Document:

Document

AMENDMENT TO THE INVENTORY INTERMEDIATION AGREEMENT

THIS AMENDMENT to THE INVENTORY INTERMEDIATION AGREEMENT (this “Amendment”), dated as of November 19, 2020, is made by and between (i) J. Aron & Company LLC, a New York limited liability company (“Aron”) located at 200 West Street, New York, New York 10282-2198, and (ii) PBF Holding Company LLC (“PBFH”), jointly and severally with its wholly-owned subsidiary, Delaware City Refining Company LLC (“DCRC” and collectively with PBFH, “DCR”), both Delaware limited liability companies that have a place of business located at One Sylvan Way, 2nd Floor, Parsippany, NJ 07054-3887 (each of Aron and DCR are referred to individually as a “Party” or collectively as the “Parties”).
RECITALS

WHEREAS, Aron and DCR are parties to (i) that certain Second Amended and Restated Inventory Intermediation Agreement dated as of August 29, 2019 (as from time to time amended prior to the date hereof, the “Agreement”) relating to the purchase by Aron from DCR (and thereafter the sale by Aron to DCR) of the refined products specified on Schedule A to the Agreement (as amended from time to time) upon the terms and conditions set forth therein and (ii) those certain letter agreements dated April 23, 2020, as amended by that certain letter agreement dated November 19, 2020 (each, a “Roll Letter Agreement” and, collectively, the “Roll Letter Agreements”); 

WHEREAS, Aron and DCR have agreed to take certain steps in connection with the reconfiguration of the Refinery and the reduction of Product Inventory (the “Reduction”), including addressing Hedge Unwind Costs as a result of such reduction (“Reduction Hedge Unwind Costs”);

WHEREAS, Aron and DCR wish to amend the Agreement to reflect those agreements; and
            Accordingly, for good and valuable consideration the receipt of which is hereby acknowledged, the Parties hereby agree as follows:

Article I.    Definitions; Interpretation

Section 1.01    Terms Defined in the Agreement or the Roll Letter Agreements. 
 
(a)Defined Terms.  All capitalized terms used in this Amendment (including in the recitals hereto) and not otherwise defined herein shall have the meanings assigned to them in the Agreement or the Roll Letter Agreements, as the case may be.

(b)Interpretation.  The rules of construction set forth in Sections 1.2, 1.3, 1.4 and 1.5 of the Agreement shall apply to this Amendment as if incorporated herein in full.

Article II.    Amendments to the Agreement and Roll Letter Agreements

Section 2.01    Amendment.  Upon the effectiveness of this Amendment:

(a)Section 1.1 of the Agreement is amended by inserting, in alphabetical order, the following new definition:

“Extended Period Roll Volume” means, with respect to any calendar month and Product Group, the “Extended Period Roll Volume” as defined in the letter agreement, dated November 19, 2020 between the parties hereof, as from time to time amended, modified and/or supplemented.

(b)Section 4.1 of the Agreement is amended by inserting at the end thereof the following additional sentence:

In addition to the procedures set forth on Schedule F, it is agreed that the Target Inventory for any month and Product Group may be set below the Minimum Inventory for such Product Group but shall not be set below the Extended Period Roll Volume for such month and Product Group.

(c)Aron agrees that, as a result of the hedging and unwind transactions effected by Aron and DCR on or prior to the date hereof, DCR has satisfied its obligations with respect to the Reduction Hedge Unwind Costs (other than its obligation to pay the Monthly Unwind Fee with respect to the Applicable Volume pursuant to the terms of the Roll Letter Agreements (if any), without any duplication) and that no further adjustments for Hedge Unwind Costs relating to the Reduction shall be required under the Roll Letter Agreements or the Agreement.

Article III. Miscellaneous

Section 3.01    Agreement Otherwise Not Affected; Other Transaction Documents.  Except for the amendments pursuant hereto, the Agreement remains unchanged.  As amended pursuant hereto, the Agreement remains in full force and effect and is hereby ratified and confirmed in all respects.  The execution and delivery of, or acceptance of, this Amendment and any other documents and instruments in connection herewith by a Party shall not be deemed to create a course of dealing or otherwise create any express or implied duty by it to provide any other or further amendments, consents or waivers in the future.

Section 3.02    No Reliance.  Each Party hereby acknowledges and confirms that it is executing this Amendment on the basis of its own investigation and for its own reasons without reliance upon any agreement, representation, understanding or communication by or on behalf of any other Person.

Section 3.03    Effectiveness; Binding Effect.  This Amendment shall be binding upon, inure to the benefit of and be enforceable by DCR, Aron and their respective successors and assigns as of the date on which it has been executed by each of the Parties hereto.

Section 3.04    Governing Law; Disputes; Jurisdiction. Section 22 of the Agreement (Governing Law & Disputes) shall apply to this Amendment as if incorporated herein in full.

Section 3.05    Counterparts.  This Amendment may be executed by the Parties in separate counterparts and all such counterparts shall together constitute one and the same instrument.  In the event that any signature is delivered by facsimile or electronic transmission, such signature shall create a valid and binding obligation of the Party executing (or on whose behalf the signature is executed) the same with the same force and effect as if such facsimile or electronic signature page were an original thereof.
2

Section 3.06    Entire Agreement; Amendments.  The Agreement, as amended by and together with this Amendment, constitutes the entire agreement of the Parties regarding the matters contemplated herein and therein or related hereto and thereto and no representations or warranties shall be implied or provisions added hereto or thereto in the absence of a written agreement to such effect between the Parties.  The Agreement, as amended by and together with this Amendment, may not be altered, amended, modified or otherwise changed in any respect except by a writing duly executed by an authorized representative of each Party and no representations or warranties shall be implied or terms added in the absence of a writing signed by both Parties.  No promise, representation or inducement has been made by either Party that is not embodied in the Agreement, as amended by and together with this Amendment, and neither Party shall be bound by or liable for any alleged representation, promise or inducement not so set forth.

[Remainder of Page Intentionally Left Blank]

3

IN WITNESS WHEREOF, the Parties hereto have duly executed this Amendment to the Agreement as of the date first above written.

J. ARON & COMPANY LLC

By:             /s/ Simon Collier             
Name:           Simon Collier               
Title:             Attorney In Fact          

DELAWARE CITY REFINING COMPANY LLC

By:      /s/ Thomas O'Connor                       
Name: Thomas O’Connor
Title:  Senior Vice President, Commercial

PBF HOLDING COMPANY LLC

By:          /s/ Thomas O'Connor                    
Name: Thomas O’Connor
Title:  Senior Vice President, CommercialExhibit 10.1

 

Execution Version

 

AMENDMENT TO CREDIT AGREEMENT

 

This AMENDMENT TO THE
AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of February 12, 2021, is among ROYAL
CARIBBEAN CRUISES LTD., a Liberian corporation (the “Borrower”), the various financial institutions party hereto
(collectively, the “Lender Parties”) and Nordea Bank ABP, New York
Branch, as administrative agent (the “Administrative Agent”) for the Lender Parties.

 

PRELIMINARY STATEMENTS

 

(1)           The
Borrower, the various financial institutions party thereto and the Administrative Agent are parties to that certain Credit Agreement,
as amended and restated on October 12, 2017, and as further amended, restated, amended and restated, supplemented or otherwise
modified from time to time prior to the date hereof (such Credit Agreement as in effect immediately prior to giving effect to
this Amendment, the “Existing Agreement” and as amended hereby, the “Amended Agreement”);
and

 

(2)           The
Borrower, the Lender Parties and the Administrative Agent have agreed to amend the Existing Agreement as hereinafter set forth
herein.

 

NOW, THEREFORE, the
parties hereto hereby agree as follows:

 

SECTION 1.   Amendments
to the Existing Agreement. The Borrower, the Administrative Agent and the Lender Parties agree that the Existing Agreement
is, subject to the satisfaction of the conditions precedent set forth in Section 2, hereby amended on the Amendment Effective
Date as follows:

 

(a)           Section 1.1
of the Existing Agreement shall be amended by adding the following defined terms in appropriate alphabetical order:

 

“Annualized
Net Cash from Operating Activities” means, with respect to any calculation of net cash from operating activities for
any period:

 

(a) in
the case of the period of four consecutive Fiscal Quarters ending with the first Fiscal Quarter ending after the last day of the
Waiver Period (and, if applicable, with respect to the period of four consecutive Fiscal Quarters ending with the Fiscal Quarter
for which compliance with the covenants set forth in Section 6.2.4 is tested for purposes of determining whether a Covenant
Modification Date has occurred), the product of (i) net cash from operating activities for such Fiscal Quarter and (ii) four,

 

(b) in
the case of the period of four consecutive Fiscal Quarters ending with the second Fiscal Quarter ending after the last day of
the Waiver Period, the product of (i) the sum of net cash from operating activities for such Fiscal Quarter and the immediately
preceding Fiscal Quarter and (ii) two, and

 

(c) in
the case of the period of four consecutive Fiscal Quarters ending with the third Fiscal Quarter ending after the last day of the
Waiver Period, the product of (i) the sum of net cash from operating activities for such Fiscal Quarter and the two immediately
preceding Fiscal Quarters and (ii) four-thirds,

 

Royal Caribbean – Amendment

 

    	 	 	 

     

    

 

in each case
determined in accordance with GAAP as shown in the Borrower’s consolidated statements of cash flows for such period.

 

“Covenant
Modification Date” means the first date after January 1, 2022 as so designated in a written notice, executed by
the chief financial officer, the treasurer or the corporate controller of the Borrower, to the Administrative Agent as the “Covenant
Modification Date”; provided that such notice shall provide reasonably detailed calculations, in form and substance
reasonably satisfactory to the Administrative Agent, demonstrating compliance with the covenants set forth in Section 6.2.4
of this Agreement as of the most recently ended Fiscal Quarter for which financial statements were required to be delivered pursuant
to Section 6.1.1 of this Agreement.

 

(b)           Section 1.1
of the Existing Agreement shall be amended by amending and restating the following defined terms:

 

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

 

“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)           (i) net
cash from operating activities (determined in accordance with GAAP) for such period; or

 

(ii) for
each of the first three Fiscal Quarters ending after the last day of the Waiver Period (and, for purposes of determining whether
a Covenant Modification Date has occurred, the Fiscal Quarter most recently ended prior to the proposed Covenant Modification
Date for which financial statements were required to be delivered pursuant to Section 6.1.1 of this Agreement), Annualized
Net Cash from Operating Activities for such period, in each case as shown in the Borrower’s consolidated statements of cash
flows for such period, to

 

(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
cash payments of principal of all debt less New Financings (determined in accordance with GAAP, but in any event including Capitalized
Lease Liabilities),

 

in each case,
of the Borrower and its Subsidiaries for such period.

 

Royal Caribbean – Amendment

 

    	 	2 	 

     

    

 

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

 

“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:

 

(a) 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;

 

(b) (i) any
non-cash write-off to Stockholders’ Equity with respect to the Fiscal Year ended December 31, 2020 and (ii) any
non-cash write-off to goodwill with respect to any Fiscal Year commencing after December 31, 2020, shall be disregarded in
the computation of Stockholders’ Equity such that the amount of any reduction thereof resulting from such write-offs shall
be added back to Stockholders’ Equity;

 

(c) any
non-cash write-off to Stockholders’ Equity with respect to the Fiscal Year ended December 31, 2021 or December 31,
2022 (excluding any such write-offs to goodwill with respect to either such Fiscal Year) shall be disregarded in the computation
of Stockholders’ Equity such that the amount of any reduction thereof resulting from such write-off shall be added back
to Stockholders’ Equity; provided that the aggregate amount of such write-offs added back to Stockholders’
Equity pursuant to this clause (c) shall not exceed the greater of (i) 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 recently ended Fiscal Quarter
and (ii) $3,000,000,000; and

 

(d) “net
loss attributable to Royal Caribbean Cruises Ltd.” (but excluding any net loss associated with an impairment or write-off
added back pursuant to clause (b) or (c) above), determined in accordance with GAAP as shown in the Borrower’s
consolidated statement of comprehensive (loss) income, attributable to the Fiscal Years ending December 31, 2021 and December 31,
2022 (excluding, for the avoidance of doubt, any such amount attributable to goodwill or write-offs with respect the Fiscal Year
ended December 31, 2020) shall be added back to Stockholders’ Equity; provided that the aggregate amount added back
to Stockholders’ Equity pursuant to clause (c) above and this clause (d) shall not exceed $4,500,000,000.

 

Royal Caribbean – Amendment

 

    	 	3 	 

     

    

 

For the avoidance of doubt, no
item added back to Stockholders’ Equity pursuant to clause (b), clause (c) or clause (d) shall also be added back
pursuant to any other such clause.

 

“Waiver
Period” means the period commencing on the Waiver Effective Date and ending on the earlier of (i) September 30,
2022 and (ii) the Covenant Modification Date.

 

(c)           Section 1.1
of the Existing Agreement shall be amended by deleting the following defined terms in their entirety:

 

(i)           Bail-In
Action;

 

(ii)          Bail-In
Legislation;

 

(iii)         EEA
Financial Institution;

 

(iv)         EEA
Member Country;

 

(v)          EEA
Resolution Authority;

 

(vi)         EU
Bail-In Legislation Schedule; and

 

(vii)        Write-Down
and Conversion Powers.

 

(d)           The
text that appears following the first semicolon in clause (c) of Section 6.1.1 of the Existing Agreement shall be amended
and restated in its entirety as follows:

 

; it being
understood and agreed, for the avoidance of doubt, that no such certificate shall be required to be delivered with respect to
any Fiscal Quarter or Fiscal Year ending during the Waiver Period;

 

(e)           Section 6.1.1(i) of
the Existing Agreement shall be amended and restated in its entirety as follows:

 

(i)            within
ten Business Days after the end of each month during the period commencing on the Waiver Effective Date and ending with delivery
of information for the month ending on September 30, 2022, a certificate, executed by the chief financial officer, the treasurer
or the corporate controller of the Borrower, showing (x) a breakdown of customer deposits between valid cruises, cancelled
cruises and future cruise certificates and (y) a reconciliation of the Borrower’s consolidated customer deposit balance,
in substantially the form attached hereto as Exhibit I;

 

(f)            Section 6.1.1(j) of
the Existing Agreement shall be amended and restated in its entirety as follows:

 

(j)            within
fifteen Business Days after the end of each Fiscal Quarter during the period commencing on the Waiver Effective Date and ending
with delivery of information for the Fiscal Quarter ending on September 30, 2022, updated liquidity projections, in substantially
the form attached hereto as Exhibit J, covering the next twelve month period;

 

Royal Caribbean – Amendment

 

    	 	4 	 

     

    

 

(g)          Section 6.2.4(a) of
the Existing Agreement shall be amended and restated in its entirety as follows:

 

(a)           Net
Debt to Capitalization Ratio, as at the end of any Fiscal Quarter, to be greater than the applicable level set forth below opposite
such Fiscal Quarter under the heading “Net Debt to Capitalization Ratio”:

 

	Fiscal
    Quarter Ending	 	Net
    Debt to Capitalization Ratio*
	March 31,
    2022	 	0.775 to
    1
	June 30,
    2022	 	0.775 to
    1
	September 30,
    2022	 	0.775 to
    1
	December 31,
    2022	 	0.750 to
    1
	March 31,
    2023	 	0.725 to
    1
	June 30,
    2023	 	0.700 to
    1
	September 30,
    2023	 	0.675 to
    1
	December 31,
    2023	 	0.650 to
    1
	March 31,
    2024 and thereafter	 	0.625 to
    1

 

* To the extent that the Net Debt
to Capitalization Ratio is tested for any Fiscal Quarter or Fiscal Year prior to March 31, 2022 as a result of the certification
described in the definition of “Covenant Modification Date,” the applicable level for any such period shall be deemed
to be 0.775 to 1.

 

(h)          Section 6.2.9
of the Existing Agreement shall be amended and restated in its entirety as follows:

 

SECTION 6.2.9            Minimum
Liquidity. The Borrower will not allow the aggregate amount of unrestricted cash and Cash Equivalents of the Borrower and
its Subsidiaries as determined in accordance with GAAP to be less than the Adjustable Amount as of (i) the last day of any
calendar month during the Waiver Period (other than the Covenant Modification Date), or (ii) if the Borrower is not in compliance
with the requirements of this Section 6.2.9 as of the last day of any calendar month during the Waiver Period (other than
the Covenant Modification Date), the date the certificate required by Section 6.1.1(h) with respect to such month is
delivered to the Administrative Agent (it being understood that the Borrower shall not be required to comply with this Section 6.2.9
at any time on or after the Covenant Modification Date).

 

Royal Caribbean – Amendment

 

    	 	5 	 

     

    

 

(i)           Section 6.2.10
of the Existing Agreement shall be amended and restated in its entirety as follows:

 

SECTION 6.2.10          Additional
Undertakings.

 

(a)           The
Borrower will not enter into any transaction that would result in the Borrower making any cash payment during the period commencing
on the Waiver Effective Date and ending on September 30, 2022 in connection with (i) the repurchase, retirement or other
acquisition or retirement for value by the Borrower of its capital stock or (ii) the making of any distribution or dividend
to any holder of its capital stock; provided that this Section 6.2.10 shall not limit the Borrower’s ability
to make any Permitted Restricted Payment.

 

(b)           The
Borrower will not enter into any transaction that would result in the Borrower or any of its Subsidiaries not being able to grant
the guarantees required pursuant to Section 6.2.11(b) or 6.2.11(c) hereof.

 

(c)           The
Borrower will not, and will not cause or permit any of its Subsidiaries to, directly or indirectly, make any Restricted Investment
(as defined in the Secured Indenture or the Unsecured Indenture) during the period commencing on the Waiver Effective Date and
ending on September 30, 2022 that is not permitted by the Secured Indenture and the Unsecured Indenture (assuming the Secured
Indenture and the Unsecured Indenture are in effect at the time of the making of such Restricted Investment, regardless of whether
such indentures are actually in effect or have been amended after the First Waiver Extension Date); provided, however,
that, subject to the terms of this Agreement, the Borrower or any Subsidiary may make any Investment (as defined in the Secured
Indenture or the Unsecured Indenture) pursuant to clause (a) or clause (c) of the definition of “Permitted Investments”
(as set forth in the Secured Indenture or the Unsecured Indenture) without giving effect to any proviso contained therein.

 

(d)           If
at any time during the period commencing on the First Waiver Extension Date and ending on September 30, 2022 the Borrower
or any of its Subsidiaries has Available Proceeds, then the Borrower shall, within fifteen Business Days of the date upon which
such Available Proceeds are determined, apply 50% of such Available Proceeds to repay all or any portion of the Advances or any
other Indebtedness that is pari passu in right of payment to the Obligations, in each case, subject to the terms of the documentation
governing such Indebtedness; provided that any repayment of Indebtedness under any revolving credit agreement pursuant
to this clause (d) shall be accompanied by a corresponding permanent reduction in the related revolving credit commitments.

 

Royal Caribbean – Amendment

 

    	 	6 	 

     

    

 

(j)            Section 11.20
of the Existing Agreement shall be amended and restated in its entirety as follows:

 

SECTION 11.20.  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.

 

As
used herein:

 

“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.

 

Royal Caribbean – Amendment

 

    	 	7 	

     

    

 

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

 

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

 

“Write-down
and Conversion Powers” means:

 

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

 

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

 

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

 

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

 

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

 

(k)           Item
5.9(b) of Schedule II to the Existing Agreement shall be amended and restated in its entirety in the form of Schedule
I hereto.

 

Royal Caribbean – Amendment

 

    	 	8 	

     

    

 

SECTION 2. 
Conditions of Amendment Effectiveness. This Amendment shall become effective as of the date on which each of the following
conditions has been satisfied (or waived) in accordance with the terms hereof (such date, the “Amendment Effective Date”):

 

(a)           The
Administrative Agent shall have received counterparts of this Amendment executed by the Borrower and the Required Lenders or,
as to any of the Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this Amendment.

 

(b)           The
Administrative Agent shall have received, for the account of each Lender who has delivered a counterpart to this Amendment, an
amendment fee paid by or on behalf of the Borrower in an amount equal to 0.15% of the Revolving Credit Commitment of such Lender.

 

SECTION 3. Representation
and Warranty of the Borrower. To induce the Lender Parties to enter into this Amendment, the Borrower represents and warrants
that, as of the Amendment Effective Date:

 

(a)           The
representations and warranties contained in Article V (excluding, however, those contained in the last sentence of Section 5.6)
of the Amended Agreement are 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, and

 

(b)           No
Default, Prepayment Event or event which (with notice or lapse of time or both) would become a Prepayment Event has occurred and
is continuing.

 

SECTION 4. Reference
to and Effect on the Existing Agreement. On and after the effectiveness of this Amendment, each reference in the Existing
Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to
the Existing Agreement shall mean and be a reference to the Amended Agreement. The Existing Agreement, as specifically amended
by this Amendment, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.
The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver
of any right, power or remedy of any Lender Party or the Administrative Agent under the Existing Agreement, nor constitute a waiver
of any provision of the Existing Agreement. This Amendment shall be deemed to constitute a Loan Document.

 

SECTION 5. Costs
and Expenses. The Borrower agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Administrative
Agent in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment
and the other documents to be delivered hereunder (including the reasonable and documented fees and expenses of one counsel for
the Administrative Agent and the Lender Parties with respect hereto and thereto; it being understood that the foregoing shall
be limited to the reasonable and documented fees and expenses of Shearman & Sterling LLP) in accordance with the terms
of the Amended Agreement.

 

SECTION 6. Execution
in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopier or other
electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment. The words “execute,”
 “execution,” “signed,” “signature,” and words of like import in or related to any document
to be signed in connection with this Amendment 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 Administrative
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 Administrative Agent is under no obligation to agree to
accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures
approved by it.

 

Royal Caribbean – Amendment

 

    	 	9 	

     

    

 

SECTION 7. Governing
Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

 

SECTION 8. Incorporation
of Terms. The provisions of Sections 11.13, 11.17 and 11.18 of the Existing 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.

 

SECTION 9. Amendment,
Modification and Waiver. This Amendment may not be amended, modified or waived except as permitted by Section 11.1 of
the Amended Agreement.

 

SECTION 10. Defined
Terms. Capitalized terms not otherwise defined in this Amendment shall have the same meanings as specified in the Amended
Agreement.

 

[Remainder of page intentionally
left blank.]

 

Royal Caribbean – Amendment

 

    	 	10 	

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto
duly authorized, as of the date first above written.

 

 

	 	ROYAL CARIBBEAN CRUISES LTD.
	 	 
	 	 
	 	By	/S/ JASON T. LIBERTY
	 	 	Name:	Jason T. Liberty
	 	 	Title:	EVP, Chief Financial Officer

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

 

     

     

    

 

	 	Lender Parties:
	 	 
	 	BANK OF AMERICA, N.A.
	 	 
	 	By	/S/ BRIAN D. CORUM
	 	 	Name:	Brian D. Corum
	 	 	Title:	Managing Director

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	The Bank of Nova Scotia
	 	 
	 	By	/S/ AJIT GOSWAMI
	 	 	Name:	Ajit Goswami
	 	 	Title:	Managing Director & Industry Head

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	DNB Capital LLC
	 	 
	 	By	/S/ Magdalena Brzostowska
	 	 	Name:	Magdalena Brzostowska
	 	 	Title:	Senior Vice President
	 	 	 	 
	 	 	 	 
	 	By	/S/ Mita Zalavadia
	 	 	Name:	Mita Zalavadia
	 	 	Title:	Assistant Vice President

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	Sumitomo Mitsui Banking Corporation
	 	 
	 	By	/S/ Eugene Nirenberg
	 	 	Name:	Eugene Nirenberg
	 	 	Title:	Executive Director

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	Wells Fargo Bank, National Association
	 	 
	 	By	/S/ Emma Clifford
	 	 	Name:	Emma Clifford
	 	 	Title:	Director & Relationship Manager

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	PNC BANK, NATIONAL ASSOCIATION
	 	 
	 	By	/S/ Ryan Garr
	 	 	Name:	Ryan Garr
	 	 	Title:	Vice President

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	U.S. Bank National Association
	 	 
	 	By	/S/ Mike Warren
	 	 	Name:	Mike Warren
	 	 	Title:	Senior Vice President

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	Banco Santander, S.A.
	 	 
	 	By	/s/ Rita Walz Cuccioli
	 	 	Name:	Rita Walz Cuccioli
	 	 	Title:	Executive Director
	 	 	 	 
	 	 	 	
	 	By	/s/ Juan Garcia
	 	 	Name:	Juan Garcia
	 	 	Title:	Managing Director

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	Truist
	 	 
	 	By	/s/ Amanda Parks
	 	 	Name:	Amanda Parks
	 	 	Title:	SVP

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	MUFG BANK, LTD.
	 	 
	 	By	/S/ George Stoecklein
	 	 	Name:	George Stoecklein
	 	 	Title:	Managing Director

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	BNP PARIBAS
	 	 
	 	By	/S/ James Goodall
	 	 	Name:	James Goodall
	 	 	Title:	Managing Director
	 	 	 	 
	 	 	 	
	 	By	/S/ KYLE FITZPATRICK
	 	 	Name:	Kyle Fitzpatrick
	 	 	Title:	Vice President

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	Citibank, N.A.
	 	 
	 	By	/S/ SIMON ROBERT TAYLOR
	 	 	Name:	Simon Robert Taylor
	 	 	Title:	Vice President

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	FIFTH THIRD BANK, NATIONAL ASSOCIATION
	 	 
	 	By	/S/ GRAEME L. JACK
	 	 	Name:	Graeme L. Jack
	 	 	Title:	Vice President

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	JPMORGAN CHASE BANK, N.A.
	 	 
	 	By	/S/ CODY A CANAFAX
	 	 	Name:	Cody A. Canafax
	 	 	Title:	Vice President

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	MIZUHO BANK, LTD.
	 	 
	 	By	/S/ Tracy Rahn
	 	 	Name:	Tracy Rahn
	 	 	Title:	Executive Director

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH
	 	 
	 	By	/S/ Xuan Zhang
	 	 	Name:	Xuan Zhang
	 	 	Title:	Associate
	 	 	 	 
	 	 	 	
	 	By	/S/ Pinyen Shih
	 	 	Name:	Pinyen Shih
	 	 	Title:	Executive Director

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	SOCIETE GENERALE
	 	 
	 	By	/S/ Shelley Yu
	 	 	Name:	Shelley Yu
	 	 	Title:	Director

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	HSBC BANK USA, N.A.
	 	 
	 	By	/S/ Patrick D. Mueller
	 	 	Name:	Patrick D. Mueller
	 	 	Title:	Managing Director

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	MORGAN STANLEY BANK, N.A.
	 	 
	 	By	/S/ Jonathan Kerner
	 	 	Name:	Jonathan Kerner
	 	 	Title:	Authorized Signatory

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	Morgan Stanley Senior Funding, Inc.
	 	 
	 	By	/S/ Jonathan Kerner
	 	 	Name:	Jonathan Kerner
	 	 	Title:	Executive Director

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	Goldman Sachs Bank USA
	 	 
	 	By	/S/ Dan Martis
	 	 	Name:	Dan Martis
	 	 	Title:	Authorized Signatory

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

  

	 	Lender Parties:
	 	 
	 	LANDESBANK HESSEN-THÜRINGEN
	 	GIROZENTRALE, NEW YORK BRANCH
	 	 
	 	 
	 	By	/S/ DAVID LEECH
	 	 	Name:	David Leech
	 	 	Title:	Senior Vice President
	 	 	 	 
	 	 	 	
	 	By	/S/ RALF GOEBEL
	 	 	Name:	Ralf Goebel
	 	 	Title:	Vice President

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
	 	 
	 	By	/S/ GLENN FRANCIS
	 	 	Name:	Glenn Francis
	 	 	Title:	Head of Corporate Banking, SEB UK
	 	 	 	 
	 	 	 	
	 	By	/S/ MALCOLM STONEHOUSE
	 	 	Name:	Malcolm Stonehouse
	 	 	Title:	Client Executive

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	Lender Parties:
	 	 
	 	NORDEA BANK ABP, NEW YORK BRANCH
	 	 
	 	By	/S/ MARTIN LUNDER
	 	 	Name:	Martin Lunder
	 	 	Title:	Managing Director
	 	 	 	 
	 	 	 	
	 	By	/S/ HENRIK M. STEFFENSEN
	 	 	Name:	Henrik M. Steffensen
	 	 	Title:	Executive Vice President

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

	 	ACKNOWLEDGED AND AGREED BY:
	 	 
	 	Nordea Bank ABP, New York Branch
	 	as Administrative Agent
	 	 
	 	By	/S/ MARTIN LUNDER
	 	 	Name:	Martin Lunder
	 	 	Title:	Managing Director
	 	 	 	 
	 	 	 	
	 	By	/S/ HENRIK M. STEFFENSEN
	 	 	Name:	Henrik M. Steffensen
	 	 	Title:	Executive Vice President

 

	 	SIGNATURE
                                         PAGE	Royal Caribbean – Amendment to Nordea Revolver

     

     

    

 

Schedule I

 

Item 5.9(b): Vessels

 

	Vessel	Owner	Flag
	Grandeur
    of the Seas	Grandeur
    of the Seas Inc.	Bahamas
	Rhapsody
    of the Seas	Rhapsody
    of the Seas Inc.	Bahamas
	Enchantment
    of the Seas	Enchantment
    of the Seas Inc.	Bahamas
	Vision
    of the Seas	Vision
    of the Seas Inc.	Bahamas
	Voyager
    of the Seas	Voyager
    of the Seas Inc.	Bahamas
	Mariner
    of the Seas	Mariner
    of the Seas Inc.	Bahamas
	Celebrity
    Millennium	Millennium
    Inc.	Malta
	Explorer
    of the Seas	Explorer
    of the Seas Inc.	Bahamas
	Celebrity
    Infinity	Infinity
    Inc.	Malta
	Radiance
    of the Seas	Radiance
    of the Seas Inc.	Bahamas
	Celebrity
    Summit	Summit
    Inc.	Malta
	Adventure
    of the Seas	Adventure
    of the Seas Inc.	Bahamas
	Navigator
    of the Seas	Navigator
    of the Seas Inc.	Bahamas
	Celebrity
    Constellation	Constellation
    Inc.	Malta
	Serenade
    of the Seas	Serenade
    of the Seas Inc.	Bahamas
	Jewel
    of the Seas	Jewel
    of the Seas Inc.	Bahamas
	Celebrity
    Xpedition	Oceanadventures
    S.A.	Ecuador
	Freedom
    of the Seas	Freedom
    of the Seas Inc.	Bahamas
	Azamara
    Journey	Azamara
    Journey Inc.	Malta
	Azamara
    Quest	Azamara
    Quest Inc.	Malta
	Liberty
    of the Seas	Liberty
    of the Seas Inc.	Bahamas
	Independence
    of the Seas	Independence
    of the Seas Inc.	Bahamas
	Celebrity
    Solstice	Celebrity
    Solstice Inc.	Malta
	Celebrity
    Equinox	Celebrity
    Equinox Inc.	Malta
	Oasis
    of the Seas	Oasis
    of the Seas Inc.	Bahamas
	Celebrity
    Eclipse	Celebrity
    Eclipse Inc.	Malta
	Allure
    of the Seas	Allure
    of the Seas Inc.	Bahamas
	Celebrity
    Silhouette	Celebrity
    Silhouette Inc.	Malta
	Celebrity
    Reflection	Celebrity
    Reflection Inc.	Malta
	Quantum
    of the Seas	Quantum
    of the Seas Inc.	Bahamas
	Brilliance
    of the Seas	Brilliance
    of the Seas Shipping Inc.	Bahamas

 

    			
			

     

    

 

	Vessel	Owner	Flag

	Anthem
    of the Seas	Anthem
    of the Seas Inc.	Bahamas
	Celebrity
    Xploration	Oceanadventures
    S.A.	Ecuador
	Ovation
    of the Seas	Ovation
    of the Seas Inc.	Bahamas
	Harmony
    of the Seas	Harmony
    of the Seas Inc.	Bahamas
	Symphony
    of the Seas	Symphony
    of the Seas Inc.	Bahamas
	Celebrity
    Edge	Celebrity
    Edge Inc.	Malta
	Azamara
    Pursuit	Azamara
    Pursuit Inc.	Malta
	Silver
    Cloud	Silver
    Cloud Shipping Co. Ltd.	Bahamas
	Silver
    Wind	Silver
    Wind Shipping Ltd.	Bahamas
	Silver
    Shadow	Silver
    Shadow Shipping Co. Ltd.	Bahamas
	Silver
    Spirit	Silver
    Spirit Shipping Co. Ltd.	Bahamas
	Silver
    Muse	Silver
    Muse Shipping Co. Ltd.	Bahamas
	Silver
    Galapagos	Silversea
    Cruises Ltd.	Bahamas
	Spectrum
    of the Seas	Spectrum
    of the Seas Inc.	Bahamas
	Celebrity
    Flora	Islas
    Galápagos Turismo y Vapores C.A.	Ecuador
	Celebrity
    Apex	Celebrity
    Apex Inc.	Malta
	Silver
    Origin	Canodros
    CL	Ecuador

 

	[Schedule I]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}]]