to any Guarantor, at such Guarantor’s expense, all documents or other instruments that such Guarantor shall reasonably request
to evidence such termination or release and shall perform such other actions reasonably requested by such Guarantor to effect
such release, including return of certificates, securities and instruments. Any execution and delivery of documents pursuant to
this Section 4.10 shall be without recourse to or warranty by the Agent.

 

Section
4.11. Recourse; Limited Obligations.

 

This
Guarantee is made with full recourse to each Guarantor and pursuant to and upon all the warranties, representations, covenants
and agreements on the part of such Guarantor contained herein, in the Agreement and the other [Loan] Documents and otherwise in
writing in connection herewith or therewith. It is the desire and intent of each Guarantor and the Agent that this Guarantee shall
be enforced against each Guarantor to the fullest extent permissible under applicable law applied in each jurisdiction in which
enforcement is sought.

 

Section
4.12. Judgment. If for the purposes of obtaining judgment in any court it is necessary to convert a sum payable hereunder
(the “Guaranty Currency”) into another currency (the “Other Currency”), each Guarantor agrees
that the rate of exchange used will be that at which, in accordance with normal banking procedures, the Agent could purchase the
Guaranty Currency with the Other Currency on the business day preceding that on which final judgment is given. The obligation
of each Guarantor in respect of any sum due hereunder will, notwithstanding any judgment in the Other Currency, be discharged
only to the extent that, on the date such Guarantor makes payment to the Agent of any sum adjudged to be so due in the Other Currency,
the Agent may, in accordance with normal banking procedures, purchase the Guaranty Currency with the Other Currency; if the amount
of the Guaranty Currency so purchased is less than the sum originally due to the Agent in the Guaranty Currency, each Guarantor
agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Agent against such loss, and if the amount
of the Guaranty Currency so purchased exceeds the amount originally due to the Agent in the Guaranty Currency, the Agent agrees
to remit to such Guarantor such excess.

 

[The
Remainder of This Page Is Intentionally Left Blank]

 

    10

     

    

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

 

	 	RCL
CRUISE HOLDINGS LLC, 

as a Guarantor
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	TORCATT
ENTERPRISES LIMITADA 

as a Guarantor
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

  

     

     

    

 

	 	RCL
HOLDINGS COOPERATIEF UA, 

as a Guarantor
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title: Director A

	 	 	 	 
	 	By: 	Intertrust (Netherlands) B.V., 

    as Director B
	 	 	 	 
	 	 	By: 	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	 	 	By: 	 
	 	 	 	Name:
	 	 	 	Title:

  

     

     

    

 

	 	RCL
    CRUISES LTD., 

    as a Guarantor
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

  

     

     

    

 

	 	RCL
INVESTMENTS LTD., 

as a Guarantor
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

  

     

     

    

 

	 	[INSERT],

as the Agent
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

SCHEDULE
I TO GUARANTEE

 

GUARANTORS

 

	Entity
    Name	Jurisdiction
    of Organization	Type
    of Entity
	 	 	 
	.      RCL
    Cruise Holdings LLC	Liberia	Limited
    Liability Company
	.      Torcatt
    Enterprises Limitada	Costa
    Rica	Sociedad
    de Responsabilidad 

    Limitada
	.      RCL
    Holdings Cooperatief UA	Netherlands	Excluded
    Liability Company
	.      RCL
    Cruises Ltd.	England
    & Wales	Corporation
	.      RCL
    Investments Ltd.	England
    & Wales	Limited
    Company

  

     

     

    

  

Exhibit
E

Form of Third Priority Guarantee 

 

     

     

    

  

Notwithstanding
anything contained herein to the contrary, the obligations of the Guarantor (as defined herein) under this Guarantee shall not
become due or be paid or payable by the Guarantor pursuant hereto, except to the extent permitted under (A) the Subordination
Agreement dated as of [•], 2020, among [AGENT], [AGENT], RCI Holdings LLC, The Bank of New York Mellon Trust Company, N.A.,
in its capacity as Trustee, and Morgan Stanley Senior Funding Inc., in its capacity as Administrative Agent, and (B) each Subordination
Agreement that has been or may be executed, among [AGENT], [AGENT], RCL Cruise Holdings LLC, Torcatt Enterprises Limitada, RCL
Holdings Cooperatief UA, RCL Cruises Ltd., and RCL Investments Ltd., RCI Holdings LLC, and the applicable agent or other representative
in respect of obligations of Royal Caribbean Cruises Ltd., and each such Subordination Agreement is incorporated herein with the
same effect as if fully set forth herein. For the avoidance of doubt, restrictions imposed by the aforementioned Subordination
Agreement on the rights of the beneficiary hereof to enforce the obligations of the Guarantor under this Guarantee shall not affect
the rights of the beneficiary to enforce the obligations of the Guarantors under this Guarantee on and following such time as
the aforementioned Subordination Agreement permits and those rights shall be fully preserved.

	 

 

[FORM
OF] THIRD PRIORITY GUARANTEE

 

dated
as of

 

[•],
2020

 

among

 

RCI
HOLDINGS LLC, as the Guarantor,

 

and

 

[INSERT],
as the Agent

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I	 
	 	 
	DEFINITIONS	 
	 	 
	Section 1.01. Agreement Definitions	1
	Section 1.02. Other Defined Terms	1
	Section 1.03. Terms Generally	2
	 	 
	ARTICLE II	 
	 	 
	GUARANTEE	 
	 	 
	Section 2.01. Guarantee	2
	Section 2.02. Guarantee of Payment	3
	Section 2.03. No Limitations	3
	Section 2.04. Reinstatement	4
	Section 2.05. Agreement To Pay; Subrogation	4
	Section 2.06. Information	4
	Section 2.07. Limitation on Obligations Guaranteed	5
	 	 
	ARTICLE III	 
	 	 
	INDEMNITY, SUBROGATION AND SUBORDINATION	 
	 	 
	Section 3.01. Indemnity, Subrogation and Subordination	5
	 	 
	ARTICLE IV	 
	 	 
	MISCELLANEOUS	 
	 	 
	Section 4.01. Notices	6
	Section 4.02. Waivers; Amendment	6
	Section 4.03. Agent’s Fees and Expenses; Indemnification	6
	Section 4.04. Successors and Assigns	6
	Section 4.05. Representations and Warranties	6
	Section 4.06. Counterparts; Effectiveness; Several Agreement	7
	Section 4.07. Severability	7
	Section 4.08. Governing Law; Jurisdiction; Consent to Service
    of Process	7
	Section 4.09. Obligations Absolute	8
	Section 4.10. Termination or Release	9
	Section 4.11. Recourse; Limited Obligations	9
	Section 4.12. Judgment	9

 

     

     

    

 

This
THIRD PRIORITY GUARANTEE (this “Guarantee”), dated as of [•], 2020, is made by RCI HOLDINGS LLC,
a limited liability company formed and existing under the laws of the Republic of Liberia, in favor of [INSERT], in its capacity
as facility agent under the Agreement (as defined below) (the “Agent”), for the benefit of the Lenders (as
defined in the Agreement).

 

WHEREAS,
reference is made to the [ECA AGREEMENT], dated as of [DATE] (as amended, restated, amended and restated, supplemented and/or
otherwise modified from time to time, the “Agreement”), among Royal Caribbean Cruises Ltd., a Liberian corporation
(the “Borrower”), the Agent and the other parties thereto.

 

WHEREAS,
the Guarantor is a wholly-owned subsidiary of the Borrower and derives substantial direct and indirect benefits from the Agreement
and is willing to execute and deliver this Guarantee.

 

NOW,
THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section
1.01. Agreement Definitions.

 

Capitalized
terms used in this Guarantee, including the preamble and introductory paragraphs hereto, and not otherwise defined herein have
the meanings specified in the Agreement.

 

Section
1.02. Other Defined Terms.

 

As
used in this Guarantee, in addition to the terms defined in the preliminary statements above, the following terms have the meanings
specified below:

 

“Article”
means a numbered article of this Guarantee, unless another document is specifically referenced.

 

“Date
of Full Satisfaction” means the date of payment and performance in full of the Guaranteed Obligations and the termination
of the Agreement.

 

“Guaranteed
Obligations” means the Obligations of the Borrower, including without limitation, interest and other amounts that would
accrue but for the commencement of bankruptcy, reorganization or insolvency proceedings (or other similar proceedings), whether
or not allowed in such proceedings.

 

“Other
Guarantor” means any guarantor of the Guaranteed Obligations (other than the Guarantor).

 

    1

     

    

 

“Section”
means a numbered section of this Guarantee, unless another document is specifically referenced.

 

“UFCA”
has the meaning assigned to such term in Section 2.07.

 

“UFTA”
has the meaning assigned to such term in Section 2.07.

 

Section
1.03. Terms Generally.

 

The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein), (b) the words “herein,” “hereof” and
 “hereunder,” and words of similar import, shall be construed to refer to this Guarantee in its entirety and not to
any particular provision hereof, (c) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to
refer to Articles and Sections of, and Exhibits and Schedules to, this Guarantee, (d) any reference to any law or regulation herein
shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and
(e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

ARTICLE
II

 

GUARANTEE

 

Section
2.01. Guarantee.

 

The
Guarantor irrevocably, absolutely and unconditionally guarantees, as a primary obligor and not merely as a surety, the due and
punctual payment and performance of the Guaranteed Obligations, whether such Guaranteed Obligations are now existing or hereafter
incurred, and whether at maturity, by acceleration, after notice of prepayment, early termination or otherwise. The Guarantor
further agrees that the Guaranteed Obligations may be extended, increased or renewed, amended or modified, in whole or in part,
without notice to, or further assent from, the Guarantor and that the Guarantor will remain bound upon its guarantee hereunder
notwithstanding any such extension, increase, renewal, amendment or modification of any Guaranteed Obligation. To the fullest
extent permitted by applicable law, the Guarantor (a) waives promptness, diligence, presentment to, demand of payment from, and
protest to, the Guarantor or the Borrower of any of the Guaranteed Obligations, and (b) also waives notice of acceptance of its
guarantee and notice of protest for nonpayment.

 

    2

     

    

 

Section
2.02. Guarantee of Payment.

 

The
Guarantor further agrees, to the fullest extent permitted by applicable law, that its guarantee hereunder constitutes a guarantee
of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual of collection of any of
the Guaranteed Obligations or operated as a discharge thereof) and not of collection, and waives any right to require that any
resort be had by the Agent or any other Person to any balance of any deposit account or credit on the books of the Agent or any
other Person in favor of any Other Guarantor or any other Person or any collateral security or other credit support. The obligations
of the Guarantor hereunder are independent of the obligations of any Other Guarantor or the Borrower, and a separate action or
actions may be brought and prosecuted against the Guarantor whether or not action is brought against any Other Guarantor or the
Borrower and whether or not any Other Guarantor or the Borrower is joined in any such action or actions. Any payment required
to be made by the Guarantor hereunder may be required by the Agent on any number of occasions.

 

Section
2.03. No Limitations.

 

(a)       Except
for termination or release of the Guarantor’s obligations hereunder as expressly provided in Section 4.10 (but without
prejudice to Section 2.04), to the fullest extent permitted by applicable law, the obligations of the Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination
whatsoever by reason of the invalidity, illegality or unenforceability of any of the Guaranteed Obligations, any impossibility
in the performance of any of the Guaranteed Obligations, or otherwise. Without limiting the generality of the foregoing, to the
fullest extent permitted by applicable law and except for termination or release of the Guarantor’s obligations hereunder
in accordance with the terms of Section 4.10 (but without prejudice to Section 2.04), the obligations of the Guarantor
hereunder shall not be discharged impaired or otherwise affected by (i) the failure of the Agent or any other Person to assert
any claim or demand or to enforce any right or remedy under the provisions of any [Loan] Document or otherwise; (ii) any rescission,
waiver, amendment or modification of, or any release from any of the terms or provisions of, any Guaranteed Obligation, any [Loan]
Document or any other agreement or non-perfection or release of collateral; (iii) any default, failure or delay, willful or otherwise,
in the performance of the Guaranteed Obligations; (iv) any change in the corporate existence, structure or ownership of the Borrower
or any Other Guarantor, the lack of legal existence of the Borrower or any Other Guarantor or legal obligation to discharge any
of the Guaranteed Obligations by the Borrower or any Other Guarantor for any reason whatsoever, including, without limitation,
in any insolvency, bankruptcy or reorganization of the Borrower or any Other Guarantor; (v) the existence of any claim, set-off
or other rights that the Guarantor may have at any time against the Borrower, the Agent or any other Person, whether in connection
with the Agreement, the other [Loan] Documents or any unrelated transaction; (vi) this Guarantee having been determined (on whatsoever
grounds) to be invalid, non-binding or unenforceable against any Other Guarantor ab initio or at any time after the date
hereof; or (vii) any other circumstance (including statute of limitations), any act or omission that may or might in any manner
or to any extent vary the risk of the Guarantor or otherwise operate as a defense to, or discharge of, the Borrower, the Guarantor
or any Other Guarantor or any other surety as a matter of law or equity (in each case, other than the occurrence of the Date of
Full Satisfaction). Anything contained in this Guarantee to the contrary notwithstanding, the obligations of the Guarantor under
this Guarantee shall be limited to an aggregate amount equal to the largest amount that would not render its obligations under
this Guarantee subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code of the United
States or any comparable provisions of any similar federal, state or foreign law.

 

    3

     

    

 

(b)       To
the fullest extent permitted by applicable law and except for termination or release of the Guarantor’s obligations hereunder
in accordance with the terms of Section 4.10 (but without prejudice to Section 2.04), the Guarantor waives any defense
based on or arising out of any defense of the Borrower or any Other Guarantor or the unenforceability of the Guaranteed Obligations
or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower or any Other Guarantor, other
than the occurrence of the Date of Full Satisfaction. To the fullest extent permitted by applicable law, the Guarantor waives
any and all suretyship defenses.

 

(c)       The
Guarantor acknowledges that it will receive indirect benefits from the arrangements contemplated by the [Loan] Documents and that
the waivers set forth in this Guarantee are knowingly made in contemplation of such benefits.

 

Section
2.04. Reinstatement.

 

Notwithstanding
anything to contrary contained in this Guarantee, the Guarantor agrees that (a) its guarantee hereunder shall continue to be effective
or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation is rescinded or
must otherwise be restored by the Agent or any other Person upon the bankruptcy, insolvency or reorganization (or any analogous
proceeding in any jurisdiction) of the Borrower or otherwise and (b) the provisions of this Section 2.04 shall survive
the termination of this Guarantee.

 

Section
2.05. Agreement To Pay; Subrogation.

 

In
furtherance of the foregoing and not in limitation of any other right that the Agent or any other Person has at law or in equity
against the Guarantor by virtue hereof, upon the failure of the Borrower to pay any Guaranteed Obligation when and as the same
shall become due (after giving effect to any applicable grace periods), whether at maturity, by acceleration, after notice of
prepayment or otherwise, the Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Agent for distribution
to the applicable beneficiaries in cash the amount of such unpaid Guaranteed Obligation. Upon payment by the Guarantor of any
sums to the Agent as provided above, all rights of the Guarantor against the Borrower arising as a result thereof by way of right
of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Section 3.01.

 

Section
2.06. Information.

 

The
Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition and assets,
and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent
of the risks that the Guarantor assumes and incurs hereunder, and agrees that none of the Agent or any other Person will have
any duty to advise the Guarantor of information known to it or any of them regarding such circumstances or risks.

 

    4

     

    

 

Section
2.07. Limitation on Obligations Guaranteed.

 

(a)       Notwithstanding
any other provision hereof, the right of recovery against the Guarantor under Article II hereof shall be limited to the maximum
amount that can be guaranteed by the Guarantor without rendering the Guarantor’s obligations under Article II hereof void
or voidable under applicable law, including, without limitation, the Uniform Fraudulent Conveyance Act (“UFCA”),
Uniform Fraudulent Transfer Act (“UFTA”) or any similar foreign, federal or state law, in each case after giving
full effect to the liability under such guarantee set forth in Article II hereof and its related contribution rights but before
taking into account any liabilities under any other guarantee by the Guarantor. For purposes of the foregoing, all guarantees
of the Guarantor other than the guarantee under Article II hereof will be deemed to be enforceable and payable after the guaranty
under Article II hereof. To the fullest extent permitted by applicable law, this Section 2.07 shall be for the benefit
solely of creditors and representatives of creditors of the Guarantor and not for the benefit of the Guarantor or the holders
of any Equity Interest in the Guarantor.

 

(b)       The
Guarantor agrees that Obligations may at any time and from time to time be incurred or permitted in an amount exceeding the maximum
liability of the Guarantor under Section 2.07(a) without impairing the guarantee contained in this Article II or affecting
the rights and remedies of the Agent or any other Person hereunder.

 

ARTICLE
III

 

INDEMNITY,
SUBROGATION AND SUBORDINATION

 

Section
3.01. Indemnity, Subrogation and Subordination.

 

Upon
payment by the Guarantor of any Guaranteed Obligations, all rights of the Guarantor against the Borrower arising as a result thereof
by way of right of subrogation, contribution, reimbursement, indemnity or otherwise (whether at law or in equity) shall in all
respects be subordinate and junior in right of payment to the prior payment in full of the Obligations until the Date of Full
Satisfaction. If any amount shall erroneously be paid to the Borrower on account of (a) such subrogation, contribution, reimbursement,
indemnity or similar right or (b) any such indebtedness of the Borrower, such amount shall be held in trust for the benefit of
the Agent and shall promptly be paid to the Agent to be credited against the payment of the Guaranteed Obligations, whether matured
or unmatured, in accordance with the terms of the Agreement and the other [Loan] Documents. No failure on the part of the Borrower
to make the payments required by this Section 3.01 (or any other payments required under applicable law or otherwise) shall
in any respect limit the obligations and liabilities of the Guarantor with respect to its obligations under this Guarantee, and
the Guarantor shall remain liable for the full amount of the obligations of the Guarantor hereunder.

 

    5

     

    

 

ARTICLE
IV

 

MISCELLANEOUS

 

Section
4.01. Notices.

 

All
communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided
in Section 11.2 of the Agreement. All communications and notice hereunder to the Guarantor shall be given in care of the Borrower.

 

Section
4.02. Waivers; Amendment.

 

(a)       No
failure by the Agent or any other Person to exercise, and no delay by any such Person in exercising, any right, remedy, power
or privilege hereunder or under any other [Loan] Document shall operate as a waiver hereof or thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under
each other [Loan] Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. No
waiver of any provision of this Guarantee or consent to any departure by the Guarantor therefrom shall in any event be effective
unless the same shall be permitted by Section 4.02(b), and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given.

 

(b)       Neither
this Guarantee nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing
entered into by the Agent and the Guarantor, subject to any consent required in accordance with Section 11.1 of the Agreement.

 

Section
4.03. Agent’s Fees and Expenses; Indemnification.

 

(a)       The
Guarantor agrees to reimburse the Agent for its reasonable and documented out-of-pocket fees and expenses incurred hereunder in
accordance with Section 11.3 of the Agreement; provided that each reference therein to “the Borrower” shall
be deemed to be a reference to “the Guarantor.”

 

(b)       The
Guarantor shall indemnify the Indemnified Parties as set forth in Section 11.4 of the Agreement.

 

Section
4.04. Successors and Assigns.

 

Whenever
in this Guarantee any of the parties hereto is referred to, such reference shall be deemed to include the successors and permitted
assigns of such party; and all covenants, promises and agreements by or on behalf of the Guarantor, the Agent or any other Person
that are contained in this Guarantee shall bind and inure to the benefit of their respective successors and permitted assigns.
Except as provided in Section 11.10 of the Agreement, no party hereto may assign any of its rights or obligations hereunder.

 

Section
4.05. Representations and Warranties.

 

All
representations and warranties made hereunder shall survive the execution and delivery hereof. Such representations and warranties
have been or will be relied upon by the Agent, regardless of any investigation made by the Agent or on its behalf, and shall continue
in full force and effect until this Guarantee is terminated as provided in Section 4.10 hereof, or with respect to the
Guarantor, until the Guarantor is otherwise released from its obligations under this Guarantee in accordance with the terms hereof.

 

    6

     

    

 

Section
4.06. Counterparts; Effectiveness; Several Agreement.

 

This
Guarantee may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Guarantee shall become effective when
it shall have been executed by the Guarantor and the Agent and thereafter shall be binding upon and inure to the benefit of the
Guarantor, the Agent and their respective successors and permitted assigns, subject to Section 4.04. Delivery of an executed
counterpart of a signature page of this Guarantee by email or other electronic (including in “.pdf” or “.tif”
format) means shall be effective as delivery of a manually executed counterpart of this Guarantee. The words “execute,”
 “execution,” “signed,” “signature,” and words of like import in or related to any document
to be signed in connection with this Guarantee and the transactions contemplated hereby shall be deemed to include electronic
signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agent,
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Agent is under no obligation to agree to accept electronic
signatures in any form or in any format unless expressly agreed to by the Agent pursuant to procedures approved by it.

 

Section
4.07. Severability.

 

If
any provision of this Guarantee is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Guarantee shall not be affected or impaired thereby and (b) the parties shall endeavor in
good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision
in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section
4.08. Governing Law; Jurisdiction; Consent to Service of Process.

 

(a)       Governing
Law. This Guarantee shall be construed in accordance with and governed by the law of the State of New York without regard
to conflicts of laws principles thereof that would result in the application of the law of any other jurisdiction.

 

(b)       Jurisdiction.
Each of the Guarantor and the Agent hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive
jurisdiction of any federal or state court located in the borough of Manhattan in the City of New York, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this Guarantee, or for recognition or enforcement
of any judgment, and each of such parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal
court. Each of such parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

    7

     

    

 

(c)       Venue.
Each of the Guarantor and the Agent hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Guarantee in any court referred to in Section 4.08(b). Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

(d)       Service
of Process. Each of the Guarantor and the Agent irrevocably consents to service of process in the manner provided for notices
in Section 11.14.4 of the Agreement to the extent permitted by applicable law. Nothing in this Guarantee or any other [Loan] Document
will affect the right of any party to this Guarantee to serve process in any other manner permitted by law. As an alternative
method of service, the Guarantor also irrevocably appoints the Borrower (the “Process Agent”) with an office
on the date hereof at 1050 Caribbean Way, Miami, Florida 33132, United States of America, as its agent to receive on behalf of
the Guarantor and its property service of copies of any process, summons, notice or document in any such action or proceeding.
Such service may be made by mailing or delivering a copy of such process to the Guarantor in care of the Process Agent, and the
Guarantor hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. Nothing herein will
affect the right of Agent to serve legal process in any other manner permitted by law or affect Agent’s right to bring any
action or proceeding against the Guarantor or its property in the courts of other jurisdictions.

 

(e)       WAIVER
OF JURY TRIAL. EACH OF THE GUARANTOR AND THE AGENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTEE OR
THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH OF THE GUARANTOR AND THE AGENT
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTEE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION 4.08(E).

 

Section
4.09. Obligations Absolute.

 

To
the fullest extent permitted by applicable law, all rights of the Agent hereunder and all obligations of the Guarantor hereunder
shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Agreement, any other [Loan]
Document, any agreement with respect to any of the Guaranteed Obligations or any other agreement or instrument relating to any
of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed
Obligations, or any other amendment or waiver of or any consent to any departure from the Agreement, any other [Loan] Document
or any other agreement or instrument, (c) any release or amendment or waiver of or consent under or departure from any guarantee
guaranteeing all or any of the Guaranteed Obligations or (d) subject only to termination or release of the Guarantor’s obligations
hereunder in accordance with the terms of Section 4.10, but without prejudice to reinstatement rights under Section
2.04, any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Guarantor in respect
of the Guaranteed Obligations or this Guarantee.

 

    8

     

    

 

Section
4.10. Termination or Release.

 

(a)       This
Guarantee and the guarantees made herein shall remain in full force and effect until the earlier of (i) the Date of Full Satisfaction
and (ii) the occurrence of a Third Priority Release Event, at which time they shall automatically terminate with respect to all
Guaranteed Obligations.

 

(b)       In
connection with any termination or release pursuant to clause (a) above, the Agent shall promptly execute and deliver to
the Guarantor, at the Guarantor’s expense, all documents or other instruments that the Guarantor shall reasonably request
to evidence such termination or release and shall perform such other actions reasonably requested by the Guarantor to effect such
release, including return of certificates, securities and instruments. Any execution and delivery of documents pursuant to this
Section 4.10 shall be without recourse to or warranty by the Agent.

 

Section
4.11. Recourse; Limited Obligations.

 

This
Guarantee is made with full recourse to the Guarantor and pursuant to and upon all the warranties, representations, covenants
and agreements on the part of the Guarantor contained herein, in the Agreement and the other [Loan] Documents and otherwise in
writing in connection herewith or therewith. It is the desire and intent of the Guarantor and the Agent that this Guarantee shall
be enforced against the Guarantor to the fullest extent permissible under applicable law applied in each jurisdiction in which
enforcement is sought.

 

Section
4.12. Judgment. If for the purposes of obtaining judgment
in any court it is necessary to convert a sum payable hereunder (the “Guaranty Currency”) into another currency
(the “Other Currency”), the Guarantor agrees that the rate of exchange used will be that at which, in accordance
with normal banking procedures, the Agent could purchase the Guaranty Currency with the Other Currency on the business day preceding
that on which final judgment is given. The obligation of the Guarantor in respect of any sum due hereunder will, notwithstanding
any judgment in the Other Currency, be discharged only to the extent that, on the date the Guarantor makes payment to the Agent
of any sum adjudged to be so due in the Other Currency, the Agent may, in accordance with normal banking procedures, purchase
the Guaranty Currency with the Other Currency; if the amount of the Guaranty Currency so purchased is less than the sum originally
due to the Agent in the Guaranty Currency, the Guarantor agrees, as a separate obligation and notwithstanding any such judgment,
to indemnify the Agent against such loss, and if the amount of the Guaranty Currency so purchased exceeds the amount originally
due to the Agent in the Guaranty Currency, the Agent agrees to remit to the Guarantor such excess.

 

[The
Remainder of This Page
Is Intentionally Left
Blank]

 

    9

     

    

 

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

 

	 	RCI HOLDINGS LLC,

    as the Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	[INSERT], 

    as the Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

Exhibit
F

Form of Senior Parties Subordination Agreement

 

     

     

    

 

SUBORDINATION
AGREEMENT

 

SUBORDINATION
AGREEMENT, dated as of [•], 2020 (this “Agreement”), by and among
each Agent (as defined below), in its capacity as facility agent under the applicable ECA Agreement (as defined below), RCI HOLDINGS
LLC, a limited liability company formed and existing under the laws of Liberia (the “Guarantor”),
ROYAL CARIBBEAN CRUISES LTD., a corporation incorporated and existing under the laws of Liberia (the “Company”),
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as trustee under the Indenture (as defined below) (the “Trustee”),
for the benefit of the Holders (as defined in the Indenture) and, on and after the Joinder Date (as defined below), MORGAN STANLEY
SENIOR FUNDING INC. (“MSSF”), in its capacity as administrative agent
under the Credit Agreement (as defined below) (the “Administrative Agent”),
for the benefit of the Lenders (as defined below).

 

Pursuant
to that certain Indenture, dated as of June 9, 2020 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Indenture”), by and among the Company, as issuer, the
Guarantor and the Trustee, the Company has issued $1,000,000,000 aggregate principal amount of its 9.125% Senior Notes due 2023
(collectively, the “Notes”).

 

Pursuant
to that certain Commitment Letter, dated as of August 12, 2020, between the Company, and MSSF (the “Commitment
Letter”), which attaches a form of 364-Day Term Loan Agreement (the “Draft
Credit Agreement”), the Company may obtain Advances in a maximum aggregate principal amount not to exceed $1,000,000,000
pursuant to a definitive 364-Day Term Loan Agreement, which will be substantially consistent with the Draft Credit Agreement,
with such changes as are agreed between the Company and MSSF (such definitive agreement, as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”).

 

Pursuant
to each agreement listed in Schedule I hereto (collectively, the “ECA
Agreements”, and each, an “ECA Agreement”), the Guarantor
is required to execute and deliver to each facility agent listed (as listed in Schedule I hereto, the “Agents”,
and each an “Agent”) for the benefit of the lenders under reach of the
ECA Agreements to which that Agent is a party (the agent and the lenders under the ECA Agreements being the “ECA
Parties”) a guarantee of the obligations of the Company under each such ECA Agreement, each of which guarantees
are dated as of [•], 2020, but each such guarantee must be subordinated to the Senior Obligations (as defined below) (collectively,
the “Subordinated Guarantees”, and each, a “Subordinated
Guarantee”).

 

The
Guarantor’s execution and delivery of each Subordinated Guarantee in favor of an Agent, for the benefit of the applicable
ECA Parties, is conditioned upon the execution and delivery by the Company, the Guarantor and that Agent, for the benefit of the
applicable ECA Parties, of this Agreement pursuant to which each of the Agents and the ECA Parties (each such Agent and all such
ECA Parties, together with each of their respective successors and assigns, collectively, the “Subordinated
Parties”) agree, and with respect to each ECA Agreement on a several basis, to subordinate their respective rights
with respect to the Subordinated Obligations (as defined below) to the rights of the Trustee, the Holders and, on and after the
Joinder Date, the Administrative Agent and the lenders from time to time party to the Credit Agreement (the “Lenders”)
with respect to the Senior Obligations, all on the terms set forth herein. For purposes hereof, “Senior
Parties” means (a) prior to the Joinder Date, the Trustee and the Holders, and (b) on and after the Joinder Date,
the Trustee, the Holders, the Administrative Agent and the Lenders.

 

     

     

    

 

Accordingly,
each Agent (on behalf of its Relevant Subordinated Parties (as defined below)), the Company, the Guarantor, the Trustee, on behalf
of the Holders (and each of their respective successors or assigns), and, on and after the Joinder Date, the Administrative Agent,
on behalf of the Lenders (and each of their respective successors or assigns), hereby agrees as follows:

 

SECTION
1. Subordination.

 

(a)       Each
Agent (on behalf of itself and its other Relevant Subordinated Parties) hereby agrees, on a several basis, that all of their respective
right, title and interest in and to the Subordinated Obligations shall be subordinate and junior in right of payment to the rights
of the Senior Parties in respect of the obligations of the Guarantor (whether now existing or from time to time after the date
hereof incurred, assumed, created or arising) arising under the Senior Debt Documents (as defined below), including the payment
of principal, premium (if any), interest (including, without limitation, interest accruing on or after the filing of any Insolvency
Proceeding (as defined below) relating to the Company or the Guarantor pursuant to the terms of the Senior Debt Documents, whether
or not a claim for post-filing interest is allowed or allowable in any such Insolvency Proceeding), fees, charges, expenses, indemnities,
reimbursement obligations and all other amounts payable thereunder or in respect thereof, in each case whether or not any of the
foregoing is allowed or allowable as a claim in any Insolvency Proceeding (collectively, the “Senior
Obligations”). For the avoidance of doubt, (1) “payment in full” (or similar term used herein) of
the Senior Obligations will not be deemed to have occurred so long as any Obligations under and as defined in the Senior Debt
Documents remain outstanding (other than any inchoate obligations for which no claim has been asserted) and (2) nothing herein
shall or shall be deemed to affect, alter or impair the rights of the Subordinated Parties under the relevant ECA Agreement and
the Loan Documents (as defined in the relevant ECA Agreement) other than with respect to the Subordinated Guarantees entered into
in connection with that ECA Agreement.

 

For
purposes hereof:

 

(i)         “Relevant
Subordinated Parties” means, in respect of an Agent, the Subordinated Parties under or in connection with the
ECA Agreement pursuant to which that Agent has been appointed in such capacity.

 

(ii)        “Senior
Debt Documents” means the Indenture, the Notes, the Note Guarantee (as defined in the Indenture), the Credit
Agreement and any related promissory notes and that certain Limited Guaranty, to be dated the date of the Credit Agreement, made
by the Guarantor in favor of the Administrative Agent on behalf of the Lenders.

 

(iii)       “Subordinated
Obligations” means, in respect of an ECA Agreement and the Relevant Subordinated Parties thereunder, all obligations
of the Guarantor to those Relevant Subordinated Parties (whether now existing or from time to time after the date hereof incurred,
assumed, created or arising) under each Subordinated Guarantee in respect of that ECA Agreement.

 

     

     

    

 

(b)       Except
to the extent expressly permitted hereunder, the Company, the Guarantor and each Agent (on behalf of its Relevant the applicable
Subordinated Parties) agrees that no payment (whether directly, by purchase, redemption or exercise of any right of setoff or
otherwise) in respect of the Subordinated Obligations, whether as principal, interest or otherwise, and whether in cash, securities
or other property, shall be made by or on behalf of the Guarantor under the applicable Subordinated Guarantee to which that Agent
is a party or received or accepted, directly or indirectly, by or on behalf of any Subordinated Party under that Subordinated
Guarantee, until the payment in full in cash of all Senior Obligations (other than any inchoate obligations for which no claim
has been asserted). In the event that any payment by, or on behalf of, or distribution of the assets or other property of, or
any equity securities or debt securities issued by, the Guarantor of any kind or character, whether in cash, securities or other
property, and whether directly, by purchase, redemption, exercise of any right of setoff or otherwise, including without limitation,
in connection with a plan of reorganization or other Insolvency Proceeding with respect to the Guarantor, shall be received on
account of any Subordinated Obligations by or on behalf of any Subordinated Party or any Affiliate thereof at a time when such
payment or distribution is prohibited by this Agreement, until the payment in full in cash of all Senior Obligations (other than
any inchoate obligations for which no claim has been asserted), then such payment or distribution that has been received by a
Subordinated Party shall be held by that Subordinated Party or Affiliate in trust (segregated from other property of such Subordinated
Party or Affiliate) for the benefit of, and shall forthwith be paid over to, the Trustee, for the benefit of itself and the Holders,
and, on and after the Joinder Date, to the Administrative Agent, for the benefit of itself and the Lenders, in each case, according
to the pro rata share of the Senior Obligations held by the Trustee and the Holders, on the one hand, and the Administrative Agent
and the Lenders, on the other hand. If the Trustee or the Administrative Agent receives more than the pro rata share to which
it is entitled pursuant to the foregoing sentence, then the Trustee or the Administrative Agent shall pay the excess over to the
Administrative Agent, for the benefit of itself and the Lenders, or to the Trustee, for the benefit of itself and the Holders,
as the case may be; provided that such payment shall not be payable until the Trustee or the Administrative Agent, as applicable,
has been able to determine the outstanding amount of the respective pro rata share of the Trustee or the Administrative agent,
as applicable (such determination to be made in reliance on either the information provided by the Company pursuant to the penultimate
sentence of this clause 1(b) or such other evidence as the Administrative Agent reasonably deems satisfactory). For the avoidance
of doubt, the subordination of the Subordinated Obligations to the Senior Obligations pursuant to the provisions of this Section
1 does not, and nothing contained in this Section 1 or elsewhere in this Subordination Agreement shall, limit or be deemed to
limit the liability of the Company to make payments of principal, premium (if any), interest, fees, charges, expenses, indemnities,
reimbursement obligations and other amounts payable in respect of any ECA Agreement as and when due. For purposes hereof, the
 “pro rata share” of any Person as of any time shall be determined based upon the share of the sum of the total Senior
Obligations held by such Person at such time. The Company agrees to advise the Trustee, the Administrative Agent or any Subordinated
Party, as the case may be, promptly upon request as to the outstanding amount of all Senior Obligations and the respective pro
rata share of Senior Obligations held by the Holders and the Lenders, in order to facilitate the Trustee, the Administrative Agent,
or the relevant Subordinated Party receiving the pro rata payment to which it is entitled or making the payment required to be
paid in accordance with the foregoing (as applicable). Each Subordinated Party may conclusively rely on the aforementioned advice
from the Company in complying with its obligations under this clause 1(b).

 

(c)       The
provisions of this Agreement shall continue in full force and effect notwithstanding the occurrence of an Insolvency Proceeding
against the Guarantor or any of its properties or assets until the payment in full in cash of all Senior Obligations (other than
any inchoate obligations for which no claim has been asserted). Upon any distribution of the assets of the Guarantor or upon any
dissolution, winding up, liquidation or reorganization of the Guarantor, whether in bankruptcy, insolvency, reorganization, arrangement
or receivership proceedings or otherwise, or upon any assignment for the benefit of creditors or any other marshalling of the
assets and liabilities of the Guarantor, or otherwise (any of the foregoing, an “Insolvency
Proceeding”):

  

(i)         the
Senior Parties shall first be entitled to receive payment in full in cash of the Senior Obligations (whenever arising, and including,
without limitation, interest accruing after the commencement of any Insolvency Proceeding at the rate set forth in the applicable
Senior Debt Documents, whether or not allowed or allowable as a claim in any such Insolvency Proceeding) (other than any inchoate
obligations for which no claim has been asserted) before any Subordinated Party shall be entitled to receive any payment or distribution
on account of the Subordinated Obligations, whether of principal, interest or otherwise; and

  

(ii)        until
the payment in full of all Senior Obligations (other than any inchoate obligations for which no claim has been asserted), any
payment by, or on behalf of, or distribution of the assets of, or any debt or equity securities issued by, the Guarantor of any
kind or character, whether in cash, securities or other property, to which any Subordinated Party would be entitled except for
the provisions of this Section 1 shall be paid or delivered by the Person making such payment or distribution (whether a trustee
in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Trustee, for the benefit of itself and
the Holders, and, on and after the Joinder Date, the Administrative Agent, for the benefit of itself and the Lenders, according
to the pro rata share of the Senior Obligations held by the Trustee and the Holders, on the one hand, and the Administrative Agent
and the Lenders, on the other hand. If the Trustee or the Administrative Agent receives more than the pro rata share to which
it is entitled pursuant to the foregoing sentence, then the Trustee or the Administrative Agent shall pay the excess over to the
Administrative Agent, for the benefit of itself and the Lenders, or to the Trustee, for the benefit of itself and the Holders,
as the case may be; provided that such payment shall not be payable until the Trustee or the Administrative Agent, as applicable,
has been able to determine the outstanding amount of all Senior Obligations and the respective pro rata share of Senior Obligations
represented by the Trustee or the Administrative Agent, as applicable (such determination to be made in reliance on either the
information provided by the Company pursuant to the last sentence of this clause 1(c)(ii) or such other evidence as the Administrative
Agent reasonably deems satisfactory). The Company agrees to advise the Trustee, the Administrative Agent or any Person making
a payment or distribution pursuant to this clause, as the case may be, reasonably promptly upon request as to the outstanding
amount of all Senior Obligations and the respective pro rata share of Senior Obligations held by the Holders and the Lenders,
in order to facilitate the Trustee or the Administrative Agent receiving the pro rata payment to which it is entitled or making
the payment required to be paid in accordance with the foregoing (as applicable).

 

In
addition, each Agent (in respect of its Relevant Subordinated Parties) agrees that in connection with any Insolvency Proceeding
(i) each of the Trustee, on behalf of the Holders, and, on and after the Joinder Date, the Administrative Agent, on behalf of
the Lenders, is irrevocably authorized and empowered (in its own name or in the name of the Relevant Subordinated Parties or otherwise),
but shall have no obligation, to demand, sue for, collect and receive every payment or distribution referred to in the preceding
sentence and give acquittance therefor and to file claims and proofs of claim and take such other action as the Trustee or the
Administrative Agent, as applicable, may deem necessary or advisable for the exercise or enforcement of any of the rights or interest
of the Trustee, the Holders, the Administrative Agent or the Lenders and (ii) to the extent that a claim has been, or is, made
under a Subordinated Guarantee, each of the Relevant Subordinated Parties in respect of that Subordinated Guarantee shall duly
and promptly take such action as the Trustee, on behalf of the Holders, or, on and after the Joinder Date, the Administrative
Agent, on behalf of the Lenders, may reasonably request to (A) collect amounts in respect of the applicable Subordinated Obligations
for the account of the Senior Parties and to file appropriate claims or proofs of claim in respect of such Subordinated Obligations,
(B) execute and deliver to the Trustee or the Administrative Agent, as applicable, such documents as the Trustee, on behalf of
the Holders, or the Administrative Agent, on behalf of the Lenders, may reasonably request in order to enable the Trustee or the
Administrative Agent, as applicable, to enforce any and all claims with respect to the applicable Subordinated Obligations for
the account of the Senior Parties and (C) collect and receive any and all payments or distributions which may be payable or deliverable
upon or with respect to the applicable Subordinated Obligations for the account of the Senior Parties (provided that the Company
hereby agrees that it shall pay on demand all reasonable and documented out-of-pocket costs and expenses of each Relevant Subordinated
Party in connection with any of the foregoing actions (including the reasonable and documented fees and expenses of counsel for
each such Subordinated Party)). A copy of this Agreement may be filed with any court as evidence of the Senior Parties’
right, power and authority hereunder.

 

     

     

    

 

(d)       The
Guarantor and each Agent (on behalf of its Relevant Subordinated Parties) agree that, prior to the payment in full in cash of
all Senior Obligations (other than any inchoate obligations for which no claim has been asserted), no Relevant Subordinated Party
may take any Enforcement Action against the Guarantor (it being understood that this Agreement shall not affect any Subordinated
Party’s rights or remedies against any other obligor under or with respect to the applicable ECA Agreement and/or the other
Loan Documents (as defined therein)) without the prior written consent of the Trustee (acting upon the direction of the Required
Holders) and, on and after the Joinder Date, the Administrative Agent (acting upon the direction of the Required Lenders (as defined
in the Credit Agreement)), unless any of the following apply in which case each Agent (on behalf of its Relevant Subordinated
Parties) shall be permitted to take any such Enforcement Action without any requirement to obtain consent from the Trustee or
the Administrative Agent:

 

(i)
the occurrence of, with respect to the Guarantor, an Insolvency Proceeding; or

 

(ii)
the holders of Senior Obligations have taken any Enforcement Action in relation to the Guarantor; or

 

(iii)
a default has occurred under the applicable ECA Agreement (a “Subordinated Debt Default”);
and

 

(A)
the Relevant Subordinated Parties have provided notice of the Subordinated Debt Default to the Senior Parties in accordance with
Section 10 hereof; and

 

(B)
a period of not less than (i) 90 days (in the case of a payment default) or (ii) 179 days (in the case of a non-payment default)
has passed from the date the Senior Parties were first notified of the Subordinated Debt Default (a “Standstill
Period”); and

 

(C)
at the end of the Standstill Period, the Subordinated Debt Default is continuing and has not been waived.

 

     

     

    

 

For
the purposes hereof, “Enforcement Action” means, any action taken by any
Subordinated Party in relation to or with respect to the Guarantor under or in connection with the relevant Subordinated Guarantee
granted in favor of that Subordinated Party (whether taken by the relevant creditor or creditors or an agent or trustee on its
or their behalf) to: (i) demand payment under that Subordinated Guarantee of all or any part of the applicable Subordinated Obligations,
(ii) recover all or any part of the applicable Subordinated Obligations (including, by exercising any rights of set-off or combination
of accounts), (iii) exercise or enforce any rights under or pursuant to that Subordinated Guarantee, (iv) commence legal proceedings
against the Guarantor or (v) commence, or take any other steps which could lead to the commencement of, an Insolvency Proceeding
concerning Guarantor. Notwithstanding the foregoing, each Agent (on behalf of its Relevant Subordinated Parties) agrees that no
Relevant Subordinated Party may in any Insolvency Proceeding concerning Guarantor: (i) oppose any sale of assets (including bidding
procedures relating thereto) with respect to the Guarantor, (ii) propose any debtor in possession financing or oppose any debtor
in possession financing or use of cash collateral with respect to the Guarantor, in each case without the consent of the Trustee,
acting on behalf of itself and the Holders, and, on and after the Joinder Date, the Administrative Agent, acting on behalf of
itself and the Lenders, (iii) seek appointment of a trustee or examiner with respect to the Guarantor or (iv) propose, sponsor,
vote in favor of, or otherwise support any plan of reorganization or liquidation with respect to the Guarantor unless such plan
(a) provides for the payment in full in cash of all Senior Obligations on or before the effective date of such plan or (b) each
of the Trustee, on behalf of the Holders, and, on and after the Joinder Date, the Administrative Agent, on behalf of the Lenders,
has provided its prior written consent with respect to such plan.

 

(e)       Each
Agent (on behalf of its Relevant Subordinated Parties) waives all rights of subrogation it may have with respect to the Senior
Parties on account of payments made to the Senior Parties by virtue of this Agreement that would otherwise have been made to the
applicable Subordinated Obligations until all amounts owing on the Senior Obligations shall be paid in full in cash (other than
any inchoate obligations for which no claim has been asserted). For the avoidance of doubt, upon the payment in cash of the Senior
Obligations (other than any inchoate obligations for which no claim has been asserted), the Relevant Subordinated Parties shall
be subrogated to the rights of the Senior Parties with respect to such payments. As between and among the Guarantor, its creditors
(other than the Senior Parties) and the Subordinated Parties, no such payment or distribution made to the Senior Parties by virtue
of this Agreement that otherwise would have been made to the Relevant Subordinated Parties shall be deemed to be a payment by
the Guarantor on account of the applicable Subordinated Obligations, it being understood that the provisions of this paragraph
(e) are intended solely for the purpose of defining the relative rights of the Relevant Subordinated Parties and the Senior Parties.

 

(f)       Each
Agent (on behalf of its Relevant Subordinated Parties) and the Guarantor agree that any and all instruments or records (other
than book entry records or other internal records) now or hereafter directly creating or evidencing the Subordinated Obligations,
whether upon refunding, extension, renewal, refinancing, replacement or otherwise, shall contain the following legend:

 

“Notwithstanding
anything contained herein to the contrary, the obligations of the Guarantor (as defined herein) under this Guarantee shall not
become due or be paid or payable by the Guarantor pursuant hereto, except to the extent permitted under the Subordination Agreement,
dated as of [•], 2020, among KfW IPEX-Bank GmbH, RCI Holdings LLC, The Bank of New York Mellon Trust Company, N.A., in its
capacity as Trustee, and, on and after the Joinder Date (as defined therein), Morgan Stanley Senior Funding Inc., in its capacity
as Administrative Agent, which Subordination Agreement is incorporated herein with the same effect as if fully set forth herein.
For the avoidance of doubt, restrictions imposed by the aforementioned Subordination Agreement on the rights of the beneficiary
hereof to enforce the obligations of the Guarantor under this Guarantee shall not affect the rights of the beneficiary to enforce
the obligations of the Guarantor under this Guarantee on and following such time as the aforementioned Subordination Agreement
permits and those rights shall be fully preserved”;

 

     

     

    

 

or
shall otherwise refer to and be subject in all respects to the terms of this Agreement.

 

(g)       Notwithstanding
anything to the contrary set forth herein, if for any reason (including, without limitation, in connection with any Insolvency
Proceedings against any Guarantor or any of its properties or assets (or any similar proceedings against any other person)), any
payment received by any Senior Party in respect of the Senior Obligations is rescinded or avoided or must otherwise be restored
or returned by such Senior Party, that payment (including, without limitation, if that payment had constituted payment in full
(or similar term used herein) for the purposes hereof) will not be considered to have been made for the purposes of this Agreement,
and this Agreement will continue to be effective or will be reinstated (if necessary), as if that payment had not been made.

 

SECTION
2. Waivers and Consents. (a) Each Agent (on behalf of its Relevant Subordinated Parties)
waives the right to compel that any assets or property of the Guarantor be applied in any particular order to discharge the Senior
Obligations. Each Agent (on behalf of its Relevant Subordinated Parties) expressly waives the right to require the Senior Parties
to proceed against the Guarantor, or to pursue any other remedy in any Senior Party’s power which such Relevant Subordinated
Parties cannot pursue and which would lighten the burden of those Relevant Subordinated Parties, notwithstanding that the failure
of any Senior Party to do so may thereby prejudice each such Relevant Subordinated Party. Each Agent (on behalf of its Relevant
Subordinated Parties) agrees that it shall not be discharged, exonerated or have its obligations hereunder to the Senior Parties
reduced by any Senior Party’s delay in proceeding against or enforcing any remedy against the Guarantor, by any Senior Party
releasing the Guarantor from any part (but not all) of the Senior Obligations, or by the discharge of the Guarantor by operation
of law or otherwise, with or without the intervention or omission of a Senior Party. A Senior Party’s vote to accept or
reject any plan of reorganization relating to the Guarantor, or a Senior Party’s receipt on account of the Senior Obligations
other than the payment in full in cash thereof (other than any inchoate obligations for which no claim has been asserted) of any
cash, securities or other property distributed in any bankruptcy, reorganization, or insolvency case, shall not discharge, exonerate,
or reduce the obligations of any Subordinated Party hereunder to the Senior Parties.

 

(b)       Each
Agent (on behalf of its Relevant Subordinated Parties) waives all rights and defenses arising out of an election of remedies by
the Senior Parties, even though that election of remedies, including any nonjudicial foreclosure with respect to security for
the Senior Obligations, has impaired the value of each such Relevant Subordinated Party’s rights of subrogation, reimbursement
or contribution against the Guarantor. Each Agent (on behalf of its Relevant Subordinated Parties) expressly waives any rights
or defenses it may have by reason of protection afforded to the Guarantor with respect to the Senior Obligations pursuant to any
anti-deficiency laws or other laws of similar import which limit or discharge the principal debtor’s indebtedness upon judicial
or nonjudicial foreclosure of real property or personal property securing the Senior Obligations.

 

     

     

    

 

(c)       Each
Agent (on behalf of its Relevant Subordinated Parties) agrees that, without the necessity of any reservation of rights against
it, and without notice to or further assent by it, any demand for payment of any Senior Obligations made by a Senior Party may
be rescinded in whole or in part by such Senior Party, and any Senior Obligation may be continued, and the Senior Obligations,
or the liability of the Guarantor or any other guarantor or any other party upon or for any part thereof or right of offset with
respect thereto, may, from time to time, in whole or in part, be renewed, extended, modified, accelerated, compromised, waived,
surrendered, or released by the Senior Parties, in each case without notice to or further assent by any Relevant Subordinated
Party (to the extent contemplated by the Subordinated Guarantee to which that Agent is a party), which will remain bound under
this Agreement and without impairing, abridging, releasing or affecting the subordination and other agreements provided for herein.

 

(d)       Each
Agent (on behalf of its Relevant Subordinated Parties) waives any and all notice of the creation, renewal, extension or accrual
of any of the Senior Obligations and notice of or proof of reliance by the Senior Parties upon this Agreement. The Senior Obligations,
and any of them, shall be deemed conclusively to have been created, contracted or incurred and the consent given to create the
obligations of the Guarantor in respect of the Subordinated Obligations in reliance upon this Agreement, and all dealings between
the Guarantor and the Senior Parties shall be deemed to have been consummated in reliance upon this Agreement. Each Agent (on
behalf of its Relevant Subordinated Parties) acknowledges and agrees that the Senior Parties have relied upon the subordination
and other agreements provided for herein in consenting to the applicable Subordinated Obligations. Each Agent (on behalf of its
Relevant Subordinated Parties) waives notice of or proof of reliance on this Agreement and protest, demand for payment and notice
of default.

 

SECTION
3. Senior Obligations Unconditional. All rights and interests of the Senior Parties hereunder, and all agreements and obligations
of each Subordinated Party and the Guarantor hereunder, shall remain in full force and effect irrespective of:

 

(a)      any
lack of validity or enforceability of the Senior Debt Documents;

 

(b)     any
change in the time, manner or place of payment of, or in any other term of, all or any of the Senior Obligations, or any amendment
or waiver or other modification, whether by course of conduct or otherwise, of, or consent to departure from, the Senior Debt
Documents; or

 

(c)     any
other circumstances that might otherwise constitute a defense available to, or a discharge of, the Guarantor in respect of the
Senior Obligations, or of any Subordinated Party or the Guarantor in respect of this Agreement.

 

SECTION
4. Representations and Warranties. Each Agent represents and warrants on a several basis to the Administrative Agent and
the Trustee for the benefit of the applicable Senior Parties that:

 

(a)      It
has the power and authority to execute and deliver and to perform its obligations under this Agreement and has taken all necessary
action to authorize its execution, delivery and performance of this Agreement.

 

(b)     This
Agreement has been duly executed and delivered by such Agent and constitutes a legal, valid and binding obligation of such Agent,
enforceable against such Agent and its Relevant Subordinated Parties in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles
of equity, regardless of whether considered in a proceeding in equity or at law.

 

     

     

    

 

(c)     No
consent or authorization of filing with, or other act by or in respect of, any Governmental Authority, is required to be obtained
or made by it in connection with the execution, delivery or performance of this Agreement.

 

SECTION
5. Waiver of Claims. (a) To the maximum extent permitted by law, each Agent (on behalf of its Relevant Subordinated Parties)
waives any claim it might have against the Senior Parties with respect to, or arising out of, any action or failure to act or
any error of judgment, negligence, or mistake or oversight whatsoever on the part of the Senior Parties or their directors, officers,
employees, agents or Affiliates with respect to any exercise of rights or remedies under the Senior Debt Documents. Neither the
Senior Parties nor any of their respective directors, officers, employees, agents or Affiliates shall be liable for failure to
demand, collect or realize upon the Senior Debt Documents or for any delay in doing so.

 

(b)     Each
Agent (on behalf of the applicable Subordinated Parties), for itself and on behalf of its successors and assigns, hereby waives
any and all now existing or hereafter arising rights it may have to require the Senior Parties to marshal assets for the benefit
of each such Relevant Subordinated Party, or to otherwise direct the timing, order or manner of any sale, collection or other
enforcement of the Senior Obligations. The Senior Parties are under no duty or obligation, and each Agent (on behalf of the Relevant
Subordinated Parties) hereby waives any right it may have to compel the Senior Parties, to pursue the Company or other Person
who may be liable for the Obligations (as defined in the Indenture) or the Obligations (as defined in the Credit Agreement).

 

SECTION
6. Further Assurances. Each Agent and the Guarantor shall, at the expense of the Company
and at any time from time to time, upon the written request of the Trustee or, on and after the Joinder Date, the Administrative
Agent, promptly and duly execute and deliver such further instruments and documents and take such further actions as the Trustee
or, on and after the Joinder Date, the Administrative Agent, as applicable, reasonably may request for the purposes of obtaining
or preserving the full benefits of this Agreement and of the rights and powers herein granted. Upon the written request of any
other party hereto, the Company shall reasonably cooperate and provide such information as may be reasonably necessary to give
full effect the provisions set forth in Section 1 of this Agreement.

 

SECTION
7. [Reserved]. 

 

SECTION
8. Provisions Define Relative Rights. This Agreement is intended solely for the purpose
of defining the relative rights of the Senior Parties on the one hand and the Subordinated Parties and the Guarantor on the other,
and neither the Company nor any other Person shall have any right, benefit or other interest under this Agreement.

 

SECTION
9. Powers Coupled with an Interest. All powers, authorizations and agencies contained
in this Agreement are coupled with an interest and are irrevocable until the Senior Obligations are paid in full in cash.

 

SECTION
10. Notices. Any notice or communication shall be in writing and delivered in person
or mailed by first class mail addressed as follows:

 

if
to the Company or the Guarantor:

 

Royal
Caribbean Cruises Ltd.

1050
Caribbean Way

Miami,
Florida 33132

Attn:
Jason T. Liberty, Executive Vice President and Chief Financial Officer

Antje
M. Gibson, Vice President and Treasurer

 

     

     

    

 

with
a copy to:

 

Royal
Caribbean Cruises Ltd.

1050
Caribbean Way

Miami,
Florida 33132

Attn:
General Counsel

 

if
to the Trustee:

 

The
Bank of New York Mellon Trust Company,

N.A. 10161 Centurion Parkway North, 2nd Floor

Jacksonville,
Florida 32256

Attn:
Corporate Trust Administration

 

if
to the Administrative Agent:

 

Morgan
Stanley Senior Funding, Inc.

1300
Thames Street Wharf, 4th Floor

Baltimore,
MD 21231

Attention:
Documentation Team

Telephone:
443-627-5900

Email:
doc4secportfolio@morganstanley.com

 

if
to the Agent, to the applicable address indicated in Schedule I hereto.

 

The
Company, the Guarantor, the Trustee, the Administrative Agent or any Agent by notice to the other parties hereto may designate
additional or different addresses for subsequent notices or communications.

 

Notices
given by first-class mail shall be deemed given five calendar days after mailing and notices given by publication shall be deemed
given on the first date on which publication is made. If a notice or communication is delivered in the manner provided above,
it is duly given, whether or not the addressee receives it.

 

SECTION
11. Counterparts. This Agreement may be executed by one or more of the parties on
any number of separate counterparts, each of which shall constitute an original, but all of which taken together shall be deemed
to constitute but one instrument. Delivery of an executed signature page to this Agreement by facsimile transmission or electronic
..pdf delivery shall be as effective as delivery of a manually signed counterpart of this Agreement.

 

SECTION
12. Severability. In case any one or more of the provisions contained in this Agreement
should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular
provision hereof in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction).
The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

     

     

    

 

SECTION
13. Integration. This Agreement represents the agreement of the Guarantor, the Company,
the Subordinated Parties and the Senior Parties with respect to the subject matter hereof and there are no promises or representations
by the Guarantor, the Company, the Subordinated Parties or the Senior Parties relative to the subject matter hereof not reflected
herein.

 

SECTION
14. Amendments in Writing; No Waiver; Cumulative Remedies. (a) None of the terms or
provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed
by the Trustee, the Administrative Agent (but only on and after the Joinder Date), the Guarantor,
the Company and each Agent (on behalf of its Relevant Subordinated Parties).

 

(b)       No
failure to exercise, nor any delay in exercising, on the part of the Senior Parties, any right, power or privilege hereunder shall
operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other
or further exercise thereof or the exercise of any other right, power or privilege.

 

(c)       The
rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other
rights or remedies provided by law.

 

SECTION
15. Section Headings. The section headings used in this Agreement are for convenience of reference only and are not to
affect the construction hereof or be taken into consideration in the interpretation hereof.

 

SECTION
16. Successors and Assigns. This Agreement shall be binding upon the successors and assigns of the Guarantor, the Company
and the Subordinated Parties and shall inure to the benefit of the Senior Parties and their respective successors and assigns.

 

SECTION
17. Governing Law; Jurisdiction; Consent to Service of Process. (a) THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE
OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)       EACH
PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION,
WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER PARTY OR ANY RELATED PARTY OF THE FOREGOING
IN ANY WAY RELATING TO THIS AGREEMENT OR THE TRANSACTIONS RELATING HERETO IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW
YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS
AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK
STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT
A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY
SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

     

     

    

 

(c)       EACH
PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT
MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY
COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION 17. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH
COURT.

 

SECTION
18. WAIVER OF JURY TRIAL.
EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT, THE INDENTURE AND THE CREDIT AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
18.

 

SECTION
19. Termination; Survival.
This Agreement and all of the covenants and other obligations of each of the parties hereto shall, except as otherwise expressly
provided by the following sentence, terminate upon, and be of no further force or effect whatsoever after, the payment in full
of all of the Senior Obligations. The agreements and obligations of each party hereto under Sections 17 and 18 hereof shall survive
the termination of this Agreement and the payment in full of all Senior Obligations.

 

SECTION
20. Trustee’s Rights; Administrative Agent’s Rights;
Agent’s Rights. In addition to its rights, protections, immunities reliances and indemnities
set forth herein, (a) as between the Trustee, the Company and the Guarantor, the Trustee shall have all the rights, protections,
immunities, reliances and indemnities as are provided to the Trustee under the Indenture and (b) on and after the Joinder Date,
as between the Administrative Agent, the Company and the Guarantor, the Administrative Agent shall have all the rights, protections,
immunities, reliances and indemnities as are provided to the Administrative Agent under the Credit Agreement and the other Loan
Documents (as defined therein) (and this Agreement shall be deemed to be a Loan Document for the purposes therefore). In addition
to any rights, protections, immunities, reliances and indemnities set forth herein, as between each Agent (and its Relevant Subordinated
Parties), the Company and the Guarantor, each such Agent and its Relevant Subordinated Parties shall have all the rights, protections,
immunities, reliances and indemnities (as the case may be) as are provided to such parties under the relevant ECA Agreement and
the other Loan Documents (as defined therein) (and this Agreement shall be deemed to be a Loan Document for the purposes of each
such ECA Agreement).

 

     

     

    

 

SECTION
21. Several Nature of Agent’s Rights and Obligations.
The obligations of each Agent under this Agreement are several and apply only in respect of itself and its Relevant Subordinated
Parties. Failure by an Agent or its Relevant Subordinated Parties does not affect the obligations of any other Agent or
their respective Relevant Subordinated Parties under this Agreement. Accordingly, no Agent or its Relevant Subordinated Parties
shall be responsible for the obligations, actions or omissions of any other Agent or their respective Relevant Subordinated Parties.

 

The
rights of each Agent (and its Relevant Subordinated Parties) under or in connection with this Agreement are separate and independent
rights. An Agent (on behalf of its Relevant Subordinated Parties) shall be entitled to enforce its rights independently and without
any action of any of the other Agents or their respective Relevant Subordinated Parties.

 

SECTION
22. Subordination Agreement. This Agreement constitutes a “subordination agreement”
within the meaning of such term as used in section 510(a) of Title 11 of the United States Code, as amended from time to time.

 

SECTION
23. Joinder. Upon the execution and delivery of a joinder agreement substantially
in the form attached hereto as Exhibit A with such changes, or otherwise in form and
substance, reasonably satisfactory to the Company, the Guarantor, each Agent and the Trustee (the “Joinder
Agreement”) by the Administrative Agent on or prior to the date the Credit Agreement becomes effective (such
date of delivery, the “Joinder Date”), the Administrative Agent shall
automatically become a party to this Agreement and be subject to the terms and conditions hereof and receive the benefits hereunder
as if originally a party to this Agreement. If requested by the Administrative Agent, each of the Company, the Guarantor, each
Agent and the Trustee will acknowledge the Administrative Agent’s execution and delivery of the Joinder Agreement by its
signature thereon. On and after the Joinder Date, each of the Administrative Agent and the Lenders shall be deemed a Senior Party
and subject to all the rights and obligations of a Senior Party under this Agreement with the same rights as if each of the Administrative
Agent and the Lenders were party to this Agreement on the date of this Agreement.

 

[Remainder
of page intentionally left blank]

 

     

     

    

 

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

 

	 	KFW IPEX-BANK GMBH, as
    Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	RCI HOLDINGS LLC, as
    the Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	ROYAL CARIBBEAN CRUISES LTD.,
    as the Company
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	THE BANK OF NEW YORK MELLON TRUST
    COMPANY, N.A., not in its individual capacity, but solely
    in its capacity as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Subordination Agreement]

 

     

     

    

 

Schedule
I

 

ECA
AGREEMENTS

 

	ECA
    Facility	Agent	Address
	A
    facility agreement dated 15 April 2009 (as amended from time to time) in respect of m.v. “Celebrity Equinox” (builder’s
    hull no. S-676) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH as Hermes
    agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

	A
    facility agreement dated 26 November 2009 (as amended from time to time) in respect of m.v. “Celebrity Eclipse”
    (builder’s hull no. S-677) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH
    as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

 

     

     

    

 

	ECA
    Facility	Agent	Address
	A
    facility agreement dated 7 August 2008 (as amended from time to time including by an amendment agreement dated 23 April
    2020) in respect of m.v. “Celebrity Solstice” (builder’s hull no. S-675) entered into between, amongst others, Royal
    Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the
    banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse 5-9 D-60325 Frankfurt am Main Germany

                                                                                                                         Facsimile No.: +49 (69) 7431 3768 

                                                                                                                         Email: maritime-industries-administration@kfw.de 

                                                                                                                         Attention: Maritime Industries

                                                                                                                         With a copy to: Credit Operations

                                                                                Facsimile No.: +49 (69) 7431 2944

	A
    facility agreement dated 27 February 2009 (as amended from time to time) in respect of m.v. “Celebrity Silhouette”
    (builder’s hull no. S-679) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH
    as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

	A
    facility agreement dated 19 December 2008 (as amended from time to time) in respect of m.v. “Celebrity Reflection”
    (builder’s hull no. S-691) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH
    as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention:
Maritime Industries

        With a copy to: Credit Operations

        Facsimile No.: +49 (69) 7431 2944 

  

     

     

    

  

	ECA
    Facility	Agent	Address
	A
    facility agreement dated 8 June 2011 (as amended from time to time) in respect of m.v. “Quantum of the Seas” (builder’s
    hull no. S-697) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, the Hermes Agent, KfW IPEX-Bank
    GmbH as facility agent (in this capacity, the “Facility Agent”) and the banks and financial institutions listed
    therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

	A
    facility agreement dated 8 June 2011 (as amended from time to time) in respect of m.v. “Anthem of the Seas” (builder’s
    hull no. S-698) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH as Hermes
    agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

  

     

     

    

  

	ECA
    Facility	Agent	Address
	A
    facility agreement dated 27 November 2013 (as amended from time to time) in respect of m.v. “Ovation of the Seas”
    (builder’s hull no. S-699) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH
    as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

	A
    facility agreement dated 13 November 2015 (as amended from time to time) in respect of m.v. “Spectrum of the Seas”
    (builder’s hull no. S-700) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH
    as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

	A
    facility agreement dated 13 November 2015 (as amended from time to time) in respect of m.v. “Odyssey of the Seas”
    (builder’s hull no. S-713) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH
    as Hermes agent, KfW IPEX-Bank GmbH as administrative
    agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
        No.: +49 (69) 7431 3768

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944  

  

     

     

    

  

	ECA
    Facility	Agent	Address
	A
    facility agreement dated as of 19 September 2019 (as amended from time to time) in respect of the passenger cruise vessel
    with builder’s hull no. S-719 entered into between, amongst others, Silversea Cruise Holding Ltd. borrower, Royal Caribbean
    Cruises Ltd. as guarantor, KfW IPEX-Bank GmbH as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and
    financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

	A
    facility agreement dated as of 19 September 2019 (as amended from time to time) in respect of the passenger cruise vessel
    with builder’s hull no. S-720 entered into between, amongst others, Silversea Cruise Holding Ltd. as borrower, Royal Caribbean
    Cruises Ltd. as guarantor, KfW IPEX-Bank GmbH as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and
    financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
    No.: +49 (69) 7431 2944

  

     

     

    

  

	ECA
    Facility	Agent	Address
	A
    facility agreement dated 11 October 2017 (as amended from time to time) in respect of the passenger cruise vessel with builder’s
    hull no. 1400 entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH as Hermes
    agent, KfW IPEX-Bank GmbH as facility agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

	A
    facility agreement dated 11 October 2017 (as amended from time to time) in respect of the passenger cruise vessel with builder’s
    hull no. 1401 entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH as Hermes
    agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

  

     

     

    

  

	ECA
    Facility	Agent	Address
	A
    facility agreement dated 18 December 2019 (as amended from time to time) in respect of the passenger cruise vessel with builder’s
    hull no. 1402 entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank
    GmbH as Hermes agent, KfW IPEX-Bank GmbH as administrative
    agent, and the banks and financial institutions listed
    therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
                                         5-9 D-60325 Frankfurt am Main Germany

                                                                    Facsimile
                                         No.: +49 (69) 7431 3768

                                                                    Email:
                                         maritime-industries-administration@kfw.de

                                                                    Attention:
                                         Maritime Industries

                                                                    With
                                         a copy to: Credit Operations 

                                                                    Facsimile
                                         No.: +49 (69) 7431 2944

  

     

     

    

Exhibit A

 

[FORM OF] JOINDER AGREEMENT

 

This
JOINDER AGREEMENT, dated as of [•], 202[•] (this “Joinder”),
to that certain SUBORDINATION AGREEMENT, dated as of [•], 2020 (the “Subordination
Agreement”), by and KfW IPEX-Bank GmbH, in its capacity as agent under the applicable ECA Agreement, RCI
HOLDINGS LLC, a limited liability company formed and existing under the laws of Liberia, ROYAL CARIBBEAN CRUISES LTD., a
corporation incorporated and existing under the laws of Liberia, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its
capacity as trustee under the Indenture, for the benefit of the Holders (as defined in the Indenture), is being executed and
delivered by MORGAN STANLEY SENIOR FUNDING INC., in its capacity as administrative agent under the Credit Agreement (the
 “Administrative Agent”), for the benefit of the Lenders, in
accordance with the provisions of the Subordination Agreement.

 

Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Subordination Agreement.

 

The Administrative
Agent hereby agrees to become a party to the Subordination Agreement and be subject to the terms and conditions thereof and receive
the benefits thereunder as if originally a party to the Subordination Agreement. On and after the Joinder Date, each of the Administrative
Agent and the Lenders shall be deemed a Senior Party and subject to all the rights and obligations of a Senior Party under the
Subordination Agreement.

 

The provisions of
Sections 11, 17 and 18 of the Subordination Agreement are hereby incorporated mutatis mutandis
as if fully set forth in this Joinder.

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be duly executed and delivered as of ________________ (the
 “Joinder Date”).

 

	 	MORGAN STANLEY SENIOR
	 	FUNDING, INC., as the Administrative Agent
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

Exhibit A

 

     

     

    

 

	 	ACKNOWLEDGED BY:
	 	 
	 	KfW IPEX-Bank GmbH, as Agent
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

Exhibit A

 

     

     

    

 

	 	ACKNOWLEDGED BY:
	 	 
	 	RCI HOLDINGS LLC, as
the Guarantor
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

	 	ROYAL CARIBBEAN CRUISES LTD., as the Company
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

Exhibit A

 

     

     

    

 

ACKNOWLEDGED BY:

 

THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A., not in its individual capacity, but solely in its capacity as Trustee

	 	 	 
	By:	 	 
	 	Name: 	 
	 	Title:	 

 

     

     

    

 

Exhibit G

Form of Other Senior Parties Subordination Agreement

 

     

     

    

 

[FORM OF] SUBORDINATION AGREEMENT

 

SUBORDINATION
AGREEMENT, dated as of [•], 2020 (this “Agreement”), by and among
each Agent (as defined below), in its capacity as facility agent under the applicable ECA Agreement (as defined below), ROYAL CARIBBEAN
CRUISES LTD., a corporation incorporated and existing under the laws of Liberia (the “Company”),
the subsidiaries of the Company listed in Schedule I hereto (each, a “Guarantor”,
and collectively, the “Guarantors”) and [ADMINISTRATIVE AGENT], in its
capacity as [administrative agent] under the Credit Agreement (as defined below) (the “Administrative
Agent”), for the benefit of the Lenders (as defined below).

 

The Company,
the Administrative Agent and certain lenders from time to time thereunder (the “Lenders”
and referred to herein, collectively with the Administrative Agent, as the “Senior Parties”)
are party to that certain [CREDIT AGREEMENT], dated as of [•] (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”).

 

Pursuant to each
agreement listed in Schedule III hereto (collectively, the “ECA
Agreements”, and each an “ECA Agreement”), (a) RCL Cruise
Holdings LLC, Torcatt Enterprises Limitada, RCL Holdings Cooperatief UA, RCL Cruises Ltd., and RCL Investments Ltd. are required
to execute and deliver to each facility agent (as listed in Schedule III hereto, the “Agents”,
and each an “Agent”) for the benefit of the lenders under each of the ECA
Agreements to which that Agent is a party (the Agents and the lenders under the ECA Agreements being the “ECA
Parties”) a guarantee of the obligations of the Company under each such ECA Agreement, each of which guarantees
are dated as of [•], 2020, but each such guarantee must be subordinated to the Senior Obligations (as defined below) and (b)
RCI Holdings LLC (“RCI”) is required to execute and deliver to each Agent
for the benefit of the relevant ECA Parties a guarantee of the obligations of the Company under each relevant ECA Agreement, each
of which guarantees are dated as of [•], 2020, but each such guarantee must be subordinated to the Senior Obligations (collectively,
the “Subordinated Guarantees”, and each a “Subordinated
Guarantee”).

 

The Guarantors’
execution and delivery of each Subordinated Guarantee in favor of an Agent, for the benefit of the applicable ECA Parties, is conditioned
upon the execution and delivery by the Company, each Guarantor and that Agent, for the benefit of the applicable ECA Parties, of
this Agreement pursuant to which each of the Agents and the ECA Parties (each such Agent and all such ECA Parties, together with
each of their respective successors and assigns, collectively, the “Subordinated Parties”)
agree, and with respect to each ECA Agreement on a several basis, to subordinate their respective rights with respect to the Subordinated
Obligations (as defined below) to the rights of the Senior Parties with respect to the Senior Obligations, all on the terms set
forth herein.

 

Accordingly, each
Agent (on behalf of its Relevant Subordinated Parties (as defined below)), the Company, each Guarantor and the Administrative Agent,
on behalf of the Senior Parties (and each of their respective successors or assigns), hereby agrees as follows:

 

     

     

    

 

SECTION 1. Subordination.

 

(a)       Each
Agent (on behalf of itself and its other Relevant Subordinated Parties) hereby agrees, on a several basis, that all of their
respective right, title and interest in and to the Subordinated Obligations shall be subordinate and junior in right of
payment to the rights of the Senior Parties in respect of the obligations of each Guarantor (whether now existing or from
time to time after the date hereof incurred, assumed, created or arising) arising under the Senior Debt Documents (as defined
below), including the payment of principal, premium (if any), interest (including, without limitation, interest accruing on
or after the filing of any Insolvency Proceeding (as defined below) relating to the Company or any Guarantor pursuant to the
terms of the Senior Debt Documents, whether or not a claim for post-filing interest is allowed or allowable in any such
Insolvency Proceeding), fees, charges, expenses, indemnities, reimbursement obligations and all other amounts payable
thereunder or in respect thereof, in each case whether or not any of the foregoing is allowed or allowable as a claim in any
Insolvency Proceeding (collectively, the “Senior Obligations”). For
the avoidance of doubt, (1) “payment in full” (or similar term used herein) of the Senior Obligations will not be
deemed to have occurred so long as any Obligations under and as defined in the Senior Debt Documents remain outstanding
(other than any inchoate obligations for which no claim has been asserted) and (2) nothing herein shall or shall be deemed to
affect, alter or impair the rights of the Subordinated Parties under the relevant ECA Agreement and the [Loan] Documents (as
defined in the relevant ECA Agreement) other than with respect to the Subordinated Guarantees entered into in connection with
that ECA Agreement.

 

For purposes hereof:

 

(i)
 “Relevant Subordinated Parties” means, in respect of an Agent, the Subordinated
Parties under or in connection with the ECA Agreement pursuant to which that Agent has been appointed in such capacity.

 

(ii) “Senior
Debt Documents” means the Credit Agreement, that certain Guaranty, dated as of [•], made by RCL Cruise Holdings
LLC, Torcatt Enterprises Limitada, RCL Holdings Cooperatief UA, RCL Cruises Ltd., and RCL Investments Ltd. in favor of the Administrative
Agent on behalf of the Lenders, and that certain Guaranty, dated as of [•], made by RCI in favor of the Administrative Agent
on behalf of the Lenders, and any related promissory notes.

 

(iii)
 “Subordinated Obligations” means, in respect of an ECA Agreement and the
Relevant Subordinated Parties thereunder, all obligations of the Guarantors to those Relevant Subordinated Parties (whether now
existing or from time to time after the date hereof incurred, assumed, created or arising) under each Subordinated Guarantee in
respect of that ECA Agreement.

 

     

     

    

 

(b)       Except
to the extent expressly permitted hereunder, the Company, each Guarantor and each Agent (on behalf of its Relevant
Subordinated Parties) agrees that no payment (whether directly, by purchase, redemption or exercise of any right of setoff or
otherwise) in respect of the Subordinated Obligations, whether as principal, interest or otherwise, and whether in cash,
securities or other property, shall be made by or on behalf of any Guarantor under the applicable Subordinated Guarantee or
received or accepted, directly or indirectly, by or on behalf of any Subordinated Party under that Subordinated Guarantee,
until the payment in full in cash of all Senior Obligations (other than any inchoate obligations for which no claim has been
asserted). In the event that any payment by, or on behalf of, or distribution of the assets or other property of, or any
equity securities or debt securities issued by, any Guarantor of any kind or character, whether in cash, securities or other
property, and whether directly, by purchase, redemption, exercise of any right of setoff or otherwise, including without
limitation, in connection with a plan of reorganization or other Insolvency Proceeding with respect to any Guarantor, shall
be received on account of any Subordinated Obligations by or on behalf of any Subordinated Party or any Affiliate thereof at
a time when such payment or distribution is prohibited by this Agreement, then such payment or distribution that has been
received by a Subordinated Party shall be held by that Subordinated Party or Affiliate in trust (segregated from other
property of such Subordinated Party or Affiliate) for the benefit of, and shall forthwith be paid over to the Administrative
Agent as representative for the Senior Obligations and each agent, trustee or other representative for the Pari Passu
Obligations, according to the pro rata share of the Senior Obligations represented by the Administrative Agent and the Pari
Passu Obligations held by such agent, trustee or other representative and the other obligees under the applicable agreement
until the payment in full in cash of all Senior Obligations (other than any inchoate obligations for which no claim has been
asserted); provided, if the applicable Guarantor is RCI and RCI continues to
guarantee any obligations outstanding under any of the Unsecured Note Indebtedness, the DDTL Indebtedness or any
Permitted Refinancing (as each such term is defined in the ECA Agreement as in effect on the date hereof) in respect thereof
(collectively, the “Senior RCI Obligations”), then such payment or
distribution shall be held by such Subordinated Party or Affiliate in trust (segregated from other property of such
Subordinated Party or Affiliate) for the benefit of, and shall forthwith be paid over to, the relevant agent, trustee or
other representative for the Senior RCI Obligations to the extent required under any other subordination agreement to which
RCI is a party at such time. If the Administrative Agent receives more than the pro rata share to which it is entitled
pursuant to the foregoing sentence, then the Administrative Agent shall pay the excess over to the applicable agent, trustee
or other representative for the Pari Passu Obligations; provided that such
payment shall not be payable until the Administrative Agent has been able to determine the outstanding amount of all Pari
Passu Obligations and the respective pro rata share of Senior Obligations represented by the Administrative Agent and Pari
Passu Obligations held by each agent, trustee or other representative for the Pari Passu Obligations (such determination to
be made in reliance on either the information provided by the Company pursuant to the penultimate sentence of this clause
1(b) or such other evidence as the Administrative Agent reasonably deems satisfactory). For the avoidance of doubt, the
subordination of the Subordinated Obligations to the Senior Obligations pursuant to the provisions of this Section 1 does
not, and nothing contained in this Section 1 or elsewhere in this Subordination Agreement shall, limit or be deemed to limit
the liability of the Company to make payments of principal, premium (if any), interest, fees, charges, expenses, indemnities,
reimbursement obligations and other amounts payable in respect of any ECA Agreement as and when due. The Company agrees to
advise the Administrative Agent or any Subordinated Party, as the case may be, promptly upon request as to the outstanding
amount of all Pari Passu Obligations and the respective pro rata share of Senior Obligations represented by the
Administrative Agent and Pari Passu Obligations held (or represented) by each agent, trustee or other representative for the
Pari Passu Obligations, in order to facilitate the Administrative Agent, each agent, trustee or other representative for the
Pari Passu Obligations or the relevant Subordinated Party receiving the pro rata payment to which it is entitled or making
the payment required to be paid in accordance with the foregoing (as applicable). Each Subordinated Party may conclusively
rely on the aforementioned advice from the Company in complying with its obligations under this clause 1(b).

 

     

     

    

 

For purposes hereof:

 

(i)       “Pari
Passu Obligations” means the obligations of the Company listed in Schedule II hereto (each such agreement,
as it may be amended, amended and restated, supplemented or otherwise modified from time to time) and under credit card
processing arrangements or other similar payment processing arrangements.

 

(ii)       the
 “pro rata share” of any Person as of any time shall be determined based upon the share of the sum of the total
Pari Passu Obligations held by such Person at such time.

 

(c)       The
provisions of this Agreement shall continue in full force and effect notwithstanding the occurrence of an Insolvency
Proceeding against any Guarantor or any of its properties or assets until the payment in full in cash of all Senior
Obligations (other than any inchoate obligations for which no claim has been asserted). Upon any distribution of the assets
of any Guarantor or upon any dissolution, winding up, liquidation or reorganization of any Guarantor, whether in bankruptcy,
insolvency, reorganization, arrangement or receivership proceedings or otherwise, or upon any assignment for the benefit of
creditors or any other marshalling of the assets and liabilities of any Guarantor, or otherwise (any of the foregoing, an
 “Insolvency Proceeding”):

 

		(i)	the Senior Parties shall first be entitled to receive payment in full in
cash of the Senior Obligations (whenever arising, and including, without limitation, interest accruing after the commencement of
any Insolvency Proceeding at the rate set forth in the applicable Senior Debt Documents whether or not allowed or allowable as
a claim in any such Insolvency Proceeding) (other than any inchoate obligations for which no claim has been asserted) before any
Subordinated Party shall be entitled to receive any payment or distribution on account of the Subordinated Obligations, whether
of principal, interest or otherwise; and

 

		(ii)	until the payment in full of all Senior Obligations (other than any
                                                              inchoate obligations for which no claim has been asserted), any payment by, or on behalf of, or distribution of the assets
                                                              of, or any debt or equity securities issued by, such Guarantor of any kind or character, whether in cash, securities or other
                                                              property, to which any Subordinated Party would be entitled except for the provisions of this Section 1 shall be paid or
                                                              delivered by the Person making such payment or distribution (whether a trustee in bankruptcy, a receiver, custodian or
                                                              liquidating trustee or otherwise) directly to the Administrative Agent representing the Senior Obligations and each agent,
                                                              trustee or other representative for the Pari Passu Obligations, according to the pro rata share of the Senior Obligations
                                                              represented by the Administrative Agent and the Pari Passu Obligations held by such agent, trustee or other representative
                                                              and the other obligees under the applicable agreement; provided, if the applicable Guarantor is RCI and RCI continues
                                                              to guarantee any obligations outstanding under any of the Senior RCI Obligations, then such payment or distribution shall be
                                                              paid or delivered by the Person making such payment or distribution (whether a trustee in bankruptcy, a receiver, custodian
                                                              or liquidating trustee or otherwise) directly to, the relevant agent, trustee or other representative for the Senior RCI
                                                              Obligations to the extent required under any other subordination agreement to which RCI is a party at such time. If the Administrative
Agent receives more than the pro rata share to which it is entitled pursuant to the foregoing sentence, then the Administrative
Agent shall pay the excess over to the applicable agent, trustee or other representative for the Pari Passu Obligations; provided
that such payment shall not be payable until the Administrative Agent has been able to determine the outstanding amount of all
Pari Passu Obligations and the respective pro rata share of Senior Obligations represented by the Administrative Agent and Pari
Passu Obligations held by each agent, trustee or other representative for the Pari Passu Obligations (such determination to be
made in reliance on either the information provided by the Company pursuant to the last sentence of this clause 1(c)(ii) or such
other evidence as the Administrative Agent reasonably deems satisfactory). The Company agrees to advise the Administrative Agent
or any Person making a payment or distribution pursuant to this clause, as the case may be, reasonably promptly upon request as
to the outstanding amount of all Pari Passu Obligations and the respective pro rata share of Senior Obligations represented by
the Administrative Agent and Pari Passu Obligations held (or represented) by each agent, trustee or other representative for the
Pari Passu Obligations, in order to facilitate the Administrative Agent, each agent, trustee or other representative for the Pari
Passu Obligations receiving the pro rata payment to which it is entitled or making the payment required to be paid in accordance
with the foregoing (as applicable).

 

     

     

    

 

In addition, each Agent (in respect
of its Relevant Subordinated Parties) agrees that in connection with any Insolvency Proceeding (i) the Administrative Agent, on
behalf of the Senior Parties, is irrevocably authorized and empowered (in its own name or in the name of the Relevant Subordinated
Parties or otherwise), but shall have no obligation, to demand, sue for, collect and receive every payment or distribution referred
to in the preceding sentence and give acquittance therefor and to file claims and proofs of claim and take such other action as
the Administrative Agent may deem necessary or advisable for the exercise or enforcement of any of the rights or interest of the
Senior Parties and (ii) to the extent that a claim has been, or is, made under a Subordinated Guarantee, each of the Relevant Subordinated
Parties in respect of that Subordinated Guarantee shall duly and promptly take such action as the Administrative Agent, on behalf
of the Senior Parties, may reasonably request to (A) collect amounts in respect of the applicable Subordinated Obligations for
the account of the Senior Parties and to file appropriate claims or proofs of claim in respect of such Subordinated Obligations,
(B) execute and deliver to the Administrative Agent such documents as the Administrative Agent, on behalf of the Senior Parties,
may reasonably request in order to enable the Administrative Agent to enforce any and all claims with respect to the applicable
Subordinated Obligations for the account of the Senior Parties and (C) collect and receive any and all payments or distributions
which may be payable or deliverable upon or with respect to the applicable Subordinated Obligations for the account of the Senior
Parties (provided that the Company hereby agrees that it shall pay on demand all reasonable and documented out-of-pocket costs
and expenses of each Relevant Subordinated Party in connection with any of the foregoing actions (including the reasonable and
documented fees and expenses of counsel for each such Subordinated Party)). A copy of this Agreement may be filed with any court
as evidence of the Senior Parties’ right, power and authority hereunder.

 

     

     

    

 

(d)       Each
Guarantor and each Agent (on behalf of its Relevant Subordinated Parties) agrees that, prior to the payment in full in cash
of all Senior Obligations (other than any inchoate obligations for which no claim has been asserted), no Relevant
Subordinated Party may take any Enforcement Action against any Guarantor (it being understood that this Agreement shall not
affect any Subordinated Party’s rights or remedies against any other obligor under or with respect to the applicable
ECA Agreement and/or the other [Loan] Documents (as defined therein) without the prior written consent of the Administrative
Agent (acting upon the direction of the Required Lenders (as defined in the Credit Agreement)), unless any of the following
apply in which case each Agent (on behalf of its Relevant Subordinated Parties) shall be permitted to take any such
Enforcement Action without any requirement to obtain consent from the Administrative Agent:

 

		(i)	the occurrence of, with respect to such Guarantor, an Insolvency Proceeding; or

 

		(ii)	the holders of Senior Obligations have taken any Enforcement Action in relation
to such Guarantor; or

 

		(iii)	a default has occurred under the applicable ECA Agreement (a “Subordinated
Debt Default”); and

 

		(A)	the Relevant Subordinated Parties have provided notice of the Subordinated
Debt Default to the Senior Parties in accordance with Section 10 hereof; and

 

		(B)	a period of not less than (i) 90 days (in the case of a payment default)
or (ii) 179 days (in the case of a non-payment default) has passed from the date the Senior Parties were first notified of the
Subordinated Debt Default (a “Standstill Period”); and

 

		(C)	at the end of the Standstill Period, the Subordinated Debt Default is continuing
and has not been waived.

 

For the purposes hereof, “Enforcement
Action” means, any action taken by any Subordinated Party in relation to or with respect to any Guarantor under
or in connection with the relevant Subordinated Guarantee granted in favor of that Subordinated Party (whether taken by the relevant
creditor or creditors or an agent or trustee on its or their behalf) to: (i) demand payment under that Subordinated Guarantee of
all or any part of the applicable Subordinated Obligations, (ii) recover all or any part of the applicable Subordinated Obligations
(including, by exercising any rights of set-off or combination of accounts), (iii) exercise or enforce any rights under or pursuant
to that Subordinated Guarantee, (iv) commence legal proceedings against such Guarantor or (v) commence, or take any other steps
which could lead to the commencement of, an Insolvency Proceeding concerning such Guarantor. Notwithstanding the foregoing, each
Agent (on behalf of its Relevant Subordinated Parties) agrees that it will not and no Relevant Subordinated Party may in any Insolvency
Proceeding concerning any Guarantor: (i) oppose any sale of assets (including bidding procedures relating thereto) with respect
to such Guarantor, (ii) propose any debtor in possession financing or oppose any debtor in possession financing or use of cash
collateral with respect to such Guarantor, in each case without the consent of the Administrative Agent, acting on behalf of the
Senior Parties, (iii) seek appointment of a trustee or examiner with respect to such Guarantor or (iv) propose, sponsor, vote in
favor of, or otherwise support any plan of reorganization or liquidation with respect to such Guarantor unless such plan (a) provides
for the payment in full in cash of all Senior Obligations on or before the effective date of such plan or (b) the Administrative
Agent, on behalf of the Lenders, has provided its prior written consent with respect to such plan.

 

     

     

    

 

		(e)	Each Agent (on behalf of its Relevant Subordinated
Parties) waives all rights of subrogation it may have with respect to the Senior Parties on account of payments made to the Senior
Parties by virtue of this Agreement that would otherwise have been made to the applicable Subordinated Obligations until all amounts
owing on the Senior Obligations shall be paid in full in cash (other than any inchoate obligations for which no claim has been
asserted). For the avoidance of doubt, upon the payment in cash of the Senior Obligations (other than any inchoate obligations
for which no claim has been asserted), the Relevant Subordinated Parties shall be subrogated to the rights of the Senior Parties
with respect to such payments. As between and among any Guarantor, its creditors (other than the Senior Parties) and the Subordinated
Parties, no such payment or distribution made to the Senior Parties by virtue of this Agreement that otherwise would have been
made to the Relevant Subordinated Parties shall be deemed to be a payment by such Guarantor on account of the applicable Subordinated
Obligations, it being understood that the provisions of this paragraph (e) are intended solely for the purpose of defining the
relative rights of the Relevant Subordinated Parties and the Senior Parties.

 

		(f)	Each Agent (on behalf of its Relevant Subordinated
Parties) and each Guarantor agree that any and all instruments or records (other than book entry records or other internal records)
now or hereafter directly creating or evidencing the Subordinated Obligations, whether upon refunding, extension, renewal, refinancing,
replacement or otherwise, shall contain the following legend:

 

“Notwithstanding anything
contained herein to the contrary, the obligations of the Guarantors (as defined herein) under this Guarantee shall not become
due or be paid or payable by any Guarantor pursuant hereto, except to the extent permitted under the Subordination Agreement,
dated as of [•], 2020, among [AGENT], RCL Cruise Holdings LLC, Torcatt Enterprises Limitada, RCL Holdings Cooperatief
UA, RCL Cruises Ltd., RCL Investments Ltd., RCI Holdings LLC, and [ADMINISTRATIVE AGENT], in its capacity as Administrative
Agent, which Subordination Agreement is incorporated herein with the same effect as if fully set forth herein. For the
avoidance of doubt, restrictions imposed by the aforementioned Subordination Agreement on the rights of the beneficiary
hereof to enforce the obligations of the Guarantors under this Guarantee shall not affect the rights of the beneficiary to
enforce the obligations of the Guarantors under this Guarantee on and following such time as the aforementioned Subordination
Agreement permits and those rights shall be fully preserved”;

 

or shall otherwise refer to and be subject in all respects
to the terms of this Agreement.

 

     

     

    

 

SECTION 2. Waivers
and Consents. (a) Each Agent (on behalf of its Relevant Subordinated Parties) waives the right to compel that any assets
or property of any Guarantor be applied in any particular order to discharge the Senior Obligations. Each Agent (on behalf of its
Relevant Subordinated Parties) expressly waives the right to require the Senior Parties to proceed against any Guarantor, or to
pursue any other remedy in any Senior Party’s power which such Relevant Subordinated Parties cannot pursue and which would
lighten the burden of those Relevant Subordinated Parties, notwithstanding that the failure of any Senior Party to do so may thereby
prejudice each such Relevant Subordinated Party. Each Agent (on behalf of its Relevant Subordinated Parties) agrees that it shall
not be discharged, exonerated or have its obligations hereunder to the Senior Parties reduced by any Senior Party’s delay
in proceeding against or enforcing any remedy against any Guarantor, by any Senior Party releasing any Guarantor from any part
(but not all) of the Senior Obligations, or by the discharge of any Guarantor by operation of law or otherwise, with or without
the intervention or omission of a Senior Party. A Senior Party’s vote to accept or reject any plan of reorganization relating
to any Guarantor, or a Senior Party’s receipt on account of the Senior Obligations other than the payment in full in cash
thereof (other than any inchoate obligations for which no claim has been asserted) of any cash, securities or other property distributed
in any bankruptcy, reorganization, or insolvency case, shall not discharge, exonerate, or reduce the obligations of any Subordinated
Party hereunder to the Senior Parties.

 

		(b)	Each Agent (on behalf of its Relevant Subordinated Parties) waives all rights
and defenses arising out of an election of remedies by the Senior Parties, even though that election of remedies, including any
nonjudicial foreclosure with respect to security for the Senior Obligations, has impaired the value of each such Relevant Subordinated
Party’s rights of subrogation, reimbursement or contribution against any Guarantor. Each Agent (on behalf of its Relevant
Subordinated Parties) expressly waives any rights or defenses it may have by reason of protection afforded to any Guarantor with
respect to the Senior Obligations pursuant to any anti-deficiency laws or other laws of similar import which limit or discharge
the principal debtor’s indebtedness upon judicial or nonjudicial foreclosure of real property or personal property securing
the Senior Obligations.

 

		(c)	Each Agent (on behalf of the Relevant Subordinated Parties) agrees
                                                             that, without the necessity of any reservation of rights against it, and without notice to or further assent by it, any
                                                             demand for payment of any Senior Obligations made by a Senior Party may be rescinded in whole or in part by such Senior
                                                             Party, and any Senior Obligation may be continued, and the Senior Obligations, or the liability of any Guarantor or any other
                                                             guarantor or any other party upon or for any part thereof or right of offset with respect thereto, may, from time to time, in
                                                             whole or in part, be renewed, extended, modified, accelerated, compromised, waived, surrendered, or released by the Senior
                                                             Parties, in each case without notice to or further assent by any Relevant Subordinated Party (to the extent contemplated by
                                                             the Subordinated Guarantee to which that Agent is a party), which will remain bound under this Agreement and without
                                                             impairing, abridging, releasing or affecting the subordination and other agreements provided for herein.

 

		(d)	Each Agent (on behalf of its Relevant Subordinated Parties)
waives any and all notice of the creation, renewal, extension or accrual of any of the Senior Obligations and notice of or proof
of reliance by the Senior Parties upon this Agreement. The Senior Obligations, and any of them, shall be deemed conclusively to
have been created, contracted or incurred and the consent given to create the obligations of each Guarantor in respect of the
Subordinated Obligations in reliance upon this Agreement, and all dealings between each Guarantor and the Senior Parties shall
be deemed to have been consummated in reliance upon this Agreement. Each Agent (on behalf of its Relevant Subordinated Parties)
acknowledges and agrees that the Senior Parties have relied upon the subordination and other agreements provided for herein in
consenting to the applicable Subordinated Obligations. Each Agent (on behalf of its Relevant Subordinated Parties) waives notice
of or proof of reliance on this Agreement and protest, demand for payment and notice of default.

 

     

     

    

 

SECTION
3.    Senior Obligations Unconditional. All rights and interests of the Senior Parties hereunder, and all agreements
and obligations of each Subordinated Party and each Guarantor hereunder, shall remain in full force and effect irrespective
of:

 

		(a)	any lack of validity or enforceability of the Senior Debt Documents;

 

		(b)	any change in the time, manner or place of payment of, or in any other term
of, all or any of the Senior Obligations, or any amendment or waiver or other modification, whether by course of conduct or otherwise,
of, or consent to departure from, the Senior Debt Documents; or

 

		(c)	any other circumstances that might otherwise constitute a defense
                                                             available to, or a discharge of, any Guarantor in respect of the Senior Obligations, or of any Subordinated Party or any
                                                             Guarantor in respect of this Agreement.

 

SECTION 4.    Representations
and Warranties. Each Agent represents and warrants on a several basis to the Administrative Agent for the benefit of the Senior
Parties that:

 

		(a)	It has the power and authority to execute and deliver and to perform
                                                             its obligations under this Agreement and has taken all necessary action to authorize its execution, delivery and performance
                                                             of this Agreement.

 

		(b)	This Agreement has been duly executed and delivered by such Agent and constitutes
a legal, valid and binding obligation of such Agent, enforceable against such Agent and its Relevant Subordinated Party in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at
law.

 

		(c)	No consent or authorization of filing with, or other act by or in
                                                             respect of, any Governmental Authority, is required to be obtained or made by it in connection with the execution, delivery
                                                             or performance of this Agreement.

 

SECTION 5.    Waiver
of Claims. (a) To the maximum extent permitted by law, each Agent (on behalf of its Relevant Subordinated Parties) waives any
claim it might have against the Senior Parties with respect to, or arising out of, any action or failure to act or any error of
judgment, negligence, or mistake or oversight whatsoever on the part of the Senior Parties or their directors, officers, employees,
agents or Affiliates with respect to any exercise of rights or remedies under the Senior Debt Documents. Neither the Senior Parties
nor any of their respective directors, officers, employees, agents or Affiliates shall be liable for failure to demand, collect
or realize upon the Senior Debt Documents or for any delay in doing so.

 

(b)       Each
Agent (on behalf of its Relevant Subordinated Parties), for itself and on behalf of its successors and assigns, hereby
waives any and all now existing or hereafter arising rights it may have to require the Senior Parties to marshal assets for
the benefit of each such Relevant Subordinated Party, or to otherwise direct the timing, order or manner of any sale,
collection or other enforcement of the Senior Obligations. The Senior Parties are under no duty or obligation, and each Agent
(on behalf of the Relevant Subordinated Parties) hereby waives any right it may have to compel the Senior Parties, to pursue
the Company or other Person who may be liable for the Obligations (as defined in the Credit Agreement).

 

     

     

    

 

SECTION 6. Further
Assurances. Each Agent and each Guarantor shall, at the expense of the Company and at any time from time to time, upon the
written request of the Administrative Agent, promptly and duly execute and deliver such further instruments and documents and take
such further actions as the Administrative Agent reasonably may request for the purposes of obtaining or preserving the full benefits
of this Agreement and of the rights and powers herein granted. Upon the written request of any other party hereto, the Company
shall reasonably cooperate and provide such information as may be reasonably necessary to give full effect the provisions set forth
in Section 1 of this Agreement.

 

SECTION 7. [Reserved]. 

 

SECTION 8. Provisions
Define Relative Rights. This Agreement is intended solely for the purpose of defining the relative rights of the Senior Parties
on the one hand and the Subordinated Parties and each Guarantor on the other, and neither the Company nor any other Person shall
have any right, benefit or other interest under this Agreement.

 

SECTION 9. Powers
Coupled with an Interest. All powers, authorizations and agencies contained in this Agreement are coupled with an interest
and are irrevocable until the Senior Obligations are paid in full in cash.

 

SECTION 10. Notices.
Any notice or communication shall be in writing and delivered in person or mailed by first class mail addressed as follows:

 

if to the Company or any Guarantor:

 

Royal Caribbean Cruises
Ltd.

1050 Caribbean Way

Miami, Florida 33132

Attn: Jason T. Liberty,
Executive Vice President and Chief Financial Officer

Antje M. Gibson, Vice President and Treasurer

 

with a copy to:

 

Royal Caribbean Cruises
Ltd.

1050 Caribbean Way

Miami, Florida 33132

Attn: General Counsel

 

if to the Administrative Agent:

 

[ADMINISTRATIVE AGENT NOTICE
INFORMATION]

 

if to the Agent, to the applicable
address indicated in Schedule III hereto.

 

     

     

    

 

The Company, any Guarantor,
the Administrative Agent or any Agent by notice to the other parties hereto may designate additional or different addresses for
subsequent notices or communications.

 

Notices given by first-class
mail shall be deemed given five calendar days after mailing and notices given by publication shall be deemed given on the first
date on which publication is made. If a notice or communication is delivered in the manner provided above, it is duly given, whether
or not the addressee receives it.

 

SECTION 11. Counterparts.
This Agreement may be executed by one or more of the parties on any number of separate counterparts, each of which shall constitute
an original, but all of which taken together shall be deemed to constitute but one instrument. Delivery of an executed signature
page to this Agreement by facsimile transmission or electronic .pdf delivery shall be as effective as delivery of a manually signed
counterpart of this Agreement.

 

SECTION 12. Severability.
In case any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby (it being understood that the invalidity of a particular provision hereof in a particular jurisdiction shall not in and
of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations
to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 13. Integration.
This Agreement represents the agreement of each Guarantor, the Company, the Subordinated Parties and the Senior Parties with respect
to the subject matter hereof and there are no promises or representations by any Guarantor, the Company, the Subordinated Parties
or the Senior Parties relative to the subject matter hereof not reflected herein.

 

SECTION 14. Amendments
in Writing; No Waiver; Cumulative Remedies. (a) None of the terms or provisions of this Agreement may be waived, amended,
supplemented or otherwise modified except by a written instrument executed by the Administrative Agent, each Guarantor, the Company
and each Agent (on behalf of its Relevant Subordinated Parties).

 

		(b)	No failure to exercise, nor any delay in exercising, on the part of the
Senior Parties, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any
right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power
or privilege.

 

		(c)	The rights and remedies herein provided are cumulative, may be
                                                             exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.

 

SECTION 15. Section
Headings. The section headings used in this Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

 

     

     

    

 

SECTION 16. Successors
and Assigns. This Agreement shall be binding upon the successors and assigns of each Guarantor, the Company and the Subordinated
Parties and shall inure to the benefit of the Senior Parties and their respective successors and assigns.

 

SECTION 17. Governing
Law; Jurisdiction; Consent to Service of Process. (a) THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION
(WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

		(b)	EACH PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT
                                                              COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN
                                                              TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY OTHER PARTY OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY
                                                              RELATING TO THIS AGREEMENT OR THE TRANSACTIONS RELATING HERETO IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK
                                                              SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
                                                              COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH
                                                              COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH
                                                              NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO
                                                              AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
                                                              JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

		(c)	EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION 17. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

SECTION 18. WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE CREDIT AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 18.

 

     

     

    

  

SECTION 19. Termination;
Survival. This Agreement and all of the covenants and other obligations of each of the parties hereto shall, except as otherwise
expressly provided by the following sentence, terminate upon, and be of no further force or effect whatsoever after, the payment
in full of all of the Senior Obligations. The agreements and obligations of each party hereto under Sections 17 and 18 hereof shall
survive the termination of this Agreement and the payment in full of all Senior Obligations.

 

SECTION 20. Administrative
Agent’s Rights; Agent’s Rights. In addition to its rights, protections, immunities reliances and indemnities set
forth herein, as between the Administrative Agent, the Company and each Guarantor, the Administrative Agent shall have all the
rights, protections, immunities, reliances and indemnities as are provided to the Administrative Agent under the Credit Agreement
and the other Loan Documents (as defined therein) (and this Agreement shall be deemed to be a Loan Document for the purposes therefor).
In addition to any rights, protections, immunities, reliances and indemnities set forth herein, as between each Agent (and its
Relevant Subordinated Parties), the Company and each Guarantor, each such Agent and its Relevant Subordinated Parties shall have
all the rights, protections, immunities, reliances and indemnities (as the case may be) as are provided to that Agent (and its
Relevant Subordinated Parties) under the relevant ECA Agreement and the other Loan Documents (as defined therein) (and this Agreement
shall be deemed to be a [Loan] Document for the purposes of each such ECA Agreement).

 

SECTION 21. Several
Nature of Agent’s Rights and Obligations. The obligations of each Agent under this Agreement are several and apply only
in respect of itself and its Relevant Subordinated Parties. Failure by an Agent or its Relevant Subordinated Parties does not affect
the obligations of any other Agent or their respective Relevant Subordinated Parties under this Agreement. Accordingly, no Agent
or its Relevant Subordinated Parties shall be responsible for the obligations, actions or omissions of any other Agent or their
respective Relevant Subordinated Parties.

 

The rights of
each Agent (and its Relevant Subordinated Parties) under or in connection with this Agreement are separate and independent rights.
An Agent (on behalf of its Relevant Subordinated Parties) shall be entitled to enforce its rights independently and without any
action of any of the other Agents or their respective Relevant Subordinated Parties.

 

SECTION 22. Subordination
Agreement. This Agreement constitutes a “subordination agreement” within the meaning of such term as used in section
510(a) of Title 11 of the United States Code, as amended from time to time.

 

[Remainder of page intentionally left blank]

 

     

     

    

 

SCHEDULE I

GUARANTORS 

 

	Entity
    Name	Jurisdiction
    of Organization	Type
    of Entity
	 	 	 
	.
         RCI Holdings LLC	Liberia	Limited
    Liability Company
	.
         RCL Cruise Holdings LLC	Liberia	Limited
    Liability Company
	.
         Torcatt Enterprises Limitada	Costa
    Rica	Sociedad
    de Responsabilidad 

    Limitada
	.
         RCL Holdings Cooperatief UA	Netherlands	Excluded
    Liability Company
	.
         RCL Cruises Ltd.	England
    & Wales	Corporation
	.
         RCL Investments Ltd.	England
    & Wales	Limited
    Company

 

     

     

    

 

SCHEDULE II

 

OTHER OBLIGATIONS OF THE COMPANY 

 

		1.	Term Loan Agreement, dated as of April 5, 2019, among ROYAL CARIBBEAN CRUISES LTD., a Liberian
corporation, the various financial institutions party thereto, as lenders, and BANK OF AMERICA, N.A., as administrative agent

 

		2.	Credit Agreement, as amended and restated on October 12, 2017, among ROYAL CARIBBEAN CRUISES LTD.,
a Liberian corporation, the various financial institutions party thereto, as lenders, and NORDEA BANK ABP, NEW YORK BRANCH, as
administrative agent

 

		3.	Amended and Restated Credit Agreement, dated as of April 5, 2019, among ROYAL CARIBBEAN CRUISES
LTD., a Liberian corporation, the various financial institutions party thereto, as lenders, and THE BANK OF NOVA SCOTIA, as administrative
agent

 

		4.	Credit Agreement, dated as of May 11, 2010, among FALMOUTH JAMAICA LAND COMPANY LIMITED, a Jamaican
corporation, ROYAL CARIBBEAN CRUISES LTD., a Liberian corporation, and THE BANK OF NOVA SCOTIA, as lender

 

		5.	Credit Agreement, dated as of February 2, 2018, among ROYAL CARIBBEAN CRUISES LTD., a Liberian
corporation, the various financial institutions party thereto, as lenders, and INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED
NEW YORK BRANCH, as administrative agent

 

		6.	Credit Agreement, dated as of November 16, 2017, among ROYAL CARIBBEAN CRUISES LTD., a Liberian
corporation, the various financial institutions party thereto, as lenders, and SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), as administrative
agent

 

		7.	Term Loan Agreement, as amended and restated on December 3, 2019, among ROYAL CARIBBEAN CRUISES
LTD., a Liberian corporation, the various financial institutions party thereto, as lenders, and SUMITOMO MITSUI BANKING CORPORATION,
as administrative agent

 

		8.	Credit Agreement, dated as of June 7, 2019, among SILVERSEA CRUISE HOLDING LTD., a private limited
liability company incorporated under the laws of the Commonwealth of the Bahamas, ROYAL CARIBBEAN CRUISES LTD., a Liberian corporation,
the various financial institutions party thereto, as lenders, and NORDEA BANK ABP, NEW YORK BRANCH, as administrative agent

 

		9.	Guarantee, dated as of July 18, 2016, by ROYAL CARIBBEAN CRUISES LTD., a Liberian corporation,
in favor of the Beneficiaries (as defined therein)

 

     

     

    

 

SCHEDULE III 

 

ECA AGREEMENTS 

 

     

     

    

 

SIGNATORIES

 

Amendment
No. 2 in respect of Hull 1400

 

	Borrower	 	 
	 	 	 
	Royal Caribbean Cruises Ltd.	)	 
	Name: Jason Liberty	)	/s/ Jason Liberty
	Title: Chief Financial Officer	)	 

 

[Signature Page to Amendment No. 2 - Hull 1400]

 

     

     

    

 

	Facility Agent	 	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	Name: Joannes Tuft	)	/s/ Joannes Tuft
	Title: Attorney-in-Fact	)	 
	 	 	 
	Name:	)	 
	Title:	)	 
	 	 	 
	Hermes Agent	 	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	Name: Joannes Tuft	)	/s/ Joannes Tuft
	Title: Attorney-in-Fact	)	 
	 	 	 
	Name:	)	 
	Title:	)	 
	 	 	 
	Finnvera Agent	 	 
	 	 	 
	BNP Paribas Fortis SA/NV	)	 
	Name: Sophie Evrard	)	/s/ Sophie Evrard
	Title: Account Manager	)	 
	 	 	 
	Name: Veronique de Schepper	)	/s/ Veronique de Schepper
	Title: Head of Middle Office, Financing	)	 
	Solutions Brussels	)	 
	 	 	 
	Initial Mandated Lead Arranger	 	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	Name: Joannes Tuft	)	/s/ Joannes Tuft
	Title: Attorney-in-Fact	)	 
	 	 	 
	Name:	)	 
	Title:	)	 
	 	 	 
	Other Mandated Lead Arrangers	 	 
	 	 	 
	BNP Paribas Fortis SA/NV	)	 
	Name: Damien Heymans	)	/s/ Damien Heymans
	Title: Head of Export Finance Benelux	)	 
	 	 	 
	Name: Thi Karen Chu Van	)	/s/ Thi Karen Chu Van
	Title: Head of Credit Transaction Management	)	 
	Brussels	)	 
	 	 	 
	HSBC Bank plc	)	 
	Name: Mark Looi	)	/s/ Mark Looi
	Title: Attorney-in-fact	)	 
	 	 	 
	HSBC Bank USA, National Association	)	 
	Name: Vitor A. N. Gabrielli	)	/s/ Vitor A. N. Gabrielli
	Title: Director	)	 

 

[Signature Page to Amendment No. 2 - Hull 1400]

 

     

     

    

 

	Commerzbank AG, New York Branch	)	 
	Name: Christina Serrano	)	/s/ Christina Serrano
	Title:	)	 
	 	 	 
	Name: Bianca Notari	)	/s/ Bianca Notari
	Title:	)	 
	 	 	 
	Banco Santander, S.A.	)	 
	Name: Elise Regnault	)	/s/ Elise Regnault
	Title: Executive Director	)	 
	 	 	 
	Name: Carmen Molina	)	/s/ Carmen Molina
	Title: V.P.	)	 
	 	 	 
	Lead Arrangers	 	 
	 	 	 
	Banco Bilbao Vizcaya Argentaria, S.A.,	)	 
	Niederlassung Deutschland	)	 
	Name: Luz Barroso	)	/s/ Luz Barroso
	Title: Authorised Signatory	)	 
	 	 	 
	Name: Ana Alonso	)	/s/ Ana Alonso
	Title: Authorised Signatory	)	 
	 	 	 
	Bayerische Landesbank, New York Branch	)	 
	Name: Andrew Kjoller	)	/s/ Andrew Kjoller
	Title: Executive Director	)	 
	 	 	 
	Name: Gina Sandella	)	/s/ Gina Sandella
	Title: Vice President	)	 
	 	 	 
	DZ BANK AG, New York Branch	)	 
	Name: Julie Wersche	)	/s/ Julie Wersche
	Title: Vice President	)	 
	 	 	 
	Name: Georgios Gountenidis	)	/s/ Georgios Gountenidis
	Title: Associate Director	)	 
	 	 	 
	JPMorgan Chase Bank, N.A.,	)	 
	London Branch	)	 
	Name: Francois Turpault	)	/s/ Francois Turpault
	Title: Vice President Authorized Signatory	)	 
	 	 	 
	Name:	)	 
	Title:	)	 
	 	 	 
	SMBC Bank International plc	)	 
	 	)	 
	Name: Masaki Hikihara	)	/s/ Masaki Hikihara
	Title:	)	 
	 	 	 
	Name: Kenji Yanagawa	)	/s/ Kenji Yanagawa
	Title:	)	 

 

[Signature Page to Amendment No. 2 - Hull 1400]

 

     

     

    

 

	Lenders	 	 
	 	 	 
	Finnish Export Credit Ltd	)	 
	Name: Anita Muona	)	/s/ Anita Muona
	Title: Managing Director	)	 
	 	 	 
	Name:	)	 
	Title:	)	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	 	 	 
	Name: Joannes Tuft	)	/s/ Joannes Tuft
	Title: Attorney-in-Fact	)	 
	 	 	 
	Name:	)	 
	Title:	)	 
	 	 	 
	BNP Paribas Fortis SA/NV	)	 
	Name: Damien Heymans	)	/s/ Damien Heymans
	Title: Head of Export Finance Benelux	)	 
	 	 	 
	Thi Karen Chu Van	)	/s/ Thi Karen Chu Van
	Title: Head of Credit Transaction Management	)	 
	 	 	 
	HSBC Bank plc	)	 
	Name: Mark Looi	)	/s/ Mark Looi
	Title: Attorney-in-fact	)	 
	 	 	 
	HSBC Bank USA, National Association	)	 
	Name: Vitor A. N. Gabrielli	)	/s/ Vitor A. N. Gabrielli
	Title: Director	)	 
	 	 	 
	Commerzbank AG, New York Branch	)	 
	Name: Christina Serrano	)	/s/ Christina Serrano
	Title:	)	 
	 	 	 
	Name: Bianca Notari	)	/s/ Bianca Notari
	Title:	)	 
	 	 	 
	Banco Santander, S.A.	)	 
	Name: Elise Regnault	)	/s/ Elise Regnault
	Title: Executive Director	)	 
	 	 	 
	Name: Carmen Molina	)	/s/ Carmen Molina
	Title: V.P.	)	 
	 	 	 
	Banco Bilbao Vizcaya Argentaria, S.A.,	)	 
	Niederlassung Deutschland	)	 
	Name: Luz Barroso	)	/s/ Luz Barroso
	Title: Authorised Signatory	)	 
	 	 	 
	Name: Ana Alonso	)	/s/ Ana Alonso
	Title: Authorised Signatory	)	 

 

[Signature Page to Amendment No. 2 - Hull 1400]

 

     

     

    

 

	Bayerische Landesbank, New York Branch	)	 
	Name: Andrew Kjoller	)	/s/ Andrew Kjoller
	Title: Executive Director	)	 
	 	 	 
	Name: Gina Sandella	)	/s/ Gina Sandella
	Title: Vice President	)	 
	 	 	 
	DZ BANK AG, New York Branch	)	 
	Name: Julie Wersche	)	/s/ Julie Wersche
	Title: Vice President	)	 
	 	 	 
	Name: Georgios Gountenidis	)	/s/ Georgios Gountenidis
	Title: Associate Director	)	 
	 	 	 
	JPMorgan Chase Bank, N.A.,	)	 
	London Branch	)	 
	Name: Francois Turpault	)	/s/ Francois Turpault
	Title: Vice President Authorised Signatory	)	 
	 	 	 
	Name:	)	 
	Title:	)	 
	 	 	 
	SMBC Bank International plc	)	 
	Name: Masaki Hikihara	)	/s/ Masaki Hikihara
	Title:	)	 
	 	 	 
	Name: Kenji Yanagawa	)	/s/ Kenji Yanagawa
	Title:	)	 

 

[Signature Page to Amendment No. 2 - Hull 1400]Exhibit
10.5

 

Execution
Version

 

	 	Dated
    15 February 2021	 
	 	 	 
	 	Royal
    Caribbean Cruises Ltd.	(1)
	 	(the
    Borrower)	 
	 	 	 
	 	KfW
    IPEX-Bank GmbH	(2)
	 	(the
    Facility Agent)	 
	 	 	 
	 	KfW
    IPEX-Bank GmbH	(3)
	 	(the
    Hermes Agent)	 
	 	 	 
	 	BNP
    Paribas Fortis SA/NV	(4)
	 	(the
    Finnvera Agent)	 
	 	 	 
	 	The
    banks and financial institutions listed in Schedule 1	(5)
	 	(the
    Mandated Lead Arrangers)	 
	 	 	 
	 	The
    banks and financial institutions listed in Schedule 1	(6)
	 	(the
    Lenders)	 

 

 

 

Amendment
No. 2 in connection with
 the
Credit Agreement in respect of
 ICON 2 – Hull 1401
   

 

 

 

    

     

    

 

	 	Contents	 
	 	 	 
	Clause	Page
	 	 	 
	1	INTERPRETATION
    AND DEFINITIONS	1
	2	AMENDMENT
    OF THE EXISTING CREDIT AGREEMENT	3
	3	CONDITIONS
    OF EFFECTIVENESS OF AMENDED AGREEMENT	3
	4	REPRESENTATIONS
    AND WARRANTIES	5
	5	COVENANT
    TO PROVIDE OTHER ECA GUARANTEES	6
	6	INCORPORATION
    OF TERMS	6
	7	COSTS
    AND EXPENSES	7
	8	COUNTERPARTS	7
	9	GOVERNING
    LAW	7
	10	MISCELLANEOUS	7
	SCHEDULE
    1 FINANCE PARTIES	8
	SCHEDULE
    2 FORM OF AMENDMENT EFFECTIVE DATE CONFIRMATION – HULL 1401	9
	SCHEDULE
    3 AMENDED AND RESTATED CREDIT AGREEMENT	10
	EXHIBIT
    A PRINCIPLES	11
	EXHIBIT
    B FORM OF INFORMATION PACKAGE	12
	EXHIBIT
    C FORM OF FIRST PRIORITY GUARANTEE	13
	EXHIBIT
    D FORM OF SECOND PRIORITY GUARANTEE	14
	EXHIBIT
    E FORM OF THIRD PRIORITY GUARANTEE	15
	EXHIBIT
    F FORM OF SENIOR PARTIES SUBORDINATION AGREEMENT	16
	EXHIBIT
    G FORM OF OTHER SENIOR PARTIES SUBORDINATION AGREEMENT	17

  

    

     

    

 

THIS
AMENDMENT NO. 2 (this Amendment) is dated 15 February 2021 and made

 

BETWEEN:

 

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

 

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

 

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

 

	(4)	BNP
                                         Paribas Fortis SA/NV as Finnvera agent (the Finnvera Agent);

 

	(5)	The
                                         banks and financial institutions listed in Schedule 1 as initial mandated lead arranger,
                                         other mandated lead arrangers or lead arrangers (the Mandated Lead Arrangers);
                                         and

 

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

 

WHEREAS:

 

	(A)	The
                                         Borrower, the Facility Agent, the Hermes Agent, the Finnvera Agent, the Mandated Lead
                                         Arrangers and the Lenders are parties to a credit agreement, dated 11 October 2017, as
                                         amended and restated on 3 July 2018 and as further amended by a financial covenant waiver
                                         extension consent letter dated 31 July 2020 (together, the Existing Credit Agreement),
                                         in respect of the vessel bearing Builder’s ICON 2 hull number 1401 (the Vessel)
                                         whereby it was agreed that the Lenders would make available to the Borrower, upon the
                                         terms and conditions therein, a US dollar loan facility (the Facility) calculated
                                         on the amount equal to the sum of (a) up to eighty per cent (80%) of the Contract Price
                                         (as defined in the Existing Credit Agreement) of the Vessel but which Contract Price
                                         will not exceed EUR1,650,000,000 (b) 100% of the Finnvera Premium and, if applicable,
                                         the Finnvera Balancing Premium (in each case as defined therein) and (c) 100% of the
                                         Hermes Fee (as defined therein).

 

	(B)	The
                                         Parties wish to amend and restate the Existing Credit Agreement to the extent set out
                                         in this Amendment.

 

NOW
IT IS AGREED as follows:

 

	1	Interpretation
                                         and definitions

 

	1.1	Definitions
                                         in the Existing Credit Agreement

 

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

 

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

 

	1.2	Definitions

 

In
this Amendment:

 

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

 

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

 

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

 

    Page 1

     

    

 

Applicable
Jurisdiction means, with respect to a Guarantor, the jurisdiction or jurisdictions under which such Guarantor 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.

 

ECA
Financing has the meaning given to such term in the form of the Amended Agreement set out in Schedule 3.

 

Finance
Parties means the Facility Agent, the Hermes Agent, the Finnvera Agent, the Mandated Lead Arrangers and the Lenders.

 

First
Priority Guarantee has the meaning given to such term in the form of the Amended Agreement set out in Schedule 3.

 

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

 

Guarantor
means each guarantor under the First Priority Guarantee, the Second Priority Guarantee and the Third Priority Guarantee.

 

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

 

Loan
Documents has the meaning given to such term in the form of the Amended Agreement set out in Schedule 3 but, for the purposes
of this Amendment, shall also include the letter referred to in clause 3.1(a)(v).

 

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 to which it is a party.

 

Other
Senior Parties has the meaning given to such term in the form of the Amended Agreement set out in Schedule 3.

 

Party
means each of the parties to this Amendment.

 

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

 

Second
Priority Guarantee has the meaning given to such term in the form of the Amended Agreement set out in Schedule 3.

 

Senior
Parties has the meaning given to such term in the form of the Amended Agreement set out in Schedule 3.

 

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

 

Third
Priority Guarantee has the meaning given to such term in the form of the Amended Agreement set out in Schedule 3.

 

    Page 2

     

    

 

	1.3	Third
                                         party rights

 

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

 

	1.4	Designation

 

In
accordance with the Existing Credit Agreement, each of the Borrower and the Facility Agent designates this Amendment as a Loan
Document.

 

	2	Amendment
                                         of the Existing Credit Agreement

 

In
consideration of the mutual covenants in this Amendment, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree that, subject to the satisfaction of the conditions precedent set forth
in clause 3, (i) the Existing Credit Agreement (but without all its Exhibits which shall remain in the same form and continue
to form part of the Existing Credit Agreement) is hereby amended on the Amendment Effective Date so as to read in accordance with
the form of the amended and restated credit agreement set out in Schedule 3, which will, together with the Exhibits to the Existing
Credit Agreement, continue to be binding upon each of the Parties hereto in accordance with its terms as so amended and restated
and (ii) Exhibits A through G hereto shall be attached to the Amended Agreement as new Exhibits I through O thereto, respectively.

 

	3	Conditions
                                         of Effectiveness of Amended Agreement

 

	3.1	The
                                         Amended Agreement shall become effective in accordance with the terms of this Amendment
                                         on the date each of the following conditions has been satisfied to the reasonable satisfaction
                                         of the Facility Agent provided that the Guarantees and the Subordination Agreements to
                                         be executed and delivered pursuant to clauses 3.1(a)(iv) and 3.1(a)(vi) shall have been
                                         so executed and delivered and the relevant conditions satisfied as aforesaid on or before
                                         15 February 2021 and the other conditions shall have been satisfied as aforesaid on or
                                         before 26 February 2021 (or such later date as may, with the approval of Hermes and Finnvera,
                                         be agreed between the Parties) (the Amendment Effective Date):

 

		(a)	the
                                         Facility Agent shall have received from the Borrower or each Guarantor, as applicable:

 

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

 

		(ii)	a
                                         Certificate of Good Standing issued by the relevant authorities in respect of the Borrower
                                         and (if such a certificate can be obtained) each Guarantor; 

 

		(iii)	a
                                         certificate from the Borrower confirming that guaranteeing the obligations guaranteed
                                         pursuant to a particular Guarantee would not cause any borrowing, guaranteeing or similar
                                         limit binding on the relevant Guarantor to be exceeded;

 

		(iv)	evidence
                                         that the Guarantors have duly executed and delivered each of the Guarantees to which
                                         they are to be a party in accordance with the terms of this Amendment; 

 

		(v)	a
                                         letter duly executed by each Guarantor, the Borrower and the Facility Agent, pursuant
                                         to which each of the Guarantors agrees to be bound by certain provisions of the Amended
                                         Agreement, including Sections 4.6, 4.8, 8.1.5(c) and 8.1.5(d); and

 

    Page 3

     

    

 

		(vi)	evidence
                                         that each of the Agents, the Senior Parties, and the Other Senior Parties have executed
                                         and delivered the Subordination Agreements required to be executed by such Person as
                                         a condition to the execution of the Second Priority Guarantee and the Third Priority
                                         Guarantee, as applicable; 

 

		(b)	the
                                         Facility Agent shall have received all invoiced expenses of the Facility Agent (including
                                         the agreed fees and expenses of counsel to the Facility Agent) required to be paid by
                                         the Borrower pursuant to clause 7 below, and all other fees and expenses that the Borrower
                                         has otherwise agreed in writing to pay to the Facility Agent, in each case on or prior
                                         to the Amendment Effective Date; 

 

		(c)	the
                                         Facility Agent shall have received opinions, addressed to the Facility Agent and each
                                         Lender from: 

 

		(i)	Watson
                                         Farley & Williams LLP, counsel to the Borrower, as to matters of Liberian law; 

 

		(ii)	Stephenson
                                         Harwood LLP, counsel to the Facility Agent as to matters of English law; provided that
                                         such opinion shall not be required to address any matters with respect to RCL Investments
                                         Ltd.;

 

		(iii)	Skadden,
                                         Arps, Slate, Meagher & Flom LLP, counsel to the Borrower, as to matters of New York
                                         law; and

 

		(iv)	Campbells,
                                         counsel to the Borrower, as to matters of Cayman Islands law,

 

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

 

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

 

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

 

		(f)	the
                                         Facility Agent shall have received a notification by electronic mail from each of Hermes
                                         and Finnvera satisfactory to the Facility Agent confirming that (i) each of Hermes and
                                         Finnvera has been informed about the arrangements contemplated by the amendments to be
                                         made to the Existing Credit Agreement pursuant to this Amendment (ii) the cover under
                                         respectively the Hermes Insurance Policy, the Finnvera Guarantee and, if applicable,
                                         the Second Finnvera Guarantee remains and will remain in full force and effect notwithstanding
                                         (x) the arrangements contemplated by the amendments to be made to the Existing Credit
                                         Agreement pursuant to this Amendment and (y) the amendment agreements and guarantees
                                         entered or to be entered into in respect of the other ECA Financings as referred to in
                                         clause 5 and (iii) Hermes will issue an amendment to the Hermes Insurance Policy and
                                         Finnvera will issue an amendment to the Finnvera Guarantee and, if applicable, the Second
                                         Finnvera Guarantee accordingly in due course;

 

		(g)	evidence
                                         that any process agent appointed pursuant to clause 6 has accepted its appointment;

 

		(h)	evidence
                                         that any process agent appointed pursuant to a Guarantee has accepted its appointment;
                                         and

 

		(i)	such
                                         documentation and information as any Finance Party may reasonably request through the
                                         Facility Agent to comply with “know your customer” or similar identification
                                         procedures under all laws and regulations applicable to that Finance Party.

 

    Page 4

     

    

 

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

 

	4	Representations
                                         and Warranties

 

The
Borrower represents and warrants that:

 

		(a)	each
                                         of the representations and warranties in Article VI of the Amended Agreement (excluding
                                         Section 6.10 of the Amended Agreement) are deemed to be made by the Borrower on the date
                                         of this Amendment and the Amendment Effective Date, in each case as if reference to the
                                         Loan Documents in each such representation and warranty was a reference to this Amendment
                                         and as if the Amended Agreement was effective at the time of each such repetition; and

 

		(b)	at
                                         the date of this Amendment, at the Amendment Effective Date and both before and after
                                         giving effect to the funding of the Loan on the Disbursement Date, in each case, by reference
                                         to the facts and circumstances then pertaining:

 

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

 

		(ii)	The
                                         execution, delivery and performance by each Guarantor of each Loan Document to which
                                         it is party, are within such Guarantor’s organizational powers, have been duly
                                         authorized by all necessary organizational action, and do not:

 

		(A)	contravene
                                         such Guarantor’s articles of incorporation or by-laws (or any equivalent organizational
                                         or governing document of such Guarantor), inclusive of any amendments thereto;

 

		(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 such Guarantor 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 such Guarantor 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 such Guarantor’s
                                         properties except as would not reasonably be expected to result in a Material Adverse
                                         Effect.

 

		(iii)	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 any Guarantor of the Loan Documents to which it is a party (except
                                         for authorizations or approvals not required to be obtained on or prior to the date of
                                         this Amendment or the Amendment Effective Date, as applicable, or that have been obtained
                                         or actions not required to be taken on or prior to the date of this Amendment or the
                                         Amendment Effective Date, as applicable, or that have been taken).  Each Guarantor
                                         holds all governmental licenses, permits and other approvals required to conduct its
                                         business as conducted by it on the date of this Amendment or the Amendment Effective
                                         Date, as applicable, except to the extent the failure to hold any such licenses, permits
                                         or other approvals would not have a Material Adverse Effect.

 

    Page 5

     

    

 

		(iv)	Each
                                         Guarantee to which a Guarantor is a party constitutes the legal, valid and binding obligation
                                         of such Guarantor enforceable in accordance with its terms, except as the enforceability
                                         thereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement
                                         of creditors’ rights generally or by general equitable principles. 

 

		(v)	There
                                         is no action, suit, litigation, investigation or proceeding pending or, to the knowledge
                                         of the Borrower, threatened against any Guarantor, that purports to affect the legality,
                                         validity or enforceability of the Loan Documents or the consummation of the transactions
                                         contemplated thereby.

 

		(vi)	The
                                         obligations of the Guarantor under the First Priority Guarantee rank at least pari passu
                                         in right of payment and in all other respects with all other unsecured unsubordinated
                                         Indebtedness of such Guarantor other than Indebtedness preferred as a matter of law.

 

		(vii)	Each
                                         Guarantor is subject to civil and commercial law with respect to its obligations under
                                         the Loan Documents to which it is a party.  No Guarantor 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 its
                                         obligations under the Loan Documents to which it is a party (to the extent such suit,
                                         court jurisdiction, judgment, attachment, set-off, execution, legal process or remedy
                                         would otherwise be permitted or exist).

 

	5	Covenant
                                         to Provide other ECA Guarantees

 

The
Borrower represents and warrants to the Facility Agent and each Lender that the terms of this Amendment and the amendments to
be incorporated into the Existing Credit Agreement pursuant to this Amendment are substantially the same terms and amendments
as those set out or to be set out in an amendment agreement to each other ECA Financing in existence as at the date of this Amendment
and covenants and undertakes with the Facility Agent that it shall on or before the Amendment Effective Date or as soon as reasonably
practicable thereafter:

 

		(a)	enter
                                         into an amendment agreement (with such amendments being on substantially the same terms
                                         as those set out in this Amendment and the Amended Agreement (as applicable)) to each
                                         other ECA Financing in existence as at the date of this Amendment in order to substantially
                                         reflect the amendments set out in the Amended Agreement and, in particular, the existence
                                         of the guarantees referred to in (b) below; and

 

		(b)	procure
                                         that the Guarantors enter into each guarantee (on materially the same terms as the equivalent
                                         Guarantee provided by the relevant Guarantor) required to be entered into by it in connection
                                         with the amended ECA Financing agreements referred to above.

 

	6	Incorporation
                                         of Terms

 

The
provisions of Section 11.2 (Notices), Section 11.6 (Severability; Independence of Obligations) and Subsections 11.18.2
(Jurisdiction), 11.18.3 (Alternative Jurisdiction) and 11.18.4 (Service of Process) of the Existing Credit
Agreement shall be incorporated into this Amendment as if set out in full in this Amendment and as if references in those sections
to “this Agreement” were references to this Amendment and references to each Party are references to each Party to
this Amendment.

 

    Page 6

     

    

 

	7	Costs
                                         and Expenses

 

The
Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Facility Agent in connection with the
preparation, execution, delivery and administration, modification and amendment of this Amendment and the documents to be delivered
hereunder or thereunder (including the reasonable and documented fees and expenses of counsel for the Facility Agent with respect
hereto and thereto as agreed with the Facility Agent) in accordance with the terms of Section 11.3 of the Existing Credit Agreement.

 

	8	Counterparts

 

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

 

	9	Governing
                                         Law

 

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

 

	10	Miscellaneous

 

Each
Lender hereby authorises the Facility Agent to enter into each Subordination Agreement on behalf of the Lenders and agrees that
each such Subordination Agreement (including any Additional Subordination Agreement or New Guarantor Subordination Agreement to
be entered into in accordance with the terms of the Amended Agreement) shall be binding on, and enforceable against, that Lender
and accordingly each Lender agrees to take any action or inaction (as the case may be) as may be necessary to comply with the
provisions of each such Subordination Agreement.

 

IN
WITNESS WHEREOF, the Parties to this Amendment have caused this Amendment to be duly executed and delivered as a deed as of
the date first above written.

 

    Page 7

     

    

 

Schedule
1

Finance Parties

 

Facility
Agent

 

KfW
IPEX-Bank GmbH

 

Hermes
Agent

 

KfW
IPEX-Bank GmbH

 

Finnvera
Agent

 

BNP
Paribas Fortis SA/NV

 

Initial
Mandated Lead Arranger

 

KfW
IPEX-Bank GmbH

 

Other
Mandated Lead Arrangers

 

BNP
Paribas Fortis SA/NV

HSBC
Bank plc

HSBC
Bank USA, National Association

Commerzbank
AG, New York Branch

Banco
Santander, S.A.

 

Lead
Arrangers

 

Banco
Bilbao Vizcaya Argentaria, S.A., Niederlassung Deutschland

Bayerische
Landesbank, New York Branch

DZ
BANK AG, New York Branch

JPMorgan
Chase Bank, N.A., London Branch

SMBC
Bank International plc

 

Lenders

 

Finnish
Export Credit Ltd

KfW
IPEX-Bank GmbH

BNP
Paribas Fortis SA/NV

HSBC
Bank plc

HSBC
Bank USA, National Association

Commerzbank
AG, New York Branch

Banco
Santander, S.A.

Banco
Bilbao Vizcaya Argentaria, S.A., Niederlassung Deutschland

Bayerische
Landesbank, New York Branch

DZ
BANK AG, New York Branch

JPMorgan
Chase Bank, N.A., London Branch

SMBC
Bank International plc

 

     

     

    

 

Schedule
2

Form of Amendment Effective Date confirmation – Hull 1401

 

	To:	Royal
                                         Caribbean Cruises Ltd.

 

	To:	BNP
                                         Paribas Fortis SA/NV

 

ICON
2 (Hull 1401)

 

We,
KfW IPEX-Bank GmbH, refer to amendment no. 2 dated                    [•] 2021 (the Amendment) relating to a credit agreement
dated as of 11 October 2017 (as previously amended, supplemented and/or restated from time to time) (the Credit Agreement)
made between (among others) the above named Royal Caribbean Cruises Ltd. as the Borrower, the financial institutions listed
in it as the Lenders and ourselves as the Hermes Agent and the Facility Agent and BNP Paribas Fortis SA/NV as the Finnvera Agent
in respect of a loan to the Borrower from the Lenders of up to the US Dollar Maximum Loan Amount (as defined in the Credit Agreement).

 

We
hereby confirm that all conditions precedent referred to in Clause 3.1 of the Amendment have been satisfied. In accordance with
Clauses 1.2 and 3 of the Amendment the Amendment Effective Date is the date of this confirmation and the amendment and restatement
of the Credit Agreement in accordance with the Amendment are now effective.

 

	Dated	2021	 

 

 

	Signed:	 	 
	 
	For and on behalf of
	KfW IPEX-Bank GmbH
	(as Facility Agent)

 

     

     

    

 

Schedule
3 

Amended and Restated Credit Agreement

 

    

     

    

 

 

 

AMENDED
AND RESTATED

 

ICON
2 HULL NO. 1401 CREDIT AGREEMENT

 

 

 

Dated
as of October 11, 2017

as
amended and restated on July 3, 2018

as
further amended on July 31, 2020

and
as further amended and restated pursuant to an agreement dated 15 February, 2021

 

BETWEEN

 

Royal
Caribbean Cruises Ltd.

as Borrower

 

The
Lenders from time to time party hereto

 

KfW
IPEX-Bank GmbH

as Facility Agent and Documentation Agent

 

KfW
IPEX-Bank GmbH

as Hermes Agent

 

BNP
Paribas Fortis SA/NV

as Finnvera Agent

 

KfW
IPEX-Bank GmbH

as Initial Mandated Lead Arranger

 

BNP
Paribas Fortis SA/NV

HSBC Bank plc

HSBC Bank USA, National Association

Commerzbank AG, New York Branch

Banco Santander, S.A.

as Other Mandated Lead Arrangers

 

Banco
Bilbao Vizcaya Argentaria, S.A., Niederlassung Deutschland

Bayerische Landesbank, New York Branch

DZ BANK AG, New York Branch

JPMorgan Chase Bank, N.A., London Branch

SMBC Bank International plc

as Lead Arrangers

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	PAGE
	 	 
	Article I DEFINITIONS
    AND ACCOUNTING TERMS	  2
	 	 
	Section 1.1. Defined
    Terms	  2
	 	 
	Section 1.2. Use
    of Defined Terms	28
	 	 
	Section 1.3. Cross-References	28
	 	 
	Section 1.4. Accounting
    and Financial Determinations	28
	 	 
	Section 1.5. Contractual
    Recognition of Bail-In	29
	 	 
	Article II COMMITMENTS
    AND BORROWING PROCEDURES	30
	 	 
	Section 2.1. Commitment	30
	 	 
	Section 2.1.1.
    Commitment of FEC Lenders	30
	 	 
	Section 2.1.2.
    Commitment of Hermes Lenders	31
	 	 
	Section 2.1.3.
    Commitment of Finnvera Balancing Lenders	31
	 	 
	Section 2.1.4.
    Commitment Termination Date	31
	 	 
	Section 2.1.5.
    Defaulting Lender	31
	 	 
	Section 2.1.6.
    Reductions, increases and cancellations	31
	 	 
	Section 2.2. Voluntary
    Reduction of Commitments	32
	 	 
	Section 2.3. Notification
    of Hermes Documentary Requirements	32
	 	 
	Section 2.4. Adjustment
    of Hermes Commitment Amount and Finnvera Balancing Commitment Amount	33
	 	 
	Section 2.5. Borrowing
    Procedure	34
	 	 
	Section 2.6. Funding	36
	 	 
	Article III REPAYMENTS,
    PREPAYMENTS, INTEREST AND FEES	36
	 	 
	Section 3.1. Repayments
    and prepayment consequent upon reduction in Contract Price	36
	 	 
	Section 3.2. Prepayment	36
	 	 
	Section 3.2.1.
    Voluntary Prepayment	36
	 	 
	Section 3.2.2.
    Illegality	37
	 	 
	Section 3.2.3.
    Prepayment requirements	38
	 	 
	Section 3.3. Interest
    Provisions	38
	 	 
	Section 3.3.1.
    Rates	38
	 	 
	Section 3.3.2.
    Conversion to FEC Tranche A Floating Rate	39
	 	 
	Section 3.3.3.
    FEC Conversion	39
	 	 
	Section 3.3.4.
    Post-Maturity Rates	41

 

     

     

    

 

	Section 3.3.5.
    Payment Dates	41
	 	 
	Section 3.3.6.
    Interest Rate Determination; Replacement Reference Banks	42
	 	 
	Section 3.4. Commitment
    Fees	42
	 	 
	Section 3.5. Fees	42
	 	 
	Section 3.5.1.
    Syndication Fee	42
	 	 
	Section 3.5.2.
    [Intentionally left blank]	42
	 	 
	Section 3.5.3.
    Agency Fee	42
	 	 
	Section 3.5.4.
    Finnvera Premium	42
	 	 
	Section 3.5.5.
    Finnvera Balancing Premium	42
	 	 
	Section 3.5.6.
    Finnvera Handling Fee	42
	 	 
	Section 3.6. Other
    Fees	42
	 	 
	Article IV CERTAIN
    LIBO RATE AND OTHER PROVISIONS	43
	 	 
	Section 4.1. LIBO
    Rate Lending Unlawful	43
	 	 
	Section 4.2. Screen
    Rate or Deposits Unavailable	43
	 	 
	Section 4.3. Increased
    LIBO Rate Loan Costs, etc.	44
	 	 
	Section 4.4. Funding
    Losses Event and Defaulting Finance Party Break Costs	45
	 	 
	Section 4.4.1.
    Indemnity	45
	 	 
	Section 4.5. Increased
    Capital Costs	47
	 	 
	Section 4.6. Taxes	48
	 	 
	Section 4.7. [Intentionally
    left blank]	50
	 	 
	Section 4.8. Payments,
    Computations, etc.	50
	 	 
	Section 4.9. Replacement
    Lenders, etc.	50
	 	 
	Section 4.10.
    Sharing of Payments	51
	 	 
	Section 4.10.1.
    Payments to Lenders	51
	 	 
	Section 4.10.2.
    Redistribution of payments	51
	 	 
	Section 4.10.3.
    Recovering Lender’s rights	52
	 	 
	Section 4.10.4.
    Reversal of redistribution	52
	 	 
	Section 4.10.5.
    Exceptions	52
	 	 
	Section 4.11.
    Set-off	52
	 	 
	Section 4.12.
    Use of Proceeds	53
	 	 
	Section 4.13.
    FATCA Deduction	53
	 	 
	Section 4.14.
    FATCA Information	53
	 	 
	Section 4.15.
    Resignation of the Facility Agent	55
	 	 
	Article V CONDITIONS
    TO BORROWING	55
	 	 
	Section 5.1. Advance
    of the Loan	55

 

     

     

    

 

	Section 5.1.1.
    Resolutions, etc.	56
	 	 
	Section 5.1.2.
    Opinions of Counsel	56
	 	 
	Section 5.1.3.
    Finnvera Guarantee and Hermes Insurance Policy	57
	 	 
	Section 5.1.4.
    Closing Fees, Expenses, etc.	57
	 	 
	Section 5.1.5.
    Compliance with Warranties, No Default, etc.	57
	 	 
	Section 5.1.6.
    Loan Request	58
	 	 
	Section 5.1.7.
    Foreign Exchange Counterparty Confirmations	58
	 	 
	Section 5.1.8.
    Pledge Agreement	58
	 	 
	Section 5.1.9.
    FEC Financing Documents	58
	 	 
	Article VI REPRESENTATIONS
    AND WARRANTIES	58
	 	 
	Section 6.1. Organisation,
    etc.	59
	 	 
	Section 6.2. Due
    Authorisation, Non-Contravention, etc.	59
	 	 
	Section 6.3. Government
    Approval, Regulation, etc.	59
	 	 
	Section 6.4. Compliance
    with Laws	59
	 	 
	Section 6.5. Validity,
    etc.	60
	 	 
	Section 6.6. No
    Default, Event of Default or Prepayment Event	60
	 	 
	Section 6.7. Litigation	60
	 	 
	Section 6.8. The
    Purchased Vessel	60
	 	 
	Section 6.9. Obligations
    rank pari passu	61
	 	 
	Section 6.10.
    Withholding, etc.	61
	 	 
	Section 6.11.
    No Filing, etc. Required	61
	 	 
	Section 6.12.
    No Immunity	61
	 	 
	Section 6.13.
    Investment Company Act	61
	 	 
	Section 6.14.
    Regulation U	61
	 	 
	Section 6.15.
    Accuracy of Information	61
	 	 
	Article VII COVENANTS	62
	 	 
	Section 7.1. Affirmative
    Covenants	62
	 	 
	Section 7.1.1.
    Financial Information, Reports, Notices, etc.	62
	 	 
	Section 7.1.2.
    Approvals and Other Consents	63
	 	 
	Section 7.1.3.
    Compliance with Laws, etc.	63
	 	 
	Section 7.1.4.
    The Purchased Vessel	64
	 	 
	Section 7.1.5.
    Insurance	65
	 	 
	Section 7.1.6.
    Books and Records	65
	 	 
	Section 7.1.7.
    Finnish Authority and Hermes Requests	65
	 	 
	Section 7.1.8.
    Notice of written amendments to Construction Contract	66

 

     

     

    

 

	Section 7.1.9.
    Hedging Activities	66
	 	 
	Section 7.2. Negative
    Covenants	67
	 	 
	Section 7.2.1.
    Business Activities	67
	 	 
	Section 7.2.2.
    Indebtedness	67
	 	 
	Section 7.2.3.
    Liens	67
	 	 
	Section 7.2.4.
    Financial Condition	70
	 	 
	Section 7.2.5.
    Additional Undertakings	70
	 	 
	Section 7.2.6.
    Consolidation, Merger, etc.	76
	 	 
	Section 7.2.7.
    Asset Dispositions, etc.	77
	 	 
	Section 7.2.8.
    Construction Contract	77
	 	 
	Section 7.2.9.
    Shipbuilding Contracts with Builder	78
	 	 
	Section 7.2.10.
    Borrower’s Procurement Undertaking	78
	 	 
	Section 7.3. Limitation
    in respect of Certain Representations, Warranties and Covenants	78
	 	 
	Article VIII EVENTS
    OF DEFAULT	78
	 	 
	Section 8.1. Listing
    of Events of Default	78
	 	 
	Section 8.1.1.
    Non-Payment of Obligations	78
	 	 
	Section 8.1.2.
    Breach of Warranty	79
	 	 
	Section 8.1.3.
    Non-Performance of Certain Covenants and Obligations	79
	 	 
	Section 8.1.4.
    Default on Other Indebtedness	79
	 	 
	Section 8.1.5.
    Bankruptcy, Insolvency, etc.	80
	 	 
	Section 8.2. Action
    if Bankruptcy	80
	 	 
	Section 8.3. Action
    if Other Event of Default	81
	 	 
	Article IX PREPAYMENT
    EVENTS	81
	 	 
	Section 9.1. Listing
    of Prepayment Events	81
	 	 
	Section 9.1.1.
    Change of Control	81
	 	 
	Section 9.1.2.
    Unenforceability	82
	 	 
	Section 9.1.3.
    Approvals	82
	 	 
	Section 9.1.4.
    Non-Performance of Certain Covenants and Obligations	82
	 	 
	Section 9.1.5.
    Judgments	82
	 	 
	Section 9.1.6.
    Condemnation, etc.	82
	 	 
	Section 9.1.7.
    Arrest	83
	 	 
	Section 9.1.8.
    Sale/Disposal of the Purchased Vessel	83
	 	 
	Section 9.1.9.
    Termination of the Construction Contract	83
	 	 
	Section 9.1.10.
    FEC Reassignment and Termination, etc. of the Finnvera Guarantee, the Hermes Insurance Policy or the Second Finnvera Guarantee	83
	 	 
	Section 9.1.11.
    Illegality	85

 

     

     

    

 

	Section 9.1.12.
    Dividend	85
	 	 
	Section 9.1.13.
    Principles	85
	 	 
	Section 9.2. Mandatory
    Prepayment	86
	 	 
	Section 9.3. Mitigation	86
	 	 
	Article X THE
    FACILITY AGENT, THE HERMES AGENT AND THE MANDATED LEAD ARRANGERS	87
	 	 
	Section 10.1.
    Actions	87
	 	 
	Section 10.2.
    Indemnity	87
	 	 
	Section 10.3.
    Funding Reliance, etc.	88
	 	 
	Section 10.4.
    Exculpation	88
	 	 
	Section 10.5.
    Successor	89
	 	 
	Section 10.6.
    Loans by the Facility Agent	89
	 	 
	Section 10.7.
    Credit Decisions	90
	 	 
	Section 10.8.
    Copies, etc.	90
	 	 
	Section 10.9.
    The Agents’ Rights	90
	 	 
	Section 10.10.
    The Facility Agent’s Duties	90
	 	 
	Section 10.11.
    Employment of Agents	91
	 	 
	Section 10.12.
    Distribution of Payments	91
	 	 
	Section 10.13.
    Reimbursement	91
	 	 
	Section 10.14.
    Instructions	91
	 	 
	Section 10.15.
    Payments	92
	 	 
	Section 10.16.
    “Know your customer” Checks	92
	 	 
	Section 10.17.
    No Fiduciary Relationship	92
	 	 
	Section 10.18.
    Mandated Lead Arrangers	92
	 	 
	Article XI MISCELLANEOUS
    PROVISIONS	92
	 	 
	Section 11.1.
    Waivers, Amendments, etc.	92
	 	 
	Section 11.2.
    Notices	94
	 	 
	Section 11.3.
    Payment of Costs and Expenses	95
	 	 
	Section 11.4.
    Indemnification	96
	 	 
	Section 11.5.
    Survival	97
	 	 
	Section 11.6.
    Severability; Independence of Obligations	97
	 	 
	Section 11.7.
    Headings	97
	 	 
	Section 11.8.
    Execution in Counterparts	97
	 	 
	Section 11.9.
    Third Party Rights	97
	 	 
	Section 11.10.
    Successors and Assigns	98
	 	 
	Section 11.11.
    Sale and Transfer of the Loan; Participations in the Loan	98

 

     

     

    

 

	Section 11.11.1.
    Assignments and transfers	98
	 	 
	Section 11.11.2.
    Participations	101
	 	 
	Section 11.11.3.
    Register	102
	 	 
	Section 11.12.
    Other Transactions	102
	 	 
	Section 11.13.
    Hermes Insurance Policy	102
	 	 
	Section 11.13.1.
    Terms of Hermes Insurance Policy	102
	 	 
	Section 11.13.2.
    Obligations of the Borrower	103
	 	 
	Section 11.13.3.
    Obligations of the Hermes Agent and the Lenders	104
	 	 
	Section 11.14.
    Finnvera and FEC	104
	 	 
	Section 11.14.1.
    Finnvera Guarantee and Second Finnvera Guarantee	104
	 	 
	Section 11.14.2.
    Facility Agent and Finnvera dealings	106
	 	 
	Section 11.15.
    FEC Transfer Documents	106
	 	 
	Section 11.16.
    Application of proceeds under the Finnvera Guarantee, the Second Finnvera Guarantee and the Hermes Insurance Policy	107
	 	 
	Section 11.17.
    Waiver of immunity	108
	 	 
	Section 11.18.
    Law and Jurisdiction	108
	 	 
	Section 11.18.1.
    Governing Law	108
	 	 
	Section 11.18.2.
    Jurisdiction	108
	 	 
	Section 11.18.3.
    Alternative Jurisdiction	108
	 	 
	Section 11.18.4.
    Service of Process	108
	 	 
	Section 11.19.
    Confidentiality	109
	 	 
	Section 11.20.
    Mitigation	110

  

     

     

    

 

	EXHIBIT A-1	Commitments
    of Original Lenders
	EXHIBIT A-2	Form of Loan Request
	EXHIBIT B-1	Form of Opinion of
    Liberian Counsel to Borrower
	EXHIBIT B-2	Form of Opinion of
    English Counsel to Facility Agent
	EXHIBIT B-3	Form of Opinion of
    US Tax Counsel to Facility Agent for Lenders
	EXHIBIT B-4	Form of Opinion of
    Finnish Counsel to Facility Agent for Lenders
	EXHIBIT C	Form of Lender Assignment
    Agreement
	EXHIBIT D-1	Finnvera Premium Pricing
    Grid for FEC Loan
	EXHIBIT D-2	Finnvera Balancing
    Premium Pricing Grid for Finnvera Balancing Loan
	EXHIBIT E	Form of Pledge Agreement
	EXHIBIT F-1	Form of FEC Transfer
    Certificate
	EXHIBIT F-2	Form of Transfer Certificate
	EXHIBIT G-1	Form of FEC Supplemental
    Assignment Agreement
	EXHIBIT G-2	Form of Finnvera Guarantee
    Assignment Agreement
	EXHIBIT H-1	Form of Finnvera Guarantee
	EXHIBIT H-2	Form of Second Finnvera
    Guarantee
	EXHIBIT I	Principles
	EXHIBIT J	Form of Information
    Package
	EXHIBIT K	Form of First Priority
    Guarantee
	EXHIBIT L	Form of Second Priority
    Guarantee
	EXHIBIT M	Form of Third Priority
    Guarantee
	EXHIBIT N	Form of Senior Parties
    Subordination Agreement
	EXHIBIT O	Form of Other Senior
    Parties Subordination Agreement

 

     

     

    

 

AMENDED
AND RESTATED CREDIT AGREEMENT

 

ICON
2 HULL NO. 1401 CREDIT AGREEMENT, dated October 11, 2017 (the “Effective Date”) as amended and restated on July
3, 2018, as further amended on July 31, 2020 and as further amended and restated pursuant to an agreement dated 15 February,
2021 among:

 

		(1)	Royal
                                         Caribbean Cruises Ltd., a Liberian corporation (the “Borrower”);

 

		(2)	KfW
                                         IPEX-Bank GmbH, in its capacity as facility agent and documentation agent (in such capacities,
                                         the “Facility Agent”);

 

		(3)	KfW
                                         IPEX-Bank GmbH as Hermes agent (in that capacity the “Hermes Agent”);

 

		(4)	BNP
                                         Paribas Fortis SA/NV as Finnvera agent (in that capacity the “Finnvera Agent”);

 

		(5)	KfW
                                         IPEX-Bank GmbH as initial mandated lead arranger (in that capacity the “Initial
                                         Mandated Lead Arranger”);

 

		(6)	BNP
                                         Paribas Fortis SA/NV, HSBC Bank plc, HSBC Bank USA, National Association, Commerzbank
                                         AG, New York Branch and Banco Santander, S.A. as the other mandated lead arrangers (the
                                         “Other Mandated Lead Arrangers”  and together with the Initial Mandated
                                         Lead Arranger the “Mandated Lead Arrangers”);

 

		(7)	Banco
                                         Bilbao Vizcaya Argentaria, S.A., Niederlassung Deutschland, Bayerische Landesbank, New
                                         York Branch, DZ BANK AG, New York Branch, JPMorgan Chase Bank, N.A., London Branch and
                                         SMBC Bank International plc as lead arrangers; and

 

		(8)	KfW
                                         IPEX-Bank GmbH (“KfW IPEX”), BNP Paribas Fortis SA/NV, HSBC Bank plc,
                                         Commerzbank AG, New York Branch, Banco Santander, S.A., Banco Bilbao Vizcaya Argentaria,
                                         S.A., Niederlassung Deutschland, Bayerische Landesbank, New York Branch, DZ BANK AG,
                                         New York Branch, JPMorgan Chase Bank, N.A., London Branch and SMBC Bank International
                                         plc as original FEC lenders (in that capacity the “Original FEC Lenders”),
                                         KfW IPEX, BNP Paribas Fortis SA/NV, HSBC Bank USA, National Association, Commerzbank
                                         AG, New York Branch, Banco Santander, S.A., Banco Bilbao Vizcaya Argentaria, S.A., Niederlassung
                                         Deutschland, Bayerische Landesbank, New York Branch, DZ BANK AG, New York Branch, JPMorgan
                                         Chase Bank, N.A., London Branch and SMBC Bank International plc as original Hermes lenders
                                         (in that capacity the “Original Hermes Lenders”) and KfW IPEX, BNP Paribas
                                         Fortis SA/NV, HSBC Bank USA, National Association, Commerzbank AG, New York Branch, Banco
                                         Santander, S.A., Banco Bilbao Vizcaya Argentaria, S.A., Niederlassung Deutschland, Bayerische
                                         Landesbank, New York Branch, DZ BANK AG, New York Branch, JPMorgan Chase Bank, N.A.,
                                         London Branch and SMBC Bank International plc as original Finnvera balancing lenders
                                         (in that capacity the “Original Finnvera Balancing Lenders”  together
                                         with the Original FEC Lenders, the Original Hermes Lenders and each other Person that
                                         shall become a “Lender”  in accordance with Section 11.11.1 hereof, each,
                                         individually, a “Lender”  and, collectively, the “Lenders”).

 

W
I T N E S S E T H

 

WHEREAS:

 

		(A)	The
                                         Borrower and Meyer Turku Oy, Finland (the “Builder”) have on 12 April
                                         2017 entered into a Contract for the Construction and Sale of ICON 2 Hull No. 1401 (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 ICON 2 hull number 1401 (the “Purchased
                                         Vessel”); and

 

    1

     

    

 

		(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 “US
                                         Dollar Maximum Loan Amount”) equal to:

 

(a)
the US Dollar Equivalent of eighty per cent (80%) of the Contract Price (as defined below) of the Purchased Vessel, as adjusted
from time to time in accordance with the Construction Contract to reflect, among other adjustments, Change Orders agreed pursuant
to Article V of the Construction Contract (but which Contract Price shall not exceed for this purpose EUR1,650,000,000), plus

 

(b) 100%
of the Finnvera Premium and, if applicable, the Finnvera Balancing Premium, plus

 

(c)
the US Dollar Equivalent of 100% of the Hermes Fee;

 

		(C)	The
                                         parties hereto have previously amended and restated this Agreement pursuant to an amendment
                                         agreement dated as of July 3, 2018 (the “Amendment Agreement”);

 

		(D)	The
                                         parties hereto have previously amended this Agreement pursuant to that certain financial
                                         covenant waiver extension consent letter, dated July 31, 2020 (the “Waiver Letter”);

 

		(E)	In
                                         consideration of the Lenders agreeing to extend the Financial Covenant Waiver Period
                                         on the basis set forth herein, the Borrower has agreed to procure the execution of the
                                         Guarantees and to make certain amendments to this Agreement to reflect the existence
                                         of such Guarantees; and

 

		(F)	Pursuant
                                         to Amendment No. 2, dated as of 15 February, 2021 (the “Amendment Number Two”),
                                         and upon satisfaction of the conditions set forth therein, this Agreement is being amended
                                         and restated in the form of this Agreement to make the certain amendments referred to
                                         in recitals (D) and (E) above.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS AND ACCOUNTING TERMS

 

SECTION
1.1. Defined Terms

 

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

 

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

 

    2

     

    

 

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

 

“Actual
German Content Component”  means, at any time, the amount of the German Construction Contract Component which is confirmed
and notified by the Builder to the Facility Agent and the Borrower pursuant to Section 2.4(a) or Section 2.4(b).

 

“Additional
FEC Transfer Documents”  means in relation to any Assignee Lender or Transferee Lender (other than FEC) any documents
required by FEC or Finnvera (in form and substance satisfactory to FEC and Finnvera) to evidence that any such Assignee Lender
or Transferee Lender has acceded to the FEC Supplemental Assignment Agreement and/or has become bound by its terms as though it
were a party thereto in place of the transferor Lender assigning or transferring its share of the Loan or Commitment (as the case
may be).

 

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

 

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

 

“Affected
Commitments”  is defined in Section 3.2.2(a).

 

“Affected
Lender”  is defined in Section 9.2.

 

“Affected
Loan”  is defined in Section 3.2.2(a).

 

“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 through the ownership
of voting securities, by contract or otherwise.

 

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

 

“Agreed
Lien Basket Modification”  means an amendment to Sections 7.2.2 and 7.2.3 of this Agreement in a form and substance satisfactory
to the Borrower and the Agents.

 

“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
Screen Rate”  has the meaning given to such term in Section 4.2.

 

“Amendment
Agreement”  is defined in the preamble.

 

    3

     

    

 

“Amendment
Closing Date”  means the “Effective Date”, as that term is defined in the Amendment Agreement.

 

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

 

“Amendment
Number Two”  is defined in the preamble.

 

“Applicable
Finnvera Rate”  means:

 

(i)             
with respect to the FEC Loan, the percentage specified in the Pricing Grid set forth in Exhibit D-1 opposite the Senior
Debt Rating as of the Premium Measurement Date; and

 

(ii)            
with respect to the Finnvera Balancing Loan, the percentage specified in the Pricing Grid set forth in Exhibit D-2 opposite
the Senior Debt Rating as of the Premium Measurement Date.

 

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

 

“Application” means the application for the FEC Financing and the FEC Financing Offer.

 

“Assignee
Lender”  is defined in Section 11.11.1(A).

 

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

 

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

 

    4

     

    

 

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

 

“Borrower”
is defined in the preamble.

 

“Break
Costs”  means the amount (if any) as determined in accordance with Section 4.4.1 which (i) the Borrower may be required
to pay to the Lenders and/or the Fixed Rate Provider under this Agreement following a Funding Losses Event, (ii) a Defaulting
Finance Party is required to pay to FEC pursuant to Section 3.3.3(f) or (iii) a Transferring Lender is required to pay to FEC
pursuant to Section 9.1.10(A)(c).

 

“Builder”
is defined in the preamble.

 

“Business
Day”  means any day which is neither a Saturday or Sunday nor a legal holiday on which banks are authorised or required
to be closed in New York City, London, Helsinki, 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 capitalised leases.

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

“Change
Order”  has the meaning ascribed to it in Article V of the Construction Contract.

 

“CIRR”
means 2.76% per annum, being the Commercial Interest Reference Rate determined in accordance with the OECD Arrangement for Officially
Supported Export Credits to be applicable to the FEC Tranche A Loan.

 

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

 

“Commitment”
means, with respect to each Lender, such Lender’s aggregate FEC Tranche A Commitment, FEC Tranche B Commitment, Hermes Commitment
and Finnvera Balancing Commitment and means, relative to any Lender, such Lender’s obligation to make that Commitment available
pursuant to Section 2.1.

 

“Commitment
Fees”  shall have the meaning ascribed to it in the relevant Fee Letter.

 

“Commitment
Termination Date”  means 30 January 2025.

 

“Construction
Contract”  is defined in the preamble.

 

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

 

“Contract
Price”  is as defined in the Construction Contract and includes a lump sum amount in respect of the NYC Allowance.

 

“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.

 

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

 

“Credit
Support Documents”  means the FEC Transfer Documents, the Hermes Insurance Policy, the Finnvera Guarantee and, if applicable,
the Second Finnvera Guarantee.

 

    6

     

    

 

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

 

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

 

“Defaulting
Finance Party”  means the Facility Agent or any Transferring Lender who is liable to pay Break Costs pursuant to Section
3.3.3 (e) or Section 9.1.10(A)(c) as the case may be.

 

“Disbursement
Date”  means the date on which the Loan is advanced. When such expression is prefaced by the word “expected”,
it shall denote the date on which the Borrower then reasonably expects the Loan to be disbursed based upon the then-scheduled
Contractual Delivery Date of the Purchased Vessel.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Effective
Date”  is defined in the preamble.

 

“Eligible
German Content Amount”  means the amount of the Actual German Content Component from time to time which is notified by
the Builder to the Facility Agent pursuant to Section 2.4(a) and for which the Hermes Documentary Requirements have been satisfied.

 

    7

     

    

 

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

 

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

 

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

 

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

 

“Event
of Default”  is defined in Section 8.1.

 

“Existing
Lender”  has the meaning given to it in a Transfer Certificate.

 

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

 

“Expected
Delivery Date”  means the latest date on which the Purchased Vessel is expected to be delivered to the Borrower pursuant
to the Construction Contract being, as at the date of this Agreement, 9 May 2024, as such date may be adjusted pursuant to the
terms and conditions of the Construction Contract.

 

“Facility”
means the term loan facility made available under this Agreement.

 

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

 

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

 

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

 

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

 

“FEC”
means Finnish Export Credit Ltd. (Business Identity Code: 1642253-1) whose postal address is Porkkalankatu 1, PO Box 1010, FI
- 00101 Helsinki, Finland.

 

    8

     

    

 

“FEC
Commitment Amount”  means the sum of the FEC Tranche A Commitment Amount and the FEC Tranche B Commitment Amount.

 

“FEC
Conversion”  means the election by FEC pursuant to Section 3.3.3 that the FEC Tranche A Loan shall not bear interest at
the Fixed Rate but at the FEC Tranche A Floating Rate.

 

“FEC
Conversion Floating Rate Certificate”  is defined in Section 3.3.3(c).

 

“FEC
Conversion Notice”  is defined in Section 3.3.3(b).

 

“FEC
Financing”  means the funding provided by FEC as Lender under this Agreement following the execution of the FEC Transfer
Certificates.

 

“FEC
Financing Offer”  means the offer by FEC to the Borrower in relation to the FEC Loan and the Fixed Rate dated 12 April
2017 as renewed from time to time.

 

“FEC
Lender”  means an Original FEC Lender until the effective date of its FEC Transfer Certificate and, with effect from the
effective date of such FEC Transfer Certificate, FEC.

 

“FEC
Loan”  means collectively the FEC Tranche A Loan and the FEC Tranche B Loan.

 

“FEC
Margin Lender”  means any Original FEC Lender, any Assignee Lender and any Transferee Lender, in each case, excluding
FEC.

 

“FEC
Prepayment Event”  has the meaning given to such term in Section 9.1.10(A)(b).

 

“FEC
Reassignment”  has the meaning given to such term in Section 9.1.10(A)(a).

 

“FEC
Supplemental Assignment Agreement”  means the supplemental assignment agreement entered into between FEC, the Original
FEC Lenders and the Facility Agent in relation to the FEC Financing in the form set out in Exhibit G-1.

 

“FEC
Tranche A Commitment” means:

 

		(a)	for
                                         each of the Original FEC Lenders, the amount set opposite its name in Exhibit A-1 under
                                         the heading “FEC Tranche A Commitments” and the amount of any other Commitment
                                         in relation to the FEC Tranche A Commitment Amount transferred to it under this Agreement;
                                         and

 

		(b)	for
                                         any other Lender, the amount of any Commitment in relation to the FEC Tranche A Commitment
                                         Amount transferred to it under a Transfer Certificate or under Section 11.11.1 of this
                                         Agreement,

 

in
each case as such amount may be reduced, transferred or cancelled in accordance with the terms of this Agreement.

 

“FEC
Tranche A Commitment Amount”  means, as of any date, an amount equal to the aggregate of the FEC Tranche A Commitments
of all the Lenders on such date. As of the Effective Date, the FEC Tranche A Commitment Amount is equal to (a) the US Dollar equivalent
of EUR992,000,000 plus (b) the US Dollar equivalent of EUR26,794,290 being the amount of the Finnvera Premium payable with respect
to the FEC Tranche A Loan, in aggregate not exceeding the US Dollar equivalent of EUR1,018,794,290.

 

    9

     

    

 

“FEC
Tranche A Loan”  means that part of the Loan made or to be made (as the context may require) by the FEC Lenders to the
Borrower that is referred to in Section 2.1.1(i).

 

“FEC
Tranche A Floating Rate”  means a rate per annum equal to the sum of the LIBO Rate plus the FEC Tranche A Floating Rate
Margin.

 

“FEC
Tranche A Floating Rate Margin”  means the rate per cent per annum to be agreed between the Borrower and FEC in accordance
with Section 3.3.3(d) or as set out in the FEC Conversion Floating Rate Certificate issued pursuant to Section 3.3.3(e).

 

“FEC
Tranche B Commitment” means:

 

		(a)	for
                                         each of the Original FEC Lenders, the amount set opposite its name in Exhibit A-1 under
                                         the heading “FEC Tranche B Commitments” and the amount of any other Commitment
                                         in relation to the FEC Tranche B Commitment Amount transferred to it under this Agreement;
                                         and

 

		(b)	for
                                         any other Lender, the amount of any Commitment in relation to the FEC Tranche B Commitment
                                         Amount transferred to it under a Transfer Certificate or under Section 11.11.1 of this
                                         Agreement,

 

in
each case as such amount may be reduced, transferred or cancelled in accordance with the terms of this Agreement.

 

“FEC
Tranche B Commitment Amount”  means, as of any date, an amount equal to the aggregate of the FEC Tranche B Commitment
of all the Lenders as of such date. As of the Effective Date, the FEC Tranche B Commitment Amount is equal to (a) the US Dollar
equivalent of EUR168,000,000 plus (b) the US Dollar equivalent of EUR6,654,330 being the amount of the Finnvera Premium payable
with respect to the FEC Tranche B Loan plus (c) the part of the Finnvera Premium payable with respect to the FEC Tranche A Loan
not covered under the FEC Tranche A Loan, up to the US Dollar equivalent of EUR12,497,944, in aggregate not exceeding the US Dollar
equivalent of EUR187,152,274.

 

“FEC
Tranche B Loan”  means that part of the Loan made or to be made (as the context may require) by the FEC Lenders to the
Borrower referred to in Section 2.1.1(ii).

 

“FEC
Tranche Commitment”  means, with respect to each Lender, the sum of such Lender’s FEC Tranche A Commitment and FEC Tranche
B Commitment.

 

“FEC
Transfer Certificate”  means a Transfer Certificate, to be executed by each Original FEC Lender in favour of FEC and pursuant
to which all of the FEC Tranche Commitments and other rights and obligations of such Original FEC Lender under the Loan Documents
shall be transferred to FEC, substantially in the form set out in Exhibit F-1.

 

“FEC
Transfer Documents”  means each FEC Transfer Certificate, the FEC Supplemental Assignment Agreement and the Finnvera Guarantee
Assignment Agreement.

 

“Federal
Funds Rate”  means, for any period, a fluctuating interest rate per annum equal for each day during such period to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published
for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York,
or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions
received by the Facility Agent from three Federal funds brokers of recognized standing selected by it; provided that if
the Federal Funds Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

 

    10

     

    

 

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

 

“Final
German Content Notice”  is defined in Section 2.4(b).

 

“Final
German Content Notice Date”  means the date falling three (3) months prior to the Contractual Delivery Date.

 

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

 

“Finance
Parties”  means the Lenders, the Mandated Lead Arrangers, the Facility Agent, the Guarantee Holder, the Hermes Agent and
the Finnvera Agent.

 

“Financial
Covenant Waiver Period”  means the period between April 1, 2020 and December 31, 2021 (inclusive).

 

“Finnish
Authority”  means each of FEC and Finnvera.

 

“Finnish
Ministry”  means the Ministry of Economic Affairs and Employment of the State of Finland.

 

“Finnvera”
means Finnvera plc, a company owned by the State of Finland having its principal office at Porkkalankatu 1, PO Box 1010, FI-00101
Helsinki, Finland.

 

“Finnvera
Balancing Commitment”  means:

 

(a)       for
each of the Original Finnvera Balancing Lenders, the amount set opposite its name in Exhibit A-1 under the heading “Finnvera
Balancing Commitments” and the amount of any other Commitment in relation to the Finnvera Balancing Commitment transferred
to it under this Agreement; and

 

(b)       for
any other Lender, the amount of any Commitment in relation to the Finnvera Balancing Commitment transferred to it under Section
11.11.1 of this Agreement,

 

in
each case as such amount may be increased, reduced, transferred or cancelled in accordance with the terms of this Agreement.

 

“Finnvera
Balancing Commitment Amount”  means, as of any date, an amount equal to the aggregate of the Finnvera Balancing Commitment
of all the Lenders as of such date. As of the Effective Date, the Finnvera Balancing Commitment Amount is equal to zero plus any
Finnvera Balancing Premium that may become payable with respect to the Finnvera Balancing Loan.

 

“Finnvera
Balancing Lenders”  means the Original Finnvera Balancing Lenders and any New Lender(s) to whom all or any part of the
Finnvera Balancing Commitment is transferred.

 

    11

     

    

 

“Finnvera
Balancing Loan”  means that part of the Loan made or to be made (as the context may require) by the Finnvera Balancing
Lenders to the Borrower referred to in Section 2.1.3.

 

“Finnvera
Balancing Premium”  means the premium payable to Finnvera (if any) under and in respect of the Second Finnvera Guarantee
calculated as provided in Section 3.5.5.

 

“Finnvera
General Terms”  means the terms and conditions of Finnvera dated 1 March 2004 applicable to the Finnvera Guarantee and,
if applicable, the Second Finnvera Guarantee.

 

“Finnvera
Guarantee”  means the guarantee in relation to 100% of the FEC Loan issued or to be issued by Finnvera in favour of the
Guarantee Holder in the form set out in Exhibit H-1.

 

“Finnvera
Guarantee Assignment Agreement”  means the assignment agreement to be entered into by FEC as assignee and the Guarantee
Holder as assignor and pursuant to which the Guarantee Holder will assign to FEC all rights to and benefits of any payments of
indemnity to be made by Finnvera under the Finnvera Guarantee in the form set out in Exhibit G-2.

 

“Finnvera
Premium”  means the premium payable to Finnvera under and in respect of the Finnvera Guarantee calculated as provided
in Section 3.5.4.

 

“Finnvera
Premium Refund Formula”  means an amount determined in accordance with the following formula:

 

0.8*d*b*c

 

where:

 

b
= the remaining average maturity of the Loan at the time of the prepayment

 

c
= the principal amount of the prepayment

 

d
= the up-front flat guarantee premium converted into a per annum based premium.

 

Clarification
of the formula:

 

		(a)	‘0.8’
                                         in the formula above refers to the fact that 20% of the flat guarantee premium will be
                                         retained and will not be refundable; and

 

		(b)	‘d’
                                         in the formula above is derived as follows: the guarantee premium/6.25=d, where the guarantee
                                         premium is the up-front flat guarantee premium and 6.25 is the average maturity of a
                                         loan with a 12 year OECD repayment profile.

 

“First
Fee”  is defined in Section 11.13.1.

 

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

 

    12

     

    

 

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

 

“First
Priority Guarantor”  means Celebrity Cruise Lines Inc. (and any of its successors) and any other First Priority Holdco
Subsidiary that has granted or, prior to that entity becoming a First Priority Holdco Subsidiary pursuant to a Disposal of a First
Priority Asset in accordance with Section 7.2.5(a)(v)(A), will grant a First Priority Guarantee.

 

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

 

“First
Priority Release Event”  means the occurrence of both (1) the effectiveness of the Agreed Lien Basket Modification and
(2) any event or other circumstance that results in either (x) 80% of the aggregate principal amount of Bank Indebtedness outstanding
as of the effectiveness of Amendment Number Two (being $5,300,000,000 (and 80% of which is $4,240,000,000)) or (y) 100% of the
aggregate principal amount of Secured Note Indebtedness outstanding as of the effectiveness of Amendment Number Two (being $3,320,000,000):

 

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

 

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

 

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

 

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

 

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

 

    13

     

    

 

		(b)	the
                                         sum of:

 

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 Capitalised
Lease Liabilities), in each case, of the Borrower and its Subsidiaries for such period.

 

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

 

“Fixed
Rate Loan”  means the FEC Tranche A Loan bearing interest at the Fixed Rate.

 

“Fixed
Rate Margin”  means the aggregate of (i) 0.95% per annum (payable to FEC) and (ii) 0.05% per annum (payable to the FEC
Margin Lenders).

 

“Fixed
Rate Provider”  means FEC in its capacity as the provider of the Fixed Rate.

 

“Floating
Rate”  means a rate per annum equal to the sum of the LIBO Rate plus the applicable Floating Rate Margin save in the case
of the Floating Rate applicable to the FEC Loan following an FEC Reassignment under Section 9.1.10(A)(c) where the applicable
Floating Rate shall be that determined in accordance with paragraphs (f) to (h) inclusive of Section 9.1.10(A).

 

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

 

“Floating
Rate Loan”  means all or any portion of the Loan (other than the FEC Tranche A Loan) bearing interest at the Floating
Rate and, in the case of the FEC Tranche A Loan, the FEC Tranche A Floating Rate.

 

“Floating
Rate Margin”  means (a) in respect of the FEC Tranche B Loan the aggregate of: (i) 1.15% per annum (payable to FEC) and
(ii) 0.05% per annum (payable to the FEC Margin Lenders) and (b) in respect of each of (x) the Hermes Loan and (y) if applicable,
the Finnvera Balancing Loan: 1.15% 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 1.4.

 

“German
Construction Contract Component”  means that portion of the Contract Price which relates to monies to be paid to German
exporters, suppliers and sub-suppliers in relation to the Construction Contract.

 

“German
Content Review Date”  means each date falling at consecutive 12 monthly intervals from the Effective Date until the Final
German Content Notice Date save that if such date is not a Business Day, then the German Content Review Date shall fall on the
next succeeding Business Day following such date.

 

“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 its or their business in such
Applicable Jurisdiction, excluding, in any event, any taxes imposed on the Borrower or any Subsidiary of the Borrower.

 

    14

     

    

 

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

 

“Guarantee
Holder”  means KfW IPEX (for the benefit of the Original FEC Lenders or FEC and, if applicable the Original Finnvera Balancing
Lenders from time to time) being the person in whose favour (i) the Finnvera Guarantee shall be issued for the benefit of the
Original FEC Lenders and, following the execution of each FEC Transfer Certificate, FEC and (ii) the Second Finnvera Guarantee,
if applicable, shall be issued for the benefit of the Original Finnvera Balancing Lenders and, subject to approval from Finnvera
following any assignment or transfer of the Finnvera Balancing Commitment, the Finnvera Balancing Lenders.

 

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

 

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

 

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

 

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

 

“Hermes
Agent”  is defined in the preamble.

 

“Hermes
Commitment”  means:

 

		(a)	for
                                         each of the Original Hermes Lenders, the amount set opposite its name in Exhibit A-1
                                         under the heading “Hermes Commitments” and the amount of any other Commitment
                                         in relation to the Hermes Commitment Amount transferred to it under this Agreement; and

 

		(b)	for
                                         any other Lender, the amount of any Commitment in relation to the Hermes Commitment Amount
                                         transferred to it under Section 11.11.1 of this Agreement,

 

in
each case as such amount may be reduced, transferred or cancelled in accordance with the terms of this Agreement.

 

“Hermes
Commitment Amount”  means, as of any date, an amount equal to the aggregate of the Hermes Commitment of all the Lenders
as of such date. As of the Effective Date, the Hermes Commitment Amount equals the US Dollar equivalent of EUR160,000,000 plus
the Hermes Fee.

 

    15

     

    

 

“Hermes
Conditions”  means (i) The General Terms and Conditions for Buyer Credit Guarantees issued by Hermes with the heading
Legal Basis and dated July 2017 (the “Conditions”) and (ii) The Minimum Standards for the Specific Pre-conditions
for disbursements under Buyer Credit Cover issued by Hermes with the heading Practical Information (the “Standards”)
and dated July 2017 unless such Conditions and Standards are no longer applicable.

 

“Hermes
Documentary Requirements”  has the meaning given to such term in Section 2.3(a).

 

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

 

“Hermes
Insurance Policy”  means the export credit guarantee (Finanzkreditgarantie) in relation to 95% of the Hermes Loan
issued by the Federal Republic of Germany, represented by Hermes, in favour of the Lenders.

 

“Hermes
Lenders”  means the Original Hermes Lenders and any New Lender(s) to whom all or any part of the Hermes Commitment is
transferred.

 

“Hermes
Loan”  means that part of the Loan made or to be made (as the context may require) by the Hermes Lenders to the Borrower
referred to in Section 2.1.2.

 

“Illegality
Notice”  is defined in Section 3.2.2(a).

 

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

 

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

 

    16

     

    

 

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

 

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

 

“Interest
Subsidy Amount Repayable”  means the amount of any interest subsidy paid in connection with the FEC Tranche A Loan under
the Facility, to the extent such amount exceeds the respective amount of any interest compensation paid under the respective interest
swaps made by FEC to obtain the CIRR for the FEC Tranche A Loan under the Facility, as well as annual interest on all amounts
of such interest subsidy paid from the date of payment until the date of such repayment, at the interest rate referred to in paragraph
1 of Section 4 of the Finnish Interest Rate Act (633/1982), as amended.

 

“Interpolated
Screen Rate”  means, in relation to the LIBO Rate, the rate which results from interpolating on a linear basis between:

 

		(a)	the
                                         applicable Screen Rate for the longest period (for which that Screen Rate is available)
                                         which is less than the relevant Interest Period; and

 

		(b)	the
                                         applicable Screen Rate for the shortest period (for which that Screen Rate is available)
                                         which exceeds the relevant Interest Period.

 

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

 

“KfW
IPEX”  means KfW IPEX-Bank GmbH.

 

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

 

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

 

“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:

 

		(a)	the
                                         Screen Rate; or

 

    17

     

    

 

		(b)	(if
                                         no Screen Rate is available for the relevant Interest Period) the Interpolated Screen
                                         Rate; or

 

		(c)	(if
                                         (i) no Screen Rate is available for the Floating Rate Loan or (ii) no Screen Rate is
                                         available for the relevant Interest Period and it is not possible to calculate the Interpolated
                                         Screen Rate), subject to Section 3.3.6, the Reference Bank Rate,

 

at
or about 11:00 a.m. (London time) two (2) Business Days before the commencement of the relevant Interest Period; provided that:

 

		(d)	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; and

 

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

 

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

 

“Loan”
means, as the context requires:

 

		(a)	each
                                         of the FEC Tranche A Loan, FEC Tranche B Loan, Hermes Loan and the Finnvera Balancing
                                         Loan; or

 

		(b)	the
                                         principal sum in Dollars advanced by the Lenders to the Borrower upon the terms and conditions
                                         of this Agreement; or

 

		(c)	the
                                         amount thereof for the time being advanced and outstanding under this Agreement.

 

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

 

“Loan
Request”  means the loan request and certificate duly executed by an Authorised Officer of the Borrower, substantially
in the form of Exhibit A-2 hereto.

 

“Majority
Lenders”  means:

 

		(a)	at
                                         any time while FEC is not a Lender:

 

		(i)	if
                                         the Loan is not then outstanding, a Lender or Lenders whose Commitments then aggregate
                                         more than 662/3% of the total Commitments (or, if the Commitments have been
                                         reduced to zero, aggregate more than 662/3% of the total Commitments immediately
                                         prior to the reduction); or

 

    18

     

    

 

		(ii)	at
                                         any other time, a Lender or Lenders whose participations in the Loan then outstanding
                                         aggregate more than 662/3% of the Loan then outstanding; or

 

		(b)	at
                                         any time while FEC is a Lender:

 

		(i)	FEC;
                                         and

 

		(ii)	either:

 

		(A)	if
                                         the Loan is not then outstanding, a Lender or Lenders (excluding FEC) whose Commitments
                                         then aggregate more than 662/3% of the total Commitments (excluding for this
                                         purpose any Commitment held by FEC) (or, if such total Commitments have been reduced
                                         to zero, aggregate more than 662/3% of such Commitments immediately prior
                                         to the reduction); or

 

		(B)	at
                                         any other time, a Lender or Lenders (excluding FEC) whose participations in the Loan
                                         then outstanding aggregate more than 662/3% of the Loan then outstanding (excluding
                                         for this purpose such portion of the Loan owed to FEC).

 

“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 to which it is a party.

 

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

 

“Material
Litigation”  is defined in Section 6.7.

 

“Maximum
Balancing Amount”  means, at any time, the lesser of (a) the US Dollar equivalent of EUR160,000,000 less 80% of the Eligible
German Content Amount (if any) confirmed by the Facility Agent to the Borrower in accordance with Section 2.4(a) and (b) the US
Dollar equivalent of EUR160,000,000 less 5% of the aggregate Commitments of the Lenders under this Agreement.

 

“Mitigation
Period”  is defined in Section 11.20(a).

 

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

 

“Net
Debt”  means, at any time, the aggregate outstanding principal amount of all debt (including, without limitation, the
principal portion of all Capitalised Lease Obligations) 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 Capitalisation Ratio”  means, as at any date, the ratio of (a) Net Debt on such date to (b) Capitalisation on
such date.

 

    19

     

    

 

“New
Financings”  means proceeds from:

 

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

 

		(b)	the
                                         issuance and sale of equity securities.

 

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

 

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

 

“New
Lender”  has the meaning given in Section 11.11.

 

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

 

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

 

“NYC
Allowance”  has the meaning assigned thereto in Article II.1 of the Construction Contract and, when such expression is
prefaced by the word “incurred”, shall mean such amount of the NYC Allowance, not exceeding EUR300,000,000 including
the value of any Change Orders, as shall at the relevant time have been paid, or become payable, to the Builder by the Borrower
under the Construction Contract as part of the Contract Price.

 

“NYC
Applicable Rate”  means the USD-to-EUR rate referred to in paragraph (b) of the definition of “US Dollar Equivalent”.

 

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

 

“Obligors”
means the Borrower and the Guarantors.

 

“Option
Period”  is defined in Section 3.2.2(c).

 

“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. 

 

    20

     

    

 

“Original
Lender”  means each of the financial institutions listed in Exhibit A-1 as an Original FEC Lender, Original Hermes Lender
or Original Finnvera Balancing Lender.

 

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

 

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

 

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

 

“Participant”
is defined in Section 11.11.2.

 

“Percentage”
means, relative to any Lender, the percentage set forth in Exhibit A-1 or as set out in an FEC Transfer Certificate or in the
applicable Lender Assignment Agreement, as such percentage may be adjusted from time to time pursuant to Section 4.9 or pursuant
to Lender Assignment Agreement(s) executed by such Lender and its Assignee Lender(s) and delivered pursuant to Section 11.11.1.

 

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

 

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

 

“Pledge
Agreement”  means the pledge agreement in respect of the Pledged Accounts substantially in the form set out in Exhibit
E as amended to take into account only the changes necessary to reflect the applicable governing law (as determined by the location
of the Pledged Accounts) and any other specific and reasonable requirements of the account bank with whom the Pledged Accounts
are held and approved by the Facility Agent (acting on the instructions of the Majority Lenders).

 

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

 

“Premium
Measurement Date”  means the date falling thirty (30) days prior to the Disbursement Date.

 

“Prepayment
Event”  is defined in Section 9.1.

 

    21

     

    

 

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

 

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

 

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

 

“Purchased
Vessel”  is defined in the preamble.

 

“Recovered
Amount”  is defined in Section 4.10.1.

 

“Recovering
Lender”  is defined Section 4.10.1.

 

“Redistributed
Amount”  is defined Section 4.10.4.

 

“Reference
Banks”  means those minimum of three banks designated as Reference Banks by the Facility Agent from time to time that
are reasonably acceptable to the Borrower, and each additional Reference Bank and/or each replacement Reference Bank appointed
by the Facility Agent pursuant to Section 3.3.6.

 

“Reference
Bank Rate”  means the rate per annum certified by the Facility Agent to be the average of the rates quoted by the Reference
Banks as the rate at which each of the Reference Banks was (or would have been) offered deposits of Dollars by prime banks in
the London interbank market in an amount approximately equal to the amount of the Floating Rate Loan and for a period the length
of the relevant Interest Period (or for such other period as shall be agreed by the Borrower and the Facility Agent with the consent
of the Majority Lenders).

 

“Register”
is defined in Section 11.11.3.

 

“Reinvestment
Rate”  means a rate equal to the estimated yield in dollars on debt certificates issued by the Republic of Finland for
the period referred to in Section 4.4.1(A)b as determined by FEC.

 

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

 

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

 

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

 

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

 

    22

     

    

 

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

 

“Screen
Rate”  means the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person
that takes over the administration of such rate) for Dollars for a period equal in length to six months (or for such other period
as shall be agreed by the Borrower and the Facility Agent with the consent of the Majority Lenders) which appears on pages LIBOR01
or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate).

 

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

 

“Second
Fee”  is defined in Section 11.13.

 

“Second
Finnvera Guarantee”  means, if applicable, the guarantee in relation to 95% of the Finnvera Balancing Loan issued or to
be issued by Finnvera in favour of the Guarantee Holder in the form set out in Exhibit H-2.

 

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

 

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

 

“Second
Priority Guarantors”  means RCL Cruise Holdings LLC, Torcatt Enterprises Limitada, RCL Holdings Cooperatief UA, RCL Cruises
Ltd and RCL Investments Ltd (and any of their respective successors) and any other Second Priority Holdco Subsidiary that has
granted or, prior to that entity becoming a Second Priority Holdco Subsidiary pursuant to a Disposal of a Second Priority Asset
in accordance with Section 7.2.5(b)(iii)(A), will grant a Second Priority Guarantee.

 

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

 

    23

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Senior
Debt Rating”  means, as of any date, (a) the implied senior debt rating of the Borrower for debt pari passu in right of
payment and in right of collateral security with the Obligations as given by Moody’s and S&P or (b) in the event the Borrower
receives an actual unsecured senior debt rating (apart from an implied rating) from Moody’s and/or S&P, such actual rating
or ratings, as the case may be (and in such case the Senior Debt Rating shall not be determined by reference to any implied senior
debt rating from either agency). For purposes of the foregoing, (i) if only one of S&P and Moody’s shall have in effect a
Senior Debt Rating, the Finnvera Premium or Finnvera Balancing Premium, as applicable, shall be determined by reference to the
available rating; (ii) if neither S&P nor Moody’s shall have in effect a Senior Debt Rating, the Finnvera Premium or Finnvera
Balancing Premium, as applicable, will be set in accordance with Level 4 of the relevant Pricing Grid, unless (A) the Borrower
has obtained from at least one of such agencies a private implied rating for its senior debt as of the Premium Measurement Date
or (B) having failed to obtain such private rating as of the Premium Measurement Date, the Borrower and Finnvera shall have agreed
within 10-days of the Premium Measurement Date on an alternative rating method, which agreed alternative shall apply for the purposes
of this Agreement; (iii) if the ratings established by S&P and Moody’s shall fall within different levels, the Applicable
Premium Rate shall be based upon the higher rating unless such ratings differ by two or more levels, in which case the applicable
level will be deemed to be one level below the higher of such levels; and (iv) if S&P or Moody’s shall change the basis on
which ratings are established, each reference to the Senior Debt Rating announced by S&P or Moody’s, as the case may be, shall
refer to the then equivalent rating by S&P or Moody’s, as the case may be.

 

    24

     

    

 

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

 

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

 

“Sharing
Lenders”  is defined in Section 4.10.2.

 

“Sharing
Payment”  is defined in Section 4.10.1.

 

“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.

 

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

 

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

 

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

 

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

 

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“Third
Priority Guarantor”  means RCI Holdings LLC (and any of its successors) and any other Third Priority Holdco Subsidiary
that has granted or, prior to that entity becoming a Third Priority Holdco Subsidiary pursuant to a Disposal of a Third Priority
Asset in accordance with Section 7.2.5(c)(iii)(A), will grant a Third Priority Guarantee.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Transfer
Certificate”  means a certificate substantially in the form of Exhibit F-2 or any other form agreed between the Facility
Agent and the Borrower.

 

“Transferee
Lender”  has the meaning given to it in Section 11.11.1 (A).

 

“Transferring
Lender”  has the meaning given to it in the FEC Supplemental Assignment Agreement.

 

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

 

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

 

    26

     

    

 

“USA
Patriot Act”  means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act 2001, as amended.

 

“US
Dollar Equivalent”  means:

 

		(a)	for
                                         all EUR amounts payable in respect of the Contract Price (excluding the portion thereof
                                         comprising the NYC Allowance), the total of such EUR amounts 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 amounts of EUR with Dollars for the payment of the instalments
                                         of the Contract Price (including the final instalment payable on the Actual Delivery
                                         Date) and including in such weighted average the spot rates for any EUR amounts due that
                                         have not been hedged by the Borrower (the “Weighted Average Rate”);

 

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

 

		(c)	for
                                         the calculation and payment of the Hermes Fee in Dollars, the amount thereof in EUR converted
                                         to a corresponding Dollar amount as determined by Hermes on the basis of the latest rate
                                         for the purchase of EUR with Dollars to be published by the German Federal Ministry of
                                         Finance prior to the time that Hermes issues its invoice for the Hermes Fee.

 

Such
rate of exchange under (a) above (whether forward or spot) shall be evidenced by foreign exchange counterparty confirmations.
The US Dollar Maximum Loan Amount under (a) above shall be calculated by the Borrower in consultation with the Facility Agent
no less than ten (10) Business Days prior to the service of the Loan Request. Such rate of exchange under (b) above shall be evidenced
by the production prior to the Disbursement Date of the invoice from the Borrower to the Builder in respect of the NYC Allowance,
which invoice shall contain the USD/EUR exchange rate used for determining the EUR amount of the NYC Allowance. The US Dollar
Equivalent amount of the Hermes Fee shall be calculated by Hermes and notified by the Facility Agent in writing to the Borrower
as soon as practicable after Hermes issues its invoice therefor.

 

“US
Dollar Maximum Loan Amount”  is defined in the preamble.

 

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

 

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

 

“Vessel”
means a passenger cruise vessel owned by the Borrower or one of its Subsidiaries.

 

“Weighted
Average Rate”  has the meaning given to it in paragraph (a) of the definition of the term “US Dollar Equivalent”.

 

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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 capitalised,
have such meanings when used in the 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.

 

SECTION
1.4. 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 first set of financial statements provided to the Facility Agent hereunder, there is a change
in the manner of determining any of the items referred to herein or therein that are to be determined by reference to GAAP, and
the effect of such change would (in the reasonable opinion of the 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 Majority 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. Notwithstanding the foregoing, all obligations of any person
that are or would be characterized as operating lease obligations in accordance with GAAP on the Amendment Closing Date (whether
or not such operating lease obligations were in effect on such date) shall continue to be accounted for as operating lease obligations
for the purposes of this Agreement regardless of any change in GAAP following the Amendment Closing Date that would otherwise
require such obligations to be recharacterized (on a prospective or retroactive basis or otherwise) as capital leases.

 

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SECTION
1.5. Contractual Recognition of Bail-In

 

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

 

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

 

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

 

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

 

		(iii)	a
                                         cancellation of any such liability; and

 

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

 

In
this Section 1.5:

 

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

 

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

 

“Bail-In
Legislation”  means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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“Write-down
and Conversion Powers” means:

 

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

 

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

 

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

 

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

 

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

 

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 this Section 2.1. No Lender’s obligation to make its portion of the Loan shall be affected by any
other Lender’s failure to make its portion of the Loan.

 

SECTION 2.1.1.
Commitment of FEC Lenders.

 

On the Disbursement
Date, each FEC Lender will make available to the Borrower (i) a loan in a maximum amount up to but not exceeding such FEC Lender’s
FEC Tranche A Commitment and (ii) a loan in a maximum amount up to but not exceeding such FEC Lender’s FEC Tranche B Commitment.

 

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SECTION 2.1.2.
Commitment of Hermes Lenders.

 

On the Disbursement
Date, each Hermes Lender will make available to the Borrower a loan in a maximum amount up to but not exceeding such Hermes Lender’s
Hermes Commitment.

 

SECTION 2.1.3.
Commitment of Finnvera Balancing Lenders.

 

On the Disbursement
Date, if applicable, each Finnvera Balancing Lender will make available to the Borrower a loan in a maximum amount up to but not
exceeding such Finnvera Balancing Lender’s Finnvera Balancing Commitment.

 

SECTION 2.1.4.
Commitment Termination Date.

 

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

 

SECTION 2.1.5.
Defaulting Lender.

 

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 2.1.6.
Reductions, increases and cancellations.

 

Unless expressly provided
to the contrary:

 

		(a)	any reduction, or cancellation of the FEC Tranche A Commitment shall adjust, reduce or cancel (as
applicable) each FEC Lender’s respective FEC Tranche A Commitment pro rata according to the amount of its respective FEC
Tranche A Commitment immediately prior to such adjustment, reduction or cancellation;

 

		(b)	any reduction or cancellation of the FEC Tranche B Commitment shall adjust, reduce, increase or
cancel (as applicable) each FEC Lender’s respective FEC Tranche B Commitment pro rata according to the amount of its respective
FEC Tranche B Commitment immediately prior to such adjustment, reduction or cancellation;

 

		(c)	any reduction or cancellation of the Hermes Commitment shall reduce or cancel (as applicable) each
Hermes Lender’s Hermes Commitment pro rata according to the amount of its respective Hermes Commitment immediately prior
to such reduction or cancellation; and

 

		(d)	any increase, reduction or cancellation of Finnvera Balancing Commitment shall adjust, reduce or
cancel (as applicable) each Finnvera Balancing Lender’s Finnvera Balancing Commitment pro rata according to the amount of
its respective Finnvera Balancing Commitment immediately prior to such adjustment, reduction or cancellation.

 

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SECTION 2.2. Voluntary Reduction of Commitments

 

		(a)	The Borrower may at any time prior to the date of a Loan Request terminate, or from time to time
partially reduce, the Commitments upon written notice to the Facility Agent setting forth the total amount of the reduction in
Commitments (the “Reduction Notice”); provided that any such reduction shall be applied (i) pro rata among the
FEC Commitment Amount, the Hermes Commitment Amount and the Finnvera Balancing Commitment Amount determined immediately prior to
giving effect to such reduction and provided that any such reduction shall not result in the Hermes Commitment at any time being
less than 5% of the amount of the total Commitments, (ii) as between the FEC Tranche A Commitment Amount and the FEC Tranche B
Commitment Amount, as directed by the Borrower in the Reduction Notice and (iii) as among each FEC Lender holding an FEC Tranche
A Commitment, pro rata according to the amount of its respective FEC Tranche A Commitment immediately prior to giving effect to
such reduction, (iv) as among each FEC Lender holding an FEC Tranche B Commitment, pro rata according to the amount of its respective
FEC Tranche B Commitment immediately prior to giving effect to such reduction, (v) as among each Hermes Lender holding a Hermes
Commitment, pro rata according to the amount of its respective Hermes Commitment immediately prior to giving effect to such reduction
and (vi) as among each Finnvera Balancing Lender holding a Finnvera Balancing Commitment, pro rata according to the amount of its
respective Finnvera Balancing Commitment immediately prior to giving effect to such reduction. The requested reduction shall be
effective two Business Days after the date of delivery of the Reduction Notice to the Facility Agent.

 

		(b)	Except as provided in Sections 2.2(c) and 2.2(d) below, each voluntary reduction in Commitments
pursuant to this Section 2.2 shall be without premium or penalty.

 

		(c)	If, during the period commencing on the Effective Date and ending on the Disbursement Date, the
Borrower howsoever reduces the FEC Tranche A Commitment Amount to less than the US Dollar equivalent of EUR1,018,794,290, the Borrower
shall pay such Break Costs as required by, and in accordance with, Section 4.4.

 

		(d)	Where the Commitments are terminated or reduced pursuant to this Section 2.2, the Borrower shall
pay to the Facility Agent and the Lenders any fees and commissions that have accrued to but excluding the date of termination or
partial reduction (but, in the case of a partial reduction of Commitments, only in respect of the amount of the partial reduction).
Any such payment shall be made on the second (2nd) Business Day following receipt by the Borrower of an invoice setting forth the
accrued fees and commissions so payable.

 

SECTION 2.3. Notification of Hermes Documentary
Requirements

 

		(a)	Promptly following its receipt of the Hermes Insurance Policy, the Facility Agent shall notify
the Borrower in writing (with a copy to the Builder) of the documentary requirements specified by Hermes in the letter from Hermes
and the letter from Hermes to the Hermes Agent detailing the Hermes Documentary Requirements (as defined below) in order for the
Hermes Insurance Policy to become effective in relation to any specified German Construction Contract Component from time to time
(the “Hermes Documentary Requirements”).

 

		(b)	The Hermes Documentary Requirements as notified by the Facility Agent to the Borrower pursuant
to Section 2.3(a) shall constitute the definitive list of documents which are to be delivered to the Facility Agent pursuant to
Section 5.1.6(d).

 

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SECTION 2.4. Adjustment of Hermes Commitment
Amount and Finnvera Balancing Commitment Amount.

 

		(a)	The Finnvera Balancing Commitment Amount may be increased from zero to an amount up to but not
exceeding the aggregate of the Maximum Balancing Amount and the Finnvera Balancing Premium subject to and in accordance with this
Section 2.4 only. In order to determine the Maximum Balancing Amount, from time to time, the Facility Agent shall request the Builder
(up to 4 weeks before each German Content Review Date) to (a) confirm to the Facility Agent and the Borrower in writing the amount
of the Actual German Content Component which is known or confirmed at that time and that part of such Actual German Content Component
(if any) for which the Hermes Documentary Requirements can be satisfied and (b) provide copies of all the Hermes Documentary Requirements
which are then available for any or all of the confirmed Actual German Content Component. On each German Content Review Date the
Maximum Balancing Amount shall reduce by the Eligible German Content Amount which is confirmed at that time provided that the Facility
Agent has received from the Builder (in satisfactory form) the relevant Hermes Documentary Requirements for such Eligible German
Content Amount. Following each German Content Review Date the Facility Agent shall calculate and confirm to the Borrower in writing
the Maximum Balancing Amount then available in accordance with this Agreement which amount cannot be increased following each such
confirmation.

 

		(b)	At any time up to the Final German Content Notice Date, the Borrower may, by written notice to
the Facility Agent (the “Final German Content Notice”), elect without premium or penalty to re-allocate a portion
of the Hermes Commitment Amount to the Finnvera Balancing Commitment Amount in the event the German Construction Contract Component
at such time is expected to be less than EUR200,000,000 and/or there are any elements of the German Construction Contract Component
for which the Hermes Documentary Requirements have not been satisfied (and are unlikely to be satisfied by the Final German Content
Notice Date (or such later date in advance of the Contractual Delivery Date as the Borrower may agree with the Builder and the
Facility Agent)). Any such written notice shall be accompanied by a letter from the Builder regarding the then Actual German Content
Component and the then current status of the Hermes Documentary Requirements. The amount that may be re-allocated pursuant to this
Section 2.4(b) shall not exceed (a) 80% of the difference between EUR200,000,000 and the Eligible German Content Amount or (b)
the Maximum Balancing Amount then available plus the Finnvera Balancing Premium provided that in each case, the Hermes Commitment
Amount shall at all times be equal to or greater than 5% of the aggregate Commitments of the Lenders under this Agreement.

 

		(c)	It is agreed that any partial deficiency in the fulfilment of the Hermes Documentary Requirements
relating to a part of the German Construction Contract Component shall not affect the validity of the Hermes Insurance Policy in
relation to the remaining German Construction Contract Component and shall not affect the Borrower’s right to draw such portion
of the Hermes Commitment Amount upon the terms of this Agreement in relation to all those elements of the German Construction Contract
Component for which the Hermes Documentary Requirements have been met.

 

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		(d)	In the circumstances set forth in this Section 2.4 only, the Finnvera Balancing Commitment Amount
(including any amount specified in Section 2.4(b)) shall be available to the Borrower under the terms of this Agreement.

 

		(e)	Section 2.1.6 shall apply to any adjustment of the Hermes Commitment Amount and/or the Finnvera
Balancing Commitment Amount under this Section 2.4.

 

		(f)	In the event the Facility Agent has not received the Final German Content Notice by the Final German
Content Notice Date or, if as of such Final German Content Notice Date, the Facility Agent has received written notice from the
Borrower (accompanied by a letter from the Builder) indicating that the German Construction Contract Component is equal to or greater
than EUR200,000,000 and that all Hermes Documentary Requirements can be met in relation to the German Construction Component, then
the Finnvera Balancing Commitment will be automatically cancelled without premium or penalty and will not be available for drawing.

 

SECTION 2.5. Borrowing Procedure

 

		(a)	The Borrower shall deliver a Loan Request and the documents required to be delivered pursuant to
Section 5.1.1(a) to the Facility Agent on or before 10:00 a.m., London time, not more than fifteen (15) or less than eight (8)
Business Days in advance of the Disbursement Date, the Disbursement Date being two (2) Business Days prior to the Expected Delivery
Date (the “Loan Request Date”). The Loan Request shall indicate the amount of each of the FEC Tranche A Loan,
FEC Tranche B Loan, Hermes Loan and Finnvera Balancing Loan that the Borrower, in its discretion, elects to draw hereunder provided
that:

 

		i.	the aggregate amount of FEC Tranche A Loan shall not exceed the FEC Tranche A Commitment Amount
as of the Loan Request Date;

 

		ii.	the aggregate amount of FEC Tranche B Loan shall not exceed the FEC Tranche B Commitment Amount
as of the Loan Request Date;

 

		iii.	the aggregate amount of Hermes Loan shall not exceed the Hermes Commitment Amount as of the Loan
Request Date and shall not be less than 5% of the aggregate amount of the Loan;

 

		iv.	the aggregate amount of Finnvera Balancing Loan shall not exceed the Finnvera Balancing Commitment
Amount as of the Loan Request Date; and

 

		v.	the aggregate amount of the Loan shall not exceed the US Dollar Maximum Loan Amount.

 

		(b)	The Facility Agent shall, no later than 11:00 a.m., London time, eight (8) Business Days prior
to the Disbursement Date, notify each Lender of any Loan Request by forwarding a copy thereof to each Lender, together with its
attachments. On the terms and subject to the conditions of this Agreement, the Loan shall be made on the date specified in such
Loan Request provided that it is a Business Day. On or before 2:00 p.m., London time, on the Business Day specified in such
Loan Request, each Lender shall, without any set-off or counterclaim, deposit with the Facility Agent same day Dollar funds in
an amount equal to such Lender’s Percentage of each of the FEC Loan, Hermes Loan and, if applicable, Finnvera Balancing Loan requested
by such Loan Request. 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.

 

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		(c)	The Borrower shall be entitled, upon receipt of the Dollar funds into the account referred to in
Section 2.5(b) above, (i) to complete the purchase of EUR with its counterparties or otherwise as set out in the Loan Request (by
authorising and instructing the Facility Agent to remit the necessary Dollar funds to the said counterparties) and shall procure
the payment of all EUR proceeds of such transactions to the EUR Pledged Account no later than the Business Day immediately following
the Business Day specified in the Loan Request and (ii) to the extent of any such Dollar funds as shall not be used to purchase
EUR, shall procure (by authorising and instructing the Facility Agent accordingly) the payment of such Dollar funds to the Dollar
Pledged Account on the Disbursement Date.

 

		(d)	The Facility Agent shall direct that moneys standing to the credit of the Pledged Accounts shall,
in the manner set out in the Loan Request and in accordance with the requirements and provisions of the Pledge Agreement, be disbursed
as follows on the dates specified below:

 

		(i)	on the Actual Delivery Date, in EUR, to the account of the Builder, as designated by the Builder
and identified by the Borrower in the Loan Request, to the extent necessary to meet the final instalment of the Contract Price
(including any portion thereof attributable to the NYC Allowance) provided that the Hermes Loan shall only finance up to the lesser
of EUR160,000,000 and 80% of the German Construction Contract Component, with the FEC Tranche A Loan, FEC Tranche B Loan and, if
applicable, Finnvera Balancing Loan financing the balance of the final instalment.

 

		(ii)	on the Disbursement Date, in Dollars to Finnvera in payment of (a) the Finnvera Premium; and (b)
if applicable, the Finnvera Balancing Premium provided that the relevant portion of the FEC Tranche A Loan and/or the FEC Tranche
B Loan shall only finance the Finnvera Premium and, if applicable, the relevant portion of the Finnvera Balancing Loan shall only
finance the Finnvera Balancing Premium; and

 

		(iii)	on the Actual Delivery Date, in Dollars (based on the spot rate of exchange specified in the invoice
issued by Hermes prior to the Actual Delivery Date) (a) to Hermes in payment of the Second Fee; and (b) to the account of the Borrower,
as designated by the Borrower and identified by the Borrower in the Loan Request, in reimbursement of the First Fee and in respect
of any additional amounts standing to the Dollar Pledged Account as of the date of such disbursement provided that the relevant
portion of the Hermes Loan shall only finance payment of such First Fee and Second Fee.

 

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SECTION 2.6. Funding

 

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

 

ARTICLE III

REPAYMENTS, PREPAYMENTS, INTEREST AND FEES

 

SECTION 3.1. Repayments and prepayment
consequent upon reduction in Contract Price

 

		(a)	Subject to Section 3.1(b), the Borrower shall repay the Loan in 24 equal semi-annual instalments,
with the first instalment to fall due on the date falling six (6) months after the Disbursement Date and the final instalment to
fall due on the date of Final Maturity.

 

		(b)	If, on the Actual Delivery Date, 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 Disbursement Date and before the delivery of the
Purchased Vessel), the Borrower shall prepay the Loan in an amount equal to such excess within two (2) Business Days after the
Actual Delivery Date. Any such partial prepayment shall be applied on a pro rata basis across each of the FEC Loan, the Hermes
Loan and, if applicable, the Finnvera Balancing Loan provided that the Borrower may direct how such pro rata prepayment
shall be applied between the FEC Tranche A Loan and the FEC Tranche B Loan and provided that such pro rata application across
the Loan shall not result in the Hermes Loan being less than 5% of the amount of the Loan.

 

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

 

SECTION 3.2. Prepayment

 

SECTION 3.2.1. Voluntary 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 Disbursement Date
made prior to the Actual Delivery Date in respect of the advance made on the Disbursement Date, at least two (2) Business Days’
prior written notice to the Facility Agent, and (y) for all other prepayments, at least thirty (30) calendar days’ prior written
notice (or such shorter period as the Majority Lenders may agree), if all or any portion of the prepayment is to be applied in
prepayment of the Fixed Rate Loan, or otherwise at least five (5) Business Days’ (or, if such prepayment is to be made on the last
day of an Interest Period for the Loan, four (4) Business Days’) prior written notice, in each case to the Facility Agent; and

 

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		(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 forward order of maturity, inverse order
of maturity or ratably at the Borrower’s option against the remaining instalments; provided, however, that any such partial prepayment
shall be applied on a pro rata basis across each of the FEC Loan, the Hermes Loan and, if applicable, the Finnvera Balancing Loan
and provided further that the Borrower may direct how such pro rata prepayment shall be applied between the FEC Tranche
A Loan and the FEC Tranche B Loan; and

 

		(iii)	any voluntary prepayment shall not result in the Hermes Loan being less than 5% of the amount of
the Loan at any time.

 

SECTION 3.2.2. Illegality

 

		(a)	If, by reason of a Change in Law, it becomes unlawful under any applicable law (i) for a Lender
to be subject to a commitment to make available to the Borrower such Lender’s portion of the FEC Loan, Hermes Loan and/or Finnvera
Balancing Loan, (ii) for a Lender to make or hold its portion of the FEC Loan, Hermes Loan and/or Finnvera Balancing Loan in its
Lending Office, (iii) for a Lender to receive a payment under this Agreement or any other Loan Document or (iv) for a Lender to
comply with any other material provision of, or to perform its obligations as contemplated by, this Agreement or any other Loan
Document, the Lender affected by such Change in Law may give written notice (the “Illegality Notice”) to the Borrower
and the Facility Agent of such Change in Law, including reasonable details of the relevant Change of Law and specifying which,
if not all, of its Commitment (the “Affected Commitment”) and portion of the Loan (the “Affected Loan”)
is affected by such Change in Law. Any Illegality Notice must be given by a Lender no later than 120 days after such Lender first
obtains actual knowledge or written notice of the relevant Change in Law.

 

		(b)	If an affected Lender delivers an Illegality Notice prior to the Disbursement Date, then, subject
to Section 11.20, (1) while the arrangements contemplated by the following clause (2) have not yet been completed and the Affected
Commitment of such Lender has not been formally cancelled, such Lender shall not be obliged to fund its Affected Commitment and
(2) the Borrower shall be entitled at any time within 50 days after receipt of such Illegality Notice to replace such Lender with
another Lender hereunder or one or more other financial institutions (I) reasonably acceptable to the Facility Agent and (II) acceptable
to each of Finnvera (in respect of the FEC Loan and, if applicable the Finnvera Balancing Loan) and/or Hermes (in respect of the
Hermes Loan) (as applicable); provided that any such assignment or transfer shall be either (x) in the case of a single assignment
or transfer, an assignment or transfer of all of the rights and obligations of the assigning or transferring Lender under this
Agreement with respect to the Affected Commitment or (y) in the case of more than one assignment or transfer, an assignment or
transfer of a portion of such rights and obligations made concurrently with another such assignment or transfer or other such assignments
or transfers that collectively cover all of the rights and obligations of the assigning or transferring Lender under this Agreement
with respect to the Affected Commitment. If, at the end of such 50-day period, the Borrower has not so replaced such affected Lender
as aforesaid and no alternative arrangements have been implemented pursuant to Section 11.20, the Affected Commitment held by such
Lender shall be cancelled.

 

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		(c)	Subject to Proviso (a) in Section 9.2, if an affected Lender delivers an Illegality Notice on or
following the Disbursement Date, then the Borrower shall have the right, but not the obligation, exercisable at any time within
50 days after receipt of such Illegality Notice (the “Option Period”), either (1) to prepay the portion of the
Affected Loan held by such Lender in full on or before the expiry of the Option Period, together with all unpaid interest and fees
thereon accrued to but excluding the date of such prepayment, or (2) to replace such Lender on or before the expiry of the Option
Period with another Lender hereunder or one or more other financial institutions (I) reasonably acceptable to the Facility Agent
and (II) acceptable to Finnvera (in respect of the FEC Loan and, if applicable, the Finnvera Balancing Loan) and/or Hermes (in
respect of the Hermes Loan) (as applicable); provided that (x) in the case of a single assignment or transfer, any such assignment
or transfer shall be either an assignment or transfer of all of the rights and obligations of the assigning or transferring Lender
under this Agreement with respect to the Affected Loan or, in the case of more than one assignment or transfer, an assignment or
transfer of a portion of such rights and obligations made concurrently with another such assignment or transfer or other such assignments
or transfers that collectively cover all of the rights and obligations of the assigning or transferring Lender under this Agreement
with respect to the Affected Loan and (y) no Lender shall be obliged to make any such assignment or transfer as a result of an
election by the Borrower pursuant to this Section 3.2.2(c) unless and until such Lender shall have received one or more payments
from one or more Assignee Lenders, Transferee Lenders and/or the Borrower in an aggregate amount at least equal to the portion
of the Affected Loan held by such Lender, together with all unpaid interest and fees thereon accrued to but excluding the date
of such assignment or transfer (and all other amounts then owing to such Lender under this Agreement with respect to the Affected
Loan).

 

SECTION 3.2.3. Prepayment requirements

 

Each prepayment of
the Loan made pursuant to this Section 3.2 shall be without premium or penalty, except as may be required by Section 4.4. No amounts
prepaid by the Borrower may be re-borrowed under the terms of this Agreement.

 

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

 

		(a)	The Loan shall accrue interest from the Disbursement Date to the date of repayment or prepayment
of the Loan in full to the Lenders as follows:

  

		(i)	on the FEC Tranche A Loan at the Fixed Rate;

 

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		(ii)	on the FEC Tranche B Loan, Hermes Loan and the Finnvera Balancing Loan, at the applicable Floating
Rate,

 

subject
to any conversion of the FEC Tranche A Loan to a Floating Rate Loan in accordance with Section 3.3.3 in which case interest shall
accrue on the FEC Tranche A Loan at the FEC Tranche A Floating Rate with effect from the date set forth in Section 3.3.3(b) or
Section 3.3.3(c), as applicable. Interest calculated at the Fixed Rate, the relevant Floating Rate or the FEC Tranche A Floating
Rate shall be payable semi-annually in arrears on each Repayment Date. The Floating Rate Loan shall bear interest for each Interest
Period, from and including the first day of such Interest Period up to but excluding the last day of such Interest Period, at the
interest rate determined as applicable to the Floating Rate Loan for such Interest Period. All interest shall be calculated on
the basis of the actual number of days elapsed over a year comprised of 360 days.

 

		(b)	In relation to interest accruing on the FEC Loan it is agreed that interest shall accrue at the
rates specified in Section 3.3.1(a) above and that a portion of the interest which has accrued at a rate equal to 0.05% per annum
shall be paid to the Facility Agent for the account of each of the FEC Margin Lenders and the remainder of such interest shall
be paid to the Facility Agent for the account of FEC.

 

SECTION 3.3.2. Conversion to
FEC Tranche A Floating Rate

 

The Borrower shall
only be obliged to make any indemnity or compensation payment to any Lender in connection with any conversion of the FEC Tranche
A Loan from the Fixed Rate to the FEC Tranche A Floating Rate following an FEC Conversion pursuant to Section 3.3.3 and in the
circumstances set out in Section 3.3.3(b) and (c) below.

 

SECTION 3.3.3. FEC Conversion

 

		(a)	The parties to this Agreement acknowledge and agree that, at any time when the FEC Tranche A Loan
is payable at the Fixed Rate, FEC will have the right to effect an FEC Conversion with respect to the FEC Tranche A Loan (if it
has been advanced) or the FEC Commitment relating to the FEC Tranche A Loan (if the FEC Tranche A Loan has not been advanced) if:

 

		(i)	the funds made available under the Loan have been used for a purpose other than pursuant to Section
2.5(d);

 

		(ii)	the Borrower has provided incorrect information in relation to an essential issue or failed to
disclose matters that have an essential impact on the terms and conditions set out in schedule 3 of the FEC Supplemental Assignment
Agreement or the approval of the FEC Financing;

 

		(iii)	a Transferring Lender or the Facility Agent has provided incorrect information in an essential
matter in connection with the Application or failed to disclose matters that have an essential impact on the approval of the FEC
Financing; or

 

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		(iv)	a Transferring Lender or the Facility Agent is, in connection with the export transaction pursuant
to the Construction Contract or the Loan, found by a court of competent jurisdiction to have been engaged prior to the Disbursement
Date in any act that constitutes corrupt activity within the meaning described in clause 12 of the FEC Supplemental Assignment
Agreement, or if otherwise the same is proven without controversy.

 

		(b)	In the event that FEC is entitled under the terms of clause 13.1.1 of the FEC Supplemental Assignment
Agreement to effect an FEC Conversion, it shall notify the Borrower through the Facility Agent and advise of the date on which
the Fixed Rate will terminate and the FEC Tranche A Floating Rate will apply (the “FEC Conversion Notice”) and
the Borrower and FEC shall agree the FEC Tranche A Floating Rate Margin which is to apply for purposes of determining the FEC Tranche
A Floating Rate in accordance with the procedure set out in a separate side letter between the Borrower and FEC. Any margin agreed
shall constitute the FEC Tranche A Floating Rate Margin to apply to the FEC Tranche A Loan effective on and from the date specified
in the Conversion Notice.

 

		(c)	If the Borrower and FEC are unable to agree upon the alternative margin to apply for purposes of
determining the FEC Tranche A Floating Rate as provided in Section 3.3.3(b), FEC shall set the FEC Tranche A Floating Rate Margin
and FEC shall furnish a certificate to the Borrower and the Facility Agent (the “FEC Conversion Floating Rate Certificate”)
setting forth such rate (including margin) as soon as reasonably practicable, which FEC Tranche A Floating Rate Margin shall be
effective on and from the date specified in the Conversion Notice.

 

		(d)	If an FEC Conversion occurs due to occurrence of the events or circumstances specified in Section
3.3.3(a)(ii), the Borrower shall indemnify FEC in its capacity as Fixed Rate Provider for (x) any Break Costs incurred because
of the change of the interest rate and regardless of whether any FEC Commitment is cancelled or any portion of the FEC Tranche
A Loan is prepaid in connection with such change of interest and (y) the Interest Subsidy Amount Repayable.

 

		(e)	If an FEC Conversion occurs due to the occurrence of the events or circumstances specified in Section
3.3.3(a)(i), (iii) or (iv), then, unless such events or circumstances are directly attributable to a breach by the Borrower of
its obligations under the Loan Documents, the Facility Agent or Transferring Lender or Transferring Lenders who provided such incorrect
information or engaged in such corrupt activity shall (A) indemnify FEC in its capacity as Fixed Rate Provider for (x) any Break
Costs incurred because of the change of the interest rate and regardless of whether any FEC Commitment is cancelled or any portion
of the FEC Tranche A Loan is prepaid in connection with such change of interest and, except when Section 3.3.3(a)(iv) is applicable,
(y) the Interest Subsidy Amount Repayable and (B) indemnify the Borrower no later than three (3) Business Days following the end
of each Interest Period for any increase in the amount of interest which the Borrower has paid to the Facility Agent for such Interest
Period in respect of the FEC Tranche A Loan as a result of the conversion from the Fixed Rate to the FEC Tranche A Floating Rate.

 

		(f)	If an FEC Conversion occurs due to the occurrence of the events or circumstances specified in Section
3.3.3(a)(i), (iii) or (iv) which are directly attributable to a breach by the Borrower of its obligations under the Loan Documents,
the Borrower shall indemnify FEC in its capacity as Fixed Rate Provider for (x) any Break Costs incurred because of the change
of the interest rate and regardless of whether any FEC Commitment is cancelled or any portion of the FEC Tranche A Loan is prepaid
in connection with such change of interest and (y) the Interest Subsidy Amount Repayable.

 

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		(g)	In the case of the indemnity under paragraph (d) or (f), the Facility Agent shall provide the Borrower
with a certificate prepared by FEC to show, in sufficient detail, the method and basis of the computation of such Break Costs and
Interest Subsidy Amount Repayable. In any case referred to in this Section 3.3.3(g), the Facility Agent shall collect from the
Borrower the payments payable by the Borrower hereunder and pay such collected payments to FEC without delay upon receipt of such
payments from the Borrower.

 

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 while such payment is overdue
at a rate per annum certified by the Facility Agent to the Borrower (which certification shall be conclusive in the absence of
manifest error) to be equal to (a) in the case of any principal amount of a Fixed Rate Loan, the sum of the Fixed Rate plus 2%
per annum, (b) in the case of any principal amount bearing interest at the FEC Tranche A Floating Rate, the sum of the FEC Tranche
A Floating Rate plus 2% per annum or (c) in the case of any principal amount of the FEC Tranche B Loan, the sum of the Floating
Rate applicable to such FEC Tranche B Loan plus 2% per annum or (d) in the case of any principal amount of the Hermes Loan or the
Finnvera Balancing Loan or any other amount representing a monetary Obligation, the sum of the Floating Rate applicable to such
Hermes Loan and Finnvera Balancing Loan 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 Repayment Date;

 

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

 

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

 

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

 

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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 relevant
rate as described in paragraphs (a) and (b) of the definition of “LIBO Rate” is available and the LIBO Rate is to be
the Reference Bank Rate. If any one or more of the Reference Banks shall fail to furnish in a timely manner such information to
the Facility Agent for the Reference Bank Rate, the Facility Agent shall determine the Reference Bank 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
Majority 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 the Reference Bank Rate.

 

SECTION 3.4. Commitment Fees

 

The Borrower agrees
to pay to the Facility Agent for the account of each Lender the commitment fees on the dates and in the amounts set out in a Fee
Letter.

 

SECTION 3.5. Fees

 

SECTION 3.5.1. Syndication
Fee

 

The Borrower agrees
to pay to the Facility Agent for the account of the Original Lenders and the Lenders (other than FEC) a syndication fee on the
dates and in the amounts set out in a Fee Letter.

 

SECTION 3.5.2. [Intentionally
left blank]

 

SECTION 3.5.3.
Agency Fee

 

The Borrower agrees
to pay the Facility Agent (for its own account) an agency fee on the dates and in the amounts set out in a Fee Letter.

 

SECTION 3.5.4. Finnvera Premium

 

On
the Disbursement Date, the Borrower shall pay to the Facility Agent, for the account of and as agent for Finnvera, an amount equal
to the product of the Applicable Finnvera Rate and the principal amount of the FEC Loan in Dollars.

 

SECTION 3.5.5. Finnvera Balancing
Premium

 

On
the Disbursement Date, the Borrower shall pay to the Facility Agent, for the account of and as agent for Finnvera, an amount equal
to the product of the Applicable Finnvera Rate and the principal amount of the Finnvera Balancing Loan in Dollars.

 

SECTION 3.5.6. Finnvera Handling
Fee

 

The Borrower agrees
to pay to the Facility Agent for and on behalf of Finnvera, the amount of the handling fee which has been invoiced by Finnvera
pursuant to the Finnvera Guarantee in an amount equal to EUR20,000. Such handling fee shall be due and payable within 14 days of
the Effective Date.

 

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.

 

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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 its portion
of (i) the FEC Tranche A Loan in the event it is accruing interest at the FEC Tranche A Floating Rate (ii) the FEC Tranche B Loan
(iii) the Hermes Loan and/or (iv) if applicable, the Finnvera Balancing Loan based on the LIBO Rate, the obligation of such Lender
to make, continue or maintain its portion of such (i) FEC Tranche A Loan (ii) FEC Tranche B Loan (iii) Hermes Loan and/or (iv)
the Finnvera Balancing 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 portion of such FEC Tranche A Loan, FEC Tranche B Loan, Hermes Loan
and/or Finnvera Balancing Loan hereunder shall be automatically converted into an obligation to make, continue and maintain its
portion of such (i) FEC Tranche A Loan (ii) FEC Tranche B Loan (iii) Hermes Loan and/or (iv) Finnvera Balancing 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 applicable Floating Rate Margin (in relation to the FEC Tranche B Loan, the Hermes Loan and, if applicable,
the Finnvera Balancing Loan or the FEC Tranche A Floating Rate Margin (in relation to the FEC Tranche A Loan where following an
FEC Conversion this is subject to the FEC Tranche A Floating Rate).

 

SECTION 4.2. Screen Rate or Deposits
Unavailable

 

If, in relation to
the Floating Rate Loan, the Facility Agent shall have determined that:

 

		(a)	the Screen Rate shall cease to be available as a publicly available benchmark rate; or

 

		(b)	Dollar deposits in the relevant amount and for the relevant Interest Period are not available to
each Reference Bank in its relevant market; or

 

		(c)	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,

 

then the Facility Agent shall give notice
of such determination (hereinafter called a “Determination Notice”) to the Borrower and each of the Lenders holding
a portion of the Floating Rate Loan. The Borrower, those Lenders and the Facility Agent shall then negotiate in good faith in order
to agree upon, in the case of Section 4.2(a), the alternative benchmark rate to be substituted for the Screen Rate (hereinafter
called the “Alternative Screen Rate”) which would otherwise have applied under this Agreement and, in the case
of Section 4.2(b) and 4.2(c), 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, those Lenders and the Facility Agent are unable
to agree upon the Alternative Screen Rate or an interest rate (or rates) and interest period (or interest periods) (as the case
may be) prior to the date occurring fifteen (15) Business Days after the giving of such Determination Notice, the Facility Agent
shall (after consultation with those Lenders) (as the case may be) set an Alternative Screen Rate or 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 Alternative Screen Rate or rate (or rates), as applicable, shall be equal to the sum of the applicable Floating Rate
Margin or, if applicable, the FEC Tranche A Floating Rate Margin and the Federal Funds Rate.

 

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In the event that the
circumstances described in Section 4.2(b) and Section 4.2(c) 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 (including by introduction or adoption of any
new 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 governmental or other authority including, without limitation, any agency of the European Union or similar monetary
or multinational authority insofar as it may be changed or imposed after the date hereof, shall:

 

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

 

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

 

		(c)	impose, modify or deem applicable any reserve or capital adequacy requirements (other than the
increased capital costs described in Section 4.5) 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,

 

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and the result of any of the foregoing
is either (i) to increase the cost to such Lender of making its portion of the Loan or maintaining its portion of the Loan or any
part thereof, (ii) to reduce the amount of any payment received by such Lender or its effective return hereunder or on its capital
or (iii) to cause such Lender to make any payment or to forego any return based on any amount received or receivable by such Lender
hereunder, then and in any such case if such increase or reduction in the opinion of such Lender materially affects the interests
of such Lender, (A) such Lender shall (through the Facility Agent) notify the Borrower of the occurrence of such event and use
reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different Lending
Office if the making of such a designation would avoid the effects of such law, regulation or regulatory requirement or any change
therein or in the interpretation thereof and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous
to such Lender and (B) the Borrower shall forthwith upon such demand pay to the Facility Agent for the account of such Lender such
amount as is necessary to compensate such Lender for such additional cost or such reduction and ancillary expenses, including taxes,
incurred as a result of such adjustment unless such additional costs are attributable to a FATCA Deduction required to be made
by a party to this Agreement or are otherwise excluded from the indemnity set forth in Section 4.6 or Section 11.4. Such notice
shall (i) describe in reasonable detail the event leading to such additional cost, together with the approximate date of the effectiveness
thereof, (ii) set forth the amount of such additional cost, (iii) describe the manner in which such amount has been calculated,
(iv) certify that the method used to calculate such amount is such Lender’s standard method of calculating such amount, (v) certify
that such request is consistent with its treatment of other borrowers that are subject to similar provisions, and (vi) certify
that, to the best of its knowledge, such change in circumstance is of general application to the commercial banking industry in
such Lender’s jurisdiction of organisation or in the relevant jurisdiction in which such Lender does business. Failure or delay
on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right
to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section
for any increased costs or reductions incurred more than three months prior to the date that such Lender notifies the Borrower
of the circumstance giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor;
provided further that, if the circumstance giving rise to such increased costs or reductions is retroactive, then the three-month
period referred to above shall be extended to include the period of retroactive effect thereof, but not more than six months prior
to the date that such Lender notifies the Borrower of the circumstance giving rise to such cost or reductions and of such Lender’s
intention to claim compensation therefor.

 

SECTION 4.4. Funding Losses Event and
Defaulting Finance Party Break Costs 

 

SECTION 4.4.1. Indemnity 

 

(A)          In
the event: (i) any Lender is required to liquidate or to re-deploy (at not less than the market rate) deposits or other funds acquired
by such Lender to fund any portion of the principal amount of its portion of the Loan (ii) FEC exercises its right to effect an
FEC Conversion or (iii) FEC exercises its right to effect an FEC Reassignment, in each case, as a result of:

 

		(a)	if at the time interest is calculated at the Floating Rate or, if applicable, the FEC Tranche A
Floating Rate on such Lender’s portion of the Loan, any conversion or repayment or prepayment or acceleration of the principal
amount of such Lender’s portion of the Loan on a date other than the scheduled last day of an Interest Period or otherwise scheduled
date for repayment or payment (in each case, including any payments as a result of an FEC Reassignment made in accordance with
Section 9.1.10(A) where the Borrower is liable to pay Break Costs under Section 9.1.10(A)(b)), but excluding any prepayment made
following an election by the Borrower to effect a prepayment pursuant to Section 3.2.2(c), or any repayment pursuant to Section
9.1.11, by reason of a Non-Borrower Related Change in Law);

 

		(b)	if at the time interest is calculated at the Fixed Rate on such Lender’s portion of the Loan, any
repayment or prepayment or acceleration of the principal amount of such Lender’s portion of the Loan, other than any repayment
made on the date scheduled for such repayment (in each case, including any payments whatsoever as a result of an FEC Conversion
or an FEC Reassignment where the Borrower is liable to pay Break Costs under Section 3.3.3(d) or Section 3.3.3(f) in the case of
an FEC Conversion and Section 9.1.10(A)(b) in the case of an FEC Reassignment) excluding any repayment pursuant to Section 9.1.11,
by reason of a Non-Borrower Related Change in Law);

 

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		(c)	a voluntary reduction of the FEC Tranche A Commitment below EUR1,018,794,290;

 

		(d)	the Loan not being advanced 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;

 

		(e)	any prepayment of the Loan by the Borrower pursuant to Section 4.12 or Section 9.2; or

 

		(f)	the FEC Tranche A Loan not being advanced on or before the Commitment Termination Date,

 

(each, a “Funding
Losses Event”), then, upon the written notice of such Lender to the Borrower (with a copy to the Facility Agent), the
Borrower shall, within five (5) Business Days of its receipt of such notice:

 

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

 

		(i)	interest calculated at the Floating Rate or, if applicable, the FEC Tranche A Floating Rate which
such Lender would have received on its share of the amount of the Loan subject to such Funding Losses Event for the period from
the date of receipt of any part of its share in the Loan to the last day of the applicable Interest Period,

 

exceeds:

 

		(ii)	the amount which such Lender would be able to obtain by placing an amount equal to the amount received
by it on deposit with a leading bank in the appropriate interbank market for a period starting on the Business Day following receipt
and ending on the last day of the applicable Interest Period; or

 

		b.	if at that time the Fixed Rate is applied to the FEC Tranche A Commitment or the FEC Tranche A
Loan (as applicable), pay to the Facility Agent acting on the instructions of FEC, in its capacity as the Fixed Rate Provider)
for the account of FEC, in its capacity as the Fixed Rate Provider, the amount (if any) in Dollars determined by FEC, as Fixed
Rate Provider, by which:

 

		(i)	the sum of the present value, discounted at the Reinvestment Rate, of each principal payment and
interest payment which the FEC Lender would have received on its share of any amount of the FEC Tranche A Commitment that is cancelled
or any outstanding amount of the FEC Tranche A Loan that is prepaid for the period from the date of cancellation or from the
date of receipt of the prepayment of the principal amount of the FEC Tranche A Loan by the FEC Lender, until the date of Final
Maturity (assuming for these purposes that interest would have accrued during the relevant period on a loan (“Deemed Loan”)
made on the date of cancellation or receipt of the principal amount prepaid in an amount equal to the FEC Tranche A Commitment
so cancelled or the principal amount of the FEC Tranche A Loan so prepaid and where such Deemed Loan is repaid in proportional
repayment instalments on each of the subsequent Repayment Dates),

 

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exceeds:

 

		(ii)	the cancelled amount of the FEC Tranche A Commitment or the principal amount of the FEC Tranche
A Loan prepaid plus accrued interest paid thereon since the previous interest payment date.

 

(B)       Where
a Defaulting Finance Party is liable to pay Break Costs to the Facility Agent for the account of FEC acting in its capacity as
Fixed Rate Provider pursuant to Section 3.3.3(e) or Section 9.1.10(A)(c) such Break Costs shall be determined in accordance with
Section 4.4.1(A)b.

 

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 (a) results in an increase of the amount of capital required to be maintained by any Lender or any Person
controlling such Lender, and the rate of return on its or such controlling Person’s capital as a consequence of its Commitment
or its portion of the Loan made by such Lender is reduced to a level below that which such Lender or such controlling Person would
have achieved but for the occurrence of any such change in circumstance or (b) a Finance Party suffers a reduction of any amount
payable under a Loan Document then, in each such case upon notice from time to time by such Lender or Finance Party to the Borrower,
the Borrower shall immediately pay directly to such Lender or Finance Party additional amounts sufficient to compensate such Lender
or such controlling Person or Finance Party 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 or Finance Party’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 or Finance Party does business.
In determining such amount, such Lender or Finance Party may use any method of averaging and attribution that it shall, subject
to the foregoing sentence, deem applicable. Each Lender or Finance Party 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 or Finance Party, be
otherwise disadvantageous to such Lender or Finance Party. Failure or delay on the part of any Lender or Finance Party to demand
compensation pursuant to this Section shall not constitute a waiver of such Lender’s or Finance Party’s right to demand such compensation;
provided that the Borrower shall not be required to compensate a Lender or Finance Party pursuant to this Section for any
increased costs or reductions incurred more than three months prior to the date that such Lender or Finance Party notifies the
Borrower of the circumstance giving rise to such reductions and of such Lender’s or Finance Party’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 or Finance Party notifies the Borrower of the circumstance giving rise to such reductions and of such
Lender’s or Finance Party’s intention to claim compensation therefor. Notwithstanding the foregoing, no amounts shall be payable
pursuant to Section 4.5 in respect of (i) taxes to which a Finance Party is indemnified under Section 4.6 or (ii) taxes excluded
from the indemnity set forth in Section 4.6.

 

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SECTION 4.6. Taxes 

 

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

 

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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 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 agrees
with the Borrower and the Facility Agent that it will (i) (a) provide to the Facility Agent and the Borrower an appropriately
executed copy of Internal Revenue Service (“IRS”) Form W-9 (or any successor form) certifying the status of such
Lender as a US person, IRS Form W-8ECI (or any successor form) certifying that any payments made to or for the benefit of such
Lender are effectively connected with a trade or business in the United States or IRS Form W-8BEN-E (or any successor form) claiming
the benefits of a tax treaty (but only if the applicable treaty described in such form provides for a complete exemption from U.S.
federal income tax withholding), or any successor form, on or prior to the date hereof (or, in the case of any assignee or transferee
Lender, Lender that changes its Lending Office, on or prior to the date of the relevant assignment, transfer or change), in each
case attached to an IRS Form W-8IMY (or any successor form), 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, the status of such Lender or that payments to such Lender 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, a FATCA Deduction
or any payments made to or for benefit of such Lender, provided that the Lender is legally able to deliver such forms, certificates
or other documents. For any period with respect to which a Lender (or assignee or transferee Lender) 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 or Transferee Lender, would be the date on which
the original assignor or transferor was required to provide such form) or if such form otherwise is not required hereunder) such
Lender (or assignee or transferee Lender) shall not be entitled to the benefits of this Section 4.6 or Section 11.4 with respect
to Covered Taxes imposed by reason of such failure.

 

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SECTION 4.7. [Intentionally left blank] 

 

SECTION 4.8. Payments, Computations,
etc.

 

		(a)	Unless otherwise expressly provided in this Agreement or any other Loan Document, all payments
by an Obligor in respect of amounts of principal, interest and fees or any other applicable amounts owing to the Lenders under
any Loan Document shall be made by such Obligor to the Facility Agent for the account of the Lenders entitled to receive such payments
and ratably in accordance with the respective amounts then due and payable to the Lenders. All such payments required to be made
to the Facility Agent shall be made by the Borrower, 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)	The Facility Agent shall promptly (but in any event on the same Business Day that the same are
received or, as contemplated in clause (a) of this Section, deemed received) remit in same day funds to each Lender its share,
if any, of such payments received by the Facility Agent for the account of such Lender without any set-off, deduction or counterclaim.
All interest and fees shall be computed on the basis of the actual number of days (including the first day but excluding the last
day) occurring during the period for which such interest or fee is payable over a year comprised of 360 days. Whenever any payment
to be made shall otherwise be due on a day which is not a Business Day, such payment shall (except as otherwise required by paragraph
(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 4.3, 4.5 or 4.6, the Borrower shall be entitled at any time (so
long as no Default and no Prepayment Event shall have occurred and be continuing) within 180 days after receipt of notice from
such Lender of such required payment to (a) terminate such Lender’s Commitment (whereupon the Percentage of each other Lender shall
automatically be adjusted to an amount equal to such Lender’s ratable share of the remaining Commitments), (b) prepay the affected
portion of such Lender’s share of the Loan in full, together with accrued interest thereon through the date of such prepayment
(provided that the Borrower shall not terminate any Lender’s Commitment pursuant to clause (a) or prepay any such Lender pursuant
to this clause (b) unless the Borrower and the Facility Agent shall have attempted in good faith over a period of 30 days to replace
such Lender pursuant to the following clause (c)), and/or (c) except in the case of FEC in relation to the FEC Loan, replace such
Lender with one or more financial institutions (I) reasonably acceptable to the Facility Agent in its capacity as Hermes Agent,
(II) acceptable to Hermes in the case of a Hermes Lender and (III) acceptable to Finnvera in the case of an FEC Lender or
a Finnvera Balancing Lender; provided that (x) in the case of a single assignment or transfer, any such assignment or transfer
shall be either an assignment or transfer of all of the rights and obligations of the assigning or transferring Lender under this
Agreement or, in the case of more than one assignment or transfer, an assignment or transfer of a portion of such rights and obligations
made concurrently with another such assignment or transfer or other such assignments or transfers that collectively cover all of
the rights and obligations of the assigning or transferring Lender under this Agreement and (y) no Lender shall be obliged to make
any such assignment or transfer pursuant to this Section 4.9 unless and until such Lender shall have received one or more payments
from one or more Assignee Lenders, Transferee Lenders and/or the Borrower in an aggregate amount at least equal to the portion
of the Loan held by such Lender, together with all unpaid interest and fees thereon accrued to but excluding the date of such assignment
or transfer (and all other amounts then owing 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
Section 4.3, 4.5 and 4.6 to or for account of such Lender.

 

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SECTION 4.10. Sharing of Payments

 

SECTION 4.10.1. Payments to
Lenders

 

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

 

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

 

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

 

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

 

SECTION 4.10.2. Redistribution
of payments

 

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

 

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SECTION 4.10.3. Recovering
Lender’s rights

 

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

 

SECTION 4.10.4. Reversal of
redistribution

 

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

 

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

 

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

 

SECTION 4.10.5. Exceptions

 

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

 

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

 

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

 

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

 

SECTION 4.11. Set-off

 

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

 

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SECTION 4.12. Use of Proceeds

 

The Borrower shall
apply the proceeds of the Loan in accordance with Section 2.5(c) and (d) and, in relation to the Disbursement Date, prior to such
application, such proceeds shall be held in an account or accounts of the Facility Agent in accordance with the provisions of Section
2.5(b) and (c) or in an account or accounts that the Borrower shall have specified in its Loan Request in accordance with the provisions
of Section 2.5(b); without limiting the foregoing, no proceeds of the Loan will directly or indirectly be used to lend, contribute
or otherwise make available such proceeds to any Subsidiary, joint venture partner or any other Person, (i) to fund any activities
or business of or with any Person, or in any country or territory, that, at the time of such finding is a Sanctioned Person or
Sanctioned Country, or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person
participating in the Loan, whether as advisor, lender, facility or other agent or otherwise) or (iii) to acquire any equity security
of a class which is registered pursuant to Section 12 of the Securities Exchange Act of 1934 or any “margin stock”, as
defined in F.R.S. Board Regulation U. If the proceeds of the Loan have not been paid either (A) to the Builder or its order in
accordance with Section 2.5(d)(i) and to, Finnvera, Hermes and the Borrower in accordance with Section 2.5(d)(ii) or 2.5(d)(iii)
or (B) to the Facility Agent (directly or indirectly) in prepayment of the Loan under Section 3.2.1(a) or by 9:59 p.m. (London
time) on the second Business Day after the Disbursement Date, such proceeds shall continue to be pledged by the Borrower upon receipt
in accordance with Section 2.5(c) as collateral pursuant to the Pledge Agreement pending the Actual Delivery Date. If, within 30
days of the Disbursement Date, the Borrower notifies the Facility Agent that the Actual Delivery Date is expected to be materially
delayed, the Facility Agent, the Borrower and the Lenders shall discuss in good faith (but without obligation) for a period of
30 days to agree whether the Loan can be repaid and reborrowed and the terms that would apply to any such re-borrowing. In the
event that no agreement is reached and the delivery of the Vessel does not occur on or before 30 January 2025, the proceeds in
the Pledged Accounts shall be applied as a prepayment against the Loan in accordance with Section 9.2.

 

SECTION 4.13. FATCA Deduction

 

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

 

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

 

SECTION 4.14. FATCA Information

 

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

 

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

 

(A)      a
FATCA Exempt Party; or

 

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(B)          not
a FATCA Exempt Party;

 

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

 

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

 

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

 

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

 

(i)            any
law or regulation;

 

(ii)           any
fiduciary duty; or

 

(iii)          any
duty of confidentiality.

 

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

 

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

 

		(i)	where the Borrower is a US Tax Obligor, the date of this Agreement;

 

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

 

		(iii)	the date of a request from the Facility Agent,

 

supply to
the Facility Agent:

 

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

 

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

 

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

 

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

 

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

 

SECTION 4.15. Resignation of the Facility
Agent

 

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

 

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

 

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

 

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

 

and (in each case) the
Borrower or a Lender reasonably believes that a party to this Agreement will be required to make a FATCA Deduction that would not
be required if the Facility Agent were a FATCA Exempt Party, and the Borrower or that Lender, by notice to the Facility Agent,
requires it to resign, provided that any such resignation (i) shall be subject to the restrictions in the FEC Supplemental
Assignment Agreement and (ii) shall not become effective until a successor Facility Agent has been appointed as provided in Section
10.5, such successor Facility Agent has accepted such appointment and the consent of each of Hermes and the Finnish Authority has
been obtained for the resignation.

 

ARTICLE V

CONDITIONS TO BORROWING

 

SECTION 5.1. Advance of the Loan 

 

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

 

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SECTION 5.1.1. Resolutions,
etc. 

 

The Facility Agent
shall have received from the Borrower:

 

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

 

		i.	resolutions of its Board of Directors then in full force and effect authorising the execution,
delivery and performance of this Agreement and each other Loan Document, and

 

		ii.	Organic Documents of the Borrower,

 

and upon which certificate the
Lenders may conclusively rely until the Facility Agent shall have received a further certificate of the Secretary or Assistant
Secretary of the Borrower cancelling 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 LLP, counsel to the Borrower, as to Liberian law, covering the matters
set forth in Exhibit B-1 hereto;

 

		(b)	Stephenson Harwood LLP, counsel to the Facility Agent, as to English law, covering the matters
set forth in Exhibit B-2 hereto;

 

		(c)	Norton Rose Fulbright (Germany) LLP, counsel to the Facility Agent and the Lenders as to German
law;

 

		(d)	Clifford Chance US LLP, United States tax counsel to the Facility Agent for the benefit of the
Lenders, covering the matters set forth in Exhibit B-3 hereto;

 

		(e)	DLA Piper Finland Oy, counsel to the Facility Agent for the benefit of the Lenders, as to Finnish
law, covering the matters set forth in Exhibit B-4 hereto including, among others, the validity and enforceability of the Second
Finnvera Guarantee;

 

		(f)	counsel to the Facility Agent and the Lenders as to the law governing the Pledge Agreement, covering
the validity and enforceability of the Pledge Agreement; and

 

		(g)	if requested by a Lender at least 90 days prior to the expected Disbursement Date in order to comply
with Article 194 of the Regulation (EU) No 575/2013 (CRR), a single legal opinion (for the benefit of all the Lenders notwithstanding
that not all the Lenders have requested the same) on matters of German law related to the validity and enforceability of the Hermes
Insurance Policy,

 

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

 

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SECTION 5.1.3. Finnvera Guarantee
and Hermes Insurance Policy 

 

		(a)	The Finnvera Guarantee shall have been duly executed and delivered to the Facility Agent and shall
be in full force and effect subject only to payment of the Finnvera Premium to Finnvera out of the proceeds of the FEC Loan and,
as at the Disbursement Date, there are no written instructions from Finnvera in effect under clause 6.1 of the Finnvera General
Terms requiring the FEC Lenders to cease disbursement of the FEC Loan.

 

		(b)	If applicable, the Second Finnvera Guarantee shall have been duly executed and delivered to the
Facility Agent and shall be in full force and effect subject only to payment of the Finnvera Balancing Premium to Finnvera out
of the proceeds of the FEC Balancing Loan and, as at the Disbursement Date, there are no written instructions from Finnvera in
effect under clause 6.1 of the Finnvera General Terms requiring the Finnvera Balancing Lenders to cease disbursement of the Finnvera
Balancing Loan.

 

		(c)	The Facility Agent shall have received the Hermes Insurance Policy duly issued and shall be in
full force and effect subject only to payment of the Hermes Fee out of the proceeds of the Hermes Loan.

 

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

 

SECTION 5.1.4. Closing Fees,
Expenses, etc. 

 

The Facility Agent
shall have received for its own account, or for the account of each Finance Party, 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 Finance Party)
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 counsels to the Facility Agent) required to be paid by the Borrower pursuant to Section 11.3 or that the Borrower
has otherwise agreed in writing to pay to the Facility Agent, in each case on or prior to the date of such funding.

 

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

 

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

 

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

 

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

 

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SECTION 5.1.6. Loan Request 

 

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

 

		(a)	certified as true (by the Builder) copies of the “Buyer’s Invoice” received by the Builder
from the Borrower pursuant to sub-paragraph (b) of paragraph 2 of Appendix B of the Construction Contract in relation to the incurred
NYC Allowance;

 

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

 

		(c)	copies of the wire transfers for all payments by the Borrower
to the Builder under the Construction Contract in respect of the Contract Price prior to the Borrower’s service of the Loan Request;

 

		(d)	the Hermes Documentary Requirements as notified by the Facility Agent to the Borrower pursuant
to Section 2.3(a); and

 

		(e)	a certified true copy of the Construction Contract together with each addendum thereto which is
in effect on the date of the Loan Request.

 

SECTION 5.1.7. Foreign Exchange
Counterparty Confirmations 

 

		(a)	The Facility Agent shall have received a copy of each foreign exchange counterparty confirmation
entered into by the Borrower in respect of the payment of the instalments of the Contract Price (other than that relating to the
NYC Allowance) at least ten (10) Business Days prior to the proposed Disbursement Date.

 

		(b)	Following consultation with the Facility Agent the Borrower shall supply to the Facility Agent
at least three (3) Business Days prior to the date of the Loan Request its calculation of the US Dollar Maximum Loan Amount under
paragraph (a) of the definition of the term “US Dollar Equivalent”.

 

SECTION 5.1.8.
Pledge Agreement 

 

The Pledge Agreement
shall be duly executed by the parties thereto and delivered to the Facility Agent not less than thirty (30) days prior to the Disbursement
Date.

 

SECTION 5.1.9. FEC Financing
Documents

 

		(a)	A copy of the duly executed FEC Transfer Documents.

 

		(b)	The FEC Transfer Documents being in full force and effect and where applicable, from and after
the Disbursement Date.

 

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

 

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

 

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SECTION 6.1. Organisation, etc. 

 

The Borrower is a corporation
validly organised 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, permits, consents
and other approvals necessary to enter into each Loan Document to which it is a party and to perform the Obligations.

 

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

 

The execution, delivery
and performance by the Borrower of this Agreement and each other Loan Document are within the Borrower’s corporate powers, have
been duly authorised 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: (i) as would not reasonably be expected to result in a Material Adverse Effect or (ii) Liens created under the Loan Documents.

 

SECTION 6.3. Government Approval, Regulation,
etc.

 

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

 

SECTION 6.4. Compliance with Laws 

 

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

 

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

 

(c)       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 and
each of the other Loan Documents 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
(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

 

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		(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 other than Indebtedness preferred as a matter of law.

 

SECTION 6.10. Withholding, etc. 

 

As of the Effective
Date, no payment to be made by 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 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).

 

SECTION 6.13. Investment Company Act 

 

The Borrower is not
required to register as 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 realised). 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.

 

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ARTICLE VII

COVENANTS

 

SECTION 7.1. Affirmative Covenants 

 

The Borrower agrees
with the Facility Agent and each Lender that, from the Effective Date (or, where applicable, from such time as may be stated in
any applicable provision below) until all Commitments have terminated and all Obligations have been paid in full, the 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 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;

 

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		(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)	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;

 

		(g)	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;

 

		(h)	information that identifies the Borrower and any Affiliate of the Borrower party to a Loan Document,
which may include the name and address of the Borrower and that Affiliate, the organisational documents of the Borrower and any
such Affiliate and such other information that will allow the Facility Agent or a Lender and/or its Affiliates to comply with its
obligations under the USA Patriot Act; and

 

		(i)	as soon as available and in any event within respectively five (5), ten (10) and forty (40) days
after the end of each monthly, bi-monthly and quarterly period starting on April 1, 2020 during the Financial Covenant Waiver Period,
the information set out in section (F) of the Information Package (in reasonable detail and with appropriate calculations and computations
in all respects reasonably satisfactory to the Facility Agent),

 

provided that
information required to be furnished to the Facility Agent under subsections (a), (b) and (f) 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, authorisations, consents, permits and approvals as may be required for
(a) each Obligor to perform its obligations under the Loan Documents to which it is a party 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, authorisations, 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;

 

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

 

		(d)	compliance with all applicable Environmental Laws;

 

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

 

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

 

SECTION 7.1.4. The Purchased
Vessel 

 

The Borrower will:

 

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

 

		(c)	on the Actual Delivery Date, provide the following to the Facility Agent with respect to the Purchased
Vessel:

 

(i)          
evidence (in the form of a builder’s certificate or bill of sale) as to the ownership of the Purchased Vessel by the Borrower
or one of the Borrower’s 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 protocol of delivery and acceptance in respect of the Purchased Vessel signed by the Builder and the Borrower, certified
as a true and complete copy by an Authorised Officer of the Borrower.

 

		(d)	within seven days after the Actual Delivery Date, 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.

 

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SECTION 7.1.5. Insurance 

 

The Borrower will,
from the Actual Delivery Date, maintain or cause to be maintained with responsible insurance companies insurance with respect to
the Purchased Vessel against such casualties, third-party liabilities and contingencies and in such amounts, in each case, as is
customary for other businesses of similar size in the passenger cruise line industry (provided that in no event will the
Borrower or any Subsidiary be required to obtain any business interruption, loss of hire or delay in delivery insurance) and will,
upon request of the Facility Agent, furnish to the Facility Agent (with sufficient copies for distribution to each Lender) at reasonable
intervals a certificate of a senior officer of the Borrower or its relevant Subsidiary with respect to the Purchased Vessel 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 and upon reasonable prior notice, to visit each of
its offices, to discuss its financial matters with its officers and to examine any of its books or other corporate records.

 

SECTION 7.1.7. Finnish Authority
and Hermes Requests 

 

		(a)	The Borrower shall, on the reasonable request of the Facility Agent, provide such information or
documents as required under the Credit Support Documents as necessary in each case to enable the Lenders to obtain the full support
of FEC and Finnvera as provided for in the Credit Support Documents. In particular but without limitation the Borrower shall provide
to the Finnish Ministry such information as required for monitoring and supervision purposes and is relevant to the FEC Financing
and the Borrower, the Facility Agent and each of the Original Lenders shall allow representatives of the Finnish Ministry to visit
their offices for this purpose.

 

Where the Guarantee
Holder as holder of the Finnvera Guarantee or, if applicable, the Second Finnvera Guarantee receives a request for any material
amendment, consent or waiver under this Agreement, the Guarantee Holder shall ask for Finnvera’s consent in respect of any such
material amendment, consent or waiver (which consent shall not be unreasonably withheld or delayed). The Borrower and the Lenders
acknowledge that Finnvera is entitled to instruct the Guarantee Holder, the FEC Lenders and, if applicable, the Finnvera Balancing
Lenders how to exercise their rights regarding the FEC Loan or, if applicable, the Finnvera Balancing Loan under this Agreement.
The Facility Agent shall procure that the Guarantee Holder shall comply, and the FEC Lenders and, if applicable, the Finnvera Balancing
Lenders shall comply, with the written instructions and notices given by Finnvera and shall not exercise any rights under this
Agreement in a manner inconsistent with such written instructions and notices of Finnvera, provided that any such instructions
do not oblige the Guarantee Holder or any FEC Lender or, if applicable, any Finnvera Balancing Lender to act outside of or contrary
to or in beach of its obligations under or the powers and authority conferred on each of them (acting in any capacity) under this
Agreement. For the avoidance of doubt, nothing in this Section 7.1.7 shall affect the obligations of the Guarantee Holder under
clause 4.2 of the Finnvera General Terms.

 

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		(b)	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 Hermes Conditions as necessary in each case to
enable the Hermes Agent, the Facility Agent or the Hermes Lenders 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 Hermes Conditions (as the
case may be). The Borrower shall pay to the Hermes Agent, the Facility Agent or the Hermes Lenders the amount of all reasonable
costs and expenses reasonably incurred by the Hermes Agent, the Facility Agent or the Hermes Lenders in connection with complying
with a request by Hermes or the government of the Federal Republic of Germany for any additional information necessary or desirable
in connection with the Hermes Insurance Policy or the Hermes Conditions; provided that the Borrower is consulted before
the Hermes Agent, the Facility Agent or Hermes Lenders incurs any such cost or expense.

 

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

 

SECTION 7.1.8. Notice of written
amendments to Construction Contract 

 

The
Borrower shall furnish to the Facility Agent, as soon as practicable after such amendment or modification is entered into, (a)
each formal addendum to the Construction Contract (which on its face is identified as an addendum) and (b) notice of any other
written amendment to or written modification of the Construction Contract (other than upward or downward adjustments resulting
from change orders effected as contemplated by the express terms of the Construction Contract) that (i) relates to the amount of
the Contract Price, (ii) relates to the date on which the Purchased Vessel is to be delivered or (iii) (either by itself or when
aggregated with earlier amendments or modifications, if any) results in a decrease in the dimensions or capacity of the Purchased
Vessel in terms of the number of passengers and/or staterooms by more than five per cent (5%), in each case to the extent that
any of the same do not require approval pursuant to Section 7.2.8. 

 

SECTION 7.1.9. Hedging Activities

 

The Borrower shall
deliver to the Facility Agent on a quarterly basis following the Effective Date, a schedule of the Weighted Average Rate, accompanied
by copies of confirmations or screen shots evidencing the entry into, termination or modification of any trades or fixings effected
during such quarter under any agreements entered into by the Borrower from time to time in spot or forward currency markets for
the purchase of EUR with Dollars in order to pay the Contract Price or fix the NYC Applicable Rate.

 

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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 engaged in by the Borrower and its Subsidiaries
on the date hereof and other business activities reasonably related, ancillary or complementary thereto or that are reasonable
extensions thereof.

 

SECTION 7.2.2. Indebtedness 

 

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 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 to be secured under Section 7.2.3(c), at any one time outstanding not exceeding (determined at the time of creation of
such Lien or the incurrence by any Existing Principal Subsidiary of such Indebtedness, as applicable) 10.0% of the total assets
of the 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

 

		(e)	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 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 (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;

 

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

 

		(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 (determined at the time of creation of such Lien or the incurrence by any Existing Principal Subsidiary
of such Indebtedness, as applicable) (i) 10.0% of the total assets of the Borrower and its Subsidiaries (the “Lien Basket
Amount”) taken as a whole as determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter;
provided, however that, if, at any time, the Senior Debt Rating of the Borrower is less than Investment Grade as given by both
Moody’s and S&P, the Lien Basket Amount shall be the greater of (x) 5.0% of the total assets of the 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) $735,000,000;

 

		(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 by more than 60 days or being diligently contested in good faith by appropriate proceedings;

 

		(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;

 

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		(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 favour of
banks or other depository institutions;

 

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

 

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

 

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

 

(ii)
            letters of credit that support such obligations;

 

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

 

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

 

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

 

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SECTION 7.2.4. Financial Condition 

 

The Borrower will not
permit:

 

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

 

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

 

In addition, if, at any time, the Senior Debt Rating of the
Borrower is less than Investment Grade as given by both Moody’s and S&P, the Borrower will not permit Stockholders’ Equity
to be less than, as at the last day of any Fiscal Quarter, the sum of (i) $4,150,000,000 plus (ii) 50% of the consolidated
net income of the Borrower 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. Additional Undertakings

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(x)	$250,000,000 plus

 

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

 

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

 

		(1)	if not already held by a First Priority Guarantor, such
Excess Proceeds shall be promptly transferred to a First Priority Guarantor to be (x) retained in an account and on the balance
sheet of that First Priority Guarantor and (y) used solely (i) for capital expenditures for the benefit of the remaining First
Priority Assets or for the purposes of any asset purchase by that First Priority Guarantor or (ii) to make an offer to each ECA
Guarantor in accordance with the following sub-clause (2); or

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(x)	$250,000,000 plus

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(x)	$250,000,000 plus

 

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

 

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

 

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

 

(i)           the Borrower will, within 15 Business Days of the purchase of the relevant ECA Financed Vessel, cause the applicable New
Guarantor to provide (A) an Additional Guarantee, together with each equivalent Other Guarantee required to be provided under the
terms of the other ECA Financings (as amended from time to time) and (B) all documents and information required by the Lenders
in order to satisfy any applicable “know your customer” checks and any other reasonable condition precedent requirements
of the Lenders (excluding, for the avoidance of doubt, legal opinions); provided that, in each case, if such New Guarantor is party
to a Senior Guarantee at such time, the Facility Agent shall have contemporaneously entered into a New Guarantor Subordination
Agreement; and

 

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

 

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

 

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

 

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

 

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

 

		(e)	Further Assurances. At the Borrower’s reasonable request, the Facility Agent shall execute
(i) any Additional Subordination Agreement or any Subordination Agreement, in substantially the form attached hereto as Exhibit
N or Exhibit O with such changes, or otherwise in form and substance, reasonably satisfactory to the Facility Agent (acting upon
the instructions of the Required Lenders) to ensure the required priority of the Second Priority Guarantee and the Third Priority
Guarantee and (ii) any New Guarantor Subordination Agreement contemporaneously with the execution of any Senior Guarantee by a
New Guarantor if such New Guarantor has granted an Additional Guarantee at such time.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iv)
          each Additional Guarantee shall be automatically released upon the occurrence of both a Second Priority Release Event and a Third
Priority Release Event,

 

provided in
each case that upon the Borrower’s request, the Facility Agent shall promptly confirm in writing the release of the applicable
Guarantee following the occurrence of the relevant release event.

 

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
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 or Prepayment Event 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:

 

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

 

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

 

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

 

SECTION 7.2.7. Asset Dispositions,
etc. 

 

Subject to Section
7.2.5, 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, all or substantially all of the assets of (a) the Borrower or (b) the
Subsidiaries of the Borrower, taken as a whole, except sales of assets between or among the Borrower and Subsidiaries of the Borrower.

 

SECTION 7.2.8. Construction
Contract 

 

The Borrower will not
amend or modify any term or condition of the Construction Contract if such amendment or modification results in (i) a change of
type of the Purchased Vessel or (ii) (either by itself or when aggregated with earlier amendments or modifications, if any) a decrease
in the capacity of the Purchased Vessel in terms of the number of passengers and/or staterooms by more than five per cent (5%)
or (iii) the Purchased Vessel being unable to comply with applicable laws (including Environmental Laws) if, in the reasonable
opinion of each of Finnvera and the Hermes Agent, such inability has or could reasonably be expected to have a Material Adverse
Effect.

 

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SECTION 7.2.9. Shipbuilding
Contracts with Builder

 

During the Financial
Covenant Waiver Period the Borrower shall (i) use its best endeavours to fulfil its obligations under its existing shipbuilding
contracts with the Builder, in particular but without limitation not unreasonably, unduly, and without consultation delaying the
payment of instalments payable under such shipbuilding contracts and/or the delivery dates for vessels under construction at the
Builder’s yard, (ii) work together reasonably with the Builder to resolve any crisis-related construction delays and (iii) negotiate
with the Builder possible changes to any such shipbuilding contracts in good faith and on a best efforts basis.

 

SECTION 7.2.10. Borrower’s
Procurement Undertaking

 

Where any of the covenants
set out in this Agreement require or purport to require performance by a Guarantor or any Subsidiary of the Borrower, the Borrower
shall procure the performance of that obligation by such Guarantor or Subsidiary.

 

SECTION 7.3. Limitation in respect of
Certain Representations, Warranties and Covenants

 

The representations
and warranties and covenants given in Section 6.4(b) and Section 7.1.3(f) respectively shall only be given, and be applicable to,
a Lender resident in the Federal Republic of Germany insofar as the giving of and compliance with such representations and warranties
do not result in a violation of or conflict with section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung)
(in conjunction with section 4 paragraph 1 a no.3 foreign trade law (AWG) (Außenwirtschaftsgesetz)), any provision
of Council Regulation (EC) 2271/1996 or any similar applicable anti-boycott law or regulation.

 

ARTICLE VIII

EVENTS OF DEFAULT

 

SECTION 8.1. Listing of Events of Default.
Each of the following events or occurrences described in this Section 8.1 shall constitute an “Event of Default”.

 

SECTION 8.1.1. Non-Payment
of Obligations 

 

The Borrower shall
default in the payment when due of any principal of or interest on the Loan or any Commitment Fees or Break Costs, or the Borrower
shall default in the payment of any other fee due and payable under any Fee Letter, provided that, in the case only of any
default in the payment of any interest on the Loan or of any Commitment Fees, such default shall continue unremedied for a period
of at least five (5) 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 Break Costs or of any other fee due and payable under any 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) or
under any other Loan Document is or shall be incorrect in any material respect when made.

 

SECTION 8.1.3. Non-Performance
of Certain Covenants and Obligations 

 

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 

 

(a) The Borrower or
any of the Principal Subsidiaries shall fail to pay any Indebtedness that is outstanding in a principal amount of at least $100,000,000
(or the equivalent in other currencies) in the aggregate (but excluding Indebtedness hereunder or with respect to Hedging Instruments)
when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise),
and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to
such Indebtedness; (b) the occurrence under any Hedging Instrument of an Early Termination Date (as defined in such Hedging Instrument)
resulting from (A) any event of default under such Hedging Instrument as to which the Borrower is the Defaulting Party (as defined
in such Hedging Instrument) or (B) any Termination Event (as so defined) as to which the Borrower is an Affected Party (as so defined)
and, in either event, the termination value with respect to any such Hedging Instrument owed by the Borrower as a result thereof
is greater than $100,000,000 and the Borrower fails to pay such termination value when due after applicable grace periods; (c)
any other event shall occur or condition shall exist under any agreement or instrument evidencing, securing or relating to any
such Indebtedness and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the
effect of such event or condition is to cause or permit the holder or holders of such Indebtedness to cause such Indebtedness to
become due and payable prior to its scheduled maturity (other than as a result of any sale or other disposition of any property
or assets under the terms of such Indebtedness); or (d) any such Indebtedness shall be declared to be due and payable or required
to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption or by voluntary agreement), purchased
or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness is required to be made, in each case prior to
the scheduled maturity thereof (other than as a result of any sale or other disposition of any property or assets under the terms
of such Indebtedness); provided that any required prepayment or right to require prepayment triggered by terms that are certified
by the Borrower to be unique to, but customary in, ship financings shall not constitute an Event of Default under this Section
8.1.4 so long as any required prepayment is made when due. For purposes of determining Indebtedness for any Hedging Instrument,
the principal amount of the obligations under any such instrument at any time shall be the maximum aggregate amount (giving effect
to any netting agreements) that the Borrower or any Principal Subsidiary would be required to pay if such instrument were terminated
at such time. This Section 8.1.4 is subject to the further proviso that any breach of financial covenants equivalent to those in
Section 7.2.4 under or in relation to any other Hermes-backed or Finnvera-backed facility agreement to which the Borrower or Silversea
Cruise Holding Ltd. is a party as borrower or guarantor shall not, to the extent that such breach occurs during the Financial Covenant
Waiver Period (but without prejudice to the rights of the Lenders in respect of any further breach that may occur following the
expiry of the Financial Covenant Waiver Period), constitute an Event of Default under this Agreement provided that no Prepayment
Event has occurred under Section 9.1.12.

 

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SECTION 8.1.5. Bankruptcy,
Insolvency, etc. 

 

The Borrower, any of
the Material Guarantors or any of the Principal Subsidiaries (or any of its other Subsidiaries to the extent that the relevant
event described below would have a Material Adverse Effect) shall:

 

		(a)	generally fail to pay, or admit in writing its inability to pay, its debts as they become due;

 

		(b)	apply for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or
other custodian for it or any of its property, or make a general assignment for the benefit of creditors;

 

		(c)	in the absence of such application, consent or acquiescence, permit or suffer to exist the appointment
of a trustee, receiver, sequestrator or other custodian for it or for a substantial part of its property, and such trustee, receiver,
sequestrator or other custodian shall not be discharged within 60 days, provided that in the case of such an event in respect
of the Borrower or any Material Guarantor, such Person hereby expressly authorises the Facility Agent and each Lender to appear
in any court conducting any relevant proceeding during such 60-day period to preserve, protect and defend their respective rights
under the Loan Documents;

 

		(d)	permit or suffer to exist the commencement of any bankruptcy, reorganisation, debt arrangement
or other case or proceeding under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in
respect of the Borrower, any Material Guarantor or any of such Subsidiaries, and, if any such case or proceeding is not commenced
by the Borrower, such Material Guarantor or such Subsidiary, such case or proceeding shall be consented to or acquiesced in by
the Borrower, such Material Guarantor or such Subsidiary or shall result in the entry of an order for relief or shall remain for
60 days undismissed, provided that the Borrower and each Material Guarantor hereby expressly authorises the Facility Agent
and each Lender to appear in any court conducting any such case or proceeding during such 60-day period to preserve, protect and
defend their respective rights under the Loan Documents; or

 

		(e)	take any corporate action authorising, or in furtherance of, any of the foregoing.

 

SECTION 8.2. Action if Bankruptcy 

 

If any Event of Default
described in clauses (b) through (d) of Section 8.1.5 shall occur with respect to 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.

 

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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 Majority 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 or payable on demand and/or the Commitments (if not previously terminated) to be terminated, whereupon the full unpaid
amount of the Loan and other Obligations shall be and become immediately due and payable or payable on demand (as the case may
be), without further notice, demand or presentment, and/or, as the case may be, the Commitments shall terminate provided that
the Facility Agent shall if so instructed by (i) FEC (where it is the only Lender of the FEC Loan (acting on the instructions of
Finnvera)) in relation the FEC Loan, or (ii) the Majority Lenders (other than FEC) (with the approval of Hermes) in relation to
the Hermes Loan and/or (with the approval of Finnvera) in relation to the Finnvera Balancing Loan, by notice to the Borrower:

 

		(a)	cancel all or any part of the (i) FEC Tranche A Commitment and/or the FEC Tranche B Commitment
in the case of FEC and/or (ii) the Finnvera Balancing Commitment and/or the Hermes Commitment (as the case may be) in the case
of the Majority Lenders (other than FEC); and/or

 

		(b)	declare that all or part of any amounts outstanding under the Loan Documents in respect of the
Loan or any part thereof are:

 

		(i)	immediately due and payable; and/or

 

		(ii)	payable on demand by the Facility Agent acting on the instructions of FEC in relation to the FEC
Loan and the Majority Lenders (other than FEC) in relation to the Hermes Loan, and/or, if applicable, the Finnvera Balancing Loan.

 

Any notice given under
this sub-clause will take effect in accordance with its terms, provided that unless Finnvera has instructed otherwise FEC agrees
to consult with the Transferring Lenders (acting in any capacity in relation the FEC Loan), the Hermes Lenders or the Finnvera
Balancing Lenders as applicable for a period not exceeding ten (10) Business Days before giving instructions to the Facility Agent
as to the measures to be taken in relation to the acceleration or repayment of the FEC Loan pursuant to this Section 8.3.

 

ARTICLE IX

PREPAYMENT EVENTS

 

SECTION 9.1. Listing of Prepayment Events 

 

Each of the following
events or occurrences described in this Section 9.1 shall constitute a “Prepayment Event”.

 

SECTION 9.1.1. Change of Control

 

There occurs any Change
of Control.

 

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SECTION 9.1.2. Unenforceability

 

Any Loan Document shall
cease to be the legally valid, binding and enforceable obligation of the Borrower or, to the extent applicable, any Material Guarantor
(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 B-1 or in any opinion delivered to the Facility Agent after the Effective
Date in connection with this Agreement or (ii) that a court of competent jurisdiction has determined are not material) and such
event shall continue unremedied for 15 days after notice thereof has been given to the Borrower by the Facility Agent.

 

SECTION 9.1.3. Approvals

 

Any material license,
consent, authorisation, registration or approval at any time necessary to enable the Borrower, any Material Guarantor or any Principal
Subsidiary to conduct its business shall be revoked, withdrawn or otherwise cease to be in full force and effect, unless the same
would not have a Material Adverse Effect.

 

SECTION 9.1.4. Non-Performance
of Certain Covenants and Obligations

 

The Borrower shall
default in the due performance and observance of any of the covenants set forth in Section 4.12 or Section 7.2.4; provided that
any default in respect of the due performance or observance of any of the covenants set forth in Section 7.2.4 that occurs during
the Financial Covenant Waiver Period (as long as no Event of Default under Section 8.1.5 has occurred and is continuing, or no
Prepayment Event under Section 9.1.12 or Section 9.1.13 has occurred, in each case during the Financial Covenant Waiver Period)
shall not constitute a Prepayment Event.

 

SECTION 9.1.5. Judgments

 

Any judgment or order
for the payment of money in excess of $100,000,000 shall be rendered against 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

 

		(b)	there shall be any period of 30 consecutive days during which a stay of enforcement of such judgment
or order, by reason of a pending appeal or otherwise, shall not be in effect.

 

SECTION 9.1.6. Condemnation,
etc.

 

The Purchased Vessel
shall be condemned or otherwise taken under colour of law or requisitioned and the same shall continue unremedied for at least
20 days, unless such condemnation or other taking would not have a Material Adverse Effect.

 

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SECTION 9.1.7. Arrest

 

The Purchased Vessel
shall be arrested and the same shall continue unremedied for at least 20 days, unless such arrest would not have a Material Adverse
Effect.

 

SECTION 9.1.8. Sale/Disposal
of the Purchased Vessel

 

The Purchased Vessel
is sold to a company which is not 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 9.1.9. Termination
of the Construction Contract

 

If the Construction
Contract is terminated in accordance with its terms or by other lawful means prior to delivery of the Purchased Vessel and the
parties thereto do not reach an agreement to reinstate the Construction Contract within 30 days after such termination.

 

SECTION 9.1.10. FEC Reassignment
and Termination, etc. of the Finnvera Guarantee, the Hermes Insurance Policy or the Second Finnvera Guarantee

 

(A)       FEC
Reassignment

 

		(a)	The parties to this Agreement acknowledge that FEC has the right, pursuant to and in accordance
with clause 11.3 of the FEC Supplemental Assignment Agreement, to effect a reassignment and/or re-transfer by way of Transfer Certificate
of any part of the FEC Loan to the relevant Transferring Lender if and only if the circumstances set out in clause 11.3 of the
FEC Supplemental Assignment Agreement occur, namely if the Finnvera Guarantee is, due to a reason not attributable to FEC, repudiated,
withdrawn, suspended, terminated or cancelled or otherwise ceases to be in full force and effect or binding or enforceable against
Finnvera (the “FEC Reassignment”).

 

		(b)	If an FEC Reassignment is at any time effected by FEC other than as a result of any gross negligence
or wilful misconduct of the Facility Agent, the Guarantee Holder or any of the Transferring Lenders, (any such FEC Reassignment
hereinafter referred to as the “FEC Prepayment Event”), the mandatory prepayments and cancellation provisions
contained in Section 9.2 shall apply and the Borrower shall be liable to pay any Break Costs determined in accordance with Section
4.4.1.

 

		(c)	In the event of an FEC Reassignment as a result of any gross negligence or wilful misconduct of
the Facility Agent, the Guarantee Holder or any of the Transferring Lenders, no such mandatory prepayment shall be required and
the parties to this Agreement acknowledge and agree that:

 

(i)       each
such Transferring Lender, the Facility Agent or the Guarantee Holder shall be liable to pay FEC in its capacity as Fixed Rate Provider,
any Break Costs determined in accordance with Section 4.4.1(A)b and any other fees, costs or expenses required to be paid and the
Facility Agent shall procure that the Guarantee Holder shall make any such payment for which it is liable;

 

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(ii)       from
the date of the FEC Reassignment the Borrower shall pay interest on the relevant part of the FEC Loan at the Floating Rate; and

 

(iii)       the
Borrower shall not be liable to pay any Break Costs or any other fees costs or expenses required to be paid as a result of the
FEC Reassignment.

 

		(d)	References to the provisions of the FEC Supplemental Assignment Agreement referred to in this Section
9.1.10(A) shall be to such provisions in the form of the FEC Supplemental Assignment Agreement as originally executed provided
no amendments or supplements thereto shall be agreed without the Borrower’s prior written consent in which case such references
shall be to such provisions of the FEC Supplemental Assignment Agreement as amended or supplemented.

 

		(e)	The parties to this Agreement acknowledge and agree that if the Transferring Lenders exercise their
right to request a re-assignment and/or re-transfer of the FEC Loan pursuant to clause 13.2 of the FEC Supplemental Assignment
Agreement, the Borrower shall not be liable to pay any costs and expenses, including but not limited to Break Costs, that are incurred
by any party as a result of such re-assignment and/or re-transfer.

 

		(f)	If Section 9.1.10(A)(c)(ii) applies, the Facility Agent and the Borrower shall enter in good faith
negotiations (for a period of not more than thirty (30) days commencing from the date of the FEC Reassignment) with a view to agreeing
a substitute basis for determining the rate of interest taking into account the creditworthiness and borrowing credentials of the
Borrower and the cost to the Transferring Lenders of funding their respective participations in the FEC Loan.

 

		(g)	From the date of the FEC Reassignment and unless and until an alternative rate is agreed in accordance
with paragraph (f) above, the rate of interest on the relevant part of the FEC Loan for the relevant Interest Period shall be the
percentage rate per annum which is the weighted average of the rates notified in good faith to the Facility Agent by each Transferring
Lender as soon as practicable and in any event within seven (7) Business Days of the date of the FEC Reassignment (or, if earlier,
on the date falling three (3) Business Days before the date on which interest is due to be paid in respect of that Interest Period),
to be that which expresses as a percentage rate per annum and in the relevant Transferring Lender’s good faith the cost to
the relevant Transferring Lender of funding its participation in that FEC Loan from whatever source it may reasonably select.

 

		(h)	Any alternative basis agreed pursuant to paragraph (f) above shall, with the prior consent of all
the Transferring Lenders and the Borrower, be binding on those parties.

 

	(B)	Termination etc. of Finnvera Guarantee or Second Finnvera
Guarantee

 

If, prior
to the date of Final Maturity the Finnvera Guarantee and/or, if applicable, the Second Finnvera Guarantee is suspended, terminated
or withdrawn by Finnvera or otherwise ceases to be of full force and effect other than as a result of:

 

(i)       a
reason attributable to the gross negligence or wilful misconduct of FEC, the Facility Agent, the Guarantee Holder or any of the
Lenders; or

 

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(ii)      an
FEC Prepayment Event,

 

then in such
event, the Facility Agent shall, as soon as reasonably practicable upon becoming aware of the same, notify the Borrower, giving
details available of the reasons or grounds for such suspension, termination or withdrawal and shall provide to the Borrower copies
of documents, or extracts thereof, as it may have in its possession in relation thereto (and the Lenders shall provide and the
Facility Agent shall procure that the Guarantee Holder shall provide such information to the Facility Agent as it may reasonably
request in order for it to comply with this requirement), to the extent not prohibited by applicable law and without requiring
it to breach any obligation binding upon it.

 

(C)         Termination
etc. of Hermes Insurance Policy

 

If the
Hermes Insurance Policy fails to be in full force and effect, is terminated or cancelled or is no longer valid, or it is suspended
for more than three (3) months, in each case, so long as (a) such failure, termination, cancellation, invalidity or suspension
is not due to any gross negligence or wilful misconduct on the part of any Lender and (b) the relevant parties to the Hermes Insurance
Policy do not reach an agreement to reinstate the Hermes Insurance Policy within 30 days after such failure, termination, cancellation
or invalidity or the end of such three (3) month suspension period, as the case may be.

 

SECTION 9.1.11. Illegality

 

No later than the close
of business on the last day of the Option Period related to the giving of any Illegality Notice by an affected Lender pursuant
to Section 3.2.2(c), either: (x) the Borrower has not elected to take an action specified in clause (I) or (II) of Section 3.2.2(c)
or (y) if any such election shall have been made, the Borrower has failed to take the action required in respect of such election.

 

SECTION 9.1.12. Dividend

 

The Borrower declares,
pays or makes or agrees to pay or make, directly or indirectly, any Dividend, except for (i) dividends or other distributions with
respect to its Equity Interests payable solely in additional shares of its Equity Interests or options to purchase Equity Interests,
(ii) Dividends pursuant to and in accordance with stock option plans or other benefit plans (including with respect to performance
shares issued in the ordinary course of business) for present or former officers, directors, consultants or employees of the Borrower
in the ordinary course of business consistent with past practice and (iii) the payment of cash in lieu of the issuance of fractional
shares in connection with the exercise of warrants, options or other securities convertible into or exercisable for Equity Interests
of the Borrower.

 

SECTION 9.1.13. Principles.

 

The Borrower shall
default in the due performance and observance of the Principles and if capable of remedy such default shall continue unremedied
for a period of ten (10) days after notice thereof shall have been given to the Borrower by the Facility Agent; provided that,
if the default does not otherwise constitute a Default or a Prepayment Event under another Section of this Agreement, as amended
to date, the Borrower, the Facility Agent, Hermes and/or Finnvera shall negotiate a resolution in good faith for a maximum period
of fifteen (15) days after notice thereof shall have been given to the Borrower by the Facility Agent.

 

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SECTION 9.2. Mandatory Prepayment

 

If any Prepayment Event
shall occur and be continuing (and subject, in the case of Section 9.1.10 (C), to Section 11.20), the Facility Agent, upon the
direction of the Majority Lenders, shall by notice to the Borrower either (i) if the Disbursement Date has occurred and the Loan
disbursed require the Borrower to prepay in full on the date stipulated in such notice or, in the case of a notice served on the
Borrower in respect of a Prepayment Event under Section 9.1.11, within 15 Business Days, all principal of and interest on the Loan
and all other Obligations (and, in such event, the Borrower agrees to so pay the full unpaid amount of the Loan and all accrued
and unpaid interest thereon and all other Obligations) or (ii) if the Disbursement Date has not occurred, terminate the Commitments;
provided that:

 

		(a)	if such Prepayment Event arises under Section 9.1.11, the remedy available under this Section 9.2
shall be limited to that provided in clause (i) above and only with respect to the portion of the Loan held by the affected Lender
that gave the relevant Illegality Notice (the “Affected Lender”) unless the Affected Lender is a Hermes Lender
and any such prepayment of that Hermes Lender’s portion of the Loan would result in the Hermes Loan being less than 5% of
the Loan outstanding at any time in which event the Borrower shall prepay that portion of the Loan required in order to ensure
the Hermes Loan is not less than 5% of the aggregate Loans together with interest and all other Obligations as provided by clause
(i) above;

 

		(b)	if the Prepayment Event arises under Section 9.1.10(A) or (B), the Borrower shall (i) prepay the
FEC Loan together with interest and all other Obligations or the FEC Commitment shall be cancelled (as the case may be) in respect
of any termination of the Finnvera Guarantee or any FEC Reassignment resulting therefrom and/or (ii) in the case of Section 9.1.10(B)
only and if applicable, prepay the Finnvera Balancing Loan together with interest and all other Obligations or the Finnvera Balancing
Commitment shall be cancelled (as the case may be) in respect of any termination of the Second Finnvera Guarantee; and

 

		(c)	if the Prepayment Event arises under Section 9.1.10(C) and no alternative arrangements have been
agreed during the Mitigation Period under and in accordance with Section 11.20, the Borrower shall prepay the Loan together with
interest and all other Obligations or the total Commitments shall be cancelled (as the case may be) as provided above in clause
(i) above.

 

SECTION 9.3. Mitigation.

 

If the Facility Agent
or any of the Lenders has actual notice and/or knowledge of any potential suspension, termination or withdrawal of the Finnvera
Guarantee and/or if applicable, the Second Finnvera Guarantee or becomes aware that an event or circumstance has arisen which will
cause the Finnvera Guarantee and/or, if applicable, the Second Finnvera Guarantee to be suspended, terminated or withdrawn for
any reason or no longer remain in full force and effect it shall notify the Borrower and, in the case of such Lender, the Facility
Agent. Following such notification the Lenders, the Borrower and the Facility Agent shall (at the cost and expense of the Borrower)
negotiate in good faith for a period of up to 30 days or, if less, the date by which the Finnvera Guarantee and/or, if applicable,
the Second Finnvera Guarantee shall be suspended, terminated or withdrawn or cease to be in full force and effect to determine
whether the Facility can be restructured and/or the Loan refinanced in a manner acceptable to each of the Lenders in their absolute
discretion. The Facility Agent (acting on behalf of the Lenders) will request that Finnvera take part in such negotiations but
shall have no obligation other than to send such request to Finnvera. Nothing in this Section shall oblige any Finance Party to
(i) monitor or make enquiries of or any investigation into whether any such suspension, termination or withdrawal etc. of the Finnvera
Guarantee and/or, if applicable, the Second Finnvera Guarantee has occurred or will occur or (ii) agree to any restructuring or
refinancing of the Loan during any such good faith discussions.

 

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ARTICLE X

THE FACILITY AGENT, THE HERMES AGENT AND THE MANDATED LEAD ARRANGERS

 

SECTION 10.1. Actions

 

Each Lender hereby
appoints KfW IPEX, as Facility Agent and as Hermes Agent, as its agent under and for purposes of this Agreement and each other
Loan Document (for purposes of this Article X, the Facility Agent and the Hermes Agent are referred to collectively as the “Agents”).
Each Lender authorises the Agents to act on behalf of such Lender under this Agreement and each other Loan Document and, in the
absence of other written instructions from the Majority 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 Article X 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 Majority 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 or
would in the reasonable opinion of such Agent be contrary to any provision of the Finnvera Guarantee, the Hermes Insurance Policy
or the Second Finnvera Guarantee (as the case may be) or in any way jeopardise the cover provided by such guarantee or policy.

 

SECTION 10.2. Indemnity

 

Each Lender (other
than FEC) shall indemnify (which indemnity shall survive any termination of this Agreement) each Agent, pro rata according to such
Lender’s Percentage, from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation,
reasonable fees and disbursements of counsel) that be incurred by or asserted or awarded against, such Agent in any way relating
to or arising out of this Agreement and any other Loan Document or any action taken or omitted by such Agent under this Agreement
or any other Loan Document; provided that no Lender shall be liable for the payment of any portion of such claims, damages,
losses, liabilities and expenses which have resulted from such Agent’s gross negligence or wilful misconduct. Without limitation
of the foregoing, each Lender agrees to reimburse each Agent promptly upon demand for its ratable share of any out-of-pocket expenses
(including reasonable counsel fees) incurred by such Agent in connection with the preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect
of rights or responsibilities under, this Agreement, to the extent that such Agent is not reimbursed for such expenses by the Borrower.
In the case of any investigation, litigation or proceeding giving rise to any such indemnified costs, this Section applies whether
any such investigation, litigation or proceeding is brought by any Agent, any Lender or a third party. Neither Agent shall be required
to take any action hereunder or under any other Loan Document, or to prosecute or defend any suit in respect of this Agreement
or any other Loan Document, unless it is expressly required to do so under this Agreement or is indemnified hereunder to its satisfaction.
If any indemnity in favour of an Agent shall be or become, in such Agent’s determination, inadequate, such Agent may call
for additional indemnification from the Lenders and cease to do the acts indemnified against hereunder until such additional indemnity
is given.

 

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SECTION 10.3. Funding Reliance, etc..

 

Each Lender shall notify
the Facility Agent by 4:00 p.m., Frankfurt time, one day prior to the advance of the Loan if it is not able to fund the following
day. Unless the Facility Agent shall have been notified by telephone, confirmed in writing, by any Lender by 4:00 p.m., Frankfurt
time, on the day prior to the advance of the Loan that such Lender will not make available the amount which would constitute its
Percentage of the Loan on the date specified therefor, the Facility Agent may assume that such Lender has made such amount available
to the Facility Agent and, in reliance upon such assumption, may, but shall not be obliged to, make available to the Borrower a
corresponding amount. If and to the extent that such Lender shall not have made such amount available to the Facility Agent, such
Lender and the Borrower severally agree to repay the Facility Agent forthwith on demand such corresponding amount together with
interest thereon, for each day from the date the Facility Agent made such amount available to the Borrower to the date such amount
is repaid to the Facility Agent, at the interest rate applicable at the time to the Loan without premium or penalty.

 

SECTION 10.4. Exculpation

 

Neither of the Agents
nor any of their respective directors, officers, employees or agents shall be liable to any Lender for any action taken or omitted
to be taken by it under this Agreement or any other Loan Document, or in connection herewith or therewith, except for its own wilful
misconduct or gross negligence. Without limitation of the generality of the foregoing, each Agent (i) may consult with legal counsel
(including counsel for the Borrower), independent public accountants and other experts selected by it and shall not be liable for
any action taken or omitted to be taken in good faith by it and in accordance with the advice of such counsel, accountants or experts,
(ii) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties
or representations (whether written or oral) made in or in connection with this Agreement, (iii) shall not have any duty to ascertain
or to inquire as to the performance, observance or satisfaction of any of the terms, covenants or conditions of this Agreement
on the part of the Obligors or the existence at any time of any Default or Prepayment Event or to inspect the property (including
the books and records) of the Obligors, (iv) shall not be responsible to any Lender for the due execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement 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 Obligors to perform
any of its obligations under this Agreement or any other Loan Document; (B) the financial condition of the Obligors; (C) the completeness
or accuracy of any statements, representations or warranties made in or pursuant to this Agreement or any other Loan Document,
or in or pursuant to any document delivered pursuant to or in connection with this Agreement or any other Loan Document; or (D)
the negotiation, execution, effectiveness, genuineness, validity, enforceability, admissibility in evidence or sufficiency of this
Agreement or any other Loan Document or of any document executed or delivered pursuant to or in connection with any Loan Document.

 

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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 (i) shall be subject to the restrictions in the FEC Supplemental Assignment Agreement and (ii) 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 Majority 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 Majority Lenders shall, subject to the consent of the Borrower unless an Event or Default or a Prepayment Event shall
have occurred and be continuing (such consent not to be unreasonably withheld or delayed) offer to each of the other Lenders in
turn, in the order of their respective Percentages of the Loan, the right to become successor Facility Agent). If no successor
Facility Agent shall have been so appointed by the Majority 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 Obligors, this Agreement, the other Loan Documents (the terms and provisions of which being satisfactory to such Lender)
and such other documents, information and investigations as such Lender has deemed appropriate, made its own credit decision to
extend its Commitment. Each Lender also acknowledges that it will, independently of each Agent and each other Lender, and based
on such other documents, information and investigations as it shall deem appropriate at any time, continue to make its own credit
decisions as to exercising or not exercising from time to time any rights and privileges available to it under this Agreement or
any other Loan Document.

 

SECTION 10.8. Copies, etc.

 

Each Agent shall give
prompt notice to each Lender of each notice or request required or permitted to be given to such Agent by 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 Obligors in or pursuant to this Agreement or any other
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 Majority Lenders) and unless
and until such Agent has received from the Lenders any payment which such Agent may require on account of, or any security which
such Agent may require for, any costs, claims, expenses (including legal and other professional fees) and liabilities which it
considers it may incur or sustain in complying with those instructions.

 

SECTION 10.10. The Facility Agent’s
Duties

 

The Facility Agent
shall (i) if requested in writing to do so by a Lender, make enquiry and advise the Lenders as to the performance or observance
of any of the provisions of this Agreement or any other Loan Document by any Obligor or as to the existence of an Event of Default
and (ii) inform the Lenders promptly of any Event of Default of which the Facility Agent has actual knowledge.

 

The Facility Agent
shall not be deemed to have actual knowledge of the falsehood or incompleteness of any representation or warranty made or deemed
repeated by the Obligors or actual knowledge of the occurrence of any Default unless a Lender or 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 Agent shall not be deemed to be information acquired by the Facility Agent
in its capacity as the Facility Agent.

 

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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 other 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 other 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 of every sum of money received by the Facility Agent
pursuant to this Agreement or the other Loan Documents (with the exception of any amounts payable pursuant to any Fee Letter and
any amounts which, by the terms of this Agreement or the other 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 two (2) Business Days
after the date on which that payment was required to be made by the terms of this Agreement or any of the other 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 other Loan Documents and ending on the date on
which the Facility Agent receives reimbursement.

 

SECTION 10.14. Instructions

 

Where an Agent is authorised
or directed to act or refrain from acting in accordance with the instructions of the Lenders or of the Majority Lenders (as the
case may be) each of the Lenders shall provide such Agent with instructions within five (5) Business Days (or such longer period
as is required in the opinion of Hermes or Finnvera (as the case may be) in order for the Lenders to receive instructions from
Hermes and/or Finnvera (as the case may be)) 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 Majority Lenders if such Agent in its discretion considers it necessary or appropriate to
take, or refrain from taking, such action in order to preserve the rights of the Lenders under or in connection with this Agreement
or any of the other 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.

 

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SECTION 10.15. Payments

 

All amounts payable
to a Lender under this Section 10 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 or on behalf of another Lender) in order for the Facility Agent (or that Lender) 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, the other Loan Documents, the FEC
Transfer Certificates, any Transfer Certificates or any Lender Assignment Agreements (as the case may be).

 

SECTION 10.17. No Fiduciary Relationship

 

Except as provided
in Section 10.12, neither 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 other Loan Document shall constitute a partnership between any two or more Lenders
or between either Agent and any other person.

 

SECTION 10.18. Mandated Lead Arrangers

 

(A)       No
Mandated Lead Arranger has any obligations of any kind to the Borrower or any other Finance Party under or in connection with this
Agreement or the other Loan Documents.

 

(B)       Nothing
in any Loan Document constitutes a Mandated Lead Arranger as a trustee or fiduciary of any other person.

 

(C)       No
Mandated Lead Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for
its own account.

 

ARTICLE XI

MISCELLANEOUS PROVISIONS

 

SECTION 11.1. Waivers, Amendments, etc.

 

		(A)	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 Majority Lenders
(acting with the consent of Finnvera and Hermes in respect of any material amendment, modification or waiver); 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, Hermes
or Finnvera shall be effective unless consented to by each Lender;

 

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		(b)	modify this Section 11.1 or change the definition of “Majority Lenders” shall be made
without the consent of each Lender;

 

		(c)	increase the Commitment of any Lender shall be made without the consent of such Lender;

 

		(d)	reduce any fees described in Article III payable to any Lender shall be made without the consent
of such Lender;

 

		(e)	extend the Commitment Termination Date of any Lender shall be made without the consent of such
Lender;

 

		(f)	extend the due date for, or reduce the amount of, any scheduled repayment or prepayment of principal
of or interest on the Loan (or reduce the principal amount of or rate of interest on the Loan) owed to any Lender shall be made
without the consent of such Lender; or

 

		(g)	affect adversely the interests, rights or obligations of the Facility Agent in its capacity as
such shall be made without consent of the Facility Agent.

 

		(B)	The Facility Agent shall be entitled to request instructions, or clarification of any instruction,
from the Majority Lenders in relation to the Loan (or, if the relevant Loan Document stipulates the matter is a decision for any
other Lender, Hermes, Finnvera or group of Lenders from that Lender, Hermes, Finnvera or group of Lenders) as to whether, and in
what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Facility Agent may
refrain from acting unless and until it receives any such instructions or clarification that it has requested.

 

		(C)	The Facility Agent is fully protected if it acts on the instructions of the Majority Lenders in
relation to the Loan in the exercise of any right, authority, power or discretion or any matter not expressly provided for in the
Loan Documents or the Credit Support Documents. Any such instructions given by the Majority Lenders will be binding on the relevant
Lenders or all the Lenders (as the case may be). In the absence of instructions, the Facility Agent may act as it considers to
be in the best interests of all the Lenders.

 

		(D)	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 the Facility Agent or any Lender under this Agreement or any other Loan Document shall, except as may be otherwise
stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval hereunder shall require any
similar or dissimilar waiver or approval thereafter to be granted hereunder. The Lenders hereby agree, at any time and from time
to time that the Nordea Agreement or the Bank of Nova Scotia Agreement is amended or refinanced to negotiate in good faith to amend
this Agreement (but expressly without obligation to agree on any amendment and only on a basis which is strictly a without prejudice
to the rights and benefits of the Finance Parties currently existing under this Agreement) to conform any representations, warranties,
covenants or events of default in this Agreement to the amendments made to any substantially comparable provisions in the Nordea
Agreement or the Bank of Nova Scotia Agreement or any refinancing thereof.

 

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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 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 a Lender Assignment Agreement or Transfer
Certificate (as the case may be) or at such other address 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 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/pdf medium in a format acceptable to the Facility Agent at celine.brochard@kfw.de and maritime-industries-administration@kfw.de
(or such other email address notified by the Facility Agent to the Borrower).

 

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

 

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		(d)	The Facility Agent agrees that the receipt of Communications by the Facility Agent at its e-mail
address set forth above shall constitute effective delivery of such Communications to the Facility Agent for purposes hereunder
and any other Loan Document (and any guaranties, security agreements and other agreements relating thereto).

 

SECTION 11.3. Payment of Costs and Expenses

 

The Borrower agrees
to pay on demand all reasonable expenses of the Finance Parties, FEC, Finnvera and Hermes (including the reasonable fees and out-of-pocket
expenses of primary counsel to the Facility Agent and Lenders (except FEC), and of local counsel, if any, who may be retained by
counsel to the Facility Agent and, in the case of FEC, primary counsel retained by FEC with the Borrower’s prior approval
in connection with the initial syndication of the Loan) in connection with the initial syndication of the Loan and any amendments,
waivers, consents, supplements or other modifications to, this Agreement, any other Loan Document or any Credit Support 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 and of counsel to FEC in
connection with the funding under this Agreement. The Borrower further agrees to pay, and to save the Finance Parties harmless
from all liability for, any stamp, recording, documentary or other similar taxes payable in connection with the execution, delivery
or enforcement of this Agreement or the borrowing hereunder, any other Loan Documents or any Credit Support Document. 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 a Finance Party or Finnvera 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.

 

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SECTION 11.4. Indemnification

 

In consideration of
the execution and delivery of this Agreement by each Lender and the extension of the Commitments, the Borrower hereby indemnifies
and holds harmless the Facility Agent, each Lender and each of their respective Affiliates and their respective officers, advisors,
directors and employees (collectively, the “Indemnified Parties”) from and against any and all claims, damages,
losses, liabilities and expenses (including, without limitation, reasonable fees and disbursements of counsel), joint or several,
that may be incurred by or asserted or awarded against any Indemnified Party (including, without limitation, in connection with
any investigation, litigation or proceeding or the preparation of a defence in connection therewith), in each case arising out
of or in connection with or by reason of this Agreement or the other Loan Documents or the transactions contemplated hereby or
thereby or any actual or proposed use of the proceeds of the Loan (collectively, the “Indemnified Liabilities”),
except to the extent such claim, damage, loss, liability or expense (i) is found in a final, non-appealable judgment by a court
of competent jurisdiction to have resulted primarily from such Indemnified Party’s gross negligence or wilful misconduct
or the material breach by such Indemnified Party of its obligations under this Agreement, any other Loan Document or the Credit
Support Documents and which breach is not attributable to the Borrower’s own breach of the terms of this Agreement, any other
Loan Document or the Credit Support Documents or (ii) relates to taxes other than Covered Taxes. In the case of an investigation,
litigation or other proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not
such investigation, litigation or proceeding is brought by the Borrower, any of its directors, security holders or creditors, an
Indemnified Party or any other person or an Indemnified Party is otherwise a party thereto. Each Indemnified Party shall (a) furnish
the Borrower with prompt notice of any action, suit or other claim covered by this Section 11.4, (b) not agree to any settlement
or compromise of any such action, suit or claim without the Borrower’s prior consent, (c) shall cooperate fully in the Borrower’s
defence of any such action, suit or other claim (provided that the Borrower shall reimburse such Indemnified Party for its
reasonable out-of-pocket expenses incurred pursuant hereto) and (d) at the Borrower’s request, permit the Borrower to assume
control of the defence of any such claim, other than regulatory, supervisory or similar investigations, provided that (i)
the Borrower acknowledges in writing its obligations to indemnify the Indemnified Party in accordance with the terms herein in
connection with such claims, (ii) the Borrower shall keep the Indemnified Party fully informed with respect to the conduct of the
defence of such claim, (iii) the Borrower shall consult in good faith with the Indemnified Party (from time to time and before
taking any material decision) about the conduct of the defence of such claim, (iv) the Borrower shall conduct the defence of such
claim properly and diligently taking into account its own interests and those of the Indemnified Party, (v) the Borrower shall
employ counsel reasonably acceptable to the Indemnified Party and at the Borrower’s expense, and (vi) the Borrower shall
not enter into a settlement with respect to such claim unless either (A) such settlement involves only the payment of a monetary
sum, does not include any performance by or an admission of liability or responsibility on the part of the Indemnified Party, and
contains a provision unconditionally releasing the Indemnified Party and each other indemnified party from, and holding all such
persons harmless, against, all liability in respect of claims by any releasing party or (B) the Indemnified Party provides written
consent to such settlement (such consent not to be unreasonably withheld or delayed). Notwithstanding the Borrower’s election
to assume the defence of such action, the Indemnified Party shall have the right to employ separate counsel and to participate
in the defence of such action and the Borrower shall bear the fees, costs and expenses of such separate counsel if (i) the use
of counsel chosen by the Borrower to represent the Indemnified Party would present such counsel with an actual or potential conflict
of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the Borrower and the Indemnified
Party and the Indemnified Party shall have concluded that there may be legal defences available to it which are different from
or additional to those available to the Borrower and determined that it is necessary to employ separate counsel in order to pursue
such defences (in which case the Borrower shall not have the right to assume the defence of such action on the Indemnified Party’s
behalf), (iii) the Borrower shall not have employed counsel reasonably acceptable to the Indemnified Party to represent the Indemnified
Party within a reasonable time after notice of the institution of such action, or (iv) the Borrower authorises the Indemnified
Party to employ separate counsel at the Borrower’s expense. The Borrower acknowledges that none of the Indemnified Parties
shall have any liability (whether direct or indirect, in contract, tort or otherwise) to the Borrower or any of its security holders
or creditors for or in connection with the transactions contemplated hereby, except to the extent such liability is determined
in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Indemnified Party’s
gross negligence or wilful misconduct. In no event, however, shall any Indemnified Party be liable on any theory of liability for
any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated
savings). If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Borrower hereby agrees to
make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under
applicable law.

 

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SECTION 11.5. Survival

 

The obligations of
the Borrower under Section 4.3, 4.4, 4.5, 4.6, 11.3 and 11.4 and the obligations of the Lenders under Section 10.1, shall in each
case survive any termination of this Agreement and the payment in full of all Obligations. The representations and warranties made
by the Borrower in this Agreement and in each other Loan Document shall survive the execution and delivery of this Agreement and
each such other Loan Document.

 

SECTION 11.6. Severability; Independence
of Obligations

 

Any provision of this
Agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such provision and such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
of this Agreement or such Loan Document or affecting the validity or enforceability of such provision in any other jurisdiction.

 

The Borrower agrees
that the Borrower’s obligations under this Agreement (including its obligation to repay the Loan) (a) are independent of
the Construction Contract and (b) will not be invalidated, suspended or limited in any way by any termination, rescission, cancellation,
invalidation, non-performance or non-completion of the Construction Contract or any other contract, agreement or arrangement relating
thereto (other than the Loan Documents) or any dispute or claim between the Borrower and/or the Builder and/or any suppliers and/or
any other third parties under or in connection with the Construction Contract, or any defence thereto, or any insolvency proceedings
relating to the Builder or any other Person.

 

SECTION 11.7. Headings

 

The various headings
of this Agreement and of each other Loan Document are inserted for convenience only and shall not affect the meaning or interpretation
of this Agreement or such other Loan Document or any provisions hereof or thereof.

 

SECTION 11.8. Execution in Counterparts

 

This Agreement may
be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall
constitute together but one and the same agreement.

 

SECTION 11.9. Third Party Rights

 

		(a)	A person who is not a party to this Agreement has no right under the Contracts (Rights of Third
Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement except that each of Finnvera and Hermes may
enforce and enjoy any rights specifically conferred upon Finnvera or Hermes pursuant to this Agreement.

 

		(b)	Notwithstanding any term of any Loan Document, the consent of any person who is not a party to
a Loan Document (other than Finnvera, FEC (until such time as it becomes a party thereto pursuant to the FEC Transfer Certificates)
or Hermes) is not required to rescind or vary this Agreement at any time.

 

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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 7.2.6, 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
or transfer its Percentage or portion of the Loan to one or more other Persons (a “New Lender”), or sell participations
in its Percentage or portion of the Loan to one or more other Persons subject to this Section 11.11.

 

SECTION 11.11.1. Assignments
and transfers

 

(A) (i) Any Lender
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 share of the Loan; provided that in the case of any assignee or transferee, such assignee or transferee
(other than in the case of FEC) shall be reasonably acceptable to (1) Hermes (in relation to the Hermes Loan) and (2) Finnvera
(in relation to the FEC Loan and, if applicable, the Finnvera Balancing Loan).

 

(ii) Any Lender, with
notice to the Borrower and the Facility Agent in all cases except in the case of an assignment or transfer to FEC or Finnvera,
and, notwithstanding the foregoing clause (i), without the consent of the Borrower, or the Facility Agent may assign or transfer
(a) to FEC or Finnvera (including, but not limited to, an assignment and/or transfer by such Lender as an Original FEC Lender to
FEC under an FEC Transfer Certificate or by FEC to such Lender as an Original FEC Lender) or following the Disbursement Date, to
any of its Affiliates or (b) following the occurrence and during the continuance of an Event of Default under Section 8.1.1, 8.1.4(a)
or 8.1.5, to any other Person, in either case, all or any fraction of such Lender’s portion of the Loan but on the basis
that, in the case of clause (a) and clause (b), any assignee or transferee (other than in the case of FEC or Finnvera) shall be
reasonably acceptable to (1) the Facility Agent and (2) Finnvera (in relation to the FEC Loan and, if applicable, the Finnvera
Balancing Loan and (3) Hermes (in relation to the Hermes Loan).

 

(iii) Any Lender may
(notwithstanding the foregoing clauses, and without notice to, or consent from, the Borrower or the Facility Agent) assign or charge
all or any fraction of its portion of the Loan to any federal reserve bank or central bank as collateral security in connection
with the extension of credit or support by such federal reserve bank or central bank to such Lender.

 

(iv) No Lender may (notwithstanding
the foregoing clauses) assign or transfer any of its rights under this Agreement if the proposed assignment or transfer would result
in a breach of any terms of the Finnvera Guarantee, if applicable, the Second Finnvera Guarantee or the Hermes Insurance Policy.

 

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(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 each of the Finnish Authorities, Hermes and the Facility Agent and the Facility Agent has obtained a prior written
consent from the Finnish Authorities and Hermes.

 

(vi) Nothing in this
Section 11.11.1 shall prejudice the right of a Lender to assign or transfer its rights under this Agreement to the Finnish Authorities
or Hermes, if such assignment or transfer is required to be made by that Lender to the Finnish Authorities and Hermes in accordance
with the Finnvera Guarantee, if applicable, the Second Finnvera Guarantee or the Hermes Insurance Policy.

 

Save in the case of a transfer to FEC pursuant
to the FEC Transfer Documents, 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” or “Transferee Lender”.
Assignments or transfers in a minimum aggregate amount of $25,000,000 (or, if less, all of such Lender’s portion of the Loan
and Commitment) (which assignment or transfer shall be of a constant, and not a varying, percentage of such Lender’s portion
of the Loan) are permitted; provided that the Borrower and the Facility Agent shall be entitled to continue to deal solely
and directly with such Lender in connection with the interests so assigned or transferred to an Assignee Lender or a Transferee
Lender (as the case may be) until:

 

		(a)	written notice of such assignment or transfer, together with payment instructions, addresses and
related information with respect to such Assignee Lender or Transferee Lender, shall have been given to the Borrower and the Facility
Agent by such Lender and such Assignee Lender or Transferee Lender;

 

		(b)	such Assignee Lender or Transferee Lender shall have executed and delivered to the Borrower and
the Facility Agent a Lender Assignment Agreement or a Transfer Certificate as set out in (B) below, accepted by the Facility Agent;

 

		(c)	the Facility Agent on behalf of FEC shall have received the Additional FEC Transfer Documents where
required; and

 

		(d)	the processing fees described below shall have been paid.

 

From and after the date that the Facility
Agent accepts such Lender Assignment Agreement or Transfer Certificate and receives the Additional FEC Transfer Documents where
required, (x) the Assignee Lender or Transferee Lender thereunder shall be deemed automatically to have become a party hereto and
to the extent that rights and obligations hereunder have been assigned or transferred to such Assignee Lender or Transferee Lender
in connection with such Lender Assignment Agreement or Transfer Certificate, shall have the rights and obligations of a Lender
hereunder and under the other Loan Documents, and (y) the assignor or transferor 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 or transfer. 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 or Transferee Lender any amount
under Section 4.3, 4.4, 4.5 and 4.6 that is greater than the amount which it would have been required to pay had no such assignment
or transfer been made. Such assignor Lender, transferor Lender or such Assignee Lender or Transferee Lender (unless a party to
an FEC Transfer Certificate under which FEC is the transferee) must also pay a processing fee to the Facility Agent upon delivery
of any Lender Assignment Agreement or Transfer Certificate in the amount of $2,000 (and shall also reimburse the Facility Agent
for any reasonable out-of-pocket costs, including reasonable attorneys’ fees and expenses, incurred in connection with the
assignment or transfer).

 

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		(B)	Procedure for transfer to (i) FEC under an FEC Transfer
Certificate or (ii) a Transferee Lender under a Transfer Certificate

 

		(a)	A novation is effected if:

 

		(i)	the Existing Lender and FEC or Transferee Lender (as the case may be) deliver to the Facility Agent
a duly completed FEC Transfer Certificate or Transfer Certificate (as the case may be); and

 

		(ii)	the Facility Agent executes it.

 

The Facility
Agent must execute as soon as reasonably practicable any FEC Transfer Certificate or Transfer Certificate (as the case may be)
delivered to it and which appears on its face to be in order.

 

		(b)	The Facility Agent shall only be obliged to execute an FEC Transfer Certificate or Transfer Certificate
delivered to it by (i) the Existing Lender and FEC or (ii) the Existing Lender and the Transferee Lender upon its completion of
all “know your customer” checks that it is required to carry out in relation to the transfer to FEC or such Transferee
Lender and upon receipt of the Additional FEC Transfer Documents where required.

 

		(c)	Each party to this Agreement (other than the Existing Lender and FEC or Transferee Lender (as the
case may be)) irrevocably authorises the Facility Agent to execute any duly completed FEC Transfer Certificate or Transfer Certificate,
as applicable on its behalf.

 

		(d)	On the Effective Date (as defined in the relevant Transfer Certificate):

 

		(i)	FEC or the Transferring Lender (as applicable) will assume the rights and obligations of the Existing
Lender in connection with (i) the FEC Loan in the relevant FEC Transfer Certificate or (ii) any portion of the Loan in the relevant
Transfer Certificate by way of novation in substitution for the Existing Lender; and

 

		(ii)	the Existing Lender will be released from those obligations and cease to have those rights.

 

(C)       Limitation
of responsibility of Existing Lenders

 

		(a)	Unless expressly agreed to the contrary and save in the case of a transfer by the Original Lenders
to FEC on the Effective Date, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender
for:

 

		(i)	the legality, validity, effectiveness, adequacy or enforceability of the Loan Documents or the Credit Support Documents;

 

		(ii)	the financial condition of the Borrower;

 

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		(iii)	the performance and observance by the Borrower of its obligations under the Loan Documents; or

 

		(iv)	the accuracy
of any statements (whether written or oral) made in or in connection with any Loan Document or the Credit Support Documents,

  

	 	and any representations or warranties implied by law are excluded.

 

		(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

 

		(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of the Borrower and its related entities in connection with its participation in this Agreement and has not
relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Loan
Document or Credit Support Document; and

 

		(ii)	will continue to make its own independent appraisal of the creditworthiness of the Borrower and
its related entities whilst any amount is or may be outstanding under the Loan Documents or any Commitment is in force.

 

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

 

		(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Section 11.11.1 except in the case of an FEC Reassignment; or

 

		(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by the Borrower of its obligations under the Loan Documents or otherwise, save where Lenders are obliged to reimburse FEC for any
Break Costs.

 

SECTION 11.11.2. Participations

 

Any Lender may at any
time sell to one or more commercial banks or other financial institutions (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(A);

 

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		(e)	the Borrower shall not be required to pay any amount under Section 4.3, 4.4, 4.5 and 4.6 that is
greater than the amount which it would have been required to pay had no participating interest been sold; and

 

		(f)	each Lender that sells a participation under this Section 11.11.2 that constitutes a sale of its
share in the Loan or an interest therein for U.S. federal income tax purposes shall, acting solely for this purpose as a non-fiduciary
agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts
of (and stated interest on) each of the Participant’s interest in that Lender’s portion of the Loan, Commitments or
other interests hereunder (the “Participant Register”). The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender may treat each person whose name is recorded in the Participant Register as the owner of
such participation for all purposes hereunder.

 

The Borrower acknowledges and agrees that
each Participant, for purposes of Section 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
and each Transfer Certificate delivered to and accepted by it and a register for the recordation of the names and addresses of
the Lenders and the Commitment(s) of, and principal amount of the Loan owing to, each Lender from time to time (the “Register”).
The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Facility
Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this
Agreement. The Register shall be available for inspection by 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)	The Hermes Insurance Policy will cover 95% of the Hermes Loan.

 

		(b)	The Hermes Fee will equal 2.79% of the aggregate principal amount of the Hermes Loan as at the
Actual Delivery Date.

 

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		(c)	The parties have entered into this Agreement on the basis that the Hermes Insurance Policy shall
contain the following terms and should such terms not be included within the Hermes Insurance Policy, then the Borrower may cancel
the Commitment(s):

 

		(i)	25% of the Hermes Fee as in effect on the date of issuance of the Hermes Insurance Policy (“First
Fee”) will be payable to the Hermes Agent or Hermes in Dollars within two (2) Business Days of receipt by the Borrower
of demand from the Hermes Agent following the later to occur of (i) the issue of the Hermes Insurance Policy and (ii) the Effective
Date;

 

		(ii)	the balance of the Hermes Fee (being the amount thereof under paragraph (b) above less the First
Fee) (“Second Fee”) will be payable in Dollars to the Hermes Agent or Hermes on the Actual Delivery Date;

 

		(iii)	if the Hermes Commitment is cancelled in full by the Borrower or the Lenders on or prior to the
Actual Delivery 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 EUR2,500);

 

		(iv)	if the Hermes Commitment is cancelled in part by the Borrower on or prior to the Actual Delivery
Date, Hermes shall be required to reimburse the Hermes Agent an amount equal to a corresponding proportion of the First Fee, based
on the proportion of the aggregate Hermes Commitment prior to such cancellation to the aggregate Hermes Commitment after giving
effect to such cancellation, less an administration fee (such administration fee to be no greater than 5% of the amount refunded
but in any event not exceeding EUR2,500); and

 

		(v)	if, after the Actual Delivery Date, the Borrower prepays all or part of the Hermes Loan in accordance
with this Agreement, Hermes shall be required to reimburse the Hermes Agent an amount equal to a corresponding proportion of the
unexpired portion of the Hermes Fee, having regard to the amount of the prepayment and the remaining term of the Hermes Loan less
the sum of (x) a break funding fee equal to 20% of the unexpired portion of the Hermes Fee and (y) an administration fee (such
fee to be no greater than 5% of the amount refunded but in any event not exceeding EUR2,500).

 

SECTION 11.13.2. Obligations
of the Borrower

 

		(a)	Provided that the Hermes Insurance Policy complies with Section 11.13.1, the Borrower shall pay
(a) the First Fee to the Hermes Agent in accordance with Section 11.13.1(c)(i) and (b) the Second Fee to the Hermes Agent on the
Actual Delivery Date. In each case, if received by the Hermes Agent, the Hermes Agent shall pay such amount to Hermes.

 

		(b)	Provided that the Hermes Insurance Policy complies with Section 11.13.1, the Borrower shall pay
to the Hermes Agent an issue fee of EUR12,500 for the issue of the Hermes Insurance Policy at the same time that the First Fee
is payable.

 

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SECTION 11.13.3. Obligations
of the Hermes Agent and the Lenders

 

		(a)	Promptly upon receipt of the Hermes Insurance Policy from Hermes, the Hermes Agent shall (subject
to any confidentiality undertakings given to Hermes by the Hermes Agent pursuant to the terms of the Hermes Insurance Policy) send
a copy thereof to the Borrower.

 

		(b)	The Hermes Agent shall perform such acts or provide such information which are, acting reasonably,
within its power so to perform or so to provide, as required by Hermes under the Hermes Insurance Policy and as are necessary to
ensure that the Lenders obtain the support of Hermes pursuant to the Hermes Insurance Policy.

 

		(c)	The Hermes Agent shall (in the circumstances described in Section 11.13.1(c)(iii), (iv) or (v)):

 

		(i)	make written requests to Hermes seeking a reimbursement of the Hermes Fee promptly after the relevant
cancellation or prepayment and (subject to any confidentiality undertakings given to Hermes by the Hermes Agent pursuant to the
terms of the Hermes Insurance Policy) provide a copy of the request to the Borrower;

 

		(ii)	use its reasonable endeavours to maximise the amount of any reimbursement of the Hermes Fee to
which the Hermes Agent is entitled;

 

		(iii)	pay to the Facility Agent 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 for application as a prepayment towards
the Hermes Loan in such order as the Hermes Lenders (in consultation with the Borrower) shall require; 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 Hermes Lender will co-operate with the Hermes Agent, the Facility Agent and each other Hermes
Lender, and take such action and/or refrain from taking such action as may be reasonably necessary, to ensure that the Hermes Insurance
Policy continues in full force and effect and shall indemnify and hold harmless each other Lender in the event that the Hermes
Insurance Policy does not continue in full force and effect due to its gross negligence or wilful default.

 

SECTION 11.14. Finnvera and FEC

 

SECTION 11.14.1. Finnvera Guarantee
and Second Finnvera Guarantee

 

		(a)	Promptly upon receipt of the Finnvera Guarantee and, if applicable, the Second Finnvera Guarantee
from Finnvera and provided that the Borrower provides a confidentiality undertaking to Finnvera in respect of the Finnvera Guarantee
and, if applicable, the Second Finnvera Guarantee, the Facility Agent shall (subject to any confidentiality undertakings given
to Finnvera by the Facility Agent pursuant to the terms of the Finnvera Guarantee and, if applicable, the Second Finnvera Guarantee)
send a copy thereof to the Borrower.

 

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		(b)	The Facility Agent shall procure that if, after the Disbursement Date, the Borrower prepays the
FEC Loan and/or the Finnvera Balancing Loan in part or in full in accordance with Section 3.2.1, the Finnvera Guarantee and, if
applicable, the Second Finnvera Guarantee will require Finnvera to reimburse the Guarantee Holder for the account of the Borrower
all or a corresponding portion of any Finnvera Premium or the Finnvera Balancing Premium (as the case may be) paid prior to the
date of such prepayment in an amount calculated in accordance with the Finnvera Premium Refund Formula.

 

		(c)	Any refund of the Finnvera Premium and/or the Finnvera Balancing Premium (as the case may be) pursuant
to Section 11.14.1(b) above shall be subject to:

 

		(i)	there not having been any claims for indemnification under the Finnvera Guarantee and/or the Second
Finnvera Guarantee (as the case may be) up to the date of such refund payment by Finnvera; and

 

		(ii)	the irrevocable release of Finnvera from any liability under (i) the Finnvera Guarantee in respect
of the portion of the FEC Loan prepaid and/or (ii) the Second Finnvera Guarantee in respect of the portion of the Finnvera Balancing
Loan prepaid.

 

		(d)	The Facility Agent shall procure that the Guarantee Holder shall:

 

		(i)	make a written request to Finnvera seeking a reimbursement of the Finnvera Premium and/or the Finnvera
Balancing Premium (as the case may be) in the circumstances described in Section 11.14.1(b) and (c) above promptly after the relevant
prepayment and (subject to any confidentiality undertakings given to Finnvera by the Facility Agent pursuant to the terms of the
Finnvera Guarantee and/or the Second Finnvera Guarantee (as the case may be)) provide a copy of the request to the Borrower;

 

		(ii)	use its reasonable endeavours to maximize the amount of any reimbursement of the Finnvera Premium
and/or the Finnvera Balancing Premium (as the case may be) from Finnvera to which the Guarantee Holder is entitled;

 

		(iii)	agree to the irrevocable release of Finnvera from any liability under the (i) Finnvera Guarantee
in respect of the portion of the FEC Loan prepaid and/or (ii) the Second Finnvera Guarantee in respect of the portion of the Finnvera
Balancing Loan prepaid; and

 

		(iv)	pay to the Borrower the full amount of any reimbursement of the Finnvera Premium and/or Finnvera
Balancing Premium (as the case may be) that the Guarantee Holder receives from Finnvera pursuant to the terms of the Finnvera Guarantee
and/or the Second Finnvera Guarantee (as the case may be) within five (5) Business Days of receipt with same day value and such
amount of any such reimbursement shall be applied as a prepayment against the FEC Loan and the Finnvera Balancing Loan on a pro
rata basis provided that the Borrower may direct how such pro rata prepayment shall be applied between the FEC Tranche A Loan and
the FEC Tranche B Loan.

 

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		(e)	The Borrower acknowledges that the Finnvera Premium and, if applicable, the Finnvera Balancing
Premium shall be calculated as provided in Section 3.5.4 and Section 3.5.5 respectively and shall be paid to Finnvera from the
proceeds of the FEC Loan and, if applicable, the Finnvera Balancing Loan respectively on the Disbursement Date and duly authorises
(i) FEC to pay the Finnvera Premium to Finnvera on the Disbursement Date by utilising the proceeds of the FEC Loan and (ii) if
applicable, the Original Finnvera Balancing Lenders to pay the Finnvera Balancing Premium to Finnvera on the Disbursement Date
by utilising the proceeds of the Finnvera Balancing Loan.

 

SECTION 11.14.2. Facility Agent
and Finnvera dealings

 

		(a)	The parties to this Agreement agree that the Facility Agent may act on the instructions of Finnvera
in relation to this Agreement, provided that nothing in this Clause shall permit the Facility Agent to do anything which would
alter the rights and/or obligations of any Finance Party or the Borrower as set out in this Agreement.

 

		(b)	Subject to any provision of the FEC Transfer Documents to the contrary, the Facility Agent as the
Guarantee Holder under the Finnvera Guarantee, and, if applicable, the Second Finnvera Guarantee agrees with the Lenders to act
in compliance with the Finnvera Guarantee, and, if applicable, the Second Finnvera Guarantee.

 

		(c)	The Facility Agent as the Guarantee Holder under the Finnvera Guarantee, and, if applicable, the
Second Finnvera Guarantee may inform Finnvera of any increase or material change in any risk covered by the Finnvera Guarantee
to the extent it is required to do so under the terms of the Finnvera Guarantee, and, if applicable, the Second Finnvera Guarantee
and/or related Finnvera General Terms or for the purposes of ensuring the continuing validity of the Finnvera Guarantee, and, if
applicable, the Second Finnvera Guarantee and shall notify the Borrower in case it so informs Finnvera.

 

SECTION 11.15. FEC Transfer Documents

 

		(a)	The Borrower acknowledges that:

 

		(i)	the Original FEC Lenders have entered into or will enter into (as applicable) the FEC Transfer
Documents pursuant to which the Original FEC Lenders will, amongst other things, assign and transfer their respective rights and
obligations under this Agreement to FEC; and

 

		(ii)	following the assignment and transfer referred to above, the Facility Agent shall act as agent
for FEC under the Loan Documents and the Guarantee Holder shall continue to act as holder of the Finnvera Guarantee for and on
behalf of the FEC Lender(s).

 

    106

     

    

 

		(b)	The Borrower and each Finance Party shall co-operate and actively assist each other with respect
to any obligations such Finance Party may have under or in connection with any Credit Support Document provided however, the Borrower
shall not be required to act in a manner that it considers to be contrary or adverse to its own interests or may, directly or indirectly,
result in any increased or additional cost or liability to the Borrower whether under the Loan Documents or otherwise (except for
costs and expenses which the Borrower has agreed, pursuant to any Loan Document or otherwise, to pay).

 

		(c)	The Finance Parties have obligations under the FEC Transfer Documents (to which they are a party)
and the Facility Agent has obligations as holder of the Finnvera Guarantee, and, if applicable, the Second Finnvera Guarantee which
they would not have incurred (or in relation to which it would not have had any liability) if they had not entered into the FEC
Transfer Documents or become holder of the Finnvera Guarantee, and, if applicable, the Second Finnvera Guarantee. Accordingly,
the Borrower agrees to indemnify each Finance Party against any cost, loss or liability incurred by such Finance Party in connection
with the FEC Transfer Documents (to which such Finance Party is a party and acting in whatever capacity) or as holder of the Finnvera
Guarantee, and, if applicable, the Second Finnvera Guarantee and for any cost, loss or liability for which such Finance Party may
be liable to FEC or Finnvera or otherwise under any FEC Transfer Document to which it is a party (acting in whatever capacity)
or in respect of the Finnvera Guarantee, and, if applicable, the Second Finnvera Guarantee unless caused by the gross negligence
or wilful misconduct of that Finance Party or the failure to perform or any default by that Finance Party under the relevant FEC
Transfer Document, this Agreement, any other Loan Document, the Finnvera Guarantee, or, if applicable, the Second Finnvera Guarantee.

 

		(d)	The FEC Transfer Documents shall be executed concurrently with signing this Agreement.

 

		(e)	The Facility Agent shall or (as the case may be) shall procure that the Guarantee Holder shall,
provide a copy of each FEC Transfer Document to the Borrower promptly following execution of the same.

 

SECTION 11.16. Application of proceeds
under the Finnvera Guarantee, the Second Finnvera Guarantee and the Hermes Insurance Policy

 

		(a)	If any Finance Party receives any proceeds under the Finnvera Guarantee, the Second Finnvera Guarantee
or the Hermes Insurance Policy, it shall transfer such moneys to the Facility Agent.

 

		(b)	Any proceeds referred to in (a) above shall be applied by the Facility Agent in favour of (i) an
FEC Lender only in relation to monies received under the Finnvera Guarantee (ii) if applicable, the Finnvera Balancing Lenders
only in relation to monies received under the Second Finnvera Guarantee and (iii) the Hermes Lenders only in relation to monies
received under the Hermes Insurance Policy and, for the avoidance of doubt, no such proceeds shall be made available to the Borrower.

 

		(c)	Such proceeds shall be ignored when calculating the amount owing to the Lenders in respect of the
FEC Loan, the Finnvera Balancing Loan (if applicable) or the Hermes Loan (as the case may be) and, for the avoidance of doubt,
the obligations of the Borrower under the Loan Documents to which it is a party shall remain in full force and effect, notwithstanding
the receipt of any such proceeds under the Finnvera Guarantee, the Second Finnvera Guarantee (if applicable) or the Hermes Insurance
Policy (as the case may be).

 

    107

     

    

 

SECTION 11.17. Waiver of immunity

 

To the extent that
the Borrower or any Finance Party has or hereafter may acquire any immunity from jurisdiction of any court of from any legal process
(whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) with respect to
itself or its property, the Borrower and such Finance Party hereby irrevocably waives, to the fullest extent permitted by law,
such immunity in respect of its obligations under this Agreement and the other Loan Documents.

 

SECTION 11.18. Law and Jurisdiction

 

SECTION 11.18.1. 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 11.18.2. Jurisdiction

 

For the exclusive benefit
of the Facility Agent and the other Finance Parties, 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 11.18.3. Alternative
Jurisdiction

 

Nothing contained in
this Section shall limit the right of the Facility Agent or the other Finance Parties 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 11.18.4. Service of
Process

 

Without prejudice to
the right of the Facility Agent or the other Finance Parties 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 by
international courier, at 9:00 am on the third Business Day after posting by international courier.

 

    108

     

    

 

SECTION 11.19. 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, 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
or Finland; (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 but without limitation including the rules of any relevant stock exchange on which any Lender’s
or its Affiliate’s shares are listed; (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 direct participant, assignee or transferee and their representatives and professional advisers, in relation to any Loan
Document or the Borrower, 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;
(J) to each of Finnvera and Hermes provided that Finnvera or Hermes may only discuss such information subject to receiving a confidentiality
undertaking from any recipient to whom such information is disclosed (other than in the case of other Export Credit Agencies);
(K) to any other party to the Agreement; and (L) to any rating agency (including its professional advisers) such confidential information
as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Loan
Documents and/or the Borrower. Each of the Facility Agent and the Lenders shall be responsible for any breach of this Section 11.19
by any of its Affiliates or any of its Affiliates’ directors, officers, employees, professional advisors and agents.

 

    109

     

    

 

SECTION 11.20. Mitigation

 

		(a)	If the provisions of Section 3.2.2(b), 3.2.2(c) or 9.1.10(C) apply (and having regard to clause
(b) below), the Facility Agent, the Borrower and the Lenders (or, in the case of Section 3.2.2(b) or 3.2.2(c), any affected Lender)
shall discuss in good faith (but without obligation) for a period (the “Mitigation Period”) of not less than,
in the case of Sections 3.2.2(b) and 3.2.2(c), 50 days and, in the case of Section 9.1.10(C), 30 days (and which in the case of
Section 3.2.2(b) and 3.2.2(b) shall commence on the first day of the 50-day period referred to in those respective Sections and,
in the case of Section 9.1.10(C), shall run concurrently with the 30 day period referred to in that Section or, concurrently with
the three (3) month grace period applicable in the case of a suspension of the Hermes Insurance Policy) after (x) in the case
of Section 3.2.2(b) and 3.2.2(c), the date on which the Illegality Notice is given or (y) in the case of Section 9.1.10(C), the
date such Section becomes applicable, as the case may be:

 

		(i)	in the case of Section 3.2.2(b) or 3.2.2(c), what steps may be open to the relevant Lender to mitigate
or remove such circumstances (including, without limitation, the possibility of assigning the Lender’s Commitment to an Affiliate
or another Lending Office); and

 

		(ii)	in the case of Section 9.1.10(C), the circumstances in which Section 9.1.10(C) has become applicable
and whether there are any steps or actions which can be taken to remove the effect of the circumstances as described in such Section
and/or reinstate or replace the Hermes Insurance Policy.

 

If the provisions
of Section 3.2.2(b) or 3.2.2(c) apply, if requested by the Borrower, the affected Lender shall, without limiting such Lender’s
obligation to enter into discussions as set forth above in this Section 11.20(a), use commercially reasonable efforts to transfer
its Affected Commitment or its portion of the Loan, as the case may be, to one or more third parties at par during the Mitigation
Period in the manner contemplated by Section 3.2.2(b) or (c) as relevant.

 

		(b)	To the extent required by or considered necessary by any party to this Agreement, the Lenders (and,
in the case of Section 3.2.2(b) or 3.2.2(c), any affected Lender) shall use commercially reasonable efforts to include the Finnish
Authorities and Hermes in all foregoing discussions.

 

		(c)	If an Illegality Notice shall be given by any Lender during the period falling 20 days prior to
the Actual Delivery Date, the affected Lender will use all reasonable efforts to accelerate the mitigation steps of the type described
or to be discussed pursuant to this Section to try and enable the Commitment of such Lender to still be available for drawing by
the Borrower two (2) Business Days prior to the Actual Delivery Date in the manner contemplated by this Agreement.

 

    110

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this ICON 2 Hull No. 1401 Credit Agreement to be executed by their respective officers thereunto
duly authorised as of the day and year first above written.

	 	 	 	 	 
	 	ROYAL CARIBBEAN CRUISES LTD.
	 	 
	 	By	 	 
	 	Name: 	 
	 	Title:  	 
	 	 	 
	 	Address: 1050 Caribbean Way
	 	Miami, Florida 33132, United States of America
	 	Facsimile No.: +1 (305) 539-6400	 
	 	Email:	agibson@rccl.com	 
	 	 	 	bstein@rccl.com	 
	 	Attention: Vice President, Treasurer
	 	With a copy to: General Counsel	 

 

    111

     

    

 

	 	 	 	 	 
	 	KFW IPEX-BANK GMBH, as Facility Agent, Documentation Agent, Hermes Agent, Initial Mandated Lead Arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: Palmengartenstrasse 5-9
	 	D-60325 Frankfurt am Main
	 	Germany
	 	Facsimile No.: +49 (69) 7431 3768
	 	Email:	andre.mutter@kfw.de	 
	 	Attention: Maritime Industries
	 	With a copy to: Credit Operations
	 	Facsimile No.: +49 (69) 7431 2944
	 	 
	 	BNP PARIBAS FORTIS SA/NV, as Finnvera Agent, Other Mandated Lead Arranger and Original Lender
	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: 3, Montagne du Parc / 1KA1D 
	 	1000 Brussels, Belgium 
	 	Facsimile No.: +32 2 565 3403 
	 	Email:	geert.sterck@bnpparibasfortis.com 	 
	 	Davina.staessen@bnpparibasfortis.com 	 
	 	Attention: Geert Sterck / Davina Staessen 	 
	 	With a copy to: bruxelles_bo_export_project_finance.cib@bnpparibasfortis.com 
	 	 	 	 	 

 

     

     

    

 

	 	HSBC BANK PLC, as Other Mandated Lead Arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 

 

	 	 	 	 	 
	 	Address: Export and Asset Finance, Level 2, 8 Canada Square, 

London E14 5HQ, United Kingdom
	 	Email:	gaurav.anand.kanade@hsbc.co.in
	 	Attention: Gaurav Anand Kanade
	 	 	 
	 	With a copy to:
	 	Email:	graham.d.meek@hsbc.com
	 	Attention: Graham Meek
	 	 	 	 	 
	 	HSBC BANK USA, National Association, as Other Mandated Lead Arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: 452 Fifth Avenue, 5th Floor
	 	New York, NY 10018
	 	 	 	 	 
	 	Facsimile No.: N/A 
	 	Email:	CTLANY.LoanAdmin@us.hsbc.com
	 	Attention: CTLA Loan Admin
	 	 
	 	With a copy to:
	 	Email:	karun.chopra@us.hsbc.com
	 	 	 	sam.lippitt@us.hsbc.com
	 	 	 	renato.santos@us.hsbc.com

 

     

     

    

 

	 	COMMERZBANK AG, New York Branch, as Other Mandated Lead Arranger and Original Lender
	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 

	 	Address: 225 Liberty Street, 32nd Floor
	 	New York, NY 10281-1050, USA
	 	Email:	Pedro.Bell@commerzbank.com 
	 	 	 	Christina.Serrano@commerzbank.com
	 	Attention: Pedro Bell / Christina Serrano
	 	With a copy to: Export & Agency Finance
	 	Attention: Klaus-Dieter Schmedding / Dana Novotny
	 	Facsimile No.: +49 69 1362 3742 
	 	Email: 	Klaus-Dieter.Schmedding@commerzbank.com
	 	 	 	Dana.Novotny@commerzbank.com
	 	 	 	 	 
	 	BANCO SANTANDER, S.A., as Other Mandated Lead Arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: Paseo de Pereda 9-12
	 	39004, Santander (Cantabria), Spain
	 	Facsimile No.: +34 91 289 179 / 
	 	+34 91 289 10 280
	 	Email:	vaberrio@gruposantander.com 
	 	 	 	anasanz@gruposantander.com  
	 	Attention: Vanessa Berrio / Ana Sanz Gomez
	 	 
	 	Banco Santander, S.A. (Global Corporate Banking)
	 	Global Trade & Continental Europe Middle Office
	 	Ciudad Grupo Santander
	 	Edificio Encinar ground floor
	 	28660 Boadilla del Monte
	 	(Madrid) Spain
	 	 
	 	BANCO BILBAO VIZCAYA ARGENTARIA, S.A., Niederlassung Deutschland, as lead arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 

 

     

     

    

 

	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	Address: Neue Mainzer Strasse 28
	 	60311 Frankfurt am Main, Germany
	 	Email:	Richard.heiler@bbva.com 
	 	 	 	maria.zotes@bbva.com 
	 	Attention: Richard Heiler / María Zotes
	 	 	 	 	 
	 	BAYERISCHE LANDESBANK, New York Branch, as lead arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	Address: 560 Lexington Avenue
	 	New York, NY 10022, USA
	 	Facsimile No.: +1-212-310-9841
	 	Email:	akjoller@bayernlbny.com 
	 	Attention: Andrew Kjoller
	 	With a copy to: 

creditcompliance@bayernlbny.com
	 	loanoperations@bayernlbny.com 
	 	Facsimile No.: +1-212 310 9930 
	 	 	 	 	 
	 	DZ BANK AG, New York Branch, as lead arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: c/o DZ BANK AG, 100 Park Avenue, Floor 13 

New York, NY 10017, USA
	 	Facsimile No.: +49 69 7447 99346
	 	Email:	andreas.estelmann@dzbank.de 
	 	Attention: Andreas Estelmann

 

     

     

    

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., London Branch, as lead arranger and Original Lender
	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: 25 Bank Street, Canary Wharf, London E14 5JP, United Kingdom
	 	Email:	jonathan.p.boudreau@jpmchase.com 
	 	Attention: Jon Boudreau
	 	With a copy to:
	 	 	 	tsd.export.finance.emea@jpmchase.com
	 	 	 	karen.c.yik@jpmorgan.com 
	 	 	 	chiara.w.carter@jpmorgan.com
	 	 	 	 
	 	SMBC BANK INTERNATIONAL PLC, as lead arranger and Original Lender
	 	 	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	By 	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 	 	 
	 	Address: 99 Queen Victoria Street,
	 	London EC4V 4EH, United Kingdom
	 	Facsimile No.: +33 1 44 90 48 01
	 	Email:	cedric_leduigou@fr.smbcgroup.com 
	 	 	 	helene_ly@fr.smbcgroup.com 

corvin_boehme@de.smbcgroup.com 	 
	 	 	 	paul_hodgson-jones@gb.smbcgroup.com	 
	 	 	 	 	 
	 	Attention: Cedric Le Duigou / Helene Ly / Corvin Bohme / Paul Hodgson-Jones
	 	 	 	 	 

 

     

     

    

 

Exhibit A

Principles

 

     

     

    

 

Final: 26 March 2020

 

CRUISE DEBT HOLIDAY PRINCIPLES

 

This document sets out the key principles
for a temporary suspension of repayments and testing of financial covenants (the “Debt Holiday”) for Hermes-covered
loan agreements (“Loan Agreement” in connection with the financing of cruise vessels.

 

		1	Preamble

 

The current Corona-pandemic impacts the
global tourism industry including all cruise operators (“Companies” or if related to a individual operator “Company”).
All cruise ship operation will be ceased or is already ceased globally mainly due to government order directly or indirectly by
port or border closures. The shutdown of cruise operations may have substantial negative impact on European cruise related jobs
as well as on the cruise yards with its vast supplier and subcontractor network.

 

Since all Companies are effected in the
same manner governmental support shall apply to all Companies in a coordinated process with equal treatment of all cruise operators.
The intention of the Debt Holiday Initiative is to provide an interim relief to the Companies in its debt service obligations under
existing financings. Apart form supporting the Companies, it is the firm understanding of the Lenders together with the respective
ECAs that Companies taking advantage of the relief shall use its best endeavors fulfilling their contractual obligations under
their existing shipbuilding contracts with the yard, i.e. do not unreasonably, unduly, and without consultation delay instalments
and scheduled vessel deliveries and work reasonably together with the yards to resolve any crisis-related construction delays.
For the avoidance of doubt, all measures to maintain a sufficient liquidity position of the Company during the crisis and later
recovery phase will be considered reasonably by ECA in regards to the below Terms and Conditions.

 

A support package which is based on the
Terms and Conditions below has been coordinated with Hermes applicable to all disbursed and undisbursed Hermes-covered CIRR export
financings (“Export Financing”) for the cruise sector.

 

Individual amendments of loan agreements
shall be based on the Terms and Conditions outlined below.

 

		2	Effective Date and Term

 

Debt Holiday Terms and Conditions shall
be effective from Wednesday, 01 April 2020. Debt Holiday may be applied to all amortization / principal payments of disbursed Export
Financings from 01 April 2020 until 31 March 2021 (“Deferred Payments”).

 

    

     

    

 

Final: 26 March 2020

 

		3	Terms and Condition

 

		3.1	Deferred Payments

 

		3.1.1.	Any Deferred Payments must be redeemed within 5 years
(latest until 31. March 2025) irrespective of remaining tenor of each individual Export Financing.

 

		3.1.2.	Repayment schedule of Deferred Payments may be determined
individually and if remaining tenor of Export Financing is less than 5 years, prolongation of original final maturity of Export
Financing is possible.

 

		3.1.3.	Deferred Payments shall be accounted for as a new
loan tranche (“Debt Holiday Tranche”) priced on a floating basis according to the underlying Loan Agreement and with
a separate repayment schedule. For Export Financing with a remaining tenor of more than 5 years, the Debt Holiday Tranche should
be repaid in 8 equal instalments beginning on the first regular repayment date after 1 April 2021 (other arrangements possible)
if no other repayment scheduled has been agreed and approved by the ECA. Voluntary prepayments of the Debt Holiday Tranche are
permitted at any time, if during interest period breakage cost may apply.

 

		3.1.4.	Additional imputed/calculative funding cost incurred
by funding provider (CIRR Provider or Lender) due to Deferred Payments shall be borne by the borrower (or Company). Each funding
provider shall quote and charge its individual imputed/calculative funding cost.

 

		3.2	Suspension of Financial Covenant Testing

 

Testing of all agreed Financial Covenants
on all existing Export Financings (disbursed and undisbursed) may be suspended from 01 April 2020 until 31 March 2021 (“Testing
Suspension”), Financial Covenants undertakings according to the Loan Documentation remain in place but noncompliance shall
not trigger an Event of Default as defined under the corresponding Loan Agreement unless the Company has entered into all-lender
restructuring or moratorium, customary bankruptcy or insolvency proceedings.

 

		3.3	Interest

 

		3.3.1.	Interest (floating or fixed), (or commitment fee on
undisbursed amounts) and any scheduled ECA premium payments shall continue to be payable.

 

		3.3.2.	Agreed interest margin and fixed interest rate on
amounts outstanding including Deferred Payments shall not be increased due to Debt Holiday, however any agreed margin grid terms
according to the Loan Agreement shall remain effective and will apply.

 

		3.4	Hermes Insurance Policy

 

Hermes cover remains effective also in
respect of the Debt Holiday Tranche, no additional premium payable.

 

    

     

    

 

Final: 26 March 2020

 

		3.5	Conditions / Liquidity measures

 

		3.5.1.	Any dividend payment, any other distribution or payment
to share capital or shareholders (including repayment of shareholder loans) and/or any regular debt or equity issue (such as bond
or new equity emission) shall trigger mandatory and immediate prepayment of any outstanding Debt Holiday Tranche and immediate
cessation of Testing Suspension.

 

		3.5.2.	Utilisation of Debt Holiday Tranche shall be subject
to proof of evidence of sufficient crisis-related liquidity measures by the Companies which shall be documented in the application
process based on the Information Package (see 4.2.).

 

		3.5.3.	Debt issue due to financing of any scheduled ship
building contract instalments including but not limited to final instalment at delivery shall not trigger mandatory and immediate
prepayment of any outstanding Debt Holiday Tranche and cessation of Testing Suspension.

 

		3.5.4.	Crisis and recovery related debt or equity issue during
Debt Holiday (until 31th December 2021), thereafter upon request and ECA-consent required, and/or prolongation of existing RCFs
shall also not trigger mandatory and immediate prepayment of any outstanding Debt Holiday Tranche and cessation of Testing Suspension.

 

		3.6	Costs and Fees

 

		3.6.1.	Any incurred legal and administrative cost (including legal fees incurred
at the CIRR Provider) shall be borne by the borrower (or Company).

 

		3.6.2.	For the implementation of the Debt Holiday Tranche Lenders will charge a
reasonable handling fee payable latest at the first utilisation of an advance under the Debt Holiday Tranche.

 

		3.6.3.	Additional imputed/calculative funding cost incurred by funding provider
(CIRR or Lender) due to Deferred Payments shall be borne by the borrower (or Company). For the avoidance of doubt funding provider
shall only charge the difference between interest paid according to Loan Agreement on outstanding Debt Holiday Tranche (which borrower
continues to pay, see 3.3) and actual applied cost on Debt Holiday Tranche.

 

    

     

    

 

Final: 26 March 2020

 

		4	Procedure Debt Holiday Application

 

		4.1	Company Level Approach

 

Each Company may apply for Debt Holiday with Hermes
for all its disbursed and undisbursed Export Financings in one application via ECA-Agent Lender.

 

		4.2	Information Package

 

The Company shall provide
a comprehensive information package of the current situation of the Company and its crisis-related countermeasures, including but
not limited to (i) description of the current situation of the cruise line company, (ii) overview of core financial figures, (iii)
preliminary liquidity estimation of the cruise line (including shut down period and recovery phase). For details please note the
attachment 1 “Debt Holiday Test Scheme – Section A-E”.

 

		4.3	Reporting Requirements

 

		4.3.1.	During Debt Holiday the Company shall report regularly on parameters defined
in the Debt Holiday Test Scheme – Section F (see attachment 1).

 

		4.3.2.	Although testing of Financial Covenants is suspended during Debt Holiday
reporting on Financial Covenants shall be reported according to Loan Agreement.

 

		4.4	CIRR Requirements

 

		4.4.1.	Each Company shall apply Debt Holiday also with CIRR Mandatary for all of
its disbursed Export Financings in one application via CIRR Agent.

 

		4.4.2.	Company shall provide to CIRR Agent agreed repayment schedule of Debt Holiday
Tranches for all affected Export Financings.

 

		4.5	Lenders’ Consent

 

Facility Agent in coordination with ECA- and CIRR-Agent
shall coordinate Lenders’ consent immediately after Company launched Debt Holiday application.

 

		4.6	Timing Hermes and CIRR

 

		4.6.1.	Hermes and CIRR-approval shall be decided quickly based on prior approval
in principle from Hermes on Debt Holiday Initiative.

 

		4.6.2.	CIRR-approval and preliminary Hermes approval will be given for the respective
cruise operator (Company) prior to finalization of repayment schedule of Deferred Payment if Company accepts above Terms and Conditions
of Debt Holiday. For the avoidance of doubt, at this point in time the instalment can be deferred.

 

		4.6.3.	The Final Hermes approval for each individual loan agreement will be provided
after receipt of the respective repayment schedule of Deferred Payment.

 

    

     

    

 

Exhibit B

Form of Information Package

 

     

     

    

 

Exhibit C

Form of First Priority Guarantee

 

     

     

    

 

	 

[FORM
OF] FIRST PRIORITY GUARANTEE

 

dated as of

 

[•], 2020

 

between

 

CELEBRITY
CRUISE LINES INC., as the Guarantor,

 

and

 

[INSERT],
as the Agent

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	 
	ARTICLE I
	 
	DEFINITIONS
	 
	Section 1.01. Agreement Definitions	1
	Section 1.02. Other Defined Terms	1
	Section 1.03. Terms Generally	2
	ARTICLE II
	 
	GUARANTEE
	 
	Section 2.01. Guarantee	2
	Section 2.02. Guarantee of Payment	2
	Section 2.03. No Limitations	3
	Section 2.04. Reinstatement	4
	Section 2.05. Agreement To Pay; Subrogation	4
	Section 2.06. Information	4
	Section 2.07. Limitation on Obligations Guaranteed	4
	ARTICLE III
	 
	INDEMNITY, SUBROGATION AND SUBORDINATION
	 
	Section 3.01. Indemnity, Subrogation and Subordination	5
	ARTICLE IV
	 
	MISCELLANEOUS
	 
	Section 4.01. Notices	5
	Section 4.02. Waivers; Amendment	6
	Section 4.03. Agent’s Fees and Expenses; Indemnification	6
	Section 4.04. Successors and Assigns	6
	Section 4.05. Representations and Warranties	6
	Section 4.06. Counterparts; Effectiveness; Several Agreement	7
	Section 4.07. Severability	7
	Section 4.08. Governing Law; Jurisdiction; Consent to Service of Process	7
	Section 4.09. Obligations Absolute	8
	Section 4.10. Termination or Release	9
	Section 4.11. Recourse; Limited Obligations	9
	Section 4.12. Judgment	9

 

     

     

    

 

This
FIRST PRIORITY GUARANTEE (this “Guarantee”), dated as of [•], 2020, is made by CELEBRITY CRUISE
LINES INC., a company organized under the laws of the Cayman Islands, in favor of [INSERT], in its capacity as facility agent
under the Agreement (as defined below) (the “Agent”), for the benefit of the Lenders (as defined in the Agreement).

 

WHEREAS,
reference is made to the [ECA AGREEMENT], dated as of [DATE] (as amended, restated, amended and restated, supplemented and/or
otherwise modified from time to time, the “Agreement”), among Royal Caribbean Cruises Ltd., a Liberian corporation
(the “Borrower”), the Agent and the other parties thereto.

 

WHEREAS,
the Guarantor is a wholly-owned subsidiary of the Borrower and derives substantial direct and indirect benefits from the Agreement
and is willing to execute and deliver this Guarantee.

 

NOW,
THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section
1.01. Agreement Definitions.

 

Capitalized
terms used in this Guarantee, including the preamble and introductory paragraphs hereto, and not otherwise defined herein have
the meanings specified in the Agreement.

 

Section
1.02. Other Defined Terms.

 

As
used in this Guarantee, in addition to the terms defined in the preliminary statements above, the following terms have the meanings
specified below:

 

“Article”
means a numbered article of this Guarantee, unless another document is specifically referenced.

 

“Date
of Full Satisfaction” means the date of payment and performance in full of the Guaranteed Obligations and the termination
of the Agreement.

 

“Guaranteed
Obligations” means the Obligations of the Borrower, including without limitation, interest and other amounts that would
accrue but for the commencement of bankruptcy, reorganization or insolvency proceedings (or other similar proceedings), whether
or not allowed in such proceedings.

 

“Other
Guarantor” means any guarantor of the Guaranteed Obligations (other than the Guarantor).

 

“Section”
means a numbered section of this Guarantee, unless another document is specifically referenced.

 

    1

     

    

 

“UFCA”
has the meaning assigned to such term in Section 2.07.

 

“UFTA” has the meaning assigned to such term
in Section 2.07.

 

Section 1.03. Terms Generally.

 

The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein), (b) the words “herein,” “hereof” and
 “hereunder,” and words of similar import, shall be construed to refer to this Guarantee in its entirety and not to
any particular provision hereof, (c) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to
refer to Articles and Sections of, and Exhibits and Schedules to, this Guarantee, (d) any reference to any law or regulation herein
shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and
(e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

ARTICLE
II

 

GUARANTEE

 

Section
2.01. Guarantee.

 

The
Guarantor irrevocably, absolutely and unconditionally guarantees, as a primary obligor and not merely as a surety, the due and
punctual payment and performance of the Guaranteed Obligations, whether such Guaranteed Obligations are now existing or hereafter
incurred, and whether at maturity, by acceleration, after notice of prepayment, early termination or otherwise. The Guarantor
further agrees that the Guaranteed Obligations may be extended, increased or renewed, amended or modified, in whole or in part,
without notice to, or further assent from, the Guarantor and that the Guarantor will remain bound upon its guarantee hereunder
notwithstanding any such extension, increase, renewal, amendment or modification of any Guaranteed Obligation. To the fullest
extent permitted by applicable law, the Guarantor (a) waives promptness, diligence, presentment to, demand of payment from, and
protest to, the Guarantor or the Borrower of any of the Guaranteed Obligations, and (b) also waives notice of acceptance of its
guarantee and notice of protest for nonpayment.

 

Section
2.02. Guarantee of Payment.

 

The
Guarantor further agrees, to the fullest extent permitted by applicable law, that its guarantee hereunder constitutes a
guarantee of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual of
collection of any of the Guaranteed Obligations or operated as a discharge thereof) and not of collection, and waives any
right to require that any resort be had by the Agent or any other Person to any balance of any deposit account or credit on
the books of the Agent or any other Person in favor of any Other Guarantor or any other Person or any collateral security or
other credit support. The obligations of the Guarantor hereunder are independent of the obligations of any Other Guarantor or
the Borrower, and a separate action or actions may be brought and prosecuted against the Guarantor whether or not action is
brought against any Other Guarantor or the Borrower and whether or not any Other Guarantor or the Borrower is joined in any
such action or actions. Any payment required to be made by the Guarantor hereunder may be required by the Agent on any number
of occasions.

 

    2

     

    

 

Section
2.03. No Limitations.

 

(a)           Except
for termination or release of the Guarantor’s obligations hereunder as expressly provided in Section 4.10 (but without
prejudice to Section 2.04), to the fullest extent permitted by applicable law, the obligations of the Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination
whatsoever by reason of the invalidity, illegality or unenforceability of any of the Guaranteed Obligations, any impossibility
in the performance of any of the Guaranteed Obligations, or otherwise. Without limiting the generality of the foregoing, to the
fullest extent permitted by applicable law and except for termination or release of the Guarantor’s obligations hereunder
in accordance with the terms of Section 4.10 (but without prejudice to Section 2.04), the obligations of the Guarantor
hereunder shall not be discharged impaired or otherwise affected by (i) the failure of the Agent or any other Person to assert
any claim or demand or to enforce any right or remedy under the provisions of any [Loan] Document or otherwise; (ii) any rescission,
waiver, amendment or modification of, or any release from any of the terms or provisions of, any Guaranteed Obligation, any [Loan]
Document or any other agreement or non-perfection or release of collateral; (iii) any default, failure or delay, willful or otherwise,
in the performance of the Guaranteed Obligations; (iv) any change in the corporate existence, structure or ownership of the Borrower
or any Other Guarantor, the lack of legal existence of the Borrower or any Other Guarantor or legal obligation to discharge any
of the Guaranteed Obligations by the Borrower or any Other Guarantor for any reason whatsoever, including, without limitation,
in any insolvency, bankruptcy or reorganization of the Borrower or any Other Guarantor; (v) the existence of any claim, set-off
or other rights that the Guarantor may have at any time against the Borrower, the Agent or any other Person, whether in connection
with the Agreement, the other [Loan] Documents or any unrelated transaction; (vi) this Guarantee having been determined (on whatsoever
grounds) to be invalid, non-binding or unenforceable against any Other Guarantor ab initio or at any time after the date
hereof; or (vii) any other circumstance (including statute of limitations), any act or omission that may or might in any manner
or to any extent vary the risk of the Guarantor or otherwise operate as a defense to, or discharge of, the Borrower, the Guarantor
or any Other Guarantor or any other surety as a matter of law or equity (in each case, other than the occurrence of the Date of
Full Satisfaction). Anything contained in this Guarantee to the contrary notwithstanding, the obligations of the Guarantor under
this Guarantee shall be limited to an aggregate amount equal to the largest amount that would not render its obligations under
this Guarantee subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code of the United
States or any comparable provisions of any similar federal, state or foreign law.

 

    3

     

    

 

(b)           To the fullest extent permitted by applicable law and except for termination or release of the Guarantor’s obligations hereunder
in accordance with the terms of Section 4.10 (but without prejudice to Section 2.04), the Guarantor waives any defense
based on or arising out of any defense of the Borrower or any Other Guarantor or the unenforceability of the Guaranteed Obligations
or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower or any Other Guarantor, other
than the occurrence of the Date of Full Satisfaction. To the fullest extent permitted by applicable law, the Guarantor waives
any and all suretyship defenses.

 

(c)           The Guarantor acknowledges that it will receive indirect benefits from the arrangements contemplated by the [Loan] Documents and
that the waivers set forth in this Guarantee are knowingly made in contemplation of such benefits.

 

Section
2.04. Reinstatement.

 

Notwithstanding
anything to contrary contained in this Guarantee, the Guarantor agrees that (a) its guarantee hereunder shall continue to be effective
or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation is rescinded or
must otherwise be restored by the Agent or any other Person upon the bankruptcy, insolvency or reorganization (or any analogous
proceeding in any jurisdiction) of the Borrower or otherwise and (b) the provisions of this Section 2.04 shall survive
the termination of this Guarantee.

 

Section
2.05. Agreement To Pay; Subrogation.

 

In
furtherance of the foregoing and not in limitation of any other right that the Agent or any other Person has at law or in equity
against the Guarantor by virtue hereof, upon the failure of the Borrower to pay any Guaranteed Obligation when and as the same
shall become due (after giving effect to any applicable grace periods), whether at maturity, by acceleration, after notice of
prepayment or otherwise, the Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Agent for distribution
to the applicable beneficiaries in cash the amount of such unpaid Guaranteed Obligation. Upon payment by the Guarantor of any
sums to the Agent as provided above, all rights of the Guarantor against the Borrower arising as a result thereof by way of right
of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Section 3.01.

 

Section
2.06. Information.

 

The
Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition and assets,
and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent
of the risks that the Guarantor assumes and incurs hereunder, and agrees that none of the Agent or any other Person will have
any duty to advise the Guarantor of information known to it or any of them regarding such circumstances or risks.

 

Section
2.07. Limitation on Obligations Guaranteed.

 

(a)           Notwithstanding
any other provision hereof, the right of recovery against the Guarantor under Article II hereof shall be limited to the maximum
amount that can be guaranteed by the Guarantor without rendering the Guarantor’s obligations under Article II hereof void
or voidable under applicable law, including, without limitation, the Uniform Fraudulent Conveyance Act (“UFCA”),
Uniform Fraudulent Transfer Act (“UFTA”) or any similar foreign, federal or state law, in each case after giving
full effect to the liability under such guarantee set forth in Article II hereof and its related contribution rights but before
taking into account any liabilities under any other guarantee by the Guarantor. For purposes of the foregoing, all guarantees
of the Guarantor other than the guarantee under Article II hereof will be deemed to be enforceable and payable after the guaranty
under Article II hereof. To the fullest extent permitted by applicable law, this Section 2.07 shall be for the benefit
solely of creditors and representatives of creditors of the Guarantor and not for the benefit of the Guarantor or the holders
of any Equity Interest in the Guarantor.

 

    4

     

    

 

(b)           The
Guarantor agrees that Obligations may at any time and from time to time be incurred or permitted in an amount exceeding the maximum
liability of the Guarantor under Section 2.07(a) without impairing the guarantee contained in this Article II or affecting
the rights and remedies of the Agent or any other Person hereunder.

 

ARTICLE
III

 

INDEMNITY,
SUBROGATION AND SUBORDINATION

 

Section 3.01. Indemnity, Subrogation and Subordination.

 

Upon
payment by the Guarantor of any Guaranteed Obligations, all rights of the Guarantor against the Borrower arising as a result thereof
by way of right of subrogation, contribution, reimbursement, indemnity or otherwise (whether at law or in equity) shall in all
respects be subordinate and junior in right of payment to the prior payment in full of the Obligations until the Date of Full
Satisfaction. If any amount shall erroneously be paid to the Borrower on account of (a) such subrogation, contribution, reimbursement,
indemnity or similar right or (b) any such indebtedness of the Borrower, such amount shall be held in trust for the benefit of
the Agent and shall promptly be paid to the Agent to be credited against the payment of the Guaranteed Obligations, whether matured
or unmatured, in accordance with the terms of the Agreement and the other [Loan] Documents. No failure on the part of the Borrower
to make the payments required by this Section 3.01 (or any other payments required under applicable law or otherwise) shall
in any respect limit the obligations and liabilities of the Guarantor with respect to its obligations under this Guarantee, and
the Guarantor shall remain liable for the full amount of the obligations of the Guarantor hereunder.

 

ARTICLE
IV

 

MISCELLANEOUS

 

Section
4.01. Notices.

 

All
communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided
in Section 11.2 of the Agreement. All communications and notice hereunder to the Guarantor shall be given in care of the Borrower.

 

    5

     

    

 

Section
4.02. Waivers; Amendment.

 

(a)           No failure by the Agent or any other Person to exercise, and no delay by any such Person in exercising, any right, remedy, power
or privilege hereunder or under any other [Loan] Document shall operate as a waiver hereof or thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under
each other [Loan] Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. No
waiver of any provision of this Guarantee or consent to any departure by the Guarantor therefrom shall in any event be effective
unless the same shall be permitted by Section 4.02(b), and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given.

 

(b)           Neither this Guarantee nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements
in writing entered into by the Agent and the Guarantor, subject to any consent required in accordance with Section 11.1 of the
Agreement.

 

Section
4.03. Agent’s Fees and Expenses; Indemnification.

 

(a)           The Guarantor agrees to reimburse the Agent for its reasonable and documented out-of-pocket fees and expenses incurred hereunder
in accordance with Section 11.3 of the Agreement; provided that each reference therein to “the Borrower” shall
be deemed to be a reference to “the Guarantor.”

 

(b)           The Guarantor shall indemnify the Indemnified Parties as set forth in Section 11.4 of the Agreement.

 

Section
4.04. Successors and Assigns.

 

Whenever
in this Guarantee any of the parties hereto is referred to, such reference shall be deemed to include the successors and permitted
assigns of such party; and all covenants, promises and agreements by or on behalf of the Guarantor, the Agent or any other Person
that are contained in this Guarantee shall bind and inure to the benefit of their respective successors and permitted assigns.
Except as provided in Section 11.10 of the Agreement, no party hereto may assign any of its rights or obligations hereunder.

 

Section
4.05. Representations and Warranties.

 

All
representations and warranties made hereunder shall survive the execution and delivery hereof. Such representations and warranties
have been or will be relied upon by the Agent, regardless of any investigation made by the Agent or on its behalf, and shall continue
in full force and effect until this Guarantee is terminated as provided in Section 4.10 hereof, or with respect to the
Guarantor, until the Guarantor is otherwise released from its obligations under this Guarantee in accordance with the terms hereof.

 

    6

     

    

 

Section
4.06. Counterparts; Effectiveness; Several Agreement.

 

This
Guarantee may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Guarantee shall become effective when
it shall have been executed by the Guarantor and the Agent and thereafter shall be binding upon and inure to the benefit of the
Guarantor, the Agent and their respective successors and permitted assigns, subject to Section 4.04. Delivery of an executed
counterpart of a signature page of this Guarantee by email or other electronic (including in “.pdf” or “.tif”
format) means shall be effective as delivery of a manually executed counterpart of this Guarantee. The words “execute,”
 “execution,” “signed,” “signature,” and words of like import in or related to any document
to be signed in connection with this Guarantee and the transactions contemplated hereby shall be deemed to include electronic
signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agent,
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Agent is under no obligation to agree to accept electronic
signatures in any form or in any format unless expressly agreed to by the Agent pursuant to procedures approved by it.

 

Section
4.07. Severability.

 

If
any provision of this Guarantee is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Guarantee shall not be affected or impaired thereby and (b) the parties shall endeavor in
good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision
in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section
4.08. Governing Law; Jurisdiction; Consent to Service of Process.

 

(a)           Governing
Law. This Guarantee shall be construed in accordance with and governed by the law of the State of New York without regard
to conflicts of laws principles thereof that would result in the application of the law of any other jurisdiction.

 

(b)           Jurisdiction.
Each of the Guarantor and the Agent hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive
jurisdiction of any federal or state court located in the borough of Manhattan in the City of New York, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this Guarantee, or for recognition or enforcement
of any judgment, and each of such parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal
court. Each of such parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

    7

     

    

 

(c)           Venue.
Each of the Guarantor and the Agent hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Guarantee in any court referred to in Section 4.08(b). Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

(d)           Service
of Process. Each of the Guarantor and the Agent irrevocably consents to service of process in the manner provided for notices
in Section 11.14.4 of the Agreement to the extent permitted by applicable law. Nothing in this Guarantee or any other [Loan] Document
will affect the right of any party to this Guarantee to serve process in any other manner permitted by law. As an alternative
method of service, the Guarantor also irrevocably appoints the Borrower (the “Process Agent”) with an office
on the date hereof at 1050 Caribbean Way, Miami, Florida 33132, United States of America, as its agent to receive on behalf of
the Guarantor and its property service of copies of any process, summons, notice or document in any such action or proceeding.
Such service may be made by mailing or delivering a copy of such process to the Guarantor in care of the Process Agent, and the
Guarantor hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. Nothing herein will
affect the right of Agent to serve legal process in any other manner permitted by law or affect Agent’s right to bring any
action or proceeding against the Guarantor or its property in the courts of other jurisdictions.

 

(e)           WAIVER
OF JURY TRIAL. EACH OF THE GUARANTOR AND THE AGENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTEE OR
THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH OF THE GUARANTOR AND THE AGENT
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTEE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION 4.08(e).

 

Section
4.09. Obligations Absolute.

 

To
the fullest extent permitted by applicable law, all rights of the Agent hereunder and all obligations of the Guarantor hereunder
shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Agreement, any other [Loan]
Document, any agreement with respect to any of the Guaranteed Obligations or any other agreement or instrument relating to any
of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed
Obligations, or any other amendment or waiver of or any consent to any departure from the Agreement, any other [Loan] Document
or any other agreement or instrument, (c) any release or amendment or waiver of or consent under or departure from any guarantee
guaranteeing all or any of the Guaranteed Obligations or (d) subject only to termination or release of the Guarantor’s obligations
hereunder in accordance with the terms of Section 4.10, but without prejudice to reinstatement rights under Section
2.04, any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Guarantor in respect
of the Guaranteed Obligations or this Guarantee.

 

    8

     

    

 

Section
4.10. Termination or Release.

 

(a)           This Guarantee and the guarantees made herein shall remain in full force and effect until the earlier of (i) the Date of Full
Satisfaction and (ii) the occurrence of a First Priority Release Event, at which time they shall automatically terminate with
respect to all Guaranteed Obligations.

 

(b)           In connection with any termination or release pursuant to clause (a) above, the Agent shall promptly execute and deliver
to the Guarantor, at the Guarantor’s expense, all documents or other instruments that the Guarantor shall reasonably request
to evidence such termination or release and shall perform such other actions reasonably requested by the Guarantor to effect such
release, including return of certificates, securities and instruments. Any execution and delivery of documents pursuant to this
Section 4.10 shall be without recourse to or warranty by the Agent.

 

Section
4.11. Recourse; Limited Obligations.

 

This
Guarantee is made with full recourse to the Guarantor and pursuant to and upon all the warranties, representations, covenants
and agreements on the part of the Guarantor contained herein, in the Agreement and the other [Loan] Documents and otherwise in
writing in connection herewith or therewith. It is the desire and intent of the Guarantor and the Agent that this Guarantee shall
be enforced against the Guarantor to the fullest extent permissible under applicable law applied in each jurisdiction in which
enforcement is sought.

 

Section
4.12. Judgment. If for the purposes of obtaining judgment in any court it is necessary to convert a sum payable hereunder
(the “Guaranty Currency”) into another currency (the “Other Currency”), the Guarantor agrees
that the rate of exchange used will be that at which, in accordance with normal banking procedures, the Agent could purchase the
Guaranty Currency with the Other Currency on the business day preceding that on which final judgment is given. The obligation
of the Guarantor in respect of any sum due hereunder will, notwithstanding any judgment in the Other Currency, be discharged only
to the extent that, on the date the Guarantor makes payment to the Agent of any sum adjudged to be so due in the Other Currency,
the Agent may, in accordance with normal banking procedures, purchase the Guaranty Currency with the Other Currency; if the amount
of the Guaranty Currency so purchased is less than the sum originally due to the Agent in the Guaranty Currency, the Guarantor
agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Agent against such loss, and if the amount
of the Guaranty Currency so purchased exceeds the amount originally due to the Agent in the Guaranty Currency, the Agent agrees
to remit to the Guarantor such excess.

 

[The
Remainder of This Page Is Intentionally Left Blank]

 

    9

     

    

 

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

 

	 	CELEBRITY CRUISE LINES INC., 

as the Guarantor
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	[INSERT],

as the Agent
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

  

     

     

    

 

Exhibit
D

Form of Second Priority Guarantee

 

     

     

    

  

Notwithstanding
anything contained herein to the contrary, the obligations of the Guarantors (as defined herein) under this Guarantee shall not
become due or be paid or payable by any Guarantor pursuant hereto, except to the extent permitted under each Subordination Agreement
that has been or may be executed, among [AGENT], [AGENT], RCL Cruise Holdings LLC, Torcatt Enterprises Limitada, RCL Holdings
Cooperatief UA, RCL Cruises Ltd., and RCL Investments Ltd., RCI Holdings LLC, and the applicable agent or other representative
in respect of obligations of Royal Caribbean Cruises Ltd., and each such Subordination Agreement is incorporated herein with the
same effect as if fully set forth herein. For the avoidance of doubt, restrictions imposed by the aforementioned Subordination
Agreement on the rights of the beneficiary hereof to enforce the obligations of the Guarantors under this Guarantee shall not
affect the rights of the beneficiary to enforce the obligations of the Guarantors under this Guarantee on and following such time
as the aforementioned Subordination Agreement permits and those rights shall be fully preserved.

 

	 

[FORM
OF] SECOND PRIORITY GUARANTEE

 

dated as of

 

[•], 2020

 

between

 

THE
GUARANTORS LISTED ON SCHEDULE I HERETO,

 

and

 

[INSERT],
as Agent

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page 
	 	 
	ARTICLE I	 
	 	 
	DEFINITIONS	 
	 	 
	Section 1.01. Agreement Definitions	1
	Section 1.02. Other Defined Terms	1
	Section 1.03. Terms Generally	2
	 	 
	ARTICLE II	 
	 	 
	GUARANTEE	 
	 	 
	Section 2.01. Guarantee	2
	Section 2.02. Guarantee of Payment	3
	Section 2.03. No Limitations	3
	Section 2.04. Reinstatement	4
	Section 2.05. Agreement To Pay; Subrogation	4
	Section 2.06. Information	5
	Section 2.07. Limitation on Obligations Guaranteed	5
	 	 
	ARTICLE III	 
	 	 
	INDEMNITY, SUBROGATION AND SUBORDINATION	 
	 	 
	Section 3.01. Indemnity, Subrogation and Subordination	6
	 	 
	ARTICLE IV	 
	 	 
	MISCELLANEOUS	 
	 	 
	Section 4.01. Notices	6
	Section 4.02. Waivers; Amendment	6
	Section 4.03. Agent’s Fees and Expenses; Indemnification	7
	Section 4.04. Successors and Assigns	7
	Section 4.05. Representations and Warranties	7
	Section 4.06. Counterparts; Effectiveness; Several Agreement	8
	Section 4.07. Severability	8
	Section 4.08. Governing Law; Jurisdiction; Consent to Service of Process	8
	Section 4.09. Obligations Absolute	9
	Section 4.10. Termination or Release	10
	Section 4.11. Recourse; Limited Obligations	10
	Section 4.12. Judgment	10

 

     

     

    

 

This
SECOND PRIORITY GUARANTEE (this “Guarantee”), dated as of [•], 2020, is made by the Guarantors
set forth on Schedule I hereto (the “Guarantors”) in favor of [INSERT], in its capacity as facility
agent under the Agreement (as defined below) (the “Agent”), for the benefit of the Lenders (as defined in the
Agreement).

 

WHEREAS,
reference is made to the [ECA AGREEMENT], dated as of [DATE] (as amended, restated, amended and restated, supplemented and/or
otherwise modified from time to time, the “Agreement”), among Royal Caribbean Cruises Ltd., a Liberian corporation
(the “Borrower”), the Agent and the other parties thereto.

 

WHEREAS,
each Guarantor is a wholly-owned subsidiary of the Borrower and derives substantial direct and indirect benefits from the Agreement
and is willing to execute and deliver this Guarantee.

 

NOW,
THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section
1.01. Agreement Definitions.

 

Capitalized
terms used in this Guarantee, including the preamble and introductory paragraphs hereto, and not otherwise defined herein have
the meanings specified in the Agreement.

 

Section
1.02. Other Defined Terms.

 

As
used in this Guarantee, in addition to the terms defined in the preliminary statements above, the following terms have the meanings
specified below:

 

“Accommodation
Payment” has the meaning assigned to such term in Section 3.01.

 

“Allocable Amount” has the
meaning assigned to such term in Section 3.01.

 

“Article”
means a numbered article of this Guarantee, unless another document is specifically referenced.

 

“Date
of Full Satisfaction” means the date of payment and performance in full of the Guaranteed Obligations and the termination
of the Agreement.

 

“Guaranteed
Obligations” means the Obligations of the Borrower and the other Guarantors, including without limitation, interest
and other amounts that would accrue but for the commencement of bankruptcy, reorganization or insolvency proceedings (or other
similar proceedings), whether or not allowed in such proceedings.

 

    1

     

    

 

“Other
Guarantor” means any guarantor of the Guaranteed Obligations (other than the Guarantors).

 

“Section”
means a numbered section of this Guarantee, unless another document is specifically referenced.

 

“UFCA”
has the meaning assigned to such term in Section 2.07.

 

“UFTA” has the meaning assigned to such term
in Section 2.07.

 

Section 1.03. Terms Generally.

 

The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein), (b) the words “herein,” “hereof” and
 “hereunder,” and words of similar import, shall be construed to refer to this Guarantee in its entirety and not to
any particular provision hereof, (c) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to
refer to Articles and Sections of, and Exhibits and Schedules to, this Guarantee, (d) any reference to any law or regulation herein
shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and
(e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

ARTICLE
II

 

GUARANTEE

 

Section
2.01. Guarantee.

 

Each
Guarantor irrevocably, absolutely and unconditionally guarantees, jointly with the other Guarantors party hereto and severally,
as a primary obligor and not merely as a surety, the due and punctual payment and performance of the Guaranteed Obligations, whether
such Guaranteed Obligations are now existing or hereafter incurred, and whether at maturity, by acceleration, after notice of
prepayment, early termination or otherwise. Each of the Guarantors further agrees that the Guaranteed Obligations may be extended,
increased or renewed, amended or modified, in whole or in part, without notice to, or further assent from, such Guarantor and
that such Guarantor will remain bound upon its guarantee hereunder notwithstanding any such extension, increase, renewal, amendment
or modification of any Guaranteed Obligation. To the fullest extent permitted by applicable law, each of the Guarantors (a) waives
promptness, diligence, presentment to, demand of payment from, and protest to, such Guarantor, any other Guarantor or the Borrower
of any of the Guaranteed Obligations, and (b) also waives notice of acceptance of its guarantee and notice of protest for nonpayment.

 

    2

     

    

 

Section
2.02. Guarantee of Payment.

 

Each
of the Guarantors further agrees, to the fullest extent permitted by applicable law, that its guarantee hereunder constitutes
a guarantee of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual of collection
of any of the Guaranteed Obligations or operated as a discharge thereof) and not of collection, and waives any right to require
that any resort be had by the Agent or any other Person to any balance of any deposit account or credit on the books of the Agent
or any other Person in favor of any other Guarantor party hereto, any Other Guarantor or any other Person or any collateral security
or other credit support. The obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor
party hereto, any Other Guarantor or the Borrower, and a separate action or actions may be brought and prosecuted against each
Guarantor whether or not action is brought against any other Guarantor party hereto, any Other Guarantor or the Borrower and whether
or not any other Guarantor party hereto, any Other Guarantor or the Borrower is joined in any such action or actions. Any payment
required to be made by a Guarantor hereunder may be required by the Agent on any number of occasions.

 

Section
2.03. No Limitations.

 

(a)           Except
for termination or release of a Guarantor’s obligations hereunder as expressly provided in Section 4.10 (but without
prejudice to Section 2.04), to the fullest extent permitted by applicable law, the obligations of each Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination
whatsoever by reason of the invalidity, illegality or unenforceability of any of the Guaranteed Obligations, any impossibility
in the performance of any of the Guaranteed Obligations, or otherwise. Without limiting the generality of the foregoing, to the
fullest extent permitted by applicable law and except for termination or release of a Guarantor’s obligations hereunder
in accordance with the terms of Section 4.10 (but without prejudice to Section 2.04), the obligations of each Guarantor
hereunder shall not be discharged impaired or otherwise affected by (i) the failure of the Agent or any other Person to assert
any claim or demand or to enforce any right or remedy under the provisions of any [Loan] Document or otherwise; (ii) any rescission,
waiver, amendment or modification of, or any release from any of the terms or provisions of, any Guaranteed Obligation, any [Loan]
Document or any other agreement, including with respect to any other Guarantor under this Guarantee or non-perfection or release
of collateral; (iii) any default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations; (iv)
any change in the corporate existence, structure or ownership of the Borrower, any other Guarantor party hereto or any Other Guarantor,
the lack of legal existence of the Borrower, any other Guarantor party hereto or any Other Guarantor or legal obligation to discharge
any of the Guaranteed Obligations by the Borrower, any other Guarantor party hereto or any Other Guarantor for any reason whatsoever,
including, without limitation, in any insolvency, bankruptcy or reorganization of the Borrower, any other Guarantor party hereto
or any Other Guarantor; (v) the existence of any claim, set-off or other rights that any Guarantor may have at any time against
the Borrower, the Agent or any other Person, whether in connection with the Agreement, the other [Loan] Documents or any unrelated
transaction; (vi) this Guarantee having been determined (on whatsoever grounds) to be invalid, non-binding or unenforceable against
any other Guarantor party hereto or any Other Guarantor ab initio or at any time after the date hereof; or (vii) any other
circumstance (including statute of limitations), any act or omission that may or might in any manner or to any extent vary the
risk of any Guarantor or otherwise operate as a defense to, or discharge of, the Borrower, such Guarantor, any other Guarantor
party hereto or any Other Guarantor or other surety as a matter of law or equity (in each case, other than the occurrence of the
Date of Full Satisfaction). Anything contained in this Guarantee to the contrary notwithstanding, the obligations of each Guarantor
under this Guarantee shall be limited to an aggregate amount equal to the largest amount that would not render its obligations
under this Guarantee subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code of the
United States or any comparable provisions of any similar federal, state or foreign law.

 

    3

     

    

 

(b)           To the fullest extent permitted by applicable law and except for termination or release of a Guarantor’s obligations hereunder
in accordance with the terms of Section 4.10 (but without prejudice to Section 2.04), each Guarantor waives any
defense based on or arising out of any defense of the Borrower, any other Guarantor party hereto or any Other Guarantor or the
unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability
of the Borrower, any other Guarantor party hereto or any Other Guarantor, other than the occurrence of the Date of Full Satisfaction.
To the fullest extent permitted by applicable law, each Guarantor waives any and all suretyship defenses.

 

(c)           Each Guarantor acknowledges that it will receive indirect benefits from the arrangements contemplated by the [Loan] Documents
and that the waivers set forth in this Guarantee are knowingly made in contemplation of such benefits.

 

Section
2.04. Reinstatement.

 

Notwithstanding
anything to contrary contained in this Guarantee, each of the Guarantors agrees that (a) its guarantee hereunder shall continue
to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation
is rescinded or must otherwise be restored by the Agent or any other Person upon the bankruptcy, insolvency or reorganization
(or any analogous proceeding in any jurisdiction) of the Borrower or any other Guarantor or otherwise and (b) the provisions of
this Section 2.04 shall survive the termination of this Guarantee.

 

Section
2.05. Agreement To Pay; Subrogation.

 

In
furtherance of the foregoing and not in limitation of any other right that the Agent or any other Person has at law or in equity
against any Guarantor by virtue hereof, upon the failure of the Borrower or any other Guarantor to pay any Guaranteed Obligation
when and as the same shall become due (after giving effect to any applicable grace periods), whether at maturity, by acceleration,
after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the
Agent for distribution to the applicable beneficiaries in cash the amount of such unpaid Guaranteed Obligation. Upon payment by
any Guarantor of any sums to the Agent as provided above, all rights of such Guarantor against the Borrower or any other Guarantor
arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects
be subject to Section 3.01.

 

    4

     

    

 

Section
2.06. Information.

 

Each
Guarantor assumes all responsibility for being and keeping itself informed of each Borrower’s and each other Guarantor’s
financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations
and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of the Agent
or any other Person will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances
or risks.

 

Section
2.07. Limitation on Obligations Guaranteed.

 

(a)           
Notwithstanding any other provision hereof, the right of recovery against each Guarantor under Article II hereof shall be limited
to the maximum amount that can be guaranteed by such Guarantor without rendering such Guarantor’s obligations under Article
II hereof void or voidable under applicable law, including, without limitation, the Uniform Fraudulent Conveyance Act (“UFCA”),
Uniform Fraudulent Transfer Act (“UFTA”) or any similar foreign, federal or state law, in each case after giving
full effect to the liability under such guarantee set forth in Article II hereof and its related contribution rights but before
taking into account any liabilities under any other guarantee by such Guarantor. For purposes of the foregoing, all guarantees
of such Guarantor other than the guarantee under Article II hereof will be deemed to be enforceable and payable after the guaranty
under Article II hereof. If any payment shall be required to be made to the Agent under this Guarantee, each Guarantor hereby
unconditionally and irrevocably agrees it will contribute, to the maximum extent permitted by law, such amounts to each other
Guarantor and the Borrower so as to maximize the aggregate amount paid to the Agent under or in connection with this Guarantee
and the Agreement. To the fullest extent permitted by applicable law, this Section 2.07 shall be for the benefit solely
of creditors and representatives of creditors of each Guarantor and not for the benefit of such Guarantor or the holders of any
Equity Interest in such Guarantor.

 

(b)           
Each Guarantor agrees that Obligations may at any time and from time to time be incurred or permitted in an amount exceeding the
maximum liability of such Guarantor under Section 2.07(a) without impairing the guarantee contained in this Article II
or affecting the rights and remedies of the Agent or any other Person hereunder.

 

    5

     

    

 

ARTICLE
III

 

INDEMNITY,
SUBROGATION AND SUBORDINATION

 

Section
3.01. Indemnity, Subrogation and Subordination.

 

Upon
payment by any Guarantor of any Guaranteed Obligations, all rights of such Guarantor against the Borrower or any other Guarantor
arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise (whether at law
or in equity) shall in all respects be subordinate and junior in right of payment to the prior payment in full of the Obligations
until the Date of Full Satisfaction. If any amount shall erroneously be paid to the Borrower or any other Guarantor on account
of (a) such subrogation, contribution, reimbursement, indemnity or similar right or (b) any such indebtedness of the Borrower
or any other Guarantor, such amount shall be held in trust for the benefit of the Agent and shall promptly be paid to the Agent
to be credited against the payment of the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms of
the Agreement and the other [Loan] Documents. Subject to the foregoing, to the extent that any Guarantor shall, under this Guarantee
or the Agreement as a joint and several obligor, repay any of the Obligations (an “Accommodation Payment”),
then the Guarantor making such Accommodation Payment shall be entitled to contribution and indemnification from, and be reimbursed
by, each of the other Guarantors in an amount equal to a fraction of such Accommodation Payment, the numerator of which fraction
is such other Guarantor’s Allocable Amount (as defined below) and the denominator of which is the sum of the Allocable Amounts
of all of the Guarantors (including the other Guarantors); provided that such rights of contribution, subrogation, reimbursement
and indemnification shall be subordinated to the prior payment of the Obligations until the Date of Full Satisfaction. As of any
date of determination, the “Allocable Amount” of each Guarantor or any other Guarantor shall be equal to the
maximum amount of liability for Accommodation Payments which could be asserted against such Guarantor hereunder and under the
Agreement or any other guarantee to which such other Guarantor is a party in connection therewith without (i) rendering such Guarantor
or other Guarantor “insolvent” within the meaning of Section 101 (31) of the Bankruptcy Code of the United
States, Section 2 of the UFTA or Section 2 of the UFCA, (ii) leaving such Guarantor or other Guarantor with unreasonably small
capital or assets, within the meaning of Section 548 of the Bankruptcy Code of the United States, Section 4 of the UFTA, or Section
5 of the UFCA, or (iii) leaving such Guarantor or other Guarantor unable to pay its debts as they become due within the meaning
of Section 548 of the Bankruptcy Code of the United States or Section 4 of the UFTA, or Section 5 of the UFCA. No failure on the
part of the Borrower, any Guarantor or any other Guarantor to make the payments required by this Section 3.01 (or any other
payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of any Guarantor
with respect to its obligations under this Guarantee, and each Guarantor shall remain liable for the full amount of the obligations
of such Guarantor hereunder.

 

ARTICLE
IV

 

MISCELLANEOUS

 

Section
4.01. Notices.

 

All
communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided
in Section 11.2 of the Agreement. All communications and notice hereunder to a Guarantor shall be given in care of the Borrower.

 

Section
4.02. Waivers; Amendment.

 

(a)           No
failure by the Agent or any other Person to exercise, and no delay by any such Person in exercising, any right, remedy,
power or privilege hereunder or under any other [Loan] Document shall operate as a waiver hereof or thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided,
and provided under each other [Loan] Document, are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by law. No waiver of any provision of this Guarantee or consent to any departure by any Guarantor
therefrom shall in any event be effective unless the same shall be permitted by Section 4.02(b), and then such waiver
or consent shall be effective only in the specific instance and for the purpose for which given.

 

    6

     

    

 

(b)           Neither
this Guarantee nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing
entered into by the Agent and the Guarantor or Guarantors with respect to which such waiver, amendment or modification is to apply,
subject to any consent required in accordance with Section 11.1 of the Agreement.

 

Section
4.03. Agent’s Fees and Expenses; Indemnification.

 

(a)           
Each Guarantor, jointly with the other Guarantors and severally, agrees to reimburse the Agent for its reasonable and documented
out-of-pocket fees and expenses incurred hereunder in accordance with Section 11.3 of the Agreement; provided that each
reference therein to “the Borrower” shall be deemed to be a reference to “each Guarantor.”

 

(b)           
Each Guarantor shall indemnify the Indemnified Parties as set forth in Section 11.4 of the Agreement.

 

Section
4.04. Successors and Assigns.

 

Whenever
in this Guarantee any of the parties hereto is referred to, such reference shall be deemed to include the successors and permitted
assigns of such party; and all covenants, promises and agreements by or on behalf of any Guarantor, the Agent or any other Person
that are contained in this Guarantee shall bind and inure to the benefit of their respective successors and permitted assigns.
Except as provided in Section 11.10 of the Agreement, no party hereto may assign any of its rights or obligations hereunder.

 

Section
4.05. Representations and Warranties.

 

All
representations and warranties made hereunder shall survive the execution and delivery hereof. Such representations and warranties
have been or will be relied upon by the Agent, regardless of any investigation made by the Agent or on its behalf, and shall continue
in full force and effect until this Guarantee is terminated as provided in Section 4.10 hereof, or with respect to any
individual Guarantor, until such Guarantor is otherwise released from its obligations under this Guarantee in accordance with
the terms hereof.

 

    7

     

    

 

Section
4.06. Counterparts; Effectiveness; Several Agreement.

 

This
Guarantee may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Guarantee shall become effective when
it shall have been executed by the Guarantors and the Agent and thereafter shall be binding upon and inure to the benefit of each
Guarantor, the Agent and their respective successors and permitted assigns, subject to Section 4.04. Delivery of an executed
counterpart of a signature page of this Guarantee by email or other electronic (including in “.pdf” or “.tif”
format) means shall be effective as delivery of a manually executed counterpart of this Guarantee. The words “execute,”
 “execution,” “signed,” “signature,” and words of like import in or related to any document
to be signed in connection with this Guarantee and the transactions contemplated hereby shall be deemed to include electronic
signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agent,
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Agent is under no obligation to agree to accept electronic
signatures in any form or in any format unless expressly agreed to by the Agent pursuant to procedures approved by it. This Guarantee
shall be construed as a separate agreement with respect to each Guarantor and may be amended, restated, modified, supplemented,
waived or released with respect to any Guarantor without the approval of any other Guarantor and without affecting the obligations
of any other Guarantor hereunder.

 

Section
4.07. Severability.

 

If
any provision of this Guarantee is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Guarantee shall not be affected or impaired thereby and (b) the parties shall endeavor in
good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision
in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section
4.08. Governing Law; Jurisdiction; Consent to Service of Process.

 

(a)           
Governing Law. This Guarantee shall be construed in accordance with and governed by the law of the State of New York without
regard to conflicts of laws principles thereof that would result in the application of the law of any other jurisdiction.

 

(b)           
Jurisdiction. Each Guarantor and the Agent hereby irrevocably and

unconditionally submits, for itself and its property,
to the non-exclusive jurisdiction of any federal or state court located in the borough of Manhattan in the City of New York, and
any appellate court from any thereof, in any action or proceeding arising out of or relating to this Guarantee, or for recognition
or enforcement of any judgment, and each of such parties hereto hereby irrevocably and unconditionally agrees that all claims
in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by
law, in such federal court. Each of such parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

(c)           
Venue. Each Guarantor and the Agent hereby irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Guarantee in any court referred to in Section 4.08(b). Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court.

 

    8

     

    

 

(d)           Service
of Process. Each Guarantor and the Agent irrevocably consents to service of process in the manner provided for notices in
Section 11.14.4 of the Agreement to the extent permitted by applicable law. Nothing in this Guarantee or any other [Loan] Document
will affect the right of any party to this Guarantee to serve process in any other manner permitted by law. As an alternative
method of service, each Guarantor also irrevocably appoints the Borrower (the “Process Agent”) with an office
on the date hereof at 1050 Caribbean Way, Miami, Florida 33132, United States of America, as its agent to receive on behalf of
such Guarantor and its property service of copies of any process, summons, notice or document in any such action or proceeding.
Such service may be made by mailing or delivering a copy of such process to such Guarantor in care of the Process Agent, and each
Guarantor hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. Nothing herein will
affect the right of Agent to serve legal process in any other manner permitted by law or affect Agent’s right to bring any
action or proceeding against each Guarantor or its property in the courts of other jurisdictions.

 

(e)           WAIVER
OF JURY TRIAL. EACH GUARANTOR AND THE AGENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTEE OR THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH GUARANTOR AND THE AGENT (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTEE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
4.08(E).

 

Section
4.09. Obligations Absolute.

 

To
the fullest extent permitted by applicable law, all rights of the Agent hereunder and all obligations of each Guarantor hereunder
shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Agreement, any other [Loan]
Document, any agreement with respect to any of the Guaranteed Obligations or any other agreement or instrument relating to any
of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed
Obligations, or any other amendment or waiver of or any consent to any departure from the Agreement, any other [Loan] Document
or any other agreement or instrument, (c) any release or amendment or waiver of or consent under or departure from any guarantee
guaranteeing all or any of the Guaranteed Obligations or (d) subject only to termination or release of a Guarantor’s obligations
hereunder in accordance with the terms of Section 4.10, but without prejudice to reinstatement rights under Section
2.04, any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Guarantor in respect
of the Guaranteed Obligations or this Guarantee.

 

    9

     

    

 

Section
4.10. Termination or Release.

 

(a)           
This Guarantee and the guarantees made herein shall remain in full force and effect until the earlier of (i) the Date of Full
Satisfaction and (ii) the occurrence of a Second Priority Release Event, at which time they shall automatically terminate with
respect to all Guaranteed Obligations.

 

(b)           
In connection with any termination or release pursuant to clause (a) above, the Agent shall promptly execute and deliver
to any Guarantor, at such Guarantor’s expense, all documents or other instruments that such Guarantor shall reasonably request
to evidence such termination or release and shall perform such other actions reasonably requested by such Guarantor to effect
such release, including return of certificates, securities and instruments. Any execution and delivery of documents pursuant to
this Section 4.10 shall be without recourse to or warranty by the Agent.

 

Section
4.11. Recourse; Limited Obligations.

 

This
Guarantee is made with full recourse to each Guarantor and pursuant to and upon all the warranties, representations, covenants
and agreements on the part of such Guarantor contained herein, in the Agreement and the other [Loan] Documents and otherwise in
writing in connection herewith or therewith. It is the desire and intent of each Guarantor and the Agent that this Guarantee shall
be enforced against each Guarantor to the fullest extent permissible under applicable law applied in each jurisdiction in which
enforcement is sought.

 

Section
4.12. Judgment. If for the purposes of obtaining judgment in any court it is necessary to convert a sum payable hereunder
(the “Guaranty Currency”) into another currency (the “Other Currency”), each Guarantor agrees
that the rate of exchange used will be that at which, in accordance with normal banking procedures, the Agent could purchase the
Guaranty Currency with the Other Currency on the business day preceding that on which final judgment is given. The obligation
of each Guarantor in respect of any sum due hereunder will, notwithstanding any judgment in the Other Currency, be discharged
only to the extent that, on the date such Guarantor makes payment to the Agent of any sum adjudged to be so due in the Other Currency,
the Agent may, in accordance with normal banking procedures, purchase the Guaranty Currency with the Other Currency; if the amount
of the Guaranty Currency so purchased is less than the sum originally due to the Agent in the Guaranty Currency, each Guarantor
agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Agent against such loss, and if the amount
of the Guaranty Currency so purchased exceeds the amount originally due to the Agent in the Guaranty Currency, the Agent agrees
to remit to such Guarantor such excess.

 

[The
Remainder of This Page Is Intentionally Left Blank]

 

    10

     

    

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

 

	 	RCL
CRUISE HOLDINGS LLC, 

as a Guarantor
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	TORCATT
ENTERPRISES LIMITADA 

as a Guarantor
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

  

     

     

    

 

	 	RCL
HOLDINGS COOPERATIEF UA, 

as a Guarantor
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title: Director A

	 	 	 	 
	 	By: 	Intertrust (Netherlands) B.V., 

    as Director B
	 	 	 	 
	 	 	By: 	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	 	 	By: 	 
	 	 	 	Name:
	 	 	 	Title:

  

     

     

    

 

	 	RCL
    CRUISES LTD., 

    as a Guarantor
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

  

     

     

    

 

	 	RCL
INVESTMENTS LTD., 

as a Guarantor
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

  

     

     

    

 

	 	[INSERT],

as the Agent
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

SCHEDULE
I TO GUARANTEE

 

GUARANTORS

 

	Entity
    Name	Jurisdiction
    of Organization	Type
    of Entity
	 	 	 
	.      RCL
    Cruise Holdings LLC	Liberia	Limited
    Liability Company
	.      Torcatt
    Enterprises Limitada	Costa
    Rica	Sociedad
    de Responsabilidad 

    Limitada
	.      RCL
    Holdings Cooperatief UA	Netherlands	Excluded
    Liability Company
	.      RCL
    Cruises Ltd.	England
    & Wales	Corporation
	.      RCL
    Investments Ltd.	England
    & Wales	Limited
    Company

  

     

     

    

  

Exhibit
E

Form of Third Priority Guarantee 

 

     

     

    

  

Notwithstanding
anything contained herein to the contrary, the obligations of the Guarantor (as defined herein) under this Guarantee shall not
become due or be paid or payable by the Guarantor pursuant hereto, except to the extent permitted under (A) the Subordination
Agreement dated as of [•], 2020, among [AGENT], [AGENT], RCI Holdings LLC, The Bank of New York Mellon Trust Company, N.A.,
in its capacity as Trustee, and Morgan Stanley Senior Funding Inc., in its capacity as Administrative Agent, and (B) each Subordination
Agreement that has been or may be executed, among [AGENT], [AGENT], RCL Cruise Holdings LLC, Torcatt Enterprises Limitada, RCL
Holdings Cooperatief UA, RCL Cruises Ltd., and RCL Investments Ltd., RCI Holdings LLC, and the applicable agent or other representative
in respect of obligations of Royal Caribbean Cruises Ltd., and each such Subordination Agreement is incorporated herein with the
same effect as if fully set forth herein. For the avoidance of doubt, restrictions imposed by the aforementioned Subordination
Agreement on the rights of the beneficiary hereof to enforce the obligations of the Guarantor under this Guarantee shall not affect
the rights of the beneficiary to enforce the obligations of the Guarantors under this Guarantee on and following such time as
the aforementioned Subordination Agreement permits and those rights shall be fully preserved.

	 

 

[FORM
OF] THIRD PRIORITY GUARANTEE

 

dated
as of

 

[•],
2020

 

among

 

RCI
HOLDINGS LLC, as the Guarantor,

 

and

 

[INSERT],
as the Agent

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I	 
	 	 
	DEFINITIONS	 
	 	 
	Section 1.01. Agreement Definitions	1
	Section 1.02. Other Defined Terms	1
	Section 1.03. Terms Generally	2
	 	 
	ARTICLE II	 
	 	 
	GUARANTEE	 
	 	 
	Section 2.01. Guarantee	2
	Section 2.02. Guarantee of Payment	3
	Section 2.03. No Limitations	3
	Section 2.04. Reinstatement	4
	Section 2.05. Agreement To Pay; Subrogation	4
	Section 2.06. Information	4
	Section 2.07. Limitation on Obligations Guaranteed	5
	 	 
	ARTICLE III	 
	 	 
	INDEMNITY, SUBROGATION AND SUBORDINATION	 
	 	 
	Section 3.01. Indemnity, Subrogation and Subordination	5
	 	 
	ARTICLE IV	 
	 	 
	MISCELLANEOUS	 
	 	 
	Section 4.01. Notices	6
	Section 4.02. Waivers; Amendment	6
	Section 4.03. Agent’s Fees and Expenses; Indemnification	6
	Section 4.04. Successors and Assigns	6
	Section 4.05. Representations and Warranties	6
	Section 4.06. Counterparts; Effectiveness; Several Agreement	7
	Section 4.07. Severability	7
	Section 4.08. Governing Law; Jurisdiction; Consent to Service
    of Process	7
	Section 4.09. Obligations Absolute	8
	Section 4.10. Termination or Release	9
	Section 4.11. Recourse; Limited Obligations	9
	Section 4.12. Judgment	9

 

     

     

    

 

This
THIRD PRIORITY GUARANTEE (this “Guarantee”), dated as of [•], 2020, is made by RCI HOLDINGS LLC,
a limited liability company formed and existing under the laws of the Republic of Liberia, in favor of [INSERT], in its capacity
as facility agent under the Agreement (as defined below) (the “Agent”), for the benefit of the Lenders (as
defined in the Agreement).

 

WHEREAS,
reference is made to the [ECA AGREEMENT], dated as of [DATE] (as amended, restated, amended and restated, supplemented and/or
otherwise modified from time to time, the “Agreement”), among Royal Caribbean Cruises Ltd., a Liberian corporation
(the “Borrower”), the Agent and the other parties thereto.

 

WHEREAS,
the Guarantor is a wholly-owned subsidiary of the Borrower and derives substantial direct and indirect benefits from the Agreement
and is willing to execute and deliver this Guarantee.

 

NOW,
THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section
1.01. Agreement Definitions.

 

Capitalized
terms used in this Guarantee, including the preamble and introductory paragraphs hereto, and not otherwise defined herein have
the meanings specified in the Agreement.

 

Section
1.02. Other Defined Terms.

 

As
used in this Guarantee, in addition to the terms defined in the preliminary statements above, the following terms have the meanings
specified below:

 

“Article”
means a numbered article of this Guarantee, unless another document is specifically referenced.

 

“Date
of Full Satisfaction” means the date of payment and performance in full of the Guaranteed Obligations and the termination
of the Agreement.

 

“Guaranteed
Obligations” means the Obligations of the Borrower, including without limitation, interest and other amounts that would
accrue but for the commencement of bankruptcy, reorganization or insolvency proceedings (or other similar proceedings), whether
or not allowed in such proceedings.

 

“Other
Guarantor” means any guarantor of the Guaranteed Obligations (other than the Guarantor).

 

    1

     

    

 

“Section”
means a numbered section of this Guarantee, unless another document is specifically referenced.

 

“UFCA”
has the meaning assigned to such term in Section 2.07.

 

“UFTA”
has the meaning assigned to such term in Section 2.07.

 

Section
1.03. Terms Generally.

 

The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein), (b) the words “herein,” “hereof” and
 “hereunder,” and words of similar import, shall be construed to refer to this Guarantee in its entirety and not to
any particular provision hereof, (c) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to
refer to Articles and Sections of, and Exhibits and Schedules to, this Guarantee, (d) any reference to any law or regulation herein
shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and
(e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

ARTICLE
II

 

GUARANTEE

 

Section
2.01. Guarantee.

 

The
Guarantor irrevocably, absolutely and unconditionally guarantees, as a primary obligor and not merely as a surety, the due and
punctual payment and performance of the Guaranteed Obligations, whether such Guaranteed Obligations are now existing or hereafter
incurred, and whether at maturity, by acceleration, after notice of prepayment, early termination or otherwise. The Guarantor
further agrees that the Guaranteed Obligations may be extended, increased or renewed, amended or modified, in whole or in part,
without notice to, or further assent from, the Guarantor and that the Guarantor will remain bound upon its guarantee hereunder
notwithstanding any such extension, increase, renewal, amendment or modification of any Guaranteed Obligation. To the fullest
extent permitted by applicable law, the Guarantor (a) waives promptness, diligence, presentment to, demand of payment from, and
protest to, the Guarantor or the Borrower of any of the Guaranteed Obligations, and (b) also waives notice of acceptance of its
guarantee and notice of protest for nonpayment.

 

    2

     

    

 

Section
2.02. Guarantee of Payment.

 

The
Guarantor further agrees, to the fullest extent permitted by applicable law, that its guarantee hereunder constitutes a guarantee
of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual of collection of any of
the Guaranteed Obligations or operated as a discharge thereof) and not of collection, and waives any right to require that any
resort be had by the Agent or any other Person to any balance of any deposit account or credit on the books of the Agent or any
other Person in favor of any Other Guarantor or any other Person or any collateral security or other credit support. The obligations
of the Guarantor hereunder are independent of the obligations of any Other Guarantor or the Borrower, and a separate action or
actions may be brought and prosecuted against the Guarantor whether or not action is brought against any Other Guarantor or the
Borrower and whether or not any Other Guarantor or the Borrower is joined in any such action or actions. Any payment required
to be made by the Guarantor hereunder may be required by the Agent on any number of occasions.

 

Section
2.03. No Limitations.

 

(a)       Except
for termination or release of the Guarantor’s obligations hereunder as expressly provided in Section 4.10 (but without
prejudice to Section 2.04), to the fullest extent permitted by applicable law, the obligations of the Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination
whatsoever by reason of the invalidity, illegality or unenforceability of any of the Guaranteed Obligations, any impossibility
in the performance of any of the Guaranteed Obligations, or otherwise. Without limiting the generality of the foregoing, to the
fullest extent permitted by applicable law and except for termination or release of the Guarantor’s obligations hereunder
in accordance with the terms of Section 4.10 (but without prejudice to Section 2.04), the obligations of the Guarantor
hereunder shall not be discharged impaired or otherwise affected by (i) the failure of the Agent or any other Person to assert
any claim or demand or to enforce any right or remedy under the provisions of any [Loan] Document or otherwise; (ii) any rescission,
waiver, amendment or modification of, or any release from any of the terms or provisions of, any Guaranteed Obligation, any [Loan]
Document or any other agreement or non-perfection or release of collateral; (iii) any default, failure or delay, willful or otherwise,
in the performance of the Guaranteed Obligations; (iv) any change in the corporate existence, structure or ownership of the Borrower
or any Other Guarantor, the lack of legal existence of the Borrower or any Other Guarantor or legal obligation to discharge any
of the Guaranteed Obligations by the Borrower or any Other Guarantor for any reason whatsoever, including, without limitation,
in any insolvency, bankruptcy or reorganization of the Borrower or any Other Guarantor; (v) the existence of any claim, set-off
or other rights that the Guarantor may have at any time against the Borrower, the Agent or any other Person, whether in connection
with the Agreement, the other [Loan] Documents or any unrelated transaction; (vi) this Guarantee having been determined (on whatsoever
grounds) to be invalid, non-binding or unenforceable against any Other Guarantor ab initio or at any time after the date
hereof; or (vii) any other circumstance (including statute of limitations), any act or omission that may or might in any manner
or to any extent vary the risk of the Guarantor or otherwise operate as a defense to, or discharge of, the Borrower, the Guarantor
or any Other Guarantor or any other surety as a matter of law or equity (in each case, other than the occurrence of the Date of
Full Satisfaction). Anything contained in this Guarantee to the contrary notwithstanding, the obligations of the Guarantor under
this Guarantee shall be limited to an aggregate amount equal to the largest amount that would not render its obligations under
this Guarantee subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code of the United
States or any comparable provisions of any similar federal, state or foreign law.

 

    3

     

    

 

(b)       To
the fullest extent permitted by applicable law and except for termination or release of the Guarantor’s obligations hereunder
in accordance with the terms of Section 4.10 (but without prejudice to Section 2.04), the Guarantor waives any defense
based on or arising out of any defense of the Borrower or any Other Guarantor or the unenforceability of the Guaranteed Obligations
or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower or any Other Guarantor, other
than the occurrence of the Date of Full Satisfaction. To the fullest extent permitted by applicable law, the Guarantor waives
any and all suretyship defenses.

 

(c)       The
Guarantor acknowledges that it will receive indirect benefits from the arrangements contemplated by the [Loan] Documents and that
the waivers set forth in this Guarantee are knowingly made in contemplation of such benefits.

 

Section
2.04. Reinstatement.

 

Notwithstanding
anything to contrary contained in this Guarantee, the Guarantor agrees that (a) its guarantee hereunder shall continue to be effective
or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation is rescinded or
must otherwise be restored by the Agent or any other Person upon the bankruptcy, insolvency or reorganization (or any analogous
proceeding in any jurisdiction) of the Borrower or otherwise and (b) the provisions of this Section 2.04 shall survive
the termination of this Guarantee.

 

Section
2.05. Agreement To Pay; Subrogation.

 

In
furtherance of the foregoing and not in limitation of any other right that the Agent or any other Person has at law or in equity
against the Guarantor by virtue hereof, upon the failure of the Borrower to pay any Guaranteed Obligation when and as the same
shall become due (after giving effect to any applicable grace periods), whether at maturity, by acceleration, after notice of
prepayment or otherwise, the Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Agent for distribution
to the applicable beneficiaries in cash the amount of such unpaid Guaranteed Obligation. Upon payment by the Guarantor of any
sums to the Agent as provided above, all rights of the Guarantor against the Borrower arising as a result thereof by way of right
of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Section 3.01.

 

Section
2.06. Information.

 

The
Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition and assets,
and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent
of the risks that the Guarantor assumes and incurs hereunder, and agrees that none of the Agent or any other Person will have
any duty to advise the Guarantor of information known to it or any of them regarding such circumstances or risks.

 

    4

     

    

 

Section
2.07. Limitation on Obligations Guaranteed.

 

(a)       Notwithstanding
any other provision hereof, the right of recovery against the Guarantor under Article II hereof shall be limited to the maximum
amount that can be guaranteed by the Guarantor without rendering the Guarantor’s obligations under Article II hereof void
or voidable under applicable law, including, without limitation, the Uniform Fraudulent Conveyance Act (“UFCA”),
Uniform Fraudulent Transfer Act (“UFTA”) or any similar foreign, federal or state law, in each case after giving
full effect to the liability under such guarantee set forth in Article II hereof and its related contribution rights but before
taking into account any liabilities under any other guarantee by the Guarantor. For purposes of the foregoing, all guarantees
of the Guarantor other than the guarantee under Article II hereof will be deemed to be enforceable and payable after the guaranty
under Article II hereof. To the fullest extent permitted by applicable law, this Section 2.07 shall be for the benefit
solely of creditors and representatives of creditors of the Guarantor and not for the benefit of the Guarantor or the holders
of any Equity Interest in the Guarantor.

 

(b)       The
Guarantor agrees that Obligations may at any time and from time to time be incurred or permitted in an amount exceeding the maximum
liability of the Guarantor under Section 2.07(a) without impairing the guarantee contained in this Article II or affecting
the rights and remedies of the Agent or any other Person hereunder.

 

ARTICLE
III

 

INDEMNITY,
SUBROGATION AND SUBORDINATION

 

Section
3.01. Indemnity, Subrogation and Subordination.

 

Upon
payment by the Guarantor of any Guaranteed Obligations, all rights of the Guarantor against the Borrower arising as a result thereof
by way of right of subrogation, contribution, reimbursement, indemnity or otherwise (whether at law or in equity) shall in all
respects be subordinate and junior in right of payment to the prior payment in full of the Obligations until the Date of Full
Satisfaction. If any amount shall erroneously be paid to the Borrower on account of (a) such subrogation, contribution, reimbursement,
indemnity or similar right or (b) any such indebtedness of the Borrower, such amount shall be held in trust for the benefit of
the Agent and shall promptly be paid to the Agent to be credited against the payment of the Guaranteed Obligations, whether matured
or unmatured, in accordance with the terms of the Agreement and the other [Loan] Documents. No failure on the part of the Borrower
to make the payments required by this Section 3.01 (or any other payments required under applicable law or otherwise) shall
in any respect limit the obligations and liabilities of the Guarantor with respect to its obligations under this Guarantee, and
the Guarantor shall remain liable for the full amount of the obligations of the Guarantor hereunder.

 

    5

     

    

 

ARTICLE
IV

 

MISCELLANEOUS

 

Section
4.01. Notices.

 

All
communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided
in Section 11.2 of the Agreement. All communications and notice hereunder to the Guarantor shall be given in care of the Borrower.

 

Section
4.02. Waivers; Amendment.

 

(a)       No
failure by the Agent or any other Person to exercise, and no delay by any such Person in exercising, any right, remedy, power
or privilege hereunder or under any other [Loan] Document shall operate as a waiver hereof or thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under
each other [Loan] Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. No
waiver of any provision of this Guarantee or consent to any departure by the Guarantor therefrom shall in any event be effective
unless the same shall be permitted by Section 4.02(b), and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given.

 

(b)       Neither
this Guarantee nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing
entered into by the Agent and the Guarantor, subject to any consent required in accordance with Section 11.1 of the Agreement.

 

Section
4.03. Agent’s Fees and Expenses; Indemnification.

 

(a)       The
Guarantor agrees to reimburse the Agent for its reasonable and documented out-of-pocket fees and expenses incurred hereunder in
accordance with Section 11.3 of the Agreement; provided that each reference therein to “the Borrower” shall
be deemed to be a reference to “the Guarantor.”

 

(b)       The
Guarantor shall indemnify the Indemnified Parties as set forth in Section 11.4 of the Agreement.

 

Section
4.04. Successors and Assigns.

 

Whenever
in this Guarantee any of the parties hereto is referred to, such reference shall be deemed to include the successors and permitted
assigns of such party; and all covenants, promises and agreements by or on behalf of the Guarantor, the Agent or any other Person
that are contained in this Guarantee shall bind and inure to the benefit of their respective successors and permitted assigns.
Except as provided in Section 11.10 of the Agreement, no party hereto may assign any of its rights or obligations hereunder.

 

Section
4.05. Representations and Warranties.

 

All
representations and warranties made hereunder shall survive the execution and delivery hereof. Such representations and warranties
have been or will be relied upon by the Agent, regardless of any investigation made by the Agent or on its behalf, and shall continue
in full force and effect until this Guarantee is terminated as provided in Section 4.10 hereof, or with respect to the
Guarantor, until the Guarantor is otherwise released from its obligations under this Guarantee in accordance with the terms hereof.

 

    6

     

    

 

Section
4.06. Counterparts; Effectiveness; Several Agreement.

 

This
Guarantee may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Guarantee shall become effective when
it shall have been executed by the Guarantor and the Agent and thereafter shall be binding upon and inure to the benefit of the
Guarantor, the Agent and their respective successors and permitted assigns, subject to Section 4.04. Delivery of an executed
counterpart of a signature page of this Guarantee by email or other electronic (including in “.pdf” or “.tif”
format) means shall be effective as delivery of a manually executed counterpart of this Guarantee. The words “execute,”
 “execution,” “signed,” “signature,” and words of like import in or related to any document
to be signed in connection with this Guarantee and the transactions contemplated hereby shall be deemed to include electronic
signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agent,
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Agent is under no obligation to agree to accept electronic
signatures in any form or in any format unless expressly agreed to by the Agent pursuant to procedures approved by it.

 

Section
4.07. Severability.

 

If
any provision of this Guarantee is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Guarantee shall not be affected or impaired thereby and (b) the parties shall endeavor in
good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision
in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section
4.08. Governing Law; Jurisdiction; Consent to Service of Process.

 

(a)       Governing
Law. This Guarantee shall be construed in accordance with and governed by the law of the State of New York without regard
to conflicts of laws principles thereof that would result in the application of the law of any other jurisdiction.

 

(b)       Jurisdiction.
Each of the Guarantor and the Agent hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive
jurisdiction of any federal or state court located in the borough of Manhattan in the City of New York, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this Guarantee, or for recognition or enforcement
of any judgment, and each of such parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal
court. Each of such parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

    7

     

    

 

(c)       Venue.
Each of the Guarantor and the Agent hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Guarantee in any court referred to in Section 4.08(b). Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

(d)       Service
of Process. Each of the Guarantor and the Agent irrevocably consents to service of process in the manner provided for notices
in Section 11.14.4 of the Agreement to the extent permitted by applicable law. Nothing in this Guarantee or any other [Loan] Document
will affect the right of any party to this Guarantee to serve process in any other manner permitted by law. As an alternative
method of service, the Guarantor also irrevocably appoints the Borrower (the “Process Agent”) with an office
on the date hereof at 1050 Caribbean Way, Miami, Florida 33132, United States of America, as its agent to receive on behalf of
the Guarantor and its property service of copies of any process, summons, notice or document in any such action or proceeding.
Such service may be made by mailing or delivering a copy of such process to the Guarantor in care of the Process Agent, and the
Guarantor hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. Nothing herein will
affect the right of Agent to serve legal process in any other manner permitted by law or affect Agent’s right to bring any
action or proceeding against the Guarantor or its property in the courts of other jurisdictions.

 

(e)       WAIVER
OF JURY TRIAL. EACH OF THE GUARANTOR AND THE AGENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTEE OR
THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH OF THE GUARANTOR AND THE AGENT
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTEE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION 4.08(E).

 

Section
4.09. Obligations Absolute.

 

To
the fullest extent permitted by applicable law, all rights of the Agent hereunder and all obligations of the Guarantor hereunder
shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Agreement, any other [Loan]
Document, any agreement with respect to any of the Guaranteed Obligations or any other agreement or instrument relating to any
of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed
Obligations, or any other amendment or waiver of or any consent to any departure from the Agreement, any other [Loan] Document
or any other agreement or instrument, (c) any release or amendment or waiver of or consent under or departure from any guarantee
guaranteeing all or any of the Guaranteed Obligations or (d) subject only to termination or release of the Guarantor’s obligations
hereunder in accordance with the terms of Section 4.10, but without prejudice to reinstatement rights under Section
2.04, any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Guarantor in respect
of the Guaranteed Obligations or this Guarantee.

 

    8

     

    

 

Section
4.10. Termination or Release.

 

(a)       This
Guarantee and the guarantees made herein shall remain in full force and effect until the earlier of (i) the Date of Full Satisfaction
and (ii) the occurrence of a Third Priority Release Event, at which time they shall automatically terminate with respect to all
Guaranteed Obligations.

 

(b)       In
connection with any termination or release pursuant to clause (a) above, the Agent shall promptly execute and deliver to
the Guarantor, at the Guarantor’s expense, all documents or other instruments that the Guarantor shall reasonably request
to evidence such termination or release and shall perform such other actions reasonably requested by the Guarantor to effect such
release, including return of certificates, securities and instruments. Any execution and delivery of documents pursuant to this
Section 4.10 shall be without recourse to or warranty by the Agent.

 

Section
4.11. Recourse; Limited Obligations.

 

This
Guarantee is made with full recourse to the Guarantor and pursuant to and upon all the warranties, representations, covenants
and agreements on the part of the Guarantor contained herein, in the Agreement and the other [Loan] Documents and otherwise in
writing in connection herewith or therewith. It is the desire and intent of the Guarantor and the Agent that this Guarantee shall
be enforced against the Guarantor to the fullest extent permissible under applicable law applied in each jurisdiction in which
enforcement is sought.

 

Section
4.12. Judgment. If for the purposes of obtaining judgment
in any court it is necessary to convert a sum payable hereunder (the “Guaranty Currency”) into another currency
(the “Other Currency”), the Guarantor agrees that the rate of exchange used will be that at which, in accordance
with normal banking procedures, the Agent could purchase the Guaranty Currency with the Other Currency on the business day preceding
that on which final judgment is given. The obligation of the Guarantor in respect of any sum due hereunder will, notwithstanding
any judgment in the Other Currency, be discharged only to the extent that, on the date the Guarantor makes payment to the Agent
of any sum adjudged to be so due in the Other Currency, the Agent may, in accordance with normal banking procedures, purchase
the Guaranty Currency with the Other Currency; if the amount of the Guaranty Currency so purchased is less than the sum originally
due to the Agent in the Guaranty Currency, the Guarantor agrees, as a separate obligation and notwithstanding any such judgment,
to indemnify the Agent against such loss, and if the amount of the Guaranty Currency so purchased exceeds the amount originally
due to the Agent in the Guaranty Currency, the Agent agrees to remit to the Guarantor such excess.

 

[The
Remainder of This Page
Is Intentionally Left
Blank]

 

    9

     

    

 

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

 

	 	RCI HOLDINGS LLC,

    as the Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	[INSERT], 

    as the Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

Exhibit
F

Form of Senior Parties Subordination Agreement

 

     

     

    

 

SUBORDINATION
AGREEMENT

 

SUBORDINATION
AGREEMENT, dated as of [•], 2020 (this “Agreement”), by and among
each Agent (as defined below), in its capacity as facility agent under the applicable ECA Agreement (as defined below), RCI HOLDINGS
LLC, a limited liability company formed and existing under the laws of Liberia (the “Guarantor”),
ROYAL CARIBBEAN CRUISES LTD., a corporation incorporated and existing under the laws of Liberia (the “Company”),
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as trustee under the Indenture (as defined below) (the “Trustee”),
for the benefit of the Holders (as defined in the Indenture) and, on and after the Joinder Date (as defined below), MORGAN STANLEY
SENIOR FUNDING INC. (“MSSF”), in its capacity as administrative agent
under the Credit Agreement (as defined below) (the “Administrative Agent”),
for the benefit of the Lenders (as defined below).

 

Pursuant
to that certain Indenture, dated as of June 9, 2020 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Indenture”), by and among the Company, as issuer, the
Guarantor and the Trustee, the Company has issued $1,000,000,000 aggregate principal amount of its 9.125% Senior Notes due 2023
(collectively, the “Notes”).

 

Pursuant
to that certain Commitment Letter, dated as of August 12, 2020, between the Company, and MSSF (the “Commitment
Letter”), which attaches a form of 364-Day Term Loan Agreement (the “Draft
Credit Agreement”), the Company may obtain Advances in a maximum aggregate principal amount not to exceed $1,000,000,000
pursuant to a definitive 364-Day Term Loan Agreement, which will be substantially consistent with the Draft Credit Agreement,
with such changes as are agreed between the Company and MSSF (such definitive agreement, as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”).

 

Pursuant
to each agreement listed in Schedule I hereto (collectively, the “ECA
Agreements”, and each, an “ECA Agreement”), the Guarantor
is required to execute and deliver to each facility agent listed (as listed in Schedule I hereto, the “Agents”,
and each an “Agent”) for the benefit of the lenders under reach of the
ECA Agreements to which that Agent is a party (the agent and the lenders under the ECA Agreements being the “ECA
Parties”) a guarantee of the obligations of the Company under each such ECA Agreement, each of which guarantees
are dated as of [•], 2020, but each such guarantee must be subordinated to the Senior Obligations (as defined below) (collectively,
the “Subordinated Guarantees”, and each, a “Subordinated
Guarantee”).

 

The
Guarantor’s execution and delivery of each Subordinated Guarantee in favor of an Agent, for the benefit of the applicable
ECA Parties, is conditioned upon the execution and delivery by the Company, the Guarantor and that Agent, for the benefit of the
applicable ECA Parties, of this Agreement pursuant to which each of the Agents and the ECA Parties (each such Agent and all such
ECA Parties, together with each of their respective successors and assigns, collectively, the “Subordinated
Parties”) agree, and with respect to each ECA Agreement on a several basis, to subordinate their respective rights
with respect to the Subordinated Obligations (as defined below) to the rights of the Trustee, the Holders and, on and after the
Joinder Date, the Administrative Agent and the lenders from time to time party to the Credit Agreement (the “Lenders”)
with respect to the Senior Obligations, all on the terms set forth herein. For purposes hereof, “Senior
Parties” means (a) prior to the Joinder Date, the Trustee and the Holders, and (b) on and after the Joinder Date,
the Trustee, the Holders, the Administrative Agent and the Lenders.

 

     

     

    

 

Accordingly,
each Agent (on behalf of its Relevant Subordinated Parties (as defined below)), the Company, the Guarantor, the Trustee, on behalf
of the Holders (and each of their respective successors or assigns), and, on and after the Joinder Date, the Administrative Agent,
on behalf of the Lenders (and each of their respective successors or assigns), hereby agrees as follows:

 

SECTION
1. Subordination.

 

(a)       Each
Agent (on behalf of itself and its other Relevant Subordinated Parties) hereby agrees, on a several basis, that all of their respective
right, title and interest in and to the Subordinated Obligations shall be subordinate and junior in right of payment to the rights
of the Senior Parties in respect of the obligations of the Guarantor (whether now existing or from time to time after the date
hereof incurred, assumed, created or arising) arising under the Senior Debt Documents (as defined below), including the payment
of principal, premium (if any), interest (including, without limitation, interest accruing on or after the filing of any Insolvency
Proceeding (as defined below) relating to the Company or the Guarantor pursuant to the terms of the Senior Debt Documents, whether
or not a claim for post-filing interest is allowed or allowable in any such Insolvency Proceeding), fees, charges, expenses, indemnities,
reimbursement obligations and all other amounts payable thereunder or in respect thereof, in each case whether or not any of the
foregoing is allowed or allowable as a claim in any Insolvency Proceeding (collectively, the “Senior
Obligations”). For the avoidance of doubt, (1) “payment in full” (or similar term used herein) of
the Senior Obligations will not be deemed to have occurred so long as any Obligations under and as defined in the Senior Debt
Documents remain outstanding (other than any inchoate obligations for which no claim has been asserted) and (2) nothing herein
shall or shall be deemed to affect, alter or impair the rights of the Subordinated Parties under the relevant ECA Agreement and
the Loan Documents (as defined in the relevant ECA Agreement) other than with respect to the Subordinated Guarantees entered into
in connection with that ECA Agreement.

 

For
purposes hereof:

 

(i)         “Relevant
Subordinated Parties” means, in respect of an Agent, the Subordinated Parties under or in connection with the
ECA Agreement pursuant to which that Agent has been appointed in such capacity.

 

(ii)        “Senior
Debt Documents” means the Indenture, the Notes, the Note Guarantee (as defined in the Indenture), the Credit
Agreement and any related promissory notes and that certain Limited Guaranty, to be dated the date of the Credit Agreement, made
by the Guarantor in favor of the Administrative Agent on behalf of the Lenders.

 

(iii)       “Subordinated
Obligations” means, in respect of an ECA Agreement and the Relevant Subordinated Parties thereunder, all obligations
of the Guarantor to those Relevant Subordinated Parties (whether now existing or from time to time after the date hereof incurred,
assumed, created or arising) under each Subordinated Guarantee in respect of that ECA Agreement.

 

     

     

    

 

(b)       Except
to the extent expressly permitted hereunder, the Company, the Guarantor and each Agent (on behalf of its Relevant the applicable
Subordinated Parties) agrees that no payment (whether directly, by purchase, redemption or exercise of any right of setoff or
otherwise) in respect of the Subordinated Obligations, whether as principal, interest or otherwise, and whether in cash, securities
or other property, shall be made by or on behalf of the Guarantor under the applicable Subordinated Guarantee to which that Agent
is a party or received or accepted, directly or indirectly, by or on behalf of any Subordinated Party under that Subordinated
Guarantee, until the payment in full in cash of all Senior Obligations (other than any inchoate obligations for which no claim
has been asserted). In the event that any payment by, or on behalf of, or distribution of the assets or other property of, or
any equity securities or debt securities issued by, the Guarantor of any kind or character, whether in cash, securities or other
property, and whether directly, by purchase, redemption, exercise of any right of setoff or otherwise, including without limitation,
in connection with a plan of reorganization or other Insolvency Proceeding with respect to the Guarantor, shall be received on
account of any Subordinated Obligations by or on behalf of any Subordinated Party or any Affiliate thereof at a time when such
payment or distribution is prohibited by this Agreement, until the payment in full in cash of all Senior Obligations (other than
any inchoate obligations for which no claim has been asserted), then such payment or distribution that has been received by a
Subordinated Party shall be held by that Subordinated Party or Affiliate in trust (segregated from other property of such Subordinated
Party or Affiliate) for the benefit of, and shall forthwith be paid over to, the Trustee, for the benefit of itself and the Holders,
and, on and after the Joinder Date, to the Administrative Agent, for the benefit of itself and the Lenders, in each case, according
to the pro rata share of the Senior Obligations held by the Trustee and the Holders, on the one hand, and the Administrative Agent
and the Lenders, on the other hand. If the Trustee or the Administrative Agent receives more than the pro rata share to which
it is entitled pursuant to the foregoing sentence, then the Trustee or the Administrative Agent shall pay the excess over to the
Administrative Agent, for the benefit of itself and the Lenders, or to the Trustee, for the benefit of itself and the Holders,
as the case may be; provided that such payment shall not be payable until the Trustee or the Administrative Agent, as applicable,
has been able to determine the outstanding amount of the respective pro rata share of the Trustee or the Administrative agent,
as applicable (such determination to be made in reliance on either the information provided by the Company pursuant to the penultimate
sentence of this clause 1(b) or such other evidence as the Administrative Agent reasonably deems satisfactory). For the avoidance
of doubt, the subordination of the Subordinated Obligations to the Senior Obligations pursuant to the provisions of this Section
1 does not, and nothing contained in this Section 1 or elsewhere in this Subordination Agreement shall, limit or be deemed to
limit the liability of the Company to make payments of principal, premium (if any), interest, fees, charges, expenses, indemnities,
reimbursement obligations and other amounts payable in respect of any ECA Agreement as and when due. For purposes hereof, the
 “pro rata share” of any Person as of any time shall be determined based upon the share of the sum of the total Senior
Obligations held by such Person at such time. The Company agrees to advise the Trustee, the Administrative Agent or any Subordinated
Party, as the case may be, promptly upon request as to the outstanding amount of all Senior Obligations and the respective pro
rata share of Senior Obligations held by the Holders and the Lenders, in order to facilitate the Trustee, the Administrative Agent,
or the relevant Subordinated Party receiving the pro rata payment to which it is entitled or making the payment required to be
paid in accordance with the foregoing (as applicable). Each Subordinated Party may conclusively rely on the aforementioned advice
from the Company in complying with its obligations under this clause 1(b).

 

    

     

    

 

(c)       The
provisions of this Agreement shall continue in full force and effect notwithstanding the occurrence of an Insolvency Proceeding
against the Guarantor or any of its properties or assets until the payment in full in cash of all Senior Obligations (other than
any inchoate obligations for which no claim has been asserted). Upon any distribution of the assets of the Guarantor or upon any
dissolution, winding up, liquidation or reorganization of the Guarantor, whether in bankruptcy, insolvency, reorganization, arrangement
or receivership proceedings or otherwise, or upon any assignment for the benefit of creditors or any other marshalling of the
assets and liabilities of the Guarantor, or otherwise (any of the foregoing, an “Insolvency
Proceeding”):

  

(i)         the
Senior Parties shall first be entitled to receive payment in full in cash of the Senior Obligations (whenever arising, and including,
without limitation, interest accruing after the commencement of any Insolvency Proceeding at the rate set forth in the applicable
Senior Debt Documents, whether or not allowed or allowable as a claim in any such Insolvency Proceeding) (other than any inchoate
obligations for which no claim has been asserted) before any Subordinated Party shall be entitled to receive any payment or distribution
on account of the Subordinated Obligations, whether of principal, interest or otherwise; and

  

(ii)        until
the payment in full of all Senior Obligations (other than any inchoate obligations for which no claim has been asserted), any
payment by, or on behalf of, or distribution of the assets of, or any debt or equity securities issued by, the Guarantor of any
kind or character, whether in cash, securities or other property, to which any Subordinated Party would be entitled except for
the provisions of this Section 1 shall be paid or delivered by the Person making such payment or distribution (whether a trustee
in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Trustee, for the benefit of itself and
the Holders, and, on and after the Joinder Date, the Administrative Agent, for the benefit of itself and the Lenders, according
to the pro rata share of the Senior Obligations held by the Trustee and the Holders, on the one hand, and the Administrative Agent
and the Lenders, on the other hand. If the Trustee or the Administrative Agent receives more than the pro rata share to which
it is entitled pursuant to the foregoing sentence, then the Trustee or the Administrative Agent shall pay the excess over to the
Administrative Agent, for the benefit of itself and the Lenders, or to the Trustee, for the benefit of itself and the Holders,
as the case may be; provided that such payment shall not be payable until the Trustee or the Administrative Agent, as applicable,
has been able to determine the outstanding amount of all Senior Obligations and the respective pro rata share of Senior Obligations
represented by the Trustee or the Administrative Agent, as applicable (such determination to be made in reliance on either the
information provided by the Company pursuant to the last sentence of this clause 1(c)(ii) or such other evidence as the Administrative
Agent reasonably deems satisfactory). The Company agrees to advise the Trustee, the Administrative Agent or any Person making
a payment or distribution pursuant to this clause, as the case may be, reasonably promptly upon request as to the outstanding
amount of all Senior Obligations and the respective pro rata share of Senior Obligations held by the Holders and the Lenders,
in order to facilitate the Trustee or the Administrative Agent receiving the pro rata payment to which it is entitled or making
the payment required to be paid in accordance with the foregoing (as applicable).

 

In
addition, each Agent (in respect of its Relevant Subordinated Parties) agrees that in connection with any Insolvency Proceeding
(i) each of the Trustee, on behalf of the Holders, and, on and after the Joinder Date, the Administrative Agent, on behalf of
the Lenders, is irrevocably authorized and empowered (in its own name or in the name of the Relevant Subordinated Parties or otherwise),
but shall have no obligation, to demand, sue for, collect and receive every payment or distribution referred to in the preceding
sentence and give acquittance therefor and to file claims and proofs of claim and take such other action as the Trustee or the
Administrative Agent, as applicable, may deem necessary or advisable for the exercise or enforcement of any of the rights or interest
of the Trustee, the Holders, the Administrative Agent or the Lenders and (ii) to the extent that a claim has been, or is, made
under a Subordinated Guarantee, each of the Relevant Subordinated Parties in respect of that Subordinated Guarantee shall duly
and promptly take such action as the Trustee, on behalf of the Holders, or, on and after the Joinder Date, the Administrative
Agent, on behalf of the Lenders, may reasonably request to (A) collect amounts in respect of the applicable Subordinated Obligations
for the account of the Senior Parties and to file appropriate claims or proofs of claim in respect of such Subordinated Obligations,
(B) execute and deliver to the Trustee or the Administrative Agent, as applicable, such documents as the Trustee, on behalf of
the Holders, or the Administrative Agent, on behalf of the Lenders, may reasonably request in order to enable the Trustee or the
Administrative Agent, as applicable, to enforce any and all claims with respect to the applicable Subordinated Obligations for
the account of the Senior Parties and (C) collect and receive any and all payments or distributions which may be payable or deliverable
upon or with respect to the applicable Subordinated Obligations for the account of the Senior Parties (provided that the Company
hereby agrees that it shall pay on demand all reasonable and documented out-of-pocket costs and expenses of each Relevant Subordinated
Party in connection with any of the foregoing actions (including the reasonable and documented fees and expenses of counsel for
each such Subordinated Party)). A copy of this Agreement may be filed with any court as evidence of the Senior Parties’
right, power and authority hereunder.

 

     

     

    

 

(d)       The
Guarantor and each Agent (on behalf of its Relevant Subordinated Parties) agree that, prior to the payment in full in cash of
all Senior Obligations (other than any inchoate obligations for which no claim has been asserted), no Relevant Subordinated Party
may take any Enforcement Action against the Guarantor (it being understood that this Agreement shall not affect any Subordinated
Party’s rights or remedies against any other obligor under or with respect to the applicable ECA Agreement and/or the other
Loan Documents (as defined therein)) without the prior written consent of the Trustee (acting upon the direction of the Required
Holders) and, on and after the Joinder Date, the Administrative Agent (acting upon the direction of the Required Lenders (as defined
in the Credit Agreement)), unless any of the following apply in which case each Agent (on behalf of its Relevant Subordinated
Parties) shall be permitted to take any such Enforcement Action without any requirement to obtain consent from the Trustee or
the Administrative Agent:

 

(i)
the occurrence of, with respect to the Guarantor, an Insolvency Proceeding; or

 

(ii)
the holders of Senior Obligations have taken any Enforcement Action in relation to the Guarantor; or

 

(iii)
a default has occurred under the applicable ECA Agreement (a “Subordinated Debt Default”);
and

 

(A)
the Relevant Subordinated Parties have provided notice of the Subordinated Debt Default to the Senior Parties in accordance with
Section 10 hereof; and

 

(B)
a period of not less than (i) 90 days (in the case of a payment default) or (ii) 179 days (in the case of a non-payment default)
has passed from the date the Senior Parties were first notified of the Subordinated Debt Default (a “Standstill
Period”); and

 

(C)
at the end of the Standstill Period, the Subordinated Debt Default is continuing and has not been waived.

 

     

     

    

 

For
the purposes hereof, “Enforcement Action” means, any action taken by any
Subordinated Party in relation to or with respect to the Guarantor under or in connection with the relevant Subordinated Guarantee
granted in favor of that Subordinated Party (whether taken by the relevant creditor or creditors or an agent or trustee on its
or their behalf) to: (i) demand payment under that Subordinated Guarantee of all or any part of the applicable Subordinated Obligations,
(ii) recover all or any part of the applicable Subordinated Obligations (including, by exercising any rights of set-off or combination
of accounts), (iii) exercise or enforce any rights under or pursuant to that Subordinated Guarantee, (iv) commence legal proceedings
against the Guarantor or (v) commence, or take any other steps which could lead to the commencement of, an Insolvency Proceeding
concerning Guarantor. Notwithstanding the foregoing, each Agent (on behalf of its Relevant Subordinated Parties) agrees that no
Relevant Subordinated Party may in any Insolvency Proceeding concerning Guarantor: (i) oppose any sale of assets (including bidding
procedures relating thereto) with respect to the Guarantor, (ii) propose any debtor in possession financing or oppose any debtor
in possession financing or use of cash collateral with respect to the Guarantor, in each case without the consent of the Trustee,
acting on behalf of itself and the Holders, and, on and after the Joinder Date, the Administrative Agent, acting on behalf of
itself and the Lenders, (iii) seek appointment of a trustee or examiner with respect to the Guarantor or (iv) propose, sponsor,
vote in favor of, or otherwise support any plan of reorganization or liquidation with respect to the Guarantor unless such plan
(a) provides for the payment in full in cash of all Senior Obligations on or before the effective date of such plan or (b) each
of the Trustee, on behalf of the Holders, and, on and after the Joinder Date, the Administrative Agent, on behalf of the Lenders,
has provided its prior written consent with respect to such plan.

 

(e)       Each
Agent (on behalf of its Relevant Subordinated Parties) waives all rights of subrogation it may have with respect to the Senior
Parties on account of payments made to the Senior Parties by virtue of this Agreement that would otherwise have been made to the
applicable Subordinated Obligations until all amounts owing on the Senior Obligations shall be paid in full in cash (other than
any inchoate obligations for which no claim has been asserted). For the avoidance of doubt, upon the payment in cash of the Senior
Obligations (other than any inchoate obligations for which no claim has been asserted), the Relevant Subordinated Parties shall
be subrogated to the rights of the Senior Parties with respect to such payments. As between and among the Guarantor, its creditors
(other than the Senior Parties) and the Subordinated Parties, no such payment or distribution made to the Senior Parties by virtue
of this Agreement that otherwise would have been made to the Relevant Subordinated Parties shall be deemed to be a payment by
the Guarantor on account of the applicable Subordinated Obligations, it being understood that the provisions of this paragraph
(e) are intended solely for the purpose of defining the relative rights of the Relevant Subordinated Parties and the Senior Parties.

 

(f)       Each
Agent (on behalf of its Relevant Subordinated Parties) and the Guarantor agree that any and all instruments or records (other
than book entry records or other internal records) now or hereafter directly creating or evidencing the Subordinated Obligations,
whether upon refunding, extension, renewal, refinancing, replacement or otherwise, shall contain the following legend:

 

“Notwithstanding
anything contained herein to the contrary, the obligations of the Guarantor (as defined herein) under this Guarantee shall not
become due or be paid or payable by the Guarantor pursuant hereto, except to the extent permitted under the Subordination Agreement,
dated as of [•], 2020, among KfW IPEX-Bank GmbH, RCI Holdings LLC, The Bank of New York Mellon Trust Company, N.A., in its
capacity as Trustee, and, on and after the Joinder Date (as defined therein), Morgan Stanley Senior Funding Inc., in its capacity
as Administrative Agent, which Subordination Agreement is incorporated herein with the same effect as if fully set forth herein.
For the avoidance of doubt, restrictions imposed by the aforementioned Subordination Agreement on the rights of the beneficiary
hereof to enforce the obligations of the Guarantor under this Guarantee shall not affect the rights of the beneficiary to enforce
the obligations of the Guarantor under this Guarantee on and following such time as the aforementioned Subordination Agreement
permits and those rights shall be fully preserved”;

 

     

     

    

 

or
shall otherwise refer to and be subject in all respects to the terms of this Agreement.

 

(g)       Notwithstanding
anything to the contrary set forth herein, if for any reason (including, without limitation, in connection with any Insolvency
Proceedings against any Guarantor or any of its properties or assets (or any similar proceedings against any other person)), any
payment received by any Senior Party in respect of the Senior Obligations is rescinded or avoided or must otherwise be restored
or returned by such Senior Party, that payment (including, without limitation, if that payment had constituted payment in full
(or similar term used herein) for the purposes hereof) will not be considered to have been made for the purposes of this Agreement,
and this Agreement will continue to be effective or will be reinstated (if necessary), as if that payment had not been made.

 

SECTION
2. Waivers and Consents. (a) Each Agent (on behalf of its Relevant Subordinated Parties)
waives the right to compel that any assets or property of the Guarantor be applied in any particular order to discharge the Senior
Obligations. Each Agent (on behalf of its Relevant Subordinated Parties) expressly waives the right to require the Senior Parties
to proceed against the Guarantor, or to pursue any other remedy in any Senior Party’s power which such Relevant Subordinated
Parties cannot pursue and which would lighten the burden of those Relevant Subordinated Parties, notwithstanding that the failure
of any Senior Party to do so may thereby prejudice each such Relevant Subordinated Party. Each Agent (on behalf of its Relevant
Subordinated Parties) agrees that it shall not be discharged, exonerated or have its obligations hereunder to the Senior Parties
reduced by any Senior Party’s delay in proceeding against or enforcing any remedy against the Guarantor, by any Senior Party
releasing the Guarantor from any part (but not all) of the Senior Obligations, or by the discharge of the Guarantor by operation
of law or otherwise, with or without the intervention or omission of a Senior Party. A Senior Party’s vote to accept or
reject any plan of reorganization relating to the Guarantor, or a Senior Party’s receipt on account of the Senior Obligations
other than the payment in full in cash thereof (other than any inchoate obligations for which no claim has been asserted) of any
cash, securities or other property distributed in any bankruptcy, reorganization, or insolvency case, shall not discharge, exonerate,
or reduce the obligations of any Subordinated Party hereunder to the Senior Parties.

 

(b)       Each
Agent (on behalf of its Relevant Subordinated Parties) waives all rights and defenses arising out of an election of remedies by
the Senior Parties, even though that election of remedies, including any nonjudicial foreclosure with respect to security for
the Senior Obligations, has impaired the value of each such Relevant Subordinated Party’s rights of subrogation, reimbursement
or contribution against the Guarantor. Each Agent (on behalf of its Relevant Subordinated Parties) expressly waives any rights
or defenses it may have by reason of protection afforded to the Guarantor with respect to the Senior Obligations pursuant to any
anti-deficiency laws or other laws of similar import which limit or discharge the principal debtor’s indebtedness upon judicial
or nonjudicial foreclosure of real property or personal property securing the Senior Obligations.

 

     

     

    

 

(c)       Each
Agent (on behalf of its Relevant Subordinated Parties) agrees that, without the necessity of any reservation of rights against
it, and without notice to or further assent by it, any demand for payment of any Senior Obligations made by a Senior Party may
be rescinded in whole or in part by such Senior Party, and any Senior Obligation may be continued, and the Senior Obligations,
or the liability of the Guarantor or any other guarantor or any other party upon or for any part thereof or right of offset with
respect thereto, may, from time to time, in whole or in part, be renewed, extended, modified, accelerated, compromised, waived,
surrendered, or released by the Senior Parties, in each case without notice to or further assent by any Relevant Subordinated
Party (to the extent contemplated by the Subordinated Guarantee to which that Agent is a party), which will remain bound under
this Agreement and without impairing, abridging, releasing or affecting the subordination and other agreements provided for herein.

 

(d)       Each
Agent (on behalf of its Relevant Subordinated Parties) waives any and all notice of the creation, renewal, extension or accrual
of any of the Senior Obligations and notice of or proof of reliance by the Senior Parties upon this Agreement. The Senior Obligations,
and any of them, shall be deemed conclusively to have been created, contracted or incurred and the consent given to create the
obligations of the Guarantor in respect of the Subordinated Obligations in reliance upon this Agreement, and all dealings between
the Guarantor and the Senior Parties shall be deemed to have been consummated in reliance upon this Agreement. Each Agent (on
behalf of its Relevant Subordinated Parties) acknowledges and agrees that the Senior Parties have relied upon the subordination
and other agreements provided for herein in consenting to the applicable Subordinated Obligations. Each Agent (on behalf of its
Relevant Subordinated Parties) waives notice of or proof of reliance on this Agreement and protest, demand for payment and notice
of default.

 

SECTION
3. Senior Obligations Unconditional. All rights and interests of the Senior Parties hereunder, and all agreements and obligations
of each Subordinated Party and the Guarantor hereunder, shall remain in full force and effect irrespective of:

 

(a)      any
lack of validity or enforceability of the Senior Debt Documents;

 

(b)     any
change in the time, manner or place of payment of, or in any other term of, all or any of the Senior Obligations, or any amendment
or waiver or other modification, whether by course of conduct or otherwise, of, or consent to departure from, the Senior Debt
Documents; or

 

(c)     any
other circumstances that might otherwise constitute a defense available to, or a discharge of, the Guarantor in respect of the
Senior Obligations, or of any Subordinated Party or the Guarantor in respect of this Agreement.

 

SECTION
4. Representations and Warranties. Each Agent represents and warrants on a several basis to the Administrative Agent and
the Trustee for the benefit of the applicable Senior Parties that:

 

(a)      It
has the power and authority to execute and deliver and to perform its obligations under this Agreement and has taken all necessary
action to authorize its execution, delivery and performance of this Agreement.

 

(b)     This
Agreement has been duly executed and delivered by such Agent and constitutes a legal, valid and binding obligation of such Agent,
enforceable against such Agent and its Relevant Subordinated Parties in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles
of equity, regardless of whether considered in a proceeding in equity or at law.

 

     

     

    

 

(c)     No
consent or authorization of filing with, or other act by or in respect of, any Governmental Authority, is required to be obtained
or made by it in connection with the execution, delivery or performance of this Agreement.

 

SECTION
5. Waiver of Claims. (a) To the maximum extent permitted by law, each Agent (on behalf of its Relevant Subordinated Parties)
waives any claim it might have against the Senior Parties with respect to, or arising out of, any action or failure to act or
any error of judgment, negligence, or mistake or oversight whatsoever on the part of the Senior Parties or their directors, officers,
employees, agents or Affiliates with respect to any exercise of rights or remedies under the Senior Debt Documents. Neither the
Senior Parties nor any of their respective directors, officers, employees, agents or Affiliates shall be liable for failure to
demand, collect or realize upon the Senior Debt Documents or for any delay in doing so.

 

(b)     Each
Agent (on behalf of the applicable Subordinated Parties), for itself and on behalf of its successors and assigns, hereby waives
any and all now existing or hereafter arising rights it may have to require the Senior Parties to marshal assets for the benefit
of each such Relevant Subordinated Party, or to otherwise direct the timing, order or manner of any sale, collection or other
enforcement of the Senior Obligations. The Senior Parties are under no duty or obligation, and each Agent (on behalf of the Relevant
Subordinated Parties) hereby waives any right it may have to compel the Senior Parties, to pursue the Company or other Person
who may be liable for the Obligations (as defined in the Indenture) or the Obligations (as defined in the Credit Agreement).

 

SECTION
6. Further Assurances. Each Agent and the Guarantor shall, at the expense of the Company
and at any time from time to time, upon the written request of the Trustee or, on and after the Joinder Date, the Administrative
Agent, promptly and duly execute and deliver such further instruments and documents and take such further actions as the Trustee
or, on and after the Joinder Date, the Administrative Agent, as applicable, reasonably may request for the purposes of obtaining
or preserving the full benefits of this Agreement and of the rights and powers herein granted. Upon the written request of any
other party hereto, the Company shall reasonably cooperate and provide such information as may be reasonably necessary to give
full effect the provisions set forth in Section 1 of this Agreement.

 

SECTION
7. [Reserved]. 

 

SECTION
8. Provisions Define Relative Rights. This Agreement is intended solely for the purpose
of defining the relative rights of the Senior Parties on the one hand and the Subordinated Parties and the Guarantor on the other,
and neither the Company nor any other Person shall have any right, benefit or other interest under this Agreement.

 

SECTION
9. Powers Coupled with an Interest. All powers, authorizations and agencies contained
in this Agreement are coupled with an interest and are irrevocable until the Senior Obligations are paid in full in cash.

 

SECTION
10. Notices. Any notice or communication shall be in writing and delivered in person
or mailed by first class mail addressed as follows:

 

if
to the Company or the Guarantor:

 

Royal
Caribbean Cruises Ltd.

1050
Caribbean Way

Miami,
Florida 33132

Attn:
Jason T. Liberty, Executive Vice President and Chief Financial Officer

Antje
M. Gibson, Vice President and Treasurer

 

     

     

    

 

with
a copy to:

 

Royal
Caribbean Cruises Ltd.

1050
Caribbean Way

Miami,
Florida 33132

Attn:
General Counsel

 

if
to the Trustee:

 

The
Bank of New York Mellon Trust Company,

N.A. 10161 Centurion Parkway North, 2nd Floor

Jacksonville,
Florida 32256

Attn:
Corporate Trust Administration

 

if
to the Administrative Agent:

 

Morgan
Stanley Senior Funding, Inc.

1300
Thames Street Wharf, 4th Floor

Baltimore,
MD 21231

Attention:
Documentation Team

Telephone:
443-627-5900

Email:
doc4secportfolio@morganstanley.com

 

if
to the Agent, to the applicable address indicated in Schedule I hereto.

 

The
Company, the Guarantor, the Trustee, the Administrative Agent or any Agent by notice to the other parties hereto may designate
additional or different addresses for subsequent notices or communications.

 

Notices
given by first-class mail shall be deemed given five calendar days after mailing and notices given by publication shall be deemed
given on the first date on which publication is made. If a notice or communication is delivered in the manner provided above,
it is duly given, whether or not the addressee receives it.

 

SECTION
11. Counterparts. This Agreement may be executed by one or more of the parties on
any number of separate counterparts, each of which shall constitute an original, but all of which taken together shall be deemed
to constitute but one instrument. Delivery of an executed signature page to this Agreement by facsimile transmission or electronic
..pdf delivery shall be as effective as delivery of a manually signed counterpart of this Agreement.

 

SECTION
12. Severability. In case any one or more of the provisions contained in this Agreement
should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular
provision hereof in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction).
The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

     

     

    

 

SECTION
13. Integration. This Agreement represents the agreement of the Guarantor, the Company,
the Subordinated Parties and the Senior Parties with respect to the subject matter hereof and there are no promises or representations
by the Guarantor, the Company, the Subordinated Parties or the Senior Parties relative to the subject matter hereof not reflected
herein.

 

SECTION
14. Amendments in Writing; No Waiver; Cumulative Remedies. (a) None of the terms or
provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed
by the Trustee, the Administrative Agent (but only on and after the Joinder Date), the Guarantor,
the Company and each Agent (on behalf of its Relevant Subordinated Parties).

 

(b)       No
failure to exercise, nor any delay in exercising, on the part of the Senior Parties, any right, power or privilege hereunder shall
operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other
or further exercise thereof or the exercise of any other right, power or privilege.

 

(c)       The
rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other
rights or remedies provided by law.

 

SECTION
15. Section Headings. The section headings used in this Agreement are for convenience of reference only and are not to
affect the construction hereof or be taken into consideration in the interpretation hereof.

 

SECTION
16. Successors and Assigns. This Agreement shall be binding upon the successors and assigns of the Guarantor, the Company
and the Subordinated Parties and shall inure to the benefit of the Senior Parties and their respective successors and assigns.

 

SECTION
17. Governing Law; Jurisdiction; Consent to Service of Process. (a) THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE
OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)       EACH
PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION,
WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER PARTY OR ANY RELATED PARTY OF THE FOREGOING
IN ANY WAY RELATING TO THIS AGREEMENT OR THE TRANSACTIONS RELATING HERETO IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW
YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS
AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK
STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT
A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY
SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

     

     

    

 

(c)       EACH
PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT
MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY
COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION 17. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH
COURT.

 

SECTION
18. WAIVER OF JURY TRIAL.
EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT, THE INDENTURE AND THE CREDIT AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
18.

 

SECTION
19. Termination; Survival.
This Agreement and all of the covenants and other obligations of each of the parties hereto shall, except as otherwise expressly
provided by the following sentence, terminate upon, and be of no further force or effect whatsoever after, the payment in full
of all of the Senior Obligations. The agreements and obligations of each party hereto under Sections 17 and 18 hereof shall survive
the termination of this Agreement and the payment in full of all Senior Obligations.

 

SECTION
20. Trustee’s Rights; Administrative Agent’s Rights;
Agent’s Rights. In addition to its rights, protections, immunities reliances and indemnities
set forth herein, (a) as between the Trustee, the Company and the Guarantor, the Trustee shall have all the rights, protections,
immunities, reliances and indemnities as are provided to the Trustee under the Indenture and (b) on and after the Joinder Date,
as between the Administrative Agent, the Company and the Guarantor, the Administrative Agent shall have all the rights, protections,
immunities, reliances and indemnities as are provided to the Administrative Agent under the Credit Agreement and the other Loan
Documents (as defined therein) (and this Agreement shall be deemed to be a Loan Document for the purposes therefore). In addition
to any rights, protections, immunities, reliances and indemnities set forth herein, as between each Agent (and its Relevant Subordinated
Parties), the Company and the Guarantor, each such Agent and its Relevant Subordinated Parties shall have all the rights, protections,
immunities, reliances and indemnities (as the case may be) as are provided to such parties under the relevant ECA Agreement and
the other Loan Documents (as defined therein) (and this Agreement shall be deemed to be a Loan Document for the purposes of each
such ECA Agreement).

 

     

     

    

 

SECTION
21. Several Nature of Agent’s Rights and Obligations.
The obligations of each Agent under this Agreement are several and apply only in respect of itself and its Relevant Subordinated
Parties. Failure by an Agent or its Relevant Subordinated Parties does not affect the obligations of any other Agent or
their respective Relevant Subordinated Parties under this Agreement. Accordingly, no Agent or its Relevant Subordinated Parties
shall be responsible for the obligations, actions or omissions of any other Agent or their respective Relevant Subordinated Parties.

 

The
rights of each Agent (and its Relevant Subordinated Parties) under or in connection with this Agreement are separate and independent
rights. An Agent (on behalf of its Relevant Subordinated Parties) shall be entitled to enforce its rights independently and without
any action of any of the other Agents or their respective Relevant Subordinated Parties.

 

SECTION
22. Subordination Agreement. This Agreement constitutes a “subordination agreement”
within the meaning of such term as used in section 510(a) of Title 11 of the United States Code, as amended from time to time.

 

SECTION
23. Joinder. Upon the execution and delivery of a joinder agreement substantially
in the form attached hereto as Exhibit A with such changes, or otherwise in form and
substance, reasonably satisfactory to the Company, the Guarantor, each Agent and the Trustee (the “Joinder
Agreement”) by the Administrative Agent on or prior to the date the Credit Agreement becomes effective (such
date of delivery, the “Joinder Date”), the Administrative Agent shall
automatically become a party to this Agreement and be subject to the terms and conditions hereof and receive the benefits hereunder
as if originally a party to this Agreement. If requested by the Administrative Agent, each of the Company, the Guarantor, each
Agent and the Trustee will acknowledge the Administrative Agent’s execution and delivery of the Joinder Agreement by its
signature thereon. On and after the Joinder Date, each of the Administrative Agent and the Lenders shall be deemed a Senior Party
and subject to all the rights and obligations of a Senior Party under this Agreement with the same rights as if each of the Administrative
Agent and the Lenders were party to this Agreement on the date of this Agreement.

 

[Remainder
of page intentionally left blank]

 

     

     

    

 

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

 

	 	KFW IPEX-BANK GMBH, as
    Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	RCI HOLDINGS LLC, as
    the Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	ROYAL CARIBBEAN CRUISES LTD.,
    as the Company
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	THE BANK OF NEW YORK MELLON TRUST
    COMPANY, N.A., not in its individual capacity, but solely
    in its capacity as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Subordination Agreement]

 

     

     

    

 

Schedule
I

 

ECA
AGREEMENTS

 

	ECA
    Facility	Agent	Address
	A
    facility agreement dated 15 April 2009 (as amended from time to time) in respect of m.v. “Celebrity Equinox” (builder’s
    hull no. S-676) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH as Hermes
    agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

	A
    facility agreement dated 26 November 2009 (as amended from time to time) in respect of m.v. “Celebrity Eclipse”
    (builder’s hull no. S-677) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH
    as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

 

     

     

    

 

	ECA
    Facility	Agent	Address
	A
    facility agreement dated 7 August 2008 (as amended from time to time including by an amendment agreement dated 23 April
    2020) in respect of m.v. “Celebrity Solstice” (builder’s hull no. S-675) entered into between, amongst others, Royal
    Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the
    banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse 5-9 D-60325 Frankfurt am Main Germany

                                                                                                                         Facsimile No.: +49 (69) 7431 3768 

                                                                                                                         Email: maritime-industries-administration@kfw.de 

                                                                                                                         Attention: Maritime Industries

                                                                                                                         With a copy to: Credit Operations

                                                                                Facsimile No.: +49 (69) 7431 2944

	A
    facility agreement dated 27 February 2009 (as amended from time to time) in respect of m.v. “Celebrity Silhouette”
    (builder’s hull no. S-679) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH
    as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

	A
    facility agreement dated 19 December 2008 (as amended from time to time) in respect of m.v. “Celebrity Reflection”
    (builder’s hull no. S-691) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH
    as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention:
Maritime Industries

        With a copy to: Credit Operations

        Facsimile No.: +49 (69) 7431 2944 

  

     

     

    

  

	ECA
    Facility	Agent	Address
	A
    facility agreement dated 8 June 2011 (as amended from time to time) in respect of m.v. “Quantum of the Seas” (builder’s
    hull no. S-697) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, the Hermes Agent, KfW IPEX-Bank
    GmbH as facility agent (in this capacity, the “Facility Agent”) and the banks and financial institutions listed
    therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

	A
    facility agreement dated 8 June 2011 (as amended from time to time) in respect of m.v. “Anthem of the Seas” (builder’s
    hull no. S-698) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH as Hermes
    agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

  

     

     

    

  

	ECA
    Facility	Agent	Address
	A
    facility agreement dated 27 November 2013 (as amended from time to time) in respect of m.v. “Ovation of the Seas”
    (builder’s hull no. S-699) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH
    as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

	A
    facility agreement dated 13 November 2015 (as amended from time to time) in respect of m.v. “Spectrum of the Seas”
    (builder’s hull no. S-700) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH
    as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

	A
    facility agreement dated 13 November 2015 (as amended from time to time) in respect of m.v. “Odyssey of the Seas”
    (builder’s hull no. S-713) entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH
    as Hermes agent, KfW IPEX-Bank GmbH as administrative
    agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
        No.: +49 (69) 7431 3768

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944  

  

     

     

    

  

	ECA
    Facility	Agent	Address
	A
    facility agreement dated as of 19 September 2019 (as amended from time to time) in respect of the passenger cruise vessel
    with builder’s hull no. S-719 entered into between, amongst others, Silversea Cruise Holding Ltd. borrower, Royal Caribbean
    Cruises Ltd. as guarantor, KfW IPEX-Bank GmbH as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and
    financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

	A
    facility agreement dated as of 19 September 2019 (as amended from time to time) in respect of the passenger cruise vessel
    with builder’s hull no. S-720 entered into between, amongst others, Silversea Cruise Holding Ltd. as borrower, Royal Caribbean
    Cruises Ltd. as guarantor, KfW IPEX-Bank GmbH as Hermes agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and
    financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
    No.: +49 (69) 7431 2944

  

     

     

    

  

	ECA
    Facility	Agent	Address
	A
    facility agreement dated 11 October 2017 (as amended from time to time) in respect of the passenger cruise vessel with builder’s
    hull no. 1400 entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH as Hermes
    agent, KfW IPEX-Bank GmbH as facility agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

	A
    facility agreement dated 11 October 2017 (as amended from time to time) in respect of the passenger cruise vessel with builder’s
    hull no. 1401 entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank GmbH as Hermes
    agent, KfW IPEX-Bank GmbH as administrative agent, and the banks and financial institutions listed therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
5-9 D-60325 Frankfurt am Main Germany 

        Facsimile
No.: +49 (69) 7431 3768 

        Email:
        maritime-industries-administration@kfw.de

        Attention: Maritime Industries 

        With
a copy to: Credit Operations 

        Facsimile
No.: +49 (69) 7431 2944 

  

     

     

    

  

	ECA
    Facility	Agent	Address
	A
    facility agreement dated 18 December 2019 (as amended from time to time) in respect of the passenger cruise vessel with builder’s
    hull no. 1402 entered into between, amongst others, Royal Caribbean Cruises Ltd. as borrower, KfW IPEX-Bank
    GmbH as Hermes agent, KfW IPEX-Bank GmbH as administrative
    agent, and the banks and financial institutions listed
    therein as Lenders.	KfW
    IPEX-Bank GmbH	Palmengartenstrasse
                                         5-9 D-60325 Frankfurt am Main Germany

                                                                    Facsimile
                                         No.: +49 (69) 7431 3768

                                                                    Email:
                                         maritime-industries-administration@kfw.de

                                                                    Attention:
                                         Maritime Industries

                                                                    With
                                         a copy to: Credit Operations 

                                                                    Facsimile
                                         No.: +49 (69) 7431 2944

  

     

     

    

 

Exhibit A

 

[FORM OF] JOINDER AGREEMENT

 

This
JOINDER AGREEMENT, dated as of [•], 202[•] (this “Joinder”),
to that certain SUBORDINATION AGREEMENT, dated as of [•], 2020 (the “Subordination
Agreement”), by and KfW IPEX-Bank GmbH, in its capacity as agent under the applicable ECA Agreement, RCI
HOLDINGS LLC, a limited liability company formed and existing under the laws of Liberia, ROYAL CARIBBEAN CRUISES LTD., a
corporation incorporated and existing under the laws of Liberia, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its
capacity as trustee under the Indenture, for the benefit of the Holders (as defined in the Indenture), is being executed and
delivered by MORGAN STANLEY SENIOR FUNDING INC., in its capacity as administrative agent under the Credit Agreement (the
 “Administrative Agent”), for the benefit of the Lenders, in
accordance with the provisions of the Subordination Agreement.

 

Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Subordination Agreement.

 

The Administrative
Agent hereby agrees to become a party to the Subordination Agreement and be subject to the terms and conditions thereof and receive
the benefits thereunder as if originally a party to the Subordination Agreement. On and after the Joinder Date, each of the Administrative
Agent and the Lenders shall be deemed a Senior Party and subject to all the rights and obligations of a Senior Party under the
Subordination Agreement.

 

The provisions of
Sections 11, 17 and 18 of the Subordination Agreement are hereby incorporated mutatis mutandis
as if fully set forth in this Joinder.

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be duly executed and delivered as of ________________ (the
 “Joinder Date”).

 

	 	MORGAN STANLEY SENIOR
	 	FUNDING, INC., as the Administrative Agent
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

Exhibit A

 

     

     

    

 

	 	ACKNOWLEDGED BY:
	 	 
	 	KfW IPEX-Bank GmbH, as Agent
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

Exhibit A

 

     

     

    

 

	 	ACKNOWLEDGED BY:
	 	 
	 	RCI HOLDINGS LLC, as
the Guarantor
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

	 	ROYAL
CARIBBEAN CRUISES LTD., 
	 	 	as the Company
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

Exhibit A

 

     

     

    

 

ACKNOWLEDGED BY:

 

THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A., not in its individual capacity, but solely in its capacity as Trustee

	 	 	 
	By:	 	 
	 	Name: 	 
	 	Title:	 

 

     

     

    

 

Exhibit G

Form of Other Senior Parties Subordination Agreement

 

     

     

    

 

[FORM OF] SUBORDINATION AGREEMENT

 

SUBORDINATION
AGREEMENT, dated as of [•], 2020 (this “Agreement”), by and among
each Agent (as defined below), in its capacity as facility agent under the applicable ECA Agreement (as defined below), ROYAL CARIBBEAN
CRUISES LTD., a corporation incorporated and existing under the laws of Liberia (the “Company”),
the subsidiaries of the Company listed in Schedule I hereto (each, a “Guarantor”,
and collectively, the “Guarantors”) and [ADMINISTRATIVE AGENT], in its
capacity as [administrative agent] under the Credit Agreement (as defined below) (the “Administrative
Agent”), for the benefit of the Lenders (as defined below).

 

The Company,
the Administrative Agent and certain lenders from time to time thereunder (the “Lenders”
and referred to herein, collectively with the Administrative Agent, as the “Senior Parties”)
are party to that certain [CREDIT AGREEMENT], dated as of [•] (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”).

 

Pursuant to each
agreement listed in Schedule III hereto (collectively, the “ECA
Agreements”, and each an “ECA Agreement”), (a) RCL Cruise
Holdings LLC, Torcatt Enterprises Limitada, RCL Holdings Cooperatief UA, RCL Cruises Ltd., and RCL Investments Ltd. are required
to execute and deliver to each facility agent (as listed in Schedule III hereto, the “Agents”,
and each an “Agent”) for the benefit of the lenders under each of the ECA
Agreements to which that Agent is a party (the Agents and the lenders under the ECA Agreements being the “ECA
Parties”) a guarantee of the obligations of the Company under each such ECA Agreement, each of which guarantees
are dated as of [•], 2020, but each such guarantee must be subordinated to the Senior Obligations (as defined below) and (b)
RCI Holdings LLC (“RCI”) is required to execute and deliver to each Agent
for the benefit of the relevant ECA Parties a guarantee of the obligations of the Company under each relevant ECA Agreement, each
of which guarantees are dated as of [•], 2020, but each such guarantee must be subordinated to the Senior Obligations (collectively,
the “Subordinated Guarantees”, and each a “Subordinated
Guarantee”).

 

The Guarantors’
execution and delivery of each Subordinated Guarantee in favor of an Agent, for the benefit of the applicable ECA Parties, is conditioned
upon the execution and delivery by the Company, each Guarantor and that Agent, for the benefit of the applicable ECA Parties, of
this Agreement pursuant to which each of the Agents and the ECA Parties (each such Agent and all such ECA Parties, together with
each of their respective successors and assigns, collectively, the “Subordinated Parties”)
agree, and with respect to each ECA Agreement on a several basis, to subordinate their respective rights with respect to the Subordinated
Obligations (as defined below) to the rights of the Senior Parties with respect to the Senior Obligations, all on the terms set
forth herein.

 

Accordingly, each
Agent (on behalf of its Relevant Subordinated Parties (as defined below)), the Company, each Guarantor and the Administrative Agent,
on behalf of the Senior Parties (and each of their respective successors or assigns), hereby agrees as follows:

 

     

     

    

 

SECTION 1. Subordination.

 

(a)       Each
Agent (on behalf of itself and its other Relevant Subordinated Parties) hereby agrees, on a several basis, that all of their
respective right, title and interest in and to the Subordinated Obligations shall be subordinate and junior in right of
payment to the rights of the Senior Parties in respect of the obligations of each Guarantor (whether now existing or from
time to time after the date hereof incurred, assumed, created or arising) arising under the Senior Debt Documents (as defined
below), including the payment of principal, premium (if any), interest (including, without limitation, interest accruing on
or after the filing of any Insolvency Proceeding (as defined below) relating to the Company or any Guarantor pursuant to the
terms of the Senior Debt Documents, whether or not a claim for post-filing interest is allowed or allowable in any such
Insolvency Proceeding), fees, charges, expenses, indemnities, reimbursement obligations and all other amounts payable
thereunder or in respect thereof, in each case whether or not any of the foregoing is allowed or allowable as a claim in any
Insolvency Proceeding (collectively, the “Senior Obligations”). For
the avoidance of doubt, (1) “payment in full” (or similar term used herein) of the Senior Obligations will not be
deemed to have occurred so long as any Obligations under and as defined in the Senior Debt Documents remain outstanding
(other than any inchoate obligations for which no claim has been asserted) and (2) nothing herein shall or shall be deemed to
affect, alter or impair the rights of the Subordinated Parties under the relevant ECA Agreement and the [Loan] Documents (as
defined in the relevant ECA Agreement) other than with respect to the Subordinated Guarantees entered into in connection with
that ECA Agreement.

 

For purposes hereof:

 

(i)
 “Relevant Subordinated Parties” means, in respect of an Agent, the Subordinated
Parties under or in connection with the ECA Agreement pursuant to which that Agent has been appointed in such capacity.

 

(ii) “Senior
Debt Documents” means the Credit Agreement, that certain Guaranty, dated as of [•], made by RCL Cruise Holdings
LLC, Torcatt Enterprises Limitada, RCL Holdings Cooperatief UA, RCL Cruises Ltd., and RCL Investments Ltd. in favor of the Administrative
Agent on behalf of the Lenders, and that certain Guaranty, dated as of [•], made by RCI in favor of the Administrative Agent
on behalf of the Lenders, and any related promissory notes.

 

(iii)
 “Subordinated Obligations” means, in respect of an ECA Agreement and the
Relevant Subordinated Parties thereunder, all obligations of the Guarantors to those Relevant Subordinated Parties (whether now
existing or from time to time after the date hereof incurred, assumed, created or arising) under each Subordinated Guarantee in
respect of that ECA Agreement.

 

     

     

    

 

(b)       Except
to the extent expressly permitted hereunder, the Company, each Guarantor and each Agent (on behalf of its Relevant
Subordinated Parties) agrees that no payment (whether directly, by purchase, redemption or exercise of any right of setoff or
otherwise) in respect of the Subordinated Obligations, whether as principal, interest or otherwise, and whether in cash,
securities or other property, shall be made by or on behalf of any Guarantor under the applicable Subordinated Guarantee or
received or accepted, directly or indirectly, by or on behalf of any Subordinated Party under that Subordinated Guarantee,
until the payment in full in cash of all Senior Obligations (other than any inchoate obligations for which no claim has been
asserted). In the event that any payment by, or on behalf of, or distribution of the assets or other property of, or any
equity securities or debt securities issued by, any Guarantor of any kind or character, whether in cash, securities or other
property, and whether directly, by purchase, redemption, exercise of any right of setoff or otherwise, including without
limitation, in connection with a plan of reorganization or other Insolvency Proceeding with respect to any Guarantor, shall
be received on account of any Subordinated Obligations by or on behalf of any Subordinated Party or any Affiliate thereof at
a time when such payment or distribution is prohibited by this Agreement, then such payment or distribution that has been
received by a Subordinated Party shall be held by that Subordinated Party or Affiliate in trust (segregated from other
property of such Subordinated Party or Affiliate) for the benefit of, and shall forthwith be paid over to the Administrative
Agent as representative for the Senior Obligations and each agent, trustee or other representative for the Pari Passu
Obligations, according to the pro rata share of the Senior Obligations represented by the Administrative Agent and the Pari
Passu Obligations held by such agent, trustee or other representative and the other obligees under the applicable agreement
until the payment in full in cash of all Senior Obligations (other than any inchoate obligations for which no claim has been
asserted); provided, if the applicable Guarantor is RCI and RCI continues to
guarantee any obligations outstanding under any of the Unsecured Note Indebtedness, the DDTL Indebtedness or any
Permitted Refinancing (as each such term is defined in the ECA Agreement as in effect on the date hereof) in respect thereof
(collectively, the “Senior RCI Obligations”), then such payment or
distribution shall be held by such Subordinated Party or Affiliate in trust (segregated from other property of such
Subordinated Party or Affiliate) for the benefit of, and shall forthwith be paid over to, the relevant agent, trustee or
other representative for the Senior RCI Obligations to the extent required under any other subordination agreement to which
RCI is a party at such time. If the Administrative Agent receives more than the pro rata share to which it is entitled
pursuant to the foregoing sentence, then the Administrative Agent shall pay the excess over to the applicable agent, trustee
or other representative for the Pari Passu Obligations; provided that such
payment shall not be payable until the Administrative Agent has been able to determine the outstanding amount of all Pari
Passu Obligations and the respective pro rata share of Senior Obligations represented by the Administrative Agent and Pari
Passu Obligations held by each agent, trustee or other representative for the Pari Passu Obligations (such determination to
be made in reliance on either the information provided by the Company pursuant to the penultimate sentence of this clause
1(b) or such other evidence as the Administrative Agent reasonably deems satisfactory). For the avoidance of doubt, the
subordination of the Subordinated Obligations to the Senior Obligations pursuant to the provisions of this Section 1 does
not, and nothing contained in this Section 1 or elsewhere in this Subordination Agreement shall, limit or be deemed to limit
the liability of the Company to make payments of principal, premium (if any), interest, fees, charges, expenses, indemnities,
reimbursement obligations and other amounts payable in respect of any ECA Agreement as and when due. The Company agrees to
advise the Administrative Agent or any Subordinated Party, as the case may be, promptly upon request as to the outstanding
amount of all Pari Passu Obligations and the respective pro rata share of Senior Obligations represented by the
Administrative Agent and Pari Passu Obligations held (or represented) by each agent, trustee or other representative for the
Pari Passu Obligations, in order to facilitate the Administrative Agent, each agent, trustee or other representative for the
Pari Passu Obligations or the relevant Subordinated Party receiving the pro rata payment to which it is entitled or making
the payment required to be paid in accordance with the foregoing (as applicable). Each Subordinated Party may conclusively
rely on the aforementioned advice from the Company in complying with its obligations under this clause 1(b).

 

     

     

    

 

For purposes hereof:

 

(i)       “Pari
Passu Obligations” means the obligations of the Company listed in Schedule II hereto (each such agreement,
as it may be amended, amended and restated, supplemented or otherwise modified from time to time) and under credit card
processing arrangements or other similar payment processing arrangements.

 

(ii)       the
 “pro rata share” of any Person as of any time shall be determined based upon the share of the sum of the total
Pari Passu Obligations held by such Person at such time.

 

(c)       The
provisions of this Agreement shall continue in full force and effect notwithstanding the occurrence of an Insolvency
Proceeding against any Guarantor or any of its properties or assets until the payment in full in cash of all Senior
Obligations (other than any inchoate obligations for which no claim has been asserted). Upon any distribution of the assets
of any Guarantor or upon any dissolution, winding up, liquidation or reorganization of any Guarantor, whether in bankruptcy,
insolvency, reorganization, arrangement or receivership proceedings or otherwise, or upon any assignment for the benefit of
creditors or any other marshalling of the assets and liabilities of any Guarantor, or otherwise (any of the foregoing, an
 “Insolvency Proceeding”):

 

		(i)	the Senior Parties shall first be entitled to receive payment in full in
cash of the Senior Obligations (whenever arising, and including, without limitation, interest accruing after the commencement of
any Insolvency Proceeding at the rate set forth in the applicable Senior Debt Documents whether or not allowed or allowable as
a claim in any such Insolvency Proceeding) (other than any inchoate obligations for which no claim has been asserted) before any
Subordinated Party shall be entitled to receive any payment or distribution on account of the Subordinated Obligations, whether
of principal, interest or otherwise; and

 

		(ii)	until the payment in full of all Senior Obligations (other than any
                                                              inchoate obligations for which no claim has been asserted), any payment by, or on behalf of, or distribution of the assets
                                                              of, or any debt or equity securities issued by, such Guarantor of any kind or character, whether in cash, securities or other
                                                              property, to which any Subordinated Party would be entitled except for the provisions of this Section 1 shall be paid or
                                                              delivered by the Person making such payment or distribution (whether a trustee in bankruptcy, a receiver, custodian or
                                                              liquidating trustee or otherwise) directly to the Administrative Agent representing the Senior Obligations and each agent,
                                                              trustee or other representative for the Pari Passu Obligations, according to the pro rata share of the Senior Obligations
                                                              represented by the Administrative Agent and the Pari Passu Obligations held by such agent, trustee or other representative
                                                              and the other obligees under the applicable agreement; provided, if the applicable Guarantor is RCI and RCI continues
                                                              to guarantee any obligations outstanding under any of the Senior RCI Obligations, then such payment or distribution shall be
                                                              paid or delivered by the Person making such payment or distribution (whether a trustee in bankruptcy, a receiver, custodian
                                                              or liquidating trustee or otherwise) directly to, the relevant agent, trustee or other representative for the Senior RCI
                                                              Obligations to the extent required under any other subordination agreement to which RCI is a party at such time. If the Administrative
Agent receives more than the pro rata share to which it is entitled pursuant to the foregoing sentence, then the Administrative
Agent shall pay the excess over to the applicable agent, trustee or other representative for the Pari Passu Obligations; provided
that such payment shall not be payable until the Administrative Agent has been able to determine the outstanding amount of all
Pari Passu Obligations and the respective pro rata share of Senior Obligations represented by the Administrative Agent and Pari
Passu Obligations held by each agent, trustee or other representative for the Pari Passu Obligations (such determination to be
made in reliance on either the information provided by the Company pursuant to the last sentence of this clause 1(c)(ii) or such
other evidence as the Administrative Agent reasonably deems satisfactory). The Company agrees to advise the Administrative Agent
or any Person making a payment or distribution pursuant to this clause, as the case may be, reasonably promptly upon request as
to the outstanding amount of all Pari Passu Obligations and the respective pro rata share of Senior Obligations represented by
the Administrative Agent and Pari Passu Obligations held (or represented) by each agent, trustee or other representative for the
Pari Passu Obligations, in order to facilitate the Administrative Agent, each agent, trustee or other representative for the Pari
Passu Obligations receiving the pro rata payment to which it is entitled or making the payment required to be paid in accordance
with the foregoing (as applicable).

 

     

     

    

 

In addition, each Agent (in respect
of its Relevant Subordinated Parties) agrees that in connection with any Insolvency Proceeding (i) the Administrative Agent, on
behalf of the Senior Parties, is irrevocably authorized and empowered (in its own name or in the name of the Relevant Subordinated
Parties or otherwise), but shall have no obligation, to demand, sue for, collect and receive every payment or distribution referred
to in the preceding sentence and give acquittance therefor and to file claims and proofs of claim and take such other action as
the Administrative Agent may deem necessary or advisable for the exercise or enforcement of any of the rights or interest of the
Senior Parties and (ii) to the extent that a claim has been, or is, made under a Subordinated Guarantee, each of the Relevant Subordinated
Parties in respect of that Subordinated Guarantee shall duly and promptly take such action as the Administrative Agent, on behalf
of the Senior Parties, may reasonably request to (A) collect amounts in respect of the applicable Subordinated Obligations for
the account of the Senior Parties and to file appropriate claims or proofs of claim in respect of such Subordinated Obligations,
(B) execute and deliver to the Administrative Agent such documents as the Administrative Agent, on behalf of the Senior Parties,
may reasonably request in order to enable the Administrative Agent to enforce any and all claims with respect to the applicable
Subordinated Obligations for the account of the Senior Parties and (C) collect and receive any and all payments or distributions
which may be payable or deliverable upon or with respect to the applicable Subordinated Obligations for the account of the Senior
Parties (provided that the Company hereby agrees that it shall pay on demand all reasonable and documented out-of-pocket costs
and expenses of each Relevant Subordinated Party in connection with any of the foregoing actions (including the reasonable and
documented fees and expenses of counsel for each such Subordinated Party)). A copy of this Agreement may be filed with any court
as evidence of the Senior Parties’ right, power and authority hereunder.

 

     

     

    

 

(d)       Each
Guarantor and each Agent (on behalf of its Relevant Subordinated Parties) agrees that, prior to the payment in full in cash
of all Senior Obligations (other than any inchoate obligations for which no claim has been asserted), no Relevant
Subordinated Party may take any Enforcement Action against any Guarantor (it being understood that this Agreement shall not
affect any Subordinated Party’s rights or remedies against any other obligor under or with respect to the applicable
ECA Agreement and/or the other [Loan] Documents (as defined therein) without the prior written consent of the Administrative
Agent (acting upon the direction of the Required Lenders (as defined in the Credit Agreement)), unless any of the following
apply in which case each Agent (on behalf of its Relevant Subordinated Parties) shall be permitted to take any such
Enforcement Action without any requirement to obtain consent from the Administrative Agent:

 

		(i)	the occurrence of, with respect to such Guarantor, an Insolvency Proceeding; or

 

		(ii)	the holders of Senior Obligations have taken any Enforcement Action in relation
to such Guarantor; or

 

		(iii)	a default has occurred under the applicable ECA Agreement (a “Subordinated
Debt Default”); and

 

		(A)	the Relevant Subordinated Parties have provided notice of the Subordinated
Debt Default to the Senior Parties in accordance with Section 10 hereof; and

 

		(B)	a period of not less than (i) 90 days (in the case of a payment default)
or (ii) 179 days (in the case of a non-payment default) has passed from the date the Senior Parties were first notified of the
Subordinated Debt Default (a “Standstill Period”); and

 

		(C)	at the end of the Standstill Period, the Subordinated Debt Default is continuing
and has not been waived.

 

For the purposes hereof, “Enforcement
Action” means, any action taken by any Subordinated Party in relation to or with respect to any Guarantor under
or in connection with the relevant Subordinated Guarantee granted in favor of that Subordinated Party (whether taken by the relevant
creditor or creditors or an agent or trustee on its or their behalf) to: (i) demand payment under that Subordinated Guarantee of
all or any part of the applicable Subordinated Obligations, (ii) recover all or any part of the applicable Subordinated Obligations
(including, by exercising any rights of set-off or combination of accounts), (iii) exercise or enforce any rights under or pursuant
to that Subordinated Guarantee, (iv) commence legal proceedings against such Guarantor or (v) commence, or take any other steps
which could lead to the commencement of, an Insolvency Proceeding concerning such Guarantor. Notwithstanding the foregoing, each
Agent (on behalf of its Relevant Subordinated Parties) agrees that it will not and no Relevant Subordinated Party may in any Insolvency
Proceeding concerning any Guarantor: (i) oppose any sale of assets (including bidding procedures relating thereto) with respect
to such Guarantor, (ii) propose any debtor in possession financing or oppose any debtor in possession financing or use of cash
collateral with respect to such Guarantor, in each case without the consent of the Administrative Agent, acting on behalf of the
Senior Parties, (iii) seek appointment of a trustee or examiner with respect to such Guarantor or (iv) propose, sponsor, vote in
favor of, or otherwise support any plan of reorganization or liquidation with respect to such Guarantor unless such plan (a) provides
for the payment in full in cash of all Senior Obligations on or before the effective date of such plan or (b) the Administrative
Agent, on behalf of the Lenders, has provided its prior written consent with respect to such plan.

 

     

     

    

 

		(e)	Each Agent (on behalf of its Relevant Subordinated
Parties) waives all rights of subrogation it may have with respect to the Senior Parties on account of payments made to the Senior
Parties by virtue of this Agreement that would otherwise have been made to the applicable Subordinated Obligations until all amounts
owing on the Senior Obligations shall be paid in full in cash (other than any inchoate obligations for which no claim has been
asserted). For the avoidance of doubt, upon the payment in cash of the Senior Obligations (other than any inchoate obligations
for which no claim has been asserted), the Relevant Subordinated Parties shall be subrogated to the rights of the Senior Parties
with respect to such payments. As between and among any Guarantor, its creditors (other than the Senior Parties) and the Subordinated
Parties, no such payment or distribution made to the Senior Parties by virtue of this Agreement that otherwise would have been
made to the Relevant Subordinated Parties shall be deemed to be a payment by such Guarantor on account of the applicable Subordinated
Obligations, it being understood that the provisions of this paragraph (e) are intended solely for the purpose of defining the
relative rights of the Relevant Subordinated Parties and the Senior Parties.

 

		(f)	Each Agent (on behalf of its Relevant Subordinated
Parties) and each Guarantor agree that any and all instruments or records (other than book entry records or other internal records)
now or hereafter directly creating or evidencing the Subordinated Obligations, whether upon refunding, extension, renewal, refinancing,
replacement or otherwise, shall contain the following legend:

 

“Notwithstanding anything
contained herein to the contrary, the obligations of the Guarantors (as defined herein) under this Guarantee shall not become
due or be paid or payable by any Guarantor pursuant hereto, except to the extent permitted under the Subordination Agreement,
dated as of [•], 2020, among [AGENT], RCL Cruise Holdings LLC, Torcatt Enterprises Limitada, RCL Holdings Cooperatief
UA, RCL Cruises Ltd., RCL Investments Ltd., RCI Holdings LLC, and [ADMINISTRATIVE AGENT], in its capacity as Administrative
Agent, which Subordination Agreement is incorporated herein with the same effect as if fully set forth herein. For the
avoidance of doubt, restrictions imposed by the aforementioned Subordination Agreement on the rights of the beneficiary
hereof to enforce the obligations of the Guarantors under this Guarantee shall not affect the rights of the beneficiary to
enforce the obligations of the Guarantors under this Guarantee on and following such time as the aforementioned Subordination
Agreement permits and those rights shall be fully preserved”;

 

or shall otherwise refer to and be subject in all respects
to the terms of this Agreement.

 

     

     

    

 

SECTION 2. Waivers
and Consents. (a) Each Agent (on behalf of its Relevant Subordinated Parties) waives the right to compel that any assets
or property of any Guarantor be applied in any particular order to discharge the Senior Obligations. Each Agent (on behalf of its
Relevant Subordinated Parties) expressly waives the right to require the Senior Parties to proceed against any Guarantor, or to
pursue any other remedy in any Senior Party’s power which such Relevant Subordinated Parties cannot pursue and which would
lighten the burden of those Relevant Subordinated Parties, notwithstanding that the failure of any Senior Party to do so may thereby
prejudice each such Relevant Subordinated Party. Each Agent (on behalf of its Relevant Subordinated Parties) agrees that it shall
not be discharged, exonerated or have its obligations hereunder to the Senior Parties reduced by any Senior Party’s delay
in proceeding against or enforcing any remedy against any Guarantor, by any Senior Party releasing any Guarantor from any part
(but not all) of the Senior Obligations, or by the discharge of any Guarantor by operation of law or otherwise, with or without
the intervention or omission of a Senior Party. A Senior Party’s vote to accept or reject any plan of reorganization relating
to any Guarantor, or a Senior Party’s receipt on account of the Senior Obligations other than the payment in full in cash
thereof (other than any inchoate obligations for which no claim has been asserted) of any cash, securities or other property distributed
in any bankruptcy, reorganization, or insolvency case, shall not discharge, exonerate, or reduce the obligations of any Subordinated
Party hereunder to the Senior Parties.

 

		(b)	Each Agent (on behalf of its Relevant Subordinated Parties) waives all rights
and defenses arising out of an election of remedies by the Senior Parties, even though that election of remedies, including any
nonjudicial foreclosure with respect to security for the Senior Obligations, has impaired the value of each such Relevant Subordinated
Party’s rights of subrogation, reimbursement or contribution against any Guarantor. Each Agent (on behalf of its Relevant
Subordinated Parties) expressly waives any rights or defenses it may have by reason of protection afforded to any Guarantor with
respect to the Senior Obligations pursuant to any anti-deficiency laws or other laws of similar import which limit or discharge
the principal debtor’s indebtedness upon judicial or nonjudicial foreclosure of real property or personal property securing
the Senior Obligations.

 

		(c)	Each Agent (on behalf of the Relevant Subordinated Parties) agrees
                                                             that, without the necessity of any reservation of rights against it, and without notice to or further assent by it, any
                                                             demand for payment of any Senior Obligations made by a Senior Party may be rescinded in whole or in part by such Senior
                                                             Party, and any Senior Obligation may be continued, and the Senior Obligations, or the liability of any Guarantor or any other
                                                             guarantor or any other party upon or for any part thereof or right of offset with respect thereto, may, from time to time, in
                                                             whole or in part, be renewed, extended, modified, accelerated, compromised, waived, surrendered, or released by the Senior
                                                             Parties, in each case without notice to or further assent by any Relevant Subordinated Party (to the extent contemplated by
                                                             the Subordinated Guarantee to which that Agent is a party), which will remain bound under this Agreement and without
                                                             impairing, abridging, releasing or affecting the subordination and other agreements provided for herein.

 

		(d)	Each Agent (on behalf of its Relevant Subordinated Parties)
waives any and all notice of the creation, renewal, extension or accrual of any of the Senior Obligations and notice of or proof
of reliance by the Senior Parties upon this Agreement. The Senior Obligations, and any of them, shall be deemed conclusively to
have been created, contracted or incurred and the consent given to create the obligations of each Guarantor in respect of the
Subordinated Obligations in reliance upon this Agreement, and all dealings between each Guarantor and the Senior Parties shall
be deemed to have been consummated in reliance upon this Agreement. Each Agent (on behalf of its Relevant Subordinated Parties)
acknowledges and agrees that the Senior Parties have relied upon the subordination and other agreements provided for herein in
consenting to the applicable Subordinated Obligations. Each Agent (on behalf of its Relevant Subordinated Parties) waives notice
of or proof of reliance on this Agreement and protest, demand for payment and notice of default.

 

     

     

    

 

SECTION
3.    Senior Obligations Unconditional. All rights and interests of the Senior Parties hereunder, and all agreements
and obligations of each Subordinated Party and each Guarantor hereunder, shall remain in full force and effect irrespective
of:

 

		(a)	any lack of validity or enforceability of the Senior Debt Documents;

 

		(b)	any change in the time, manner or place of payment of, or in any other term
of, all or any of the Senior Obligations, or any amendment or waiver or other modification, whether by course of conduct or otherwise,
of, or consent to departure from, the Senior Debt Documents; or

 

		(c)	any other circumstances that might otherwise constitute a defense
                                                             available to, or a discharge of, any Guarantor in respect of the Senior Obligations, or of any Subordinated Party or any
                                                             Guarantor in respect of this Agreement.

 

SECTION 4.    Representations
and Warranties. Each Agent represents and warrants on a several basis to the Administrative Agent for the benefit of the Senior
Parties that:

 

		(a)	It has the power and authority to execute and deliver and to perform
                                                             its obligations under this Agreement and has taken all necessary action to authorize its execution, delivery and performance
                                                             of this Agreement.

 

		(b)	This Agreement has been duly executed and delivered by such Agent and constitutes
a legal, valid and binding obligation of such Agent, enforceable against such Agent and its Relevant Subordinated Party in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at
law.

 

		(c)	No consent or authorization of filing with, or other act by or in
                                                             respect of, any Governmental Authority, is required to be obtained or made by it in connection with the execution, delivery
                                                             or performance of this Agreement.

 

SECTION 5.    Waiver
of Claims. (a) To the maximum extent permitted by law, each Agent (on behalf of its Relevant Subordinated Parties) waives any
claim it might have against the Senior Parties with respect to, or arising out of, any action or failure to act or any error of
judgment, negligence, or mistake or oversight whatsoever on the part of the Senior Parties or their directors, officers, employees,
agents or Affiliates with respect to any exercise of rights or remedies under the Senior Debt Documents. Neither the Senior Parties
nor any of their respective directors, officers, employees, agents or Affiliates shall be liable for failure to demand, collect
or realize upon the Senior Debt Documents or for any delay in doing so.

 

(b)       Each
Agent (on behalf of its Relevant Subordinated Parties), for itself and on behalf of its successors and assigns, hereby
waives any and all now existing or hereafter arising rights it may have to require the Senior Parties to marshal assets for
the benefit of each such Relevant Subordinated Party, or to otherwise direct the timing, order or manner of any sale,
collection or other enforcement of the Senior Obligations. The Senior Parties are under no duty or obligation, and each Agent
(on behalf of the Relevant Subordinated Parties) hereby waives any right it may have to compel the Senior Parties, to pursue
the Company or other Person who may be liable for the Obligations (as defined in the Credit Agreement).

 

     

     

    

 

SECTION 6. Further
Assurances. Each Agent and each Guarantor shall, at the expense of the Company and at any time from time to time, upon the
written request of the Administrative Agent, promptly and duly execute and deliver such further instruments and documents and take
such further actions as the Administrative Agent reasonably may request for the purposes of obtaining or preserving the full benefits
of this Agreement and of the rights and powers herein granted. Upon the written request of any other party hereto, the Company
shall reasonably cooperate and provide such information as may be reasonably necessary to give full effect the provisions set forth
in Section 1 of this Agreement.

 

SECTION 7. [Reserved]. 

 

SECTION 8. Provisions
Define Relative Rights. This Agreement is intended solely for the purpose of defining the relative rights of the Senior Parties
on the one hand and the Subordinated Parties and each Guarantor on the other, and neither the Company nor any other Person shall
have any right, benefit or other interest under this Agreement.

 

SECTION 9. Powers
Coupled with an Interest. All powers, authorizations and agencies contained in this Agreement are coupled with an interest
and are irrevocable until the Senior Obligations are paid in full in cash.

 

SECTION 10. Notices.
Any notice or communication shall be in writing and delivered in person or mailed by first class mail addressed as follows:

 

if to the Company or any Guarantor:

 

Royal Caribbean Cruises
Ltd.

1050 Caribbean Way

Miami, Florida 33132

Attn: Jason T. Liberty,
Executive Vice President and Chief Financial Officer

Antje M. Gibson, Vice President and Treasurer

 

with a copy to:

 

Royal Caribbean Cruises
Ltd.

1050 Caribbean Way

Miami, Florida 33132

Attn: General Counsel

 

if to the Administrative Agent:

 

[ADMINISTRATIVE AGENT NOTICE
INFORMATION]

 

if to the Agent, to the applicable
address indicated in Schedule III hereto.

 

     

     

    

 

The Company, any Guarantor,
the Administrative Agent or any Agent by notice to the other parties hereto may designate additional or different addresses for
subsequent notices or communications.

 

Notices given by first-class
mail shall be deemed given five calendar days after mailing and notices given by publication shall be deemed given on the first
date on which publication is made. If a notice or communication is delivered in the manner provided above, it is duly given, whether
or not the addressee receives it.

 

SECTION 11. Counterparts.
This Agreement may be executed by one or more of the parties on any number of separate counterparts, each of which shall constitute
an original, but all of which taken together shall be deemed to constitute but one instrument. Delivery of an executed signature
page to this Agreement by facsimile transmission or electronic .pdf delivery shall be as effective as delivery of a manually signed
counterpart of this Agreement.

 

SECTION 12. Severability.
In case any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby (it being understood that the invalidity of a particular provision hereof in a particular jurisdiction shall not in and
of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations
to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 13. Integration.
This Agreement represents the agreement of each Guarantor, the Company, the Subordinated Parties and the Senior Parties with respect
to the subject matter hereof and there are no promises or representations by any Guarantor, the Company, the Subordinated Parties
or the Senior Parties relative to the subject matter hereof not reflected herein.

 

SECTION 14. Amendments
in Writing; No Waiver; Cumulative Remedies. (a) None of the terms or provisions of this Agreement may be waived, amended,
supplemented or otherwise modified except by a written instrument executed by the Administrative Agent, each Guarantor, the Company
and each Agent (on behalf of its Relevant Subordinated Parties).

 

		(b)	No failure to exercise, nor any delay in exercising, on the part of the
Senior Parties, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any
right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power
or privilege.

 

		(c)	The rights and remedies herein provided are cumulative, may be
                                                             exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.

 

SECTION 15. Section
Headings. The section headings used in this Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

 

     

     

    

 

SECTION 16. Successors
and Assigns. This Agreement shall be binding upon the successors and assigns of each Guarantor, the Company and the Subordinated
Parties and shall inure to the benefit of the Senior Parties and their respective successors and assigns.

 

SECTION 17. Governing
Law; Jurisdiction; Consent to Service of Process. (a) THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION
(WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

		(b)	EACH PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT
                                                              COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN
                                                              TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY OTHER PARTY OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY
                                                              RELATING TO THIS AGREEMENT OR THE TRANSACTIONS RELATING HERETO IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK
                                                              SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
                                                              COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH
                                                              COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH
                                                              NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO
                                                              AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
                                                              JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

		(c)	EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION 17. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

SECTION
18. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE CREDIT AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 18.

 

     

     

    

 

SECTION 19. Termination;
Survival. This Agreement and all of the covenants and other obligations of each of the parties hereto shall, except as otherwise
expressly provided by the following sentence, terminate upon, and be of no further force or effect whatsoever after, the payment
in full of all of the Senior Obligations. The agreements and obligations of each party hereto under Sections 17 and 18 hereof shall
survive the termination of this Agreement and the payment in full of all Senior Obligations.

 

SECTION 20. Administrative
Agent’s Rights; Agent’s Rights. In addition to its rights, protections, immunities reliances and indemnities set
forth herein, as between the Administrative Agent, the Company and each Guarantor, the Administrative Agent shall have all the
rights, protections, immunities, reliances and indemnities as are provided to the Administrative Agent under the Credit Agreement
and the other Loan Documents (as defined therein) (and this Agreement shall be deemed to be a Loan Document for the purposes therefor).
In addition to any rights, protections, immunities, reliances and indemnities set forth herein, as between each Agent (and its
Relevant Subordinated Parties), the Company and each Guarantor, each such Agent and its Relevant Subordinated Parties shall have
all the rights, protections, immunities, reliances and indemnities (as the case may be) as are provided to that Agent (and its
Relevant Subordinated Parties) under the relevant ECA Agreement and the other Loan Documents (as defined therein) (and this Agreement
shall be deemed to be a [Loan] Document for the purposes of each such ECA Agreement).

 

SECTION 21. Several
Nature of Agent’s Rights and Obligations. The obligations of each Agent under this Agreement are several and apply only
in respect of itself and its Relevant Subordinated Parties. Failure by an Agent or its Relevant Subordinated Parties does not affect
the obligations of any other Agent or their respective Relevant Subordinated Parties under this Agreement. Accordingly, no Agent
or its Relevant Subordinated Parties shall be responsible for the obligations, actions or omissions of any other Agent or their
respective Relevant Subordinated Parties.

 

The rights of
each Agent (and its Relevant Subordinated Parties) under or in connection with this Agreement are separate and independent rights.
An Agent (on behalf of its Relevant Subordinated Parties) shall be entitled to enforce its rights independently and without any
action of any of the other Agents or their respective Relevant Subordinated Parties.

 

SECTION 22. Subordination
Agreement. This Agreement constitutes a “subordination agreement” within the meaning of such term as used in section
510(a) of Title 11 of the United States Code, as amended from time to time.

 

[Remainder of page intentionally left blank]

 

     

     

    

 

SCHEDULE I

GUARANTORS 

 

	Entity
    Name	Jurisdiction
    of Organization	Type
    of Entity
	 	 	 
	.
         RCI Holdings LLC	Liberia	Limited
    Liability Company
	.
         RCL Cruise Holdings LLC	Liberia	Limited
    Liability Company
	.
         Torcatt Enterprises Limitada	Costa
    Rica	Sociedad
    de Responsabilidad 

    Limitada
	.
         RCL Holdings Cooperatief UA	Netherlands	Excluded
    Liability Company
	.
         RCL Cruises Ltd.	England
    & Wales	Corporation
	.
         RCL Investments Ltd.	England
    & Wales	Limited
    Company

 

     

     

    

 

SCHEDULE II

 

OTHER OBLIGATIONS OF THE COMPANY 

 

		1.	Term Loan Agreement, dated as of April 5, 2019, among ROYAL CARIBBEAN CRUISES LTD., a Liberian
corporation, the various financial institutions party thereto, as lenders, and BANK OF AMERICA, N.A., as administrative agent

 

		2.	Credit Agreement, as amended and restated on October 12, 2017, among ROYAL CARIBBEAN CRUISES LTD.,
a Liberian corporation, the various financial institutions party thereto, as lenders, and NORDEA BANK ABP, NEW YORK BRANCH, as
administrative agent

 

		3.	Amended and Restated Credit Agreement, dated as of April 5, 2019, among ROYAL CARIBBEAN CRUISES
LTD., a Liberian corporation, the various financial institutions party thereto, as lenders, and THE BANK OF NOVA SCOTIA, as administrative
agent

 

		4.	Credit Agreement, dated as of May 11, 2010, among FALMOUTH JAMAICA LAND COMPANY LIMITED, a Jamaican
corporation, ROYAL CARIBBEAN CRUISES LTD., a Liberian corporation, and THE BANK OF NOVA SCOTIA, as lender

 

		5.	Credit Agreement, dated as of February 2, 2018, among ROYAL CARIBBEAN CRUISES LTD., a Liberian
corporation, the various financial institutions party thereto, as lenders, and INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED
NEW YORK BRANCH, as administrative agent

 

		6.	Credit Agreement, dated as of November 16, 2017, among ROYAL CARIBBEAN CRUISES LTD., a Liberian
corporation, the various financial institutions party thereto, as lenders, and SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), as administrative
agent

 

		7.	Term Loan Agreement, as amended and restated on December 3, 2019, among ROYAL CARIBBEAN CRUISES
LTD., a Liberian corporation, the various financial institutions party thereto, as lenders, and SUMITOMO MITSUI BANKING CORPORATION,
as administrative agent

 

		8.	Credit Agreement, dated as of June 7, 2019, among SILVERSEA CRUISE HOLDING LTD., a private limited
liability company incorporated under the laws of the Commonwealth of the Bahamas, ROYAL CARIBBEAN CRUISES LTD., a Liberian corporation,
the various financial institutions party thereto, as lenders, and NORDEA BANK ABP, NEW YORK BRANCH, as administrative agent

 

		9.	Guarantee, dated as of July 18, 2016, by ROYAL CARIBBEAN CRUISES LTD., a Liberian corporation,
in favor of the Beneficiaries (as defined therein)

 

     

     

    

 

SCHEDULE III 

 

ECA AGREEMENTS 

 

     

     

    

 

SIGNATORIES

 

Amendment
No. 2 in respect of Hull 1401

 

	Borrower	 	 
	 	 	 
	Royal Caribbean Cruises Ltd.	)	 
	Name: Jason Liberty	)	/s/ Jason Liberty
	Title: Chief Financial Officer	)	 

 

[Signature Page to Amendment No. 2 - Hull
1401]

 

     

     

    

 

	Facility Agent	 	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	Name: Joannes Tuft	)	/s/ Joannes Tuft
	Title: Attorney-in-Fact	)	 
	 	 	 
	Name:	)	 
	Title:	)	 
	 	 	 
	Hermes Agent	 	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	Name: Joannes Tuft	)	/s/ Joannes Tuft
	Title: Attorney-in-Fact	)	 
	 	 	 
	Name:	)	 
	Title:	)	 
	 	 	 
	Finnvera Agent	 	 
	 	 	 
	BNP Paribas Fortis SA/NV	)	 
	Name: Sophie Evrard	)	/s/ Sophie Evrard
	Title: Account Manager	)	 
	 	 	 
	Name: Veronique de Schepper	)	/s/ Veronique de Schepper
	Title: Head of Middle Office, Financing	)	 
	Solutions Brussels	)	 
	 	 	 
	Initial Mandated Lead Arranger	 	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	Name: Joannes Tuft	)	/s/ Joannes Tuft
	Title: Attorney-in-Fact	)	 
	 	 	 
	Name:	)	 
	Title:	)	 
	 	 	 
	Other Mandated Lead Arrangers	 	 
	 	 	 
	BNP Paribas Fortis SA/NV	)	 
	Name: Damien Heymans	)	/s/ Damien Heymans
	Title: Head of Export Finance Benelux	)	 
	 	 	 
	Name: Thi Karen Chu Van	)	/s/ Thi Karen Chu Van
	Title: Head of Credit Transaction Management	)	 
	Brussels	)	 
	 	 	 
	HSBC Bank plc	)	 
	Name: Mark Looi	)	/s/ Mark Looi
	Title: Attorney-in-fact	)	 
	 	 	 
	HSBC Bank USA, National Association	)	 
	Name: Vitor A. N. Gabrielli	)	/s/ Vitor A. N. Gabrielli
	Title: Director	)	 

 

[Signature Page to Amendment No. 2 - Hull
1401]

 

     

     

    

 

	Commerzbank AG, New York Branch	)	 
	Name: Christina Serrano	)	/s/ Christina Serrano
	Title:	)	 
	 	 	 
	Name: Bianca Notari	)	/s/ Bianca Notari
	Title:	)	 
	 	 	 
	Banco Santander, S.A.	)	 
	Name: Elise Regnault	)	/s/ Elise Regnault
	Title: Executive Director	)	 
	 	 	 
	Name: Carmen Molina	)	/s/ Carmen Molina
	Title: V.P.	)	 
	 	 	 
	Lead Arrangers	 	 
	 	 	 
	Banco Bilbao Vizcaya Argentaria, S.A.,	)	 
	Niederlassung Deutschland	)	 
	Name: Luz Barroso	)	/s/ Luz Barroso
	Title: Authorised Signatory	)	 
	 	 	 
	Name: Ana Alonso	)	/s/ Ana Alonso
	Title: Authorised Signatory	)	 
	 	 	 
	Bayerische Landesbank, New York Branch	)	 
	Name: Andrew Kjoller	)	/s/ Andrew Kjoller
	Title: Executive Director	)	 
	 	 	 
	Name: Gina Sandella	)	/s/ Gina Sandella
	Title: Vice President	)	 
	 	 	 
	DZ BANK AG, New York Branch	)	 
	Name: Julie Wersche	)	/s/ Julie Wersche
	Title: Vice President	)	 
	 	 	 
	Name: Georgios Gountenidis	)	/s/ Georgios Gountenidis
	Title: Associate Director	)	 
	 	 	 
	JPMorgan Chase Bank, N.A.,	)	 
	London Branch	)	 
	Name: Francois Turpault	)	/s/ Francois Turpault
	Title: Vice President Authorized Signatory	)	 
	 	 	 
	Name:	)	 
	Title:	)	 
	 	 	 
	SMBC Bank International plc	)	 
	 	)	 
	Name: Masaki Hikihara	)	/s/ Masaki Hikihara
	Title:	)	 
	 	 	 
	Name: Kenji Yanagawa	)	/s/ Kenji Yanagawa
	Title:	)	 

 

[Signature Page to Amendment No. 2 - Hull
1401]

 

     

     

    

 

	Lenders	 	 
	 	 	 
	Finnish Export Credit Ltd	)	 
	Name: Anita Muona	)	/s/ Anita Muona
	Title: Managing Director	)	 
	 	 	 
	Name:	)	 
	Title:	)	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	 	 	 
	Name: Joannes Tuft	)	/s/ Joannes Tuft
	Title: Attorney-in-Fact	)	 
	 	 	 
	Name:	)	 
	Title:	)	 
	 	 	 
	BNP Paribas Fortis SA/NV	)	 
	Name: Damien Heymans	)	/s/ Damien Heymans
	Title: Head of Export Finance Benelux	)	 
	 	 	 
	Thi Karen Chu Van	)	/s/ Thi Karen Chu Van
	Title: Head of Credit Transaction Management	)	 
	 	 	 
	HSBC Bank plc	)	 
	Name: Mark Looi	)	/s/ Mark Looi
	Title: Attorney-in-fact	)	 
	 	 	 
	HSBC Bank USA, National Association	)	 
	Name: Vitor A. N. Gabrielli	)	/s/ Vitor A. N. Gabrielli
	Title: Director	)	 
	 	 	 
	Commerzbank AG, New York Branch	)	 
	Name: Christina Serrano	)	/s/ Christina Serrano
	Title:	)	 
	 	 	 
	Name: Bianca Notari	)	/s/ Bianca Notari
	Title:	)	 
	 	 	 
	Banco Santander, S.A.	)	 
	Name: Elise Regnault	)	/s/ Elise Regnault
	Title: Executive Director	)	 
	 	 	 
	Name: Carmen Molina	)	/s/ Carmen Molina
	Title: V.P.	)	 
	 	 	 
	Banco Bilbao Vizcaya Argentaria, S.A.,	)	 
	Niederlassung Deutschland	)	 
	Name: Luz Barroso	)	/s/ Luz Barroso
	Title: Authorised Signatory	)	 
	 	 	 
	Name: Ana Alonso	)	/s/ Ana Alonso
	Title: Authorised Signatory	)	 

 

[Signature Page to Amendment No. 2 - Hull
1401]

 

     

     

    

 

	Bayerische Landesbank, New York Branch	)	 
	Name: Andrew Kjoller	)	/s/ Andrew Kjoller
	Title: Executive Director	)	 
	 	 	 
	Name: Gina Sandella	)	/s/ Gina Sandella
	Title: Vice President	)	 
	 	 	 
	DZ BANK AG, New York Branch	)	 
	Name: Julie Wersche	)	/s/ Julie Wersche
	Title: Vice President	)	 
	 	 	 
	Name: Georgios Gountenidis	)	/s/ Georgios Gountenidis
	Title: Associate Director	)	 
	 	 	 
	JPMorgan Chase Bank, N.A.,	)	 
	London Branch	)	 
	Name: Francois Turpault	)	/s/ Francois Turpault
	Title: Vice President Authorised Signatory	)	 
	 	 	 
	Name:	)	 
	Title:	)	 
	 	 	 
	SMBC Bank International plc	)	 
	Name: Masaki Hikihara	)	/s/ Masaki Hikihara
	Title:	)	 
	 	 	 
	Name: Kenji Yanagawa	)	/s/ Kenji Yanagawa
	Title:	)	 

 

[Signature Page to Amendment No. 2 - Hull
1401]

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