Document:

Exhibit 10.2

 

Execution
Version

 

AMENDMENT TO AMENDED AND RESTATED CREDIT
AGREEMENT

 

This AMENDMENT TO 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 The Bank of Nova Scotia, 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 Amended and
Restated Credit Agreement, dated as of April 5, 2019, as amended, restated, amended and restated, supplemented or otherwise
modified from time to time prior to the date hereof (such Amended and Restated 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 and the Lender Parties 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.

 

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“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

 

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(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.

 

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;

 

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(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;

 

(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).

 

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(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.

 

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(j)            Section 11.21
of the Existing Agreement shall be amended and restated in its entirety as follows:

 

SECTION 11.21.    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.

 

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“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).

 

“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.

 

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(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.

 

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.

 

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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.

 

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 

 

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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 BNS 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 BNS 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 BNS 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 BNS Revolver 

 

    	 	 	 

     

    

 

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

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS Revolver 

 

    	 	 	 

     

    

 

	 	Lender
    Parties:
	 	 
	 	BANCO BILBAO
    VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH
	 	 
	 	By 	/S/
    CARA YOUNGER
	 	 	Name: 	Cara Younger
	 	 	Title: 	Executive Director
	 	 	 	 
	 	By 	/S/ MIRIAM
    TRAUTMANN_
	 	 	Name: 	Miriam Trautmann
	 	 	Title: 	Senior Vice President
    

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS 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 BNS Revolver 

 

    	 	 	 

     

    

 

	 	Lender
    Parties:
	 	 
	 	REGIONS
    BANK 
	 	 
	 	By 	/S/ CHERYL
    L. SHELHART
	 	 	Name: 	Cheryl L.
    Shelhart
	 	 	Title: 	Director

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS Revolver 

 

    	 	 	 

     

    

 

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

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS 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 BNS Revolver 

 

    	 	 	 

     

    

 

	 	Lender
    Parties:
	 	 
	 	Banco Santander
    S.A. New York Branch
	 	 
	 	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 BNS Revolver 

 

    	 	 	 

     

    

 

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

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS Revolver 

 

    	 	 	 

     

    

 

	 	Lender
    Parties:
	 	 
	 	Commerzbank
    AG, New York Branch 
	 	 
	 	By	/S/ PEDRO
    BELL
	 	 	Name: 	Pedro Bell
	 	 	Title: 	Managing Director
	 	 	 	 
	 	By 	/S/ BIANCA
    NOTARI
	 	 	Name: 	Bianca Notari
	 	 	Title: 	Vice President

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS Revolver 

 

    	 	 	 

     

    

 

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

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS Revolver 

 

    	 	 	 

     

    

 

	 	Lender
    Parties:
	 	 
	 	CIBC BANK
    USA
	 	 
	 	By 	/S/ JAVIER
    GUTIERREZ
	 	 	Name: 	Javier Gutierrez
	 	 	Title: 	Managing Director

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS Revolver 

 

    	 	 	 

     

    

 

	 	Lender
    Parties:
	 	 
	 	Bayerische
    Landesbank, New York Branch
	 	 
	 	By 	/S/ VARBIN
    STAYKOFF
	 	 	Name: 	Varbin Staykoff
	 	 	Title: 	Senior Director
	 	 	 	 
	 	By 	/S/ ANDREW
    KJOLLER
	 	 	Name: 	Andrew Kjoller
	 	 	Title: 	Executive Director

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS 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 BNS Revolver 

 

    	 	 	 

     

    

 

	                                                                     	Lender
    Parties:
	 	 
	 	DZ BANK
    AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, NEW YORK BRANCH
	 	 
	 	By 	/S/ HARRY
    MORENO
	 	 	Name: 	Harry Moreno
	 	 	Title: 	Senior Vice President
	 	 	 	 
	 	By 	/S/ DANIEL
    TESCHNER
	 	 	Name: 	Daniel Teschner
	 	 	Title: 	Senior Vice President

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS Revolver 

 

    	 	 	 

     

    

 

	 	Lender
    Parties:
	 	 
	 	Intesa Sanpaolo
    S.p.A. – New York branch
	 	 
	 	By 	/S/ ALESSANDRO
    TOIGO
	 	 	Name: 	Alessandro
    Toigo
	 	 	Title: 	Head of Corporate Desk
	 	 	 	 
	 	By  	/S/ NEIL
    DERFLER
	 	 	Name: 	Neil Derfler
	 	 	Title: 	Global Relationship
    Manager

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS Revolver 

 

    	 	 	 

     

    

 

	 	FIRST HORIZON
    BANK, as Lender
	 	 
	 	By 	/S/
    DILIAN SCHULZ
	 	 	Name: 	Dilian Schulz
	 	 	Title: 	Senior Vice President

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS Revolver 

 

    	 	 	 

     

    

 

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

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS 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 BNS 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 BNS Revolver 

 

    	 	 	 

     

    

 

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

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS 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 BNS Revolver 

 

    	 	 	 

     

    

 

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

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS Revolver 

 

    	 	 	 

     

    

 

	 	Lender
    Parties:
	 	 
	 	The Toronto-Dominion
    Bank, New York Branch 
	 	 
	 	By	/S/
    MICHAEL BOROWIECKI
	 	 	Name:	Michael Borowiecki
	 	 	Title:	Authorized Signatory

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS Revolver 

 

    	 	 	 

     

    

 

	 	Lender
    Parties:
	 	 
	 	BARCLAYS
    BANK PLC
	 	 
	 	By	/S/ JAKE
    LAM
	 	 	Name:	Jake Lam
	 	 	Title:	Assistant Vice President

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS 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 BNS Revolver 

 

    	 	 	 

     

    

 

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

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS Revolver 

 

    	 	 	 

     

    

 

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

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS Revolver 

 

    	 	 	 

     

    

 

	 	Lender
    Parties:
	 	 
	 	STANDARD
    CHARTERED BANK 
	 	 
	 	By	/S/ JAMES
    BECK
	 	 	Name:	 James
    Beck
	 	 	Title:	 Associate Director

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS Revolver 

 

    	 	 	 

     

    

 

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

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS 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 BNS Revolver 

 

    	 	 	 

     

    

 

	 	ACKNOWLEDGED
    AND AGREED BY:
	 	 
	 	The
    Bank of Nova Scotia
	 	as Administrative
    Agent 
	 	 
	 	By	/S/
    AJIT GOSWAMI
	 	 	Name:	 Ajit
    Goswami
	 	 	Title:	 Managing Director
    & Industry Head

 

	 	SIGNATURE PAGE 	Royal Caribbean – Amendment to BNS 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
	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]Exhibit 10.3

 

Execution
Version

 

AMENDMENT TO TERM LOAN AGREEMENT

 

This AMENDMENT TO TERM
LOAN 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 BANK OF AMERICA, N.A., 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 Term Loan Agreement,
dated as of April 5, 2019, as amended, restated, amended and restated, supplemented or otherwise modified from time to time
prior to the date hereof (such Term Loan 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;

 

Royal
Caribbean – Amendment

 

    4

     

    

 

(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;

 

(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 11.21
of the Existing Agreement shall be amended and restated in its entirety as follows:

 

SECTION 11.21.     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.

 

Royal
Caribbean – Amendment

 

    7

     

    

 

“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).

 

“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.

 

Royal
Caribbean – Amendment

 

    8

     

    

 

(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.

 

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 Party 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 outstanding Advances 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 Term Loan

 

    

     

    

 

	 	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 Term Loan

 

    

     

    

 

	 	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 Term Loan

 

    

     

    

 

	 	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 Term Loan

 

    

     

    

 

	 	Lender Parties:
	 	 
	 	Sumitomo Mitsui Banking Corporation

	 	 	 
	 	By	/S/ Eugene Nirenberg
	 	 	Name: Eugene Nirenberg
	 	 	Title: Executive Director

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

	 	Lender Parties:
	 	 
	 	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH
	 	 
	 	By	/S/ CARA YOUNGER
	 	 	Name: Cara Younger
	 	 	Title: Executive Director
	 	 
	 	 
	 	By	/S/ MIRIAM TRAUTMANN
	 	 	Name: Miriam Trautmann
	 	 	Title: Senior Vice President

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

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

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

	 	Lender Parties:
	 	 	 
	 	REGIONS BANK
	 	 	 
	 	By	/S/ CHERYL L. SHELHART
	 	 	Name: Cheryl L. Shelhart
	 	 	Title: Director

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

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

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

		Lender Parties:
	 	 	 
	 	U.S. Bank National Association
	 	 	 
	 	By	/S/ Mike Warren

	 	 	Name: Mike Warren
	 	 	Title: Senior Vice President

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

	 	Lender Parties:
	 	 
	 	Banco Santander S.A. New York Branch
	 	 
	 	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 Term Loan

 

    

     

    

 

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

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

	 	Lender Parties:
	 	 
	 	Commerzbank AG, New York Branch
	 	 
	 	By	/S/
    PEDRO BELL
	 	 	Name: Pedro Bell
	 	 	Title: Managing Director
	 	 
	 	 
	 	By	/S/ BIANCA NOTARI
	 	 	Name: Bianca Notari
	 	 	Title: Vice President

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

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

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

	 	Lender Parties:
	 	 	 
	 	CIBC BANK USA
	 	 	 
	 	By	/S/ JAVIER GUTIERREZ
	 	 	Name: Javier Gutierrez
	 	 	Title: Managing Director

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

	 	Lender Parties:
	 	 
	 	Bayerische Landesbank, New York Branch
	 	 
	 	By	/S/ VARBIN STAYKOFF
	 	 	Name: Varbin Staykoff
	 	 	Title: Senior Director
	 	 
	 	By	/S/ ANDREW KJOLLER
	 	 	Name: Andrew Kjoller
	 	 	Title: Executive Director

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

	 	Lender Parties:
	 	 	 
	 	BankUnited, NA
	 	 	 
	 	By	/S/ CARLOS E. PEREZ
	 	 	Name: Carlos E. Perez
	 	 	Title: Senior Vice President

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

	 	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 Term Loan

 

    

     

    

 

	 	Lender Parties:
	 	 
	 	DZ BANK AG DEUTSCHE ZENTRAL-

GENOSSENSCHAFTSBANK, NEW YORK BRANCH
	 	 
	 	By	/S/ HARRY MORENO
	 	 	Name: Harry Moreno
	 	 	Title: Senior Vice President
	 	 
	 	By	/S/ DANIEL TESCHNER
	 	 	Name: Daniel Teschner
	 	 	Title: Senior Vice President

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

	 	Lender Parties:
	 	 
	 	Intesa Sanpaolo S.p.A. – New York branch
	 	 
	 	By	/S/
    ALESSANDRO TOIGO
	 	 	Name: Alessandro Toigo
	 	 	Title: Head of Corporate Desk
	 	 
	 	By	/S/ NEIL DERFLER
	 	 	Name: Neil Derfler
	 	 	Title: Global Relationship Manager

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

	 	FIRST HORIZON BANK, as Lender
	 	 	 
	 	By	/S/ DILIAN SCHULZ
	 	 	Name: Dilian Schulz
	 	 	Title: Senior Vice President

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

	 	Lender Parties:
	 	 
	 	TD BANK, N.A.
	 	 
	 	By	/S/ CRAIG WELCH
	 	 	Name: Craig Welch
	 	 	Title: Senior Vice President

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

	 	ACKNOWLEDGED AND AGREED BY:
	 	 
	 	BANK OF AMERICA, N.A.

as Administrative Agent
	 	 
	 	By	/S/ TAELITHA BONDS-HARRIS
	 	 	Name: Taelitha Bonds-Harris
	 	 	Title: Assistant Vice President

 

 

	 	SIGNATURE PAGE	Royal Caribbean – Amendment to Term Loan

 

    

     

    

 

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
	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]

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